DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8%
		AUTO LOAN — 4.0%
	365,970	ACM Auto Trust Series 2025-2A A^(a)	5.5500	06/20/28	$	366,491
	595,000	American Credit Acceptance Receivables Trust Series 1 C^(a)	5.0900	08/12/31		600,395
	446,000	Arivo Acceptance Auto Loan Receivables Trust Series 1A B^(a)	6.8700	06/17/30		455,648
	556,000	Avis Budget Rental Car Funding AESOP, LLC Series 2A D^(a)	7.4300	10/20/28		568,558
	465,000	Bridgecrest Lending Auto Securitization Trust Series 1 C	5.1500	12/17/29		470,846
	560,000	Bridgecrest Lending Auto Securitization Trust Series 2 D	5.6200	03/17/31		570,799
	705,000	Carmax Select Receivables Trust Series 2025-B C	4.8300	06/16/31		708,693
	755,000	Carvana Auto Receivables Trust Series 2021-P3 B	1.4200	08/10/27		742,040
	18,363	Carvana Auto Receivables Trust Series 2021-N1 C	1.3000	01/10/28		18,146
	24,999	Carvana Auto Receivables Trust Series 2021-N2 C	1.0700	03/10/28		24,505
	330,000	Carvana Auto Receivables Trust Series 2023-N4 C^(a)	6.5900	02/11/30		338,137
	495,000	Carvana Auto Receivables Trust Series 2024-N1 B^(a)	5.6300	05/10/30		499,646
	675,000	Consumer Portfolio Services Auto Trust Series 2025-B C^(a)	5.1200	07/15/31		683,058
	430,000	CPS Auto Receivables Trust Series 2024-A C^(a)	5.7400	04/15/30		433,437
	302,000	Credit Acceptance Auto Loan Trust Series 1A A^(a)	5.6800	03/15/34		304,335
	195,000	DT Auto Owner Trust Series 2023-3A C^(a)	6.4000	05/15/29		197,035
	700,000	Exeter Automobile Receivables Trust Series 2025-4 B	4.4000	05/15/30		705,073
	42,337	FHF Trust Series 2023-1A A2^(a)	6.5700	06/15/28		42,521
	408,230	FinBe USA Trust Series 2025-1A A^(a)	5.7000	12/15/28		408,386
	330,000	Flagship Credit Auto Trust Series 2024-1 C^(a)	5.7900	02/15/30		327,319
	565,000	GLS Auto Receivables Issuer Trust Series 2021-3A E^(a)	3.2000	10/16/28		563,489
	339,000	LAD Auto Receivables Trust Series 2023-4A C^(a)	6.7600	03/15/29		348,559
	177,832	Lendbuzz Securitization Trust Series 2024-2A A2^(a)	5.9900	05/15/29		179,037
	90,491	Merchants Fleet Funding, LLC Series 1A A^(a)	7.2100	05/20/36		90,832
	506,000	Prestige Auto Receivables Trust Series 2025-1A C^(a)	5.5200	02/15/30		503,689

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8% (Continued)
		AUTO LOAN — 4.0% (Continued)
	31,964	Santander Drive Auto Receivables Trust Series 2022-5 C		4.7400	10/15/28	$	31,986
	650,000	Santander Drive Auto Receivables Trust Series 2025-4 C		4.5200	01/15/32		653,513
	276,000	SBNA Auto Receivables Trust Series 2024-A C^(a)		5.5900	01/15/30		281,261
	227,097	United Auto Credit Securitization Trust Series 2022-2 D^(a)		6.8400	01/10/28		227,655
	590,000	Veros Auto Receivables Trust Series 2025-1 B^(a)		5.5400	07/16/29		596,376
	446,000	Westlake Automobile Receivables Trust Series 1A B^(a)		5.5500	11/15/27		447,509
	515,000	Westlake Automobile Receivables Trust Series 2024-2A B^(a)		5.6200	03/15/30		519,869
							12,908,843
		CLO — 0.3%
	515,000	GoldenTree Loan Management US CLO 1 Ltd. Series 9A AR^(a),(b)	TSFR3M + 1.500%	5.1680	04/20/37		516,397
	586,570	UPX HIL Issuer Trust Series 2025-1 A^(a)		5.1600	01/25/47		590,270
							1,106,667
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%
	395,422	A&D Mortgage Trust Series 2023-NQM3 A1^(a),(c)		6.7330	07/25/68		398,654
	543,369	A&D Mortgage Trust Series 2025-NQM2 A1^(a),(d)		5.7900	06/25/70		551,271
	39,797	Angel Oak Mortgage Trust Series 2020-R1 A2^(a),(d)		1.2470	04/25/53		38,507
	618,036	Angel Oak Mortgage Trust Series 2022-5 A1^(a),(c)		4.5000	05/25/67		615,830
	731,834	Angel Oak Mortgage Trust Series 2023-1 A1^(a),(c)		4.7500	09/26/67		730,696
	202,459	Arroyo Mortgage Trust Series 2019-1 A1^(a),(d)		3.8050	01/25/49		198,649
	45,937	Arroyo Mortgage Trust Series 2019-2 A1^(a),(d)		3.3470	04/25/49		45,017
	770,000	Arroyo Mortgage Trust Series 2020-1 A3^(a)		3.3280	03/25/55		713,962
	83,490	Bunker Hill Loan Depositary Trust Series 2019-2 A1^(a),(c)		2.8790	07/25/49		82,408
	621,430	CIM TRUST Series 2022-R2 A1^(a),(d)		3.7500	12/25/61		595,354
	319,003	Citigroup Mortgage Loan Trust Series 2025-INV1 A2^(a),(d)		6.0000	01/25/55		324,386
	433,012	Citigroup Mortgage Loan Trust Series 2019-RP1^(a),(d)		3.5000	01/25/66		426,765
	581,696	COOPR Residential Mortgage Trust Series 2025-CES2 A1A^(a),(c)		5.5020	06/25/60		588,982
	86,685	CSMC Trust Series 2020-NQM1 A1^(a),(c)		2.2080	05/25/65		83,676
	704,826	Deephaven Residential Mortgage Trust Series 2022-1 A1^(a),(d)		2.2050	01/25/67		665,143
	432,191	Deephaven Residential Mortgage Trust Series 2025-INV1 A1^(a),(d)		5.0870	11/25/60		435,050
	895,530	EFMT Series 2025-CES4 A1^(a),(c)		5.4310	06/25/60		904,886
	682,669	EFMT Series 2025-NQM2 A1^(a),(d)		5.5960	06/25/70		691,952
	137,985	Ellington Financial Mortgage Trust Series 2019-2 A3^(a),(d)		3.0460	11/25/59		134,924
	17,146	Flagstar Mortgage Trust Series 2017-1 1A3^(a),(d)		3.5000	03/25/47		15,869
	298,948	Foundation Finance Trust Series 2024-2A A^(a)		4.6000	03/15/50		300,356

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)
	5,807	Galton Funding Mortgage Trust Series 2018-1 A23^(a),(d)		3.5000	11/25/57	$	5,357
	195,336	Imperial Fund Mortgage Trust Series 2022-NQM3 A1^(a),(c)		4.3800	05/25/67		194,854
	5,396	JP Morgan Mortgage Trust Series 2017-5 A1^(a),(d)		4.7460	12/15/47		5,489
	604,226	JP Morgan Mortgage Trust Series 2017-4 A3^(a),(d)		3.5000	11/25/48		555,683
	1,339,019	JP Morgan Mortgage Trust 2021-INV2 Series INV2 A4^(a),(d)		2.5000	12/25/51		1,215,138
	248,159	JP Morgan Mortgage Trust Series 2025-CES1 A1^(a),(d)		5.6660	05/25/55		251,343
	410,048	JP Morgan Mortgage Trust Series 2025-NQM2 A1^(a),(d)		5.5670	09/25/65		415,169
	312,104	JP Morgan Seasoned Mortgage Trust Series 2024-1 A4^(a),(d)		4.3770	10/25/54		308,446
	330,000	LHOME Mortgage Trust Series 2024-RTL1 A1^(a),(c)		7.0170	01/25/29		332,105
	425,000	LHOME Mortgage Trust Series 2024-RTL4 A1^(a),(c)		5.9210	07/25/39		427,527
	100,000	Metlife Securitization Trust Series 2017-1A M1^(a),(d)		3.3890	04/25/55		91,982
	13,900	Metlife Securitization Trust Series 2019-1A A1A^(a),(d)		3.7500	04/25/58		13,781
	618,712	MFA Trust Series 2022-INV2 A1^(a),(c)		4.9500	07/25/57		618,145
	748,873	MFA Trust Series 2023-INV2 A1^(a),(c)		6.7750	10/25/58		755,581
	86,222	MFA Trust Series 2020-NQM3 A1^(a),(d)		1.0140	01/26/65		82,716
	736,680	MFA Trust Series 2022-INV1 A1^(a),(c)		3.9070	04/25/66		734,000
	579,422	MFA Trust Series 2022-NQM2 A1^(a),(c)		4.0000	05/25/67		573,164
	811,128	MFA Trust Series 2024-NQM2 A1^(a),(c)		5.2720	08/25/69		816,147
	184,101	Mill City Mortgage Loan Trust Series 2019-GS2 A1^(a),(d)		2.7500	08/25/59		180,015
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2^(a),(d)		3.5000	10/25/69		185,067
	356,587	New Residential Mortgage Loan Trust Series 2016-4A A1^(a),(d)		3.7500	11/25/56		345,765
	482,745	New Residential Mortgage Loan Trust Series 2017-2A A3^(a),(d)		4.0000	03/25/57		472,876
	336,483	New Residential Mortgage Loan Trust Series 2018-1A A1A^(a),(d)		4.0000	12/25/57		331,609
	19,556	New Residential Mortgage Loan Trust Series 2021-NQ2R A1^(a),(d)		0.9410	09/25/58		18,857
	577,360	New Residential Mortgage Loan Trust Series 2022-NQM2 A1^(a),(d)		3.0790	03/27/62		549,917
	210,382	New Residential Mortgage Loan Trust Series 2024-NQM3 A1^(a),(c)		5.4660	11/25/64		213,782
	842,821	NYMT Loan Trust Series 2022-CP1 A1^(a)		2.0420	07/25/61		799,073
	349,055	NYMT Loan Trust Series 2024-CP1 A1^(a)		3.7500	02/25/68		328,588
	261,455	OBX Trust Series 2024-HYB2 A1^(a),(d)		3.6950	04/25/53		260,579
	481,106	OBX Trust Series 2023-NQM9 A1^(a),(c)		7.1590	10/25/63		487,638
	220,885	OBX Trust Series 2024-NQM9 A1^(a),(c)		6.0300	01/25/64		223,970
	13,271	Palisades Mortgage Loan Trust Series 2021-RTL1 A1^(a),(c)		3.4870	06/25/26		13,231
	812,178	PMT Loan Trust Series INV7 A7^(a),(d)		6.0000	06/25/56		827,214
	334,363	PMT Loan Trust Series 2024-INV1 A2^(a),(d)		6.0000	10/25/59		341,011

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)
	180,903	PMT Loan Trust Series 2024-INV2 A1^(a),(d)		6.0000	12/25/59	$	184,419
	326,205	PRET Trust Series 2025-NPL1 A1^(a),(c)		6.0630	02/25/55		326,739
	1,319,939	PRKCM Trust Series 2022-AFC1 A1A^(a),(d)		4.1000	04/25/57		1,323,932
	309,225	RCKT Mortgage Trust Series 2023-CES1 A1A^(a),(d)		6.5150	06/25/43		310,168
	475,931	RCKT Mortgage Trust Series 2023-CES2 A1A^(a),(d)		6.8080	09/25/43		479,987
	621,119	RCKT Mortgage Trust Series 2024-CES3 A1A^(a),(d)		6.5910	05/25/44		631,625
	43,929	RCKT Mortgage Trust Series 2020-1 A1^(a),(d)		3.0000	02/25/50		38,777
	3,239	Residential Mortgage Loan Trust Series 2020-1 A1^(a),(d)		2.3760	01/26/60		3,228
	44,425	Starwood Mortgage Residential Trust Series 2020-1 A1^(a),(d)		2.2750	02/25/50		42,999
	677,406	Starwood Mortgage Residential Trust Series 2021-5 A2^(a),(d)		2.1780	09/25/66		598,815
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1^(a),(b)	TSFR1M + 1.714%	5.3870	05/25/58		266,034
	365,000	Towd Point Mortgage Trust Series 2021-1 A2^(a),(d)		2.7500	11/25/61		315,306
	418,486	Towd Point Mortgage Trust Series 2024-1 A1^(a),(d)		4.8590	03/25/64		428,051
	1,122,535	Verus Securitization Trust Series 2023-1 A1^(a),(c)		5.8500	12/25/67		1,120,078
	496,590	Verus Securitization Trust Series 2023-8 A1^(a),(c)		6.2590	12/25/68		501,717
	315,365	Verus Securitization Trust 2025-7 Series 7 A1^(a),(c)		5.1290	08/25/70		317,769
	133,016	Wells Fargo Mortgage Backed Securities Series 2020-4 A1^(a),(d)		3.0000	07/25/50		117,573
							28,525,373
		CREDIT CARD — 0.1%
	430,000	Mercury Financial Credit Card Master Trust Series 2A A^(a)		6.5600	07/20/29		431,543

		HOME EQUITY — 0.4%
	483,581	Santander Mortgage Asset Receivable Trust Series CES1 A1A^(a),(c)		5.0360	09/25/55		486,447
	747,148	Towd Point Mortgage Trust Series 2025-CES4 A1A^(a),(c)		5.0910	10/25/65		752,482
							1,238,929
		NON AGENCY CMBS — 4.9%
	610,000	ALA Trust Series 2025-OANA A^(a),(b)	TSFR1M + 1.743%	5.4240	06/15/30		615,868
	150,000	BBCMS Mortgage Trust Series 2018-TALL^(a),(b)	TSFR1M + 0.919%	4.6000	03/15/37		143,478
	613,000	BBCMS Trust Series 2018-CBM A^(a),(b)	TSFR1M + 1.297%	4.9780	07/15/37		599,314
	695,020	BX Commercial Mortgage Trust Series 2024-XL5 A^(a),(b)	TSFR1M + 1.392%	5.0720	03/15/41		696,564
	510,000	BX Trust Series 2022-CLS A^(a)		5.7600	10/13/27		513,314
	605,411	BX Trust Series 2025-ROIC C^(a),(b)	TSFR1M + 1.543%	5.2230	03/15/30		604,051
	805,000	BX Trust Series 2019-OC11 B^(a)		3.6050	12/09/41		771,677
	410,000	BX Trust Series 2019-OC11 D^(a),(d)		4.0750	12/09/41		392,686

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8% (Continued)
		NON AGENCY CMBS — 4.9% (Continued)
	665,000	CENT Series 2025-CITY A^(a),(d)		4.9200	07/10/40	$	675,354
	367,000	ELM Trust Series 2024-ELM A10^(a),(d)		5.9940	06/10/27		369,305
	510,000	Exeter Automobile Receivables Trust Series 2024-5A B		4.9800	04/16/29		510,903
	450,000	Extended Stay America Trust Series 2025-Esh A^(a),(b)	TSFR1M + 1.300%	4.9800	10/15/42		452,535
	790,000	Fashion Show Mall, LLC Series SHOW A^(a),(d)		5.2740	10/10/29		804,873
	320,000	Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU A^(a),(b)	TSFR1M + 1.450%	5.1300	12/15/39		321,188
	820,000	Houston Galleria Mall Trust Series 2025-HGLR A^(a),(d)		5.4620	02/05/45		854,643
	1,095,000	Hudson Yards Mortgage Trust Series 2025-SPRL A^(a),(d)		5.4670	01/13/40		1,136,040
	700,000	IRV Trust Series 2025-200P B^(a),(d)		5.4400	03/14/47		710,721
	570,000	JP Morgan Chase Commercial Mortgage Securities Series OMNI A^(a),(d)		5.7970	10/05/39		581,108
	499,000	MIRA Trust Series 2023-Mile A^(a)		6.7550	06/06/28		518,132
	880,000	MSSG Trust Series 2017-237P A^(a)		3.3970	09/13/39		845,906
	470,000	NY Commercial Mortgage Trust Series 2025-299P A^(a),(d)		5.6640	02/10/47		497,136
	800,000	NYC Commercial Mortgage Trust Series 2025-300P A^(a)		4.8790	07/13/42		808,438
	613,394	RCKT Mortgage Trust Series 2025-CES5 A1A^(a),(c)		5.6870	06/25/55		622,830
	760,000	RFR Trust Series 2025-SGRM A^(a),(d)		5.3790	03/11/29		777,285
	170,000	ROCK Trust Series 2024-CNTR A^(a)		5.3880	11/13/41		175,043
	450,000	ROCK Trust Series 2024-CNTR C^(a)		6.4710	11/13/41		468,942
	621,039	THPT Mortgage Trust Series 2023-THL A^(a),(d)		6.9940	12/10/34		633,332
							16,100,666
		OTHER ABS — 4.9%
	44,721	ACHV A.B.S TRUST Series 2024-1PL A^(a)		5.9000	04/25/31		44,936
	796	Affirm Asset Securitization Trust Series 2024-X2 A^(a)		5.2200	12/17/29		796
	145,020	Affirm Asset Securitization Trust Series 2025-X1 A^(a)		5.0800	04/15/30		145,261
	600,000	Amur Equipment Finance Receivables XV, LLC Series 1A D^(a)		5.6800	08/20/32		612,470
	28,087	Aqua Finance Trust Series 2019-A A^(a)		3.1400	07/16/40		27,489
	108,720	Aqua Finance Trust Series 2019-A C^(a)		4.0100	07/16/40		106,890
	180,382	Aqua Finance Trust Series 2020-AA B^(a)		2.7900	07/17/46		173,418
	510,000	Aqua Finance Trust Series 2024-A B^(a)		5.0600	04/18/50		514,810
	417,712	Castlelake Aircraft Structured Trust Series 2025-1A A^(a)		5.7830	02/15/50		424,597
	465,000	CCG Receivables Trust Series 2024-1 B^(a)		5.0800	03/15/32		474,301
	101,967	CF Hippolyta, LLC Series 2020-1 A1^(a)		1.6900	07/15/60		86,509
	618,097	Commercial Equipment Finance, LLC Series 2025-1A A^(a)		4.8300	05/15/31		621,749
	100,000	Corevest American Finance Trust Series 2019-3 C^(a)		3.2650	10/15/52		94,684

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8% (Continued)
		OTHER ABS — 4.9% (Continued)
	66,004	Dext A.B.S, LLC Series 2023-1 A2^(a)		5.9900	03/15/32	$	66,337
	152,991	Elara HGV Timeshare Issuer, LLC Series 2023-A A^(a)		6.1600	02/25/38		158,262
	130,000	FirstKey Homes Trust Series 2021-SFR1 D^(a)		2.1890	08/17/28		128,148
	196,945	Foundation Finance Trust Series 2023-2A A^(a)		6.5300	06/15/49		205,602
	182,010	Hilton Grand Vacations Trust Series 2024-2A A^(a)		5.5000	03/25/38		185,950
	349,702	HINNT, LLC Series 2025-A B^(a)		5.4500	03/15/44		355,944
	127,725	Jersey Mike’s Funding Series 2019-1A A2^(a)		4.4330	02/15/50		127,854
	421,813	Jersey Mike’s Funding, LLC Series 1A A2^(a)		5.6360	02/15/55		431,127
	740,000	Mariner Finance Issuance Trust Series 2025-AA A^(a)		4.9800	05/20/38		750,824
	550,000	MetroNet Infrastructure Issuer, LLC Series 2A A2^(a)		5.4000	08/20/55		558,976
	800,000	MMP Capital, LLC Series 2025-A B^(a)		5.7200	12/15/31		813,773
	21,063	MVW, LLC Series 2020-1A A^(a)		1.7400	10/20/37		20,789
	135,359	MVW, LLC Series 2023-1A B^(a)		5.4200	10/20/40		137,236
	570,000	NMEF Funding, LLC Series 2025-A B^(a)		5.1800	04/25/32		577,788
	765,000	Octane Receivables Trust Series 2025-1A A2^(a)		4.2500	02/20/31		766,323
	768,229	Octane Receivables Trust 2025-RVM1 Series RVM1 A^(a)		4.4800	12/20/46		770,629
	630,000	Onemain Financial Issuance Trust Series 2025-1A B^(a)		5.0500	07/14/38		639,225
	191,749	Oportun Issuance Trust Series 2021-C A^(a)		2.1800	10/08/31		188,741
	435,000	PEAC Solutions Receivables, LLC Series 2024-1A B^(a)		5.7900	11/20/30		447,328
	184,687	PowerPay Issuance Trust Series 2024-1A A^(a)		6.5300	02/18/39		190,655
	480,000	Purchasing Power Funding Series A B^(a)		6.4300	08/15/28		481,968
	670,000	Reach A.B.S Trust Series 2025-2A B^(a)		5.1200	08/18/32		676,363
	515,000	Regional Management Issuance Trust Series 2 A^(a)		5.1100	12/15/33		518,765
	680,000	Scalelogix Abs Us Issuer, LLC Series 1A A2^(a)		5.6730	07/25/55		682,660
	90,974	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B^(a)		6.2800	04/20/40		92,801
	227,673	SoFi Consumer Loan Program Trust Series 2025-1 A^(a)		4.8000	02/27/34		228,913
	314,585	STAR Trust Series 2025-SFR5 A^(a),(b)	TSFR1M + 1.450%	5.1310	02/17/42		315,084
	750,000	Taco Bell Funding, LLC Series 1A A2I^(a)		4.8210	08/25/55		748,166
	200,000	Tricon American Homes Trust Series 2020-SFR2 D^(a)		2.2810	11/17/27		190,517
	160,000	Tricon Residential Trust Series 2021-SFR1 B^(a)		2.2440	07/17/38		158,293
	445,500	TSC SPV Funding, LLC Series 1A A2^(a)		6.2910	08/20/54		454,793
	530,861	Upstart Securitization Trust Series 2025-2 A2^(a)		5.2200	06/20/35		533,424
							15,931,168

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 23.8% (Continued)
		RESIDENTIAL MORTGAGE — 0.5%
	52,219	AJAX Mortgage Loan Trust Series 2019-D A1^(a),(c)		2.9560	09/25/65	$	50,824
	135,000	Towd Point Mortgage Trust Series 2016-4 B1^(a),(d)		3.9610	07/25/56		132,092
	115,000	Towd Point Mortgage Trust Series 2017-1 M1^(a),(d)		3.7500	10/25/56		113,931
	590,000	Towd Point Mortgage Trust Series 2017-4 A2^(a),(d)		3.0000	06/25/57		566,598
	300,000	Towd Point Mortgage Trust Series 2018-6 A2^(a),(d)		3.7500	03/25/58		279,427
	255,000	Towd Point Mortgage Trust Series 2019-2 A2^(a),(d)		3.7500	12/25/58		235,044
	235,000	Towd Point Mortgage Trust Series 2019-4 A2^(a),(d)		3.2500	10/25/59		216,127
							1,594,043
		TOTAL ASSET BACKED SECURITIES (Cost $77,221,247)					77,837,232

		CORPORATE BONDS — 33.3%
		ADVERTISING & MARKETING — 0.2%
	693,000	Omnicom Group, Inc.^(a)		5.3750	06/15/33		698,874

		AEROSPACE & DEFENSE — 0.4%
	618,000	Boeing Company (The)		5.9300	05/01/60		610,497
	459,000	L3Harris Technologies, Inc. B		5.4000	07/31/33		478,390
	185,000	TransDigm, Inc.^(a)		6.6250	03/01/32		191,509
							1,280,396
		ASSET MANAGEMENT — 2.2%
	360,000	Apollo Debt Solutions BDC		6.9000	04/13/29		375,798
	435,000	Apollo Debt Solutions BDC		5.8750	08/30/30		438,585
	547,000	Apollo Global Management, Inc.^(b),(e)	H15T5Y + 2.168%	6.0000	12/15/54		547,011
	546,000	BlackRock Funding, Inc.		5.2500	03/14/54		520,230
	177,000	Blackstone Private Credit Fund		5.9500	07/16/29		180,029
	340,000	Blackstone Private Credit Fund		6.0000	01/29/32		341,708
	635,000	Blue Owl Finance, LLC		3.1250	06/10/31		576,287
	290,000	Blue Owl Finance, LLC		6.2500	04/18/34		299,177
	688,000	Brookfield Asset Management Ltd.		5.7950	04/24/35		717,696
	225,000	Charles Schwab Corporation (The)^(b)	SOFRRATE + 2.010%	6.1360	08/24/34		244,734
	467,000	Charles Schwab Corporation (The)^(b)	H15T10Y + 3.079%	4.0000	03/01/69		438,386
	325,000	Charles Schwab Corporation (The)^(d)		4.0000	Perpetual		323,774
	495,000	Drawbridge Special Opportunities Fund, L.P.^(a)		5.9500	09/17/30		472,526

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		ASSET MANAGEMENT — 2.2% (Continued)
	729,000	HA Sustainable Infrastructure Capital, Inc.		6.3750	07/01/34	$	746,339
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation		5.2500	05/15/27		217,763
	370,000	UBS Group A.G.^(a),(b)	H15T1Y + 2.400%	4.9880	08/05/33		375,080
	485,000	UBS Group A.G.^(a),(b)	USISSO05 + 3.321%	7.0000	Perpetual		492,084
							7,307,207
		AUTOMOTIVE — 0.4%
	405,000	Aptiv plc / Aptiv Global Financing DAC^(b)	H15T5Y + 3.385%	6.8750	12/15/54		423,214
	15,000	Clarios Global, L.P. / Clarios US Finance Company^(a)		6.7500	02/15/30		15,700
	72,000	Ford Motor Company		4.7500	01/15/43		57,860
	325,000	Ford Motor Credit Company, LLC		4.9700	04/06/29		326,778
	89,000	Ford Motor Credit Company, LLC		6.0540	11/05/31		91,987
	145,000	Ford Motor Credit Company, LLC		6.5000	02/07/35		151,402
	344,000	Stellantis Finance US, Inc.^(a),(e)		6.4500	03/18/35		358,782
							1,425,723
		BANKING — 5.3%
	694,000	Australia & New Zealand Banking Group Ltd.^(a),(b)	H15T10Y + 1.350%	5.8160	06/18/36		722,001
	64,000	Banco de Credito del Peru S.A.^(a),(b)	H15T5Y + 2.486%	6.4500	07/30/35		66,819
	120,000	Banco de Credito e Inversiones S.A.^(a),(b)	H15T5Y + 3.767%	7.5000	Perpetual		127,962
	108,000	Banco Mercantil del Norte S.A.^(a),(b)	H15T5Y + 4.072%	8.3750	Perpetual		114,507
	695,000	Bank of America Corporation^(b)	SOFRRATE + 1.320%	2.6870	04/22/32		637,782
	972,000	Bank of America Corporation^(b)	SOFRRATE + 1.738%	5.5180	10/25/35		993,237
	694,000	Barclays plc^(b)	H15T1Y + 3.500%	7.4370	11/02/33		793,932
	139,000	BBVA Mexico S.A. Institucion De Banca Mult Grupo Financiero BBVA Mexico^(a),(b)	H15T5Y + 4.214%	8.1250	01/08/39		151,877
	440,000	BPCE S.A.^(a),(b)	SOFRRATE + 2.590%	7.0030	10/19/34		490,617
	209,000	BPCE S.A.^(a),(b)	SOFRRATE + 2.610%	6.9150	01/14/46		223,876
	335,000	Citigroup, Inc.^(b)	SOFRRATE + 2.338%	6.2700	11/17/33		364,680
	239,000	Citigroup, Inc.	SOFRRATE + 2.661%	6.1740	05/25/34		253,379
	583,000	Citigroup, Inc.^(b)	SOFRRATE + 1.488%	5.1740	09/11/36		586,224
	250,000	Citigroup, Inc.^(b)	H15T5Y + 3.417%	3.8750	Perpetual		249,701
	594,000	Deutsche Bank A.G.^(b),(e)	SOFRRATE + 2.050%	5.4030	09/11/35		603,320

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		BANKING — 5.3% (Continued)
	692,000	Fifth Third Bancorp^(b)	SOFRRATE + 1.660%	4.3370	04/25/33	$	678,772
	475,000	Huntington Bancshares, Inc.^(b)	SOFRINDX + 1.870%	5.7090	02/02/35		494,915
	130,000	Huntington Bancshares, Inc.^(b)	H15T5Y + 1.700%	6.1410	11/18/39		136,153
	710,000	JPMorgan Chase & Company^(d)		1.9530	02/04/32		632,525
	420,000	JPMorgan Chase & Company^(b)	SOFRRATE + 2.580%	5.7170	09/14/33		443,444
	480,000	JPMorgan Chase & Company^(b)	SOFRRATE + 1.810%	6.2540	10/23/34		524,272
	420,000	JPMorgan Chase & Company^(b)	SOFRRATE + 1.635%	5.5760	07/23/36		432,128
	533,000	KeyCorporation^(b)	SOFRRATE + 2.420%	6.4010	03/06/35		578,078
	693,000	M&T Bank Corporation^(b)	H15T5Y + 1.430%	5.4000	07/30/35		700,359
	705,000	Mizuho Financial Group, Inc.		2.5640	09/13/31		632,724
	626,000	NatWest Group plc^(b)	H15T5Y + 2.200%	6.4750	06/01/34		659,222
	395,000	PNC Financial Services Group, Inc. (The)^(b)	SOFRRATE + 1.394%	5.5750	01/29/36		410,630
	185,000	PNC Financial Services Group, Inc. (The)^(b)	H15T5Y + 1.170%	5.4230	01/25/41		185,067
	610,000	Societe Generale S.A.^(a),(b)	H15T1Y + 2.100%	6.0660	01/19/35		644,579
	200,000	Texas Capital Bancshares, Inc.^(b)	H15T5Y + 3.150%	4.0000	05/06/31		198,598
	449,000	Toronto-Dominion Bank (The)^(b)	H15T5Y + 4.075%	8.1250	10/31/82		470,586
	65,000	Truist Financial Corporation^(b)	SOFRRATE + 1.852%	5.1220	01/26/34		66,025
	515,000	Truist Financial Corporation^(b)	SOFRRATE + 2.361%	5.8670	06/08/34		546,022
	631,000	US Bancorp^(b),(e)	SOFRRATE + 1.411%	5.4240	02/12/36		653,629
	292,000	Wells Fargo & Company^(b)	SOFRRATE + 2.100%	4.8970	07/25/33		295,923
	583,000	Wells Fargo & Company^(b)	SOFRRATE + 2.060%	6.4910	10/23/34		642,252
	988,000	Wells Fargo & Company^(b)	H15T5Y + 3.453%	3.9000	Perpetual		987,322
							17,393,139
		BIOTECH & PHARMA — 0.7%
	711,000	Amgen, Inc.		5.6500	03/02/53		701,262
	15,000	Amneal Pharmaceuticals, LLC^(a)		6.8750	08/01/32		15,813
	783,000	EMD Finance, LLC^(a)		5.0000	10/15/35		781,563
	30,000	GENMAB A/S/GENMAB FINANCE, LLC^(a)		6.2500	12/15/32		30,791

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		BIOTECH & PHARMA — 0.7% (Continued)
	590,000	Royalty Pharma plc		5.4000	09/02/34	$	604,921
	483,000	Royalty Pharma plc		3.3500	09/02/51		322,665
	681	Viatris, Inc.^(a)		2.3000	06/22/27		663
							2,457,678
		CABLE & SATELLITE — 0.4%
	14,000	CCO Holdings, LLC / CCO Holdings Capital Corporation^(a)		6.3750	09/01/29		14,144
	180,000	CCO Holdings, LLC / CCO Holdings Capital Corporation^(a)		4.7500	03/01/30		172,064
	45,000	CCO Holdings, LLC / CCO Holdings Capital Corporation^(a)		4.5000	08/15/30		42,325
	725,000	Charter Communications Operating, LLC / Charter Communications Operating Capital		6.4840	10/23/45		683,736
	200,000	CSC Holdings, LLC^(a)		11.7500	01/31/29		146,054
	152,000	Directv Financing, LLC^(a)		5.8750	08/15/27		152,816
							1,211,139
		CHEMICALS — 0.2%
	354,000	Bayport Polymers, LLC^(a)		5.1400	04/14/32		352,738
	200,000	INEOS Quattro Finance 2 plc^(a)		9.6250	03/15/29		158,940
	20,000	Solstice Advanced Materials, Inc.^(a)		5.6250	09/30/33		20,116
	130,000	Windsor Holdings III, LLC^(a)		8.5000	06/15/30		137,144
							668,938
		COMMERCIAL SUPPORT SERVICES — 0.2%
	5,000	AMN Healthcare, Inc.^(a)		6.5000	01/15/31		5,070
	616,000	Sodexo, Inc.^(a)		5.8000	08/15/35		641,799
							646,869
		CONSTRUCTION MATERIALS — 0.5%
	750,000	Eagle Materials, Inc.		5.0000	03/15/36		735,425
	709,000	JH North America Holdings, Inc.^(a)		6.1250	07/31/32		722,944
	55,000	Quikrete Holdings, Inc.^(a)		6.3750	03/01/32		57,028
							1,515,397
		CONTAINERS & PACKAGING — 0.7%
	769,000	Berry Global, Inc.		5.6500	01/15/34		803,439
	775,000	Smurfit Kappa Treasury ULC^(e)		5.7770	04/03/54		785,432
	645,000	Sonoco Products Company^(e)		5.0000	09/01/34		641,309
							2,230,180
		ELEC & GAS MARKETING & TRADING — 0.1%
	397,000	New York State Electric & Gas Corporation^(a)		5.8500	08/15/33		422,215

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		ELECTRIC UTILITIES — 2.3%
	195,000	AES Corporation (The)^(b)	H15T5Y + 3.201%	7.6000	01/15/55	$	197,841
	750,000	Black Hills Corporation		6.1500	05/15/34		804,861
	631,000	Capital Power US Holdings, Inc.^(a)		6.1890	06/01/35		661,963
	577,000	CMS Energy Corporation^(b)	H15T5Y + 4.116%	4.7500	06/01/50		570,469
	650,000	Constellation Energy Generation, LLC		5.8750	01/15/66		637,397
	205,000	Dominion Energy, Inc.^(b)	H15T5Y + 2.511%	7.0000	06/01/54		221,775
	295,000	Dominion Energy, Inc.^(b)	H15T5Y + 2.006%	6.2000	02/15/56		296,414
	591,000	Electricite de France S.A.^(a)		6.9000	05/23/53		658,613
	235,000	Enel Finance International N.V.^(a)		7.5000	10/14/32		270,404
	195,000	Enel Finance International N.V.^(a)		5.5000	06/26/34		201,901
	444,000	Entergy Corporation^(b)	H15T5Y + 2.670%	7.1250	12/01/54		465,099
	271,000	Entergy Texas, Inc.		5.8000	09/01/53		271,895
	428,000	NextEra Energy Capital Holdings, Inc.^(b)	H15T5Y + 1.979%	6.5000	08/15/55		450,157
	401,000	NRG Energy, Inc.^(a)		7.0000	03/15/33		441,487
	419,000	Puget Energy, Inc.		2.3790	06/15/28		402,587
	339,000	Southern California Edison Company		6.0000	01/15/34		356,935
	245,000	Vistra Corporation^(a),(b)	H15T5Y + 6.930%	8.0000	Perpetual		249,654
	292,000	Vistra Operations Company, LLC^(a)		5.7000	12/30/34		299,751
							7,459,203
		ENGINEERING & CONSTRUCTION — 0.1%
	140,000	Global Infrastructure Solutions, Inc.^(a)		7.5000	04/15/32		150,066
	398,000	Sempra Infrastructure Partners, L.P.^(a)		3.2500	01/15/32		352,470
							502,536
		ENTERTAINMENT CONTENT — 0.2%
	530,000	Univision Communications, Inc.^(a)		8.0000	08/15/28		547,270

		FOOD — 0.5%
	594,000	Mars, Inc.^(a)		5.2000	03/01/35		608,745
	685,000	Pilgrim’s Pride Corporation		6.2500	07/01/33		732,980
	190,000	Post Holdings, Inc.^(a),(e)		6.3750	03/01/33		191,620
							1,533,345

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		GAS & WATER UTILITIES — 0.3%
	271,000	Brooklyn Union Gas Company (The)^(a)		4.8660	08/05/32	$	269,285
	445,000	Ferrellgas Escrow, LLC / FG Operating Finance Corporation Escrow Corporation^(a)		5.8750	04/01/29		428,317
	381,000	KeySpan Gas East Corporation^(a)		5.9940	03/06/33		401,272
							1,098,874
		HEALTH CARE FACILITIES & SERVICES — 1.4%
	15,000	Acadia Healthcare Company, Inc.^(a)		5.5000	07/01/28		14,832
	500,000	CHS/Community Health Systems, Inc.^(a)		5.2500	05/15/30		471,828
	736,000	CVS Health Corporation		5.0500	03/25/48		648,677
	306,000	CVS Health Corporation^(b)	H15T5Y + 2.516%	6.7500	12/10/54		318,249
	193,000	HCA, Inc.		5.5000	06/01/33		200,508
	171,000	HCA, Inc.		5.2500	06/15/49		155,498
	340,000	HCA, Inc.		6.0000	04/01/54		338,300
	605,000	Icon Investments Six DAC		6.0000	05/08/34		636,499
	527,000	IQVIA, Inc.		6.2500	02/01/29		554,798
	300,000	IQVIA, Inc.^(a)		6.2500	06/01/32		311,929
	115,000	Molina Healthcare, Inc.^(a)		6.2500	01/15/33		115,870
	195,000	Tenet Healthcare Corporation^(a)		5.5000	11/15/32		197,021
	372,000	Universal Health Services, Inc.		2.6500	01/15/32		329,219
	422,000	Universal Health Services, Inc.		5.0500	10/15/34		414,905
							4,708,133
		HOME & OFFICE PRODUCTS — 0.1%
	225,000	Newell Brands, Inc.		6.3750	09/15/27		227,597

		HOME CONSTRUCTION — 0.3%
	265,000	Ashton Woods USA, LLC / Ashton Woods Finance Company^(a)		4.6250	04/01/30		251,034
	434,000	Meritage Homes Corporation^(a)		3.8750	04/15/29		427,623
	20,000	Taylor Morrison Communities, Inc.^(a)		5.7500	11/15/32		20,535
	240,000	Toll Brothers Finance Corporation^(e)		5.6000	06/15/35		249,801
							948,993
		INDUSTRIAL SUPPORT SERVICES — 0.3%
	405,000	Ashtead Capital, Inc.^(a)		5.5000	08/11/32		420,134
	115,000	Ashtead Capital, Inc.^(a)		5.9500	10/15/33		121,361
	110,000	Ashtead Capital, Inc.^(a)		5.8000	04/15/34		115,436

