DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 24.1%
		AUTO LOAN — 3.6%
	595,000	American Credit Acceptance Receivables Trust Series 2025-1 C^(a)	5.0900	08/12/31	$	596,824
	446,000	Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A B^(a)	6.8700	06/17/30		450,055
	556,000	Avis Budget Rental Car Funding AESOP, LLC Series 2024-2A D^(a)	7.4300	10/20/28		562,255
	465,000	Bridgecrest Lending Auto Securitization Trust Series 2025-1 C	5.1500	12/17/29		467,038
	560,000	Bridgecrest Lending Auto Securitization Trust Series 2025-2 D	5.6200	03/17/31		564,295
	705,000	Carmax Select Receivables Trust Series 2025-B C	4.8300	06/16/31		700,478
	595,350	Carvana Auto Receivables Trust Series 2021-P3 B	1.4200	08/10/27		593,223
	11,182	Carvana Auto Receivables Trust Series 2021-N1 C	1.3000	01/10/28		11,173
	16,127	Carvana Auto Receivables Trust Series 2021-N2 C	1.0700	03/10/28		15,920
	330,000	Carvana Auto Receivables Trust Series 2023-N4 C^(a)	6.5900	02/11/30		335,257
	374,917	Carvana Auto Receivables Trust Series 2024-N1 B^(a)	5.6300	05/10/30		376,687
	675,000	Consumer Portfolio Services Auto Trust Series 2025-B C^(a)	5.1200	07/15/31		676,886
	249,936	CPS Auto Receivables Trust Series 2024-A C^(a)	5.7400	04/15/30		250,786
	174,631	Credit Acceptance Auto Loan Trust Series 2024-1A A^(a)	5.6800	03/15/34		175,133
	96,462	DT Auto Owner Trust Series 2023-3A C^(a)	6.4000	05/15/29		96,822
	700,000	Exeter Automobile Receivables Trust Series 2025-4 B	4.4000	05/15/30		698,840
	840,000	Exeter Automobile Receivables Trust Series 2026-2A C	4.9100	08/16/32		830,600
	800,000	Exeter Automobile Receivables Trust Series 2026-3A D	5.4400	10/15/32		797,729
	850,000	FHF Issuer Trust Series 2026-1A A2^(a)	5.4100	09/16/30		852,617
	6,090	FHF Trust Series 2023-1A A2^(a)	6.5700	06/15/28		6,095
	181,056	FinBe USA Trust Series 2025-1A A^(a)	5.7000	12/15/28		180,978
	330,000	Flagship Credit Auto Trust Series 2024-1 C^(a)	5.7900	02/15/30		330,680
	339,000	LAD Auto Receivables Trust Series 2023-4A C^(a)	6.7600	03/15/29		343,574
	102,783	Lendbuzz Securitization Trust Series 2024-2A A2^(a)	5.9900	05/15/29		103,237
	36,556	Merchants Fleet Funding, LLC Series 2023-1A A^(a)	7.2100	05/20/36		36,646
	506,000	Prestige Auto Receivables Trust Series 2025-1A C^(a)	5.5200	02/15/30		507,347
	650,000	Santander Drive Auto Receivables Trust Series 2025-4 C	4.5200	01/15/32		644,393
	276,000	SBNA Auto Receivables Trust Series 2024-A C^(a)	5.5900	01/15/30		278,304
	37,520	United Auto Credit Securitization Trust Series 2022-2 D^(a)	6.8400	01/10/28		37,551
	590,000	Veros Auto Receivables Trust Series 2025-1 B^(a)	5.5400	07/16/29		592,570
	17,296	Westlake Automobile Receivables Trust Series 2024-1A B^(a)	5.5500	11/15/27		17,303
	474,697	Westlake Automobile Receivables Trust Series 2024-2A B^(a)	5.6200	03/15/30		475,918
						12,607,214

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 24.1% (Continued)
		CLO — 0.1%
	480,944	UPX HIL Issuer Trust Series 2025-1 A^(a)	5.1600	01/25/47	$	477,700

		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1%
	326,551	A&D Mortgage Trust Series 2023-NQM3 A1^(a),(b)	6.7330	07/25/68		325,761
	480,552	A&D Mortgage Trust Series 2025-NQM2 A1^(a),(c)	5.7900	06/25/70		482,370
	634,139	A&D Mortgage Trust Series 2025-NQM4 A1A^(a),(b)	5.2250	10/25/70		630,074
	31,551	Angel Oak Mortgage Trust Series 2020-R1 A2^(a),(c)	1.2470	04/25/53		30,574
	733,667	Angel Oak Mortgage Trust Series 2022-5 A1^(a),(b)	5.5000	05/25/67		732,687
	687,632	Angel Oak Mortgage Trust Series 2023-1 A1^(a),(b)	4.7500	09/26/67		686,412
	153,524	Arroyo Mortgage Trust Series 2019-1 A1^(a),(c)	3.8050	01/25/49		149,554
	38,141	Arroyo Mortgage Trust Series 2019-2 A1^(a),(c)	3.3470	04/25/49		36,965
	770,000	Arroyo Mortgage Trust Series 2020-1 A3^(a)	3.3280	03/25/55		708,571
	469,412	Aspire Mortgage Trust Series 2026-1 A1^(a),(c)	4.8550	01/25/66		463,578
	57,263	Bunker Hill Loan Depositary Trust Series 2019-2 A1^(a),(b)	2.8790	07/25/49		56,348
	584,760	CIM TRUST Series 2022-R2 A1^(a),(c)	3.7500	12/25/61		545,430
	279,646	Citigroup Mortgage Loan Trust Series 2025-INV1 A2^(a),(c)	6.0000	01/25/55		280,817
	348,236	Citigroup Mortgage Loan Trust Series 2019-RP1^(a),(c)	3.5000	01/25/66		341,219
	522,670	COOPR Residential Mortgage Trust Series 2025-CES2 A1A^(a),(b)	5.5020	06/25/60		522,385
	405,745	Deephaven Residential Mortgage Trust Series 2025-INV1 A1^(a),(c)	5.0870	11/25/60		401,926
	652,150	Deephaven Residential Mortgage Trust Series 2022-1 A1^(a),(c)	2.2050	01/25/67		598,498
	348,102	Deephaven Residential Mortgage Trust Series 2026-INV3 A1^(a),(c)	5.4730	06/25/71		347,334
	86,579	Ellington Financial Mortgage Trust Series 2019-2 A3^(a),(c)	3.0460	11/25/59		84,556
	747,820	Ellington Financial Mortgage Trust Series 2025-CES4 A1^(a),(b)	5.4310	06/25/60		746,536
	608,400	Ellington Financial Mortgage Trust Series 2025-NQM2 A1^(a),(c)	5.5960	06/25/70		608,840
	16,643	Flagstar Mortgage Trust Series 2017-1 1A3^(a),(c)	3.5000	03/25/47		15,060
	260,505	Foundation Finance Trust Series 2024-2A A^(a)	4.6000	03/15/50		257,511
	178,102	Imperial Fund Mortgage Trust Series 2022-NQM3 A1^(a),(b)	5.3800	05/25/67		177,539
	4,616	JP Morgan Mortgage Trust Series 2017-5 A1^(a),(c)	4.7260	12/15/47		4,653
	547,057	JP Morgan Mortgage Trust Series 2017-4 A3^(a),(c)	3.5000	11/25/48		493,687
	878,014	JP Morgan Mortgage Trust Series 2017-4 A13^(a),(c)	3.5000	11/25/48		790,492
	1,294,634	JP Morgan Mortgage Trust Series 2021-INV2 A4^(a),(c)	2.5000	12/25/51		1,146,490
	201,464	JP Morgan Mortgage Trust Series Series 2025-CES1 A1^(a),(c)	5.6660	05/25/55		201,834
	339,989	JP Morgan Mortgage Trust Series Series 2025-NQM2 A1^(a),(c)	5.5670	09/25/65		339,843
	860,117	JP Morgan Mortgage Trust Series Series 2026-ACES1 A1^(a),(c)	4.8940	04/25/66		848,862

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 24.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% (Continued)
	293,340	JP Morgan Seasoned Mortgage Trust Series Series 2024-1 A4^(a),(c)		4.3580	10/25/54	$	283,931
	425,000	LHOME Mortgage Trust Series 2024-RTL4 A1^(a),(b)		5.9210	07/25/39		425,836
	100,000	Metlife Securitization Trust Series 2017-1A M1^(a),(c)		3.3350	04/25/55		89,143
	10,280	Metlife Securitization Trust Series 2019-1A A1A^(a),(c)		3.7500	04/25/58		10,173
	668,761	MFA Trust Series 2023-INV2 A1^(a),(b)		6.7750	10/25/58		668,460
	632,541	MFA Trust Series 2022-INV1 A1^(a),(b)		4.9070	04/25/66		620,282
	978,200	MFA Trust Series 2022-NQM2 A1^(a),(b)		5.0000	05/25/67		946,534
	552,496	MFA Trust Series 2024-NQM2 A1^(a),(b)		5.2720	08/25/69		550,645
	148,169	Mill City Mortgage Loan Trust Series 2019-GS2 A1^(a),(c)		2.7500	08/25/59		144,610
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2^(a),(c)		3.5000	10/25/69		183,163
	602,350	New Residential Mortgage Loan Trust Series 2016-4A A1^(a),(c)		3.7500	11/25/56		563,191
	439,208	New Residential Mortgage Loan Trust Series 2017-2A A3^(a),(c)		4.0000	03/25/57		419,996
	607,047	New Residential Mortgage Loan Trust Series 2018-1A A1A^(a),(c)		4.0000	12/25/57		583,970
	16,440	New Residential Mortgage Loan Trust Series 2021-NQ2R A1^(a),(c)		0.9410	09/25/58		15,841
	553,500	New Residential Mortgage Loan Trust Series 2022-NQM2 A1^(a),(c)		3.8500	03/27/62		516,586
	191,516	New Residential Mortgage Loan Trust Series 2024-NQM3 A1^(a),(b)		5.4660	11/25/64		191,109
	352,643	New Residential Mortgage Loan Trust Series 2026-NQM3 A1^(a),(c)		4.8330	02/25/66		347,379
	759,247	NYMT Loan Trust Series 2022-CP1 A1^(a)		2.0420	07/25/61		711,588
	329,772	NYMT Loan Trust Series 2024-CP1 A1^(a)		3.7500	02/25/68		302,072
	491,374	OBX Trust Series 2024-HYB1 A1^(a),(c)		3.6710	03/25/53		494,471
	236,991	OBX Trust Series 2024-HYB2 A1^(a),(c)		3.6990	04/25/53		237,996
	179,093	OBX Trust Series 2024-NQM9 A1^(a),(b)		6.0300	01/25/64		179,762
	638,426	PMT Loan Trust Series 2025-INV3 A3^(a),(c)		5.5000	03/25/56		629,028
	635,936	PMT Loan Trust Series 2025-INV7 A7^(a),(c)		6.0000	06/25/56		634,896
	292,881	PMT Loan Trust Series 2024-INV1 A2^(a),(c)		6.0000	10/25/59		295,274
	159,783	PMT Loan Trust Series 2024-INV2 A1^(a),(c)		6.0000	12/25/59		160,851
	741,977	PRKCM Trust Series 2026-AFC3 A1^(a),(c)		5.3840	05/01/61		737,899
	227,224	RCKT Mortgage Trust Series 2023-CES1 A1A^(a),(c)		6.5150	06/25/43		226,950
	354,748	RCKT Mortgage Trust Series 2023-CES2 A1A^(a),(c)		6.8080	09/25/43		354,588
	487,913	RCKT Mortgage Trust Series 2024-CES3 A1A^(a),(c)		6.5910	05/25/44		490,973
	42,152	RCKT Mortgage Trust Series 2020-1 A1^(a),(c)		3.0000	02/25/50		35,948
	35,394	Starwood Mortgage Residential Trust Series 2020-1 A1^(a),(c)		2.2750	02/25/50		34,174
	635,365	Starwood Mortgage Residential Trust Series 2021-5 A2^(a),(c)		2.1780	09/25/66		543,429
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1^(a),(d)	TSFR1M + 1.714%	5.4390	05/25/58		265,887

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 24.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% (Continued)
	365,000	Towd Point Mortgage Trust Series 2021-1 A2^(a),(c)		2.7500	11/25/61	$	314,475
	376,743	Towd Point Mortgage Trust Series 2024-1 A1^(a),(c)		4.9270	03/25/64		382,108
	394,193	Verus Securitization Trust Series 2023-8 A1^(a),(b)		6.2590	12/25/68		394,843
	267,540	Verus Securitization Trust Series 2025-7 A1^(a),(b)		5.1290	08/25/70		266,827
	128,686	Wells Fargo Mortgage Backed Securities Series 2020-4 A1^(a),(c)		3.0000	07/25/50		109,841
							27,421,135
		HOME EQUITY — 0.3%
	438,106	Santander Mortgage Asset Receivable Trust Series 2025-CES1 A1A^(a),(b)		5.0360	09/25/55		433,121
	647,838	Towd Point Mortgage Trust Series 2025-CES4 A1A^(a),(b)		5.0910	10/25/65		641,246
							1,074,367
		NON AGENCY CMBS — 5.1%
	610,000	ALA Trust Series 2025-OANA A^(a),(d)	TSFR1M + 1.743%	5.4200	06/15/30		613,156
	613,000	BBCMS Trust Series 2018-CBM A^(a),(d)	TSFR1M + 1.297%	4.9740	07/15/37		601,505
	532,716	BX Commercial Mortgage Trust Series 2024-XL5 A^(a),(d)	TSFR1M + 1.392%	5.0680	03/15/41		533,970
	592,832	BX Trust Series 2025-ROIC C^(a),(d)	TSFR1M + 1.543%	5.2200	03/15/30		591,786
	805,000	BX Trust Series 2019-OC11 B^(a)		3.6050	12/09/41		758,730
	410,000	BX Trust Series 2019-OC11 D^(a),(c)		4.0750	12/09/41		385,948
	665,000	CENT Series 2025-CITY A^(a),(c)		4.9200	07/10/40		658,603
	667,000	ELM Trust Series 2024-ELM A10^(a),(c)		5.8010	06/10/27		667,031
	268,746	Exeter Automobile Receivables Trust Series 2024-5A B		4.9800	04/16/29		268,923
	433,410	Extended Stay America Trust Series 2025-ESH A^(a),(d)	TSFR1M + 1.300%	4.9760	10/15/42		434,730
	790,000	Fashion Show Mall, LLC Series 2024-SHOW A^(a),(c)		5.1040	10/10/29		788,063
	320,000	Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU A^(a),(d)	TSFR1M + 1.450%	5.1260	12/15/39		320,745
	1,000,000	FS Trust Series 2026-ORL A^(a),(d)	TSFR1M + 1.350%	5.0260	02/15/41		1,002,284
	820,000	Houston Galleria Mall Trust Series 2025-HGLR A^(a),(c)		5.4620	02/05/45		820,857
	800,000	Hudson Yards Mortgage Trust Series 2026-10HY A^(a),(c)		5.0860	12/10/39		793,519
	1,095,000	Hudson Yards Mortgage Trust Series 2025-SPRL A^(a),(c)		5.4670	01/13/40		1,105,982
	700,000	IRV Trust Series 2025-200P B^(a),(c)		5.4400	03/14/47		684,312
	570,000	JP Morgan Chase Commercial Mortgage Securities Series 2024-OMNI A^(a),(c)		5.7970	10/05/39		572,809
	499,000	MIRA Trust Series 2023-Mile A^(a)		6.7550	06/06/28		507,739
	880,000	MSSG Trust Series 2017-237P A^(a)		3.3970	09/13/39		841,138
	610,000	NY Commercial Mortgage Trust Series 2025-299P A^(a),(c)		5.6640	02/10/47		619,396
	800,000	NYC Commercial Mortgage Trust Series 2025-300P A^(a)		4.8790	07/13/42		786,020

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 24.1% (Continued)
		NON AGENCY CMBS — 5.1% (Continued)
	477,393	RCKT Mortgage Trust Series 2025-CES5 A1A^(a),(b)	5.6870	06/25/55	$	478,510
	760,000	RFR Trust Series 2025-SGRM A^(a),(c)	5.3790	03/11/29		760,465
	170,000	ROCK Trust Series 2024-CNTR A^(a)	5.3880	11/13/41		170,830
	450,000	ROCK Trust Series 2024-CNTR C^(a)	6.4710	11/13/41		458,467
	591,056	THPT Mortgage Trust Series 2023-THL A^(a),(c)	6.9940	12/10/34		592,452
	471,805	VCAT, LLC Series 2026-NPL3 A1^(a),(b)	5.5670	05/25/56		471,435
						17,289,405
		OTHER ABS — 5.9%
	9,683	ACHV A.B.S TRUST Series 2024-1PL A^(a)	5.9000	04/25/31		9,698
	600,000	Amur Equipment Finance Receivables XV, LLC Series 2025-1A D^(a)	5.6800	08/20/32		601,377
	23,715	Aqua Finance Trust Series 2019-A A^(a)	3.1400	07/16/40		22,949
	91,798	Aqua Finance Trust Series 2019-A C^(a)	4.0100	07/16/40		89,510
	155,577	Aqua Finance Trust Series 2020-AA B^(a)	2.7900	07/17/46		147,688
	510,000	Aqua Finance Trust Series 2024-A B^(a)	5.0600	04/18/50		500,982
	760,000	Auxilior Term Funding, LLC Series 2026-1A B^(a)	5.3400	08/15/36		759,489
	837,900	Business Jet Securities, LLC Series 2026-1A A^(a)	5.4640	06/15/56		834,330
	385,833	Castlelake Aircraft Structured Trust Series 2025-1A A^(a)	5.7830	02/15/50		386,957
	465,000	CCG Receivables Trust Series 2024-1 B^(a)	5.0800	03/15/32		467,943
	100,447	CF Hippolyta, LLC Series 2020-1 A1^(a)	1.6900	07/15/60		83,513
	850,000	Cherry Securitization Trust Series 2026-1A A^(a)	5.4300	01/17/34		848,788
	495,540	Commercial Equipment Finance, LLC Series 2025-1A A^(a)	4.8300	05/15/31		494,872
	100,000	Corevest American Finance Trust Series 2019-3 C^(a)	3.2650	10/15/52		92,931
	12,144	Dext A.B.S, LLC Series 2023-1 A2^(a)	5.9900	03/15/32		12,156
	129,985	Elara HGV Timeshare Issuer, LLC Series 2023-A A^(a)	6.1600	02/25/38		133,168
	130,000	FirstKey Homes Trust Series 2021-SFR1 D^(a)	2.1890	08/17/28		129,699
	172,454	Foundation Finance Trust Series 2023-2A A^(a)	6.5300	06/15/49		176,844
	153,080	Hilton Grand Vacations Trust Series 2024-2A A^(a)	5.5000	03/25/38		154,617
	273,395	HINNT, LLC Series 2025-A B^(a)	5.4500	03/15/44		274,469
	419,688	Jersey Mike’s Funding, LLC Series 2024-1A A2^(a)	5.6360	02/15/55		419,612
	740,000	Mariner Finance Issuance Trust Series 2025-AA A^(a)	4.9800	05/20/38		738,943
	550,000	MetroNet Infrastructure Issuer, LLC Series 2024-2A A2^(a)	5.4000	08/20/55		549,515
	800,000	MMP Capital, LLC Series 2025-A B^(a)	5.7200	12/15/31		801,439
	16,995	MVW, LLC Series 2020-1A A^(a)	1.7400	10/20/37		16,973
	112,700	MVW, LLC Series 2023-1A B^(a)	5.4200	10/20/40		113,681