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		INDUSTRIAL SUPPORT SERVICES — 0.3% (Continued)
	215,000	Herc Holdings, Inc.^(a)		7.0000	06/15/30	$	225,772
	25,000	Herc Holdings, Inc.^(a)		5.7500	03/15/31		25,191
	100,000	Herc Holdings, Inc.^(a),(e)		7.2500	06/15/33		105,869
							1,013,763
		INSTITUTIONAL FINANCIAL SERVICES — 1.4%
	486,000	Bank of New York Mellon Corporation (The)^(b)	SOFRINDX + 2.074%	5.8340	10/25/33		522,377
	203,000	Goldman Sachs Group, Inc. (The)^(b)	SOFRRATE + 1.550%	5.3300	07/23/35		207,584
	324,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36		354,056
	305,000	Goldman Sachs Group, Inc. (The)^(b)	SOFRRATE + 1.330%	4.9390	10/21/36		301,150
	25,000	Goldman Sachs Group, Inc. (The)^(b)	SOFRRATE + 1.190%	5.0650	01/21/37		24,922
	454,000	Morgan Stanley^(b)	SOFRRATE + 1.870%	5.2500	04/21/34		466,181
	777,000	Morgan Stanley^(b)	SOFRRATE + 1.880%	5.4240	07/21/34		805,387
	287,000	Morgan Stanley^(b)	H15T5Y + 2.430%	5.9480	01/19/38		300,426
	541,000	Northern Trust Corporation^(d)		3.3750	05/08/32		534,106
	290,000	Northern Trust Corporation^(b)	H15T5Y + 1.050%	5.1170	11/19/40		288,814
	565,000	State Street Corporation^(b)	SOFRRATE + 1.958%	6.1230	11/21/34		609,392
	337,000	State Street Corporation^(b)	H15T5Y + 2.613%	6.7000	Perpetual		349,654
							4,764,049
		INSURANCE — 1.7%
	209,000	Allianz S.E.^(a),(b)	H15T5Y + 3.232%	6.3500	09/06/53		223,404
	271,000	Allianz S.E.^(a),(b)	H15T5Y + 2.771%	5.6000	09/03/54		277,028
	105,000	American National Group, Inc.^(b)	H15T5Y + 3.183%	7.0000	12/01/55		106,104
	425,000	Ascot Group Ltd.^(a)		4.2500	12/15/30		393,736
	300,000	Corebridge Financial, Inc.^(b)	H15T5Y + 3.846%	6.8750	12/15/52		308,220
	407,000	Corebridge Financial, Inc.^(b)	H15T5Y + 2.646%	6.3750	09/15/54		416,118
	522,000	F&G Annuities & Life, Inc.		6.5000	06/04/29		542,726
	198,000	Global Atlantic Fin Company^(a)		7.9500	06/15/33		225,958
	105,000	Global Atlantic Fin Company^(a),(b)	H15T5Y + 3.608%	7.9500	10/15/54		108,614
	515,000	Liberty Mutual Group, Inc.^(a),(b)	H15T5Y + 3.315%	4.1250	12/15/51		509,830
	350,000	Nippon Life Insurance Company^(a),(b)	H15T5Y + 2.954%	6.2500	09/13/53		370,546
	246,000	Nippon Life Insurance Company^(a),(b),(e)	H15T5Y + 3.189%	6.5000	04/30/55		263,412

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		INSURANCE — 1.7% (Continued)
	104,000	Prudential Financial, Inc.^(b)	H15T5Y + 3.162%	5.1250	03/01/52	$	102,807
	210,000	Prudential Financial, Inc.^(b)	H15T5Y + 2.848%	6.7500	03/01/53		224,887
	330,000	Prudential Financial, Inc.^(b)	H15T5Y + 2.404%	6.5000	03/15/54		347,737
	610,000	Reinsurance Group of America, Inc.^(b)	H15T5Y + 2.392%	6.6500	09/15/55		630,000
	594,000	Sumitomo Life Insurance Company^(a),(b)	H15T5Y + 2.651%	5.8750	09/10/55		597,968
							5,649,095
		INTERNET MEDIA & SERVICES — 0.3%
	945,000	Meta Platforms, Inc.		5.7500	11/15/65		897,313
	165,000	Snap, Inc.^(a)		6.8750	03/15/34		168,649
							1,065,962
		LEISURE FACILITIES & SERVICES — 0.3%
	720,000	Flutter Treasury DAC^(a)		5.8750	06/04/31		729,467
	280,000	Hilton Domestic Operating Company, Inc.^(a)		5.7500	09/15/33		285,396
	75,000	Rivers Enterprise Lender, LLC / Rivers Enterprise Lender Corporation^(a)		6.2500	10/15/30		76,172
							1,091,035
		MACHINERY — 0.8%
	5,000	CompoSecure Holdings, LLC^(a)		5.6250	02/01/33		4,987
	665,000	Flowserve Corporation		3.5000	10/01/30		636,156
	550,000	Ingersoll Rand, Inc.		5.4500	06/15/34		570,483
	606,000	Regal Rexnord Corporation		6.4000	04/15/33		648,060
	699,000	Veralto Corporation		5.4500	09/18/33		727,488
							2,587,174
		MEDICAL EQUIPMENT & DEVICES — 1.0%
	915,000	180 Medical, Inc.^(a)		5.3000	10/08/35		908,883
	795,000	Baxter International, Inc.^(e)		5.6500	12/15/35		802,691
	737,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30		686,367
	776,000	Smith & Nephew plc		5.4000	03/20/34		799,106
							3,197,047
		METALS & MINING — 0.3%
	336,000	Corp Nacional del Cobre de Chile^(a)		5.9500	01/08/34		351,817
	306,000	Glencore Funding, LLC^(a)		2.8500	04/27/31		283,789
	250,000	Glencore Funding, LLC^(a)		5.6340	04/04/34		262,267
							897,873

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		OIL & GAS PRODUCERS — 3.4%
	275,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corporation^(a)		6.6250	07/15/33	$	284,873
	625,000	BP Capital Markets plc^(b)	H15T5Y + 4.398%	4.8750	Perpetual		620,721
	140,000	Buckeye Partners, L.P.^(a)		6.7500	02/01/30		146,720
	150,000	Columbia Pipelines Operating Company, LLC^(a)		6.0360	11/15/33		160,363
	552,000	Columbia Pipelines Operating Company, LLC^(a)		5.4390	02/15/35		565,514
	185,000	DBR Land Holdings, LLC^(a)		6.2500	12/01/30		189,625
	583,000	Diamondback Energy, Inc.		5.9000	04/18/64		558,797
	738,000	DT Midstream, Inc.^(a)		4.3750	06/15/31		723,924
	330,000	Enbridge, Inc.^(b)	H15T10Y + 4.431%	8.5000	01/15/84		377,721
	120,000	Energy Transfer, L.P.^(b)	H15T5Y + 5.306%	7.1250	Perpetual		124,294
	175,000	Energy Transfer, L.P.^(b)	H15T5Y + 5.694%	6.5000	Perpetual		175,892
	145,000	EOG Resources, Inc.		5.3500	01/15/36		148,992
	370,000	EOG Resources, Inc.		5.6500	12/01/54		364,832
	654,000	Flex Intermediate Holdco, LLC^(a)		3.3630	06/30/31		603,288
	305,000	Genesis Energy, L.P. / Genesis Energy Finance Corporation		8.8750	04/15/30		321,252
	669,000	Harbour Energy plc^(a)		6.3270	04/01/35		685,275
	530,000	HF Sinclair Corporation		6.2500	01/15/35		555,169
	87,000	KazMunayGas National Company JSC^(a)		5.7500	04/19/47		81,912
	85,000	Kinder Morgan Energy Partners, L.P.		6.9500	01/15/38		96,552
	444,000	Kinder Morgan, Inc.		5.8500	06/01/35		470,347
	50,000	NGL Energy Partners, L.P.^(a)		8.1250	02/15/29		51,911
	80,000	NGL Energy Partners, L.P.^(a)		8.3750	02/15/32		83,762
	375,000	Occidental Petroleum Corporation^(e)		5.5500	10/01/34		383,834
	271,000	Occidental Petroleum Corporation		6.2000	03/15/40		276,385
	275,000	Pertamina Persero PT^(a)		6.4500	05/30/44		289,299
	92,000	Petroleos Mexicanos		6.8400	01/23/30		94,426
	308,000	Petroleos Mexicanos		5.9500	01/28/31		300,715
	38,000	Petroleos Mexicanos		7.6900	01/23/50		34,205
	70,000	Petroleos Mexicanos		6.9500	01/28/60		57,059
	241,000	Petronas Capital Ltd.^(a)		5.8480	04/03/55		251,679
	235,000	Reliance Industries Ltd.^(a)		2.8750	01/12/32		214,046
	368,000	Saudi Arabian Oil Company^(a)		5.2500	07/17/34		375,197
	110,000	South Bow Canadian Infrastructure Holdings Ltd.^(b)	H15T5Y + 3.667%	7.5000	03/01/55		116,352
	95,000	South Bow USA Infrastructure Holdings, LLC		5.5840	10/01/34		95,968

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		OIL & GAS PRODUCERS — 3.4% (Continued)
	70,000	South Bow USA Infrastructure Holdings, LLC		6.1760	10/01/54	$	67,575
	787,000	Western Midstream Operating, L.P.		5.2500	02/01/50		677,796
	521,000	Williams Companies, Inc. (The)		5.1500	03/15/34		528,448
							11,154,720
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	180,000	Kodiak Gas Services, LLC^(a)		6.7500	10/01/35		186,101

		PUBLISHING & BROADCASTING — 0.2%
	240,000	Gray Media, Inc.^(a)		7.2500	08/15/33		245,874
	305,000	Sinclair Television Group, Inc.^(a)		8.1250	02/15/33		315,664
							561,538
		REAL ESTATE INVESTMENT TRUSTS — 0.2%
	310,000	Iron Mountain, Inc.^(a)		6.2500	01/15/33		313,451
	260,000	Millrose Properties, Inc.^(a)		6.2500	09/15/32		263,118
	19,000	Service Properties Trust		4.9500	02/15/27		18,936
							595,505
		RETAIL - CONSUMER STAPLES — 0.4%
	50,000	Albertsons Companies, Inc.^(a)		5.7500	03/31/34		49,237
	510,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, L.P.^(a)		4.8750	02/15/30		504,445
	775,000	Alimentation Couche-Tard, Inc.^(a)		5.0770	09/29/35		780,124
							1,333,806
		RETAIL - DISCRETIONARY — 0.4%
	175,000	BlueLinx Holdings, Inc.^(a)		6.0000	11/15/29		173,459
	240,000	Builders FirstSource, Inc.^(a)		6.3750	03/01/34		248,624
	1,045,000	Dick’s Sporting Goods, Inc.		4.1000	01/15/52		767,972
							1,190,055
		SEMICONDUCTORS — 0.6%
	209,000	Broadcom, Inc.		5.1500	11/15/31		216,740
	575,000	Broadcom, Inc.^(a)		3.1370	11/15/35		495,354
	579,000	Foundry JV Holdco, LLC^(a)		5.8750	01/25/34		599,418
	527,000	Marvell Technology, Inc.		5.4500	07/15/35		542,713
							1,854,225
		SOFTWARE — 0.6%
	400,000	Cloud Software Group, Inc.^(a)		9.0000	09/30/29		404,227

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		SOFTWARE — 0.6% (Continued)
	105,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl^(a)		8.7500	05/01/29	$	100,187
	270,000	Oracle Corporation		6.2500	11/09/32		281,763
	420,000	Oracle Corporation		6.9000	11/09/52		414,314
	75,000	Oracle Corporation		3.8500	04/01/60		45,669
	724,000	Roper Technologies, Inc.^(e)		5.1000	09/15/35		723,694
							1,969,854
		SPECIALTY FINANCE — 1.8%
	244,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		3.3000	01/30/32		225,867
	156,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^(b)	H15T5Y + 2.720%	6.9500	03/10/55		163,452
	224,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^(b)	H15T5Y + 2.441%	6.5000	01/31/56		230,440
	710,000	Ally Financial, Inc.		8.0000	11/01/31		805,774
	767,000	American Express Company^(b)	SOFRRATE + 1.930%	5.6250	07/28/34		799,538
	810,000	Atlas Warehouse Lending Company, L.P.^(a)		5.2500	01/15/33		811,914
	653,000	Aviation Capital Group, LLC^(a)		6.3750	07/15/30		697,432
	275,000	Aviation Capital Group, LLC^(a)		4.8750	01/28/33		271,337
	647,000	Avolon Holdings Funding Ltd.^(a)		5.7500	11/15/29		672,617
	217,000	Capital One Financial Corporation^(d)		2.3590	07/29/32		190,014
	490,000	Capital One Financial Corporation^(b)	SOFRRATE + 2.860%	6.3770	06/08/34		526,561
	65,000	OneMain Finance Corporation		6.1250	05/15/30		66,306
	235,000	OneMain Finance Corporation		6.5000	03/15/33		236,385
	255,000	Rocket Companies, Inc.^(a)		6.3750	08/01/33		264,846
							5,962,483
		STEEL — 0.0%^(f)
	15,000	Carpenter Technology Corporation^(a)		5.6250	03/01/34		15,241

		TECHNOLOGY HARDWARE — 0.2%
	785,000	Flex Ltd.		5.3750	11/13/35		785,105

		TECHNOLOGY SERVICES — 1.3%
	165,000	Block, Inc.		6.5000	05/15/32		171,011
	90,000	Block, Inc.^(a)		6.0000	08/15/33		91,946
	416,000	Booz Allen Hamilton, Inc.^(a),(e)		4.0000	07/01/29		408,661
	209,000	Booz Allen Hamilton, Inc.		5.9500	08/04/33		217,718

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		TECHNOLOGY SERVICES — 1.3% (Continued)
	866,000	CoStar Group, Inc.^(a)		2.8000	07/15/30	$	797,668
	800,000	Gartner, Inc.^(a)		3.7500	10/01/30		758,888
	615,000	Global Payments, Inc.		5.5500	11/15/35		610,418
	578,000	MSCI, Inc.^(a)		3.6250	09/01/30		552,909
	510,000	Neptune Bidco US, Inc.^(a)		9.2900	04/15/29		524,093
							4,133,312
		TELECOMMUNICATIONS — 0.2%
	488,000	Sprint Capital Corporation		8.7500	03/15/32		591,371

		TOBACCO & CANNABIS — 0.5%
	309,000	BAT Capital Corporation		7.7500	10/19/32		361,367
	695,000	Imperial Brands Finance plc^(a)		5.8750	07/01/34		726,483
	510,000	Philip Morris International, Inc.		4.9000	11/01/34		513,771
							1,601,621
		TRANSPORTATION & LOGISTICS — 0.8%
	566,103	Alaska Airlines Class A Pass Through Trust Series 2021-1^(a)		4.8000	08/15/27		569,172
	311,477	British Airways Class A Pass Through Trust Series 2021-1^(a)		2.9000	03/15/35		285,620
	296,951	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		294,029
	128,000	DP World plc^(a)		6.8500	07/02/37		142,643
	175,000	Fedex Freight Holding Company, Inc.^(a)		5.2500	03/15/36		173,663
	720,000	Transurban Finance Company Pty Ltd.^(a)		4.9240	03/24/36		715,009
	285,937	United Airlines Class A Pass Through Trust Series 2023-1		5.8000	07/15/36		300,157
	149,656	United Airlines Class AA Pass Through Trust Series 2024-1		5.4500	02/15/37		153,805
	25,000	United Airlines Holdings, Inc.		5.3750	03/01/31		25,286
							2,659,384
		TOTAL CORPORATE BONDS (Cost $106,894,557)					109,144,025

		NON U.S. GOVERNMENT & AGENCIES — 2.9%
		SOVEREIGN — 2.9%
	126,000	Angolan Government International Bond^(a)		9.2440	01/15/31		126,961
	536,000	Brazilian Government International Bond		6.0000	10/20/33		543,236
	67,000	Brazilian Government International Bond		6.6250	03/15/35		68,960

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 2.9% (Continued)
		SOVEREIGN — 2.9% (Continued)
	56,000	Brazilian Government International Bond	7.2500	01/12/56	$	56,098
	81,000	Chile Government International Bond	3.2500	09/21/71		50,390
	92,000	Colombia Government International Bond	7.3750	04/25/30		96,490
	91,000	Colombia Government International Bond	8.0000	11/14/35		97,507
	112,000	Colombia Government International Bond	7.7500	11/07/36		117,522
	79,000	Colombia Government International Bond	8.7500	11/14/53		86,872
	34,000	Costa Rica Government International Bond^(a)	6.5500	04/03/34		36,915
	30,000	Costa Rica Government International Bond^(a)	7.3000	11/13/54		33,427
	150,000	Dominican Republic International Bond^(a)	5.5000	02/22/29		152,400
	311,000	Dominican Republic International Bond^(a)	4.8750	09/23/32		298,476
	67,000	Dominican Republic International Bond	6.9500	03/15/37		71,623
	59,000	El Salvador Government International Bond^(a)	8.6250	02/28/29		63,564
	141,000	El Salvador Government International Bond	7.6500	06/15/35		146,640
	71,000	Guatemala Government Bond^(a)	6.6000	06/13/36		76,057
	310,000	Hungary Government International Bond^(a)	6.2500	09/22/32		329,573
	232,000	Hungary Government International Bond^(a)	5.5000	03/26/36		230,923
	200,000	Indonesia Government International Bond	4.5500	01/11/28		202,151
	156,000	Indonesia Government International Bond	4.7500	09/10/34		154,207
	304,000	Indonesia Government International Bond^(e)	5.1000	02/10/54		285,820
	97,000	Ivory Coast Government International Bond^(a)	8.2500	01/30/37		104,941
	272,000	Kazakhstan Government International Bond^(a)	5.5000	07/01/37		276,837
	145,000	Mexico Government International Bond	5.3750	03/22/33		143,487
	175,000	Mexico Government International Bond	6.0000	05/07/36		176,505
	200,000	Mexico Government International Bond	6.6250	01/29/38		208,390
	157,000	Morocco Government International Bond^(a)	3.0000	12/15/32		136,998
	254,000	Nigeria Government International Bond^(a)	10.3750	12/09/34		300,641
	154,000	Nigeria Government International Bond^(a)	8.6310	01/13/36		164,830
	201,000	Panama Government International Bond	7.5000	03/01/31		222,326
	162,000	Panama Government International Bond	8.0000	03/01/38		187,669
	122,000	Peruvian Government International Bond	2.7830	01/23/31		112,881
	192,000	Peruvian Government International Bond	5.3750	02/08/35		196,013
	346,000	Philippine Government International Bond	4.7500	03/05/35		342,476
	76,000	Republic of Kenya Government International Bond^(a)	9.7500	02/16/31		84,103
	145,000	Republic of Kenya Government International Bond^(a)	7.8750	10/09/33		146,239

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 2.9% (Continued)
		SOVEREIGN — 2.9% (Continued)
	210,000	Republic of Poland Government International Bond	4.8750	10/04/33	$	212,660
	82,000	Republic of Poland Government International Bond	5.1250	09/18/34		83,388
	129,000	Republic of Poland Government International Bond	5.3750	02/12/35		132,894
	165,000	Republic of South Africa Government International^(a)	6.1250	12/11/37		160,359
	200,000	Republic of South Africa Government International Bond	5.8750	06/22/30		206,156
	135,000	Republic of South Africa Government International Bond	5.6500	09/27/47		111,968
	116,000	Republic of Uzbekistan International Bond^(a)	6.9000	02/28/32		124,955
	206,000	Romanian Government International Bond^(a)	5.8750	01/30/29		212,894
	217,000	Romanian Government International Bond^(a)	7.1250	01/17/33		237,472
	46,000	Romanian Government International Bond^(a)	6.6250	05/16/36		48,218
	154,000	Saudi Government International Bond^(a)	4.8750	07/18/33		155,110
	319,000	Saudi Government International Bond^(a)	5.6250	01/13/35		335,412
	95,000	Saudi Government International Bond^(a)	4.5000	10/26/46		80,033
	149,000	Serbia International Bond^(a)	6.5000	09/26/33		160,636
	170,000	Sri Lanka Government International Bond^(a),(c)	3.6000	02/15/38		168,540
	143,000	Turkiye Government International Bond	7.2500	05/29/32		150,147
	257,000	Turkiye Government International Bond	7.6250	05/15/34		274,366
	70,000	Turkiye Government International Bond^(e)	6.6250	02/17/45		63,829
	173,000	UAE International Government Bond^(a)	4.0500	07/07/32		172,844
	322,000	Uruguay Government International Bond	5.1000	06/18/50		301,006
						9,523,035
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $9,221,363)				9,523,035

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.1%
		ADVERTISING & MARKETING — 0.0%^(f)
	94,525	Endeavor Operating Company, LLC^(b)	TSFR1M + 3.000%	6.4220	01/28/32	$	94,702

		AEROSPACE & DEFENSE — 0.2%
	149,201	Dynasty Acquisition Company, Inc.^(b)	TSFR1M + 2.250%	6.3270	10/27/31		149,769
	56,751	Dynasty Acquisition Company, Inc.^(b)	TSFR1M + 2.250%	6.3270	10/27/31		56,967
	79,800	TransDigm, Inc.^(b)	TSFR3M + 2.250%	5.9660	03/22/30		79,820
	191,232	TransDigm, Inc.^(b)	TSFR3M + 2.500%	6.7990	02/28/31		191,359
							477,915
		APPAREL & TEXTILE PRODUCTS — 0.0%^(f)
	70,000	Beach Acquisition Bidco, LLC^(b)	TSFR1M + 3.250%	7.3080	06/28/32		70,219

		ASSET MANAGEMENT — 0.0%⁽⁾
	294,263	FinCompany I, LLC^(b)	TSFR3M + 1.750%	6.0760	06/27/29		294,500

		AUTOMOTIVE — 0.1%
	140,000	American Axle & Manufacturing, Inc.^(b)	TSFR1M + 3.250%	7.4050	09/20/32		140,525
	204,488	Clarios Global, L.P.^(b)	TSFR1M + 2.750%	7.0770	01/14/32		205,062
							345,587
		BEVERAGES — 0.0%^(f)
	124,688	Sazerac Company, Inc.^(b)	TSFR1M + 2.500%	6.8130	06/25/32		125,155

		BIOTECH & PHARMA — 0.2%
	30,000	BioMarin Pharmaceutical, Inc.^(b)	TSFR1M + 1.750%	5.4270	01/29/33		30,075
	230,000	Genmab A/S^(b)	TSFR1M + 3.000%	6.7330	11/18/32		231,129
	280,000	Grifols Worldwide Operations USA, Inc.^(b)	TSFR3M + 2.150%	5.9220	11/08/27		279,953
							541,157
		CABLE & SATELLITE — 0.2%
	192,765	Charter Communications Operating, LLC^(b)	TSFR1M + 2.250%	6.5480	11/22/31		192,743
	171,426	Cogeco Communications USA II, L.P.^(b)	TSFR1M + 3.250%	6.9660	09/18/30		163,835
	211,771	Directv Financing, LLC^(b)	TSFR1M + 5.365%	9.7910	08/02/29		212,374
							568,952
		CHEMICALS — 0.0%^(f)
	106,606	INEOS US Finance, LLC^(b)	TSFR1M + 3.250%	7.5770	02/19/30		77,290

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.1% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.2%
	255,000	AlixPartners LLP^(b)	TSFR1M + 2.000%	6.3530	07/30/32	$	253,930
	295,000	Brightview Landscapes, LLC^(b)	TSFR1M + 2.000%	6.3130	04/20/29		294,815
	150,786	Prime Security Services Borrower, LLC^(b)	TSFR1M + 2.000%	5.6880	10/15/30		150,692
							699,437
		CONSTRUCTION MATERIALS — 0.1%
	127,408	Quikrete Holdings, Inc.^(b)	TSFR1M + 2.250%	5.9660	04/14/31		127,637

		ELECTRIC UTILITIES — 0.2%
	195,000	Astoria Energy, LLC^(b)	TSFR1M + 2.750%	6.4250	06/23/32		195,837
	191,569	Kestrel Acquisition, LLC^(b)	TSFR3M + 3.000%	6.9340	11/06/31		192,031
	90,000	Talen Energy Supply, LLC^(b)	TSFR1M + 2.000%	6.1060	10/09/32		90,135
							478,003
		ELECTRICAL EQUIPMENT — 0.2%
	202,189	Gates Corporation^(b)	TSFR1M + 1.750%	6.0770	06/04/31		202,669
	174,126	MX Holdings US, Inc.^(b)	TSFR1M + 2.250%	6.5770	02/19/32		174,453
	198,862	Wec US Holdings, Inc.^(b)	TSFR1M + 2.250%	6.5740	01/27/31		198,908
							576,030
		ENGINEERING & CONSTRUCTION — 0.2%
	237,600	Construction Partners, Inc.^(b)	TSFR1M + 2.500%	6.8290	10/29/31		238,083
	77,095	Cornerstone Generation, LLC^(b)	TSFR1M + 3.250%	8.0540	10/28/31		77,786
	20,000	Dycom Industries, Inc.^(b)	TSFR1M + 1.750%	5.4240	01/20/33		20,063
	118,800	Frontdoor, Inc.^(b)	TSFR1M + 2.250%	6.5770	12/16/31		119,815
	90,000	Green Infrastructure Partners, Inc.^(b)	TSFR1M + 2.750%	6.4220	09/18/32		90,169
	213,925	Red SPV, LLC^(b)	TSFR1M + 2.250%	6.5620	03/08/32		214,460
							760,376
		ENTERTAINMENT CONTENT — 0.1%
	226,550	Univision Communications, Inc.^(b)	TSFR1M + 3.500%	7.9410	01/31/29		226,763

		FOOD — 0.2%
	23,409	Del Monte Foods Corporation II, Inc.^(b)	TSFR1M + 1.000%	4.3540	04/02/26		18,844
	27,189	Del Monte Foods Corporation II, Inc.^(b)	TSFR1M + 1.000%	5.3220	04/02/26		26,170
	120,326	Del Monte Foods Corporation II, Inc.^(b)	TSFR3M + 3.400%	8.3470	08/02/28		2,482
	52,259	Del Monte Foods Corporation II, Inc.^(b)	TSFR3M + 4.400%	8.5740	08/02/28		2,482
	38,092	Del Monte Foods Corporation II, Inc.^(b)	TSFR3M + 8.150%	12.4740	08/02/28		19,173

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.1% (Continued)
		FOOD — 0.2% (Continued)
	382,610	Froneri US, Inc.^(b)	TSFR1M + 2.000%	5.8770	09/18/31	$	382,449
							451,600
		HEALTH CARE FACILITIES & SERVICES — 0.1%
	147,015	Phoenix Guarantor, Inc.^(b)	TSFR1M + 2.500%	6.8270	02/21/31		146,982
	183,150	Select Medical Corporation^(b)	TSFR1M + 2.000%	6.3270	11/19/31		183,227
							330,209
		HOUSEHOLD PRODUCTS — 0.0%^(f)
	89,035	Energizer Holdings, Inc.^(b)	TSFR1M + 2.000%	6.3270	03/13/32		89,035

		INDUSTRIAL SUPPORT SERVICES — 0.1%
	169,575	Resideo Funding, Inc.^(b)	TSFR1M + 2.000%	6.3580	08/09/32		169,682

		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	186,711	Citadel Securities, L.P.^(b)	TSFR1M + 2.000%	6.3270	10/24/31		187,203

		INSURANCE — 0.1%
	250,000	TIH Insurance Holdings, LLC^(b)	TSFR3M + 2.750%	6.4220	05/06/31		249,766

		LEISURE FACILITIES & SERVICES — 0.5%
	48,750	Caesars Entertainment, Inc.^(b)	TSFR3M + 2.250%	6.5770	02/06/30		48,552
	205,000	Delta 2 Lux Sarl^(b)	TSFR1M + 2.000%	6.2990	09/10/31		205,224
	109,725	Entain Holdings Gibraltar Ltd.^(b)	TSFR3M + 2.250%	6.5690	07/30/32		109,666
	191,100	Flutter Entertainment plc^(b)	TSFR1M + 1.750%	6.0490	11/29/30		191,148
	124,151	Flutter Financing BV^(b)	TSFR1M + 2.000%	6.3530	06/04/32		124,098
	302,407	Life Time, Inc.^(b)	TSFR1M + 2.000%	6.3600	11/05/31		303,952
	75,000	Light & Wonder International, Inc.^(b)	TSFR1M + 2.000%	5.6710	04/16/29		75,000
	225,000	Live Nation Entertainment, Inc.^(b)	TSFR1M + 2.000%	5.7340	10/19/32		225,000
	268,590	Playtika Holding Corporation^(b)	TSFR1M + 2.865%	7.9430	03/05/28		261,256
	183,205	UFC Holdings, LLC^(b)	TSFR3M + 2.000%	5.8680	11/21/31		183,811
							1,727,707
		MACHINERY — 0.0%^(f)
	70,000	CompoSecure Holdings, LLC^(b)	TSFR1M + 2.250%	5.9380	01/10/33		69,957

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.1% (Continued)
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	215,000	Hopper Merger Sub, Inc.^(b)	TSFR1M + 2.250%	5.9380	01/14/33	$	211,894
	204,226	Medline Borrower, L.P.^(b)	TSFR1M + 1.750%	5.4660	10/25/30		205,046
							416,940
		OIL & GAS PRODUCERS — 0.5%
	280,000	Blackfin Pipeline, LLC^(b)	TSFR1M + 3.000%	7.1660	09/29/32		282,216
	230,000	CQP Holdco, L.P.^(b)	TSFR3M + 1.750%	5.4000	12/15/32		229,378
	109,595	Freeport LNG Investments LLLP^(b)	TSFR3M + 3.250%	7.5190	12/21/28		109,855
	170,000	Freeport LNG Investments LLLP^(b)	TSFR3M + 3.250%	6.9180	01/31/33		169,681
	259,291	GIP Pilot Acquisition Partners, L.P.^(b)	TSFR3M + 2.000%	6.2770	10/04/30		259,859
	74,438	Hilcorp Energy I, L.P.^(b)	TSFR1M + 2.000%	6.3140	02/05/30		74,624
	204,082	Oryx Midstream Services Permian Basin, LLC^(b)	TSFR1M + 2.250%	6.5750	10/05/28		204,436
	73,877	WhiteWater DBR HoldCo, LLC^(b)	TSFR1M + 2.250%	6.5490	03/03/31		74,210
	375,000	WhiteWater Matterhorn Holdings, LLC^(b)	TSFR3M + 2.250%	5.4020	06/16/32		374,120
							1,778,379
		PUBLISHING & BROADCASTING — 0.1%
	383,075	Nexstar Media, Inc.^(b)	TSFR1M + 2.500%	6.8120	06/24/32		383,393

		REAL ESTATE INVESTMENT TRUSTS — 0.1%
	171,180	Iron Mountain, Inc.^(b)	TSFR1M + 2.100%	6.3270	01/31/31		170,056

		RETAIL - DISCRETIONARY — 0.1%
	276,511	Belron Finance 2019, LLC^(b)	TSFR1M + 2.000%	6.8610	10/16/31		277,754
	93,217	Harbor Freight Tools USA, Inc.^(b)	TSFR1M + 2.500%	6.5770	06/05/31		92,249
							370,003
		SOFTWARE — 0.1%
	142,757	SS&C Technologies, Inc.^(b)	TSFR1M + 2.000%	7.3440	05/09/31		142,919
	128,498	UKG, Inc.^(b)	TSFR3M + 3.000%	6.1670	02/10/31		125,580
							268,499
		TECHNOLOGY SERVICES — 0.1%
	147,388	Amentum Holdings, Inc.^(b)	TSFR1M + 2.250%	6.5770	07/30/31		147,572
	253	Neptune Bidco US, Inc.^(b)	TSFR3M + 5.100%	9.3300	04/11/29		253
	204,820	North American Bancard, LLC^(b)	TSFR3M + 2.500%	6.7990	11/24/28		193,920
	160,000	Shift4 Payments, LLC^(b)	TSFR1M + 2.000%	5.6870	07/06/32		161,166
							502,911

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.1% (Continued)
		TELECOMMUNICATIONS — 0.1%
	273,560	Eagle Broadband Investments, LLC^(b)	TSFR3M + 3.115%	7.5610	11/12/27	$	261,764

		TRANSPORTATION & LOGISTICS — 0.1%
	158,800	AAdvantage Loyalty IP Ltd.^(b)	TSFR3M + 2.250%	5.9180	04/20/28		159,131
	258,693	Rand Parent, LLC^(b)	TSFR3M + 3.000%	6.6720	03/18/30		259,582
							418,713
		TOTAL TERM LOANS (Cost $13,518,759)					13,309,540

		U.S. GOVERNMENT & AGENCIES — 31.1%
		AGENCY FIXED RATE — 14.6%
	5,083	Fannie Mae Pool 735061		6.0000	11/01/34		5,302
	7,172	Fannie Mae Pool 866009		6.0000	03/01/36		7,574
	41,243	Fannie Mae Pool 938574		5.5000	09/01/36		42,945
	20,805	Fannie Mae Pool 310041		6.5000	05/01/37		22,101
	8,097	Fannie Mae Pool 962752		5.0000	04/01/38		8,305
	11,986	Fannie Mae Pool 909175		5.5000	04/01/38		12,458
	25,582	Fannie Mae Pool 909220		6.0000	08/01/38		27,120
	37,740	Fannie Mae Pool AS7026		4.0000	04/01/46		36,775
	60,594	Fannie Mae Pool BJ9260		4.0000	04/01/48		58,954
	667,404	Fannie Mae Pool FS4991		3.0000	03/01/52		593,007
	1,161,253	Fannie Mae Pool FS8360		3.5000	09/01/52		1,076,674
	577,675	Fannie Mae Pool MA4805		4.5000	11/01/52		568,492
	731,787	Fannie Mae Pool FS4438		5.0000	11/01/52		734,937
	1,096,966	Fannie Mae Pool MA4839		4.0000	12/01/52		1,049,749
	2,083,217	Fannie Mae Pool FS7751		4.0000	03/01/53		1,999,836
	464,097	Fannie Mae Pool MA4980		6.0000	04/01/53		478,947
	466,218	Fannie Mae Pool MA5072		5.5000	06/01/53		473,780
	886,580	Fannie Mae Pool CB6857		4.5000	08/01/53		874,043
	2,260,672	Fannie Mae Pool FA1728		6.0000	10/01/53		2,324,892
	455,060	Fannie Mae Pool FS6679		6.0000	12/01/53		468,230
	2,241,216	Fannie Mae Pool MA5271		5.5000	02/01/54		2,276,551
	3,245,367	Fannie Mae Pool FA2472		5.0000	04/01/54		3,256,498

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 31.1% (Continued)
		AGENCY FIXED RATE — 14.6% (Continued)
	1,703,332	Fannie Mae Pool MA5385	4.0000	06/01/54	$	1,629,287
	1,089,021	Fannie Mae Pool FS8791	6.0000	08/01/54		1,115,300
	1,456,943	Fannie Mae Pool FA0685	6.0000	01/01/55		1,495,068
	3,592,178	Fannie Mae Pool FA1378	4.0000	03/01/55		3,445,461
	45,537	Freddie Mac Gold Pool G01980	5.0000	12/01/35		46,694
	7,671	Freddie Mac Gold Pool G05888	5.5000	10/01/39		7,983
	194,675	Freddie Mac Pool SB8269	6.0000	10/01/38		201,991
	1,884,952	Freddie Mac Pool SD2026	5.0000	11/01/52		1,892,870
	486,979	Freddie Mac Pool SD3238	5.5000	12/01/52		495,559
	1,639,656	Freddie Mac Pool SD8309	6.0000	03/01/53		1,690,105
	1,046,586	Freddie Mac Pool SD5594	5.5000	07/01/53		1,065,000
	769,652	Freddie Mac Pool SD8343	6.0000	07/01/53		792,852
	452,061	Freddie Mac Pool SD8350	6.0000	08/01/53		465,072
	1,790,865	Freddie Mac Pool SD5856	3.5000	01/01/54		1,660,427
	997,233	Freddie Mac Pool SD8409	6.0000	03/01/54		1,023,408
	2,489,620	Freddie Mac Pool SD8418	4.5000	04/01/54		2,443,090
	1,240,728	Freddie Mac Pool SL0627	6.0000	10/01/54		1,272,986
	7,054,869	Freddie Mac Pool SD8492	5.0000	01/01/55		7,059,930
	1,009,199	Freddie Mac Pool SD8494	5.5000	01/01/55		1,024,381
	2,580,144	Freddie Mac Pool SL2922	5.5000	10/01/55		2,622,541
						47,847,175
		U.S. TREASURY BONDS — 1.2%
	2,405,000	United States Treasury Bond	1.2500	05/15/50		1,153,132
	5,850,000	United States Treasury Bond	1.3750	08/15/50		2,881,125
						4,034,257
		U.S. TREASURY NOTES — 15.3%
	775,000	United States Treasury Note	4.3750	08/15/26		778,002
	370,000	United States Treasury Note	4.0000	01/31/29		374,141
	3,280,000	United States Treasury Note	4.0000	07/31/29		3,316,772
	1,055,000	United States Treasury Note	4.0000	03/31/30		1,065,962
	1,380,000	United States Treasury Note	3.8750	07/31/30		1,386,927
	890,000	United States Treasury Note	4.0000	02/15/34		883,342
	1,875,000	United States Treasury Note	3.8750	08/15/34		1,838,232
	6,300,000	United States Treasury Note	4.6250	02/15/35		6,506,965

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 31.1% (Continued)
		U.S. TREASURY NOTES — 15.3% (Continued)
	5,045,000	United States Treasury Note	4.2500	05/15/35	$	5,061,554
	1,135,000	United States Treasury Note	1.8750	11/15/51		627,531
	4,100,000	United States Treasury Note	4.0000	11/15/52		3,551,945
	1,950,000	United States Treasury Note	3.6250	02/15/53		1,576,529
	2,610,000	United States Treasury Note	3.6250	05/15/53		2,108,391
	4,875,000	United States Treasury Note	4.2500	02/15/54		4,400,830
	5,770,000	United States Treasury Note	4.6250	05/15/54		5,544,722
	365,000	United States Treasury Note	4.2500	08/15/54		329,405
	3,310,000	United States Treasury Note	4.5000	11/15/54		3,115,020
	6,235,000	United States Treasury Note	4.6250	02/15/55		5,991,567
	1,775,000	United States Treasury Note	4.7500	05/15/55		1,740,748
						50,198,585
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $105,347,828)				102,080,017

Shares
		SHORT-TERM INVESTMENTS — 6.6%
		COLLATERAL FOR SECURITIES LOANED – 2.1%
	6,793,257	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $6,793,257)^(g),(h)		6,793,257

		MONEY MARKET FUNDS – 4.5%
	14,703,221	Fidelity Government Portfolio, Institutional, 3.57% (Cost $14,703,221)^(h)		14,703,221

		TOTAL SHORT-TERM INVESTMENTS (Cost $21,496,478)		21,496,478

		TOTAL INVESTMENTS – 101.8% (Cost $333,700,232)	$	333,390,327
		LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%		(5,739,150	)
		NET ASSETS - 100.0%	$	327,651,177

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Depreciation
	70	CBOT US Treasure Bond Futures	03/23/2026	$	8,058,750	$	(4,375	)
		TOTAL FUTURES CONTRACTS

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency^(j)	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread ^(k)	Maturity Date	Notional Value⁽ⁱ⁾		Amortized Upfront Payments Paid/ (Received)			Fair Value			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY SERIES 45	Quarterly⁽¹⁾	Citibank	5.00%	296	12/20/2030	$	3,445,200	$	(293,126	)	$	(308,743	)	$	(15,616	)
TOTAL									(293,126	)		(308,743	)		(15,616	)

⁽¹⁾

Buy Protection

ABS	- Asset Backed Securities

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LP	- Limited Partnership

Ltd.	- Limited Company

MSCI	- Morgan Stanley Capital International

N.V.	- Naamioze Vennootschap

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

SOFRINDX	Secured Overnight Financing Rate Compounded

SOFRRATE	United States SOFR Secured Overnight Financing Rate

TSFR1M	Secured Overnight Financing Rate 1 month

TSFR3M	Secured Overnight Financing Rate 3 month

US0001M	ICE LIBOR USD 1 Month

USISSO05	5Y SOFR Swap Rate

^(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 January 31, 2026 the total market value of 144A securities is $119,307,095 or 36.4% of net assets.

^(b)	Variable rate security; the rate shown represents the rate on January 31, 2026.

^(c)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2026.

^(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 $6,642,052 at January 31, 2026.

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

^(g)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $6,793,257 at January 31, 2026.

^(h)	Rate disclosed is the seven day effective yield as of January 31, 2026.

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

⁽ⁱ⁾	The amounts shown are the underlying reference notional amounts upon which the fair value of the futures and swap 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 and swap 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.

^(j)	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.

^(k)	Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of January 31, 2026, will serve as an indicator of payment/performance risk and represent the likelihood of risk of default for the credit derivative.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 0.2%
		LEISURE FACILITIES & SERVICES - 0.2%
	7,877	Aimbridge Hospitality 3/25^(a)	$	401,727

		TOTAL COMMON STOCKS (Cost $531,697)		401,727

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 5.2%
		CLO — 5.2%
	1,500,000	Bain Capital Credit CLO 2021-1 Ltd. Series 1A ER^(b),(c)	TSFR3M + 6.300%	9.9680	04/18/34		1,429,832
	3,000,000	Bain Capital Credit CLO 2021-7 Ltd. Series 7A ER^(b),(c)	TSFR3M + 6.500%	10.1690	01/22/35		2,839,899
	2,250,000	BlueMountain CLO XXXII Ltd. Series 32A ER^(b),(c)	TSFR3M + 6.600%	10.2720	10/15/34		2,260,451
	3,500,000	BlueMountain CLO XXXIII Ltd. Series 33A ER^(b),(c)	TSFR3M + 6.930%	10.5980	10/20/38		3,391,860
	1,400,000	Sculptor CLO XXXVI LTD Series 36A D2^(b),(c)	TSFR3M + 4.150%	7.8160	01/30/39		1,401,795
							11,323,837
		TOTAL ASSET BACKED SECURITIES (Cost $11,580,777)					11,323,837

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7%
		BIOTECH & PHARMA — 0.1%
	200,000	BioMarin Pharmaceutical, Inc.^(b)		5.5000	02/15/34		200,750

		CABLE & SATELLITE — 0.8%
	445,000	Altice Financing S.A.^(b)		5.0000	01/15/28		323,505
	492,000	Cable One, Inc.^(b),(d)		4.0000	11/15/30		358,453
	600,000	CCO Holdings, LLC / CCO Holdings Capital^(b),(d)		4.2500	01/15/34		507,951
	575,000	Sirius XM Radio, Inc.^(b),(d)		4.1250	07/01/30		542,597
							1,732,506
		CONTAINERS & PACKAGING — 0.2%
	400,000	Iris Holding, Inc.^(b),(d)		10.0000	12/15/28		362,589

		E-COMMERCE DISCRETIONARY — 0.2%
	515,000	Wayfair, Inc.^(b)		6.7500	11/15/32		532,672

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7% (Continued)
		ELECTRIC UTILITIES — 0.5%
	525,000	California Buyer Ltd. / Atlantica Sustainable^(b)		6.3750	02/15/32	$	524,139
	525,000	NextEra Energy Operating Partners, L.P.^(b),(d)		7.2500	01/15/29		541,988
	221,000	XPLR Infrastructure Operating Partners, L.P.^(b)		7.7500	04/15/34		225,302
							1,291,429
		ENTERTAINMENT CONTENT — 0.5%
	490,000	Univision Communications, Inc.^(b)		8.5000	07/31/31		510,972
	525,000	ViacomCBS, Inc.^(e)	US0003M + 3.899%	6.2500	02/28/57		477,553
							988,525
		FOOD — 0.2%
	509,000	HLF Financing Sarl, LLC / Herbalife International,^(b),(d)		4.8750	06/01/29		483,562

		GAS & WATER UTILITIES — 0.3%
	500,000	Venture Global Plaquemines Lng, LLC^(b),(d)		7.5000	05/01/33		548,373

		HEALTH CARE FACILITIES & SERVICES — 0.2%
	270,000	Tenet Healthcare Corporation^(b)		5.5000	11/15/32		272,799
	145,000	Tenet Healthcare Corporation^(b),(d)		6.0000	11/15/33		149,284
							422,083
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	500,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(b)		7.5000	06/15/31		524,058

		LEISURE FACILITIES & SERVICES — 0.8%
	490,000	Carnival Corporation^(b)		5.7500	08/01/32		503,888
	582,000	Hilton Grand Vacations Borrower Escrow, LLC /^(b)		4.8750	07/01/31		543,335
	520,000	Light & Wonder International, Inc.^(b)		6.2500	10/01/33		526,744
							1,573,967
		METALS & MINING — 0.2%
	168,000	Mineral Resources Ltd.^(b)		9.2500	10/01/28		176,626
	336,000	Mineral Resources Ltd.^(b),(d)		8.5000	05/01/30		348,612
							525,238
		OIL & GAS PRODUCERS — 2.7%
	395,000	Civitas Resources, Inc.^(b)		8.6250	11/01/30		418,044
	305,000	Crescent Energy Finance, LLC^(b)		7.3750	01/15/33		295,277

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7% (Continued)
		OIL & GAS PRODUCERS — 2.7% (Continued)
	360,000	Crescent Energy Finance, LLC^(b)		8.3750	01/15/34	$	363,661
	225,000	Delek Logistics Partners, L.P. / Delek Logistics^(b)		8.6250	03/15/29		235,260
	146,000	Delek Logistics Partners, L.P. / Delek Logistics^(b)		7.3750	06/30/33		150,228
	500,000	Genesis Energy, L.P. / Genesis Energy Finance		7.8750	05/15/32		522,056
	400,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b)		6.0000	02/01/31		386,528
	494,000	ITT Holdings, LLC^(b)		6.5000	08/01/29		476,549
	535,000	Murphy Oil Corporation		6.5000	02/15/34		533,439
	545,000	Northern Oil & Gas, Inc.^(b)		7.8750	10/15/33		550,327
	525,000	Sunoco, L.P.^(b)		5.8750	03/15/34		526,670
	443,000	Venture Global LNG, Inc.^(b),(d)		8.3750	06/01/31		453,367
	325,000	Vital Energy, Inc.^(b)		7.8750	04/15/32		323,456
	383,000	Wildfire Intermediate Holdings, LLC^(b)		7.5000	10/15/29		389,209
							5,624,071
		REAL ESTATE INVESTMENT TRUSTS — 0.2%
	500,000	Service Properties Trust		8.8750	06/15/32		497,420

		REAL ESTATE OWNERS & DEVELOPERS — 0.3%
	558,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		546,399

		RETAIL - DISCRETIONARY — 0.5%
	525,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(b),(d)		8.2500	01/15/30		543,758
	19,000	Hertz Corporation (The)^(b),(d)		4.6250	12/01/26		17,888
	425,000	Hertz Corporation (The)^(b),(d)		12.6250	07/15/29		428,148
	167,000	Kohl’s Corporation		5.1250	05/01/31		143,085
							1,132,879
		SOFTWARE — 0.1%
	210,000	Cloud Software Group, Inc.^(b)		8.2500	06/30/32		213,772

		SPECIALTY FINANCE — 0.8%
	236,000	Burford Capital Global Finance, LLC^(b)		6.8750	04/15/30		230,988
	500,000	Cobra AcquisitionCo, LLC^(b)		6.3750	11/01/29		437,527
	515,000	Credit Acceptance Corporation^(b)		6.6250	03/15/30		516,146
	510,000	goeasy Ltd.^(b)		6.8750	05/15/30		485,546
							1,670,207

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7% (Continued)
		STEEL — 0.2%
	485,000	Cleveland-Cliffs, Inc.^(b),(d)		7.3750	05/01/33	$	506,492

		TECHNOLOGY HARDWARE — 0.3%
	500,000	EquipmentShare.com, Inc.^(b),(d)		8.0000	03/15/33		527,905
	196,000	Viasat, Inc.^(b)		7.5000	05/30/31		190,577
							718,482
		TECHNOLOGY SERVICES — 0.6%
	380,000	ION Platform Finance US, Inc. / ION Platform^(b)		4.6250	05/01/28		354,956
	475,000	ION Platform Finance US, Inc. / ION Platform^(b)		5.7500	05/15/28		450,852
	545,000	Mobius Merger Sub, Inc.^(b)		9.0000	06/01/30		322,289
							1,128,097
		TELECOMMUNICATIONS — 0.6%
	300,000	Iliad Holding S.A.SU^(b)		8.5000	04/15/31		321,446
	200,000	Iliad Holding S.A.SU^(b)		7.0000	04/15/32		205,249
	152,000	Rogers Communications, Inc.^(e)	H15T5Y + 2.653%	7.0000	04/15/55		157,668
	353,000	Rogers Communications, Inc.^(d),(e)	H15T5Y + 2.620%	7.1250	04/15/55		370,821
	350,000	Sable International Finance Ltd.^(b)		7.1250	10/15/32		354,128
							1,409,312
		TRANSPORTATION & LOGISTICS — 0.2%
	514,000	Star Leasing Company, LLC^(b)		7.6250	02/15/30		492,126

		TOTAL CORPORATE BONDS (Cost $23,112,508)					23,125,009

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9%
		ADVERTISING & MARKETING — 0.7%
	1,121,373	Endeavor Operating Company, LLC^(c)	TSFR1M + 2.754%	6.4220	01/28/32		1,123,475
	356,606	Planet US Buyer, LLC^(c)	TSFR3M + 3.670%	7.3300	02/10/31		357,409
							1,480,884
		AEROSPACE & DEFENSE — 0.7%
	63,443	Kaman Corporation^(c)	TSFR1M + 3.381%	7.0490	01/30/32		63,491
	671,131	Kaman Corporation^(c)	TSFR1M + 3.415%	7.0830	01/30/32		671,645

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		AEROSPACE & DEFENSE — 0.7% (Continued)
	699,597	TransDigm Group, Inc.^(c)	TSFR1M + 3.189%	6.8570	08/13/32	$	699,863
							1,434,999
		APPAREL & TEXTILE PRODUCTS — 1.1%
	480,620	Beach Acquisition Bidco, LLC^(c)	TSFR1M + 3.640%	7.3080	06/28/32		482,122
	1,999,408	Varsity Brands, Inc.^(c)	TSFR1M + 3.004%	6.6720	08/26/31		2,001,908
							2,484,030
		ASSET MANAGEMENT — 3.6%
	855,045	Clue Opco, LLC^(c)	TSFR3M + 5.120%	8.7800	12/19/30		853,736
	387,337	Deep Blue Operating I, LLC^(c)	TSFR1M + 3.305%	6.9730	09/17/32		389,034
	781,413	Dragon Buyer, Inc.^(c)	TSFR1M + 3.631%	7.2990	09/24/31		771,161
	1,474,804	Focus Financial Partners, LLC^(c)	TSFR1M + 2.548%	6.2160	09/15/31		1,468,101
	1,482,135	Hightower Holding, LLC^(c)	TSFR3M + 3.404%	7.0640	02/03/32		1,480,283
	1,867,894	Nexus Buyer, LLC^(c)	TSFR1M + 3.548%	7.2160	07/31/31		1,829,097
	1,057,545	Osaic Holdings, Inc.^(c)	TSFR1M + 2.927%	6.5950	07/19/32		1,051,205
							7,842,617
		AUTOMOTIVE — 1.6%
	962,707	American Axle & Manufacturing, Inc.^(c)	TSFR1M + 3.737%	7.4050	09/20/32		966,317
	1,092,934	Clarios Global, L.P.^(c)	TSFR1M + 3.409%	7.0770	01/14/32		1,096,005
	2,138,954	First Brands Group, LLC^(c)	US0001M + 5.000%	9.5700	03/24/27		11,946
	725,779	First Brands Group, LLC^(c)	TSFR1M + 5.902%	9.5700	03/30/27		4,053
	526,111	IXS Holdings, Inc.^(c)	TSFR3M + 6.074%	9.7340	09/05/29		526,935
	882,882	PAI Holdco, Inc.^(c)	US0001M + 5.041%	8.2910	10/28/27		769,697
							3,374,953
		BEVERAGES — 0.4%
	819,389	Pegasus Bidco BV^(c)	TSFR3M + 3.102%	6.7620	07/12/29		822,461

		BIOTECH & PHARMA — 0.4%
	495,717	Amneal Pharmaceuticals, LLC^(c)	TSFR1M + 3.548%	7.2160	07/26/32		498,195
	280,557	BioMarin Pharmaceutical, Inc.^(c)	TSFR1M + 1.759%	5.4270	01/29/33		281,259
							779,454
		CABLE & SATELLITE — 2.9%
	2,115,854	Altice Financing S.A.^(c)	TSFR1M + 5.634%	9.3020	10/31/27		1,622,860
	1,500,000	Coral-US Co-Borrower, LLC^(c)	TSFR1M + 3.838%	7.5060	01/30/32		1,464,480
	493,438	CSC Holdings, LLC^(c)	US0001M + 5.750%	9.0000	04/15/27		441,751

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		CABLE & SATELLITE — 2.9% (Continued)
	870,458	Sunrise Financing Partnership^(c)	TSFR1M + 3.125%	6.7930	02/17/32	$	869,705
	1,980,000	Virgin Media Bristol, LLC^(c)	US0001M + 3.250%	7.6760	01/10/29		1,980,376
							6,379,172
		CHEMICALS — 3.1%
	1,254,732	AIP RD Buyer Corporation^(c)	TSFR1M + 3.989%	7.6570	12/23/30		1,246,501
	892,728	Consolidated Energy Finance S.A.^(c)	TSFR1M + 5.889%	9.5570	11/08/30		783,092
	953,126	Groupe Solmax, Inc.^(c)	US0001M + 4.750%	9.1910	07/23/28		811,425
	1,035,497	Iris Holding, Inc.^(c)	TSFR1M + 5.462%	9.1300	06/15/28		1,004,759
	1,166,914	Nouryon Finance BV^(c)	TSFR3M + 3.376%	7.0360	04/03/28		1,168,373
	705,775	Solenis Holdings Ltd.^(c)	TSFR3M + 3.639%	7.2990	06/23/31		697,041
	905,574	Windsor Holdings III, LLC^(c)	TSFR1M + 2.798%	6.4660	08/01/30		908,974
							6,620,165
		COMMERCIAL SUPPORT SERVICES — 4.7%
	1,197,686	Action Environmental Group, Inc. (The)^(c)	TSFR3M + 3.900%	7.5600	10/24/30		1,198,441
	1,047,154	Allied Universal Holdco, LLC^(c)	TSFR1M + 3.298%	6.9660	08/06/32		1,050,379
	625,968	Creative Artists Agency, LLC^(c)	TSFR1M + 2.512%	6.1800	10/01/31		626,100
	440,488	Fleet US Bidco, Inc.^(c)	TSFR1M + 3.387%	7.0550	02/10/31		442,140
	1,908,925	Garda World Security Corporation^(c)	TSFR1M + 2.753%	6.4210	02/01/29		1,908,925
	953,944	GFL Environmental Services, Inc./ON^(c)	TSFR1M + 3.156%	6.8240	02/04/32		955,537
	601,919	Groundworks, LLC^(c)	TSFR1M + 3.655%	7.3230	03/06/31		603,517
	669,691	PG Polaris BidCompany Sarl^(c)	TSFR3M + 2.431%	6.0910	03/26/31		670,589
	36,383	Ryan, LLC^(c)	TSFR1M + 4.159%	7.8270	11/14/30		35,997
	1,353,019	Ryan, LLC^(c)	TSFR1M + 3.823%	7.4910	11/05/32		1,338,643
	560,651	Tidal Waste & Recycling Holdings, LLC^(c)	TSFR1M + 4.131%	7.7990	10/06/31		564,436
	1,088,390	WestJet Loyalty, L.P.^(c)	TSFR1M + 3.254%	6.9220	02/01/31		1,083,965
							10,478,669
		CONSTRUCTION MATERIALS — 0.5%
	256,859	MSOF Beacon, LLC^(c)	TSFR3M + 2.632%	6.2920	12/09/32		257,020
	465,347	Quikrete Holdings, Inc.^(c)	TSFR1M + 2.909%	6.5770	03/26/29		466,456
	341,162	Quikrete Holdings, Inc.^(c)	TSFR1M + 2.909%	6.5770	01/31/32		341,525
							1,065,001
		CONSUMER SERVICES — 1.6%
	446,910	KUEHG Corporation^(c)	TSFR3M + 2.762%	6.4220	06/12/30		422,471
	1,167,030	Learning Care Group US No 2, Inc.^(c)	TSFR3M + 4.199%	7.8590	08/11/28		886,943

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		CONSUMER SERVICES — 1.6% (Continued)
	651,600	Opal US, LLC^(c)	TSFR6M + 3.071%	6.6860	04/23/32	$	652,349
	1,063,453	Prometric Holdings, Inc.^(c)	TSFR1M + 3.798%	7.4660	06/18/32		1,066,553
	476,140	Spring Education Group, Inc.^(c)	TSFR1M + 4.631%	8.2990	09/29/30		477,543
							3,505,859
		CONTAINERS & PACKAGING — 2.5%
	1,115,000	Altium Packaging, LLC^(c)	TSFR1M + 2.504%	6.1720	06/05/31		1,066,687
	669,051	Berlin Packaging, LLC^(c)	TSFR1M + 3.938%	7.6060	06/09/31		669,165
	968,056	Clydesdale Acquisition Holdings, Inc.^(c)	TSFR1M + 4.250%	7.5020	03/30/29		964,832
	278,122	Clydesdale Acquisition Holdings, Inc.^(c)	TSFR1M + 3.282%	6.9500	03/29/32		277,081
	445,812	Graham Packaging Company, Inc.^(c)	TSFR1M + 2.257%	5.9250	01/14/33		445,974
	749,364	SupplyOne, Inc.^(c)	TSFR1M + 4.159%	7.8270	03/27/31		751,545
	167,582	SupplyOne, Inc.^(c)	TSFR1M + 3.864%	7.5320	04/21/31		168,070
	1,188,932	Trident TPI Holdings, Inc.^(c)	TSFR1M + 4.381%	8.0490	09/18/28		1,124,098
							5,467,452
		E-COMMERCE DISCRETIONARY — 0.5%
	1,022,298	CNT Holdings I Corporation^(c)	TSFR3M + 3.120%	6.7800	11/08/32		1,022,513

		ELECTRIC UTILITIES — 0.6%
	1,230,933	Showtime Acquisition, LLC^(c)	TSFR1M + 5.406%	9.0740	08/13/31		1,224,779
	635,000	Texas Competitive Electric Holdings Company, LLC ^(f),(j)		—	11/22/49		—
							1,224,779
		ELECTRICAL EQUIPMENT — 2.2%
	649,844	Icebox Holdco III, Inc.^(c)	US0001M + 3.750%	8.0610	12/22/28		652,586
	179,825	Icebox Holdco III, Inc.^(c)	TSFR3M + 6.878%	10.5380	12/22/32		182,297
	1,014,023	Lsf12 Crown US Commercial Bidco, LLC^(c)	TSFR1M + 3.007%	6.6750	12/02/31		1,017,191
	677,387	Resilience Parent, LLC^(c)	TSFR1M + 2.510%	6.1780	01/24/33		677,387
	1,335,914	TK Elevator US Newco, Inc.^(c)	TSFR1M + 3.569%	7.2370	04/30/30		1,340,844
	801,100	Vantage Elevator Solutions^(c)	US0001M + 4.331%	7.5810	11/10/28		807,180
							4,677,485
		ENGINEERING & CONSTRUCTION — 1.8%
	2,018,927	Azuria Water Solutions, Inc.^(c)	TSFR1M + 2.757%	6.4250	01/27/33		2,011,356
	649,701	Green Infrastructure Partners, Inc.^(c)	TSFR1M + 2.754%	6.4220	09/18/32		650,922

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		ENGINEERING & CONSTRUCTION — 1.8% (Continued)
	1,271,676	Osmose Utilities Services, Inc.^(c)	US0001M + 3.250%	7.6910	06/17/28	$	1,242,669
							3,904,947
		ENTERTAINMENT CONTENT — 1.1%
	1,254,140	Univision Communications, Inc.^(c)	TSFR1M + 4.881%	8.5490	06/10/29		1,256,649
	1,034,421	Versant Media Group, Inc.^(c)	TSFR1M + 4.281%	7.5370	10/23/30		1,035,714
							2,292,363
		FOOD — 1.2%
	1,195,619	Flora Food Management US Corporation^(c)	TSFR1M + 4.612%	8.2800	01/03/28		1,186,652
	705,342	Froneri US, Inc.^(c)	TSFR1M + 3.157%	6.8250	07/16/32		705,394
	843,370	HLF Financing Sarl, LLC^(c)	TSFR1M + 7.409%	11.0770	04/05/29		854,440
							2,746,486
		HEALTH CARE FACILITIES & SERVICES — 3.1%
	1,015,450	Bella Holding Company, LLC^(c)	TSFR1M + 3.408%	6.7160	05/10/28		1,016,405
	1,184,980	Charlotte Buyer, Inc.^(c)	TSFR1M + 4.896%	8.5640	02/11/28		1,160,357
	942,205	Corgi BidCo, Inc.^(c)	TSFR1M + 5.631%	9.2990	09/20/29		908,724
	7,978	Hanger, Inc.^(c)	TSFR1M + 3.548%	7.2160	10/16/31		8,007
	1,451,799	LifePoint Health, Inc.^(c)	TSFR1M + 3.754%	7.4220	05/14/31		1,453,388
	935,193	PAREXEL International Corporation^(c)	TSFR1M + 2.798%	6.4660	12/09/31		936,362
	1,203,723	Star Parent, Inc.^(c)	TSFR1M + 4.004%	7.6720	09/19/30		1,205,872
							6,689,115
		HOME & OFFICE PRODUCTS — 0.9%
	1,000,979	AI Aqua Merger Sub, Inc.^(c)	TSFR1M + 3.135%	6.8030	07/31/28		1,002,485
	858,849	Weber-Stephen Products, LLC^(c)	TSFR1M + 4.067%	7.7350	09/17/32		859,833
							1,862,318
		HOME CONSTRUCTION — 0.2%
	340,537	Chariot Buyer, LLC^(c)	TSFR1M + 2.798%	6.4660	07/23/32		340,711

		INDUSTRIAL INTERMEDIATE PROD — 0.2%
	386,968	Crosby US Acquisition Corporation^(c)	TSFR1M + 4.159%	7.8270	08/16/29		387,723

		INDUSTRIAL SUPPORT SERVICES — 0.6%
	1,307,390	Gloves Buyer, Inc.^(c)	TSFR1M + 4.659%	8.3270	01/20/32		1,302,762

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.1%
	783,078	Ascensus Holdings, Inc.^(c)	TSFR1M + 3.048%	6.7160	08/02/28	$	781,770
	1,037,270	Jane Street Group, LLC^(c)	TSFR1M + 2.154%	5.8220	12/11/31		1,031,047
	560,843	Jump Financial, LLC^(c)	TSFR3M + 4.154%	7.8140	02/26/32		560,843
							2,373,660
		INSURANCE — 4.0%
	498,062	Acrisure, LLC^(c)	TSFR1M + 3.298%	6.9660	06/07/32		498,580
	882,272	Alliant Holdings Intermediate, LLC^(c)	TSFR1M + 2.548%	6.2160	09/19/31		880,754
	855,000	Asurion, LLC^(c)	US0001M + 5.250%	9.0810	01/29/28		855,603
	365,000	Asurion, LLC^(c)	US0001M + 5.250%	9.0810	01/14/29		365,456
	1,994,975	Asurion, LLC^(c)	TSFR1M + 4.906%	8.5740	09/19/30		1,999,963
	1,036,964	Asurion, LLC^(c)	TSFR1M + 4.909%	8.5770	09/19/30		1,040,017
	502,656	Broadstreet Partners Group, LLC^(c)	TSFR1M + 2.760%	6.4280	06/16/31		500,570
	857,175	BroadStreet Partners, Inc.^(c)	TSFR1M + 2.504%	6.1720	05/12/31		853,617
	527,659	Hyperion Refinance Sarl^(c)	TSFR1M + 2.843%	6.5110	04/18/30		528,264
	243,986	Hyperion Refinance Sarl^(c)	TSFR1M + 2.798%	6.4660	02/18/31		243,969
	1,079,932	TIH Insurance Holdings, LLC^(c)	TSFR3M + 2.762%	6.4220	05/06/31		1,078,922
							8,845,715
		INTERNET MEDIA & SERVICES — 0.3%
	592,914	Pug, LLC^(c)	TSFR1M + 5.245%	8.9130	03/12/30		592,359

		LEISURE FACILITIES & SERVICES — 4.7%
	160,222	Aimbridge Acquisition Company, Inc.^(c)	TSFR1M + 6.189%	9.8570	03/11/30		160,021
	87,963	Aimbridge Acquisition Company, Inc.^(c)	TSFR1M + 8.312%	11.9800	03/11/30		87,853
	943,690	BCPE Grill Parent, Inc.^(c)	TSFR1M + 5.409%	9.0770	09/21/30		891,112
	692,947	Caesars Entertainment, Inc.^(c)	TSFR3M + 2.262%	5.9220	02/06/31		689,656
	1,210,406	Dave & Buster’s, Inc.^(c)	TSFR1M + 3.894%	7.5620	06/29/29		1,130,077
	441,706	Dave & Buster’s, Inc.^(c)	TSFR1M + 3.894%	7.5620	09/29/31		395,879
	1,108,941	GBT US III, LLC^(c)	TSFR3M + 1.990%	5.6500	07/28/31		1,105,820
	517,993	Herschend Entertainment Company, LLC^(c)	TSFR1M + 3.907%	7.5750	05/17/32		520,129
	89,576	Herschend Entertainment Company, LLC^(c)	TSFR1M + 2.506%	6.1740	05/27/32		89,946
	155,750	Light & Wonder International, Inc.^(c)	TSFR1M + 2.003%	5.6710	04/16/29		155,750
	1,378,278	Ontario Gaming GTA, L.P.^(c)	TSFR1M + 4.881%	8.5490	07/20/30		1,292,348
	765,487	Tortuga Resorts Ghd, LLC^(c)	TSFR1M + 3.268%	6.9360	08/13/32		763,573
	1,800,781	Voyager Parent, LLC^(c)	TSFR1M + 4.281%	7.9490	07/01/32		1,800,898

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		LEISURE FACILITIES & SERVICES — 4.7% (Continued)
	1,138,128	Whatabrands, LLC^(c)	TSFR1M + 3.159%	6.8270	08/03/28	$	1,138,481
							10,221,543
		LEISURE PRODUCTS — 0.4%
	957,166	Recess Holdings, Inc.^(c)	TSFR3M + 4.365%	8.0250	02/20/30		962,402

		MACHINERY — 1.3%
	624,024	Alliance Laundry Systems, LLC^(c)	TSFR3M + 3.417%	7.0770	08/19/31		625,013
	626,811	Madison IAQ, LLC^(c)	TSFR3M + 2.977%	6.6370	05/06/32		628,820
	1,608,594	STS Operating, Inc.^(c)	TSFR1M + 4.759%	8.4270	03/17/31		1,605,586
							2,859,419
		MEDICAL EQUIPMENT & DEVICES — 0.3%
	692,429	Sotera Health Holdings, LLC^(c)	TSFR1M + 2.975%	6.6430	05/30/31		695,677

		OIL & GAS PRODUCERS — 2.5%
	953,558	EG America, LLC^(c)	TSFR3M + 3.662%	7.3220	02/07/28		954,750
	1,009,893	EG America, LLC^(c)	TSFR1M + 3.668%	3.2500	01/30/31		1,007,368
	592,500	ITT Holdings, LLC^(c)	TSFR1M + 2.006%	5.6740	10/11/30		593,057
	1,023,097	M6 ETX Holdings II Midco, LLC^(c)	TSFR1M + 2.864%	6.5320	04/01/32		1,025,440
	1,002,758	NGL Energy Operating, LLC^(c)	TSFR1M + 4.409%	8.0770	02/03/31		1,010,419
	992,482	Oryx Midstream Services Permian Basin, LLC^(c)	TSFR1M + 2.927%	6.5750	10/05/28		994,204
							5,585,238
		OIL & GAS SERVICES & EQUIPMENT — 0.5%
	1,004,567	Goodnight Water Solutions Holdings, LLC^(c)	TSFR1M + 4.648%	8.3160	06/04/29		999,544
	65	Paragon Offshore Finance Company^(c)	US0003M + %	—	07/15/22		—
							999,544
		PUBLISHING & BROADCASTING — 0.2%
	492,340	United Talent Agency, LLC^(c)	TSFR1M + 3.104%	6.7720	06/10/32		493,571

		REAL ESTATE INVESTMENT TRUSTS — 0.4%
	901,406	Claros Mortgage Trust, Inc.^(c)	TSFR1M + 5.259%	8.9270	08/09/26		901,968

		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	817,778	Greystar Real Estate Partners, LLC^(c)	TSFR3M + 3.165%	6.8250	08/21/30		821,867

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		REAL ESTATE SERVICES — 0.2%
	502,258	Cushman & Wakefield US Borrower, LLC^(c)	TSFR1M + 3.533%	7.2010	01/31/30	$	506,656

		RETAIL - DISCRETIONARY — 8.5%
	1,089,823	Avis Budget Car Rental, LLC^(c)	TSFR1M + 3.159%	6.8270	07/12/32		1,089,823
	490,711	Belron Finance 2019, LLC^(c)	TSFR1M + 3.193%	6.8610	10/16/31		492,919
	1,575,342	Champions Financing, Inc.^(c)	TSFR3M + 5.420%	9.0800	02/23/29		1,471,472
	464,666	Gulfside Supply, Inc.^(c)	TSFR1M + 3.631%	7.2990	05/29/31		451,743
	1,247,729	Hertz Corporation (The)^(c)	US0001M + 3.250%	8.0410	06/14/28		1,066,633
	781,237	Highline Aftermarket Acquisition, LLC^(c)	TSFR1M + 4.159%	7.8270	02/12/30		784,659
	1,641,890	LBM Acquisition, LLC^(c)	TSFR1M + 4.394%	8.0620	06/06/31		1,584,588
	840,022	LS Group OpCompany Acquistion, LLC^(c)	TSFR1M + 3.165%	6.8330	04/23/31		841,601
	1,585,676	Mavis Tire Express Services Topco Corporation^(c)	TSFR1M + 3.048%	6.7160	05/04/28		1,587,951
	536,963	Park River Holdings, Inc.^(c)	TSFR3M + 4.866%	8.5260	09/25/31		538,139
	380,573	Peer Holding III BV^(c)	TSFR1M + 3.131%	6.7990	07/01/31		381,001
	1,536,383	Petco Health & Wellness Company, Inc.^(c)	US0001M + 3.250%	7.1840	02/25/28		1,536,006
	1,559,853	Petco Health & Wellness Company, Inc.^(c)	TSFR1M + 4.256%	7.9240	01/22/31		1,529,491
	1,066,258	PetSmart, LLC^(c)	TSFR1M + 4.066%	7.7340	08/09/32		1,067,191
	1,432,387	RVR Dealership Holdings, LLC^(c)	TSFR1M + 4.141%	7.8090	02/08/28		1,422,654
	1,233,856	Specialty Building Products Holdings, LLC^(c)	US0001M + 3.750%	8.1770	10/05/28		1,176,315
	1,178,037	White Cap Supply Holdings, LLC^(c)	TSFR1M + 3.909%	7.5770	10/31/29		1,177,406
							18,199,592
		SEMICONDUCTORS — 0.1%
	110,552	MKS, Inc.^(c)	TSFR1M + 1.75%	5.4230	01/28/33		110,953

		SOFTWARE — 6.6%
	1,604,258	AthenaHealth Group, Inc.^(c)	TSFR1M + 3.409%	7.0770	02/15/29		1,586,378
	930,867	BMC Software, Inc.^(c)	TSFR1M + 3.154%	6.8220	07/30/31		898,286
	688,642	Boxer Parent Company, Inc.^(c)	TSFR1M + 5.798%	9.4660	07/06/32		652,489
	994,190	Camelot US Acquisition, LLC^(c)	TSFR1M + 3.409%	7.0770	01/31/31		919,625
	749,131	Cloud Software Group, Inc.^(c)	TSFR3M + 3.262%	6.9220	03/24/31		728,530
	526,164	Cloud Software Group, Inc.^(c)	TSFR3M + 3.262%	6.9220	08/09/32		511,913
	1,129,412	Corel, Inc.^(c)	TSFR3M + 5.773%	9.4330	07/02/26		1,031,300
	579,969	Cotiviti, Inc.^(c)	TSFR1M + 2.782%	6.4500	02/24/31		538,287

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		SOFTWARE — 6.6% (Continued)
	424,754	Cotiviti, Inc.^(c)	TSFR1M + 3.406%	7.0740	02/17/32	$	394,171
	600,000	Dcert Buyer, Inc.^(c)	US0001M + 7.000%	11.3270	02/16/29		536,499
	627,365	Epicor Software Corporation^(c)	TSFR1M + 3.409%	7.0770	05/23/31		624,130
	362,884	Ping Identity Holding Corporation^(c)	TSFR1M + 2.923%	6.5910	10/29/32		360,616
	499,242	Project Alpha Intermediate Holding, Inc.^(c)	TSFR1M + 3.254%	6.9220	10/28/30		465,546
	199,304	Project Alpha Intermediate Holding, Inc.^(c)	TSFR1M + 5.639%	9.3070	11/22/32		159,443
	1,120,313	Project Boost Purchaser, LLC^(c)	TSFR1M + 3.240%	6.9080	07/16/31		1,103,307
	891,859	Proofpoint, Inc.^(c)	TSFR1M + 3.004%	6.6720	08/31/28		887,123
	1,603,596	Rackspace Finance, LLC^(c)	TSFR1M + 3.511%	7.1790	05/15/28		443,194
	1,195,112	RealPage, Inc.^(c)	US0001M + 3.250%	6.9340	02/18/28		1,183,591
	829,918	Storable, Inc.^(c)	TSFR1M + 3.298%	6.9660	04/17/31		813,320
	758,968	UKG, Inc.^(c)	TSFR1M + 3.643%	7.3110	01/31/31		741,732
							14,579,480
		SPECIALTY FINANCE — 2.7%
	1,171,584	Apex Group Treasury, LLC^(c)	TSFR1M + 3.719%	7.3870	02/20/32		1,085,180
	1,109,127	Apollo Commercial Real Estate Finance, Inc.^(c)	TSFR1M + 3.909%	7.5770	06/05/30		1,111,900
	177,330	Blackstone Mortgage Trust, Inc.^(c)	TSFR1M + 3.185%	6.8530	05/09/29		177,551
	544,489	Blackstone Mortgage Trust, Inc.^(c)	TSFR1M + 2.514%	6.1820	12/10/30		544,943
	224,641	Blackstone Mortgage Trust, Inc.^(c)	TSFR1M + 2.504%	6.1720	11/19/32		224,642
	1,384,390	CFC USA 2025, LLC^(c)	TSFR1M + 3.493%	7.1610	05/31/32		1,325,554
	1,275,953	Orion US Finco^(c)	TSFR1M + 3.482%	7.1500	05/20/32		1,278,219
							5,747,989
		TECHNOLOGY HARDWARE — 1.0%
	1,080,082	VeriFone Systems, Inc.^(c)	TSFR1M + 6.543%	10.2110	08/21/28		1,001,776
	1,177,361	Viasat, Inc.^(c)	SOFRRATE + 4.500%	8.9410	02/24/29		1,177,178
							2,178,954
		TECHNOLOGY SERVICES — 5.6%
	609,611	Ahead DB Holdings, LLC^(c)	TSFR1M + 2.504%	6.1720	02/03/31		601,229
	717,949	Ahead DB Holdings, LLC^(c)	TSFR3M + 2.991%	6.6510	02/03/31		708,077
	364,198	Amazon Holdco, Inc.^(c)	TSFR1M + 2.909%	6.5770	07/30/31		364,653
	643,565	Fortress Intermediate 3, Inc.^(c)	TSFR1M + 3.007%	6.6750	06/27/31		633,107
	682,600	Indy US Holdco, LLC^(c)	TSFR1M + 3.183%	6.8510	10/07/30		678,334

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.9% (Continued)
		TECHNOLOGY SERVICES — 5.6% (Continued)
	1,013,000	ION Platform Finance US, Inc.^(c)	TSFR1M + 3.754%	7.4220	09/30/32	$	905,794
	846,916	MoneyGram International, Inc.^(c)	TSFR1M + 5.405%	9.0730	06/03/30		503,915
	2,702,176	Neptune Bidco US, Inc.^(c)	TSFR1M + 5.662%	9.3300	04/11/29		2,706,121
	2,233,445	Neptune Bidco US, Inc.^(c)	TSFR3M + 5.009%	8.6690	01/28/33		2,205,058
	1,145,055	Peraton Corporation^(c)	US0001M + 3.750%	8.1770	02/24/28		1,059,891
	1,532,226	Trio Bidco, Inc.^(c)	TSFR1M + 4.004%	7.6720	10/08/32		1,518,819
	161,287	Trio Bidco, Inc.^(c)	TSFR1M + 4.497%	8.1650	10/08/32		159,876
							12,044,874
		TELECOMMUNICATIONS — 1.4%
	820,823	Connect Finco S.A.RL^(c)	TSFR1M + 5.159%	8.8270	09/28/29		819,797
	734,444	Iridium Satellite, LLC^(c)	TSFR1M + 2.909%	6.5770	09/20/30		698,772
	1,662,536	Zayo Group Holdings, Inc.^(c)	TSFR1M + 4.105%	7.7730	03/11/30		1,603,076
							3,121,645
		TRANSPORTATION & LOGISTICS — 3.2%
	362,018	AAdvantage Loyalty IP Ltd.^(c)	TSFR1M + 3.250%	6.9180	05/28/32		363,150
	1,048,853	American Airlines, Inc.^(c)	TSFR1M + 2.839%	6.5070	06/04/29		1,049,183
	1,750,048	PAC Aviation International, Inc.^(c)	TSFR1M + 3.716%	7.3840	10/09/30		1,735,837
	934,467	PODS, LLC^(c)	US0001M + 3.000%	7.5410	03/19/28		929,795
	1,193,671	Stonepeak Nile Parent, LLC^(c)	TSFR1M + 2.630%	6.2980	04/09/32		1,193,922
	1,161,981	Third Coast Infrastructure, LLC^(c)	TSFR1M + 4.431%	8.0990	09/25/30		1,166,344
	422,500	WestJet Loyalty, L.P.^(c)	TSFR3M + 3.412%	7.0720	02/14/31		420,783
							6,859,014
		WHOLESALE - DISCRETIONARY — 0.3%
	765,161	Veritiv Operating Company^(c)	TSFR3M + 4.639%	8.2990	12/02/30		750,910

		TOTAL TERM LOANS (Cost $181,983,678)					177,639,948

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

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

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	$	55,894

		TOTAL WARRANT (Cost $287,609)					55,894

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.2%
		COLLATERAL FOR SECURITIES LOANED - 2.7%
	5,815,617	Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $5,815,617)^(h),(i)		5,815,617

		MONEY MARKET FUND - 8.5%
	18,481,869	Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $18,481,869)^(h)		18,481,869

		TOTAL SHORT-TERM INVESTMENTS (Cost $24,297,486)		24,297,486

		TOTAL INVESTMENTS - 109.2% (Cost $241,811,225)	$	236,857,401
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%		(19,982,312	)
		NET ASSETS - 100.0%	$	216,875,089

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

TSFR6M	Six Month Term Secured Overnight Financing Rate

US0001M	ICE LIBOR USD 1 Month

US003M	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 January 31, 2026 the total market value of 144A securities is 31,200,405 or 14.4% 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 $5,711,324 at January 31, 2026.