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 24.1% (Continued)
		OTHER ABS — 5.9% (Continued)
	570,000	NMEF Funding, LLC Series 2025-A B^(a)		5.1800	04/25/32	$	570,439
	654,292	Octane Receivables Trust Series 2025-1A A2^(a)		4.2500	02/20/31		653,251
	616,420	Octane Receivables Trust Series 2025-RVM1 A^(a)		4.4800	12/20/46		612,648
	630,000	Onemain Financial Issuance Trust Series 2025-1A B^(a)		5.0500	07/14/38		627,687
	102,938	Oportun Issuance Trust Series 2021-C A^(a)		2.1800	10/08/31		101,609
	435,000	PEAC Solutions Receivables, LLC Series 2024-1A B^(a)		5.7900	11/20/30		440,766
	161,451	PowerPay Issuance Trust Series 2024-1A A^(a)		6.5300	02/18/39		163,308
	670,000	Reach A.B.S Trust Series 2025-2A B^(a)		5.1200	08/18/32		667,038
	515,000	Regional Management Issuance Trust Series 2024-2 A^(a)		5.1100	12/15/33		515,799
	680,000	Scalelogix Abs Us Issuer, LLC Series 2025-1A A2^(a)		5.6730	07/25/55		658,801
	71,974	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B^(a)		6.2800	04/20/40		73,250
	89,355	SoFi Consumer Loan Program Trust Series 2025-1 A^(a)		4.8000	02/27/34		89,491
	835,000	SoFi Consumer Loan Program Trust Series 2026-1 C^(a)		4.7400	12/26/35		823,655
	314,585	STAR Trust Series 2025-SFR5 A^(a),(d)	TSFR1M + 1.450%	5.1270	02/17/42		314,358
	700,000	Switch A.B.S Issuer, LLC Series 2025-1A A2^(a)		5.0360	03/25/55		678,397
	750,000	Taco Bell Funding, LLC Series 2025-1A A2I^(a)		4.8210	08/25/55		735,472
	779,223	Tesla Sustainable Energy Business Trust Series 2026-1A A^(a)		5.3100	05/20/52		774,705
	200,000	Tricon American Homes Trust Series 2020-SFR2 D^(a)		2.2810	11/17/27		191,630
	443,250	TSC SPV Funding, LLC Series 2024-1A A2^(a)		6.2910	08/20/54		444,501
	767,093	UPG HI Issuer Trust Series 2026-1 A^(a)		5.0300	02/25/48		763,434
	175,301	Upstart Securitization Trust Series 2025-2 A2^(a)		5.2200	06/20/35		175,485
	874,000	Zaxbys Funding, LLC Series 2021-1A A2^(a)		3.2380	07/30/51		833,284
							19,771,151
		RESIDENTIAL MORTGAGE — 1.0%
	48,512	AJAX Mortgage Loan Trust Series 2019-D A1^(a),(b)		2.9560	09/25/65		46,585
	806,978	RCO X Mortgage, LLC Series 2026-1 A1^(a),(b)		5.5360	03/25/31		804,935
	135,000	Towd Point Mortgage Trust Series 2016-4 B1^(a),(c)		3.9090	07/25/56		130,621
	95,117	Towd Point Mortgage Trust Series 2017-1 M1^(a),(c)		3.7500	10/25/56		93,858
	590,000	Towd Point Mortgage Trust Series 2017-4 A2^(a),(c)		3.0000	06/25/57		560,902
	300,000	Towd Point Mortgage Trust Series 2018-6 A2^(a),(c)		3.7500	03/25/58		272,786
	955,000	Towd Point Mortgage Trust Series 2019-2 A2^(a),(c)		3.7500	12/25/58		853,877
	735,000	Towd Point Mortgage Trust Series 2019-4 A2^(a),(c)		3.2500	10/25/59		661,104
							3,424,668
		TOTAL ASSET BACKED SECURITIES (Cost $82,556,814)					82,065,640

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4%
		ADVERTISING & MARKETING — 0.2%
	693,000	Omnicom Group, Inc.		5.3750	06/15/33	$	682,793

		AEROSPACE & DEFENSE — 0.2%
	459,000	L3Harris Technologies, Inc. B		5.4000	07/31/33		460,611
	185,000	TransDigm, Inc.^(a)		6.6250	03/01/32		188,329
							648,940
		ASSET MANAGEMENT — 2.5%
	531,000	Ameriprise Financial, Inc.		5.3500	06/15/36		518,565
	360,000	Apollo Debt Solutions BDC^(e)		6.9000	04/13/29		367,996
	435,000	Apollo Debt Solutions BDC		5.8750	08/30/30		427,205
	717,000	Apollo Global Management, Inc.^(d)	H15T5Y + 2.168%	6.0000	12/15/54		686,865
	546,000	BlackRock Funding, Inc.		5.2500	03/14/54		485,986
	177,000	Blackstone Private Credit Fund		5.9500	07/16/29		176,776
	340,000	Blackstone Private Credit Fund		5.2500	04/01/30		328,153
	635,000	Blue Owl Finance, LLC		3.1250	06/10/31		554,129
	290,000	Blue Owl Finance, LLC		6.2500	04/18/34		280,370
	688,000	Brookfield Asset Management Ltd.		5.7950	04/24/35		688,124
	225,000	Charles Schwab Corporation (The)^(d)	SOFRRATE + 2.010%	6.1360	08/24/34		234,654
	467,000	Charles Schwab Corporation (The)^(d)	H15T10Y + 3.079%	4.0000	03/01/69		431,552
	440,000	Citadel Finance, LLC^(a)		4.7500	02/14/29		431,270
	260,000	Citadel Finance, LLC^(a)		5.1500	02/14/31		252,600
	495,000	Drawbridge Special Opportunities Fund, L.P.^(a)		5.9500	09/17/30		474,737
	729,000	HA Sustainable Infrastructure Capital, Inc.		6.3750	07/01/34		730,315
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation		5.2500	05/15/27		218,690
	370,000	UBS Group A.G.^(a),(d)	H15T1Y + 2.400%	4.9880	08/05/33		363,183
	485,000	UBS Group A.G.^(a),(d)	USISSO05 + 3.321%	7.0000	07/08/74		482,592
							8,133,762

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		AUTOMOTIVE — 0.4%
	45,000	Aptiv plc / Aptiv Global Financing DAC^(d)	H15T5Y + 3.385%	6.8750	12/15/54	$	45,669
	15,000	Clarios Global, L.P. / Clarios US Finance Company^(a)		6.7500	02/15/30		15,389
	72,000	Ford Motor Company		4.7500	01/15/43		55,172
	89,000	Ford Motor Credit Company, LLC		6.0540	11/05/31		89,393
	145,000	Ford Motor Credit Company, LLC		6.5000	02/07/35		146,540
	340,000	Nissan Motor Acceptance Company, LLC^(a)		5.6250	09/29/28		338,187
	624,000	Stellantis Finance US, Inc.^(a),(e)		6.4500	03/18/35		606,543
							1,296,893
		BANKING — 4.8%
	694,000	Australia & New Zealand Banking Group Ltd.^(a),(d)	H15T10Y + 1.350%	5.8160	06/18/36		691,521
	64,000	Banco de Credito del Peru S.A.^(a),(d)	H15T5Y + 2.486%	6.4500	07/30/35		65,274
	120,000	Banco de Credito e Inversiones S.A.^(a),(d)	H15T5Y + 3.767%	7.5000	12/15/73		125,304
	92,000	Banco Mercantil del Norte S.A.^(a),(d)	H15T10Y + 5.034%	6.6250	01/24/70		87,363
	93,000	Banco Mercantil del Norte S.A.^(a),(d)	H15T5Y + 4.643%	5.8750	11/24/71		92,739
	695,000	Bank of America Corporation^(d)	SOFRRATE + 1.320%	2.6870	04/22/32		622,740
	1,232,000	Bank of America Corporation^(d)	SOFRRATE + 1.738%	5.5180	10/25/35		1,215,649
	694,000	Barclays PLC^(d)	H15T1Y + 3.500%	7.4370	11/02/33		764,108
	154,000	BBVA Bancomer S.A.^(a),(d)	H15T5Y + 2.650%	5.1250	01/18/33		149,971
	440,000	BPCE S.A.^(a),(d)	SOFRRATE + 2.590%	7.0030	10/19/34		469,293
	209,000	BPCE S.A.^(a),(d)	SOFRRATE + 2.610%	6.9150	01/14/46		208,618
	335,000	Citigroup, Inc.^(d)	SOFRRATE + 2.338%	6.2700	11/17/33		351,980
	239,000	Citigroup, Inc.^(d)	SOFRRATE + 2.661%	6.1740	05/25/34		244,939
	583,000	Citigroup, Inc.^(d)	SOFRRATE + 1.488%	5.1740	09/11/36		566,930
	595,000	Deutsche Bank A.G.^(d)	SOFRRATE + 1.410%	5.0600	04/14/32		587,281
	475,000	Huntington Bancshares, Inc.^(d)	SOFRINDX + 1.870%	5.7090	02/02/35		475,902
	130,000	Huntington Bancshares, Inc.^(d)	H15T5Y + 1.700%	6.1410	11/18/39		129,975
	710,000	JPMorgan Chase & Company^(c)		1.9530	02/04/32		620,075
	420,000	JPMorgan Chase & Company^(d)	SOFRRATE + 2.580%	5.7170	09/14/33		427,164
	480,000	JPMorgan Chase & Company^(d)	SOFRRATE + 1.810%	6.2540	10/23/34		503,066

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		BANKING — 4.8% (Continued)
	420,000	JPMorgan Chase & Company^(d)	SOFRRATE + 1.635%	5.5760	07/23/36	$	415,271
	533,000	KeyCorporation^(d)	SOFRRATE + 2.420%	6.4010	03/06/35		555,497
	705,000	Mizuho Financial Group, Inc.		2.5640	09/13/31		616,618
	685,000	National Australia Bank Ltd.^(a),(d)	H15T1Y + 1.180%	5.6250	06/04/37		668,197
	626,000	NatWest Group PLC^(d)	H15T5Y + 2.200%	6.4750	06/01/34		644,288
	395,000	PNC Financial Services Group, Inc. (The)^(d)	SOFRRATE + 1.394%	5.5750	01/29/36		395,962
	185,000	PNC Financial Services Group, Inc. (The)^(d)	H15T5Y + 1.170%	5.4230	01/25/41		177,006
	610,000	Societe Generale S.A.^(a),(d)	H15T1Y + 2.100%	6.0660	01/19/35		617,642
	449,000	Toronto-Dominion Bank (The)^(d)	H15T5Y + 4.075%	8.1250	10/31/82		463,149
	65,000	Truist Financial Corporation^(d)	SOFRRATE + 1.852%	5.1220	01/26/34		63,879
	515,000	Truist Financial Corporation^(d)	SOFRRATE + 2.361%	5.8670	06/08/34		525,124
	631,000	US Bancorp^(d)	SOFRRATE + 1.411%	5.4240	02/12/36		628,739
	292,000	Wells Fargo & Company^(d)	SOFRRATE + 2.100%	4.8970	07/25/33		286,264
	583,000	Wells Fargo & Company^(d)	SOFRRATE + 2.060%	6.4910	10/23/34		617,960
	1,010,000	Wells Fargo & Company^(d)	H15T5Y + 2.340%	6.1250	06/15/74		1,008,838
							16,084,326
		BIOTECH & PHARMA — 0.8%
	876,000	Amgen, Inc.		5.6500	03/02/53		813,579
	240,000	Amneal Pharmaceuticals, LLC^(a)		6.8750	08/01/32		246,898
	783,000	EMD Finance, LLC^(a)		5.0000	10/15/35		752,302
	30,000	GENMAB A/S/GENMAB FINANCE, LLC^(a)		6.2500	12/15/32		30,287
	590,000	Royalty Pharma PLC		5.4000	09/02/34		585,590
	483,000	Royalty Pharma PLC		3.3500	09/02/51		306,321
	681	Viatris, Inc.^(a)		2.3000	06/22/27		666
							2,735,643
		CABLE & SATELLITE — 0.3%
	14,000	CCO Holdings, LLC / CCO Holdings Capital Corporation^(a)		6.3750	09/01/29		13,920
	180,000	CCO Holdings, LLC / CCO Holdings Capital Corporation^(a)		4.7500	03/01/30		168,291
	45,000	CCO Holdings, LLC / CCO Holdings Capital Corporation^(a)		4.5000	08/15/30		41,095
	725,000	Charter Communications Operating, LLC / Charter		6.4840	10/23/45		626,939

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		CABLE & SATELLITE — 0.3% (Continued)
	24,000	Directv Financing, LLC^(a)		5.8750	08/15/27	$	24,000
	40,000	Directv Financing, LLC / Directv Financing^(a)		9.2500	06/01/32		40,961
							915,206
		CHEMICALS — 0.3%
	354,000	Bayport Polymers, LLC^(a)		5.1400	04/14/32		345,889
	340,000	INEOS Finance PLC^(a)		7.5000	04/15/29		334,632
	265,000	Solstice Advanced Materials, Inc.^(a)		5.6250	09/30/33		259,284
	130,000	Windsor Holdings III, LLC^(a)		8.5000	06/15/30		135,413
							1,075,218
		COMMERCIAL SUPPORT SERVICES — 0.2%
	616,000	Sodexo, Inc.^(a)		5.8000	08/15/35		615,301

		CONSTRUCTION MATERIALS — 0.4%
	750,000	Eagle Materials, Inc.		5.0000	03/15/36		706,255
	709,000	JH North America Holdings, Inc.^(a)		6.1250	07/31/32		711,517
	55,000	Quikrete Holdings, Inc.^(a)		6.3750	03/01/32		55,715
							1,473,487
		CONTAINERS & PACKAGING — 0.4%
	769,000	Berry Global, Inc.		5.6500	01/15/34		773,596
	775,000	Smurfit Kappa Treasury ULC^(e)		5.7770	04/03/54		734,118
							1,507,714
		ELECTRIC UTILITIES — 2.3%
	195,000	AES Corporation (The)^(d),(e)	H15T5Y + 3.201%	7.6000	01/15/55		198,414
	750,000	Black Hills Corporation		6.1500	05/15/34		774,711
	631,000	Capital Power US Holdings, Inc.^(a)		6.1890	06/01/35		637,433
	685,000	Chpe, LLC^(a)		5.3500	06/30/36		665,873
	577,000	CMS Energy Corporation^(d)	H15T5Y + 4.116%	4.7500	06/01/50		561,597
	650,000	Constellation Energy Generation, LLC		5.8750	01/15/66		598,952
	205,000	Dominion Energy, Inc.^(d)	H15T5Y + 2.511%	7.0000	06/01/54		213,986
	295,000	Dominion Energy, Inc.^(d)	H15T5Y + 2.006%	6.2000	02/15/56		290,521
	591,000	Electricite de France S.A.^(a)		6.9000	05/23/53		611,172
	235,000	Enel Finance International N.V.^(a)		7.5000	10/14/32		260,586
	195,000	Enel Finance International N.V.^(a)		5.5000	06/26/34		193,934
	444,000	Entergy Corporation^(d)	H15T5Y + 2.670%	7.1250	12/01/54		455,489

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		ELECTRIC UTILITIES — 2.3% (Continued)
	271,000	Entergy Texas, Inc.		5.8000	09/01/53	$	255,889
	428,000	NextEra Energy Capital Holdings, Inc.^(d)	H15T5Y + 1.979%	6.5000	08/15/55		430,799
	586,000	NRG Energy, Inc.^(a)		7.0000	03/15/33		623,844
	419,000	Puget Energy, Inc.		2.3790	06/15/28		401,196
	245,000	Vistra Corporation^(a),(d)	H15T5Y + 6.930%	8.0000	04/15/70		246,260
	292,000	Vistra Operations Company, LLC^(a)		5.7000	12/30/34		288,330
							7,708,986
		ELECTRICAL EQUIPMENT — 0.1%
	180,000	Hubbell, Inc.		5.1500	06/15/36		174,605
	185,000	WESCO Distribution, Inc.^(a)		5.5000	04/15/34		180,085
							354,690
		ENGINEERING & CONSTRUCTION — 0.1%
	140,000	Global Infrastructure Solutions, Inc.^(a)		7.5000	04/15/32		146,398
	5,000	Granite Construction, Inc.^(a)		6.3750	06/15/34		5,014
	398,000	Sempra Infrastructure Partners, L.P.^(a)		3.2500	01/15/32		350,593
							502,005
		ENTERTAINMENT CONTENT — 0.1%
	60,000	OAK-Eagle Acquireco, Inc.^(a)		7.2500	07/01/33		62,214
	435,000	Univision Communications, Inc.^(a)		8.8750	04/15/33		421,667
							483,881
		FOOD — 0.3%
	766,000	Pilgrim’s Pride Corporation		6.2500	07/01/33		787,645
	190,000	Post Holdings, Inc.^(a)		6.3750	03/01/33		187,246
							974,891
		GAS & WATER UTILITIES — 0.3%
	271,000	Brooklyn Union Gas Company (The)^(a)		4.8660	08/05/32		263,504
	445,000	Ferrellgas Escrow, LLC / FG Operating Finance Corporation Escrow Corporation^(a)		5.8750	04/01/29		434,428
	381,000	KeySpan Gas East Corporation^(a)		5.9940	03/06/33		391,619
							1,089,551
		HEALTH CARE FACILITIES & SERVICES — 1.4%
	15,000	Acadia Healthcare Company, Inc.^(a)		5.5000	07/01/28		14,915
	485,000	Centene Corporation		3.3750	02/15/30		448,471
	736,000	CVS Health Corporation		5.0500	03/25/48		620,330

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 1.4% (Continued)
	306,000	CVS Health Corporation^(d)	H15T5Y + 2.516%	6.7500	12/10/54	$	315,412
	193,000	HCA, Inc.		5.5000	06/01/33		193,562
	171,000	HCA, Inc.		5.2500	06/15/49		145,928
	340,000	HCA, Inc.		6.0000	04/01/54		318,117
	840,000	Icon Investments Six DAC^(e)		6.0000	05/08/34		848,734
	527,000	IQVIA, Inc.		6.2500	02/01/29		541,667
	300,000	IQVIA, Inc.^(a)		6.2500	06/01/32		304,235
	195,000	Tenet Healthcare Corporation^(a)		5.5000	11/15/32		192,015
	372,000	Universal Health Services, Inc.		2.6500	01/15/32		321,854
	422,000	Universal Health Services, Inc.		5.0500	10/15/34		397,108
							4,662,348
		HOME & OFFICE PRODUCTS — 0.1%
	225,000	Newell Brands, Inc.		6.3750	09/15/27		226,294

		HOME CONSTRUCTION — 0.5%
	265,000	Ashton Woods USA, LLC / Ashton Woods Finance Company^(a)		4.6250	04/01/30		251,805
	335,000	Forestar Group, Inc.^(a)		6.5000	03/15/33		335,776
	434,000	Meritage Homes Corporation^(a)		3.8750	04/15/29		419,915
	830,000	PulteGroup, Inc.		4.9000	03/01/36		792,116
	20,000	Taylor Morrison Communities, Inc.^(a)		5.7500	11/15/32		20,500
							1,820,112
		INDUSTRIAL SUPPORT SERVICES — 0.3%
	515,000	Ashtead Capital, Inc.^(a)		5.9500	10/15/33		523,327
	110,000	Ashtead Capital, Inc.^(a)		5.8000	04/15/34		110,319
	215,000	Herc Holdings, Inc.^(a)		7.0000	06/15/30		221,895
	25,000	Herc Holdings, Inc.^(a)		5.7500	03/15/31		24,753
	100,000	Herc Holdings, Inc.^(a)		7.2500	06/15/33		103,239
							983,533
		INSTITUTIONAL FINANCIAL SERVICES — 1.7%
	486,000	Bank of New York Mellon Corporation (The)^(d)	SOFRINDX + 2.074%	5.8340	10/25/33		503,628
	203,000	Goldman Sachs Group, Inc. (The)^(d)	SOFRRATE + 1.550%	5.3300	07/23/35		199,195
	324,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36		336,990