^(e)	Variable rate security; the rate shown represents the rate on January 31, 2026.

^(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 January 31, 2026.

⁽ⁱ⁾	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $5,815,617 at January 31, 2026.

^(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)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0%
		ASSET MANAGEMENT — 0.7%
	985,000	Focus Financial Partners, LLC^(a)		6.7500	08/15/31	$	1,009,059
	705,000	HA Sustainable Infrastructure Capital, Inc.^(b)	H15T5Y + 4.301%	8.0000	06/01/56		739,585
							1,748,644
		AUTOMOTIVE — 0.5%
	670,000	American Axle & Manufacturing, Inc.^(a)		6.3750	10/15/32		684,045
	595,000	American Axle & Manufacturing, Inc.^(a)		7.7500	10/15/33		612,087
							1,296,132
		BIOTECH & PHARMA — 1.9%
	1,201,000	BioMarin Pharmaceutical, Inc.^(a)		5.5000	02/15/34		1,205,504
	964,000	Organon Finance 1, LLC^(a)		5.1250	04/30/31		876,033
	1,240,000	Perrigo Finance Unlimited Company^(c)		6.1250	09/30/32		1,220,597
	200,000	Teva Pharmaceutical Finance Netherlands II BV		5.7500	12/01/30		207,228
	900,000	Teva Pharmaceutical Finance Netherlands III BV		6.0000	12/01/32		942,700
							4,452,062
		CABLE & SATELLITE — 5.1%
	3,325,000	Altice Financing S.A.^(a)		5.0000	01/15/28		2,417,197
	1,316,000	Cable One, Inc.^(a),(c)		4.0000	11/15/30		958,788
	378,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		5.0000	02/01/28		376,075
	825,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		5.3750	06/01/29		816,105
	210,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		6.3750	09/01/29		212,164
	810,000	CCO Holdings, LLC / CCO Holdings Capital^(a),(c)		7.0000	02/01/33		818,449
	1,210,000	CCO Holdings, LLC / CCO Holdings Capital^(a),(c)		4.2500	01/15/34		1,024,368
	450,000	CSC Holdings, LLC^(a)		11.7500	01/31/29		328,622
	1,325,000	CSC Holdings, LLC^(a)		6.5000	02/01/29		849,793
	540,000	CSC Holdings, LLC^(a)		4.1250	12/01/30		328,100
	1,215,000	Sirius XM Radio, Inc.^(a)		4.0000	07/15/28		1,189,161
	320,000	Sirius XM Radio, Inc.^(a)		3.8750	09/01/31		292,234
	1,575,000	UPC Broadband Finco BV^(a)		4.8750	07/15/31		1,510,401
	1,105,000	Virgin Media Finance plc^(a)		5.0000	07/15/30		966,651
							12,088,108
		CHEMICALS — 1.7%
	1,500,000	Consolidated Energy Finance S.A.^(a)		5.6250	10/15/28		1,239,375
	435,000	Methanex Corporation		5.1250	10/15/27		436,413
	63,000	Methanex Corporation		5.2500	12/15/29		63,388

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		CHEMICALS — 1.7% (Continued)
	1,230,000	Methanex US Operations, Inc.^(a)		6.2500	03/15/32	$	1,269,102
	961,000	Minerals Technologies, Inc.^(a)		5.0000	07/01/28		956,848
							3,965,126
		COMMERCIAL SUPPORT SERVICES — 1.3%
	1,150,000	Clean Harbors, Inc.^(a)		5.7500	10/15/33		1,175,468
	1,190,000	Garda World Security Corporation^(a)		6.5000	01/15/31		1,221,765
	715,000	GFL Environmental Holdings US, Inc.^(a)		5.5000	02/01/34		717,518
							3,114,751
		CONSTRUCTION MATERIALS — 0.5%
	1,349,000	Standard Industries, Inc.^(a)		3.3750	01/15/31		1,245,480

		CONTAINERS & PACKAGING — 2.3%
	965,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh^(a)		6.2500	01/30/31		993,635
	1,250,000	Clydesdale Acquisition Holdings, Inc.^(a),(c)		8.7500	04/15/30		1,249,418
	70,000	Clydesdale Acquisition Holdings, Inc.^(a)		6.7500	04/15/32		70,462
	529,000	Crown Americas, LLC		5.2500	04/01/30		540,804
	680,000	Crown Americas, LLC^(a)		5.8750	06/01/33		695,945
	1,319,000	Iris Holding, Inc.^(a),(c)		10.0000	12/15/28		1,195,638
	725,000	Silgan Holdings, Inc.		4.1250	02/01/28		719,119
							5,465,021
		E-COMMERCE DISCRETIONARY — 0.5%
	1,190,000	Wayfair, Inc.^(a)		6.7500	11/15/32		1,230,835

		ELECTRIC UTILITIES — 4.2%
	841,000	California Buyer Ltd. / Atlantica Sustainable^(a)		6.3750	02/15/32		839,621
	1,260,000	Clearway Energy Operating, LLC^(a)		3.7500	01/15/32		1,163,474
	1,871,000	NextEra Energy Operating Partners, L.P.^(a),(c)		7.2500	01/15/29		1,931,541
	2,040,000	NRG Energy Inc^(a)		3.6250	02/15/31		1,911,896
	200,000	NRG Energy, Inc.^(a)		5.7500	01/15/34		201,428
	450,000	NRG Energy, Inc.^(a)		6.0000	01/15/36		454,914
	607,000	Talen Energy Supply, LLC^(a)		6.2500	02/01/34		615,018
	607,000	Talen Energy Supply, LLC^(a)		6.5000	02/01/36		622,790
	1,435,000	Vistra Operations Company, LLC^(a)		7.7500	10/15/31		1,518,981
	279,000	XPLR Infrastructure Operating Partners, L.P.^(a),(c)		8.3750	01/15/31		293,193

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		ELECTRIC UTILITIES — 4.2% (Continued)
	506,000	XPLR Infrastructure Operating Partners, L.P.^(a)		7.7500	04/15/34	$	515,849
							10,068,705
		ELECTRICAL EQUIPMENT — 0.3%
	762,000	WESCO Distribution, Inc.^(a)		6.3750	03/15/33		793,828

		ENGINEERING & CONSTRUCTION — 0.5%
	1,335,000	VM Consolidated, Inc.^(a)		5.5000	04/15/29		1,313,954

		ENTERTAINMENT CONTENT — 2.3%
	1,175,000	Banijay Entertainment S.A.SU^(a)		8.1250	05/01/29		1,222,989
	874,000	Paramount Global^(b)	H15T5Y + 3.999%	6.3750	03/30/62		821,560
	421,000	Univision Communications, Inc.^(a)		7.3750	06/30/30		426,750
	1,270,000	Univision Communications, Inc.^(a)		8.5000	07/31/31		1,324,356
	485,000	Univision Communications, Inc.^(a)		9.3750	08/01/32		522,431
	508,000	ViacomCBS, Inc.^(b)	US0003M + 3.899%	6.2500	02/28/57		462,090
	1,165,000	Warnermedia Holdings, Inc.^(c)		5.0500	03/15/42		825,694
							5,605,870
		FOOD — 1.3%
	1,055,000	HLF Financing Sarl, LLC / Herbalife International,^(a)		12.2500	04/15/29		1,135,085
	1,873,000	HLF Financing Sarl, LLC / Herbalife International,^(a),(c)		4.8750	06/01/29		1,779,394
	209,000	Land O’Lakes Capital Trust I^(a)		7.4500	03/15/28		215,957
							3,130,436
		GAS & WATER UTILITIES — 0.5%
	369,000	Venture Global Plaquemines Lng, LLC^(a)		7.5000	05/01/33		404,699
	681,000	Venture Global Plaquemines Lng, LLC^(a)		7.7500	05/01/35		759,738
							1,164,437
		HEALTH CARE FACILITIES & SERVICES — 1.5%
	1,223,000	Concentra Escrow Issuer Corporation^(a),(c)		6.8750	07/15/32		1,282,208
	1,620,000	Tenet Healthcare Corporation^(a)		5.5000	11/15/32		1,636,791
	640,000	Tenet Healthcare Corporation^(a),(c)		6.0000	11/15/33		658,909
							3,577,908
		HOME CONSTRUCTION — 1.0%
	1,045,000	Ashton Woods USA, LLC / Ashton Woods Finance^(a)		6.8750	08/01/33		1,055,231

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		HOME CONSTRUCTION — 1.0% (Continued)
	889,000	Mattamy Group Corporation^(a)		4.6250	03/01/30	$	868,811
	555,000	Mattamy Group Corporation^(a)		6.0000	12/15/33		545,740
							2,469,782
		HOUSEHOLD PRODUCTS — 0.6%
	1,535,000	Edgewell Personal Care Company^(a)		4.1250	04/01/29		1,470,529

		INDUSTRIAL SUPPORT SERVICES — 1.0%
	1,106,000	EquipmentShare.com, Inc.^(a)		8.6250	05/15/32		1,183,416
	299,000	Herc Holdings, Inc.^(a)		7.0000	06/15/30		313,981
	870,000	Herc Holdings, Inc.^(a),(c)		7.2500	06/15/33		921,057
							2,418,454
		INSTITUTIONAL FINANCIAL SERVICES — 1.3%
	716,000	Jane Street Group / JSG Finance, Inc.^(a)		7.1250	04/30/31		753,034
	371,000	Jane Street Group / JSG Finance, Inc.^(a)		6.1250	11/01/32		377,966
	676,000	Jane Street Group / JSG Finance, Inc.^(a)		6.7500	05/01/33		702,796
	1,300,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(a)		7.5000	06/15/31		1,362,551
							3,196,347
		INSURANCE — 3.4%
	1,215,000	Acrisure, LLC / Acrisure Finance, Inc.^(a)		6.7500	07/01/32		1,246,509
	940,000	Alliant Holdings Intermediate, LLC / Alliant^(a)		6.5000	10/01/31		966,623
	2,165,000	Asurion, LLC and Asurion Co-Issuer, Inc.^(a)		8.0000	12/31/32		2,261,397
	716,000	Asurion, LLC and Asurion Co-Issuer, Inc.^(a)		8.3750	02/01/34		723,132
	605,000	Baldwin Insurance Group Holdings, LLC / Baldwin^(a)		7.1250	05/15/31		622,428
	1,150,000	Howden UK Refinance plc / Howden UK Refinance 2^(a)		7.2500	02/15/31		1,190,191
	1,200,000	Panther Escrow Issuer, LLC^(a)		7.1250	06/01/31		1,236,735
							8,247,015
		INTERNET MEDIA & SERVICES — 0.9%
	1,264,655	GrubHub Holdings, Inc.^(a),(c)		13.0000	07/31/30		1,041,237
	588,000	Match Group Holdings II, LLC^(a)		4.1250	08/01/30		555,446
	201,000	Match Group Holdings II, LLC^(a)		3.6250	10/01/31		182,211
	495,000	Match Group Holdings II, LLC^(a)		6.1250	09/15/33		497,614
							2,276,508
		LEISURE FACILITIES & SERVICES — 7.6%
	840,000	Brinker International, Inc.^(a)		8.2500	07/15/30		890,120

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		LEISURE FACILITIES & SERVICES — 7.6% (Continued)
	255,000	Carnival Corporation^(a)		5.7500	08/01/32	$	262,227
	1,380,000	Carnival Corporation^(a)		6.1250	02/15/33		1,420,298
	1,155,000	Flutter Treasury DAC^(a)		5.8750	06/04/31		1,170,186
	513,000	Hilton Grand Vacations Borrower Escrow, LLC /^(a),(c)		5.0000	06/01/29		499,068
	1,090,000	Hilton Grand Vacations Borrower Escrow, LLC /^(a)		4.8750	07/01/31		1,017,584
	1,190,000	Light & Wonder International, Inc.^(a)		6.2500	10/01/33		1,205,434
	943,000	Melco Resorts Finance Ltd.^(a)		5.3750	12/04/29		934,144
	936,000	NCL Corporation Ltd.^(a)		7.7500	02/15/29		1,000,775
	72,000	NCL Corporation Ltd.^(a)		5.8750	01/15/31		72,225
	1,265,000	NCL Corporation Ltd.^(a)		6.7500	02/01/32		1,297,083
	30,000	NCL Corporation Ltd.^(a)		6.2500	09/15/33		30,162
	1,250,000	Ontario Gaming GTA, L.P.^(a)		8.0000	08/01/30		1,201,297
	1,675,000	Royal Caribbean Cruises Ltd.^(a)		6.0000	02/01/33		1,727,153
	1,160,000	SeaWorld Parks & Entertainment, Inc.^(a),(c)		5.2500	08/15/29		1,134,618
	1,169,000	Station Casinos, LLC^(a)		6.6250	03/15/32		1,196,522
	715,000	Travel + Leisure Company^(a),(c)		4.5000	12/01/29		697,489
	770,000	Travel + Leisure Company^(a)		6.1250	09/01/33		778,675
	1,365,000	Voyager Parent, LLC^(a)		9.2500	07/01/32		1,450,605
							17,985,665
		MEDICAL EQUIPMENT & DEVICES — 2.0%
	1,215,000	Avantor Funding, Inc.^(a)		3.8750	11/01/29		1,167,453
	1,114,000	Insulet Corporation^(a)		6.5000	04/01/33		1,159,939
	807,000	Medline Borrower, L.P.^(a)		3.8750	04/01/29		790,384
	725,000	Medline Borrower, L.P.^(a)		5.2500	10/01/29		726,729
	1,004,000	Sotera Health Holdings, LLC^(a)		7.3750	06/01/31		1,057,561
							4,902,066
		METALS & MINING — 2.7%
	1,146,000	Capstone Copper Corporation^(a)		6.7500	03/31/33		1,188,252
	1,103,000	FMG Resources August 2006 Pty Ltd.^(a)		4.3750	04/01/31		1,066,629
	675,000	Hudbay Minerals, Inc.^(a)		6.1250	04/01/29		681,800
	500,000	Mineral Resources Ltd.^(a)		9.2500	10/01/28		525,672
	1,424,000	Mineral Resources Ltd.^(a),(c)		8.5000	05/01/30		1,477,451
	227,000	Mineral Resources Ltd.^(a)		7.0000	04/01/31		238,810
	1,140,000	Novelis Corporation^(a)		6.3750	08/15/33		1,162,056

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		METALS & MINING — 2.7% (Continued)
	255,000	Warrior Met Coal, Inc.^(a),(c)		7.8750	12/01/28	$	260,505
							6,601,175
		OIL & GAS PRODUCERS — 12.7%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream^(a)		5.7500	01/15/28		577,476
	485,000	Civitas Resources, Inc.^(a)		8.6250	11/01/30		513,294
	485,000	Civitas Resources, Inc.^(a)		9.6250	06/15/33		530,643
	1,115,000	Comstock Resources, Inc.^(a),(c)		6.7500	03/01/29		1,122,724
	500,000	Crescent Energy Finance, LLC^(a)		7.6250	04/01/32		496,240
	77,000	Crescent Energy Finance, LLC^(a)		7.3750	01/15/33		74,545
	1,195,000	DBR Land Holdings, LLC^(a)		6.2500	12/01/30		1,224,875
	360,000	Delek Logistics Partners, L.P. / Delek Logistics^(a)		8.6250	03/15/29		376,416
	1,296,000	Delek Logistics Partners, L.P. / Delek Logistics^(a)		7.3750	06/30/33		1,333,533
	1,290,000	Excelerate Energy, L.P.^(a)		8.0000	05/15/30		1,380,138
	899,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		946,903
	120,000	Genesis Energy, L.P. / Genesis Energy Finance		7.8750	05/15/32		125,293
	880,000	Genesis Energy, L.P. / Genesis Energy Finance		8.0000	05/15/33		918,792
	1,322,000	Harvest Midstream I, L.P.^(a)		7.5000	09/01/28		1,340,863
	625,000	Harvest Midstream I, L.P.^(a)		7.5000	05/15/32		653,304
	615,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a),(c)		5.7500	02/01/29		615,483
	476,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a)		6.0000	02/01/31		459,968
	1,220,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a),(c)		7.2500	02/15/35		1,181,140
	1,060,000	Howard Midstream Energy Partners, LLC^(a)		7.3750	07/15/32		1,118,908
	380,000	Howard Midstream Energy Partners, LLC^(a)		6.6250	01/15/34		390,219
	1,935,000	ITT Holdings, LLC^(a)		6.5000	08/01/29		1,866,646
	1,185,000	Murphy Oil Corporation		6.5000	02/15/34		1,181,541
	1,185,000	Murphy Oil USA, Inc.		4.7500	09/15/29		1,180,074
	833,000	NGL Energy Partners, L.P.^(a)		8.1250	02/15/29		864,842
	686,000	NGL Energy Partners, L.P.^(a)		8.3750	02/15/32		718,261
	1,245,000	Northern Oil & Gas, Inc.^(a)		7.8750	10/15/33		1,257,170
	554,000	NuStar Logistics, L.P.		6.3750	10/01/30		580,765
	120,000	Sunoco, L.P.^(a)		5.6250	03/15/31		120,779
	390,000	Sunoco, L.P.^(a)		7.2500	05/01/32		413,141
	1,215,000	Sunoco, L.P.^(a)		5.8750	03/15/34		1,218,865
	114,000	Talos Production, Inc.^(a)		9.0000	02/01/29		118,851

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		OIL & GAS PRODUCERS — 12.7% (Continued)
	805,000	Talos Production, Inc.^(a),(c)		9.3750	02/01/31	$	853,318
	2,287,000	Venture Global LNG, Inc.^(a),(c)		8.3750	06/01/31		2,340,519
	78,000	Venture Global Plaquemines LNG, LLC^(a)		6.1250	12/15/30		80,320
	392,000	Venture Global Plaquemines LNG, LLC^(a)		6.5000	06/15/34		406,208
	1,210,000	Vital Energy, Inc.^(a),(c)		7.8750	04/15/32		1,204,253
	924,000	Wildfire Intermediate Holdings, LLC^(a)		7.5000	10/15/29		938,980
							30,725,290
		OIL & GAS SERVICES & EQUIPMENT — 2.3%
	1,020,000	Archrock Partners, L.P. / Archrock Partners^(a)		6.6250	09/01/32		1,058,048
	415,000	Archrock Services, L.P. / Archrock Partners^(a)		6.0000	02/01/34		415,316
	915,000	Kodiak Gas Services, LLC^(a)		7.2500	02/15/29		949,647
	262,000	Kodiak Gas Services, LLC^(a)		6.5000	10/01/33		268,460
	268,000	Kodiak Gas Services, LLC^(a)		6.7500	10/01/35		277,083
	1,395,000	Valaris Ltd.^(a)		8.3750	04/30/30		1,458,463
	650,000	WBI Operating, LLC^(a)		6.2500	10/15/30		655,262
	455,000	WBI Operating, LLC^(a)		6.5000	10/15/33		459,623
							5,541,902
		PUBLISHING & BROADCASTING — 0.3%
	740,000	Belo Corporation		7.7500	06/01/27		770,253

		REAL ESTATE INVESTMENT TRUSTS — 1.1%
	1,425,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(a),(c)		3.7500	09/15/30		1,329,801
	51,000	Service Properties Trust^(a),(e)		–	09/30/27		46,229
	95,000	Service Properties Trust		8.3750	06/15/29		96,209
	905,000	Service Properties Trust		8.8750	06/15/32		900,330
							2,372,569
		REAL ESTATE OWNERS & DEVELOPERS — 0.9%
	988,000	Greystar Real Estate Partners, LLC^(a)		7.7500	09/01/30		1,043,329
	1,234,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		1,208,345
							2,251,674
		REAL ESTATE SERVICES — 0.4%
	1,019,000	Cushman & Wakefield US Borrower, LLC^(a)		6.7500	05/15/28		1,025,992

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		RENEWABLE ENERGY — 0.5%
	407,000	Atlantica Sustainable Infrastructure plc^(a)		4.1250	06/15/28	$	399,658
	554,000	EnerSys^(a)		4.3750	12/15/27		551,271
	195,000	EnerSys^(a)		6.6250	01/15/32		202,157
							1,153,086
		RETAIL - CONSUMER STAPLES — 1.0%
	506,000	Albertsons Companies Inc / Safeway Inc / New^(a)		5.8750	02/15/28		506,536
	310,000	Albertsons Companies, Inc.^(a)		5.5000	03/31/31		310,433
	928,000	Albertsons Companies, Inc.^(a)		5.7500	03/31/34		913,842
	730,000	Albertsons Companies, Inc. / Safeway, Inc. / New^(a)		6.2500	03/15/33		745,466
							2,476,277
		RETAIL - DISCRETIONARY — 4.0%
	500,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(a)		8.2500	01/15/30		517,865
	441,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(a)		8.3750	06/15/32		453,723
	1,303,000	Champions Financing, Inc.^(a),(c)		8.7500	02/15/29		1,265,009
	208,000	Hertz Corporation (The)^(a),(c)		4.6250	12/01/26		195,828
	770,000	Hertz Corporation (The)^(a),(c)		12.6250	07/15/29		775,704
	591,000	Kohl’s Corporation		5.1250	05/01/31		506,365
	901,000	LBM Acquisition, LLC^(a)		6.2500	01/15/29		832,642
	695,000	LBM Acquisition, LLC^(a)		9.5000	06/15/31		732,794
	365,124	Park River Holdings, Inc.^(a),(c)		8.7500	12/31/30		364,363
	1,170,000	Park River Holdings, Inc.^(a)		8.0000	03/15/31		1,206,292
	785,000	Petco Health & Wellness Company, Inc.^(a)		8.2500	02/01/31		789,020
	320,000	PetSmart, Inc. / PetSmart Finance Corporation^(a)		7.5000	09/15/32		328,326
	750,000	PetSmart, Inc. / PetSmart Finance Corporation^(a)		10.0000	09/15/33		780,851
	928,000	Queen MergerCo, Inc.^(a)		6.7500	04/30/32		957,129
							9,705,911
		SEMICONDUCTORS — 0.6%
	670,000	Amkor Technology, Inc.^(a)		5.8750	10/01/33		683,939
	745,000	Entegris Escrow Corporation^(a),(c)		5.9500	06/15/30		760,605
							1,444,544
		SOFTWARE — 2.0%
	600,000	Capstone Borrower, Inc.^(a)		8.0000	06/15/30		571,135
	795,000	Cloud Software Group, Inc.^(a),(c)		6.6250	08/15/33		762,857
	675,000	Gen Digital, Inc.^(a)		6.2500	04/01/33		677,543

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		SOFTWARE — 2.0% (Continued)
	606,000	NortonLifeLock, Inc.^(a),(c)		7.1250	09/30/30	$	621,640
	636,000	Open Text Corporation^(a)		3.8750	12/01/29		590,672
	1,132,000	Picard Midco, Inc.^(a)		6.5000	03/31/29		1,127,061
	1,503,240	Rackspace Finance, LLC^(a),(c)		3.5000	05/15/28		398,359
							4,749,267
		SPECIALTY FINANCE — 9.9%
	536,000	Air Lease Corporation^(b)	H15T5Y + 4.076%	4.6500	06/15/70		535,516
	1,120,000	Air Lease Corporation^(b)	H15T5Y + 3.149%	4.1250	12/15/73		1,113,596
	1,220,000	Aircastle Ltd.^(a),(b)	H15T5Y + 4.410%	5.2500	09/15/71		1,222,488
	1,189,000	Ally Financial, Inc.^(c)		6.7000	02/14/33		1,240,437
	226,000	Ally Financial, Inc.^(b)	H15T5Y + 2.450%	6.6460	01/17/40		226,183
	1,350,000	Arbor Realty SR, Inc.^(a)		7.8750	07/15/30		1,239,214
	1,096,000	Blackstone Mortgage Trust, Inc.^(a)		7.7500	12/01/29		1,175,353
	1,180,000	Bread Financial Holdings, Inc.^(a),(c)		6.7500	05/15/31		1,216,205
	660,000	Burford Capital Global Finance, LLC^(a)		6.2500	04/15/28		659,233
	200,000	Burford Capital Global Finance, LLC^(a)		6.8750	04/15/30		195,753
	1,468,000	Cobra AcquisitionCo, LLC^(a)		6.3750	11/01/29		1,284,579
	600,000	Credit Acceptance Corporation^(a)		9.2500	12/15/28		629,914
	910,000	Credit Acceptance Corporation^(a)		6.6250	03/15/30		912,025
	436,000	FirstCash, Inc.^(a)		4.6250	09/01/28		432,966
	175,000	FirstCash, Inc.^(a)		5.6250	01/01/30		175,953
	680,000	FirstCash, Inc.^(a)		6.8750	03/01/32		707,737
	328,000	goeasy Ltd.^(a)		7.6250	07/01/29		325,026
	940,000	goeasy Ltd.^(a)		6.8750	05/15/30		894,928
	540,000	goeasy Ltd.^(a),(c)		6.8750	02/15/31		508,037
	302,000	Ladder Capital Finance Holdings LLLP / Ladder^(a)		4.2500	02/01/27		300,808
	905,000	Ladder Capital Finance Holdings LLLP / Ladder^(a)		4.7500	06/15/29		897,959
	1,575,000	Pattern Energy Operations, L.P. / Pattern Energy^(a)		4.5000	08/15/28		1,564,084
	1,105,000	Phoenix Aviation Capital Ltd.^(a)		9.2500	07/15/30		1,161,577
	1,399,000	Planet Financial Group, LLC^(a)		10.5000	12/15/29		1,454,833
	1,165,000	Rfna, L.P.^(a),(c)		7.8750	02/15/30		1,174,418
	1,125,000	Starwood Property Trust, Inc.^(a)		6.5000	07/01/30		1,172,238
	1,015,000	Walker & Dunlop, Inc.^(a)		6.6250	04/01/33		1,041,111
							23,462,171

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		STEEL — 2.0%
	1,031,000	Allegheny Technologies, Inc.		4.8750	10/01/29	$	1,030,228
	950,000	Cleveland-Cliffs, Inc.^(a),(c)		7.0000	03/15/32		976,082
	565,000	Cleveland-Cliffs, Inc.^(a),(c)		7.3750	05/01/33		590,037
	735,000	Cleveland-Cliffs, Inc.^(a)		7.6250	01/15/34		770,377
	95,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		83,070
	1,177,000	Commercial Metals Company		3.8750	02/15/31		1,118,263
	98,000	Commercial Metals Company^(a)		5.7500	11/15/33		99,678
	197,000	Commercial Metals Company^(a)		6.0000	12/15/35		201,071
							4,868,806
		TECHNOLOGY HARDWARE — 1.8%
	392,000	EquipmentShare.com, Inc.^(a),(c)		8.0000	03/15/33		413,878
	1,020,000	Imola Merger Corporation^(a)		4.7500	05/15/29		1,003,902
	248,000	NCR Corporation^(a)		5.1250	04/15/29		244,650
	163,000	Seagate Data Storage Technology Pte Ltd.^(a),(c)		4.1250	01/15/31		155,451
	550,000	Seagate Data Storage Technology Pte Ltd.^(a)		5.7500	12/01/34		562,956
	1,230,000	TTM Technologies, Inc.^(a)		4.0000	03/01/29		1,195,993
	877,000	Viasat, Inc.^(a)		7.5000	05/30/31		852,734
							4,429,564
		TECHNOLOGY SERVICES — 3.6%
	660,000	Block, Inc.		6.5000	05/15/32		684,044
	180,000	Block, Inc.^(a)		6.0000	08/15/33		183,891
	480,000	ION Platform Finance US, Inc.^(a),(c)		7.8750	09/30/32		421,643
	864,000	ION Platform Finance US, Inc. / ION Platform^(a)		4.6250	05/01/28		807,058
	417,000	ION Platform Finance US, Inc. / ION Platform^(a)		5.7500	05/15/28		395,801
	415,000	ION Platform Finance US, Inc. / ION Platform^(a)		9.5000	05/30/29		400,752
	1,470,000	Mobius Merger Sub, Inc.^(a)		9.0000	06/01/30		869,293
	2,120,000	Neptune Bidco US, Inc.^(a)		9.2900	04/15/29		2,178,585
	1,149,000	Shift4 Payments, LLC / Shift4 Payments Finance^(a)		6.7500	08/15/32		1,172,996
	1,289,000	WEX, Inc.^(a)		6.5000	03/15/33		1,316,459
							8,430,522
		TELECOMMUNICATIONS — 4.2%
	632,000	Bell Telephone Company of Canada or Bell Canada^(b)	H15T5Y + 2.390%	6.8750	09/15/55		655,088
	670,000	Bell Telephone Company of Canada or Bell Canada^(b)	H15T5Y + 2.363%	7.0000	09/15/55		702,961
	1,585,000	C&W Senior Finance Ltd.^(a)		9.0000	01/15/33		1,648,095

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 96.0% (Continued)
		TELECOMMUNICATIONS — 4.2% (Continued)
	750,000	Connect Finco S.A.RL / Connect US Finco, LLC^(a)		9.0000	09/15/29	$	796,922
	223,000	Iliad Holding S.A.SU^(a)		8.5000	04/15/31		238,941
	2,076,000	Iliad Holding S.A.SU^(a)		7.0000	04/15/32		2,130,486
	245,000	Rogers Communications, Inc.^(b)	H15T5Y + 2.653%	7.0000	04/15/55		254,136
	867,000	Rogers Communications, Inc.^(b),(c)	H15T5Y + 2.620%	7.1250	04/15/55		910,770
	254,000	Sable International Finance Ltd.^(a)		7.1250	10/15/32		256,996
	939,000	Vmed O2 UK Financing I plc^(a)		7.7500	04/15/32		966,613
	181,802	Zayo Group Holdings, Inc.^(a)		9.2500	03/09/30		176,920
	1,227,054	Zayo Group Holdings, Inc.^(a),(c)		13.7500	09/09/30		1,127,749
							9,865,677
		TRANSPORTATION & LOGISTICS — 2.3%
	575,000	Air Canada^(a)		3.8750	08/15/26		573,173
	350,000	American Airlines, Inc.^(a)		7.2500	02/15/28		356,550
	1,135,000	American Airlines, Inc.^(a)		8.5000	05/15/29		1,184,876
	1,014,000	Star Leasing Company, LLC^(a)		7.6250	02/15/30		970,848
	1,115,000	Stonepeak Nile Parent, LLC^(a)		7.2500	03/15/32		1,178,431
	227,000	United Airlines Holdings, Inc.		5.3750	03/01/31		229,598
	271,000	United Airlines, Inc.^(a)		4.3750	04/15/26		270,955
	520,000	United Airlines, Inc.^(a)		4.6250	04/15/29		519,768
							5,284,199
		WHOLESALE - CONSUMER STAPLES — 0.3%
	695,000	Performance Food Group, Inc.^(a)		4.2500	08/01/29		680,948

		WHOLESALE - DISCRETIONARY — 0.5%
	1,060,000	Verde Purchaser, LLC^(a)		10.5000	11/30/30		1,136,093

		TOTAL CORPORATE BONDS (Cost $227,667,245)					230,203,583

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 19.1%
		COLLATERAL FOR SECURITIES LOANED - 15.5%
	37,086,040	Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $37,086,040)^(d),(f)		37,086,040

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 19.1% (Continued)
		MONEY MARKET FUND - 3.6%
	8,612,178	First American Government Obligations Fund Class Z, 3.57% (Cost $8,612,178)^(f)	$	8,612,178

		TOTAL SHORT-TERM INVESTMENTS (Cost $45,698,218)		45,698,218

		TOTAL INVESTMENTS - 115.1% (Cost $273,365,463)	$	275,901,801
		LIABILITIES IN EXCESS OF OTHER ASSETS - (15.1)%		(36,238,809	)
		NET ASSETS - 100.0%	$	239,662,992

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)	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 January 31, 2026 the total market value of 144A securities is 206,025,645 or 86.0% of net assets.

^(b)	Variable rate security; the rate shown represents the rate on January 31, 2026.

^(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $36,350,221 at January 31, 2026.

^(d)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $37,086,040 at January 31, 2026.

^(e)	Zero coupon bond.

^(f)	Rate disclosed is the seven day effective yield as of January 31, 2026.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 0.0%^(a)
		Real Estate Owners & Developers - 0.0%^(a)
	600	Country Garden Holdings Company Ltd. (Cost $32)	$	23

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

ASSET BACKED SECURITIES — 0.0%^(a)

RESIDENTIAL MORTGAGE — 0.0%^(a)

4,466 EUR

Fondo de Titulizacion de Activos Santander Series 2 A^(b)(Cost $4,745)

EUR003M + 0.150%

2.1760

01/18/49

5,269

CONVERTIBLE BONDS — 0.4%

ENGINEERING & CONSTRUCTION — 0.4%

400,000 USD

HTA Group Ltd./Mauritius

2.8750

03/18/27

417,860

REAL ESTATE OWNERS & DEVELOPERS — 0.0%^(a)

167,345 USD

Country Garden Holdings Company Ltd.^(c),(d)

—

12/31/31

18,349

TOTAL CONVERTIBLE BONDS (Cost $415,599)

436,209

CORPORATE BONDS — 60.5%

AEROSPACE & DEFENSE — 0.2%

200,000 EUR

Airbus S.E.

2.3750

04/07/32

230,495

APPAREL & TEXTILE PRODUCTS — 0.3%

200,000 EUR

Beach Acquisition Bidco, LLC^(c)

5.2500

07/15/32

243,439

120,000 EUR

Beach Acquisition Bidco, LLC

5.2500

07/15/32

146,063

389,502

ASSET MANAGEMENT — 1.3%

250,000 EUR

Blackrock, Inc.

3.7500

07/18/35

303,802

335,000 USD

Brookfield Asset Management Ltd.

5.7950

04/24/35

349,459

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

ASSET MANAGEMENT — 1.3% (Continued)

100,000 EUR

JAB Holdings BV

1.0000

12/20/27

115,427

200,000 EUR

JAB Holdings BV

2.5000

06/25/29

234,715

87,000 USD

MDGH GMTN RSC Ltd.^(c)

5.8750

05/01/34

93,764

400,000 USD

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

H15T1Y + 1.100%

2.7460

02/11/33

358,917

1,456,084

AUTOMOTIVE — 1.4%

330,000 USD

Aptiv plc / Aptiv Global Financing DAC^(b)

H15T5Y + 3.385%

6.8750

12/15/54

344,842

325,000 USD

Hyundai Capital Services, Inc.^(c)

5.2500

01/22/28

331,408

300,000 EUR

Mercedes-Benz Group A.G.

0.7500

02/08/30

330,131

250,000 EUR

Stellantis N.V.

4.2500

06/16/31

305,337

300,000 EUR

Volkswagen International Finance N.V.

1.8750

03/30/27

353,600

1,665,318

BANKING — 10.4%

200,000 USD

African Export-Import Bank (The)

2.6340

05/17/26

198,521

128,000 USD

Akbank TAS^(b),(c)

H15T5Y + 3.726%

7.8750

09/04/35

131,630

330,000 USD

ASB Bank Ltd.^(b),(c)

H15T5Y + 2.250%

5.2840

06/17/32

334,106

340,000 USD

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

H15T10Y + 1.350%

5.8160

06/18/36

353,718

300,000 EUR

Banco Bilbao Vizcaya Argentaria S.A.

3.5000

02/10/27

359,599

349,000 USD

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

H15T5Y + 4.588%

8.1250

07/02/35

364,705

112,000 USD

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

H15T5Y + 2.486%

6.4500

07/30/35

116,934

276,000 USD

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

H15T5Y + 3.767%

7.5000

12/15/73

294,312

198,000 USD

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

H15T10Y + 5.034%

6.6250

01/24/70

195,705

226,000 USD

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

H15T5Y + 4.643%

5.8750

11/24/71

225,714

565,000 USD

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

H15T5Y + 4.072%

8.3750

11/20/74

599,040

300,000 EUR

Banco Santander S.A.

4.8750

10/18/31

386,297

350,000 USD

Barclays PLC^(b)

SOFRRATE + 1.910%

5.3350

09/10/35

355,010

300,000 USD

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

H15T1Y + 2.791%

6.5080

01/18/35

318,557

2,000,000 EUR

Bundesschatzanweisungen

2.2000

03/11/27

2,376,752

300,000 EUR

CaixaBank S.A.

4.2500

09/06/30

376,269

310,000 USD

Deutsche Bank A.G.^(b)

SOFRRATE + 3.650%

7.0790

02/10/34

340,751

325,000 USD

HSBC Holdings PLC^(b)

SOFRRATE + 1.290%

5.2860

11/19/30

335,767

300,000 EUR

Intesa Sanpaolo SpA

5.1250

08/29/31

390,811

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

BANKING — 10.4% (Continued)

440,000 USD

Mizuho Financial Group, Inc.

2.5640

09/13/31

394,892

315,000 USD

NatWest Group PLC^(b)

H15T5Y + 2.200%

6.4750

06/01/34

331,717

236,000 USD

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

CMTUSD6Y + 2.403%

6.3750

07/10/73

240,609

200,000 USD

SAB AT1 Ltd.^(b)

H15T5Y + 2.302%

6.5000

05/21/75

203,496

310,000 USD

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

H15T1Y + 2.950%

6.6910

01/10/34

338,473

365,000 USD

Standard Chartered PLC^(b),(c)

H15T5Y + 2.300%

3.2650

02/18/36

338,739

330,000 USD

Toronto-Dominion Bank (The)^(b)

H15T5Y + 4.075%

8.1250

10/31/82

345,865

800,000 GBP

United Kingdom Gilt

4.1250

01/29/27

1,098,985

1,000,000 GBP

United Kingdom Gilt

3.7500

03/07/27

1,368,863

117,000 USD

Yapi ve Kredi Bankasi A/S^(c)

7.1250

10/10/29

121,451

12,837,288

BEVERAGES — 0.2%

245,000 EUR

Molson Coors Beverage Company

3.8000

06/15/32

296,905

BIOTECH & PHARMA — 2.8%

490,000 EUR

Cheplapharm Arzneimittel GmbH

7.5000

05/15/30

603,907

390,000 USD

EMD Finance, LLC^(c)

5.0000

10/15/35

389,285

370,000 EUR

Grifols S.A.

3.8750

10/15/28

434,785

500,000 EUR

Organon & Company / Organon Foreign Debt Co-Issuer

2.8750

04/30/28

584,690

340,000 EUR

Perrigo Finance Unlimited Company

5.3750

09/30/32

404,144

525,000 USD

Royalty Pharma plc

3.3000

09/02/40

408,751

300,000 EUR

Takeda Pharmaceutical Company Ltd.

1.0000

07/09/29

334,816

200,000 EUR

Utah Acquisition Sub, Inc.

3.1250

11/22/28

238,793

3,399,171

CABLE & SATELLITE — 1.4%

580,000 EUR

Altice Financing S.A.

4.2500

08/15/29

493,479

475,000 EUR

United Group BV

4.6250

08/15/28

566,824

400,000 GBP

Virgin Media Vendor Financing Notes III DAC

4.8750

07/15/28

548,487

1,608,790

CHEMICALS — 2.6%

205,000 USD

Braskem Netherlands Finance BV^(c)

4.5000

01/31/30

87,353

330,000 EUR

INEOS Finance PLC^(c)

7.2500

03/31/31

327,820

520,000 EUR

INEOS Quattro Finance 2 PLC

8.5000

03/15/29

505,636

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

CHEMICALS — 2.6% (Continued)

500,000 EUR

Maxam Prill Sarl^(c)

6.0000

07/15/30

616,176

402,000 USD

OCP S.A.^(c)

7.5000

05/02/54

438,761

344,000 USD

Orbia Advance Corp S.A.B. de C.V.^(c)

7.5000

05/13/35

346,666

321,000 USD

Sasol Financing USA, LLC

4.3750

09/18/26

319,116

205,000 USD

Sasol Financing USA, LLC

6.5000

09/27/28

205,134

200,000 USD

UPL Corporation Ltd.

4.6250

06/16/30

191,175

3,037,837

COMMERCIAL SUPPORT SERVICES — 0.3%

35,000 USD

Sodexo, Inc.^(c)

5.1500

08/15/30

35,860

330,000 USD

Sodexo, Inc.^(c)

5.8000

08/15/35

343,821

379,681

CONSTRUCTION MATERIALS — 0.6%

60,000 USD

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

H15T5Y + 4.534%

5.1250

09/08/69

59,941

334,000 USD

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

H15T5Y + 0.250%

7.2000

09/10/73

350,617

325,000 EUR

Holcim Finance Luxembourg S.A.

0.5000

09/03/30

345,472

756,030

CONSUMER SERVICES — 0.1%

64,000 USD

Amazon Conservation DAC^(c)

6.0340

01/16/42

66,010

CONTAINERS & PACKAGING — 1.0%

300,000 EUR

Amcor UK Finance PLC

3.7500

02/20/33

356,220

320,000 EUR

Kleopatra Finco Sarl

4.2500

03/01/26

60,721

390,000 USD

Smurfit Kappa Treasury ULC

5.2000

01/15/30

402,092

310,000 EUR

Trivium Packaging Finance BV

6.6250

07/15/30

388,736

1,207,769

ELECTRIC UTILITIES — 5.6%

260,000 USD

Adani Electricity Mumbai Ltd.^(c)

3.9490

02/12/30

243,721

219,051 USD

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

6.7000

03/12/42

211,598

252,945 USD

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

4.6250

10/15/39

213,945

208,000 USD

Adani Transmission Step-One Ltd.^(c)

4.0000

08/03/26

206,433

90,000 USD

ADM Elektrik Dagitim A/S^(c)

9.5000

02/05/31

89,771

162,000 USD

Aydem Yenilenebilir Enerji A/S^(c)

9.8750

09/30/30

162,734

315,000 USD

Capital Power US Holdings, Inc.^(c)

6.1890

06/01/35

330,457

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

ELECTRIC UTILITIES — 5.6% (Continued)

43,000 USD

Comision Ejecutiva Hidroelectrica del Rio Lempa^(c)

8.6500

01/24/33

45,999

12,000 USD

Comision Federal de Electricidad^(c)

6.4500

01/24/35

12,257

285,000 EUR

E.ON S.E.

3.5000

03/25/32

344,742

310,000 USD

Electricite de France S.A.^(c)

6.9000

05/23/53

345,466

205,000 USD

Enel Finance International N.V.^(c)

6.0000

10/07/39

214,472

125,000 USD

Enel Finance International N.V.^(c)

5.5000

06/15/52

117,633

200,000 EUR

Energo - Pro as

6.4500

04/15/31

236,102

100,000 EUR

Energo-Pro A/S^(c)

8.0000

05/27/30

126,145

355,000 USD

Engie S.A.^(c)

5.6250

04/10/34

371,734

223,000 USD

Eskom Holdings SOC Ltd.^(c)

8.4500

08/10/28

239,231

216,000 USD

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

11.0000

11/01/31

162,199

102,000 USD

Investment Energy Resources Ltd.^(c)

6.2500

04/26/29

102,830

226,548 USD

Minejesa Capital BV^(c)

4.6250

08/10/30

226,562

220,000 USD

Minejesa Capital BV^(c)

5.6250

08/10/37

217,387

289,690 USD

Mong Duong Finance Holdings BV^(c)

5.1250

05/07/29

289,241

490,800 USD

MSU Energy S.A.^(c)

9.7500

12/05/30

489,895

300,000 EUR

National Grid PLC

0.1630

01/20/28

340,057

300,000 EUR

Naturgy Finance BV

1.5000

01/29/28

349,116

300,000 EUR

Orsted A/S

1.5000

11/26/29

335,215

8,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

3.3750

02/05/30

7,655

55,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

4.8750

07/17/49

46,209

31,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

4.0000

06/30/50

22,508

214,000 USD

Saavi Energia Sarl^(c)

8.8750

02/10/35

231,955

270,000 USD

YPF Energia Electrica S.A.^(c)

7.8750

10/16/32

273,733

148,000 USD

Zorlu Enerji Elektrik Uretim A/S^(c)

11.0000

04/23/30

138,266

6,745,268

ELECTRICAL EQUIPMENT — 0.2%

200,000 EUR

TK Elevator Midco GmbH

4.3750

07/15/27

238,120

ENGINEERING & CONSTRUCTION — 1.6%

420,000 USD

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

7.8750

02/03/30

433,253

200,000 EUR

Cellnex Finance Company S.A.

2.0000

02/15/33

214,082

405,000 USD

HTA Group Ltd./Mauritius^(c)

7.5000

06/04/29

418,792

190,000 USD

IHS Holding Ltd.^(c)

6.2500

11/29/28

189,386

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

ENGINEERING & CONSTRUCTION — 1.6% (Continued)

260,000 USD

IHS Holding Ltd.^(c)

7.8750

05/29/30

268,242

320,000 USD

IHS Holding Ltd.^(c)

8.2500

11/29/31

334,491

118,246 USD

IHS Netherlands Holdco BV^(c)

8.0000

09/18/27

118,561

1,976,807

ENTERTAINMENT CONTENT — 0.4%

260,000 GBP

Pinewood Finco PLC^(c)

6.0000

03/27/30

360,957

100,000 GBP

Pinewood Finco PLC

6.0000

03/27/30

138,830

499,787

FOOD — 1.0%

243,000 USD

Adecoagro S.A.^(c)

7.5000

07/29/32

238,040

300,000 EUR

Danone S.A.

3.0710

09/07/32

352,081

400,000 EUR

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

4.7500

08/01/32

479,006

104,000 USD

Minerva Luxembourg S.A.^(c)

4.3750

03/18/31

97,040

1,166,167

FORESTRY, PAPER & WOOD PRODUCTS — 0.2%

250,000 USD

Eldorado Intl. Finance GmbH^(c),(e)

8.5000

12/01/32

260,525

INDUSTRIAL SUPPORT SERVICES — 1.2%

400,000 EUR

Albion Financing 1 S.A.RL / Aggreko Holdings, Inc.

5.3750

05/21/30

490,575

320,000 USD

Ashtead Capital, Inc.^(c)

5.9500

10/15/33

337,701

100,000 EUR

Motability Operations Group PLC

3.6250

01/22/33

119,248

200,000 GBP

Motability Operations Group PLC

5.6250

01/24/54

252,505

239,000 USD

Vamos Europe S.A.^(c)

9.2000

01/26/31

229,679

1,429,708

INSTITUTIONAL FINANCIAL SERVICES — 0.3%

435,000 USD

Nomura Holdings, Inc.

2.1720

07/14/28

414,919

INSURANCE — 1.6%

300,000 EUR

Allianz S.E.^(b)

EUR003M + 3.350%

3.0990

07/06/47

357,990

490,000 EUR

Ardonagh Finco Ltd.

6.8750

02/15/31

599,472

300,000 EUR

Liberty Mutual Group, Inc.

3.8750

09/26/35

351,997

280,000 USD

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

H15T5Y + 2.954%

6.2500

09/13/53

296,437

350,000 USD

Sumitomo Life Insurance Company^(b),(c)

H15T5Y + 2.651%

5.8750

09/10/55

352,338

1,958,234

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

INTERNET MEDIA & SERVICES — 0.7%

250,000 EUR

Booking Holdings, Inc.

4.5000

11/15/31

316,349

232,000 USD

Prosus N.V.^(c)

3.0610

07/13/31

212,078

127,000 USD

Prosus N.V.

3.0610

07/13/31

116,094

269,000 USD

Prosus N.V.^(c)

3.8320

02/08/51

179,272

823,793

LEISURE FACILITIES & SERVICES — 1.7%

350,000 GBP

888 Acquisitions Ltd.^(c)

10.7500

05/15/30

434,551

300,000 EUR

Flutter Treasury DAC

4.0000

06/04/31

355,969

106,000 USD

Melco Resorts Finance Ltd.^(c)

5.7500

07/21/28

106,041

388,000 USD

Melco Resorts Finance Ltd.

5.7500

07/21/28

388,151

59,000 USD

Melco Resorts Finance Ltd.^(c)

5.3750

12/04/29

58,446

200,000 USD

Melco Resorts Finance Ltd.

5.3750

12/04/29

198,122

110,000 USD

Studio City Company Ltd.

7.0000

02/15/27

110,061

384,000 USD

Studio City Finance Ltd.^(c)

5.0000

01/15/29

372,355

2,023,696

MACHINERY — 0.2%

250,000 EUR

Smiths Group PLC

2.0000

02/23/27

295,140

MEDICAL EQUIPMENT & DEVICES — 0.8%

380,000 USD

180 Medical, Inc.^(c)

5.3000

10/08/35

377,460

200,000 EUR

Medtronic Global Holdings SCA

0.7500

10/15/32

203,660

370,000 USD

Smith & Nephew PLC

5.4000

03/20/34

381,017

962,137

METALS & MINING — 1.7%

43,000 USD

Corp Nacional del Cobre de Chile^(c)

6.3300

01/13/35

45,750

6,000 USD

Corp Nacional del Cobre de Chile^(c)

3.7000

01/30/50

4,233

181,000 USD

Freeport Indonesia PT

5.3150

04/14/32

184,519

28,000 USD

Freeport Indonesia PT

6.2000

04/14/52

28,552

300,000 EUR

Glencore Capital Finance DAC

1.1250

03/10/28

345,500

26,000 USD

Indonesia Asahan Aluminium Persero PT^(c)

5.8000

05/15/50

24,968

509,210 USD

Samarco Mineracao S.A.^(c)

9.0000

06/30/31

511,522

109,000 USD

Vedanta Resources Finance II PLC^(c)

10.8750

09/17/29

116,822

317,000 USD

Vedanta Resources Finance II PLC^(c)

9.4750

07/24/30

334,668

268,000 USD

Volcan Cia Minera S.A.A^(c)

8.5000

10/28/32

276,750

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

METALS & MINING — 1.7% (Continued)

235,000 USD

WE Soda Investments Holding PLC^(c)

9.5000

10/06/28

243,003

2,116,287

OIL & GAS PRODUCERS — 8.2%

426,000 USD

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

9.7500

02/05/31

444,450

16,000 USD

Abu Dhabi Crude Oil Pipeline, LLC^(c)

3.6500

11/02/29

15,692

34,000 USD

Adnoc Murban Rsc Ltd.^(c)

4.5000

09/11/34

33,461

78,000 USD

AI Candelaria Spain S.A.^(c)

5.7500

06/15/33

69,771

687,000 USD

AI Candelaria Spain S.A.

5.7500

06/15/33

614,525

260,000 USD

Azule Energy Finance PLC^(c)

8.1250

01/23/30

263,320

300,000 USD

Azule Energy Finance PLC^(c)

8.2500

01/22/31

301,480

335,000 USD

BP Capital Markets PLC^(b)

H15T5Y + 4.398%

4.8750

12/22/00

332,707

133,000 USD

Energean Israel Finance Ltd.^(c)

5.3750

03/30/28

131,776

365,000 USD

Energean Israel Finance Ltd.^(c)

5.8750

03/30/31

355,305

250,000 EUR

Eni SpA

2.0000

05/18/31

282,770

390,000 USD

Geopark Ltd.^(c)

8.7500

01/31/30

364,314

344,000 USD

Gran Tierra Energy, Inc.^(c),(e)

9.5000

10/15/29

275,633

12,000 USD

Greensaif Pipelines Bidco Sarl^(c)

6.1290

02/23/38

12,640

350,000 USD

Harbour Energy PLC^(c)

6.3270

04/01/35

358,513

106,000 USD

KazMunayGas National Company JSC^(c)

5.3750

04/24/30

108,731

25,000 USD

KazMunayGas National Company JSC^(c)

5.7500

04/19/47

23,538

29,000 USD

KazMunayGas National Company JSC^(c)

6.3750

10/24/48

29,173

300,000 USD

Kosmos Energy Gta Holdings^(c)

11.2500

01/29/31

298,238

298,000 USD

Kosmos Energy Ltd.

7.7500

05/01/27

287,923

128,000 USD

Kosmos Energy Ltd.

7.5000

03/01/28

96,828

56,000 USD

Kosmos Energy Ltd.^(c)

8.7500

10/01/31

35,381

383,000 USD

Leviathan Bond Ltd.

6.5000

06/30/27

387,246

245,000 USD

Leviathan Bond Ltd.^(c)

6.7500

06/30/30

251,585

458,521 USD

MC Brazil Downstream Trading S.A.RL

7.2500

06/30/31

407,263

100,000 USD

Medco Bell Pte Ltd.

6.3750

01/30/27

100,178

286,000 USD

Medco Laurel Tree Pte Ltd.^(c)

6.9500

11/12/28

287,817

1,270,000 USD

PDVSA^(f)

9.0000

11/17/21

450,215

460,000 USD

Petroleos de Venezuela S.A.^(f)

—

05/17/35

169,050

121,000 USD

Petroleos del Peru S.A.

4.7500

06/19/32

91,147

266,000 USD

Petroleos Mexicanos

6.8400

01/23/30

273,016

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

OIL & GAS PRODUCERS — 8.2% (Continued)

273,000 USD

Petroleos Mexicanos

5.9500

01/28/31

266,543

99,000 USD

Petroleos Mexicanos

6.7000

02/16/32

98,886

435,000 USD

Petroleos Mexicanos

6.3500

02/12/48

345,289

14,000 USD

Petronas Capital Ltd.

2.4800

01/28/32

12,586

22,000 USD

Petronas Capital Ltd.^(c)

5.8480

04/03/55

22,975

12,000 USD

Saudi Arabian Oil Company^(c)

5.8750

07/17/64

11,445

175,000 USD

SierraCol Energy Andina, LLC/SierraCol Energy^(c)

9.0000

11/14/30

175,289

335,000 USD

South Bow USA Infrastructure Holdings, LLC

5.5840

10/01/34

338,413

300,000 EUR

TotalEnergies Capital Canada Ltd.

2.1250

09/18/29

348,060

277,000 USD

Trident Energy Finance PLC^(c)

12.5000

11/30/29

288,994

303,000 USD

Uzbekneftegaz JSC^(c)

8.7500

05/07/30

328,308

478,000 USD

YPF S.A.^(c),(e)

9.5000

01/17/31

507,565

9,898,039

OIL & GAS SERVICES & EQUIPMENT — 2.1%

398,000 USD

FORESEA Holding S.A.^(c)

7.5000

06/15/30

395,699

372,694 USD

MV24 Capital BV^(c)

6.7480

06/01/34

377,414

320,000 USD

NewCompany Holding USD 20 Sarl^(c)

9.3750

11/07/29

334,848

403,750 USD

OHI Group S.A.^(c)

13.0000

07/22/29

411,824

610,177 USD

Poinsettia Finance Ltd.

6.6250

06/17/31

598,486

413,039 USD

Yinson Boronia Production BV^(c)

8.9470

07/31/42

459,360

2,577,631

PUBLISHING & BROADCASTING — 0.3%

300,000 EUR

Bertelsmann S.E. & Company KGaA

3.5000

05/29/29

362,610

REAL ESTATE OWNERS & DEVELOPERS — 0.6%

102,000 USD

Aldar Properties PJSC^(b),(c)

H15T5Y + 2.018%

5.8750

04/14/56

100,862

700,000 USD

China SCE Group Holdings Ltd.^(f)

7.0000

05/02/25

27,213

200,000 EUR

CPI Property Group S.A.^(g)

1.6250

04/23/27

236,979

100,000 EUR

CPI Property Group S.A.^(b)

EUAMDB05 + 5.232%

7.5000

06/24/73

115,887

300,000 USD

Longfor Group Holdings Ltd.

3.8500

01/13/32

233,583

61,867 USD

Port Of Spain Waterfront Development

7.8750

02/19/40

62,485

777,009

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

REIT — 0.8%

200,000 EUR

Iron Mountain, Inc.

4.7500

01/15/34

231,842

400,000 EUR

Iron Mountain, Inc.^(c)

4.7500

01/15/34

463,684

250,000 EUR

Prologis Euro Finance, LLC

4.6250

05/23/33

317,021

1,012,547

RENEWABLE ENERGY — 0.3%

268,000 USD

FS Luxembourg Sarl^(c),(e)

8.8750

02/12/31

284,994

57,000 USD

Limak Yenilenebilir Enerji A/S^(c)

9.6250

08/12/30

56,673

341,667

RETAIL - CONSUMER STAPLES — 0.8%

380,000 USD

Alimentation Couche-Tard, Inc.^(c)

5.0770

09/29/35

382,512

200,000 EUR

Carrefour S.A.

4.3750

11/14/31

250,672

300,000 EUR

Tesco Corporate Treasury Services PLC

3.3750

05/06/32

357,388

990,572

RETAIL - DISCRETIONARY — 0.3%

346,000 USD

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

7.8500

04/11/29

335,780

SEMICONDUCTORS — 0.3%

335,000 USD

NXP BV / NXP Funding, LLC / NXP USA, Inc.

5.2500

08/19/35

339,746

SPECIALTY FINANCE — 0.6%

400,000 USD

AerCap Ireland Capital DAC / AerCap Global

3.3000

01/30/32

370,274

330,000 USD

Avolon Holdings Funding Ltd.^(c)

5.1500

01/15/30

336,015

706,289

STEEL — 0.9%

305,000 USD

ArcelorMittal S.A. ^(e)

6.8000

11/29/32

341,948

384,000 USD

CSN Resources S.A.^(c),(e)

4.6250

06/10/31

301,617

490,000 USD

Metinvest BV^(c)

7.7500

10/17/29

388,348

1,031,913

TECHNOLOGY HARDWARE — 0.3%

385,000 USD

Flex Ltd.

5.3750

11/13/35

385,052

TECHNOLOGY SERVICES — 0.4%

320,000 EUR

ION Platform Finance S.A.RL^(c)

7.8750

05/01/29

369,847

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 60.5% (Continued)

TECHNOLOGY SERVICES — 0.4% (Continued)

100,000 EUR

ION Platform Finance S.A.RL

7.8750

05/01/29

115,577

485,424

TELECOMMUNICATIONS — 2.7%

23,344 USD

Altice France Lux 3 / Altice Holdings 1

10.0000

01/15/33

22,589

148,460 EUR

Altice France S.A.^(c)

7.2500

11/01/29

178,402

300,000 EUR

Orange S.A.

2.0000

01/15/29

350,707

380,000 EUR

SoftBank Group Corporation

3.8750

07/06/32

423,252

200,000 EUR

SoftBank Group Corporation

6.3750

07/10/33

244,968

377,000 USD

Telecom Argentina S.A.^(c)

9.2500

05/28/33

398,521

200,000 EUR

Telefonica Emisiones S.A.

2.5920

05/25/31

231,928

400,000 EUR

Telefonica Europe BV^(b)

EUAMDB08 + 3.121%

5.7520

04/15/73

507,092

65,000 USD

Turk Telekomunikasyon A/S^(c)

6.9500

10/07/32

66,392

220,000 USD

Turkcell Iletisim Hizmetleri A/S^(c)

7.6500

01/24/32

234,200

261,829 USD

VF Ukraine PAT via VFU Funding plc^(c)

9.6250

02/11/27

258,556

345,000 USD

Vodafone Group PLC

5.8750

06/28/64

337,177

3,253,784

TOBACCO & CANNABIS — 0.3%

340,000 USD

Imperial Brands Finance PLC^(c)

5.5000

02/01/30

352,993

TRANSPORTATION & LOGISTICS — 1.8%

241,000 USD

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

3.1000

02/02/31

216,152

150,000 EUR

Autostrade per l’Italia SpA

5.1250

06/14/33

193,499

88,000 USD

DP World PLC^(c)

4.7000

09/30/49

75,246

52,000 USD

Georgian Railway JSC^(c)

4.0000

06/17/28

49,771

416,000 USD

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

8.6250

11/15/31

430,560

360,000 EUR

Heathrow Funding Ltd.

1.8750

07/12/32

391,532

300,000 USD

Royal Capital BV^(b)

H15T5Y + 7.396%

5.0000

05/05/71

299,871

230,000 EUR

Transurban Finance Company Pty Ltd.

4.1430

04/17/35

281,641

233,000 USD

Yinson Bergenia Production BV^(c)

8.4980

01/31/45

253,608

2,191,880

TRANSPORTATION EQUIPMENT — 0.0%^(a)

55,000 USD

Daimler Truck Finance North America, LLC^(c)

4.5000

04/12/31

54,865

TOTAL CORPORATE BONDS (Cost $72,252,532)

73,339,269

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2%

GOVERNMENT GUARANTEED — 0.0%^(a)

11,000 USD

Magyar Export-Import Bank Zrt^(c)

6.1250

12/04/27

11,318

GOVERNMENT OWNED, NO GUARANTEE — 0.0%^(a)

22,000 USD

Export-Import Bank of India

2.2500

01/13/31

19,787

27,000 USD

Export-Import Bank of India

5.5000

01/13/35

28,067

50,000 USD

Gabon Government International Bond^(c)

7.0000

11/24/31

41,986

89,840

LOCAL AUTHORITY — 0.3%

150,000 CAD

Province of British Columbia Canada

3.2000

06/18/44

92,451

250,000 CAD

Province of Ontario Canada

2.8000

06/02/48

138,892

83,574 USD

Provincia de Buenos Aires/Government Bonds^(g)

5.2500

09/01/37

67,800

299,143

NON U.S. TREASURY — 14.3%

1,800,000 AUD

Australia Government Bond

1.2500

05/21/32

1,031,863

1,330,000 BRL

Brazil Notas do Tesouro Nacional Serie F

10.0000

01/01/29

239,682

550,000 CAD

Canadian Government Bond

2.2500

06/01/29

397,527

480,000,000 COP

Colombian TES

7.2500

10/18/34

94,728

2,490,000 CZK

Czech Republic Government Bond

1.7500

06/23/32

106,300

1,500,000 EUR

French Republic Government Bond OAT

0.2500

11/25/26

1,753,333

2,020,000 EUR

French Republic Government Bond OAT^(c)

3.5000

11/25/33

2,451,590

20,400,000 HUF

Hungary Government Bond

3.0000

08/21/30

55,707

2,410,000,000 IDR

Indonesia Treasury Bond

7.0000

02/15/33

148,740

590,000,000 IDR

Indonesia Treasury Bond

6.7500

07/15/35

36,104

50,000 EUR

Ireland Government Bond

0.9000

05/15/28

57,745

130,000 EUR

Ireland Government Bond

1.3000

05/15/33

139,663

750,000 EUR

Italy Buoni Poliennali Del Tesoro

2.8000

12/01/28

901,601

640,000 EUR

Italy Buoni Poliennali Del Tesoro^(c)

2.4500

09/01/33

726,093

1,430,000 EUR

Italy Buoni Poliennali Del Tesoro

4.2000

03/01/34

1,816,901

900,000 EUR

Italy Buoni Poliennali Del Tesoro

3.8500

02/01/35

1,111,823

180,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

08/01/39

242,429

235,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

09/01/40

316,430

700,000 EUR

Kingdom of Belgium Government Bond^(c)

5.0000

03/28/35

948,005

290,000 MYR

Malaysia Government Bond

4.8930

06/08/38

81,885

1,050,000 MXN

Mexican Bonos

7.5000

05/26/33

56,786

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

NON U.S. TREASURY — 14.3% (Continued)

2,770,000 MXN

Mexican Bonos

7.7500

11/13/42

138,513

246,000 PEN

Peru Government Bond^(c)

7.3000

08/12/33

83,832

440,000 PLN

Republic of Poland Government Bond^(d)

—

01/25/28

115,756

260,000 PLN

Republic of Poland Government Bond

1.7500

04/25/32

62,162

660,000 ZAR

Republic of South Africa Government Bond

8.2500

03/31/32

42,052

860,000 EUR

Spain Government Bond

2.5000

05/31/27

1,025,268

380,000 EUR

Spain Government Bond^(c)

3.2500

04/30/34

456,910

1,000,000 EUR

Spain Government Bond^(c)

3.4500

10/31/34

1,216,364

170,000 EUR

Spain Government Bond

4.2000

01/31/37

217,365

250,000 EUR

Spain Government Bond

2.7000

10/31/48

242,589

820,000 GBP

United Kingdom Gilt

4.2500

12/07/40

1,038,096

17,353,842

SOVEREIGN — 16.2%

130,000 USD

Angolan Government International Bond^(c)

8.0000

11/26/29

127,962

247,000 USD

Angolan Government International Bond^(c)

8.7500

04/14/32

242,304

30,000 USD

Angolan Government International Bond^(c)

9.8750

10/15/35

30,234

558,720 USD

Argentine Republic Government International Bond^(g)

0.7500

07/09/30

474,074

245,000 USD

Argentine Republic Government International Bond^(g)

3.5000

07/09/41

177,748

857,273 USD

Argentine Republic Government International Bond^(g)

4.1250

07/09/46

630,523

46,000 USD

Benin Government International Bond^(c)

7.9600

02/13/38

48,157

26,000 USD

Bermuda Government International Bond^(c)

4.7500

02/15/29

26,228

77,000 USD

Bermuda Government International Bond

3.3750

08/20/50

53,193

49,000 USD

Brazilian Government International Bond

6.2500

03/18/31

51,352

574,000 USD

Brazilian Government International Bond

6.0000

10/20/33

581,750

197,000 USD

Brazilian Government International Bond

6.6250

03/15/35

202,762

21,000 USD

Brazilian Government International Bond

4.7500

01/14/50

15,463

41,000 USD

Brazilian Government International Bond

7.1250

05/13/54

41,166

223,000 USD

Brazilian Government International Bond

7.2500

01/12/56

223,390

59,000 EUR

Bulgaria Government International Bond

4.1250

07/18/45

68,134

5,000 USD

Chile Government International Bond

2.7500

01/31/27

4,906

14,000 USD

Chile Government International Bond

2.4500

01/31/31

12,806

127,000 USD

Chile Government International Bond

4.3500

04/13/31

126,403

39,000 USD

Chile Government International Bond

2.5500

01/27/32

34,952

73,000 USD

Chile Government International Bond

4.9500

01/05/36

73,580

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

SOVEREIGN — 16.2% (Continued)

8,000 USD

Chile Government International Bond

5.6500

01/13/37

8,458

65,000 USD

Chile Government International Bond

3.8600

06/21/47

51,994

286,000 USD

Colombia Government International Bond

7.3750

04/25/30

299,957

122,000 USD

Colombia Government International Bond

6.1250

01/21/31

122,031

188,000 USD

Colombia Government International Bond

8.5000

04/25/35

207,214

329,000 USD

Colombia Government International Bond

8.0000

11/14/35

352,523

169,000 USD

Colombia Government International Bond

5.0000

06/15/45

125,246

275,000 USD

Colombia Government International Bond

8.7500

11/14/53

302,403

185,000 USD

Costa Rica Government International Bond^(c)

7.3000

11/13/54

206,133

108,000 USD

Dominican Republic International Bond^(c)

5.5000

02/22/29

109,728

39,000 USD

Dominican Republic International Bond^(c)

4.5000

01/30/30

38,093

176,000 USD

Dominican Republic International Bond^(c)

5.8750

10/28/35

175,468

178,000 USD

Dominican Republic International Bond^(c)

6.6000

06/01/36

186,455

441,000 USD

Dominican Republic International Bond

6.9500

03/15/37

471,429

29,000 USD

Dominican Republic International Bond

6.9500

03/15/37

31,001

28,000 USD

Dominican Republic International Bond^(c)

6.9500

03/15/37

29,932

25,000 USD

Dominican Republic International Bond

5.3000

01/21/41

22,763

41,000 USD

Dominican Republic International Bond

6.5000

02/15/48

40,877

8,000 USD

Eagle Funding Luxco Sarl^(c)

5.5000

08/17/30

8,136

363,000 USD

Ecuador Government International Bond^(g)

6.9000

07/31/35

331,781

200,000 USD

Ecuador Government International Bond^(c)

9.2500

01/29/39

205,500

89,000 USD

Ecuador Government International Bond^(g)

5.0000

07/31/40

73,648

52,000 USD

Egypt Government International Bond^(c)

7.6000

03/01/29

54,738

436,000 USD

Egypt Government International Bond^(c)

5.8750

02/16/31

426,300

179,000 USD

Egypt Government International Bond^(c)

7.9030

02/21/48

162,529

59,000 USD

Egypt Government International Bond^(c)

8.8750

05/29/50

58,578

181,000 USD

Egypt Government International Bond^(c)

8.7500

09/30/51

177,336

225,000 USD

Egypt Government International Bond

7.5000

02/16/61

191,909

44,000 USD

El Salvador Government International Bond

9.2500

04/17/30

47,795

9,000 USD

El Salvador Government International Bond

7.6500

06/15/35

9,360

102,000 USD

El Salvador Government International Bond

7.6250

02/01/41

102,255

27,000 USD

El Salvador Government International Bond

7.6500

06/15/35

28,080

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

SOVEREIGN — 16.2% (Continued)

277,000 USD

El Salvador Government International Bond

7.1250

01/20/50

255,533

57,000 USD

Ethiopia International Bond^(c)

6.6250

12/11/24

60,420

53,000 USD

Gabon Government International Bond^(c)

6.6250

02/06/31

45,314

4,312 USD

Ghana Government International Bond^(d)

—

07/03/26

4,219

1,600 USD

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

—

07/03/26

1,565

33,250 USD

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

5.0000

07/03/29

32,707

8,937 USD

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

—

01/03/30

7,826

73,572 USD

Ghana Government International Bond^(g)

5.0000

07/03/35

67,368

271,600 USD

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

5.0000

07/03/35

248,699

23,000 USD

Guatemala Government Bond^(c)

5.2500

08/10/29

23,253

154,000 USD

Guatemala Government Bond

6.2500

08/15/36

160,778

254,000 USD

Guatemala Government Bond

4.6500

10/07/41

219,853

75,000 USD

Guatemala Government Bond^(c)

6.8750

08/15/55

80,252

43,000 USD

Hazine Mustesarligi Varlik Kiralama A/S^(c)

8.5090

01/14/29

47,113

44,000 USD

Hungary Government International Bond^(c)

6.1250

05/22/28

45,670

35,000 USD

Hungary Government International Bond^(c)

5.2500

06/16/29

35,708

38,000 USD

Hungary Government International Bond^(c)

6.2500

09/22/32

40,399

29,000 USD

Hungary Government International Bond^(c)

6.0000

09/26/35

29,960

113,000 USD

Hungary Government International Bond^(c)

5.5000

03/26/36

112,476

34,000 USD

Hungary Government International Bond^(c)

6.7500

09/25/52

36,261

110,000 USD

Indonesia Government International Bond

4.5500

01/11/28

111,183

53,000 USD

Indonesia Government International Bond

2.1500

07/28/31

47,003

101,000 USD

Indonesia Government International Bond

4.8500

01/11/33

101,509

39,000 USD

Indonesia Government International Bond

4.9500

02/21/36

38,604

171,000 USD

Ivory Coast Government International Bond^(c)

8.2500

01/30/37

184,999

117,000 EUR

Ivory Coast Government International Bond

6.6250

03/22/48

128,729

23,000 USD

Kazakhstan Government International Bond^(c)

5.5000

07/01/37

23,409

20,000 USD

Kazakhstan Government International Bond^(c)

6.5000

07/21/45

21,742

12,000 USD

KSA Sukuk Ltd.^(c)

4.8750

09/09/35

11,975

225,000 USD

Kyrgyz Republic International Bond^(c)

7.7500

06/03/30

234,092

330,000 USD

Lebanon Government International Bond^(f)

6.1000

10/04/22

96,636

369,000 USD

Lebanon Government International Bond^(f)

8.2500

04/12/23

110,239

156,000 USD

Lebanon Government International Bond^(f)

7.1500

11/20/31

46,388

385,000 MYR

Malaysia Government Bond

2.6320

04/15/31

94,371

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

SOVEREIGN — 16.2% (Continued)

16,000 USD

Malaysia Wakala Sukuk Bhd

3.0750

04/28/51

11,430

85,000 USD

Mexico Government International Bond

4.5000

04/22/29

85,123

81,000 USD

Mexico Government International Bond

5.3750

03/22/33

80,155

32,000 USD

Mexico Government International Bond

4.8750

05/19/33

30,675

8,000 USD

Mexico Government International Bond

3.5000

02/12/34

6,916

44,000 USD

Mexico Government International Bond

6.3500

02/09/35

45,868

96,000 USD

Mexico Government International Bond

6.1250

02/09/38

95,755

98,000 USD

Mexico Government International Bond

4.7500

03/08/44

80,394

6,000 USD

Mexico Government International Bond

6.4000

05/07/54

5,749

34,000 USD

Mexico Government International Bond

3.7710

05/24/61

20,834

106,000 USD

Nigeria Government International Bond^(c)

6.1250

09/28/28

107,229

112,000 USD

Nigeria Government International Bond^(c)

7.1430

02/23/30

115,813

204,000 USD

Nigeria Government International Bond^(c)

9.6250

06/09/31

231,564

101,000 USD

Nigeria Government International Bond^(c)

7.8750

02/16/32

105,321

135,000 USD

Nigeria Government International Bond^(c)

10.3750

12/09/34

159,789

200,000 USD

Nigeria Government International Bond

7.6250

11/28/47

187,660

111,000 USD

Oman Government International Bond^(c)

6.0000

08/01/29

115,852

86,000 USD

Oman Government International Bond^(c)

6.5000

03/08/47

91,048

20,000 USD

Oman Government International Bond^(c)

6.7500

01/17/48

21,630

238,000 USD

Pakistan Government International Bond^(c)

7.3750

04/08/31

239,853

13,000 USD

Panama Government International Bond

3.8750

03/17/28

12,799

100,000 USD

Panama Government International Bond

3.1600

01/23/30

93,975

64,000 USD

Panama Government International Bond

2.2520

09/29/32

52,950

10,000 USD

Panama Government International Bond

4.3000

04/29/53

7,358

137,000 USD

Panama Government International Bond

3.8700

07/23/60

89,297

162,000 USD

Peruvian Government International Bond

2.7830

01/23/31

149,890

111,000 USD

Peruvian Government International Bond

3.0000

01/15/34

96,487

37,000 USD

Peruvian Government International Bond

3.6000

01/15/72

23,420

28,000 USD

Philippine Government International Bond

2.4570

05/05/30

26,085

2,000 USD

Philippine Government International Bond

1.6480

06/10/31

1,746

2,000 USD

Philippine Government International Bond

6.3750

01/15/32

2,207

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

SOVEREIGN — 16.2% (Continued)

82,000 USD

Philippine Government International Bond

5.0000

07/17/33

83,514

7,000 USD

Philippine Government International Bond

5.0000

01/13/37

6,990

130,000 USD

Philippine Government International Bond

2.9500

05/05/45

90,171

32,143 USD

Republic of Angola Via Avenir Issuer II Ireland

6.9270

02/19/27

31,645

50,000 USD

Republic of Kenya Government International Bond^(c)

9.7500

02/16/31

55,331

92,000 USD

Republic of Kenya Government International Bond^(c)

7.8750

10/09/33

92,786

199,000 USD

Republic of Kenya Government International Bond^(c)

9.5000

03/05/36

213,739

2,000 USD

Republic of Poland Government International Bond

5.7500

11/16/32

2,136

161,000 USD

Republic of Poland Government International Bond

5.1250

09/18/34

163,725

69,000 USD

Republic of Poland Government International Bond

5.5000

04/04/53

65,704

1,700,000 ZAR

Republic of South Africa Government Bond

8.7500

01/31/44

103,675

71,000 USD

Republic of South Africa Government International

5.8750

06/22/30

73,185

218,000 USD

Republic of South Africa Government International^(c)

7.1000

11/19/36

231,525

186,000 USD

Republic of South Africa Government International^(c)

6.1250

12/11/37

180,769

145,000 USD

Republic of South Africa Government International

5.6500

09/27/47

120,262

51,000 USD

Republic of South Africa Government International

5.7500

09/30/49

42,148

88,000 USD

Republic of South Africa Government International

7.3000

04/20/52

86,998

184,000 USD

Republic of South Africa Government International^(c)

7.9500

11/19/54

193,672

1,000 USD

Romanian Government International Bond^(c)

6.6250

02/17/28

1,043

76,000 USD

Romanian Government International Bond^(c)

5.8750

01/30/29

78,544

5,000 USD

Romanian Government International Bond^(c)

7.1250

01/17/33

5,472

20,000 USD

Romanian Government International Bond

7.1250

01/17/33

21,887

80,000 USD

Romanian Government International Bond^(c)

6.3750

01/30/34

83,480

19,000 EUR

Romanian Government International Bond

6.2500

09/10/34

24,324

92,000 USD

Romanian Government International Bond^(c)

6.6250

05/16/36

96,435

51,000 USD

Saudi Government International Bond^(c)

4.5000

04/17/30

51,463

99,000 USD

Saudi Government International Bond^(c)

3.2500

10/22/30

94,469

22,000 USD

Saudi Government International Bond^(c)

5.3750

01/13/31

22,856

140,000 USD

Saudi Government International Bond^(c)

4.8750

07/18/33

141,009

144,000 USD

Saudi Government International Bond^(c)

4.8750

01/12/36

142,533

2,000 USD

Saudi Government International Bond^(c)

4.6250

10/04/47

1,707

120,000 USD

Senegal Government International Bond^(c)

6.2500

05/23/33

69,709

155,045 USD

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

3.3500

03/15/33

142,466

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

SOVEREIGN — 16.2% (Continued)

286,151 USD

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

3.6000

06/15/35

234,969

131,305 USD

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

3.6000

02/15/38

130,178

53,000 USD

Suriname Government International Bond^(c)

8.5000

11/06/35

57,172

220,000 USD

Trinidad & Tobago Government International Bond^(c)

6.4000

06/26/34

221,663

130,000 USD

Trinidad & Tobago Government International Bond^(c)