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.7% (Continued)
	305,000	Goldman Sachs Group, Inc. (The)^(d)	SOFRRATE + 1.330%	4.9390	10/21/36	$	287,913
	355,000	Goldman Sachs Group, Inc. (The)^(d),(e)	SOFRRATE + 1.190%	5.0650	01/21/37		337,506
	845,000	Lseg US Fin Corporation^(a)		5.2500	03/23/36		821,685
	614,000	Morgan Stanley^(d)	SOFRRATE + 1.870%	5.2500	04/21/34		607,177
	777,000	Morgan Stanley^(d)	SOFRRATE + 1.880%	5.4240	07/21/34		774,238
	287,000	Morgan Stanley^(d)	H15T5Y + 2.430%	5.9480	01/19/38		290,616
	541,000	Northern Trust Corporation^(c)		3.3750	05/08/32		534,191
	290,000	Northern Trust Corporation^(d)	H15T5Y + 1.050%	5.1170	11/19/40		277,144
	565,000	State Street Corporation^(d)	SOFRRATE + 1.958%	6.1230	11/21/34		587,423
	337,000	State Street Corporation^(d)	H15T5Y + 2.613%	6.7000	03/15/74		344,747
							5,902,453
		INSURANCE — 1.7%
	209,000	Allianz S.E.^(a),(d)	H15T5Y + 3.232%	6.3500	09/06/53		215,633
	271,000	Allianz S.E.^(a),(d)	H15T5Y + 2.771%	5.6000	09/03/54		268,307
	105,000	American National Group, Inc.^(d)	H15T5Y + 3.183%	7.0000	12/01/55		101,035
	425,000	Ascot Group Ltd.^(a)		4.2500	12/15/30		394,628
	300,000	Corebridge Financial, Inc.^(d)	H15T5Y + 3.846%	6.8750	12/15/52		303,676
	537,000	Corebridge Financial, Inc.^(d)	H15T5Y + 2.646%	6.3750	09/15/54		528,889
	522,000	F&G Annuities & Life, Inc.		6.5000	06/04/29		532,273
	198,000	Global Atlantic Fin Company^(a),(e)		7.9500	06/15/33		213,466
	320,000	Global Atlantic Fin Company^(a)		6.7500	03/15/54		295,121
	105,000	Global Atlantic Fin Company^(a),(d)	H15T5Y + 3.608%	7.9500	10/15/54		105,165
	515,000	Liberty Mutual Group, Inc.^(a),(d)	H15T5Y + 3.315%	4.1250	12/15/51		511,567
	350,000	Nippon Life Insurance Company^(a),(d)	H15T5Y + 2.954%	6.2500	09/13/53		358,386
	246,000	Nippon Life Insurance Company^(a),(d)	H15T5Y + 3.189%	6.5000	04/30/55		253,459
	605,000	Omnis Funding Trust^(a)		6.7220	05/15/55		604,680
	104,000	Prudential Financial, Inc.^(d)	H15T5Y + 3.162%	5.1250	03/01/52		101,109
	210,000	Prudential Financial, Inc.^(d)	H15T5Y + 2.848%	6.7500	03/01/53		217,591
	330,000	Prudential Financial, Inc.^(d)	H15T5Y + 2.404%	6.5000	03/15/54		337,768
	594,000	Sumitomo Life Insurance Company^(a),(d)	H15T5Y + 2.651%	5.8750	09/10/55		586,051
							5,928,804

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		INTERNET MEDIA & SERVICES — 0.2%
	605,000	Meta Platforms, Inc.		5.7500	11/15/65	$	499,065
	165,000	Snap, Inc.^(a)		6.8750	03/15/34		160,016
							659,081
		LEISURE FACILITIES & SERVICES — 0.3%
	720,000	Flutter Treasury DAC^(a)		5.8750	06/04/31		709,601
	280,000	Hilton Domestic Operating Company, Inc.^(a)		5.7500	09/15/33		277,735
	75,000	Rivers Enterprise Lender, LLC / Rivers Enterprise Lender Corporation^(a)		6.2500	10/15/30		75,361
							1,062,697
		MACHINERY — 0.5%
	5,000	CompoSecure Holdings, LLC^(a)		5.6250	02/01/33		4,809
	50,000	Esab Corporation^(a)		5.6250	04/01/31		49,538
	665,000	Flowserve Corporation		3.5000	10/01/30		622,235
	455,000	Stanley Black & Decker, Inc.^(d)	H15T5Y + 2.657%	6.7070	03/15/60		452,128
	699,000	Veralto Corporation		5.4500	09/18/33		703,489
							1,832,199
		MEDICAL EQUIPMENT & DEVICES — 1.4%
	915,000	180 Medical, Inc.^(a)		5.3000	10/08/35		877,158
	257,000	Abbott Laboratories		5.5000	03/15/56		238,969
	155,000	Augusta SpinCompany Corporation		5.2450	03/23/36		151,855
	1,405,000	Baxter International, Inc.^(e)		3.1320	12/01/51		801,796
	737,000	DENTSPLY SIRONA, Inc.^(e)		3.2500	06/01/30		680,947
	505,000	Medline Borrower, L.P.^(a)		3.8750	04/01/29		488,737
	340,000	Medline Borrower, L.P./Medline Co-Issuer, Inc.^(a)		5.0000	06/15/31		335,289
	776,000	Smith & Nephew PLC		5.4000	03/20/34		767,228
	675,000	VSP Optical Group, Inc.^(a)		5.6500	06/01/36		668,330
							5,010,309
		METALS & MINING — 0.3%
	336,000	Corp Nacional del Cobre de Chile^(a)		5.9500	01/08/34		339,298
	306,000	Glencore Funding, LLC^(a)		2.8500	04/27/31		277,099
	250,000	Glencore Funding, LLC^(a)		5.6340	04/04/34		251,150
							867,547
		OIL & GAS PRODUCERS — 3.9%
	660,000	APA Corporation		6.7500	02/15/55		658,722
	275,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corporation^(a)		6.6250	07/15/33		276,359

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		OIL & GAS PRODUCERS — 3.9% (Continued)
	625,000	BP Capital Markets plc^(d)	H15T5Y + 4.398%	4.8750	12/22/00	$	610,994
	552,000	Columbia Pipelines Operating Company, LLC^(a)		5.4390	02/15/35		548,211
	185,000	DBR Land Holdings, LLC^(a)		6.2500	12/01/30		186,713
	583,000	Diamondback Energy, Inc.		5.9000	04/18/64		540,789
	738,000	DT Midstream, Inc.^(a)		4.3750	06/15/31		706,364
	330,000	Enbridge, Inc.^(d)	H15T10Y + 4.431%	8.5000	01/15/84		373,068
	315,000	Energy Transfer, L.P.^(d)	H15T5Y + 5.306%	7.1250	05/15/69		323,016
	175,000	Energy Transfer, L.P.^(d)	H15T5Y + 5.694%	6.5000	11/15/69		175,049
	680,000	Eni SpA^(a)		6.0000	05/18/56		640,708
	145,000	EOG Resources, Inc.		5.3500	01/15/36		143,582
	370,000	EOG Resources, Inc.		5.6500	12/01/54		344,800
	654,000	Flex Intermediate Holdco, LLC^(a)		3.3630	06/30/31		599,033
	305,000	Genesis Energy, L.P. / Genesis Energy Finance Corporation		8.8750	04/15/30		318,554
	669,000	Harbour Energy plc^(a)		6.3270	04/01/35		672,804
	660,000	HF Sinclair Corporation		6.2500	01/15/35		675,900
	87,000	KazMunayGas National Company JSC^(a)		5.7500	04/19/47		78,563
	85,000	Kinder Morgan Energy Partners, L.P.		6.9500	01/15/38		92,666
	444,000	Kinder Morgan, Inc.		5.8500	06/01/35		453,662
	50,000	NGL Energy Partners, L.P.^(a)		8.1250	02/15/29		51,376
	80,000	NGL Energy Partners, L.P.^(a)		8.3750	02/15/32		83,212
	271,000	Occidental Petroleum Corporation		6.2000	03/15/40		273,338
	400,000	Occidental Petroleum Corporation^(e)		6.0500	10/01/54		385,662
	275,000	Pertamina Persero PT^(a)		6.4500	05/30/44		269,290
	207,000	Petroleos Mexicanos		6.3500	02/12/48		163,581
	184,000	Petroleos Mexicanos		7.6900	01/23/50		164,348
	70,000	Petroleos Mexicanos		6.9500	01/28/60		56,514
	241,000	Petronas Capital Ltd.^(a)		5.8480	04/03/55		236,673
	235,000	Reliance Industries Ltd.^(a)		2.8750	01/12/32		209,262
	690,000	Rio Grande LNG, LLC^(a)		6.1500	06/30/41		665,942
	536,000	Saudi Arabian Oil Company^(a)		5.2500	07/17/34		527,859
	110,000	South Bow Canadian Infrastructure Holdings Ltd.^(d)	H15T5Y + 3.667%	7.5000	03/01/55		116,153
	95,000	South Bow USA Infrastructure Holdings, LLC		5.5840	10/01/34		93,164
	70,000	South Bow USA Infrastructure Holdings, LLC		6.1760	10/01/54		64,207
	25,000	Sunoco, L.P.^(a)		5.3750	07/15/31		24,536

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		OIL & GAS PRODUCERS — 3.9% (Continued)
	45,000	Sunoco, L.P.^(a)		5.6250	07/15/34	$	43,532
	55,000	TransCanada PipeLines Ltd.^(d)	H15T5Y + 2.117%	6.3750	10/17/56		55,190
	787,000	Western Midstream Operating, L.P.		5.2500	02/01/50		654,634
	521,000	Williams Companies, Inc. (The)		5.1500	03/15/34		510,311
							13,068,341
		OIL & GAS SERVICES & EQUIPMENT — 0.2%
	675,000	Baker Hughes Holdings, LLC / Baker Hughes		5.8500	06/15/56		636,049
	180,000	Kodiak Gas Services, LLC^(a)		6.7500	10/01/35		181,470
							817,519
		PUBLISHING & BROADCASTING — 0.2%
	240,000	Gray Media, Inc.^(a)		7.2500	08/15/33		237,614
	305,000	Sinclair Television Group, Inc.^(a)		8.1250	02/15/33		313,151
							550,765
		REAL ESTATE INVESTMENT TRUSTS — 0.2%
	160,000	Essential Properties, L.P.		5.3750	07/15/36		154,702
	310,000	Iron Mountain, Inc.^(a)		6.2500	01/15/33		311,578
	260,000	Millrose Properties, Inc.^(a)		6.2500	09/15/32		259,899
							726,179
		RETAIL - CONSUMER STAPLES — 0.3%
	50,000	Albertsons Companies, Inc.^(a)		5.7500	03/31/34		46,551
	340,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, L.P.^(a)		4.8750	02/15/30		324,820
	775,000	Alimentation Couche-Tard, Inc.^(a)		5.0770	09/29/35		748,188
							1,119,559
		RETAIL - DISCRETIONARY — 0.3%
	175,000	BlueLinx Holdings, Inc.^(a)		6.0000	11/15/29		172,390
	240,000	Builders FirstSource, Inc.^(a)		6.3750	03/01/34		235,857
	1,045,000	Dick’s Sporting Goods, Inc.		4.1000	01/15/52		720,612
							1,128,859
		SEMICONDUCTORS — 0.5%
	209,000	Broadcom, Inc.		5.1500	11/15/31		208,156
	575,000	Broadcom, Inc.		3.1370	11/15/35		466,548
	579,000	Foundry JV Holdco, LLC^(a)		5.8750	01/25/34		572,736
	527,000	Marvell Technology, Inc.		5.3000	04/15/36		507,025
							1,754,465

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		SOFTWARE — 0.5%
	400,000	Cloud Software Group, Inc.^(a)		9.0000	09/30/29	$	392,215
	105,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl^(a)		8.7500	05/01/29		97,555
	270,000	Oracle Corporation		6.2500	11/09/32		267,592
	420,000	Oracle Corporation		6.9000	11/09/52		377,764
	75,000	Oracle Corporation		3.8500	04/01/60		42,046
	724,000	Roper Technologies, Inc.		5.1000	09/15/35		689,309
							1,866,481
		SPECIALTY FINANCE — 1.8%
	244,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		3.3000	01/30/32		220,491
	156,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^(d)	H15T5Y + 2.720%	6.9500	03/10/55		159,631
	224,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^(d)	H15T5Y + 2.441%	6.5000	01/31/56		225,508
	710,000	Ally Financial, Inc.		8.0000	11/01/31		782,657
	962,000	American Express Company^(d)	SOFRRATE + 1.930%	5.6250	07/28/34		965,971
	810,000	Atlas Warehouse Lending Company, L.P.^(a)		5.2500	01/15/33		782,671
	653,000	Aviation Capital Group, LLC^(a)		6.3750	07/15/30		678,279
	275,000	Aviation Capital Group, LLC^(a)		4.8750	01/28/33		263,678
	304,000	Avilease Capital Ltd.^(a)		4.7500	11/12/30		293,676
	475,000	Avilease Capital Ltd.^(a)		5.5000	06/30/31		472,291
	217,000	Capital One Financial Corporation^(c)		2.3590	07/29/32		186,335
	490,000	Capital One Financial Corporation^(d)	SOFRRATE + 2.860%	6.3770	06/08/34		509,630
	65,000	OneMain Finance Corporation		6.1250	05/15/30		64,631
	235,000	OneMain Finance Corporation		6.5000	03/15/33		229,583
	255,000	Rocket Companies, Inc.^(a)		6.3750	08/01/33		256,900
							6,091,932
		STEEL — 0.0%^(f)
	15,000	Carpenter Technology Corporation^(a)		5.6250	03/01/34		14,804

		TECHNOLOGY HARDWARE — 0.2%
	785,000	Flex Ltd.		5.3750	11/13/35		749,516

		TECHNOLOGY SERVICES — 1.1%
	165,000	Block, Inc.		6.5000	05/15/32		166,778
	90,000	Block, Inc.^(a)		6.0000	08/15/33		89,348

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 33.4% (Continued)
		TECHNOLOGY SERVICES — 1.1% (Continued)
	209,000	Booz Allen Hamilton, Inc.		5.9500	08/04/33	$	207,626
	370,000	Broadridge Financial Solutions, Inc.		5.7500	05/15/36		363,934
	866,000	CoStar Group, Inc.^(a)		2.8000	07/15/30		774,682
	800,000	Gartner, Inc.^(a)		3.7500	10/01/30		727,545
	615,000	Global Payments, Inc.		5.5500	11/15/35		584,509
	510,000	Neptune Bidco US, Inc.^(a)		9.2900	04/15/29		520,649
							3,435,071
		TELECOMMUNICATIONS — 0.9%
	285,000	Cipher Compute, LLC^(a)		7.1250	11/15/30		291,040
	395,000	HUT 8 DC, LLC^(a)		6.1920	11/15/42		383,359
	115,000	Meridian Arc Holdco, LLC^(a)		6.2500	04/30/31		110,651
	200,000	PR RNO Property Owner 1, LLC^(a)		6.5000	05/01/31		188,287
	670,000	QTS Fayetteville I Dc1-2, LLC / QTS TRS^(a)		5.7000	04/15/36		612,382
	214,000	Sopaipilla Investor, LLC^(a)		7.5340	11/30/48		220,939
	488,000	Sprint Capital Corporation		8.7500	03/15/32		567,184
	270,000	SV RNO Property Owner 1, LLC^(a)		5.8750	03/01/31		250,726
	690,000	Verizon Communications, Inc.^(d)	H15T5Y + 2.042%	6.2000	05/14/56		674,986
							3,299,554
		TOBACCO & CANNABIS — 0.3%
	309,000	BAT Capital Corporation		7.7500	10/19/32		348,087
	695,000	Imperial Brands Finance PLC^(a)		5.8750	07/01/34		704,393
							1,052,480
		TRANSPORTATION & LOGISTICS — 0.9%
	529,613	Alaska Airlines Class A Pass Through Trust Series 2021-1^(a)		4.8000	08/15/27		529,894
	551,096	British Airways Class A Pass Through Trust Series 2021-1^(a)		2.9000	03/15/35		500,069
	284,942	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		281,444
	820,000	Fedex Freight Holding Company, Inc.^(a)		5.2500	03/15/36		780,938
	496,551	United Airlines Class A Pass Through Trust Series 2023-1		5.8000	07/15/36		506,730
	145,661	United Airlines Class AA Pass Through Trust Series 2024-1		5.4500	02/15/37		146,085
	260,000	United Airlines Holdings, Inc.		4.8750	03/01/29		256,694
	25,000	United Airlines Holdings, Inc.		5.3750	03/01/31		24,704
							3,026,558
		TOTAL CORPORATE BONDS (Cost $115,677,927)					113,940,747

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		SOVEREIGN — 3.7%
	126,000	Angolan Government International Bond^(a)	9.2440	01/15/31	$	132,014
	73,000	Bahrain Government International Bond^(a)	5.6250	05/18/34		64,053
	307,000	Bahrain Government International Bond^(a)	7.1000	02/03/38		285,218
	341,000	Brazilian Government International Bond	6.0000	10/20/33		338,784
	67,000	Brazilian Government International Bond	6.6250	03/15/35		67,620
	86,000	Chile Government International Bond	3.1000	05/07/41		63,017
	81,000	Chile Government International Bond	3.2500	09/21/71		47,669
	96,000	Colombia Government International Bond	7.5000	02/02/34		100,896
	112,000	Colombia Government International Bond	7.7500	11/07/36		119,952
	195,000	Colombia Government International Bond	5.6250	02/26/44		161,606
	79,000	Colombia Government International Bond	8.7500	11/14/53		90,198
	34,000	Costa Rica Government International Bond^(a)	6.5500	04/03/34		35,670
	30,000	Costa Rica Government International Bond^(a)	7.3000	11/13/54		32,554
	150,000	Dominican Republic International Bond^(a)	5.5000	02/22/29		149,175
	311,000	Dominican Republic International Bond^(a)	4.8750	09/23/32		291,252
	67,000	Dominican Republic International Bond	6.9500	03/15/37		68,843
	59,000	El Salvador Government International Bond^(a)	8.6250	02/28/29		62,064
	141,000	El Salvador Government International Bond	7.6500	06/15/35		145,935
	191,000	Ghana Government International Bond^(b)	5.0000	07/03/35		174,895
	71,000	Guatemala Government Bond^(a)	6.6000	06/13/36		73,840

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 3.7% (Continued)
		SOVEREIGN — 3.7% (Continued)
	180,000,000 HUF	Hungary Government Bond	7.0000	10/24/35	$	626,914
	150,000	Hungary Government International Bond^(a)	6.2500	09/22/32		156,445
	232,000	Hungary Government International Bond^(a)	5.5000	03/26/36		227,738
	200,000	Indonesia Government International Bond	4.5500	01/11/28		200,420
	156,000	Indonesia Government International Bond	4.7500	09/10/34		147,819
	304,000	Indonesia Government International Bond^(e)	5.1000	02/10/54		261,715
	61,000	Ivory Coast Government International Bond^(a)	8.0750	04/01/36		65,104
	97,000	Ivory Coast Government International Bond^(a)	8.2500	01/30/37		104,356
	272,000	Kazakhstan Government International Bond^(a)	5.5000	07/01/37		270,078
	2,900,000 MYR	Malaysia Government Bond	2.6320	04/15/31		683,070
	11,780,000 MXN	Mexican Bonos	8.5000	05/31/29		689,486
	145,000	Mexico Government International Bond	5.3750	03/22/33		140,045
	175,000	Mexico Government International Bond	6.0000	05/07/36		170,441
	200,000	Mexico Government International Bond	6.6250	01/29/38		199,200
	157,000	Morocco Government International Bond^(a)	3.0000	12/15/32		135,003
	142,000	Nigeria Government International Bond^(a)	10.3750	12/09/34		169,486
	154,000	Nigeria Government International Bond^(a)	8.6310	01/13/36		167,397
	427,000	Oman Government International Bond^(a)	6.2500	01/25/31		443,411
	62,000	Panama Government International Bond	5.6620	02/23/38		60,171
	162,000	Panama Government International Bond	8.0000	03/01/38		185,263
	2,340,000 PEN	Peru Government Bond	5.4000	08/12/34		670,795
	122,000	Peruvian Government International Bond	2.7830	01/23/31		111,722
	108,000	Peruvian Government International Bond	5.3750	02/08/35		106,596
	346,000	Philippine Government International Bond	4.7500	03/05/35		327,923
	145,000	Republic of Kenya Government International Bond^(a)	7.8750	10/09/33		142,139
	97,000	Republic of Kenya Government International Bond^(a)	9.5000	03/05/36		100,082
	210,000	Republic of Poland Government International Bond	4.8750	10/04/33		205,547
	82,000	Republic of Poland Government International Bond	5.1250	09/18/34		80,839
	129,000	Republic of Poland Government International Bond	5.3750	02/12/35		128,823
	11,000,000 ZAR	Republic of South Africa Government Bond	8.7500	02/28/48		632,293
	165,000	Republic of South Africa Government International^(a)	6.1250	12/11/37		158,082
	200,000	Republic of South Africa Government International Bond	5.8750	06/22/30		203,361
	135,000	Republic of South Africa Government International Bond	5.6500	09/27/47		109,966
	116,000	Republic of Uzbekistan International Bond^(a)	6.9000	02/28/32		122,464
	206,000	Romanian Government International Bond^(a)	5.8750	01/30/29		207,656