6.5000

01/28/36

129,350

75,000 USD

Turkey Government International Bond

9.8750

01/15/28

82,073

38,000 USD

Turkey Government International Bond

9.3750

03/14/29

42,423

41,000 USD

Turkey Government International Bond

9.1250

07/13/30

46,520

75,000 USD

Turkey Government International Bond

5.9500

01/15/31

75,145

207,000 USD

Turkey Government International Bond

5.7500

05/11/47

167,000

101,000 USD

Turkiye Government International Bond

7.1250

07/17/32

105,335

528,000 USD

Turkiye Government International Bond

7.6250

05/15/34

563,678

104,000 USD

Turkiye Government International Bond

6.5000

01/03/35

103,232

95,000 USD

Turkiye Government International Bond

6.9500

09/16/35

96,356

345,000 USD

Turkiye Government International Bond^(e)

6.6250

02/17/45

314,586

13,076 USD

Ukraine Government International Bond^(g)

4.5000

02/01/29

10,183

3,571 USD

Ukraine Government International Bond^(g)

—

02/01/30

2,267

13,970 USD

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

—

02/01/30

8,867

361,800 USD

Ukraine Government International Bond^(g)

4.0000

02/01/32

289,586

13,345 USD

Ukraine Government International Bond^(g)

—

02/01/34

6,552

127,088 USD

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

4.5000

02/01/34

80,320

135,152 USD

Ukraine Government International Bond^(g)

4.5000

02/01/35

83,794

233,000 USD

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

—

02/01/36

131,296

31,269 USD

Ukraine Government International Bond^(g)

4.5000

02/01/36

19,105

44,150 USD

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

4.5000

02/01/36

26,976

71,000 USD

Uruguay Government International Bond

4.3750

01/23/31

71,841

5,000 USD

Uruguay Government International Bond

5.4420

02/14/37

5,167

94,000 USD

Uruguay Government International Bond

5.1000

06/18/50

87,872

117,000 USD

Venezuela Government International Bond^(f)

6.0000

12/09/20

38,622

715,000 USD

Venezuela Government International Bond^(f)

11.7500

10/21/26

318,246

55,858 USD

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

5.7500

06/30/33

54,775

72,000 USD

Zambia Government International Bond^(c)

0.5000

12/31/53

52,167

19,580,550

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)

SUPRANATIONAL — 0.4%

200,000 EUR

European Investment Bank

1.1250

09/15/36

195,298

14,000,000 INR

Inter-American Development Bank

7.3500

10/06/30

154,176

9,000,000 INR

International Bank for Reconstruction & Development

6.7100

01/21/35

94,604

444,078

TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $37,212,779)

37,778,771

Shares
		RIGHT — 0.0%^(a)
		BANKING - 0.0% ^(a)
	97	ALTICE FRANCE HLDG (Luxembourg) (Cost $1,194)		1,611

		SHORT-TERM INVESTMENTS — 5.7%
		COLLATERAL FOR SECURITIES LOANED - 2.3%
	2,742,283	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,742,283)^(h),(i)		2,742,283

		MONEY MARKET FUNDS - 3.4%
	4,123,560	Fidelity Government Portfolio, Institutional, 3.57% (Cost $4,123,560)^(h)		4,123,560
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,865,843)		6,865,843

		TOTAL INVESTMENTS - 97.8% (Cost $116,752,724)	$	118,426,995
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%		2,631,321
		NET ASSETS - 100.0%	$	121,058,316

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Appreciation (Depreciation)
	70	Eurex 10 Year Euro BUND Future	03/09/2026	$	10,640,299	$	3,845
	31	Eurex 30 Year Euro BUXL Future	03/09/2026		4,039,706		(77,857	)
	12	French Government Bond Futures	03/09/2026		1,735,247		8,892
	22	Long Gilt Future	03/30/2026		2,734,911		(8	)
	24	TSE Japanese 10 Year Bond Futures	03/16/2026	$	20,409,660	$	(264,086	)
		TOTAL LONG FUTURES CONTRACTS				$	(329,214	)

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Appreciation (Depreciation)
	168	CBOT 10 Year US Treasury Note	03/23/2026	$	18,787,125	$	161,759
	92	CBOT 5 Year US Treasury Note	04/01/2026		10,021,531		72,599
	4	CBOT US Treasure Bond Futures	03/23/2026		460,500		8,395
	17	Euro-BTP Italian Bond Futures	03/09/2026		2,441,734		(11,084	)
		TOTAL SHORT FUTURES CONTRACTS				$	231,669

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency^(k)	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread^(l)	Maturity Date	Notional Value^(j)		Amortized Upfront Payments Paid/ (Received)			Fair Value			Unrealized Appreciation/ (Depreciation)
CDX.EM SERIES 44	Quarterly⁽¹⁾	Citibank	1.00%	127	12/30/2030	$	5,920,000	$	120,460		$	63,913		$	(56,547	)
ITRAXX EUROPE CROSSOVER SERIES 44	Quarterly⁽¹⁾	Citibank	5.00%	247	12/20/2030		1,595,000		(180,004	)		(215,301	)		(35,297	)
TOTAL								$	(59,544	)	$	(151,388	)	$	(91,844	)

⁽¹⁾

Buy Protection

FOREIGN CURRENCY CONTRACTS
Foreign Currency	Settlement Date	Counterparty	Local Currency	U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Chilean Peso	02/02/2026	JP Morgan Chase	36,000,000	$	41,197	$	2,110
Peruvian Sole	02/09/2026	JP Morgan Chase	230,000		68,235		(449	)
Turkish Lira	02/17/2026	CITI	1,930,000		43,932		304
Japanese Yen	02/20/2026	Capstone Global Markets	47,240,000		305,657		7,358
Chilean Peso	02/27/2026	JP Morgan Chase	36,000,000		41,189		(722	)
Thailand Baht	03/16/2026	CITI	4,000,000		126,981		(391	)
USD	03/20/2026	JP Morgan Chase	680,000		97,941		(7	)
Euro	04/10/2026	Barclay	99,000		117,788		1,107
Euro	04/10/2026	Capstone Global Markets	75,000		89,233		1,593
Euro	04/10/2026	JP Morgan Chase	81,000		96,372		1,301
				$	1,028,525	$	12,204

To Sell:
Chilean Peso	02/02/2026	JP Morgan Chase	36,000,000	$	41,197	$	714
Euro	02/05/2026	Barclay	285,222		338,290		(3,290	)
Euro	02/05/2026	Capstone Global Markets	50,546		59,950		(950	)
Euro	02/05/2026	JP Morgan Chase	10,565,011		12,530,768		(114,768	)
Peruvian Sole	02/09/2026	JP Morgan Chase	230,000		68,235		108
Japanese Yen	02/20/2026	Capstone Global Markets	47,240,000		305,657		1,955
Peruvian Sole	02/27/2026	JP Morgan Chase	230,000		68,205		454
Brazilian Real	03/03/2026	JP Morgan Chase	450,000		85,041		(5,102	)
Euro	03/06/2026	Capstone Global Markets	500,000		593,797		5,897
Indian Rupee	03/16/2026	JP Morgan Chase	7,900,000		85,820		1,242
CNH	03/20/2026	JP Morgan Chase	90,000		12,963		21
Australian Dollar	04/10/2026	Barclay	1,508,000		1,049,978		(35,504	)
British Pound	04/10/2026	Capstone Global Markets	3,219,900		4,405,504		(63,106	)
Canadian Dollar	04/10/2026	Barclay	878,200		646,742		(8,322	)
Euro	04/10/2026	Barclay	418,000		497,327		(6,876	)
Euro	04/10/2026	Capstone Global Markets	25,754,600		30,642,278		(403,455	)
Euro	04/10/2026	JP Morgan Chase	62,000		73,767		(1,091	)
Japanese Yen	04/10/2026	JP Morgan Chase	43,135,500		280,295		(2,772	)
				$	51,785,814	$	(634,845	)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026 (Unaudited)

Foreign Currency		Settlement Date	Counterparty	Local Currency Amount Purchased Buy	Local Currency Amount Purchased Sell	U.S. Dollar Market Value Buy		U.S. Dollar Market Value Sell			Unrealized Appreciation/ (Depreciation)
To Buy:	To Sell:
Japanese Yen	Euro	2/9/2026	JP Morgan Chase	135,371,329	740,000		875,126		(877,842	)	$	(2,716	)
Euro	Swiss Franc	2/17/2026	JP Morgan Chase	810,000	752,768		961,220		(975,193	)		(13,973	)
Japanese Yen	Swiss Franc	2/17/2026	JP Morgan Chase	75,296,201	380,000		487,073		(492,281	)		(5,208	)
British Pound	Euro	4/10/2026	Barclay	413,000	472,765		565,071		(562,486	)		2,585
Euro	British Pound	4/10/2026	Barclay	1,769,487	1,540,400		2,105,299		(2,107,593	)		(2,294	)
Euro	British Pound	4/10/2026	Capstone Global Markets	30,308	26,400		36,060		(36,120	)		(60	)
				213,690,325	3,912,333	$	5,029,849	$	5,051,515		$	(21,666	)

Total											$	(644,306	)

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

Ltd.	- Limited Company

NV	- Naamioze Vennootschap

PJSC	- Public Joint-Stock Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

CITG	CITG

JPMT	JPMT

USB	US Bank

CMTUSD6Y	USD Constant Maturity 6 Year

EUAMDB05	Euribor ICE SWAP Rate 5 Year

EUAMDB08	Euribor ICE SWAP Rate 8 Year

EUR003M	Euribor 3 Month ACT/360

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

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

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

SOFRRATE	United States SOFR Secured Overnight Financing Rate

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

CLP	US Dollars

CNH	US Dollars

COP	Columbian Peso

CZK	Czech Koruna

EUR	Euro

GBP	British Pound

HKD	Hong Kong Dollar

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026 (Unaudited)

HUF	Hungarian Forints

IDR	Indonesia Rupiah

INR	Indian Rupee

JPY	Japanese Yen

MXN	Mexican Peso

MYR	Malaysian Ringgit

PEN	Peruvian Sole

PLN	Polish Zloty

THB	US Dollars

TRY	US Dollars

USD	US Dollars

ZAR	South African Rand

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

^(b)	Variable rate security; the rate shown represents the rate on January 31, 2026.

^(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 January 31, 2026 the total market value of 144A securities is 47,210,638 or 39.0% of net assets.

^(d)	Zero coupon bond.

^(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,686,531 at January 31, 2026.

^(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 January 31, 2026.

^(h)	Rate disclosed is the seven day effective yield as of January 31, 2026.

⁽ⁱ⁾	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,472,283 at January 31, 2026

^(j)	The amounts shown are the underlying reference notional amounts upon which the fair value of the futures and Swap 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 or swap 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 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)	Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of January 31, 2026, will serve as an indicator of payment/performance risk and represent the likelihood of risk of default for the credit derivative.

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2%
		AEROSPACE & DEFENSE - 5.3%
	10,825	Boeing Company (The)^(a)	$	2,530,019
	9,359	L3Harris Technologies, Inc.^(b)		3,208,733
	27,230	RTX Corporation		5,471,324
				11,210,076
		ASSET MANAGEMENT - 1.8%
	3,464	Blackrock, Inc.		3,876,008

		AUTOMOTIVE - 1.3%
	32,351	General Motors Company^(b)		2,717,484

		BANKING - 8.1%
	82,750	Bank of America Corporation		4,402,300
	24,675	JPMorgan Chase & Company		7,547,836
	17,097	Truist Financial Corporation		879,128
	46,433	Wells Fargo & Company		4,201,722
				17,030,986
		BEVERAGES - 0.9%
	11,959	PepsiCo, Inc.		1,837,261

		BIOTECH & PHARMA - 5.2%
	9,549	AbbVie, Inc.		2,129,522
	5,509	Amgen, Inc.		1,883,417
	24,733	Gilead Sciences, Inc.		3,510,850
	31,331	Merck & Company, Inc.		3,454,869
				10,978,658
		CHEMICALS – 2.9%
	22,306	DuPont de Nemours, Inc.		979,680
	9,096	Linde PLC		4,156,598
	11,153	Qnity Electronics, Inc.		1,072,696
				6,208,974
		CONSTRUCTION MATERIALS - 1.8%
	4,323	Martin Marietta Materials, Inc.		2,818,379
	8,753	Owens Corning^(b)		1,048,960
				3,867,339

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		CONSUMER SERVICES - 0.6%
	14,796	Service Corp International	$	1,190,042

		DIVERSIFIED INDUSTRIALS - 2.3%
	5,211	Parker-Hannifin Corporation		4,876,662

		E-COMMERCE DISCRETIONARY - 2.7%
	23,484	Amazon.com, Inc.^(a)		5,619,721

		ELECTRIC UTILITIES - 2.8%
	20,529	Duke Energy Corporation		2,491,194
	39,106	NextEra Energy, Inc.		3,437,418
				5,928,612
		ELECTRICAL EQUIPMENT – 4.9%
	2,390	GE Vernova, Inc.		1,736,024
	26,646	Johnson Controls International PLC		3,177,802
	26,791	Otis Worldwide Corporation		2,288,487
	7,435	Rockwell Automation, Inc.		3,134,968
				10,337,281
		ENGINEERING & CONSTRUCTION - 1.3%
	5,704	Quanta Services, Inc.^(b)		2,707,290

		ENTERTAINMENT CONTENT - 3.2%
	39,583	Fox Corporation, Class A		2,880,851
	34,304	Walt Disney Company (The)		3,869,491
				6,750,342
		FOOD - 1.1%
	38,536	Mondelez International, Inc., Class A		2,253,200

		HEALTH CARE FACILITIES & SERVICES - 2.5%
	8,016	Cencora, Inc.		2,879,508
	7,993	UnitedHealth Group, Inc.		2,293,431
				5,172,939

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		HOUSEHOLD PRODUCTS - 1.2%
	17,923	Procter & Gamble Company (The)	$	2,720,174

		INDUSTRIAL REIT - 0.7%
	11,475	Prologis, Inc.		1,498,176

		INFRASTRUCTURE REIT - 0.9%
	10,266	American Tower Corporation, Class A		1,840,489

		INSTITUTIONAL FINANCIAL SERVICES - 3.9%
	16,949	Bank of New York Mellon Corporation (The)		2,032,524
	3,735	Goldman Sachs Group, Inc. (The)		3,493,756
	15,969	Intercontinental Exchange, Inc.^(b)		2,775,093
				8,301,373
		INSURANCE – 5.3%
	7,774	Berkshire Hathaway, Inc., Class B^(a)		3,735,641
	23,807	Hartford Insurance Group, Inc. (The)		3,215,373
	11,482	Prudential Financial, Inc.		1,275,765
	10,602	Travelers Companies, Inc. (The)		3,016,375
				11,243,154
		INTERNET MEDIA & SERVICES - 5.3%
	25,299	Alphabet, Inc., Class A		8,551,061
	3,732	Meta Platforms, Inc., Class A		2,673,978
				11,225,039
		LEISURE FACILITIES & SERVICES - 1.0%
	10,170	Darden Restaurants, Inc.^(b)		2,027,390

		MEDICAL EQUIPMENT & DEVICES - 4.8%
	32,204	Abbott Laboratories		3,519,897
	9,732	Becton Dickinson and Company^(b)		1,980,267
	4,453	Stryker Corporation		1,645,651
	5,139	Thermo Fisher Scientific, Inc.		2,973,477
				10,119,292

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		METALS & MINING - 1.1%
	39,742	Freeport-McMoRan, Inc.	$	2,393,661

		OIL & GAS PRODUCERS – 5.0%
	24,947	ConocoPhillips		2,600,226
	15,924	EOG Resources, Inc.		1,785,558
	12,649	Expand Energy Corporation		1,421,874
	32,809	Exxon Mobil Corporation		4,639,192
				10,446,850
		OIL & GAS SERVICES & EQUIPMENT - 1.2%
	51,344	SLB Ltd.		2,484,023

		RESIDENTIAL REIT - 0.7%
	22,634	Equity LifeStyle Properties, Inc.		1,429,790

		RETAIL - DISCRETIONARY - 2.9%
	13,044	Lowe’s Companies, Inc.		3,483,531
	17,383	TJX Companies, Inc. (The)		2,604,147
				6,087,678
		SELF-STORAGE REIT - 0.8%
	6,297	Public Storage		1,739,168

		SEMICONDUCTORS – 4.1%
	6,597	Broadcom, Inc.		2,185,586
	13,815	Micron Technology, Inc.		5,731,568
	13,076	ON Semiconductor Corporation^(a)		783,122
				8,700,276
		SOFTWARE - 1.2%
	4,789	Microsoft Corporation		2,060,659
	3,380	Oracle Corporation		556,280
				2,616,939
		SPECIALTY FINANCE - 1.1%
	6,815	American Express Company		2,400,039

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		TECHNOLOGY HARDWARE - 3.1%
	54,701	Cisco Systems, Inc.	$	4,284,182
	5,694	Motorola Solutions, Inc.		2,292,063
				6,576,245
		TECHNOLOGY SERVICES - 1.0%
	4,127	S&P Global, Inc.		2,178,189

		TELECOMMUNICATIONS – 1.0%
	45,051	Verizon Communications, Inc.		2,005,671

		TRANSPORTATION & LOGISTICS - 3.1%
	76,507	CSX Corporation		2,888,904
	42,419	Delta Air Lines, Inc.		2,794,988
	15,460	Knight-Swift Transportation Holdings, Inc.		851,846
				6,535,738

		TOTAL COMMON STOCKS (Cost $118,679,239)		207,132,229

		SHORT-TERM INVESTMENTS — 8.2%
		COLLATERAL FOR SECURITIES LOANED – 6.4%
	13,518,743	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $13,518,743)^(c),(d)	$	13,518,743

		MONEY MARKET FUNDS – 1.8%
	3,825,381	Invesco Treasury Portfolio, Institutional Class, 3.58% (Cost $3,825,381)^(c)		3,825,381

		TOTAL SHORT-TERM INVESTMENTS (Cost $17,344,124)		17,344,124

		TOTAL INVESTMENTS – 106.4% (Cost $136,023,363)	$	224,476,353
		LIABILITIES IN EXCESS OF OTHER ASSETS – (6.4)%		(13,535,199	)
		NET ASSETS - 100.0%	$	210,941,154

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

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 $13,092,973 at January 31, 2026.

^(c)	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(d)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $13,518,743 at January 31, 2026.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1%
		AEROSPACE & DEFENSE - 1.0%
	23,236	AerSale Corporation^(a)	$	174,038
	11,451	Ituran Location and Control Ltd.		511,058
	4,735	TAT Technologies Ltd.^(a)		240,917
				926,013
		APPAREL & TEXTILE PRODUCTS - 0.1%
	71,786	Brilliant Earth Group, Inc.		111,986

		ASSET MANAGEMENT - 0.1%
	19,050	Compass Diversified Holdings		125,159

		AUTOMOTIVE - 1.2%
	9,084	Fox Factory Holding Corporation^(a)		167,146
	177,844	Holley, Inc.^(a)		684,699
	18,854	Motorcar Parts of America, Inc.^(a)		234,355
				1,086,200
		BANKING - 12.7%
	23,348	Capital Bancorp, Inc.		717,251
	12,764	Capital City Bank Group, Inc.		533,025
	15,494	Central Pacific Financial Corporation		504,640
	16,733	Dime Community Bancshares, Inc.		569,257
	15,836	Enterprise Financial Services Corporation		908,194
	3,255	Esquire Financial Holdings, Inc.		347,081
	25,028	First BanCorp		553,619
	5,698	HomeTrust Bancshares, Inc.		245,698
	28,813	Horizon Bancorp, Inc.		507,685
	11,929	Independent Bank Corporation		419,304
	15,589	National Bank Holdings Corporation, Class A		626,366
	7,668	Northeast Bank^(b)		883,583
	44,345	Northpointe Bancshares, Inc.		764,508
	20,685	OceanFirst Financial Corporation		387,844
	11,528	OFG Bancorp		464,578
	19,970	Peapack-Gladstone Financial Corporation^(b)		633,448
	1,782	Popular, Inc.		237,950
	13,050	Prosperity Bancshares, Inc.		900,580

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		BANKING - 12.7% (Continued)
	12,707	Webster Financial Corporation^(b)	$	835,739
	22,337	WesBanco, Inc.		788,273
				11,828,623
		BIOTECH & PHARMA - 2.3%
	94,270	Cytek Biosciences Inc^(a)		471,350
	4,636	Halozyme Therapeutics, Inc.^(a)		332,448
	36,073	Innoviva, Inc.^(a)		721,460
	8,153	PTC Therapeutics, Inc.^(a)		615,796
				2,141,054
		CHEMICALS - 2.9%
	9,574	Ashland, Inc.		585,546
	26,972	Huntsman Corporation^(b)		291,837
	6,348	Ingevity Corporation^(a)		417,635
	23,165	Koppers Holdings, Inc.		682,440
	55,149	Kronos Worldwide, Inc.		289,532
	54,527	Rayonier Advanced Materials, Inc.^(a)		423,130
				2,690,120
		COMMERCIAL SUPPORT SERVICES - 4.5%
	13,426	ABM Industries, Inc.		618,132
	62,890	ADT, Inc.		503,120
	27,609	AMN Healthcare Services, Inc.^(a)		588,072
	8,822	ASGN, Inc.^(a)		459,538
	50,663	Cross Country Healthcare, Inc.^(a)		472,179
	36,842	Public Policy Holding Company, Inc.^(a)		451,315
	75,230	TrueBlue, Inc.^(a)		403,233
	10,570	V2X, Inc.^(a)		727,532
				4,223,121
		CONSUMER SERVICES - 0.7%
	29,376	Legacy Education, Inc.^(a)		296,110
	15,154	Matthews International Corporation, Class A		398,399
				694,509
		CONTAINERS & PACKAGING - 1.0%
	90,607	Ranpak Holdings Corporation^(a)		456,659

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		CONTAINERS & PACKAGING - 1.0% (Continued)
	9,010	Sonoco Products Company^(b)	$	432,480
				889,139
		ELECTRIC UTILITIES - 2.2%
	8,145	Black Hills Corporation		594,422
	3,150	IDACORP, Inc.^(b)		418,289
	10,614	Portland General Electric Company^(b)		533,354
	10,685	Unitil Corporation		543,973
				2,090,038
		ELECTRICAL EQUIPMENT - 2.6%
	4,913	Allient, Inc.		299,742
	1,121	Generac Holdings, Inc.^(a)		188,373
	1,855	Littelfuse, Inc.^(b)		600,575
	5,596	Mesa Laboratories, Inc.		440,741
	6,970	Ralliant Corporation		369,201
	86,905	Stoneridge, Inc.^(a)		571,835
				2,470,467
		ENGINEERING & CONSTRUCTION - 2.9%
	4,254	Arcosa, Inc.		486,955
	17,989	Bowman Consulting Group Ltd.^(a)		626,557
	7,636	Cardinal Infrastructure Group, Inc.^(a)		192,351
	2,514	MYR Group, Inc.^(a)		628,601
	24,455	Orion Group Holdings, Inc.^(a)		298,840
	6,398	Tutor Perini Corporation^(b)		504,738
				2,738,042
		ENTERTAINMENT CONTENT - 0.8%
	95,682	Reservoir Media, Inc.^(a)		722,399

		FOOD - 0.5%
	3,246	Post Holdings, Inc.^(a)		332,098
	3,964	Vital Farms, Inc.^(a)		112,776
				444,874
		FORESTRY, PAPER & WOOD PRODUCTS - 0.6%
	2,813	Louisiana-Pacific Corporation		235,561

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		FORESTRY, PAPER & WOOD PRODUCTS - 0.6% (Continued)
	3,222	UFP Industries, Inc.	$	332,768
				568,329
		GAS & WATER UTILITIES - 2.1%
	32,509	BKV Corporation^(a)		967,142
	16,152	RGC Resources, Inc.		350,660
	7,271	Spire, Inc.		614,327
				1,932,129
		HEALTH CARE FACILITIES & SERVICES - 2.0%
	8,211	Acadia Healthcare Company, Inc.^(a)		110,356
	58,178	Aveanna Healthcare Holdings, Inc.^(a)		488,695
	44,137	Joint Corporation (The)^(a)		431,660
	18,262	Option Care Health, Inc.^(a)		620,908
	15,597	Park Dental Partners, Inc.^(a)		254,387
				1,906,006
		HOME CONSTRUCTION - 0.3%
	4,015	Century Communities, Inc.		252,865

		HOUSEHOLD PRODUCTS - 0.2%
	90,146	Olaplex Holdings, Inc.^(a),(b)		142,431

		INDUSTRIAL - 0.7%
	51,734	BrightView Holdings, Inc.^(a)		691,166

		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.5%
	2,205	Gibraltar Industries, Inc.^(a)		113,028
	3,951	Timken Company (The)		368,194
				481,222
		INDUSTRIAL SUPPORT SERVICES - 1.9%
	73,735	Custom Truck One Source, Inc.^(a)		466,005
	21,463	Hudson Technologies, Inc.^(a)		153,890
	53,047	NPK International, Inc.^(a)		732,579
	26,335	Titan Machinery, Inc.^(a)		428,470
				1,780,944

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		INDUSTRIALS - 0.5%
	50,096	Hillman Solutions Corporation^(a)	$	469,400

		INSTITUTIONAL FINANCIAL SERVICES - 1.5%
	92,093	BGC Group, Inc., Class A		838,967
	26,300	Perella Weinberg Partners^(b)		586,753
				1,425,720
		INSURANCE - 3.4%
	32,778	American Integrity Insurance Group, Inc.^(a)		612,621
	25,560	Bowhead Specialty Holdings, Inc.^(a)		627,754
	15,813	CNO Financial Group, Inc.		664,936
	2,110	Hanover Insurance Group, Inc. (The)		367,435
	1,716	Primerica, Inc.		451,377
	13,769	Slide Insurance Holdings, Inc.^(a)		237,240
	13,995	Tiptree, Inc.		250,231
				3,211,594
		INTERNET MEDIA & SERVICES - 1.2%
	5,467	Cargurus, Inc.^(a)		177,131
	18,430	Cars.com, Inc.^(a)		209,365
	12,612	IAC, Inc.^(a)		466,013
	32,922	Strata Critical Medical, Inc.^(a),(b)		160,659
				1,013,168
		LEISURE FACILITIES & SERVICES - 0.3%
	5,359	Dave & Buster’s Entertainment, Inc.^(a),(b)		100,588
	13,271	First Watch Restaurant Group, Inc.^(a),(b)		212,204
				312,792
		LEISURE PRODUCTS - 0.4%
	108,129	Clarus Corporation		414,134

		MACHINERY - 1.7%
	5,204	CECO Environmental Corporation^(a)		350,906
	6,732	Helios Technologies, Inc.		436,099
	22,582	Manitowoc Company, Inc. (The)^(a)		291,759
	3,141	Regal Rexnord Corporation		507,272
				1,586,036

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		MEDICAL EQUIPMENT & DEVICES – 2.9%
	41,235	CareDx, Inc.^(a)	$	847,379
	26,354	Carlsmed, Inc.^(a),(b)		327,317
	3,803	Haemonetics Corporation^(a)		253,508
	31,157	Orthofix Medical, Inc.^(a)		412,207
	8,397	Teleflex, Inc.		876,395
				2,716,806
		METALS & MINING - 3.1%
	3,237	Alcoa Corporation		183,894
	46,119	Capstone Copper Corporation^(a)		511,105
	5,224	Century Aluminum Company^(a)		236,804
	17,902	Constellium S.E.^(a)		402,258
	109,633	Ferroglobe PLC		520,758
	8,615	Hallador Energy Company^(a)		159,291
	46,915	Taseko Mines Ltd.^(a)		357,492
	5,423	Warrior Met Coal, Inc.		484,274
				2,855,876
		MULTI ASSET CLASS REIT - 0.6%
	30,491	Broadstone Net Lease, Inc.		564,388

		OIL & GAS PRODUCERS - 1.3%
	5,630	Antero Resources Corporation^(a)		204,763
	39,226	Infinity Natural Resources, Inc., Class A^(a)		622,908
	14,748	SM Energy Company^(b)		287,144
	2,982	Viper Energy, Inc., Class A		126,258
				1,241,073
		OIL & GAS SERVICES & EQUIPMENT - 4.5%
	25,299	Atlas Energy Solutions, Inc.^(b)		295,239
	15,407	Expro Group Holdings N.V.^(a)		246,666
	7,001	Kodiak Gas Services, Inc.		294,112
	17,867	Liberty Energy, Inc., Class A		440,422
	40,810	Matrix Service Company^(a)		584,399
	37,829	National Energy Services Reunited Corporation^(a)		744,474
	12,114	Natural Gas Services Group, Inc.		419,629
	15,722	Select Water Solutions, Inc., Class A		190,079

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 4.5% (Continued)
	38,669	TETRA Technologies, Inc.^(a)	$	440,827
	11,902	Thermon Group Holdings, Inc.^(a)		538,566
				4,194,413
		REAL ESTATE OWNERS & DEVELOPERS - 0.5%
	22,404	Legacy Housing Corporation^(a)		464,883

		REAL ESTATE SERVICES - 0.7%
	19,970	Newmark Group, Inc., Class A		356,065
	78,692	Real Brokerage, Inc. (The)^(a)		278,570
				634,635
		RESIDENTIAL REIT - 1.1%
	7,652	Centerspace		491,794
	31,619	UMH Properties, Inc.		494,205
				985,999
		RETAIL - DISCRETIONARY - 2.6%
	7,271	Academy Sports & Outdoors, Inc.^(b)		399,978
	5,276	Advance Auto Parts, Inc. ^(b)		253,301
	55,299	Driven Brands Holdings, Inc.^(a),(b)		859,899
	771	FirstCash Holdings, Inc.		131,456
	27,941	National Vision Holdings, Inc.^(a),(b)		736,245
				2,380,879
		RETAIL REIT - 2.8%
	30,732	Brixmor Property Group, Inc.		823,311
	25,374	CTO Realty Growth, Inc.		450,896
	24,828	Getty Realty Corporation		741,364
	31,038	NETSTREIT Corporation^(b)		584,756
				2,600,327
		SELF-STORAGE REIT - 0.2%
	6,979	National Storage Affiliates Trust		222,002

		SEMICONDUCTORS - 3.2%
	20,497	Alpha & Omega Semiconductor Ltd.^(a)		452,984
	5,781	Diodes, Inc.^(a)		342,177
	2,743	Onto Innovation, Inc.^(a)		554,223

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		SEMICONDUCTORS - 3.2% (Continued)
	4,483	Semtech Corporation^(a)	$	357,519
	5,761	Silicon Motion Technology Corporation - ADR		685,156
	12,890	Ultra Clean Holdings, Inc.^(a)		563,036
				2,955,095
		SOFTWARE - 3.0%
	27,924	Consensus Cloud Solutions, Inc.^(a)		596,457
	242,324	Kaltura, Inc.^(a)		394,988
	25,186	Phreesia, Inc.^(a)		338,248
	32,670	Teradata Corporation^(a)		931,748
	45,742	Upland Software, Inc.^(a)		60,837
	154,887	VTEX^(a)		486,345
				2,808,623
		SPECIALTY FINANCE - 1.4%
	11,848	EZCORP, Inc., Class A^(a)		254,140
	2,739	Federal Agricultural Mortgage Corporation, Class C		463,712
	11,602	SLM Corporation		314,994
	4,432	Stewart Information Services Corporation		298,850
				1,331,696
		STEEL - 2.9%
	85,955	Algoma Steel Group, Inc.		359,292
	7,093	Commercial Metals Company		545,239
	32,019	Metallus, Inc.^(a)		638,779
	7,193	Northwest Pipe Company^(a)		485,168
	47,962	thyssenkrupp A.G.		642,185
				2,670,663
		TECHNOLOGY HARDWARE - 1.7%
	13,276	Crane NXT Company^(b)		670,703
	60,450	NCR Voyix Corporation^(a)		599,664
	25,874	RADCOM Ltd.^(a)		324,460
				1,594,827
		TECHNOLOGY SERVICES - 0.9%
	6,533	MAXIMUS, Inc.		616,977
	34,985	Priority Technology Holdings, Inc.^(a)		206,761
				823,738

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		TELECOMMUNICATIONS - 0.5%
	149,627	8x8, Inc.^(a)	$	248,381
	20,405	Ooma, Inc.^(a),(b)		239,759
				488,140
		TRANSPORTATION & LOGISTICS - 9.3%
	1,246	Allegiant Travel Company^(a),(b)		110,433
	64,486	Ardmore Shipping Corporation		833,158
	32,785	Covenant Logistics Group, Inc., Class A		806,510
	36,555	DHT Holdings, Inc.		523,833
	34,730	Frontier Group Holdings, Inc.^(a),(b)		161,147
	10,977	GXO Logistics, Inc.^(a)		621,188
	9,564	Hub Group, Inc., Class A		455,055
	12,437	Knight-Swift Transportation Holdings, Inc.		685,279
	48,413	Marten Transport Ltd.		595,480
	70,494	Proficient Auto Logistics, Inc.^(a),(b)		710,580
	107,063	Radiant Logistics, Inc.^(a)		720,534
	9,898	Scorpio Tankers, Inc.		629,711
	25,563	Star Bulk Carriers Corporation		586,671
	40,892	Sun Country Airlines Holdings, Inc.^(a)		717,246
	7,659	Teekay Tankers Ltd., Class A		494,159
				8,650,984

		TOTAL COMMON STOCKS (Cost $72,705,941)		89,554,727

		SHORT-TERM INVESTMENTS — 13.5%
		COLLATERAL FOR SECURITIES LOANED – 9.4%
	8,718,283	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $8,718,283)^(c),(d)	$	8,718,283

		MONEY MARKET FUNDS - 4.2%
	3,889,443	Fidelity Government Portfolio, Institutional, 3.57% (Cost $3,889,443)^(c)		3,889,443

		TOTAL SHORT-TERM INVESTMENTS (Cost $12,607,726)		12,607,726

		TOTAL INVESTMENTS – 109.6% (Cost $85,313,667)	$	102,162,453
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.6)%		(8,929,597	)
		NET ASSETS - 100.0%	$	93,232,856

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

ADR	- American Depositary Receipt

LLC	- Limited Liability Company

Ltd.	- Limited Company

N.V.	- Naamioze Vennootschap

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 $8,445,767 at January 31, 2026.

^(c)	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(d)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $8,718,283 at January 31, 2026.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.9%
		AEROSPACE & DEFENSE - 4.1%
	6,703	Axon Enterprise, Inc.^(a)	$	3,241,437
	23,686	Howmet Aerospace, Inc.^(b)		4,928,583
				8,170,020
		ASSET MANAGEMENT - 2.7%
	54,188	Robinhood Markets, Inc., Class A^(a),(b)		5,390,623

		BIOTECH & PHARMA - 3.8%
	7,356	Eli Lilly & Company		7,629,275

		E-COMMERCE DISCRETIONARY - 11.9%
	72,877	Amazon.com, Inc.^(a)		17,439,466
	2,892	MercadoLibre, Inc.^(a)		6,211,409
				23,650,875
		ELECTRICAL EQUIPMENT - 1.5%
	21,417	Amphenol Corporation, Class A		3,085,761

		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	10,845	Coinbase Global, Inc., Class A^(a)		2,111,955

		INTERNET MEDIA & SERVICES - 16.6%
	21,668	Alphabet, Inc., Class C		7,335,268
	20,821	Meta Platforms, Inc., Class A		14,918,247
	76,208	Netflix, Inc.^(a)		6,362,606
	56,629	Uber Technologies, Inc.^(a)		4,533,151
				33,149,272
		MEDICAL EQUIPMENT & DEVICES - 6.6%
	38,661	Dexcom, Inc.^(a)		2,823,799
	10,513	Insulet Corporation^(a)		2,689,331
	14,919	Intuitive Surgical, Inc.^(a)		7,522,459
				13,035,589
		SEMICONDUCTORS - 13.1%
	28,002	Advanced Micro Devices, Inc.^(a)		6,628,913
	6,331	Broadcom, Inc.		2,097,460

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.9% (Continued)
		SEMICONDUCTORS - 13.1% (Continued)
	91,309	NVIDIA Corporation	$	17,451,890
				26,178,263
		SOFTWARE - 26.4%
	15,076	Cadence Design Systems, Inc.^(a)		4,467,923
	13,639	Crowdstrike Holdings, Inc., Class A^(a)		6,020,323
	5,598	Intuit, Inc.		2,792,954
	30,181	Microsoft Corporation		12,986,582
	18,026	Oracle Corporation		2,966,719
	23,439	Palantir Technologies, Inc., Class A^(a)		3,435,923
	26,302	Palo Alto Networks, Inc.^(a)		4,654,665
	77,088	ServiceNow, Inc.^(a)		9,020,067
	49,018	Shopify, Inc., Class A^(a)		6,432,632
				52,777,788
		TECHNOLOGY HARDWARE - 4.0%
	38,134	Arista Networks, Inc.^(a)		5,405,114
	19,873	Credo Technology Group Holding Ltd.^(a)		2,489,689
				7,894,803
		TECHNOLOGY SERVICES - 6.1%
	22,618	Mastercard, Inc., Class A		12,186,352


		TOTAL COMMON STOCKS (Cost $110,283,403)		195,260,576

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 3.3%
		COLLATERAL FOR SECURITIES LOANED - 1.1%
	2,257,828	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,257,828)^{(c), (d)}		2,257,828

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 3.3% (Continued)
		MONEY MARKET FUND - 2.2%
	4,331,203	STIT - Treasury Obligations Portfolio, 3.56% (Cost $4,331,202) ^(d)	$	4,331,202
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,589,030)		6,589,030

		TOTAL INVESTMENTS - 101.2% (Cost $116,872,433)	$	201,849,606
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%		(2,437,170	)
		NET ASSETS - 100.0%	$	199,412,436

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

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 $2,200,584 at January 31, 2026.

^(c)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,257,828 at January 31, 2026

^(d)	Rate disclosed is the seven day effective yield as of January 31, 2026.