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 3.7% (Continued)
		SOVEREIGN — 3.7% (Continued)
	106,000	Romanian Government International Bond^(a)		7.1250	01/17/33	$	111,218
	66,000	Romanian Government International Bond^(a)		6.3750	01/30/34		66,024
	46,000	Romanian Government International Bond^(a)		6.6250	05/16/36		46,307
	154,000	Saudi Government International Bond^(a)		4.8750	07/18/33		150,352
	128,000	Saudi Government International Bond^(a)		5.6250	01/13/35		129,853
	95,000	Saudi Government International Bond^(a)		4.5000	10/26/46		74,991
	240,000	Saudi Government International Bond^(a)		3.7500	01/21/55		157,364
	149,000	Serbia International Bond^(a)		6.5000	09/26/33		154,329
	143,000	Turkiye Government International Bond		7.2500	05/29/32		144,158
	96,000	Turkiye Government International Bond		6.3000	03/14/33		92,146
	388,000	Turkiye Government International Bond		7.6250	05/15/34		398,303
	70,000	Turkiye Government International Bond		6.6250	02/17/45		61,551
	322,000	Uruguay Government International Bond		5.1000	06/18/50		285,373
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $12,844,907)					12,789,074

			Spread
		TERM LOANS — 4.3%
		ADVERTISING & MARKETING — 0.0%^(f)
	94,050	Endeavor Operating Company, LLC^(d)	TSFR1M + 3.000%	6.4220	01/28/32		94,461

		AEROSPACE & DEFENSE — 0.1%
	148,447	Dynasty Acquisition Company, Inc.^(d)	TSFR1M + 2.250%	6.3270	10/27/31		149,008
	56,465	Dynasty Acquisition Company, Inc.^(d)	TSFR1M + 2.250%	6.3270	10/27/31		56,678
	79,400	TransDigm, Inc.^(d)	TSFR3M + 2.250%	5.9230	03/22/30		79,502
	190,262	TransDigm, Inc.^(d)	TSFR3M + 2.500%	6.1200	02/28/31		190,725
							475,913
		APPAREL & TEXTILE PRODUCTS — 0.0%^(f)
	69,650	Beach Acquisition Bidco, LLC^(d)	TSFR1M + 3.250%	7.3080	06/28/32		70,062

		AUTOMOTIVE — 0.1%
	138,250	American Axle & Manufacturing, Inc.^(d)	TSFR1M + 3.250%	7.4050	09/20/32		138,768
	203,975	Clarios Global, L.P.^(d)	TSFR1M + 2.500%	6.0980	01/28/32		204,677
							343,445

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.3% (Continued)
		BEVERAGES — 0.2%
	140,000	Pegasus Bidco BV^(d)	TSFR3M + 2.500%	6.1430	07/12/32	$	140,420
	254,363	Primo Brands Corporation^(d)	TSFR1M + 2.750%	6.4820	03/19/31		255,697
	124,375	Sazerac Company, Inc.^(d)	TSFR1M + 2.000%	5.6680	07/09/32		124,404
							520,521
		BIOTECH & PHARMA — 0.2%
	218,500	Genmab A/S^(d)	TSFR1M + 2.000%	5.7320	12/13/32		218,586
	279,300	Grifols International Services USA, Inc.^(d)	TSFR1M + 2.500%	6.1790	04/01/33		280,188
							498,774
		CABLE & SATELLITE — 0.2%
	191,791	Charter Communications Operating, LLC^(d)	TSFR1M + 2.250%	6.5480	11/22/31		184,946
	170,283	Cogeco Communications USA II, L.P.^(d)	TSFR1M + 3.250%	6.9230	09/18/30		136,482
	200,149	Directv Financing, LLC^(d)	TSFR3M + 4.500%	8.2530	08/02/29		201,623
							523,051
		CHEMICALS — 0.0%^(f)
	106,067	INEOS US Finance, LLC^(d)	TSFR1M + 3.250%	7.5770	02/19/30		100,797

		COMMERCIAL SUPPORT SERVICES — 0.2%
	169,150	AlixPartners LLP^(d)	TSFR1M + 2.000%	5.6440	07/30/32		168,780
	215,000	Brightview Landscapes, LLC^(d)	TSFR1M + 2.000%	5.6520	06/11/33		215,358
	29,925	Cimpress USA, Inc.^(d)	TSFR1M + 2.500%	6.1320	05/19/33		30,037
	149,938	Prime Security Services Borrower, LLC^(d)	TSFR1M + 2.000%	5.6880	10/15/30		149,765
							563,940
		CONSTRUCTION MATERIALS — 0.1%
	126,764	Quikrete Holdings, Inc.^(d)	TSFR1M + 2.250%	5.9220	04/14/31		126,972

		E-COMMERCE DISCRETIONARY — 0.0%^(f)
	35,000	Chewy, Inc.^(d)	TSFR1M + 1.750%	5.4460	06/16/33		34,978

		ELECTRIC UTILITIES — 0.3%
	450,000	Alpha Generation, LLC^(d)	TSFR1M + 1.750%	5.3940	05/29/33		447,243
	182,796	Astoria Energy, LLC^(d)	TSFR1M + 2.250%	6.4250	06/23/32		183,266
	182,038	Hunterstown Generation, LLC^(d)	TSFR3M + 2.750%	6.3990	11/06/31		182,095

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.3% (Continued)
		ELECTRIC UTILITIES — 0.3% (Continued)
	25,000	Pathfinder Power, LLC^(d)	TSFR1M + 2.000%	5.6250	06/22/33	$	24,981
	89,550	Talen Energy Supply, LLC^(d)	TSFR1M + 2.000%	5.6540	10/09/32		88,718
							926,303
		ELECTRICAL EQUIPMENT — 0.2%
	55,000	Belden, Inc.^(d)	TSFR1M + 2.000%	5.8710	06/11/33		55,344
	50,000	ESCO Technologies, Inc.^(d)	TSFR1M + 2.250%	5.3710	06/10/33		50,000
	201,165	Gates Corporation^(d)	TSFR1M + 1.750%	6.0770	06/04/31		201,176
	173,257	MX Holdings US, Inc.^(d)	TSFR1M + 2.250%	6.5770	02/19/32		174,231
	197,853	Wec US Holdings, Inc.^(d)	TSFR1M + 2.250%	6.5740	01/27/31		197,848
							678,599
		ENGINEERING & CONSTRUCTION — 0.2%
	236,558	Construction Partners, Inc.^(d)	TSFR1M + 2.000%	5.6370	11/03/31		236,854
	118,200	Frontdoor, Inc.^(d)	TSFR1M + 2.250%	6.5770	12/16/31		118,693
	212,850	Red SPV, LLC^(d)	TSFR1M + 2.250%	6.5620	03/08/32		213,382
							568,929
		ENTERTAINMENT CONTENT — 0.2%
	88,269	Discovery Global Holdings, Inc.^(d)	TSFR1M + 2.500%	6.1130	06/30/33		88,444
	290,000	OAK-Eagle Acquireco, Inc.^(d)	TSFR1M + 3.500%	7.1720	03/24/33		292,121
	225,400	Univision Communications, Inc.^(d)	TSFR1M + 3.500%	7.2350	01/31/29		224,132
							604,697
		FOOD — 0.1%
	26,053	Del Monte Foods Corporation II, Inc.		–	06/01/27		3,908
	120,326	Del Monte Foods Corporation II, Inc.^(d)	TSFR3M + 3.400%	8.3470	08/02/28		2,557
	52,259	Del Monte Foods Corporation II, Inc.^(d)	TSFR3M + 4.400%	8.5740	08/02/28		2,090
	23,641	Del Monte Foods Corporation II, Inc.^(d)	TSFR3M + 8.150%	12.4740	08/02/28		11,939
	380,683	Froneri US, Inc.^(d)	TSFR1M + 2.000%	5.8770	09/18/31		379,047
							399,541
		HEALTH CARE FACILITIES & SERVICES — 0.1%
	114,710	DaVita, Inc.^(d)	TSFR1M + 1.750%	5.4750	05/09/31		114,827
	60,000	McKesson Medical-Surgical Top Holdings, Inc.^(d)	TSFR1M + 2.250%	5.9820	06/03/32		60,131
	133,165	Phoenix Guarantor, Inc.^(d)	TSFR1M + 2.000%	5.6250	02/21/31		133,373
	182,225	Select Medical Corporation^(d)	TSFR1M + 2.000%	6.3270	11/19/31		182,302
							490,633

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.3% (Continued)
		HOUSEHOLD PRODUCTS — 0.0%^(f)
	88,535	Energizer Holdings, Inc.^(d)	TSFR1M + 2.000%	6.3270	03/13/32	$	88,646

		INDUSTRIAL SUPPORT SERVICES — 0.1%
	30,000	ADI Global Distribution, Inc.^(d)	TSFR1M + 2.750%	6.3640	06/16/33		30,075
	168,725	Resideo Funding, Inc.^(d)	TSFR1M + 2.000%	6.3580	08/09/32		169,112
							199,187
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	496,240	Citadel Securities Global Holdings, LLC^(d)	TSFR1M + 2.000%	5.6200	06/30/33		496,224
	209,474	Hudson River Trading, LLC^(d)	TSFR1M + 2.500%	6.1740	03/18/30		209,348
							705,572
		INSURANCE — 0.1%
	250,000	TIH Insurance Holdings, LLC^(d)	TSFR3M + 2.750%	6.4820	05/06/31		246,563

		LEISURE FACILITIES & SERVICES — 0.6%
	205,000	Delta 2 Lux Sarl^(d)	TSFR1M + 2.000%	6.2990	09/10/31		205,341
	109,175	Entain Holdings Gibraltar Ltd.^(d)	TSFR3M + 2.250%	6.5690	07/30/32		109,311
	190,125	Flutter Entertainment PLC^(d)	TSFR1M + 1.750%	6.0490	11/29/30		188,747
	123,527	Flutter Financing BV^(d)	TSFR1M + 2.000%	6.3530	06/04/32		123,156
	300,887	Life Time, Inc.^(d)	TSFR1M + 2.000%	6.3600	11/05/31		301,865
	169,575	Light & Wonder International, Inc.^(d)	TSFR1M + 2.000%	5.6670	04/16/29		169,999
	223,875	Live Nation Entertainment, Inc.^(d)	TSFR1M + 2.000%	5.7340	10/19/32		224,260
	267,180	Playtika Holding Corporation^(d)	TSFR1M + 2.865%	7.9430	03/05/28		262,299
	351,437	TKO Worldwide Holdings, LLC^(d)	TSFR1M + 1.750%	5.3750	11/21/31		351,238
							1,936,216
		MACHINERY — 0.0%^(f)
	70,000	CompoSecure Holdings, LLC^(d)	TSFR1M + 2.250%	5.9380	01/10/33		69,885

		MEDICAL EQUIPMENT & DEVICES — 0.1%
	215,000	Hopper Merger Sub, Inc.^(d)	TSFR1M + 2.250%	5.9380	01/14/33		211,693
	203,203	Medline Borrower, L.P.^(d)	TSFR1M + 1.500%	5.1140	05/16/33		202,683
							414,376
		OIL & GAS PRODUCERS — 0.3%
	278,600	Blackfin Pipeline, LLC^(d)	TSFR1M + 3.000%	7.1660	09/29/32		279,413
	230,000	CQP Holdco, L.P.^(d)	TSFR3M + 1.750%	5.4000	12/15/32		229,097

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.3% (Continued)
		OIL & GAS PRODUCERS — 0.3% (Continued)
	259,291	GIP Pilot Acquisition Partners, L.P.^(d)	TSFR1M + 2.000%	5.6320	05/17/32	$	259,615
	73,503	WhiteWater DBR HoldCo, LLC^(d)	TSFR1M + 2.250%	6.5490	03/03/31		73,741
	280,000	WhiteWater Matterhorn Holdings, LLC^(d)	TSFR3M + 1.750%	5.4020	06/16/32		278,151
							1,120,017
		PUBLISHING & BROADCASTING — 0.1%
	381,150	Nexstar Media, Inc.^(d)	TSFR1M + 2.500%	6.1730	06/24/32		380,199

		REAL ESTATE INVESTMENT TRUSTS — 0.0%^(f)
	170,307	Iron Mountain, Inc.^(d)	TSFR1M + 2.100%	6.3270	01/31/31		170,221

		RETAIL - DISCRETIONARY — 0.1%
	210,453	Belron Finance 2019, LLC^(d)	TSFR3M + 2.000%	5.6600	10/16/31		210,564
	89,433	Harbor Freight Tools USA, Inc.^(d)	TSFR1M + 2.500%	6.5770	06/05/31		89,459
	70,000	QXO Building Products, Inc.^(d)	TSFR1M + 2.000%	5.6200	06/03/33		69,965
							369,988
		SOFTWARE — 0.2%
	175,000	CoreWeave Financing DDTL V, LLC^(d)	TSFR1M + 4.500%	8.1520	11/06/31		175,109
	304,860	SS&C Technologies, Inc.^(d)	TSFR1M + 2.000%	5.6200	05/09/31		304,898
	127,854	UKG, Inc.^(d)	TSFR3M + 2.250%	6.1520	02/10/31		122,924
							602,931
		TECHNOLOGY SERVICES — 0.1%
	89,775	CACI International, Inc.^(d)	TSFR1M + 1.750%	5.4170	02/26/33		89,757
	203,768	North American Bancard, LLC^(d)	TSFR3M + 2.500%	6.7990	11/24/28		191,202
	159,600	Shift4 Payments, LLC^(d)	TSFR1M + 2.000%	5.6870	07/06/32		159,501
							440,460
		TELECOMMUNICATIONS — 0.1%
	272,120	Eagle Broadband Investments, LLC^(d)	TSFR3M + 3.115%	7.5610	11/12/27		190,290
	160,000	QTS Thunder Managing Issuer, LLC^(d)	TSFR1M + 2.250%	5.9170	07/18/33		158,000
							348,290
		TRANSPORTATION & LOGISTICS — 0.1%
	158,000	AAdvantage Loyalty IP Ltd.^(d)	TSFR3M + 2.250%	5.9790	04/20/28		158,169
	284,288	AS Mileage Plan IP Ltd.^(d)	TSFR1M + 2.000%	5.7290	05/07/33		284,022
	257,387	Rand Parent, LLC^(d)	TSFR3M + 3.000%	6.7320	03/18/30		258,155

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.3% (Continued)
		TRANSPORTATION & LOGISTICS — 0.1% (Continued)
						$	700,346
		TOTAL TERM LOANS (Cost $15,129,471)					14,814,513

		U.S. GOVERNMENT & AGENCIES — 31.1%
		AGENCY FIXED RATE — 14.6%
	4,615	Fannie Mae Pool 735061		6.0000	11/01/34		4,713
	6,540	Fannie Mae Pool 866009		6.0000	03/01/36		6,784
	35,101	Fannie Mae Pool 938574		5.5000	09/01/36		35,435
	18,867	Fannie Mae Pool 310041		6.5000	05/01/37		19,667
	7,626	Fannie Mae Pool 962752		5.0000	04/01/38		7,574
	10,998	Fannie Mae Pool 909175		5.5000	04/01/38		11,120
	24,752	Fannie Mae Pool 909220		6.0000	08/01/38		25,763
	36,020	Fannie Mae Pool AS7026		4.0000	04/01/46		33,646
	57,636	Fannie Mae Pool BJ9260		4.0000	04/01/48		53,471
	2,905,479	Fannie Mae Pool CB0534		3.0000	05/01/51		2,479,292
	642,954	Fannie Mae Pool FS4991		3.0000	03/01/52		548,311
	1,109,099	Fannie Mae Pool FS8360		3.5000	09/01/52		984,808
	550,574	Fannie Mae Pool MA4805		4.5000	11/01/52		519,758
	694,676	Fannie Mae Pool FS4438		5.0000	11/01/52		675,266
	1,058,271	Fannie Mae Pool MA4839		4.0000	12/01/52		966,094
	1,993,403	Fannie Mae Pool FS7751		4.0000	03/01/53		1,820,684
	396,166	Fannie Mae Pool MA4980		6.0000	04/01/53		403,234
	419,633	Fannie Mae Pool MA5072		5.5000	06/01/53		417,500
	850,845	Fannie Mae Pool CB6857		4.5000	08/01/53		803,577
	1,969,964	Fannie Mae Pool FA1728		6.0000	10/01/53		2,006,745
	397,065	Fannie Mae Pool FS6679		6.0000	12/01/53		403,728
	2,001,149	Fannie Mae Pool MA5271		5.5000	02/01/54		1,984,809
	2,999,487	Fannie Mae Pool FA2472		5.0000	04/01/54		2,905,541
	1,640,737	Fannie Mae Pool MA5385		4.0000	06/01/54		1,498,070
	972,571	Fannie Mae Pool FS8791		6.0000	08/01/54		984,990
	1,221,093	Fannie Mae Pool FA0685		6.0000	01/01/55		1,238,373
	3,428,819	Fannie Mae Pool FA1378		4.0000	03/01/55		3,142,590
	2,803,433	Fannie Mae Pool FA4052		5.5000	07/01/55		2,776,056
	41,268	Freddie Mac Gold Pool G01980		5.0000	12/01/35		41,054
	7,058	Freddie Mac Gold Pool G05888		5.5000	10/01/39		7,146

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 31.1% (Continued)
		AGENCY FIXED RATE — 14.6% (Continued)
	156,310	Freddie Mac Pool SB8269	6.0000	10/01/38	$	159,980
	1,775,806	Freddie Mac Pool SD2026	5.0000	11/01/52		1,725,913
	446,702	Freddie Mac Pool SD3238	5.5000	12/01/52		445,086
	1,390,982	Freddie Mac Pool SD8309	6.0000	03/01/53		1,413,992
	913,178	Freddie Mac Pool SD5594	5.5000	07/01/53		909,425
	658,927	Freddie Mac Pool SD8343	6.0000	07/01/53		669,663
	382,617	Freddie Mac Pool SD8350	6.0000	08/01/53		388,819
	1,273,848	Freddie Mac Pool SL3545	3.0000	10/01/53		1,087,924
	1,738,315	Freddie Mac Pool SD5856	3.5000	01/01/54		1,543,475
	799,842	Freddie Mac Pool SD8409	6.0000	03/01/54		809,542
	2,403,149	Freddie Mac Pool SD8418	4.5000	04/01/54		2,257,558
	1,068,372	Freddie Mac Pool SL0627	6.0000	10/01/54		1,081,588
	6,682,940	Freddie Mac Pool SD8492	5.0000	01/01/55		6,456,218
	897,447	Freddie Mac Pool SD8494	5.5000	01/01/55		888,683
	2,335,584	Freddie Mac Pool SL2922	5.5000	10/01/55		2,313,460
	890,478	Freddie Mac Pool SL4902	4.0000	11/01/55		812,773
						49,769,898
		U.S. TREASURY BONDS — 1.1%
	2,405,000	United States Treasury Bond	1.2500	05/15/50		1,077,600
	5,850,000	United States Treasury Bond	1.3750	08/15/50		2,702,197
						3,779,797
		U.S. TREASURY NOTES — 15.4%
	775,000	United States Treasury Note	4.3750	08/15/26		775,027
	370,000	United States Treasury Note	4.0000	01/31/29		367,015
	3,280,000	United States Treasury Note	4.0000	07/31/29		3,247,008
	1,055,000	United States Treasury Note	4.0000	03/31/30		1,040,597
	1,380,000	United States Treasury Note	3.8750	07/31/30		1,352,562
	890,000	United States Treasury Note	4.0000	02/15/34		854,313
	1,875,000	United States Treasury Note	3.8750	08/15/34		1,776,892
	7,265,000	United States Treasury Note	4.6250	02/15/35		7,232,648
	5,045,000	United States Treasury Note	4.2500	05/15/35		4,882,023
	3,970,000	United States Treasury Note	4.1250	02/15/36		3,785,457
	1,135,000	United States Treasury Note	1.8750	11/15/51		588,072
	4,100,000	United States Treasury Note	4.0000	11/15/52		3,329,648
	1,950,000	United States Treasury Note	3.6250	02/15/53		1,478,763

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 31.1% (Continued)
		U.S. TREASURY NOTES — 15.4% (Continued)
	2,610,000	United States Treasury Note	3.6250	05/15/53	$	1,977,024
	4,875,000	United States Treasury Note	4.2500	02/15/54		4,127,373
	5,770,000	United States Treasury Note	4.6250	05/15/54		5,202,692
	365,000	United States Treasury Note	4.2500	08/15/54		309,081
	3,310,000	United States Treasury Note	4.5000	11/15/54		2,923,790
	6,235,000	United States Treasury Note	4.6250	02/15/55		5,622,460
	1,775,000	United States Treasury Note	4.7500	05/15/55		1,633,797
						52,506,242
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $113,829,797)				106,055,937

Shares
		SHORT-TERM INVESTMENTS — 4.2%
		COLLATERAL FOR SECURITIES LOANED - 1.3%
	4,452,017	Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (Cost $4,452,017)^(g),(h)				4,452,017

		MONEY MARKET FUNDS - 2.9%
	9,752,578	Fidelity Government Portfolio, Institutional, 3.55% (Cost $9,752,578)^(g)				9,752,578

		TOTAL SHORT-TERM INVESTMENTS (Cost $14,204,595)				14,204,595

		TOTAL INVESTMENTS - 100.8% (Cost $354,243,511)			$	343,870,506
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%				(2,720,936	)
		NET ASSETS - 100.0%			$	341,149,570

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Depreciation
	72	CBOT US Treasure Bond Futures	09/22/2026	$	7,798,500	$	(256,500	)
		TOTAL FUTURES CONTRACTS

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

OPEN FUTURES CONTRACTS

Number of
Contracts

Open Short Futures Contracts

Expiration

Notional Amount⁽ⁱ⁾

Value and Unrealized
Appreciation

Ultra U.S. Treasury Bond Futures

09/22/2026

438,750

17,125

TOTAL FUTURES CONTRACTS

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency^(j)	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread^(k)	Maturity Date	Notional Value⁽ⁱ⁾		Fair Value			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.EM Series 45	Quarterly⁽¹⁾	Citibank	1.00%	145	6/20/2031	$	3,410,000	$	61,996		$	87,425		$	(25,429	)
CDX.NA.HY SERIES 46	Quarterly⁽¹⁾	Citibank	5.00%	312	6/20/2031		3,069,000		(248,621	)		(229,534	)		(19,087	)
TOTAL								$	(186,625	)	$	(142,109	)	$	(44,516	)

⁽¹⁾

Buy Protection

ABS	- Asset Backed Securities

A/S	- Anonim Sirketi

CLO	- Collateralized Loan Obligation

CMBS	- Commercial Mortgage-Backed Securities

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

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

USISSO05	5-year U.S. Dollar Secured Overnight Financing Rate (SOFR) Swap Rate

HUF	Hungarian Forint

MXN	Mexican Peso

MYR	Malaysian Ringgit

PEN	Peruvian Sole

ZAR	South African Rand

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

^(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2026 the total market value of 144A securities is 127,860,495 or 37.5% of net assets.

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

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

^(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $4,355,700 at July 31, 2026.

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

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

^(h)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $4,452,017 at July 31, 2026.

⁽ⁱ⁾	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.

^(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 July 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)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 4.6%
		CLO — 4.6%
	3,000,000	Bain Capital Credit CLO 2021-7 Ltd. Series 7A ER^(a),(b)	TSFR3M + 6.500%	10.2330	01/22/35	$	2,570,277
	2,250,000	BlueMountain CLO XXXII Ltd. Series 32A ER^(a),(b)	TSFR3M + 6.600%	10.3530	10/15/34		2,132,244
	3,500,000	BlueMountain CLO XXXIII Ltd. Series 33A ER^(a),(b)	TSFR3M + 6.930%	10.6590	10/20/38		3,339,483
	1,350,000	MidOcean Credit CLO XIV Ltd. Series 14A ER^(a),(b)	TSFR3M + 6.140%	9.8460	04/15/37		1,322,923
	1,400,000	Sculptor CLO XXXVI LTD Series 36A D2^(a),(b)	TSFR3M + 4.150%	7.9930	01/30/39		1,406,404
							10,771,331
		TOTAL ASSET BACKED SECURITIES (Cost $11,405,546)					10,771,331

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 9.3%
		AUTOMOTIVE — 0.2%
	535,000	ZF North America Capital, Inc.^(a)		6.8750	04/23/32		525,288

		CABLE & SATELLITE — 0.6%
	492,000	Cable One, Inc.^(a),(c)		4.0000	11/15/30		183,427
	705,000	CCO Holdings, LLC / CCO Holdings Capital^(a),(c)		4.2500	01/15/34		576,458
	575,000	Sirius XM Radio, Inc.^(a),(c)		4.1250	07/01/30		537,978
							1,297,863
		CHEMICALS — 0.2%
	720,000	FMC Corporation^(d)	H15T5Y + 4.366%	8.4500	11/01/55		541,308

		ENTERTAINMENT CONTENT — 0.4%
	560,000	Univision Communications, Inc.^(a)		8.5000	07/31/31		559,179
	525,000	ViacomCBS, Inc.^(d)	US0003M +3.899%	6.2500	02/28/57		411,230
							970,409
		FOOD — 0.5%
	163,000	HLF Financing Sarl, LLC / Herbalife International^(a)		4.8750	06/01/29		151,692
	403,000	HLF Financing Sarl, LLC Herbalife International^(a)		7.7500	05/01/33		405,848
	525,000	Post Holdings, Inc.^(a)		6.2500	10/15/34		510,766
							1,068,306

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 9.3% (Continued)
		INDUSTRIAL SUPPORT SERVICES — 0.0%^(e)
	60,000	EquipmentShare.com, Inc.^(a)		7.1250	07/01/34	$	57,265

		LEISURE FACILITIES & SERVICES — 0.7%
	582,000	Hilton Grand Vacations Borrower Escrow, LLC ^(a),(c)		4.8750	07/01/31		538,664
	520,000	Light & Wonder International, Inc.^(a)		6.2500	10/01/33		511,157
	600,000	NCL Corporation Ltd.^(a),(c)		6.2500	09/15/33		570,623
							1,620,444
		OIL & GAS PRODUCERS — 2.1%
	305,000	Crescent Energy Finance, LLC^(a)		7.3750	01/15/33		306,549
	270,000	Crescent Energy Finance, LLC^(a)		8.3750	01/15/34		278,740
	571,000	Delek Logistics Partners, L.P. / Delek Logistics^(a)		7.3750	06/30/33		584,627
	500,000	Genesis Energy, L.P. / Genesis Energy Finance		7.8750	05/15/32		516,614
	55,000	Genesis Energy, L.P. / Genesis Energy Finance		6.7500	03/15/34		54,880
	400,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a)		6.0000	02/01/31		390,118
	265,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a)		7.2500	02/15/35		262,987
	494,000	ITT Holdings, LLC^(a)		6.5000	08/01/29		488,801
	535,000	Murphy Oil Corporation		6.5000	02/15/34		529,355
	545,000	Northern Oil & Gas, Inc.^(a)		7.8750	10/15/33		545,841
	525,000	Sunoco, L.P.^(a)		5.8750	03/15/34		514,798
	590,000	Venture Global LNG, Inc.^(a)		6.6250	06/15/36		578,550
							5,051,860
		PUBLISHING & BROADCASTING — 0.2%
	575,000	Nexstar Media, Inc.^(a)		7.2500	04/15/34		576,715

		REAL ESTATE INVESTMENT TRUSTS — 0.4%
	590,000	Galaxy Helios Data Centers II, LLC^(a)		9.8750	08/01/31		592,316
	417,000	Iron Mountain, Inc.^(a)		6.2500	01/15/35		412,102
							1,004,418
		RETAIL - CONSUMER STAPLES — 0.1%
	299,000	Albertsons Companies, Inc.^(a)		5.7500	03/31/34		278,378

		RETAIL - DISCRETIONARY — 0.0%^(e)
	121,000	Hertz Corporation (The)^(a),(c)		12.6250	07/15/29		79,463

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 9.3% (Continued)
		SOFTWARE — 0.5%
	735,000	CoreWeave, Inc.^(a)		9.6250	07/15/32	$	656,415
	525,000	Flash Compute, LLC^(a)		7.2500	12/31/30		530,828
							1,187,243
		SPECIALTY FINANCE — 0.7%
	640,000	Arbor Realty SR, Inc.^(a),(c)		7.8750	07/15/30		582,409
	515,000	Credit Acceptance Corporation^(a)		6.6250	03/15/30		515,412
	645,000	goeasy Ltd.^(a)		6.8750	05/15/30		586,483
							1,684,304
		STEEL — 0.3%
	575,000	Cleveland-Cliffs, Inc.^(a),(c)		7.3750	05/01/33		581,678

		TECHNOLOGY HARDWARE — 0.2%
	500,000	EquipmentShare.com, Inc.^(a)		8.0000	03/15/33		504,056

		TECHNOLOGY SERVICES — 0.2%
	545,000	Mobius Merger Sub, Inc.^(a)		9.0000	06/01/30		373,374

		TELECOMMUNICATIONS — 1.8%
	590,000	APLD ComputeCompany 3, LLC^(a)		7.0000	06/15/31		573,915
	535,000	Black Pearl Compute, LLC^(a)		6.1250	02/15/31		534,124
	230,000	C&W Senior Finance Ltd.^(a)		9.0000	01/15/33		233,962
	705,000	Core Scientific Finance I, LLC^(a)		7.7500	05/15/31		690,900
	300,000	Iliad Holding S.A.SU^(a)		8.5000	04/15/31		315,616
	200,000	Iliad Holding S.A.SU^(a)		7.0000	04/15/32		202,076
	152,000	Rogers Communications, Inc.^(d)	H15T5Y + 2.653%	7.0000	04/15/55		152,987
	353,000	Rogers Communications, Inc.^(d)	H15T5Y + 2.620%	7.1250	04/15/55		354,364
	350,000	Sable International Finance Ltd.^(a)		7.1250	10/15/32		346,222
	585,000	Zayo Group Holdings, Inc.^(a)		9.0000	09/09/30		574,031
							3,978,197
		WHOLESALE - CONSUMER STAPLES — 0.2%
	545,000	Performance Food Group, Inc.^(a)		5.6250	03/01/34		528,971

		TOTAL CORPORATE BONDS (Cost $22,706,914)					21,909,540

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9%
		ADVERTISING & MARKETING — 0.6%
	1,115,738	Endeavor Operating Company, LLC^(b)	TSFR1M + 2.766%	6.4220	01/28/32	$	1,120,619
	354,796	Planet US Buyer, LLC^(b)	TSFR3M + 3.580%	7.3300	02/10/31		356,760
							1,477,379
		AEROSPACE & DEFENSE — 0.2%
	441,070	Kaman Corporation^(b)	TSFR3M + 1.921%	5.6710	02/26/32		441,209

		APPAREL & TEXTILE PRODUCTS — 1.5%
	478,220	Beach Acquisition Bidco, LLC^(b)	TSFR1M + 3.652%	7.3080	06/28/32		481,044
	1,016,381	Tory Burch, LLC^(b)	TSFR1M + 3.993%	7.6490	04/17/31		1,019,136
	1,990,737	Varsity Brands, Inc.^(b)	TSFR1M + 3.016%	6.6720	08/26/31		1,993,842
							3,494,022
		ASSET MANAGEMENT — 3.2%
	233,038	Cub Financing Intermediate, LLC^(b)	TSFR1M + 4.264%	7.9200	07/24/33		233,912
	386,369	Deep Blue Operating I, LLC^(b)	TSFR1M + 3.317%	6.9730	09/17/32		386,852
	776,036	Dragon Buyer, Inc.^(b)	TSFR1M + 3.643%	7.2990	09/24/31		621,477
	565,000	Dragon Buyer, Inc.^(b)	TSFR3M + 2.663%	6.4130	09/30/31		452,472
	1,467,411	Focus Financial Partners, LLC^(b)	TSFR1M + 2.560%	6.2160	09/15/31		1,450,250
	1,474,687	Hightower Holding, LLC^(b)	TSFR3M + 3.314%	7.0640	02/03/32		1,471,001
	1,857,234	Nexus Buyer, LLC^(b)	TSFR1M + 3.517%	7.1730	07/31/31		1,803,094
	1,054,901	Osaic Holdings, Inc.^(b)	TSFR1M + 2.526%	6.1820	08/02/32		1,049,764
							7,468,822
		AUTOMOTIVE — 2.2%
	1,444,423	American Axle & Manufacturing, Inc.^(b)	TSFR1M + 3.749%	7.4050	09/20/32		1,449,840
	1,550,194	Clarios Global, L.P.^(b)	TSFR1M + 2.442%	6.0980	01/28/32		1,555,527
	786,236	First Brands Group, LLC^(b)	US0001M +5.000%	9.5700	03/24/27		1,388
	1,223,640	IXS Holdings, Inc.^(b)	TSFR3M + 5.984%	9.7340	09/05/29		1,221,499
	878,247	PAI Holdco, Inc.^(b)	US0001M +3.250%	8.2910	10/28/27		859,585
							5,087,839
		BEVERAGES — 1.0%
	1,601,966	Pegasus Bidco BV^(b)	TSFR1M + 2.487%	6.1430	07/12/32		1,606,771
	775,445	Primo Brands Corporation^(b)	TSFR1M + 2.826%	6.4820	03/19/31		779,512
							2,386,283
		BIOTECH & PHARMA — 0.4%
	493,235	Amneal Pharmaceuticals, LLC^(b)	TSFR1M + 3.026%	6.6820	08/02/32		495,470

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		BIOTECH & PHARMA — 0.4% (Continued)
	329,700	Grifols International Services USA, Inc.^(b)	TSFR1M + 2.523%	6.1790	04/01/33	$	330,748
	143,696	Prestige Brands, Inc.^(b)	TSFR1M + 1.972%	5.6280	06/12/33		144,280
							970,498
		CABLE & SATELLITE — 1.0%
	1,500,000	Coral-US Co-Borrower, LLC^(b)	TSFR1M + 3.850%	7.5060	01/30/32		1,470,563
	870,458	Sunrise Financing Partnership^(b)	TSFR1M + 3.137%	6.7930	02/17/32		858,128
							2,328,691
		CHEMICALS — 4.2%
	1,546,919	AIP RD Buyer Corporation^(b)	TSFR1M + 4.001%	7.6570	12/23/30		1,536,284
	274,970	Bond US Bidco 1, Inc.^(b)	TSFR1M + 3.498%	7.1540	05/07/33		276,516
	888,185	Consolidated Energy Finance S.A.^(b)	TSFR1M + 5.901%	9.5570	11/08/30		866,456
	948,075	Groupe Solmax, Inc.^(b)	US0001M +4.750%	9.1910	07/23/28		880,923
	608,452	INEOS US Finance, LLC^(b)	TSFR1M + 3.005%	6.6610	02/07/31		568,525
	638,355	INEOS US Petrochem, LLC^(b)	TSFR1M + 3.842%	7.4980	03/14/30		535,152
	809,947	Iris Holding, Inc.^(b)	TSFR1M + 5.474%	9.1300	06/15/28		765,906
	1,990,956	Nouryon Finance BV^(b)	TSFR1M + 3.542%	7.1980	07/31/31		1,993,763
	702,210	Solenis Holdings Ltd.^(b)	TSFR3M + 3.549%	7.2990	06/23/31		702,667
	357,631	SP Motion Holdco Ltd.^(b)	TSFR1M + 2.469%	6.1250	06/24/33		358,284
	1,323,854	Windsor Holdings III, LLC^(b)	TSFR1M + 2.810%	6.4660	08/01/30		1,328,322
							9,812,798
		COMMERCIAL SUPPORT SERVICES — 5.2%
	1,191,591	Action Environmental Group, Inc. (The)^(b)	TSFR3M + 3.810%	7.5600	10/24/30		1,181,915
	1,041,905	Allied Universal Holdco, LLC^(b)	TSFR1M + 3.267%	6.9230	08/06/32		1,045,922
	622,830	Creative Artists Agency, LLC^(b)	TSFR1M + 2.524%	6.1800	10/01/31		623,145
	264,229	EnergySolutions Holdco, Inc.^(b)	TSFR1M + 2.769%	6.4250	07/22/33		265,055
	410,438	Fleet US Bidco, Inc.^(b)	TSFR1M + 3.399%	7.0550	02/10/31		412,490
	1,899,308	Garda World Security Corporation^(b)	TSFR1M + 2.857%	6.5130	02/01/29		1,901,681
	949,162	GFL Environmental Services, Inc./ON^(b)	TSFR1M + 2.500%	6.1560	02/04/32		951,734
	1,010,187	Groundworks, LLC^(b)	TSFR1M + 3.667%	7.3230	03/06/31		1,013,344
	582,919	LRS Holdings, LLC^(b)	TSFR1M + 3.656%	–	07/30/33		577,090
	1,360,608	PG Polaris BidCompany Sarl^(b)	TSFR3M + 2.341%	6.0910	03/26/31		1,360,554
	1,349,636	Ryan, LLC^(b)	TSFR1M + 3.835%	7.4910	11/05/32		1,353,537
	557,828	Tidal Waste & Recycling Holdings, LLC^(b)	TSFR1M + 4.143%	7.7990	10/06/31		558,665