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2%
		AEROSPACE & DEFENSE - 4.4%
	5,111	ATI, Inc.^(a)	$	614,853
	15,459	Hexcel Corporation^(c)		1,280,160
	2,014	Huntington Ingalls Industries, Inc.		846,907
	9,927	Mercury Systems, Inc.^(a)		931,947
				3,673,867
		APPAREL & TEXTILE PRODUCTS - 1.1%
	14,074	Birkenstock Holding plc^(a)		531,434
	33,414	Canada Goose Holdings, Inc.^(a),(c)		406,314
				937,748
		BANKING - 3.8%
	58,413	Fulton Financial Corporation^(c)		1,206,229
	19,636	Glacier Bancorp, Inc.^(c)		995,152
	27,621	Seacoast Banking Corporation of Florida		923,646
				3,125,027
		BEVERAGES - 1.0%
	15,051	Vita Coco Company, Inc. (The)^(a)		802,971

		BIOTECH & PHARMA - 3.8%
	5,813	Arcellx, Inc.^(a),(c)		397,086
	11,424	Cogent Biosciences, Inc.^(a),(c)		410,236
	5,629	GRAIL, Inc.^(a)		550,629
	15,316	Olema Pharmaceuticals, Inc.^(a)		393,928
	39,759	Roivant Sciences Ltd.^(a)		859,589
	5,419	Structure Therapeutics, Inc. - ADR^(a)		479,311
				3,090,779
		CHEMICALS - 0.5%
	4,679	Sensient Technologies Corporation		442,259

		CONSTRUCTION MATERIALS - 1.4%
	7,172	Advanced Drainage Systems, Inc.^(c)		1,090,431

		CONSUMER SERVICES - 1.1%
	33,293	Universal Technical Institute, Inc.^(a)		926,544

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		E-COMMERCE DISCRETIONARY - 0.4%
	10,032	Global-e Online Ltd.^(a)	$	366,670

		ELECTRICAL EQUIPMENT - 11.3%
	4,413	Advanced Energy Industries, Inc.		1,126,903
	7,079	Belden, Inc.		831,853
	5,106	BWX Technologies, Inc.		1,048,926
	5,773	Camtek Ltd.^(a),(c)		845,918
	5,203	ESCO Technologies, Inc.		1,187,168
	76,089	Mirion Technologies, Inc.^(a)		1,890,050
	3,422	Modine Manufacturing Company^(a)		631,907
	14,404	nLight, Inc.^(a)		656,966
	2,464	Powell Industries, Inc.		1,093,006
				9,312,697
		ENGINEERING & CONSTRUCTION - 3.4%
	1,687	Comfort Systems USA, Inc.		1,926,723
	1,380	Installed Building Products, Inc.^(c)		397,633
	1,292	Sterling Infrastructure, Inc.^(a)		462,420
				2,786,776
		HEALTH CARE FACILITIES & SERVICES - 2.4%
	6,009	Addus HomeCare Corporation^(a)		621,811
	11,692	RadNet, Inc.^(a)		819,610
	33,970	Surgery Partners, Inc.^(a),(c)		504,794
				1,946,215
		HOME CONSTRUCTION - 3.4%
	2,217	Cavco Industries, Inc.^(a)		1,090,809
	17,138	Century Communities, Inc.		1,079,351
	7,237	Champion Homes, Inc.^(a)		567,236
				2,737,396
		HOUSEHOLD PRODUCTS - 1.6%
	4,254	elf Beauty, Inc.^(a)		361,547
	9,814	Interparfums, Inc.		957,552
				1,319,099
		INDUSTRIAL INTERMEDIATE PROD - 2.8%
	7,637	AZZ, Inc.		949,202

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		INDUSTRIAL INTERMEDIATE PROD - 2.8% (Continued)
	1,992	Valmont Industries, Inc.	$	887,556
	8,715	Xometry, Inc., Class A^(a),(c)		497,888
				2,334,646
		INDUSTRIAL SUPPORT SERVICES - 3.6%
	3,341	Applied Industrial Technologies, Inc.		870,030
	7,647	Herc Holdings, Inc.		1,096,121
	6,752	SiteOne Landscape Supply, Inc.^(a)		969,182
				2,935,333
		INSTITUTIONAL FINANCIAL SERVICES - 5.1%
	2,534	Evercore, Inc., Class A		895,186
	4,765	Houlihan Lokey, Inc.		802,045
	13,733	Moelis & Company, Class A		984,244
	28,834	Perella Weinberg Partners^(c)		643,287
	8,285	Tradeweb Markets, Inc., Class A		853,935
				4,178,697
		LEISURE FACILITIES & SERVICES - 3.1%
	64,030	Lindblad Expeditions Holdings, Inc.^(a)		1,067,381
	40,772	OneSpaWorld Holdings Ltd.		801,170
	3,957	Shake Shack, Inc., Class A^(a),(c)		350,471
	1,870	Texas Roadhouse, Inc.		336,338
				2,555,360
		MACHINERY - 3.4%
	15,704	CECO Environmental Corporation^(a)		1,058,921
	12,942	Flowserve Corporation		1,011,417
	4,257	MSA Safety, Inc.		754,128
				2,824,466
		MEDICAL EQUIPMENT & DEVICES - 7.4%
	26,061	Adaptive Biotechnologies Corporation^(a),(c)		482,129
	25,063	Alphatec Holdings, Inc.^(a)		371,684
	89,417	AngioDynamics, Inc.^(a)		926,359
	11,720	Establishment Labs Holdings, Inc.^(a),(c)		798,718
	3,342	Glaukos Corporation^(a)		398,968
	3,756	Guardant Health, Inc.^(a)		428,334
	16,148	Omnicell, Inc.^(a)		783,178

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 7.4% (Continued)
	57,455	Quanterix Corporation^(a)	$	364,265
	5,477	Repligen Corporation^(a)		818,099
	46,465	SI-BONE, Inc.^(a)		770,390
				6,142,124
		METALS & MINING - 1.1%
	1,554	Centrus Energy Corporation, Class A^(a),(c)		432,447
	8,353	MP Materials Corporation^(a),(c)		490,906
				923,353
		OIL & GAS PRODUCERS - 0.4%
	1,441	Cheniere Energy, Inc.		304,800

		OIL & GAS SERVICES & EQUIPMENT - 1.1%
	21,440	Kodiak Gas Services, Inc.		900,694

		RENEWABLE ENERGY - 1.4%
	23,145	Fluence Energy, Inc.^(a),(c)		712,173
	46,862	Shoals Technologies Group, Inc., Class A^(a)		442,377
				1,154,550
		RETAIL - CONSUMER STAPLES - 0.8%
	5,990	Ollie’s Bargain Outlet Holdings, Inc.^(a)		660,757

		RETAIL - DISCRETIONARY - 1.9%
	3,746	Boot Barn Holdings, Inc.^(a),(c)		668,586
	34,897	National Vision Holdings, Inc.^(a)		919,536
				1,588,122
		SEMICONDUCTORS - 8.5%
	14,523	Aehr Test Systems^(a)		372,370
	24,245	Allegro MicroSystems, Inc.^(a)		894,883
	12,130	FormFactor, Inc.^(a)		855,044
	9,728	Lattice Semiconductor Corporation^(a)		783,299
	454	Monolithic Power Systems, Inc.		510,364
	6,429	Onto Innovation, Inc.^(a)		1,298,978
	5,462	Semtech Corporation^(a)		435,595
	1,406	SiTime Corporation^(a)		510,533

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		SEMICONDUCTORS - 8.5% (Continued)
	9,936	SkyWater Technology, Inc.^(a)	$	314,574
	7,354	Tower Semiconductor Ltd.^(a)		990,804
				6,966,444
		SOFTWARE - 11.6%
	58,969	Alignment Healthcare, Inc.^(a)		1,328,571
	10,101	BILL Holdings, Inc.^(a)		436,060
	10,574	CommVault Systems, Inc.^(a)		906,192
	14,931	DigitalOcean Holdings, Inc.^(a),(c)		824,938
	12,870	Dynatrace, Inc.^(a)		490,218
	15,287	JFrog Ltd.^(a)		837,728
	2,565	MongoDB, Inc.^(a)		952,461
	11,115	Oddity Tech Ltd., Class A^(a),(c)		365,017
	17,941	Privia Health Group, Inc.^(a)		416,590
	7,994	Procore Technologies, Inc.^(a)		451,581
	11,415	Q2 Holdings, Inc.^(a)		699,169
	27,504	UiPath, Inc., Class A^(a),(c)		346,275
	26,331	Vertex, Inc., Class A^(a)		488,440
	11,173	Wix.com Ltd.^(a)		970,263
				9,513,503
		TECHNOLOGY HARDWARE - 3.7%
	2,040	Fabrinet^(a)		998,458
	27,031	IMAX Corporation^(a)		943,652
	1,518	Teledyne Technologies Incorporated^(a)		941,615
	13,150	Velo3D, Inc.^(a)		173,186
				3,056,911
		TECHNOLOGY SERVICES - 1.6%
	29,421	Core Scientific, Inc.^(a)		529,283
	5,744	Figure Technology Solutions, Inc.^(a),(c)		326,719
	6,937	Globant SA^(a),(c)		463,947
				1,319,949

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		TRANSPORTATION & LOGISTICS - 1.1%
	2,614	Saia, Inc.^(a),(c)	$	875,350

		TOTAL COMMON STOCKS (Cost $58,612,430)		80,793,538

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 17.9%
		COLLATERAL FOR SECURITIES LOANED - 16.2%
	13,350,674	Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $13,350,674)^(b),(d)		13,350,674

		MONEY MARKET FUND - 1.7%
	1,380,383	Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $1,380,383)^(b)		1,380,383

		TOTAL SHORT-TERM INVESTMENTS (Cost $14,731,057)		14,731,057

		TOTAL INVESTMENTS - 116.1% (Cost $73,343,487)	$	95,524,595
		LIABILITIES IN EXCESS OF OTHER ASSETS - (16.1)%		(13,251,076	)
		NET ASSETS - 100.0%	$	82,273,519

ADR	- American Depositary Receipt

LTD	- Limited Company

PLC	- Public Limited Company

^(a)	Non-income producing security.

^(b)	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $12,813,439 at January 31, 2026.

^(d)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $13,350,674 at January 31, 2026.

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		CLOSED END FUNDS — 1.0%
		MIXED ALLOCATION - 1.0%
	128,764	Vietnam Enterprise Investments Ltd.^(a)	$	1,425,072

		TOTAL CLOSED END FUNDS (Cost $803,103)		1,425,072

		COMMON STOCKS — 97.2%
		AEROSPACE & DEFENSE - 2.8%
	411,681	Bharat Electronics Ltd.		2,017,817
	2,420	Hanwha Aerospace Company Ltd.		2,163,364
				4,181,181
		ASSET MANAGEMENT - 3.6%
	107,157	360 ONE WAM Ltd.		1,326,181
	14,000	Futu Holdings Ltd. - ADR^(a)		2,275,980
	4,446	SK Square Company Ltd.^(a)		1,728,349
				5,330,510
		BANKING - 14.5%
	302,802	Abu Dhabi Islamic Bank PJSC		2,008,228
	155,750	Bank of the Philippine Islands		327,783
	31,589	Bank Polska Kasa Opieki S.A.		1,921,234
	253,214	BDO Unibank, Inc.		579,962
	191,468	Commercial International Bank - Egypt (CIB)		545,745
	4,640	Credicorp Ltd. ^(b)		1,655,691
	389,450	FirstRand Ltd.		2,221,291
	367,818	Haci Omer Sabanci Holding A/S		925,469
	82,178	HDFC Bank Ltd. - ADR		2,660,923
	94,184	HDFC Bank Ltd.		955,427
	25,161	KB Financial Group, Inc.		2,338,754
	10,089	OTP Bank Nyrt		1,269,569
	1,909,900	Public Bank Bhd		2,361,284
	64,071	Saudi National Bank (The)		766,317
	45,632	Woori Financial Group, Inc.		947,964
				21,485,641
		BEVERAGES - 0.4%
	19,800	Heineken Malaysia Bhd		120,080

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		BEVERAGES - 0.4% (Continued)
	90,548	Varun Beverages Ltd.	$	465,329
				585,409
		E-COMMERCE DISCRETIONARY - 4.1%
	286,541	Alibaba Group Holding Ltd.		6,095,708

		ENGINEERING & CONSTRUCTION - 4.8%
	826,900	Gamuda Bhd		929,972
	292,023	Indus Towers Ltd.^(a)		1,421,179
	37,915	Larsen & Toubro Ltd.		1,627,573
	14,740	Samsung C&T Corporation		3,051,357
				7,030,081
		GAS & WATER UTILITIES - 1.1%
	4,016	Cia de Saneamento Basico do Estado de Sao Paulo - ADR		107,860
	54,184	Cia de Saneamento Basico do Estado de Sao Paulo ^(b)		1,453,929
				1,561,789
		HEALTH CARE FACILITIES & SERVICES - 1.3%
	178,124	Max Healthcare Institute Ltd.		1,860,882

		HOME CONSTRUCTION - 0.8%
	624,748	Talaat Moustafa Group		1,150,840

		HOUSEHOLD PRODUCTS - 0.5%
	65,700	Mao Geping Cosmetics Company Ltd. ^(c)		728,652

		INDUSTRIAL INTERMEDIATE PROD - 1.3%
	14,673	Metlen Energy & Metals plc^(a)		799,110
	127,400	Neway Valve Suzhou Company Ltd.		1,109,037
				1,908,147
		INSTITUTIONAL FINANCIAL SERVICES - 2.2%
	158,800	Banco BTG Pactual S.A.		1,804,195
	26,000	Hong Kong Exchanges & Clearing Ltd.		1,433,398
				3,237,593

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		INSURANCE - 1.6%
	201,400	AIA Group Ltd.	$	2,323,631

		INTERNET MEDIA & SERVICES - 6.1%
	22,939	Naspers Ltd.		1,404,398
	83,400	Tencent Holdings Ltd.		6,410,226
	69,500	Tencent Music Entertainment Group - ADR		1,166,210
				8,980,834
		LEISURE FACILITIES & SERVICES - 1.2%
	377,479	Lemon Tree Hotels Ltd. ^(a),(c)		532,289
	59,942	OPAP S.A.		1,208,508
				1,740,797
		MACHINERY - 0.8%
	790,000	Sany Heavy Equipment International Holdings		1,213,660

		METALS & MINING - 7.6%
	26,900	Aura Minerals, Inc.		1,713,261
	2,670,000	CGN Mining Company Ltd.		1,742,574
	277,200	Chifeng Jilong Gold Mining Company Ltd.		1,320,726
	29,320	Gold Fields Ltd.		1,449,962
	264,200	Grupo Mexico S.A.B. de C.V., Class B		2,915,681
	388,000	Zijin Mining Group Company Ltd., H Shares		2,023,025
				11,165,229
		OIL & GAS PRODUCERS - 2.3%
	376,189	Gazprom PJSC^(a),(d),(e)		—
	1,028,000	PetroChina Company Ltd., H Shares		1,221,213
	77,700	Petroleo Brasileiro S.A. - ADR		1,191,918
	17,800	Vista Energy S.A.B. de C.V. - ADR^(a)		1,076,722
				3,489,853
		REAL ESTATE OWNERS & DEVELOPERS - 1.8%
	233,500	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		1,325,559
	325,015	Emaar Properties PJSC		1,329,537
				2,655,096

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		RENEWABLE ENERGY - 1.5%
	41,700	Contemporary Amperex Technology Company Ltd.	$	2,103,184

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

		RETAIL - DISCRETIONARY - 0.6%
	162	LPP S.A.		894,675

		SEMICONDUCTORS - 20.5%
	241,000	ASE Technology Holding Company Ltd.		2,231,598
	49,000	MediaTek, Inc.		2,707,131
	9,402	SK Hynix, Inc.		5,829,774
	356,608	Taiwan Semiconductor Manufacturing Company Ltd.		19,639,716
				30,408,219
		TECHNOLOGY HARDWARE - 11.5%
	99,099	Accton Technology Corporation		3,450,897
	50,000	Asia Vital Components Co., Ltd.		2,262,495
	75,000	Delta Electronics, Inc.		2,850,672
	76,414	Samsung Electronics Company Ltd.		8,383,403
				16,947,467
		TECHNOLOGY SERVICES - 0.9%
	71,800	Infosys Ltd. – ADR ^(b)		1,262,244

		TELECOMMUNICATIONS - 1.7%
	107,547	Bharti Airtel Ltd.		2,314,082
	17,100	Vnet Group, Inc. - ADR^(a),(b)		180,063
				2,494,145
		TRANSPORTATION EQUIPMENT - 1.7%
	12,076	Eicher Motors Ltd.		938,957
	3,789	HD Hyundai Heavy Industries Company Ltd.		1,497,700
				2,436,657

		TOTAL COMMON STOCKS (Cost $88,181,414)		143,272,124

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		PREFERRED STOCKS — 1.6%
		REAL ESTATE OWNERS & DEVELOPERS — 0.2%
	47,566	Cyrela Brazil Realty S.A. Empreendimentos e^(a)	$	254,476

		TECHNOLOGY HARDWARE — 1.4%
	25,479	Samsung Electronics Company Ltd.		2,049,545

		TOTAL PREFERRED STOCKS (Cost $1,274,517)		2,304,021

		SHORT-TERM INVESTMENTS — 2.4%
		COLLATERAL FOR SECURITIES LOANED – 1.7%
	2,697,675	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,697,675) ^(g),(h)		2,697,675

		MONEY MARKET FUNDS - 0.7%
	896,575	First American Government Obligations Fund, Class X, 3.61% (Cost 896,575)^(g)		896,575
		TOTAL SHORT-TERM INVESTMENTS (COST $3,594,250)		3,594,250

		TOTAL INVESTMENTS - 102.2% (Cost $93,853,284)	$	150,595,467
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%		(3,290,275	)
		NET ASSETS - 100.0%	$	147,305,192

ADR	- American Depositary Receipt

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LTD	- Limited Company

PJSC	- Public Joint-Stock Company

PLC	- Public Limited Company

S/A	- 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 $2,570,281 at January 31, 2026.

^(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 January 31, 2026 the total market value of 144A securities is 1,260,941 or 0.9% of net assets.

^(d)	Illiquid security.

^(e)	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.

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

^(g)	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(h)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,697,675 at January 31, 2026.

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4%
		AEROSPACE & DEFENSE - 2.7%
	11,318	Airbus S.E.	$	2,592,586
	190	Dassault Aviation S.A.		72,270
	130	Elbit Systems Ltd.		91,670
	1,800	Embraer S.A.		33,140
	2,185	Leonardo SpA		146,091
	3,645	MTU Aero Engines A.G.		1,512,785
	39,911	Rolls-Royce Holdings PLC		667,189
	1,968	Safran S.A.		703,510
	3,800	Singapore Technologies Engineering Ltd.		29,211
				5,848,452
		APPAREL & TEXTILE PRODUCTS - 0.2%
	817	Adidas A.G.		144,931
	58,400	Lao Feng Xiang Company Ltd., B Shares		201,831
				346,762
		ASSET MANAGEMENT - 1.9%
	324	Futu Holdings Ltd. - ADR^(a)		52,673
	25,896	Investor A.B., B Shares		998,479
	458	SK Square Company Ltd.^(a)		178,044
	26,090	UBS Group A.G.		1,233,367
	92,176	XP, Inc., Class A		1,798,354
				4,260,917
		AUTOMOTIVE - 2.2%
	48,000	Denso Corporation		665,980
	4,244	Hyundai Mobis Company Ltd.		1,316,891
	1,761	Kia Corporation		186,079
	45,510	Magna International, Inc.		2,327,381
	4,752	Mercedes-Benz Group A.G.		324,939
				4,821,270
		BANKING - 16.3%
	2,920	ABN AMRO Bank N.V. ^(c)		107,638
	26,809	Abu Dhabi Commercial Bank PJSC		111,201
	89,854	Abu Dhabi Islamic Bank PJSC		595,925
	143,000	Agricultural Bank of China Ltd., H Shares		99,973
	17,316	AIB Group plc		193,660

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		BANKING - 16.3% (Continued)
	7,988	Al Rajhi Bank	$	228,108
	27,239	Alpha Bank S.A.		130,459
	7,148	Banca Monte dei Paschi di Siena SpA		74,190
	30,481	Banco Bilbao Vizcaya Argentaria S.A.		774,117
	5,277	Banco BPM SpA		79,139
	4,860	Banco de Chile - ADR		212,042
	24,156	Banco de Sabadell S.A.		94,807
	72,800	Banco do Brasil S.A.		347,813
	6,089	Banco Santander Chile - ADR		214,455
	85,730	Banco Santander S.A.		1,095,168
	6,714	Bank Hapoalim BM		165,966
	8,455	Bank Leumi Le-Israel BM		203,236
	4,202,000	Bank of China Ltd., H Shares		2,509,346
	229,387	Bank of Ireland Group PLC		4,662,956
	3,358	Bankinter S.A.		57,350
	131,942	Barclays PLC - ADR		1,931,100
	31,712	BNK Financial Group, Inc.		362,892
	42,074	BNP Paribas S.A.		4,551,905
	325,500	BOC Hong Kong Holdings Ltd.		1,714,067
	20,483	CaixaBank S.A.		270,518
	475	Capitec Bank Holdings Ltd.		127,530
	443,000	China Construction Bank Corporation, H Shares		447,307
	116,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		86,568
	339	Credicorp Ltd.		120,965
	3,867	Danske Bank A/S		197,018
	74,926	Emirates NBD Bank PJSC		634,499
	1,178	Erste Group Bank A.G.		153,229
	7,170	Eurobank S.A.		35,058
	6,555	FinecoBank Banca Fineco SpA		173,864
	20,336	First Abu Dhabi Bank PJSC		102,995
	75,796	Grupo Cibest S.A.		1,712,321
	12,700	Grupo Financiero Banorte SAB de CV		143,201
	1	Haci Omer Sabanci Holding A/S		1

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		BANKING - 16.3% (Continued)
	10,225	Hana Financial Group, Inc.	$	705,538
	753,100	Huaxia Bank Company Ltd.		686,862
	1,266,000	Industrial & Commercial Bank of China Ltd., H Shares		1,050,135
	26,445	ING Groep N.V.		780,288
	110,337	Intesa Sanpaolo SpA		781,520
	6,727	Israel Discount Bank Ltd., Class A		79,247
	33,887	Itau Unibanco Holding S.A.		269,813
	8,000	Japan Post Bank Company Ltd.		142,137
	5,000	Kasikornbank PCL		29,782
	12,641	KB Financial Group, Inc.		1,175,000
	115,200	Krung Thai Bank PCL		103,095
	676,503	Lloyds Banking Group PLC ^(b)		2,450,507
	700	Mizrahi Tefahot Bank Ltd.		54,756
	4,952	National Bank of Greece S.A.		87,470
	1,218	OTP Bank Nyrt		153,269
	4,500	Powszechna Kasa Oszczednosci Bank Polski S.A.		117,052
	17,423	Qatar National Bank QPSC		94,901
	923	Santander Bank Polska S.A.		144,808
	775,890	Sberbank of Russia PJSC ^(a),(d),(e)		—
	24,500	SCB X PCL		105,183
	2,831	Shinhan Financial Group Company Ltd.		164,309
	3,214	Societe Generale S.A.		281,786
	74,392	Turkiye Garanti Bankasi A/S		276,086
	1	Turkiye Is Bankasi A/S		—
	7,650	UniCredit SpA		667,009
	256,972	VTB Bank PJSC ^(a),(d),(e)		—
	2,347	Woori Financial Group, Inc.		48,757
				35,171,898
		BEVERAGES - 0.2%
	17,500	Kirin Holdings Company Ltd.		272,073
	13,600	Yakult Honsha Company Ltd.		219,769
				491,842

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		BIOTECH & PHARMA - 4.5%
	82,600	Astellas Pharma, Inc.	$	1,148,943
	29,734	AstraZeneca PLC - ADR		2,916,732
	18,700	Daiichi Sankyo Company Ltd.		342,573
	5,298	Galderma Group A.G. ^(c)		987,606
	3,025	Genmab A/S – ADR ^(a),(b)		184,015
	4,500	Innovent Biologics, Inc. ^(a),(c)		46,710
	100,000	Livzon Pharmaceutical Group, Inc.		376,336
	5,502	Novartis A.G. - ADR		818,037
	5,300	Otsuka Holdings Company Ltd.		317,298
	3,600	Roche Holding A.G. – ADR ^(b)		204,300
	16,700	Shenzhen Salubris Pharmaceuticals Company Ltd.		112,702
	3,700	Shionogi & Company Ltd.		76,179
	48,000	Sino Biopharmaceutical Ltd.		40,728
	50,700	Takeda Pharmaceutical Company Ltd.		1,725,791
	580	UCB S.A.		176,832
				9,474,782
		CHEMICALS - 2.4%
	6,600	Asahi Kasei Corporation		64,026
	412,169	Fertiglobe plc		304,268
	267,000	Formosa Chemicals & Fibre Corporation		355,989
	22,300	Hangzhou Oxygen Plant Group Co		99,962
	401,700	Hengli Petrochemical Company Ltd.		1,507,431
	29,800	Hubei Xingfa Chemicals Group Company Ltd.		173,928
	178,600	Luxi Chemical Group Company Ltd.		502,361
	120,400	Ningxia Baofeng Energy Group Company Ltd.		411,442
	2,773	Nutrien Ltd. ^(b)		191,032
	10,128	PhosAgro PJSC ^(a),(d),(e)		—
	300,000	Rongsheng Petrochemical Company Ltd.		636,384
	76,700	Satellite Chemical Company Ltd.		268,564
	11,400	Shin-Etsu Chemical Company Ltd.		374,879
	61,800	Yunnan Yuntianhua Company Ltd., Class A		339,532
				5,229,798
		COMMERCIAL SUPPORT SERVICES - 0.4%
	7,938	Brambles Ltd.		123,233

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.4% (Continued)
	618	Eurofins Scientific S.E.	$	50,018
	10,500	Recruit Holdings Company Ltd.		553,067
				726,318
		CONSTRUCTION MATERIALS - 0.9%
	3,200	AGC, Inc.		118,077
	85,663	Cemex S.A.B. de C.V. - ADR		1,069,074
	207,900	Huaxin Cement Company Ltd., Class A		747,691
				1,934,842
		CONTAINERS & PACKAGING - 0.3%
	9,363	CCL Industries, Inc., Class B		564,271

		DIVERSIFIED INDUSTRIALS - 0.0%^(f)
	1,408	Alfa Laval A.B.		81,549

		E-COMMERCE DISCRETIONARY - 0.1%
	1,935	Sea Ltd. - ADR^(a)		225,408

		ELECTRIC UTILITIES - 0.6%
	3,600	Chubu Electric Power Company, Inc.		52,302
	5,000	Kansai Electric Power Company, Inc. (The)		79,774
	13,283	Korea Electric Power Corporation – ADR ^(b)		296,787
	276,800	Tokyo Electric Power Company Holdings, Inc.^(a)		1,039,733
				1,468,596
		ELECTRICAL EQUIPMENT - 3.4%
	46,644	ABB Ltd.		4,008,989
	7,000	Chroma ATE, Inc.		214,081
	1,400	Daikin Industries Ltd.		167,760
	28,600	Delta Electronics Thailand PCL		184,549
	52,700	Guangzhou Shiyuan Electronic Technology Company		299,504
	126	HD Hyundai Electric Company Ltd.		76,659
	1,760	Kone OYJ, Class B		126,547
	38,297	NARI Technology Company Ltd.		138,466
	1,433	Prysmian SpA		169,817

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		ELECTRICAL EQUIPMENT - 3.4% (Continued)
	2,676	Riyadh Cables Group Company	$	93,138
	4,269	Siemens Energy A.G.		727,726
	264,600	TBEA Company Ltd.		1,029,452
				7,236,688
		ENGINEERING & CONSTRUCTION - 0.2%
	867	ACS Actividades de Construccion y Servicios S.A.		97,324
	2,476	Cellnex Telecom S.A. ^(c)		76,622
	1	Enka Insaat ve Sanayi A/S		2
	1,941	Ferrovial S.E.		131,172
	7,700	Keppel Corp Ltd.		66,237
				371,357
		ENTERTAINMENT CONTENT - 1.5%
	5,800	Bandai Namco Holdings, Inc.		150,501
	7,600	Capcom Company Ltd.		193,713
	123,256	Giant Network Group Company Ltd.		778,822
	3,800	Konami Group Corporation		554,882
	13,500	NetEase, Inc.		350,053
	30,400	Nexon Company Ltd.		727,287
	9,200	Toho Company Ltd.		468,257
				3,223,515
		FOOD - 0.8%
	1,350,500	WH Group Ltd. ^(c)		1,593,707

		GAS & WATER UTILITIES - 0.1%
	1,800	Osaka Gas Company Ltd.		67,576
	1,700	Tokyo Gas Company Ltd.		75,421
				142,997
		HEALTH CARE FACILITIES & SERVICES - 2.0%
	33,802	Asymchem Laboratories Tianjin Company Ltd.		481,440
	6,776	Fresenius Medical Care A.G. & Company KGaA		305,205
	12,625	Lonza Group A.G. - ADR		2,039,010
	116,372	WuXi AppTec Co., Ltd. ^(c)		1,596,167
	16,500	Wuxi Biologics Cayman, Inc. ^(a),(c)		78,083
				4,499,905

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		HOME & OFFICE PRODUCTS - 0.1%
	1	Arcelik A/S ^(a)	$	3
	24,200	Haier Smart Home Company Ltd., H Shares		79,780
	48,000	Hisense Home Appliances Group Company Ltd., H Shares		141,018
				220,801
		HOME CONSTRUCTION - 0.0%^(f)
	25	Hyosung Heavy Industries Corporation^(a)		44,529

		HOUSEHOLD PRODUCTS - 0.1%
	8,000	Kao Corporation		320,016

		INDUSTRIAL INTERMEDIATE PROD - 0.5%
	906,000	China International Marine Containers Group		1,080,695
	106	VAT Group A.G. ^(c)		68,551
				1,149,246
		INDUSTRIAL SUPPORT SERVICES - 0.3%
	99,497	Han’s Laser Technology Industry Group Company Ltd.		690,098

		INSTITUTIONAL FINANCIAL SERVICES - 0.8%
	30,000	B3 S.A. - Brasil Bolsa Balcao		92,283
	27,800	China Galaxy Securities Company Ltd.		60,035
	22,800	Hong Kong Exchanges & Clearing Ltd.		1,256,980
	5,200	Japan Exchange Group, Inc.		56,743
	4,005	London Stock Exchange Group plc – ADR ^(a),(b)		112,340
	16,300	Nomura Holdings, Inc.		147,714
				1,726,095
		INSURANCE - 5.2%
	6,653	Aegon Ltd.		52,283
	181,400	AIA Group Ltd.		2,092,883
	1,953	Allianz S.E.		860,390
	23,994	Aviva PLC		209,175
	39,000	China Life Insurance Company Ltd., H Shares		173,558
	13,600	China Pacific Insurance Group Company Ltd., H Shares		68,500
	830,000	China Reinsurance Group Corporation ^(c)		187,054
	12,290	Generali		501,572

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		INSURANCE - 5.2% (Continued)
	7,097	Hyundai Marine & Fire Insurance Company Ltd.^(a)	$	137,408
	14,300	Japan Post Holdings Company Ltd.		172,067
	11,900	MS&AD Insurance Group Holdings, Inc.		303,179
	35,287	NN Group N.V.		2,798,540
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		2,010,340
	1,143	Phoenix Holdings Ltd. (The)		55,474
	18,000	PICC Property & Casualty Company Ltd., H Shares		37,263
	3,318	Powszechny Zaklad Ubezpieczen S.A.		65,288
	1,238	Samsung Fire & Marine Insurance Company Ltd.		427,919
	31,900	Sompo Holdings, Inc.		1,100,042
				11,252,935
		INTERNET MEDIA & SERVICES - 0.8%
	1,712	Kakao Corporation		72,264
	748	NAVER Corporation		141,197
	18,600	Tencent Holdings Ltd.		1,429,619
				1,643,080
		LEISURE FACILITIES & SERVICES - 0.5%
	2,945	Aristocrat Leisure Ltd.		109,419
	10,000	Galaxy Entertainment Group Ltd.		50,807
	5,808	InterContinental Hotels Group PLC – ADR ^(b)		797,090
	5,400	Oriental Land Company Ltd.		94,533
				1,051,849
		MACHINERY - 1.2%
	7,700	FANUC Corporation		309,186
	6,459	GEA Group AG		462,074
	1,000	Keyence Corporation		366,856
	17,800	Sany Heavy Industry Co.,Ltd, Class A		56,132
	200	SMC Corporation		77,753
	7,000	Techtronic Industries Company Ltd.		95,560
	17,634	Wartsila OYJ Abp		715,250
	327,600	XCMG Construction Machinery Company Ltd.		506,089
				2,588,900
		MEDICAL EQUIPMENT & DEVICES - 2.2%
	2,836	Alcon, Inc. ^(b)		229,622

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 2.2% (Continued)
	43,800	FUJIFILM Holdings Corporation	$	874,905
	11,700	Hoya Corporation		1,962,719
	4,944	Sonova Holding A.G.		1,353,178
	27,400	Terumo Corporation		358,422
				4,778,846
		METALS & MINING - 7.8%
	3,145	Agnico Eagle Mines Ltd.		599,123
	34,311	Alamos Gold, Inc., Class A ^(b)		1,269,817
	3,238	Anglo American plc		150,138
	18,257	Anglogold Ashanti plc		1,692,868
	1,612	Antofagasta plc		80,467
	371,400	Baiyin Nonferrous Group Company Ltd.		703,630
	10,799	Barrick Mining Corporation		493,621
	5,916	Cia de Minas Buenaventura S.A.A - ADR		202,683
	837	Endeavour Mining plc		47,640
	9,404	Evolution Mining Ltd.		90,319
	4,368	First Quantum Minerals Ltd.^(a)		123,473
	13,368	Franco-Nevada Corporation ^(b)		3,132,923
	11,875	Gold Fields Ltd.		587,254
	13,922	Grupo Mexico S.A.B. de C.V., Class B		153,642
	700	Industrias Penoles S.A.B. de C.V.		40,583
	3,500	JX Advanced Metals Corporation		—
	8,114	Kinross Gold Corporation		255,523
	8,070	Lundin Mining Corporation		203,583
	378,500	MMC Norilsk Nickel PJSC ^(a),(d),(e)		—
	78,400	Nanshan Aluminium International Holdings Ltd.		643,461
	6,021	Northern Star Resources Ltd.		110,698
	2,713	Pan American Silver Corporation		148,130
	4,082	Rio Tinto Ltd.		425,330
	6,797	Sibanye Stillwater Ltd. - ADR^(a)		114,733
	9,619	Teck Resources Ltd., Class B		516,261
	10,000	Toyota Tsusho Corporation		364,188
	11,000	Vale S.A.		175,920
	359,900	Western Mining Company Ltd.		1,812,167

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		METALS & MINING - 7.8% (Continued)
	11,469	Wheaton Precious Metals Corporation ^(b)	$	1,512,417
	79,453	Zhejiang Huayou Cobalt Company Ltd., Class A		815,384
	92,300	Zhongjin Gold Corp Ltd.		466,537
	54,000	Zijin Mining Group Company Ltd.		281,555
				17,214,068
		OIL & GAS PRODUCERS - 1.8%
	80,970	BP PLC		513,393
	1,214,000	China Petroleum & Chemical Corporation, H Shares		835,474
	15,200	ENEOS Holdings, Inc.		128,467
	4,213	Equinor ASA		113,243
	334,920	Gazprom PJSC – ADR ^(a),(d),(e)		—
	5,300	Inpex Corporation		118,741
	24,250	LUKOIL PJSC ^(a),(d),(e)		—
	2,192	ORLEN S.A.		66,622
	1,184,100	PetroChina Company Ltd., H Shares		1,406,653
	54,000	PTT PCL		58,135
	4,541	Repsol S.A.		89,509
	117,940	Rosneft Oil Company PJSC ^(a),(d),(e)		—
	5,302	Saudi Aramco Base Oil Company		147,798
	6,867	Suncor Energy, Inc.		363,745
	6,830	Tatneft PJSC ^(a),(d),(e)		—
				3,841,780
		PUBLISHING & BROADCASTING - 0.0%^(f)
	7,110	Informa PLC		85,802

		REAL ESTATE OWNERS & DEVELOPERS - 0.6%
	55,000	CK Asset Holdings Ltd.		322,195
	33,223	Emaar Properties PJSC		135,905
	2,400	Hongkong Land Holdings Ltd.		20,376
	7,500	Sun Hung Kai Properties Ltd.		120,441
	204,000	Wharf Real Estate Investment Company Ltd.		708,234
				1,307,151

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		REAL ESTATE SERVICES - 0.1%
	1,491	FirstService Corporation	$	231,493

		RENEWABLE ENERGY - 0.7%
	371,000	Goldwind Science & Technology Company Ltd.		692,740
	100,100	Hengdian Group DMEGC Magnetics Company Ltd.		290,770
	5,304	Vestas Wind Systems A/S		160,773
	111,000	Zhejiang Chint Electrics Company Ltd.		466,641
				1,610,924
		RETAIL - CONSUMER STAPLES - 0.3%
	13,500	CK Hutchison Holdings Ltd.		108,854
	1,643	Dollarama, Inc.		221,419
	9,000	Pan Pacific International Holdings Corporation		53,284
	6,459	Woolworths Group Ltd.		138,628
				522,185
		RETAIL - DISCRETIONARY - 1.6%
	3,600	Fast Retailing Company Ltd.		1,373,501
	64,176	H & M Hennes & Mauritz A.B., Class B		1,285,052
	5,896	Industria de Diseno Textil S.A.		383,850
	300	Jardine Matheson Holdings Ltd.		21,831
	2,800	Ryohin Keikaku Company Ltd.		55,845
	6,267	Wesfarmers Ltd.		361,562
				3,481,641
		SEMICONDUCTORS - 13.1%
	8,810	Advantest Corporation		1,457,242
	230	ASM International N.V.		193,261
	2,987	ASML Holding N.V.		4,285,275
	5,000	Hon Precision, Inc.		593,411
	6,972	Infineon Technologies A.G.		340,984
	40,400	Kioxia Holdings Corporation ^(a)		5,526,099
	12,500	Lasertec Corporation		2,871,681
	7,000	MediaTek, Inc.		386,733
	11,773	Piotech, Inc.		596,328
	3,018	Silicon Motion Technology Corporation - ADR		358,931
	2,672	SK Hynix, Inc.		1,656,792

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		SEMICONDUCTORS - 13.1% (Continued)
	168,000	Taiwan Semiconductor Manufacturing Company Ltd.	$	9,252,378
	2,500	Tokyo Electron Ltd.		666,139
				28,185,254
		SOFTWARE - 1.6%
	272	CyberArk Software Ltd.^(a)		117,186
	3,652	Dassault Systemes S.E.		100,499
	2,408	Descartes Systems Group, Inc. (The)^(a)		179,913
	1,427	Neste OYJ		36,487
	6,500	Obic Company Ltd.		180,658
	5,200	Oracle Corp Japan		351,854
	16,738	Sage Group plc (The)		684,431
	4,707	SAP S.E.		940,793
	5,082	Shopify, Inc., Class A^(a)		666,875
	2,800	TIS, Inc.		81,475
	1,785	Wix.com Ltd.^(a),(b)		155,009
	814	Xero Ltd.^(a)		53,055
				3,548,235
		SPECIALTY FINANCE - 0.5%
	7,300	ORIX Corporation		222,468
	20,481	Samsung Card Company Ltd.		801,814
				1,024,282
		TECHNOLOGY HARDWARE - 7.1%
	3,000	Accton Technology Corporation		104,468
	70,790	Anker Innovations Technology Company Ltd.		1,014,185
	10,100	Brother Industries Ltd.		205,912
	18,800	Canon, Inc.		572,244
	659	Celestica, Inc.^(a)		185,185
	12,000	Delta Electronics, Inc.		456,108
	1,400	Fujikura Ltd.		175,959
	154,808	Hisense Visual Technology Company Ltd.		553,358
	211,000	Hon Hai Precision Industry Company Ltd.		1,452,658
	1,133,307	IRICO Display Devices Company Ltd.^(a)		1,096,418
	5,600	Kyocera Corporation		84,015
	121,659	LG Display Company Ltd. - ADR^(a)		482,986

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		TECHNOLOGY HARDWARE - 7.1% (Continued)
	538	LG Electronics, Inc.	$	36,632
	449	LG Innotek Company Ltd.		75,713
	6,662	Logitech International S.A. ^(b)		571,866
	44,812	Luxshare Precision Industry Company Ltd.		332,169
	6,200	Nintendo Company Ltd.		383,934
	23,761	Nokia OYJ		153,121
	44,016	Samsung Electronics Company Ltd.		4,963,867
	3,400	Shenzhen Longsys Electronics Company Ltd.^(a)		162,972
	16,100	Suzhou Dongshan Precision Manufacturing Company		179,503
	36,500	TDK Corporation		470,962
	14,277	Telefonaktiebolaget LM Ericsson, Class B		154,613
	16,400	Universal Scientific Industrial Shanghai Company		79,761
	7,000	Wiwynn Corporation		781,491
	111,600	Zhejiang Crystal-Optech Company Ltd.		382,495
	55,000	Zhen Ding Technology Holding Ltd.		337,582
				15,450,177
		TECHNOLOGY SERVICES - 0.8%
	1,234	CGI, Inc.		105,853
	4,480	Experian PLC		169,678
	18,100	Nomura Research Institute Ltd.		550,602
	32,700	Otsuka Corp.		648,317
	5,922	RELX PLC		211,628
	1,157	Wolters Kluwer N.V.		108,702
				1,794,780
		TELECOMMUNICATIONS - 2.0%
	5,300	Advanced Info Service PCL		58,621
	31,975	BT Group PLC		84,047
	28,576	Deutsche Telekom A.G.		959,454
	45,000	KDDI Corporation		759,769
	745,700	Maxis Bhd		723,878
	585,800	NTT, Inc.		588,651
	11,809	Rogers Communications Inc, Class B		445,776
	47,500	Singapore Telecommunications Ltd.		171,399
	21,700	Telefonica Brasil S.A.		153,966

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.4% (Continued)
		TELECOMMUNICATIONS - 2.0% (Continued)
	17,151	Telstra Group Ltd.	$	58,273
	245,517	Vodafone Group plc		361,578
				4,365,412
		TOBACCO & CANNABIS - 0.0%^(f)
	361	KT&G Corporation		38,331

		TRANSPORTATION & LOGISTICS - 2.7%
	24,800	Airports of Thailand Public Co., Ltd.		39,484
	21,600	ANA Holdings, Inc.		419,357
	15,349	Canadian National Railway Company ^(b)		1,476,880
	30,500	Central Japan Railway Company		850,881
	770,200	China Southern Airlines Company Ltd.^(a)		797,832
	10,700	East Japan Railway Company		268,612
	18,200	Hankyu Hanshin Holdings, Inc.		508,193
	58,730	International Container Terminal Services, Inc.		642,835
	6,650	Poste Italiane SpA ^(c)		175,239
	42,000	Tokyu Corporation		473,702
	15,743	Transurban Group		152,295
	1	Turk Hava Yollari AO		7
				5,805,317
		TRANSPORTATION EQUIPMENT - 2.7%
	225,714	China CSSC Holdings Ltd.		1,088,995
	2,259	HD Hyundai Heavy Industries Company Ltd.		892,928
	7,161	HD Korea Shipbuilding & Offshore Engineering Company		2,036,960
	2,520	Kongsberg Gruppen ASA		86,567
	530,000	Weichai Power Company Ltd., H Shares		1,808,029
				5,913,479
		WHOLESALE - DISCRETIONARY - 0.6%
	298,500	CITIC Metal Company Ltd.		636,012
	21,400	Pop Mart International Group Ltd. ^(c)		611,748
				1,247,760

		TOTAL COMMON STOCKS (Cost $155,263,135)		208,849,340

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 0.5%
		EQUITY - 0.5%
	11,617	iShares Core MSCI EAFE ETF (Cost $1,042,003)	$	1,092,579

		PREFERRED STOCKS — 2.4%
		AUTOMOTIVE — 0.1%
	2,443	Volkswagen A.G.		296,500

		BANKING — 0.6%
	27,900	Banco Bradesco S.A.		112,716
	44,474	Grupo Cibest S.A.		910,300
	30,076	Itau Unibanco Holding S.A.		258,624
				1,281,640

		BIOTECH & PHARMA — 0.1%
	22,988	Grifols S.A.		213,180

		INSTITUTIONAL FINANCIAL SERVICES — 0.6%
	110,420	Mirae Asset Securities Company Ltd.		1,217,378

		INSURANCE — 0.3%
	2,556	Samsung Fire & Marine Insurance Company Ltd.		660,990

		TECHNOLOGY HARDWARE — 0.7%
	19,632	Samsung Electronics Company Ltd.		1,579,209

		TOTAL PREFERRED STOCKS (Cost $2,832,305)		5,248,897

Expiration
Date

Exercise
Price

Fair Value

Warrants – 0.00% ^(f)

Software – 0.00% ^(f)

108

Constellation Software Inc (Canada) (cost $0)

04/02/2040

$0.00

—

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 3.9%
		COLLATERAL FOR SECURITIES LOANED – 3.8
	8,186,694	Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $8,186,694)^(g),(h)		8,186,694

		MONEY MARKET FUNDS - 0.1%
	315,066	Fidelity Government Portfolio, Institutional, 3.57% (Cost $315,066)^(g)		315,066
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,501,760)		8,501,760

		TOTAL INVESTMENTS – 103.2% (Cost $167,639,203)	$	223,692,576
		LIABILITIES IN EXCESS OF OTHER ASSETS- (3.2%)		(6,854,127	)
		NET ASSETS - 100.0%	$	216,838,449

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

S/A	- Société Anonyme

TAS	- Turkish Accounting Standards

USB	- US Bank

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,485,435 at January 31, 2026.