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		COMMERCIAL SUPPORT SERVICES — 5.2% (Continued)
	1,080,701	WestJet Loyalty, L.P.^(b)	TSFR1M + 3.266%	6.9220	02/01/31	$	1,037,473
							12,282,605
		CONSTRUCTION MATERIALS — 0.3%
	462,978	Quikrete Holdings, Inc.^(b)	TSFR1M + 2.214%	5.8700	03/26/29		464,279
	339,443	Quikrete Holdings, Inc.^(b)	TSFR1M + 2.921%	6.5770	01/31/32		340,080
							804,359
		CONSUMER SERVICES — 1.1%
	582,919	Lakeshore Intermediate, LLC^(b)	US0001M +3.250%	8.9460	10/01/28		545,091
	1,058,123	Prometric Holdings, Inc.^(b)	TSFR1M + 3.767%	7.4230	06/18/32		1,059,826
	472,168	Spring Education Group, Inc.^(b)	TSFR1M + 4.643%	8.2990	09/29/30		472,198
	603,457	Spring Education Group, Inc.^(b)	TSFR3M + 3.174%	6.9240	10/07/30		603,496
							2,680,611
		CONTAINERS & PACKAGING — 4.0%
	1,472,487	Altium Packaging, LLC^(b)	TSFR1M + 2.516%	6.1720	06/05/31		1,413,131
	1,332,339	Berlin Packaging, LLC^(b)	TSFR1M + 3.950%	7.6060	06/09/31		1,327,915
	968,056	Clydesdale Acquisition Holdings, Inc.^(b)	TSFR1M + 4.250%	7.5020	03/30/29		947,122
	630,000	Clydesdale Acquisition Holdings, Inc.^(b)	TSFR1M + 3.187%	6.8430	04/13/29		616,376
	276,725	Clydesdale Acquisition Holdings, Inc.^(b)	TSFR1M + 3.238%	6.8940	03/29/32		264,964
	444,697	Graham Packaging Company, Inc.^(b)	TSFR1M + 2.325%	5.9810	01/14/33		445,340
	744,581	SupplyOne, Inc.^(b)	TSFR1M + 4.171%	7.8270	03/27/31		748,069
	232,689	SupplyOne, Inc.^(b)	TSFR1M + 3.876%	7.5320	04/21/31		233,780
	2,401,284	Sword Purchaser, LLC^(b)	TSFR1M + 3.982%	7.6380	04/04/33		2,319,388
	1,220,907	Trident TPI Holdings, Inc.^(b)	TSFR1M + 4.393%	8.0490	09/18/28		1,149,734
							9,465,819
		E-COMMERCE DISCRETIONARY — 0.4%
	1,017,148	CNT Holdings I Corporation^(b)	TSFR3M + 3.030%	6.7800	11/08/32		1,020,495

		ELECTRIC UTILITIES — 1.1%
	1,657,424	Showtime Acquisition, LLC^(b)	TSFR1M + 5.418%	9.0740	08/13/31		1,649,137
	800,000	Talen Energy Supply, LLC^(b)	TSFR1M + 1.998%	5.6540	10/09/32		792,564
	635,000	Texas Competitive Electric Holdings Company, LLC ^(f),(i)		—	11/22/49		—
							2,441,701
		ELECTRICAL EQUIPMENT — 3.2%
	897,223	Amber Acquisitionco, LLC^(b)	TSFR1M + 2.511%	6.1670	07/17/33		897,506

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		ELECTRICAL EQUIPMENT — 3.2% (Continued)
	61,174	Amber Acquisitionco, LLC^(b)	TSFR1M + 2.511%	6.1670	07/18/33	$	61,194
	512,233	Belden, Inc.^(b)	TSFR1M + 2.215%	5.8710	06/11/33		515,435
	646,304	Icebox Holdco III, Inc.^(b)	US0001M +3.750%	8.0610	12/22/28		650,437
	218,214	Icebox Holdco III, Inc.^(b)	TSFR3M + 4.311%	6.9240	12/22/31		219,610
	179,825	Icebox Holdco III, Inc.^(b)	TSFR3M + 6.788%	10.5380	12/22/32		181,848
	896,248	Lsf12 Crown US Commercial Bidco, LLC^(b)	TSFR1M + 3.019%	6.6750	12/02/31		898,954
	739,747	Resilience Parent, LLC^(b)	TSFR1M + 2.522%	6.1780	01/24/33		739,595
	583,160	TK Elevator US Newco, Inc.^(b)	TSFR1M + 2.824%	6.4800	04/30/30		586,303
	1,329,242	TK Elevator US Newco, Inc.^(b)	TSFR1M + 3.581%	7.2370	04/30/30		1,336,114
	610,186	Victory Buyer, LLC^(b)	TSFR1M + 3.015%	6.6710	02/09/33		613,923
	827,519	Watlow Electric Manufacturing Company^(b)	TSFR1M + 2.714%	6.3700	06/10/33		830,726
							7,531,645
		ENGINEERING & CONSTRUCTION — 1.7%
	2,018,927	Azuria Water Solutions, Inc.^(b)	TSFR1M + 2.769%	6.4250	01/27/33		2,016,787
	648,077	Green Infrastructure Partners, Inc.^(b)	TSFR1M + 2.766%	6.4220	09/18/32		649,697
	1,265,035	Osmose Utilities Services, Inc.^(b)	US0001M +3.250%	7.6910	06/17/28		1,264,839
							3,931,323
		ENTERTAINMENT CONTENT — 2.7%
	1,480,567	Discovery Global Holdings, Inc.^(b)	TSFR1M + 2.457%	6.1130	06/30/33		1,483,498
	2,432,799	OAK-Eagle Acquireco, Inc.^(b)	TSFR1M + 3.516%	7.1720	03/24/33		2,450,595
	1,247,642	Univision Communications, Inc.^(b)	TSFR1M + 4.893%	8.5490	06/10/29		1,244,916
	1,034,421	Versant Media Group, Inc.^(b)	TSFR1M + 3.881%	7.5370	10/23/30		1,042,541
							6,221,550
		FOOD — 1.4%
	945,214	Froneri US, Inc.^(b)	TSFR1M + 2.221%	5.8770	09/18/31		941,154
	701,815	Froneri US, Inc.^(b)	TSFR1M + 3.169%	6.8250	07/16/32		699,095
	1,543,608	TreeHouse Foods, Inc.^(b)	TSFR1M + 4.267%	7.9230	02/03/33		1,550,540
							3,190,789
		GAS & WATER UTILITIES — 0.3%
	743,707	Pelican Pipeline, LLC^(b)	TSFR1M + 2.764%	6.4200	03/18/33		748,820

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 4.2%
	1,255,451	Bella Holding Company, LLC^(b)	TSFR1M + 3.214%	6.8700	06/10/33	$	1,255,846
	1,396,852	Charlotte Buyer, Inc.^(b)	TSFR1M + 4.456%	8.1120	06/17/31		1,400,302
	1,618,839	Corgi BidCo, Inc.^(b)	TSFR1M + 5.643%	9.2990	09/20/29		1,574,871
	1,444,467	LifePoint Health, Inc.^(b)	TSFR1M + 3.847%	7.5030	05/14/31		1,381,271
	462,704	McKesson Medical-Surgical Top Holdings, Inc.^(b)	TSFR1M + 2.326%	5.9820	06/03/32		463,718
	930,517	PAREXEL International Corporation^(b)	TSFR1M + 2.464%	6.1200	12/09/31		933,234
	758,005	Quantum Health, Inc.^(b)	TSFR3M + 4.164%	7.9140	12/22/27		752,699
	560,065	Radnet Management, Inc.^(b)	TSFR3M + 1.906%	5.6560	04/18/31		560,474
	558,640	Radnet Management, Inc.^(b)	TSFR1M + 2.011%	5.6670	04/18/31		559,048
	1,059,065	Star Parent, Inc.^(b)	TSFR1M + 4.076%	7.7320	09/19/30		1,064,212
							9,945,675
		HOME & OFFICE PRODUCTS — 1.1%
	1,047,513	AI Aqua Merger Sub, Inc.^(b)	TSFR1M + 2.483%	6.1390	06/25/33		1,048,969
	1,456,702	Weber-Stephen Products, LLC^(b)	TSFR1M + 4.079%	7.7350	09/17/32		1,447,372
							2,496,341
		INDUSTRIAL SUPPORT SERVICES — 0.8%
	187,650	ADI Global Distribution, Inc.^(b)	TSFR1M + 2.708%	6.3640	06/16/33		188,120
	1,600,101	Gloves Buyer, Inc.^(b)	TSFR1M + 4.671%	8.3270	01/20/32		1,605,110
							1,793,230
		INSTITUTIONAL FINANCIAL SERVICES — 2.1%
	781,120	Ascensus Holdings, Inc.^(b)	TSFR1M + 3.017%	6.6730	08/02/28		766,232
	600,000	Ascensus Holdings, Inc.^(b)	TSFR1M + 2.964%	6.6200	11/22/32		588,564
	2,215,548	Jane Street Group, LLC^(b)	TSFR1M + 2.017%	5.6730	12/11/31		2,209,411
	1,304,358	Jump Financial, LLC^(b)	TSFR3M + 3.482%	7.2320	02/26/32		1,307,619
							4,871,826
		INSURANCE — 4.0%
	658,329	Acrisure, LLC^(b)	TSFR1M + 3.017%	6.6730	11/06/30		604,346
	1,132,343	Acrisure, LLC^(b)	TSFR1M + 3.267%	6.9230	06/07/32		1,022,506
	1,486,646	Alliant Holdings Intermediate, LLC^(b)	TSFR1M + 2.517%	6.1730	09/19/31		1,482,461
	143,271	Asurion, LLC^(b)	US0001M +5.250%	9.0170	01/14/29		142,426
	3,016,663	Asurion, LLC^(b)	TSFR1M + 4.257%	7.9130	09/19/30		2,949,047
	778,540	Asurion, LLC^(b)	TSFR1M + 3.754%	7.4100	02/14/33		731,341
	216,129	Broadstreet Partners Group, LLC^(b)	TSFR1M + 2.518%	6.1740	06/16/31		212,870

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		INSURANCE — 4.0% (Continued)
	502,656	Broadstreet Partners Group, LLC^(b)	TSFR1M + 2.772%	6.4280	06/16/31	$	495,076
	850,581	BroadStreet Partners, Inc.^(b)	TSFR1M + 2.516%	6.1720	05/12/31		837,754
	1,079,932	TIH Insurance Holdings, LLC^(b)	TSFR3M + 2.732%	6.4820	05/06/31		1,065,082
							9,542,909
		INTERNET MEDIA & SERVICES — 0.2%
	474,825	Pug, LLC^(b)	TSFR1M + 5.257%	8.9130	03/12/30		476,131

		LEISURE FACILITIES & SERVICES — 6.7%
	1,387,724	BCPE Grill Parent, Inc.^(b)	TSFR1M + 5.421%	9.0770	09/21/30		1,319,552
	1,210,406	Dave & Buster’s, Inc.^(b)	TSFR1M + 3.906%	7.5620	06/29/29		1,065,157
	439,475	Dave & Buster’s, Inc.^(b)	TSFR1M + 3.906%	7.5620	09/29/31		356,434
	1,103,341	GBT US III, LLC^(b)	TSFR3M + 1.900%	5.6500	07/28/31		1,103,341
	604,516	Herschend Entertainment Company, LLC^(b)	TSFR1M + 2.518%	6.1740	05/27/32		607,236
	1,099,433	Hilton Grand Vacations Borrower, LLC^(b)	TSFR1M + 2.017%	5.6730	01/17/31		1,097,306
	569,323	Light & Wonder International, Inc.^(b)	TSFR1M + 2.011%	5.6670	04/16/29		570,746
	1,864,967	Ontario Gaming GTA, L.P.^(b)	TSFR1M + 4.893%	8.5490	07/20/30		1,790,833
	320,390	Pioneer Opco, LLC^(b)	TSFR1M + 3.243%	6.8990	05/07/33		322,651
	1,069,376	TKO Worldwide Holdings, LLC^(b)	TSFR1M + 1.719%	5.3750	11/21/31		1,068,772
	1,576,536	Tortuga Resorts Ghd, LLC^(b)	TSFR1M + 3.280%	6.9360	08/13/32		1,570,623
	1,109,348	Travel + Leisure Company^(b)	TSFR1M + 2.011%	5.6670	12/14/29		1,111,045
	1,791,778	Voyager Parent, LLC^(b)	TSFR1M + 4.326%	7.9820	07/01/32		1,796,579
	1,132,380	Whatabrands, LLC^(b)	TSFR1M + 3.171%	6.8270	08/03/28		1,134,090
	930,484	Whatabrands, LLC^(b)	TSFR1M + 2.818%	6.4740	07/30/33		932,810
							15,847,175
		LEISURE PRODUCTS — 0.6%
	1,401,193	Recess Holdings, Inc.^(b)	TSFR3M + 4.275%	8.0250	02/20/30		1,401,200

		MACHINERY — 0.9%
	545,703	Madison IAQ, LLC^(b)	TSFR1M + 1.718%	5.3740	05/06/32		545,722
	1,600,408	STS Operating, Inc.^(b)	TSFR1M + 4.771%	8.4270	03/17/31		1,608,634
							2,154,356
		MEDICAL EQUIPMENT & DEVICES — 0.3%
	690,694	Sotera Health Holdings, LLC^(b)	TSFR1M + 2.197%	5.8530	05/30/31		693,933

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		OIL & GAS PRODUCERS — 3.2%
	265,714	ACI Rover Parent, LLC^(b)	TSFR1M + 2.214%	5.8700	06/04/33	$	265,714
	789,566	Crescent Midstream Intermediate Holdings, LLC^(b)	TSFR1M + 3.765%	7.4210	02/14/33		794,422
	1,424,893	EG America, LLC^(b)	TSFR1M + 3.267%	6.9230	01/30/31		1,432,459
	589,523	ITT Holdings, LLC^(b)	TSFR1M + 2.018%	5.6740	10/11/30		590,260
	984,794	M6 ETX Holdings II Midco, LLC^(b)	TSFR1M + 2.876%	6.5320	04/01/32		990,334
	1,740,449	NGL Energy Operating, LLC^(b)	TSFR1M + 3.520%	7.1760	03/14/33		1,751,875
	1,326,037	Third Coast Infrastructure, LLC^(b)	TSFR1M + 3.243%	6.8990	09/25/30		1,336,261
	395,978	Traverse Midstream Partners, LLC^(b)	TSFR1M + 2.246%	5.9020	04/21/33		396,325
							7,557,650
		OIL & GAS SERVICES & EQUIPMENT — 0.6%
	1,388,838	Goodnight Water Solutions Holdings, LLC^(b)	TSFR1M + 4.660%	8.3160	06/04/29		1,394,484
	64	Paragon Offshore Finance Company^{(b), (i)}	US0003M +4.000%	–	07/15/22		—
							1,394,484
		PUBLISHING & BROADCASTING — 0.8%
	1,478,189	Nexstar Media, Inc.^(b)	TSFR1M + 2.763%	6.4190	03/23/33		1,478,418
	491,109	United Talent Agency, LLC^(b)	TSFR1M + 3.016%	6.7720	06/10/32		493,030
							1,971,448
		REAL ESTATE OWNERS & DEVELOPERS — 0.5%
	1,122,587	Greystar Real Estate Partners, LLC^(b)	TSFR3M + 3.075%	6.8250	08/21/30		1,126,796

		REAL ESTATE SERVICES — 0.2%
	502,258	Cushman & Wakefield US Borrower, LLC^(b)	TSFR1M + 2.208%	5.8640	06/03/33		503,095

		RETAIL - DISCRETIONARY — 6.7%
	488,258	Belron Finance 2019, LLC^(b)	TSFR3M + 1.910%	5.6600	10/16/31		488,514
	2,467,345	Champions Financing, Inc.^(b)	TSFR3M + 5.330%	9.0800	02/23/29		2,405,352
	909,666	Gulfside Supply, Inc.^(b)	TSFR1M + 3.076%	6.7320	05/29/31		793,683
	1,036,626	Hertz Corporation (The)^(b)	US0001M +3.250%	8.0410	06/14/28		573,384
	205,647	Hertz Corporation (The)^(b)	US0001M +3.250%	8.0410	06/14/28		113,748
	777,291	Highline Aftermarket Acquisition, LLC^(b)	TSFR1M + 4.171%	7.8270	02/12/30		778,586
	1,633,555	LBM Acquisition, LLC^(b)	TSFR1M + 4.406%	8.0620	06/06/31		1,313,199
	835,790	LS Group OpCompany Acquistion, LLC^(b)	TSFR1M + 3.177%	6.8330	04/23/31		834,394
	1,577,688	Mavis Tire Express Services Topco Corporation^(b)	TSFR1M + 3.017%	6.6730	05/04/28		1,576,843

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		RETAIL - DISCRETIONARY — 6.7% (Continued)
	792,070	Park River Holdings, Inc.^(b)	TSFR3M + 4.776%	8.5260	09/25/31	$	793,516
	378,650	Peer Holding III BV^(b)	TSFR1M + 3.143%	6.7990	07/01/31		379,928
	1,555,954	Petco Health & Wellness Company, Inc.^(b)	TSFR1M + 4.326%	7.9820	01/22/31		1,554,460
	1,063,593	PetSmart, LLC^(b)	TSFR1M + 4.021%	7.6770	08/09/32		1,067,448
	673,005	QXO Building Products, Inc.^(b)	TSFR1M + 1.964%	5.6200	06/03/33		672,669
	1,068,979	RVR Dealership Holdings, LLC^(b)	TSFR1M + 4.515%	8.1710	02/09/33		1,019,090
	898,306	Specialty Building Products Holdings, LLC^(b)	US0001M +3.750%	8.1770	10/05/28		841,241
	768,112	White Cap Supply Holdings, LLC^(b)	TSFR1M + 3.214%	6.8700	10/31/29		768,220
							15,974,275
		SOFTWARE — 4.6%
	1,128,569	AthenaHealth Group, Inc.^(b)	TSFR1M + 3.421%	7.0770	02/15/29		1,130,380
	765,842	AthenaHealth Group, Inc.^(b)	TSFR1M + 3.232%	6.8880	02/14/32		761,615
	926,177	BMC Software, Inc.^(b)	TSFR1M + 2.843%	6.4990	07/30/31		845,910
	994,190	Camelot US Acquisition, LLC^(b)	TSFR1M + 3.421%	7.0770	01/31/31		930,035
	810,493	CoreWeave Financing DDTL V, LLC^(b)	TSFR1M + 5.549%	9.2050	09/30/31		813,532
	143,078	CoreWeave Financing DDTL V, LLC^(b)	TSFR1M + 4.496%	8.1520	11/06/31		143,168
	577,032	Cotiviti, Inc.^(b)	TSFR1M + 2.794%	6.4500	02/24/31		542,843
	700,000	Cotiviti, Inc.^(b)	TSFR1M + 2.762%	6.4180	05/01/31		658,525
	422,619	Cotiviti, Inc.^(b)	TSFR1M + 3.418%	7.0740	02/17/32		395,867
	600,000	Dcert Buyer, Inc.^(b)	US0001M +7.000%	11.3270	02/16/29		507,426
	648,342	Opal US, LLC^(b)	TSFR6M + 2.572%	6.1870	04/23/32		650,251
	1,595,194	Rackspace Finance, LLC^(b)	TSFR1M + 3.523%	7.1790	05/15/28		1,448,778
	757,066	UKG, Inc.^(b)	TSFR1M + 3.655%	7.3110	01/31/31		727,874
	1,210,045	UKG, Inc.^(b)	TSFR1M + 2.496%	6.1520	02/10/31		1,163,386
							10,719,590
		SPECIALTY FINANCE — 2.2%
	1,165,682	Apex Group Treasury, LLC^(b)	TSFR1M + 3.510%	7.1660	02/20/32		1,112,259
	176,441	Blackstone Mortgage Trust, Inc.^(b)	TSFR1M + 3.197%	6.8530	05/09/29		176,441
	543,128	Blackstone Mortgage Trust, Inc.^(b)	TSFR1M + 2.526%	6.1820	12/10/30		542,959
	723,518	Blackstone Mortgage Trust, Inc.^(b)	TSFR1M + 2.516%	6.1720	11/19/32		721,709
	1,377,468	CFC USA 2025, LLC^(b)	TSFR1M + 3.505%	7.1610	05/31/32		1,320,076
	1,272,764	Orion US Finco^(b)	TSFR1M + 3.607%	7.2630	05/20/32		1,278,599
							5,152,043