^(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 January 31, 2026, the total market value of 144A securities is 5,529,125 or 2.5% of net assets.

^(d)	Illiquid Security

^(e)	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.

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

^(g)	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(h)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $8,186,694 at January 31, 2026.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 20.8%
		COMMODITY - 17.0%
	601,900	iShares GSCI Commodity Dynamic Roll Strategy ETF ^(a)	$	16,506,566

		EQUITY - 3.8%
	34,100	Franklin FTSE Japan ETF ^(a)		1,247,378
	100	Franklin FTSE United Kingdom ETF		3,537
	6,000	Invesco Nasdaq 100 ETF		1,536,300
	400	SPDR EURO STOXX 50 ETF ^(a)		26,720
	1,230	SPDR S&P 500 ETF		851,123
				3,665,058

		TOTAL EXCHANGE-TRADED FUNDS (Cost $17,570,581)		20,171,624

Principal Amount ($)			Coupon Rate (%)	Maturity
		CORPORATE BONDS — 16.1%
		BANKING — 1.5%
	1,500,000	Oesterreichische Kontrollbank A.G.	0.5000	02/02/26	1,500,000

		BIOTECH & PHARMA — 1.8%
	1,750,000	Bristol-Myers Squibb Company	6.8000	11/15/26	1,785,695

		E-COMMERCE DISCRETIONARY — 3.1%
	3,000,000	Amazon.com, Inc.	3.1500	08/22/27	2,980,419

		GOVERNMENT GUARANTEED — 2.0%
	2,000,000	Nederlandse Financierings-Maatschappij voor	0.8750	06/15/26	1,980,122

		LOCAL AUTHORITY — 1.3%
	1,300,000	Province of Manitoba Canada	2.1250	06/22/26	1,291,328

		SPECIALTY FINANCE — 2.1%
	2,000,000	Korea Housing Finance Corporation^(b)	5.3750	11/15/26	2,023,402

		SUPRANATIONAL — 0.3%
	247,000	International Bank for Reconstruction & Development	4.7500	04/10/26	247,431

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value

		TECHNOLOGY HARDWARE — 3.2%
	2,000,000	Apple, Inc.	3.3500	02/09/27	$	1,994,233
	1,000,000	Cisco Systems, Inc.	2.5000	09/20/26		992,311
						2,986,544
		TECHNOLOGY SERVICES — 0.8%
	750,000	IBM International Capital Pte Ltd.	4.7000	02/05/26		750,052

		TOTAL CORPORATE BONDS (Cost $15,542,495)				15,544,993

		NON U.S. GOVERNMENT & AGENCIES — 11.8%
		LOCAL AUTHORITY — 5.1%
	3,000,000	Province of British Columbia Canada	2.2500	06/02/26		2,984,328
	2,000,000	Province of Ontario Canada	2.5000	04/27/26		1,993,939
						4,978,267
		SUPRANATIONAL — 6.7%
	2,000,000	Asian Development Bank	1.0000	04/14/26		1,988,929
	1,500,000	Asian Development Bank	2.6250	01/12/27		1,484,018
	3,000,000	Central American Bank for Economic Integration	5.0000	02/09/26		3,000,437
						6,473,384
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $11,443,168)				11,451,651

		U.S. GOVERNMENT & AGENCIES — 34.3%
		U.S. TREASURY NOTES — 34.3%
	3,500,000	United States Treasury Note	0.5000	02/28/26		3,491,873
	4,000,000	United States Treasury Note	2.2500	03/31/26		3,991,094
	2,000,000	United States Treasury Note	3.7500	04/15/26		2,000,361
	4,000,000	United States Treasury Note	0.7500	04/30/26		3,972,737

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 34.3% (Continued)
		U.S. TREASURY NOTES — 34.3% (Continued)
	4,000,000	United States Treasury Note	1.6250	05/15/26	$	3,977,466
	3,500,000	United States Treasury Note	0.7500	08/31/26		3,443,154
	3,000,000	United States Treasury Note	0.8750	09/30/26		2,947,001
	3,500,000	United States Treasury Note	1.1250	10/31/26		3,436,380
	3,000,000	United States Treasury Note	1.2500	11/30/26		2,943,660
	3,000,000	United States Treasury Note	1.2500	12/31/26		2,938,621
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $33,094,882)				33,142,347

Shares
		SHORT-TERM INVESTMENTS — 13.7%
		COLLATERAL FOR SECURITIES LOANED - 2.1%
	2,017,537	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,017,537)^(c),(d)		2,017,537

		MONEY MARKET FUNDS - 11.6%
	11,280,055	MSILF Government Portfolio, Institutional Class, 3.62% (Cost $11,280,055)^(c)		11,280,055
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,297,592)		13,297,592

		TOTAL INVESTMENTS – 96.7% (Cost $90,948,718)	$	93,608,207
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.3%		3,173,315
		NET ASSETS - 100.0%	$	96,781,522

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(d)		Value and Unrealized Appreciation (Depreciation)
	1	CME E-Mini Standard & Poor’s 500 Index Future	03/23/2026	$	348,288	$	2,675
	29	Eurex 10 Year Euro BUND Future	03/09/2026		4,408,124		(13,264	)
	14	Eurex EURO STOXX 50 Future	03/23/2026		988,070		(9,851	)
	30	Euro BONO Futures on long-term Spanish government	03/09/2026		4,380,811		7,348
	61	Euro-BTP Italian Bond Futures	03/09/2026		8,761,516		35,095
	61	French Government Bond Futures	03/09/2026		8,820,837		59,012
	7	FTSE 100 Index Future	03/23/2026		975,992		1,970
	71	Long Gilt Future	03/30/2026		8,826,302		(29,396	)
	4	TSE TOPIX (Tokyo Price Index) Future	03/13/2026		924,516		(9,979	)
		TOTAL LONG FUTURES CONTRACTS				$	43,610

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(e)		Value and Unrealized Appreciation (Depreciation)
	14	CBOT 10 Year US Treasury Note	03/23/2026	$	1,565,594	$	(656	)
	1	CME E-Mini NASDAQ 100 Index Future	03/23/2026		513,400		7,685
		TOTAL SHORT FUTURES CONTRACTS				$	7,029

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

LTD	- Limited 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 $1,950,587 at January 31, 2026.

^(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 January 31, 2026 the total market value of 144A securities is 2,023,402 or 2.1% of net assets.

^(c)	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(d)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,017,537 at January 31, 2026.

^(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.

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

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 — 0.7%
		BANKING — 0.7%
	85,570	Citigroup, Inc.^(b)		—			2,146,951

		TOTAL PREFERRED STOCKS (Cost $2,139,250)					2,146,951

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 34.4%
		ASSET MANAGEMENT — 2.7%
	2,450,000	CI Financial Corporation^(c)		7.5000	05/30/29		2,609,254
	3,695,000	Drawbridge Special Opportunities Fund, L.P. /^(c)		5.9500	09/17/30		3,527,242
	2,465,000	UBS Group A.G.^(c),(d)	USISSO05 + 3.321%	7.0000	07/08/74		2,501,006
							8,637,502
		AUTOMOTIVE — 1.5%
	2,429,000	Ford Motor Credit Company, LLC		6.9500	06/10/26		2,447,880
	2,195,000	General Motors Company		5.3500	04/15/28		2,251,082
							4,698,962
		BANKING — 3.5%
	3,590,000	Barclays plc^(d),(f)	USISSO05 + 3.686%	7.6250	09/15/73		3,870,791
	2,005,000	JPMorgan Chase & Company^(e)	US0003M + 0.550%	4.6700	02/01/27		1,999,953
	4,615,000	Societe Generale S.A.^(c)		5.2500	02/19/27		4,670,378
	795,000	Wells Fargo & Company		5.9500	12/01/86		837,915
							11,379,037
		CHEMICALS — 1.2%
	3,615,000	Braskem Netherlands Finance BV^(c)		4.5000	01/31/30		1,540,388
	85,000	Braskem Netherlands Finance BV^(c)		8.0000	10/15/34		34,425

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 34.4% (Continued)
		CHEMICALS — 1.2% (Continued)
	2,520,000	FMC Corporation^(d),(f)	H15T5Y + 4.366%	8.4500	11/01/55	$	2,022,816
							3,597,629
		COMMERCIAL SUPPORT SERVICES — 0.2%
	725,000	RR Donnelley & Sons Company^(c)		9.5000	08/01/29		755,069

		CONSUMER SERVICES — 0.7%
	2,300,000	Grand Canyon University		5.1250	10/01/28		2,305,805

		E-COMMERCE DISCRETIONARY — 1.4%
	1,900,000	Rakuten Group, Inc.^(c)		11.2500	02/15/27		2,025,710
	2,010,000	Rakuten Group, Inc.^(c)		9.7500	04/15/29		2,253,827
							4,279,537
		ELECTRIC UTILITIES — 2.6%
	2,895,000	Dominion Energy, Inc.^(d)	H15T5Y + 2.207%	6.6250	05/15/55		2,977,762
	5,075,000	Vistra Operations Company, LLC^(c)		4.3000	10/15/28		5,078,020
							8,055,782
		ENGINEERING & CONSTRUCTION — 0.8%
	2,345,000	IHS Holding Ltd.^(c)		5.6250	11/29/26		2,337,619

		ENTERTAINMENT CONTENT — 2.0%
	2,700,000	Discovery Communications, LLC		3.9500	03/20/28		2,654,263
	2,064,000	Paramount Global		7.8750	07/30/30		2,219,713
	1,560,000	Paramount Global		6.8750	04/30/36		1,524,461
							6,398,437
		FOOD — 0.4%
	1,205,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA		6.5000	12/01/52		1,255,707

		HEALTH CARE FACILITIES & SERVICES — 0.8%
	2,950,000	Centene Corporation		3.0000	10/15/30		2,644,082

		INSTITUTIONAL FINANCIAL SERVICES — 2.7%
	4,185,000	Credit Suisse Group A.G.^(c)	USSW5 + 4.598%	7.5000	06/11/70		1,046,250
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,653,521
	3,315,000	Jefferies Financial Group, Inc.		5.5000	02/15/36		3,276,618

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 34.4% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 2.7% (Continued)
	1,735,000	State Street Corporation^(e)	TSFR3M + 1.262%	4.9850	06/15/47	$	1,569,434
							8,545,823
		INSURANCE — 2.2%
	385,000	Farmers Exchange Capital^(c)		7.0500	07/15/28		403,382
	1,130,000	Farmers Insurance Exchange^(c),(d)	H15T10Y + 3.864%	7.0000	10/15/64		1,155,580
	3,835,000	Ohio National Financial Services, Inc.^(c)		6.8000	01/24/30		3,916,926
	1,000,000	Pacific Life Insurance Company^(c)		9.2500	06/15/39		1,354,161
							6,830,049
		LEISURE FACILITIES & SERVICES — 1.9%
	2,199,000	Flutter Treasury DAC^(c)		6.3750	04/29/29		2,268,834
	3,100,000	Resorts World Las Vegas, LLC / RWLV Capital, Inc.^(c),(f)		4.6250	04/06/31		2,658,913
	1,000,000	Voyager Parent, LLC^(c)		9.2500	07/01/32		1,062,714
							5,990,461
		METALS & MINING — 0.9%
	1,445,000	First Quantum Minerals Ltd.^(c)		8.0000	03/01/33		1,553,720
	1,340,000	First Quantum Minerals Ltd.^(c)		7.2500	02/15/34		1,408,647
							2,962,367
		OIL & GAS PRODUCERS — 2.1%
	3,000,000	Hess Corporation		6.0000	01/15/40		3,242,696
	3,075,000	Venture Global LNG, Inc.^(c),(f)		9.8750	02/01/32		3,253,239
							6,495,935
		REAL ESTATE INVESTMENT TRUSTS — 0.9%
	2,700,000	Scentre Group Trust 2^(c),(d)	H15T5Y + 4.685%	5.1250	09/24/80		2,719,734

		SEMICONDUCTORS — 0.8%
	2,375,000	Foundry JV Holdco, LLC^(c)		6.1000	01/24/36		2,504,494

		SOFTWARE — 0.7%
	1,585,000	Oracle Corporation ^(f)		4.4500	09/26/30		1,547,528
	845,000	Oracle Corporation		5.9500	09/26/55		746,988
							2,294,516
		SPECIALTY FINANCE — 2.4%
	2,930,000	AerCap Ireland Capital DAC / AerCap Global^(d)	H15T5Y + 2.441%	6.5000	01/31/56		3,014,237
	2,010,000	AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL^(d)	H15T5Y + 2.720%	6.9500	03/10/55		2,106,016

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 34.4% (Continued)
		SPECIALTY FINANCE — 2.4% (Continued)
	2,320,000	Avolon Holdings Funding Ltd.^(c)		4.9500	01/15/28	$	2,349,347
							7,469,600
		TELECOMMUNICATIONS — 2.0%
	828,000	Frontier Communications Corporation^(c)		6.7500	05/01/29		832,056
	4,857,000	Frontier Communications Holdings, LLC^(c)		6.0000	01/15/30		4,904,253
	418,500	Sprint Spectrum Company, LLC / Sprint Spectrum^(c)		5.1520	03/20/28		421,789
							6,158,098
		TOTAL CORPORATE BONDS (Cost $110,254,654)					108,316,245

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		MUNICIPAL BONDS — 0.8%
		HIGHER EDUCATION — 0.8%
	2,405,000	Maricopa County Industrial Development Authority^(c)		7.3750	10/01/29		2,564,842

		TOTAL MUNICIPAL BONDS (Cost $2,405,000)					2,564,842

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 62.7%
		U.S. TREASURY BILLS — 62.7%
	43,554,000	United States Treasury Bill^(g)		—	02/12/26		43,510,547
	45,002,000	United States Treasury Bill^(g)		—	04/09/26		44,706,410
	44,623,000	United States Treasury Bill^(g)		—	05/05/26		44,216,602
	45,271,000	United States Treasury Bill^(g)		—	06/11/26		44,699,171
	7,468,000	United States Treasury Note		3.6250	12/31/30		7,412,573
	5,925,000	United States Treasury Note		4.0000	11/15/35		5,811,592
	7,530,000	United States Treasury Note ^(o),(p)		4.7500	08/15/55		7,387,048
							197,743,943
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $198,002,660)					197,743,943

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 5.5%
		COLLATERAL FOR SECURITIES LOANED – 3.6%
	11,257,365	Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $11,257,365)^(h)	$	11,257,365

		MONEY MARKET FUND - 1.9%
	6,083,563	First American Government Obligations Fund, Class X, 3.61% (Cost $6,083,563)⁽ⁱ⁾		6,083,563
		TOTAL SHORT-TERM INVESTMENTS (Cost $17,340,928)		17,340,928

		TOTAL INVESTMENTS – 104.1% (Cost $318,942,857)	$	328,118,609
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%		(12,943,366	)
		NET ASSETS - 100.0%	$	315,175,243

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Appreciation
	31	CBOT 10 Year US Treasury Note	03/23/2026	$	3,466,672	$	46,258
	139	CBOT 5 Year US Treasury Note	04/01/2026		15,141,226		114,203
	56	CBOT US Treasure Bond Futures	03/23/2026		6,447,000		128,839
	125	Ultra 10-Year US Treasury Note Futures	03/23/2026		14,269,531		226,925
	41	Ultra U.S. Treasury Bond Futures	03/23/2026		4,814,938		146,007
		TOTAL FUTURES CONTRACTS				$	662,232

CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency	Payment Frequency	Counterparty	Fixed Deal (Pay) Rate	Implied Credit Spread (m)	Maturity Date	Notional Value			Fair Value⁽ⁿ⁾			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.IG SERIES 45	Quarterly⁽¹⁾	HSBC Securities	5.00%	296.24	12/20/2030	$	17,000,000			(1,504,073	)		(1,441,696	)	$	(62,377	)
CDX.NA.IG SERIES 45	Quarterly⁽¹⁾	HSBC Securities	1.00%	49.40	12/20/2030		41,000,000			(969,614	)		(994,754	)	$	25,140
DARDEN RESTAURANTS INC	Quarterly⁽¹⁾	Barclays	1.00%	18.00	6/20/2027		7,000,000			(85,805	)		(6,433	)	$	(79,372	)
ORACLE CORPORATION^(k)	Quarterly⁽²⁾	Barclays	1.00%	156.00	12/20/2030		(10,000,000	)		(232,630	)		185,210		$	(417,840	)
LENNAR CORPORATION^(k)	Quarterly⁽²⁾	Barclays	5.00%	62.00	12/20/2029		(5,000,000	)		821,971			768,274		$	53,697
NEXTERA ENERGY CAPITAL HOLDINGS, INC^(k)	Quarterly⁽²⁾	Barclays	1.00%	51.00	6/20/2030		(7,000,000	)		146,118			114,877		$	31,241
SEMPRA ENERGY	Quarterly⁽¹⁾	Barclays	1.00%	32.00	6/20/2030		7,000,000			(203,023	)		(179,814	)	$	(23,209	)
THE CAMPBELLS COMPANY	Quarterly⁽¹⁾	Barclays	1.00%	64.00	12/20/2030		10,000,000			(170,612	)		(221,317	)	$	50,705
TOLL BROTHERS INC.	Quarterly⁽¹⁾	Barclays	1.00%	58.00	12/20/2029		5,000,000			(82,126	)		(46,887	)	$	(35,239	)
VERIZON COMMUNICATIONS INC^(k)	Quarterly⁽²⁾	Barclays	1.00%	29.00	6/20/2027		(7,000,000	)		75,438			1,158		$	74,280
TOTAL										(2,204,356	)		(1,821,382	)		(382,974	)

(1)

Buy Protection

(2)

Sell Protection

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF FUTURES CONTRACTS

January 31, 2026 (Unaudited)

TOTAL RETURN SWAPS

Description

Frequency

Counterparty

Notional
Value

Variable
Rate
Premium
Received

Maturity
Date

Unrealized
Depreciation

Markit IBoxx US Dollar Liquid High Yield Index

At Maturity

Goldman Sachs

14,000,000

US0001M

3/20/2026

(103,597

)

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

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

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

US0001M	ICE LIBOR USD 1 Month

US0003M	ICE LIBOR USD 3 Month

TSFR3M	Secured Overnight Financing Rate 3 month

USISSO05	5Y SOFR Swap Rate

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 January 31, 2026 the total market value of 144A securities is 63,717,519 or 20.2% of net assets.

^(d)	Variable rate security; the rate shown represents the rate on January 31, 2026.

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

^(f)	All or a portion of these securities are on loan. The total loaned securities had a value of $11,042,142 at January 31, 2026.

^(g)	Zero coupon bond.

^(h)	Security was purchased with the cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $11,257,365 at January 31, 2026.

⁽ⁱ⁾	Rate disclosed is the seven day effective yield as of January 31, 2026.

^(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 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 obligation or underlying securities comprising 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)	Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of January 31, 2026, will serve as an indicator of payment/performance risk and represent the likelihood of risk of default for the credit derivative.

⁽ⁿ⁾	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.

⁽⁰⁾	All or portion of security held as collateral for Futures at January 31, 2026. Collateral for futures had a market value of $1,403,664 at January 31, 2026.

^(p)	All or portion of security held as collateral for Swaps at January 31, 2026. Collateral for swaps had a market value of $1,900,654 at January 31, 2026.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		CLOSED END FUND — 1.2%
		EQUITY - 1.2%
	2,468,782	Altaba, Inc.^(h)	$	3,209,417

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

Shares			Fair Value
		COMMON STOCKS — 73.5%
		ASSET MANAGEMENT - 4.0%
	227,036	Janus Henderson Group PLC		10,927,243

		BANKING - 4.9%
	148,965	Comerica, Inc.		13,208,727

		BEVERAGES - 3.9%
	280,057	JDE Peet’s N.V.		10,502,137

		BIOTECH & PHARMA - 1.5%
	56,181	Avidity Biosciences, Inc.^(a)		4,077,055

		CABLE & SATELLITE - 2.4%
	136,069	Liberty Broadband Corporation - Series C^(a)		6,546,280

		ELECTRIC UTILITIES - 8.0%
	163,051	Northwestern Energy Group, Inc.^(f)		11,064,641
	181,652	TXNM Energy, Inc.		10,702,936
				21,767,577
		ENTERTAINMENT CONTENT - 9.2%
	26,621	Electronic Arts, Inc.		5,428,554
	142,543	Fox Corporation, Class B		9,346,545
	372,805	Warner Bros Discovery, Inc.^(a)		10,267,050
				25,042,149
		GAS & WATER UTILITIES - 1.6%
	113,044	Essential Utilities, Inc.		4,384,977

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 73.5% (Continued)
		HOUSEHOLD PRODUCTS - 3.1%
	487,729	Kenvue, Inc.^(f)	$	8,486,485

		INDUSTRIAL INTERMEDIATE PROD - 2.5%
	32,785	Chart Industries, Inc.^(a)		6,797,642

		MEDICAL EQUIPMENT & DEVICES - 6.5%
	79,253	Exact Sciences Corporation^(a)		8,110,752
	125,394	Hologic, Inc.^(a)		9,395,772
				17,506,524
		METALS & MINING - 3.1%
	850,148	New Gold, Inc.^(a)		8,526,984

		OIL & GAS PRODUCERS - 4.2%
	84,102	Columbia Pipeline Group, Inc.^(a),(h)		—
	840,000	NuVista Energy Ltd.^(a)		11,499,159
				11,499,159
		PUBLISHING & BROADCASTING - 1.7%
	167,755	News Corporation, Class A		4,534,418

		SOFTWARE - 8.4%
	133,546	Confluent, Inc., Class A^(a)		4,078,495
	19,749	CyberArk Software Ltd.^(a)		8,508,461
	97,407	Dayforce, Inc.^(a)		6,747,383
	144,526	Onestream, Inc.^(a)		3,412,259
				22,746,598
		SPECIALTY FINANCE - 3.4%
	144,219	Air Lease Corporation^(f)		9,320,874

		TELECOMMUNICATIONS - 0.0%^(b)
	205,893	NII Holdings, Inc. 144A^(a),(c),(h)		72,063

		TRANSPORTATION & LOGISTICS - 1.5%
	1,025	American Airlines Group, Inc.^(a)		13,633
	101,283	American Airlines Group, Inc. Escrow Security^(a),(h)		—

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 73.5% (Continued)
		TRANSPORTATION & LOGISTICS - 1.5% (Continued)
	13,890	Norfolk Southern Corporation	$	4,045,323
				4,058,956
		TRANSPORTATION EQUIPMENT - 3.6%
	151,656	REV Group, Inc.		9,690,818


		TOTAL COMMON STOCKS (Cost $195,890,782)		199,696,666

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.3%
		ASSET MANAGEMENT - 0.0% ^(b)
	117,447	Pershing Square Sparc Holdings Ltd^(h)	9/29/2034	$	—		35,234

		BIOTECH & PHARMA - 0.0% ^(b)
	47,455	Novo Nordisk A/S^(h)					23,728

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

		MEDICAL EQUIPMENT & DEVICES - 0.0% ^(b)
	34,956	ABIOMED, Inc. - CVR^(h)	12/31/2034	$	35.00		55,929


		TOTAL RIGHT (Cost $874,632)					913,223

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.0%
		COLLATERAL FOR SECURITIES LOANED - 1.9%
	5,245,140	Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $5,245,140)^(d),(g)		5,245,140

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.0% (Continued)
		MONEY MARKET FUND - 12.1%
	32,794,843	Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $32,794,843)^(d)	$	32,794,843

		TOTAL SHORT-TERM INVESTMENTS (Cost $38,039,983)		38,039,983

		TOTAL INVESTMENTS - 89.0% (Cost $257,642,781)	$	241,859,289
		CALL OPTIONS WRITTEN - (0.1)% (Premiums received - $387,597)		(247,185	)
		TOTAL SECURITIES SOLD SHORT – (34.2)% (Proceeds - $88,199,412)		(93,239,057	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 45.3%		122,952,322
		NET ASSETS - 100.0%	$	271,325,369

Contracts^(e)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (0.1)%
		CALL OPTIONS WRITTEN- (0.1)%
	1,831	Warner Bros Discovery, Inc.	Morgan Stanley	06/18/2026	$	29	$	5,042,574	$	247,185
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $387,597)

		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $387,597)							$	247,185

A/S	- Anonim Sirketi

LTD	- Limited Company

PLC	- Public Limited Company

^(a)	Non-income producing security.

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

^(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 January 31, 2026 the total market value of 144A securities is 72,063 or 0.0% of net assets.

^(d)	Rate disclosed is the seven day effective yield as of January 31, 2026.

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

^(f)	All or a portion of these securities are on loan. Total loaned securities had a value of $5,123,573 at January 31, 2026.

^(g)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $5,245,140 at January 31, 2026.

^(h)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 1.55% of net assets. The total value of these securities is $4,194,703.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

January 31, 2026

Shares				Fair Value
			COMMON STOCKS — (34.2)%
			BANKING - (5.2)%
	(278,016	)	Fifth Third Bancorp	$	(13,961,964	)

			CABLE & SATELLITE - (2.4)%
	(32,119	)	Charter Communications, Inc., Class A		(6,620,369	)

			ELECTRIC UTILITIES - (4.3)%
	(159,619	)	Black Hills Corporation		(11,648,995	)

			ENTERTAINMENT CONTENT - (3.4)%
	(128,465	)	Fox Corporation, Class A		(9,349,683	)

			GAS & WATER UTILITIES - (1.6)%
	(34,480	)	American Water Works Company, Inc.		(4,452,403	)

			HOUSEHOLD PRODUCTS - (2.6)%
	(71,332	)	Kimberly-Clark Corporation		(7,132,487	)

			INSURANCE - (0.4)%
	(15,932	)	Brighthouse Financial, Inc.		(1,020,604	)

			MACHINERY - (3.1)%
	(148,760	)	Terex Corporation		(8,479,320	)

			METALS & MINING - (3.1)%
	(421,590	)	Coeur Mining, Inc.		(8,617,299	)

			OIL & GAS PRODUCERS - (2.3)%
	(144,300	)	Ovintiv, Inc.		(6,272,721	)

			PUBLISHING & BROADCASTING - (1.8)%
	(151,985	)	News Corporation, Class B		(4,726,734	)

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

January 31, 2026

Shares				Fair Value
			COMMON STOCKS — (34.2)% (Continued)
			SOFTWARE - (2.8)%
	(43,459	)	Palo Alto Networks, Inc.	$	(7,690,939	)

			TRANSPORTATION & LOGISTICS - (1.2)%
	(13,890	)	Union Pacific Corporation		(3,265,539	)


			TOTAL SECURITIES SOLD SHORT - (Proceeds - $88,199,412)	$	(93,239,057	)

FORWARD FOREIGN CURRENCY CONTRACTS

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Canadian Dollar	02/13/2026	Morgan Stanley FX		5,048,680	$	3,709,285	$	102,405
Japanese Yen	02/17/2026	Morgan Stanley FX		1,404,807,964		9,087,363		53,228
					$	12,796,648	$	155,633

To Sell:
Euro	02/12/2026	Morgan Stanley FX		8,919,815	$	10,582,731	$	(209,805	)
Canadian Dollar	02/13/2026	Morgan Stanley FX		12,608,680		9,263,645		(232,751	)
Hong Kong Dollar	02/13/2026	Morgan Stanley FX		63,572,320		8,140,246		49,077
Japanese Yen	02/17/2026	Morgan Stanley FX		1,404,807,967		9,087,364		71,633
					$	37,073,986	$	(321,846	)

Total							$	(166,213	)

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2%
		DATA CENTER REIT - 8.3%
	11,994	Digital Realty Trust, Inc.	$	1,990,404
	4,227	Equinix, Inc.		3,470,071
				5,460,475
		HEALTH CARE FACILITIES & SERVICES - 1.2%
	47,283	Chartwell Retirement Residences		702,146

		HEALTH CARE REIT - 16.5%
	63,450	American Healthcare REIT, Inc.		2,976,440
	15,069	National Health Investors, Inc.		1,237,466
	35,661	Welltower, Inc.^(a),(b)		6,717,105
				10,931,011
		HOTEL REIT - 1.1%
	83,558	Sunstone Hotel Investors, Inc.		732,804

		INDUSTRIAL REIT - 16.0%
	34,753	First Industrial Realty Trust, Inc.		2,016,717
	6,829	Goodman Group^(a)		146,149
	22,335	LXP Industrial Trust		1,106,699
	43,888	Prologis, Inc.^(a)		5,730,017
	685,133	Tritax Big Box REIT plc		1,549,684
				10,549,266
		MULTI ASSET CLASS REIT - 4.6%
	20,943	FrontView REIT, Inc.		343,675
	446,104	LondonMetric Property plc		1,220,238
	98,004	Veris Residential, Inc.		1,488,681
				3,052,594
		OFFICE REIT - 5.4%
	14,450	Hudson Pacific Properties, Inc.		124,559
	571	Japan Excellent, Inc.		551,955
	1,291	Nippon Building Fund, Inc.		1,197,054
	37,651	SL Green Realty Corporation^(a),(b)		1,686,012
				3,559,580
		REAL ESTATE INVESTMENT TRUSTS - 4.2%
	25,546	Iron Mountain, Inc.		2,353,553

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		REAL ESTATE INVESTMENT TRUSTS - 4.2% (Continued)
	114,250	Stockland^(a)	$	428,865
				2,782,418
		RESIDENTIAL REIT - 11.1%
	11,574	Aedifica S.A.		1,017,804
	12,754	Equity Residential		794,829
	133,922	Independence Realty Trust, Inc.		2,236,497
	2,285	Mitsui Fudosan Accommodations Fund, Inc.		2,041,945
	33,469	UDR, Inc.		1,243,373
				7,334,448
		RETAIL REIT - 22.7%
	30,557	Agree Realty Corporation^(a)		2,207,132
	430,152	CapitaLand Integrated Commercial Trust^(a)		808,099
	62,579	Curbline Properties Corporation^(b)		1,517,541
	45,242	Essential Properties Realty Trust, Inc.		1,373,547
	9,031	Kimco Realty Corporation^(a),(b)		190,373
	1,749,500	Lendlease Global Commercial REIT		880,113
	112,522	Link REIT^(a)		517,372
	42,739	NETSTREIT Corporation^(a),(b)		805,203
	11,720	Regency Centers Corporation		854,036
	17,176	Simon Property Group, Inc.		3,285,941
	13,592	Unibail-Rodamco-Westfield		1,499,118
	635,139	Vicinity Centres^(a)		1,088,127
				15,026,602
		SELF-STORAGE REIT - 4.1%
	57,028	National Storage Affiliates Trust		1,814,061
	28,546	Smartstop Self Storage REIT, Inc. ^(b)		897,486
				2,711,547
		SELF-STORAGE REITS - 2.1%
	37,188	CubeSmart		1,395,666

		SPECIALTY REIT - 0.3%
	3,650	EPR Properties^(a)		197,976

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		TELECOMMUNICATIONS - 0.6%
	45,700	NEXTDC Ltd.	$	423,932


		TOTAL COMMON STOCKS (Cost $59,015,977)		64,860,465

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 8.0%
		COLLATERAL FOR SECURITIES LOANED - 6.3%
	4,163,210	Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $4,163,210)^(c),(d)		4,163,210

		MONEY MARKET FUND - 1.7%
	1,139,366	Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $1,139,366)^(c)		1,139,366

		TOTAL SHORT-TERM INVESTMENTS (Cost $5,302,576)		5,302,576

		TOTAL INVESTMENTS - 106.2% (Cost $64,318,553)	$	70,163,041
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%		(4,120,441	)
		NET ASSETS - 100.0%	$	66,042,600

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- 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 $4,101,092 at January 31, 2026.

^(c)	Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $4,163,210 at January 31, 2026.

^(d)	Rate disclosed is the seven day effective yield as of January 31, 2026.

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 26.8%
		U.S. TREASURY BILLS — 15.3%
	20,000,000	United States Treasury Bill^(a),(b)	3.3891	03/03/26	$	19,941,632

		U.S. TREASURY NOTES — 11.5%
	16,000,000	United States Treasury Note	1.2500	09/30/28		15,061,563

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $35,059,463)				35,003,195

Shares
		SHORT-TERM INVESTMENTS — 32.1%
		MONEY MARKET FUNDS - 32.1%
	41,949,500	Fidelity Government Portfolio, Institutional, 3.57% (Cost $41,949,500)^(c)	41,949,500

Contracts^(d)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value
		FLEX OPTIONS PURCHASED - 41.1%
		CALL OPTIONS PURCHASED - 41.1%
	100	S&P 500 INDEX	Societe Generale	06/11/2029	$	5,450	$	54,500,000		23,171,861
	150	S&P 500 INDEX	Societe Generale	01/31/2030		6,100		91,500,000		30,400,781
		TOTAL CALL OPTIONS PURCHASED (Cost - $35,243,421)								53,572,642

		TOTAL FLEX OPTIONS PURCHASED (Cost - $35,243,421)								53,572,642

		TOTAL INVESTMENTS – 100.0% (Cost $112,252,384)							$	130,525,337
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%^(e)								52,737
		NET ASSETS - 100.0%							$	130,578,074

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(f)		Value and Unrealized Appreciation (Depreciation)
	115	CBOT 10 Year US Treasury Note Future	03/23/2026	$	12,860,234	$	(168,907	)
	235	CBOT 2 Year US Treasury Note Future	04/01/2026		48,995,664		(97,273	)
	460	CBOT 5 Year US Treasury Note Future	04/01/2026		50,107,657		(384,259	)
	30	CBOT US Treasure Bond Future	03/23/2026		3,453,750		(62,109	)

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2026

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(f)		Value and Unrealized Appreciation (Depreciation)
	32	CME E-Mini Standard & Poor’s 500 Index Future	03/23/2026	$	11,145,200	$	139,698
		TOTAL LONG FUTURES CONTRACTS				$	(572,850	)

^(a)	Zero coupon bond.

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

^(c)	Rate disclosed is the seven day effective yield as of January 31, 2026.

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

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

^(f)	The amounts shown are the underlying reference notional amounts 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.