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 85.9% (Continued)
		TECHNOLOGY HARDWARE — 0.9%
	1,074,655	VeriFone Systems, Inc.^(b)	TSFR1M + 6.555%	10.2110	08/21/28	$	1,020,546
	1,171,260	Viasat, Inc.^(b)	SOFRRATE + 4.500%	8.9410	02/24/29		1,181,509
							2,202,055
		TECHNOLOGY SERVICES — 4.5%
	602,916	Ahead DB Holdings, LLC^(b)	TSFR1M + 2.516%	6.1720	02/03/31		598,437
	163,544	Ahead DB Holdings, LLC^(b)	TSFR3M + 2.450%	6.2000	02/03/31		162,329
	640,339	Fortress Intermediate 3, Inc.^(b)	TSFR1M + 3.019%	6.6750	06/27/31		640,070
	679,170	Indy US Holdco, LLC^(b)	TSFR1M + 3.195%	6.8510	10/07/30		668,982
	842,606	MoneyGram International, Inc.^(b)	TSFR1M + 5.417%	9.0730	06/03/30		579,055
	3,408,445	Neptune Bidco US, Inc.^(b)	TSFR3M + 5.113%	8.8630	01/28/33		3,393,347
	1,638,911	Peraton Corporation^(b)	US0001M +3.750%	8.1770	02/24/28		1,496,088
	688,761	Shift4 Payments, LLC^(b)	TSFR1M + 2.031%	5.6870	07/06/32		688,334
	2,207,414	Trio Bidco, Inc.^(b)	TSFR1M + 4.076%	7.7320	10/08/32		2,193,166
	232,716	Trio Bidco, Inc.^(b)	TSFR1M + 4.509%	8.1650	10/08/32		231,213
							10,651,021
		TELECOMMUNICATIONS — 1.9%
	816,646	Connect Finco S.A.RL^(b)	TSFR1M + 5.171%	8.8270	09/28/29		821,599
	734,444	Iridium Satellite, LLC^(b)	TSFR1M + 2.921%	6.5770	09/20/30		735,362
	2,020,394	QTS Thunder Managing Issuer, LLC^(b)	TSFR1M + 2.261%	5.9170	07/18/33		1,995,139
	979,569	Zayo Group Holdings, Inc.^(b)	TSFR1M + 4.117%	7.7730	03/11/30		981,964
							4,534,064
		TRANSPORTATION & LOGISTICS — 2.6%
	1,276,100	AAdvantage Loyalty IP Ltd.^(b)	TSFR1M + 3.262%	6.9180	05/28/32		1,277,695
	1,048,853	American Airlines, Inc.^(b)	TSFR1M + 2.851%	6.5070	06/04/29		1,040,740
	572,573	American Airlines, Inc.^(b)	TSFR1M + 3.010%	6.6660	05/20/33		569,412
	1,741,298	PAC Aviation International, Inc.^(b)	TSFR1M + 3.728%	7.3840	10/09/30		1,741,567
	1,190,687	Stonepeak Nile Parent, LLC^(b)	TSFR1M + 1.964%	5.6200	04/09/32		1,189,383
	422,500	WestJet Loyalty, L.P.^(b)	TSFR3M + 3.322%	7.0720	02/14/31		405,600
							6,224,397
		WHOLESALE - DISCRETIONARY — 0.6%
	693,241	Veritiv Operating Company^(b)	TSFR3M + 3.911%	7.6610	11/29/30		659,878

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

TERM LOANS — 85.9% (Continued)

WHOLESALE - DISCRETIONARY — 0.6% (Continued)

759,527

Veritiv Operating Company^(b)

TSFR3M + 4.549%

8.2990

12/02/30

722,975

1,382,853

TOTAL TERM LOANS (Cost $204,482,995)

202,403,805

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

U.S. GOVERNMENT & AGENCIES — 0.5%

U.S. TREASURY BILL — 0.5%

1,200,000

United States Treasury Bill^(g)

—

09/01/26

1,196,501

TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,196,260)

1,196,501

Expiration
Date

Exercise
Price

Fair Value

RIGHT — 0.0%^(e)

NON-LISTED RIGHT - 0.0% ^(e)

10,588

TRA Rights

11/22/2049

—

13,500

TOTAL RIGHT (Cost $17,470)

13,500

Expiration
Date

Exercise
Price

Fair Value

WARRANT — 0.0%^(e)

PUBLISHING & BROADCASTING - 0.0% ^(e)

14,905

iHeartMedia, Inc.

05/02/2039

0 .00

61,483

TOTAL WARRANT (Cost $287,609)

61,483

Fair Value

SHORT-TERM INVESTMENTS — 7.9%

COLLATERAL FOR SECURITIES LOANED - 1.5%

3,647,032

Mount Vernon Liquid Assets Portfolio, 3.74% (Cost $3,647,032)^(h),(j)

3,647,032

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.9% (Continued)
		MONEY MARKET FUND - 6.4% (Continued)
	14,888,662	Fidelity Investments Money Market Funds, Class I, 3.55% (Cost $14,888,662)^(j)	$	14,888,662

		TOTAL SHORT-TERM INVESTMENTS (Cost $18,535,694)		18,535,694


		TOTAL INVESTMENTS - 108.2% (Cost $258,632,488)	$	254,891,854
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%		(19,317,206	)
		NET ASSETS - 100.0%	$	235,574,648

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

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

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 July 31, 2026 the total market value of 144A securities is 30,120,133 or 12.8% of net assets.

^(b)	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.

^(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $3,561,122 at July 31, 2026.

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

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

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

^(g)	Zero coupon bond.

^(h)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $3,647,032 at July 31, 2026

⁽ⁱ⁾	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.

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

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8%
		ASSET MANAGEMENT — 1.2%
	1,205,000	Focus Financial Partners, LLC^(a)		6.7500	08/15/31	$	1,198,252
	705,000	HA Sustainable Infrastructure Capital, Inc.^(b)	H15T5Y + 4.301%	8.0000	06/01/56		740,588
	1,313,000	HA Sustainable Infrastructure Capital, Inc.^(b)	H15T5Y + 3.478%	7.1250	11/15/56		1,323,795
							3,262,635
		AUTOMOTIVE — 2.0%
	670,000	American Axle & Manufacturing, Inc.^(a)		6.3750	10/15/32		666,778
	895,000	American Axle & Manufacturing, Inc.^(a)		7.7500	10/15/33		882,041
	872,773	IHO Verwaltungs GmbH^(a)		7.3750	05/15/33		905,135
	405,000	Nissan Motor Company Ltd.^(a)		4.8100	09/17/30		375,419
	1,085,000	Nissan Motor Company Ltd.^(a),(d)		8.1250	07/17/35		1,143,257
	1,480,000	ZF North America Capital, Inc.^(a)		6.8750	04/23/32		1,453,133
							5,425,763
		BIOTECH & PHARMA — 1.3%
	1,201,000	BioMarin Pharmaceutical, Inc.^(a)		5.5000	02/15/34		1,171,894
	1,240,000	Perrigo Finance Unlimited Company^(d)		6.1250	09/30/32		1,178,447
	1,043,000	Prestige Brands, Inc.^(a)		6.2500	07/15/34		1,047,187
							3,397,528
		CABLE & SATELLITE — 3.2%
	1,316,000	Cable One, Inc.^(a),(c)		4.0000	11/15/30		490,631
	825,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		5.3750	06/01/29		801,823
	810,000	CCO Holdings, LLC / CCO Holdings Capital^(a),(d)		7.0000	02/01/33		776,831
	1,210,000	CCO Holdings, LLC / CCO Holdings Capital^(a),(d)		4.2500	01/15/34		989,381
	450,000	CSC Holdings, LLC^(a)		11.7500	01/31/29		257,921
	1,325,000	CSC Holdings, LLC^(a)		6.5000	02/01/29		751,323
	540,000	CSC Holdings, LLC^(a)		4.1250	12/01/30		302,520
	1,572,000	Directv Financing, LLC / Directv Financing^(a)		9.2500	06/01/32		1,609,785
	995,000	Sirius XM Radio, Inc.^(a)		4.0000	07/15/28		968,293
	205,000	Sirius XM Radio, Inc.^(a)		3.8750	09/01/31		185,076
	570,000	Sirius XM Radio, LLC^(a),(d)		5.8750	04/15/32		559,698
	875,000	UPC Broadband Finco BV^(a)		4.8750	07/15/31		821,792
							8,515,074
		CHEMICALS — 1.5%
	855,000	Bond US Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco^(a)		7.1250	06/15/33		860,617
	450,000	FMC Corporation^(a)		8.0000	06/01/31		465,465

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		CHEMICALS — 1.5% (Continued)
	2,155,000	FMC Corporation^(b)	H15T5Y + 4.366%	8.4500	11/01/55	$	1,620,164
	1,140,000	Methanex US Operations, Inc.^(a)		6.2500	03/15/32		1,151,880
							4,098,126
		COMMERCIAL SUPPORT SERVICES — 1.0%
	1,450,000	Clean Harbors, Inc.^(a)		5.7500	10/15/33		1,443,801
	592,000	GFL Environmental Holdings US, Inc.^(a)		5.5000	02/01/34		548,708
	625,000	NES Fircroft Bondco A/S^(a)		10.0000	08/13/31		636,328
							2,628,837
		CONSTRUCTION MATERIALS — 0.3%
	730,000	Advanced Drainage Systems, Inc.^(a)		5.3750	03/01/34		708,817

		CONTAINERS & PACKAGING — 2.1%
	1,175,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh^(a)		6.2500	01/30/31		1,184,302
	1,250,000	Clydesdale Acquisition Holdings, Inc.^(a),(d)		8.7500	04/15/30		1,195,723
	395,000	Clydesdale Acquisition Holdings, Inc.^(a)		6.7500	04/15/32		376,412
	34,000	Crown Americas, LLC		5.2500	04/01/30		33,984
	680,000	Crown Americas, LLC		5.8750	06/01/33		679,095
	725,000	Silgan Holdings, Inc.		4.1250	02/01/28		716,335
	1,486,000	Sword Purchaser, LLC^(a)		8.2500	04/15/33		1,521,455
							5,707,306
		E-COMMERCE DISCRETIONARY — 0.7%
	1,190,000	Wayfair, Inc.^(a),(d)		6.7500	11/15/32		1,212,348
	620,000	Wayfair, LLC^(a)		7.1250	05/31/34		637,440
							1,849,788
		ELECTRIC UTILITIES — 3.3%
	1,585,000	Clearway Energy Operating, LLC^(a)		3.7500	01/15/32		1,424,478
	1,739,000	NextEra Energy Operating Partners, L.P.^(a),(d)		7.2500	01/15/29		1,793,491
	1,185,000	NRG Energy Inc^(a)		3.6250	02/15/31		1,092,603
	475,000	NRG Energy, Inc.^(a)		5.7500	01/15/34		462,881
	700,000	NRG Energy, Inc.^(a)		5.8750	05/15/34		687,642
	450,000	NRG Energy, Inc.^(a)		6.0000	01/15/36		440,795
	795,000	Talen Energy Supply, LLC^(a)		6.3750	05/01/33		783,358
	607,000	Talen Energy Supply, LLC^(a)		6.2500	02/01/34		595,138
	607,000	Talen Energy Supply, LLC^(a)		6.5000	02/01/36		600,733

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		ELECTRIC UTILITIES — 3.3% (Continued)
	279,000	XPLR Infrastructure Operating Partners, L.P.^(a),(d)		8.3750	01/15/31	$	296,670
	756,000	XPLR Infrastructure Operating Partners, L.P.^(a)		7.7500	04/15/34		792,395
							8,970,184
		ELECTRICAL EQUIPMENT — 0.5%
	659,000	Cyprium Corp / Cyprium Holdings Luxembourg Sarl^(a)		6.1250	04/15/31		656,048
	659,000	Cyprium Corp / Cyprium Holdings Luxembourg Sarl^(a)		6.3750	04/15/34		650,924
							1,306,972
		ENTERTAINMENT CONTENT — 2.7%
	1,175,000	Banijay Entertainment S.A.SU^(a)		8.1250	05/01/29		1,202,086
	1,665,000	Discovery Global Holdings, Inc.^(d)		5.0500	03/15/42		1,144,688
	1,383,000	OAK-Eagle Acquireco, Inc.^(a)		8.7500	07/01/34		1,457,885
	874,000	Paramount Global^(b),(d)	H15T5Y + 3.999%	6.3750	03/30/62		724,702
	421,000	Univision Communications, Inc.^(a)		7.3750	06/30/30		419,525
	1,545,000	Univision Communications, Inc.^(a)		8.5000	07/31/31		1,542,736
	485,000	Univision Communications, Inc.^(a)		9.3750	08/01/32		484,788
	508,000	ViacomCBS, Inc.^(b)	US0003M + 3.899%	6.2500	02/28/57		397,914
							7,374,324
		FOOD — 2.4%
	1,035,000	HLF Financing Sarl, LLC / Herbalife International,^(a)		4.8750	06/01/29		963,199
	1,176,000	HLF Financing Sarl, LLC Herbalife International^(a)		7.7500	05/01/33		1,184,310
	1,450,000	Industrial F&B Investments III, Inc.^(a)		7.7500	02/11/33		1,471,795
	859,000	Land O’Lakes Capital Trust I^(a)		7.4500	03/15/28		880,308
	1,820,000	Post Holdings, Inc.^(a)		6.2500	10/15/34		1,770,655
							6,270,267
		GAS & WATER UTILITIES — 0.3%
	681,000	Venture Global Plaquemines Lng, LLC^(a)		7.7500	05/01/35		755,190

		HEALTH CARE FACILITIES & SERVICES — 2.7%
	1,280,000	Charles River Laboratories International, Inc.^(a),(d)		4.0000	03/15/31		1,195,068
	1,223,000	Concentra Escrow Issuer Corporation^(a),(d)		6.8750	07/15/32		1,259,180
	577,000	Molina Healthcare, Inc.^(a)		3.8750	05/15/32		516,001
	695,000	Molina Healthcare, Inc.^(a)		6.2500	01/15/33		687,134
	1,440,000	Star Parent, Inc.^(a)		9.0000	10/01/30		1,513,990

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 2.7% (Continued)
	1,620,000	Tenet Healthcare Corporation^(a)		5.5000	11/15/32	$	1,595,206
	640,000	Tenet Healthcare Corporation^(a),(d)		6.0000	11/15/33		642,099
							7,408,678
		HOME CONSTRUCTION — 1.0%
	1,320,000	Ashton Woods USA, LLC / Ashton Woods Finance^(a)		6.8750	08/01/33		1,318,461
	889,000	Mattamy Group Corporation^(a)		4.6250	03/01/30		854,679
	555,000	Mattamy Group Corporation^(a)		6.0000	12/15/33		529,728
							2,702,868
		HOUSEHOLD PRODUCTS — 0.5%
	1,535,000	Edgewell Personal Care Company^(a)		4.1250	04/01/29		1,478,151

		INDUSTRIAL SUPPORT SERVICES — 1.4%
	728,000	ADI Escrow Issuer, LLC^(a)		7.1250	07/15/34		744,211
	1,106,000	EquipmentShare.com, Inc.^(a)		8.6250	05/15/32		1,132,464
	1,060,000	EquipmentShare.com, Inc.^(a)		7.1250	07/01/34		1,011,673
	299,000	Herc Holdings, Inc.^(a)		7.0000	06/15/30		308,588
	870,000	Herc Holdings, Inc.^(a)		7.2500	06/15/33		898,177
							4,095,113
		INSTITUTIONAL FINANCIAL SERVICES — 1.1%
	491,000	Jane Street Group / JSG Finance, Inc.^(a)		7.1250	04/30/31		506,998
	371,000	Jane Street Group / JSG Finance, Inc.^(a)		6.1250	11/01/32		369,449
	676,000	Jane Street Group / JSG Finance, Inc.^(a)		6.7500	05/01/33		689,379
	1,300,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(a)		7.5000	06/15/31		1,348,987
							2,914,813
		INSURANCE — 3.1%
	695,000	Acrisure, LLC / Acrisure Finance, Inc.^(a)		7.5000	11/06/30		672,746
	1,215,000	Acrisure, LLC / Acrisure Finance, Inc.^(a)		6.7500	07/01/32		1,117,348
	1,220,000	Alliant Holdings Intermediate, LLC / Alliant^(a)		6.5000	10/01/31		1,220,382
	1,460,000	Asurion, LLC and Asurion Co-Issuer, Inc.^(a)		8.0000	12/31/32		1,477,793
	1,926,000	Asurion, LLC and Asurion Co-Issuer, Inc.^(a)		8.3750	02/01/34		1,755,989
	980,000	Baldwin Insurance Group Holdings, LLC / Baldwin^(a)		7.1250	05/15/31		988,936
	1,200,000	Panther Escrow Issuer, LLC^(a)		7.1250	06/01/31		1,198,094
							8,431,288

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		INTERNET MEDIA & SERVICES — 1.4%
	839,000	Arches Buyer, Inc.^(a)		9.0000	08/15/31	$	844,982
	1,710,147	GrubHub Holdings, Inc.^(a)		13.0000	07/31/30		1,449,139
	588,000	Match Group Holdings II, LLC^(a)		4.1250	08/01/30		550,448
	201,000	Match Group Holdings II, LLC^(a)		3.6250	10/01/31		179,367
	795,000	Match Group Holdings II, LLC^(a)		6.1250	09/15/33		776,138
							3,800,074
		LEISURE FACILITIES & SERVICES — 6.9%
	530,000	Carnival Corporation^(a)		5.7500	08/01/32		525,238
	1,380,000	Carnival Corporation^(a),(d)		6.1250	02/15/33		1,381,137
	1,455,000	Flutter Treasury DAC^(a)		5.8750	06/04/31		1,433,985
	513,000	Hilton Grand Vacations Borrower Escrow, LLC /^(a)		5.0000	06/01/29		497,739
	920,000	Hilton Grand Vacations Borrower Escrow, LLC /^(a),(d)		4.8750	07/01/31		851,496
	1,190,000	Light & Wonder International, Inc.^(a)		6.2500	10/01/33		1,169,764
	943,000	Melco Resorts Finance Ltd.^(a)		5.3750	12/04/29		911,613
	375,000	Melco Resorts Finance Ltd.^(a)		7.6250	04/17/32		382,712
	855,000	MGM China Holdings Ltd.^(a)		6.2500	05/15/33		820,597
	72,000	NCL Corporation Ltd.^(a)		5.8750	01/15/31		68,851
	2,305,000	NCL Corporation Ltd.^(a),(d)		6.7500	02/01/32		2,260,670
	405,000	NCL Corporation Ltd.^(a),(d)		6.2500	09/15/33		385,170
	1,490,000	Ontario Gaming GTA, L.P.^(a),(d)		8.0000	08/01/30		1,490,914
	940,000	Royal Caribbean Cruises Ltd.^(a)		6.0000	02/01/33		946,918
	870,000	SeaWorld Parks & Entertainment, Inc.^(a),(d)		5.2500	08/15/29		846,775
	1,414,000	Station Casinos, LLC^(a),(d)		6.6250	03/15/32		1,429,650
	670,000	Travel + Leisure Company^(a)		6.2500	06/01/31		671,343
	999,000	Travel + Leisure Company^(a)		6.1250	09/01/33		980,816
	1,591,000	Voyager Parent, LLC^(a)		9.2500	07/01/32		1,691,309
							18,746,697
		MACHINERY — 0.4%
	990,000	Esab Corporation^(a)		5.6250	04/01/31		980,861

		MEDICAL EQUIPMENT & DEVICES — 1.3%
	1,440,000	Avantor Funding, Inc.^(a)		3.8750	11/01/29		1,375,344
	1,124,000	Sotera Health Holdings, LLC^(a)		7.3750	06/01/31		1,165,482
	985,000	Teleflex, Inc.^(a)		5.8750	01/15/32		978,973
							3,519,799

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		METALS & MINING — 2.5%
	1,541,000	Capstone Copper Corporation^(a)		6.7500	03/31/33	$	1,550,064
	935,000	First Quantum Minerals Ltd.^(a)		6.3750	02/15/36		905,313
	675,000	Hudbay Minerals, Inc.^(a)		6.1250	04/01/29		679,737
	1,134,000	Mineral Resources Ltd.^(a)		8.5000	05/01/30		1,169,250
	575,000	Mineral Resources Ltd.^(a)		6.0000	05/01/32		562,864
	330,000	Mineral Resources Ltd.^(a)		6.2500	05/01/34		321,257
	1,440,000	Novelis Corporation^(a)		6.3750	08/15/33		1,438,219
							6,626,704
		OIL & GAS PRODUCERS — 11.6%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream^(a)		5.7500	01/15/28		575,906
	1,240,000	California Resources Corporation^(a)		7.2500	01/15/35		1,226,070
	485,000	Civitas Resources, Inc.^(a),(d)		8.6250	11/01/30		509,346
	500,000	Crescent Energy Finance, LLC^(a)		7.6250	04/01/32		505,845
	897,000	Crescent Energy Finance, LLC^(a)		7.3750	01/15/33		901,557
	1,195,000	DBR Land Holdings, LLC^(a)		6.2500	12/01/30		1,206,066
	1,081,000	Delek Logistics Partners, L.P. / Delek Logistics^(a)		7.3750	06/30/33		1,106,798
	615,000	Delek Logistics Partners, L.P. / Delek Logistics^(a)		6.8750	06/01/34		618,235
	1,290,000	Excelerate Energy, L.P.^(a)		8.0000	05/15/30		1,352,112
	244,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		254,843
	120,000	Genesis Energy, L.P. / Genesis Energy Finance		7.8750	05/15/32		123,987
	880,000	Genesis Energy, L.P. / Genesis Energy Finance		8.0000	05/15/33		916,186
	415,000	Genesis Energy, L.P. / Genesis Energy Finance		6.7500	03/15/34		414,098
	445,000	Harvest Midstream I, L.P.^(a)		7.5000	05/15/32		456,637
	1,250,000	Harvest Midstream I, L.P.^(a)		6.7500	05/15/34		1,255,574
	751,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a)		6.0000	02/01/31		732,447
	1,070,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(a)		7.2500	02/15/35		1,061,872
	770,000	Howard Midstream Energy Partners, LLC^(a)		7.3750	07/15/32		795,764
	380,000	Howard Midstream Energy Partners, LLC^(a)		6.6250	01/15/34		384,413
	402,000	Howard Midstream Energy Partners, LLC^(a)		6.6250	01/15/35		401,888
	1,850,000	ITT Holdings, LLC^(a)		6.5000	08/01/29		1,830,530
	1,185,000	Murphy Oil Corporation		6.5000	02/15/34		1,172,497
	450,000	Murphy Oil USA, Inc.		4.7500	09/15/29		442,313

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		OIL & GAS PRODUCERS — 11.6% (Continued)
	1,020,000	Murphy Oil USA, Inc.^(a)		5.8750	06/01/34	$	1,011,440
	833,000	NGL Energy Partners, L.P.^(a)		8.1250	02/15/29		855,921
	686,000	NGL Energy Partners, L.P.^(a)		8.3750	02/15/32		713,542
	1,450,000	Northern Oil & Gas, Inc.^(a)		7.8750	10/15/33		1,452,238
	870,000	SM Energy Company^(a)		6.6250	04/15/34		865,170
	120,000	Sunoco, L.P.^(a)		5.6250	03/15/31		118,536
	1,465,000	Sunoco, L.P.^(a)		5.8750	03/15/34		1,436,531
	780,000	Talos Production, Inc.^(a),(d)		9.3750	02/01/31		822,852
	779,000	Talos Production, Inc.^(a)		8.0000	07/15/34		787,189
	795,000	Venture Global Calcasieu Pass, LLC^(a)		6.0000	05/01/36		786,077
	1,022,000	Venture Global LNG, Inc.^(a)		8.3750	06/01/31		1,056,796
	955,000	Venture Global LNG, Inc.^(a)		6.3750	12/15/34		930,653
	665,000	Venture Global LNG, Inc.^(a)		6.6250	06/15/36		652,094
	547,000	Venture Global Plaquemines LNG, LLC^(a)		6.5000	06/15/34		564,455
	385,000	Vital Energy, Inc.^(a)		7.8750	04/15/32		392,285
	824,000	Wildfire Intermediate Holdings, LLC^(a)		7.5000	10/15/29		849,096
							31,539,859
		OIL & GAS SERVICES & EQUIPMENT — 2.3%
	770,000	Archrock Partners, L.P. / Archrock Partners^(a)		6.6250	09/01/32		781,557
	415,000	Archrock Services, L.P. / Archrock Partners^(a)		6.0000	02/01/34		405,903
	917,000	Kodiak Gas Services, LLC^(a)		5.8750	04/01/31		908,154
	262,000	Kodiak Gas Services, LLC^(a)		6.5000	10/01/33		261,813
	268,000	Kodiak Gas Services, LLC^(a)		6.7500	10/01/35		270,188
	1,215,000	Solaris Energy Infrastructure, Inc.^(a)		6.3750	05/15/31		1,193,610
	905,000	Valaris Ltd.^(a)		8.3750	04/30/30		937,242
	650,000	WBI Operating, LLC^(a)		6.2500	10/15/30		650,247
	680,000	WBI Operating, LLC^(a)		6.5000	10/15/33		678,633
							6,087,347
		PUBLISHING & BROADCASTING — 0.9%
	2,376,000	Nexstar Media, Inc.^(a),(d)		7.2500	04/15/34		2,383,088

		REAL ESTATE INVESTMENT TRUSTS — 1.3%
	1,675,000	Galaxy Helios Data Centers II, LLC^(a)		9.8750	08/01/31		1,681,576
	908,000	Iron Mountain, Inc.^(a)		6.2500	01/15/35		897,335

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 1.3% (Continued)
	975,000	RHP Hotel Properties, L.P. / RHP Finance^(a)		5.7500	03/15/34	$	955,119
							3,534,030
		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	988,000	Greystar Real Estate Partners, LLC^(a)		7.7500	09/01/30		1,022,815

		REAL ESTATE SERVICES — 0.3%
	315,000	Cushman & Wakefield US Borrower, LLC^(a)		6.7500	05/15/28		315,962
	500,000	Cushman & Wakefield US Borrower, LLC^(a)		8.8750	09/01/31		523,702
							839,664
		RENEWABLE ENERGY — 0.3%
	554,000	EnerSys^(a)		4.3750	12/15/27		547,860
	195,000	EnerSys^(a)		6.6250	01/15/32		197,633
							745,493
		RETAIL - CONSUMER STAPLES — 0.9%
	310,000	Albertsons Companies, Inc.^(a)		5.5000	03/31/31		298,188
	1,329,000	Albertsons Companies, Inc.^(a)		5.7500	03/31/34		1,237,337
	1,055,000	Albertsons Companies, Inc. / Safeway, Inc. / New^(a)		6.2500	03/15/33		1,023,270
							2,558,795
		RETAIL - DISCRETIONARY — 3.8%
	850,000	Academy Ltd.^(a)		5.8750	05/15/31		841,305
	1,438,000	Champions Financing, Inc.^(a),(d)		8.7500	02/15/29		1,423,493
	1,348,000	Hertz Corporation (The)^(a),(d)		12.6250	07/15/29		885,257
	1,525,000	LBM Acquisition, LLC^(a),(c)		9.5000	06/15/31		1,278,751
	690,124	Park River Holdings, Inc.^(a)		8.7500	12/31/30		637,986
	1,170,000	Park River Holdings, Inc.^(a)		8.0000	03/15/31		1,165,456
	1,090,000	Petco Health & Wellness Company, Inc.^(a),(d)		8.2500	02/01/31		1,094,253
	320,000	PetSmart, Inc. / PetSmart Finance Corporation^(a)		7.5000	09/15/32		323,568
	1,000,000	PetSmart, Inc. / PetSmart Finance Corporation^(a)		10.0000	09/15/33		995,911
	928,000	Queen MergerCo, Inc.^(a)		6.7500	04/30/32		948,862
	168,000	QXO Building Products, Inc.^(a)		6.5000	07/15/31		168,579
	393,000	QXO Building Products, Inc.^(a)		6.8750	07/15/34		393,856
							10,157,277
		SEMICONDUCTORS — 0.7%
	960,000	Amkor Technology, Inc.^(a)		5.8750	10/01/33		934,931

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		SEMICONDUCTORS — 0.7% (Continued)
	940,000	Entegris Escrow Corporation^(a)		5.9500	06/15/30	$	941,235
							1,876,166
		SOFTWARE — 3.0%
	1,020,000	CoreWeave, Inc.^(a)		9.7500	10/01/31		921,517
	1,070,000	CoreWeave, Inc.^(a)		9.6250	07/15/32		955,598
	1,175,000	Flash Compute, LLC^(a)		7.2500	12/31/30		1,188,043
	675,000	Gen Digital, Inc.^(a)		6.2500	04/01/33		664,894
	882,000	Minerva Merger Sub, Inc.^(a)		6.5000	02/15/30		851,879
	606,000	NortonLifeLock, Inc.^(a)		7.1250	09/30/30		615,487
	2,009,024	Rackspace Finance, LLC^(a)		3.5000	05/15/28		1,777,986
	1,225,000	UKG, Inc.^(a)		6.8750	02/01/31		1,199,656
							8,175,060
		SPECIALTY FINANCE — 8.9%
	1,061,000	Air Lease Corporation^(b)	H15T5Y + 4.076%	8.2560	06/15/70		1,068,688
	1,120,000	Air Lease Corporation^(b)	H15T5Y + 3.149%	4.1250	12/15/73		1,108,836
	589,000	Ally Financial, Inc.		6.7000	02/14/33		599,648
	611,000	Ally Financial, Inc.^(b)	H15T5Y + 2.450%	6.6460	01/17/40		595,869
	1,675,000	Arbor Realty SR, Inc.^(a),(d)		7.8750	07/15/30		1,524,273
	1,421,000	Blackstone Mortgage Trust, Inc.^(a)		7.7500	12/01/29		1,469,919
	265,000	Credit Acceptance Corporation^(a)		9.2500	12/15/28		274,665
	910,000	Credit Acceptance Corporation^(a)		6.6250	03/15/30		910,728
	1,460,000	Figure Technology Solutions, Inc.^(a)		8.5000	07/31/31		1,444,508
	175,000	FirstCash, Inc.^(a)		5.6250	01/01/30		172,470
	680,000	FirstCash, Inc.^(a)		6.8750	03/01/32		690,844
	710,000	FirstCash, Inc.^(a)		6.1250	05/01/34		700,219
	328,000	goeasy Ltd.^(a)		7.6250	07/01/29		312,112
	1,794,000	goeasy Ltd.^(a)		6.8750	05/15/30		1,631,242
	960,000	goeasy Ltd.^(a),(d)		6.8750	02/15/31		859,070
	302,000	Ladder Capital Finance Holdings LLLP / Ladder^(a)		4.2500	02/01/27		301,321
	435,000	Ladder Capital Finance Holdings LLLP / Ladder^(a)		4.7500	06/15/29		423,886
	1,575,000	Pattern Energy Operations, L.P. / Pattern Energy^(a),(d)		4.5000	08/15/28		1,543,154
	1,675,000	Phoenix Aviation Capital Ltd.^(a)		9.2500	07/15/30		1,735,500
	709,000	Planet Financial Group, LLC^(a)		10.5000	12/15/29		692,215
	1,475,000	Rfna, L.P.^(a)		7.8750	02/15/30		1,480,371

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		SPECIALTY FINANCE — 8.9% (Continued)
	586,000	Rocket Companies, Inc.^(a)		6.1250	08/01/31	$	589,003
	151,000	Rocket Companies, Inc.^(a)		6.5000	06/15/34		152,372
	855,000	SLM Corporation^(b)	SOFRINDX + 2.710%	6.4950	05/15/32		852,667
	346,000	Starwood Property Trust, Inc.^(a)		5.8750	08/15/29		346,786
	971,000	Starwood Property Trust, Inc.^(a)		6.5000	07/01/30		987,700
	33,000	Starwood Property Trust, Inc.^(a)		6.1250	06/01/31		33,015
	1,575,000	Walker & Dunlop, Inc.^(a)		6.6250	04/01/33		1,578,177
							24,079,258
		STEEL — 1.3%
	806,000	Allegheny Technologies, Inc.		4.8750	10/01/29		793,804
	1,200,000	Cleveland-Cliffs, Inc.^(a),(d)		7.0000	03/15/32		1,204,415
	565,000	Cleveland-Cliffs, Inc.^(a)		7.3750	05/01/33		571,562
	50,000	Cleveland-Cliffs, Inc.^(a),(d)		7.6250	01/15/34		50,637
	1,032,000	Commercial Metals Company		3.8750	02/15/31		961,345
							3,581,763
		TECHNOLOGY HARDWARE — 1.5%
	392,000	EquipmentShare.com, Inc.^(a),(d)		8.0000	03/15/33		395,180
	1,345,000	Imola Merger Corporation^(a)		4.7500	05/15/29		1,310,752
	1,230,000	TTM Technologies, Inc.^(a)		4.0000	03/01/29		1,182,640
	1,177,000	Viasat, Inc.^(a),(d)		7.5000	05/30/31		1,178,928
							4,067,500
		TECHNOLOGY SERVICES — 2.8%
	850,000	CACI International, Inc.^(a)		6.3750	06/15/33		859,264
	935,000	Fortress Intermediate 3, Inc.^(a)		7.5000	06/01/31		952,070
	1,470,000	Mobius Merger Sub, Inc.^(a)		9.0000	06/01/30		1,007,083
	955,000	Neptune Bidco US, Inc.^(a)		9.2900	04/15/29		974,941
	1,310,000	Neptune Bidco US, Inc.^(a)		9.5000	02/15/33		1,336,168
	1,214,000	Shift4 Payments, LLC / Shift4 Payments Finance^(a)		6.7500	08/15/32		1,216,134
	1,289,000	WEX, Inc.^(a)		6.5000	03/15/33		1,281,935
							7,627,595
		TELECOMMUNICATIONS — 7.2%
	1,218,000	APLD ComputeCompany 2, LLC^(a),(d)		6.7500	03/15/31		1,192,207
	655,000	APLD ComputeCompany 3, LLC^(a)		7.0000	06/15/31		637,142

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 94.8% (Continued)
		TELECOMMUNICATIONS — 7.2% (Continued)
	632,000	Bell Telephone Company of Canada or Bell Canada^(b),(d)	H15T5Y + 2.390%	6.8750	09/15/55	$	637,499
	670,000	Bell Telephone Company of Canada or Bell Canada^(b)	H15T5Y + 2.363%	7.0000	09/15/55		675,621
	1,305,000	Black Pearl Compute, LLC^(a)		6.1250	02/15/31		1,302,862
	1,585,000	C&W Senior Finance Ltd.^(a)		9.0000	01/15/33		1,612,300
	750,000	Connect Finco S.A.RL / Connect US Finco, LLC^(a)		9.0000	09/15/29		787,415
	1,690,000	Core Scientific Finance I, LLC^(a)		7.7500	05/15/31		1,656,199
	865,000	ELK Grove Village Property, LLC^(a),(d)		7.5000	06/15/31		831,055
	223,000	Iliad Holding S.A.SU^(a)		8.5000	04/15/31		234,608
	2,326,000	Iliad Holding S.A.SU^(a)		7.0000	04/15/32		2,350,148
	1,460,000	Meridian Arc Holdco, LLC^(a)		6.2500	04/30/31		1,404,783
	1,470,000	PR RNO Property Owner 1, LLC^(a)		6.5000	05/01/31		1,383,907
	520,000	Rogers Communications, Inc.^(b)	H15T5Y + 2.653%	7.0000	04/15/55		523,377
	867,000	Rogers Communications, Inc.^(b)	H15T5Y + 2.620%	7.1250	04/15/55		870,350
	604,000	Sable International Finance Ltd.^(a)		7.1250	10/15/32		597,480
	540,000	Stingray Compute, LLC^(a),(d)		6.0000	06/15/31		527,143
	2,268,813	Zayo Group Holdings, Inc.^(a)		9.0000	09/09/30		2,226,273
							19,450,369
		TRANSPORTATION & LOGISTICS — 1.2%
	575,000	Air Canada^(a)		3.8750	08/15/26		575,648
	868,000	Star Leasing Company, LLC^(a)		7.6250	02/15/30		845,505
	1,115,000	Stonepeak Nile Parent, LLC^(a)		7.2500	03/15/32		1,149,779
	636,574	WestJet Airlines Ltd.^(a)		8.0000	02/14/31		627,129
							3,198,061
		WHOLESALE - CONSUMER STAPLES — 0.7%
	695,000	Performance Food Group, Inc.^(a)		4.2500	08/01/29		672,313
	285,000	Performance Food Group, Inc.^(a)		5.6250	03/01/34		276,618
	940,000	US Foods, Inc.^(a)		5.7500	04/15/33		931,129
							1,880,060
		WHOLESALE - DISCRETIONARY — 0.9%
	945,000	Dealer Tire Financial, LLC^(a)		10.3750	10/01/31		919,042
	1,475,000	Verde Purchaser, LLC^(a)		10.5000	11/30/30		1,517,072
							2,436,114
		TOTAL CORPORATE BONDS (Cost $258,435,091)					256,216,171

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 16.9%
		COLLATERAL FOR SECURITIES LOANED - 12.9%
	34,676,834	Mount Vernon Liquid Assets Portfolio, 3.74% (Cost $34,676,834)^(c)(e)	$	34,676,834

		MONEY MARKET FUND - 4.0%
	10,897,182	First American Government Obligations Fund Class Z, 3.53% (Cost $10,897,182)^(e)		10,897,182

		TOTAL SHORT-TERM INVESTMENTS (Cost $45,574,016)		45,574,016

		TOTAL INVESTMENTS - 111.7% (Cost $304,009,107)	$	301,790,187
		LIABILITIES IN EXCESS OF OTHER ASSETS - (11.7)%		(31,503,384	)
		NET ASSETS - 100.0%	$	270,286,803

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

REIT	- Real Estate Investment Trust

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

US0003M	ICE LIBOR USD 3 Month

SOFRINDX	SOFRINDX

^(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2026 the total market value of 144A securities is 235,644,831 or 87.2% of net assets.

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

^(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $34,676,834 at July 31, 2026.

^(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $33,956,224 at July 31, 2026.

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

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Fair Value

COMMON STOCKS — 0.1%

CONTAINERS & PACKAGING - 0.1%

48,627

KLEOPATRA FINCO BDS^(a)

102,033

REAL ESTATE OWNERS & DEVELOPERS - 0.0%^(b)

600

Country Garden Holdings Company Ltd.^(a)

TOTAL COMMON STOCKS (Cost $78,392)

102,046

Principal
Amount ($)

Coupon Rate
(%)

Maturity

CONVERTIBLE BONDS — 0.3%

ENGINEERING & CONSTRUCTION — 0.3%

400,000 USD

HTA Group Ltd./Mauritius

2.8750

03/18/27

425,219

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

167,345 USD

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

0.0000

12/31/31

11,170

TOTAL CONVERTIBLE BONDS (Cost $417,712)

436,389

Spread

CORPORATE BONDS — 57.8%

AEROSPACE & DEFENSE — 0.2%

200,000 EUR

Airbus S.E.

2.3750

04/07/32

218,135

APPAREL & TEXTILE PRODUCTS — 0.5%

200,000 EUR

Beach Acquisition Bidco, LLC^(c)

5.2500

07/15/32

232,428

320,000 EUR

Beach Acquisition Bidco, LLC

5.2500

07/15/32

371,886

604,314

ASSET MANAGEMENT — 0.8%

250,000 EUR

Blackrock, Inc.

3.7500

07/18/35

286,360

335,000 USD

Brookfield Asset Management Ltd.

5.7950

04/24/35

335,061

470,000 USD

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

H15T1Y + 1.100%

2.7460

02/11/33

412,186

1,033,607

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

AUTOMOTIVE — 1.3%

35,000 USD

Aptiv plc / Aptiv Global Financing DAC^(e)

H15T5Y + 3.385%

6.8750

12/15/54

35,520

395,000 EUR

Forvia S.E.

5.5000

06/15/31

465,795

325,000 USD

Hyundai Capital Services, Inc.^(c)

5.2500

01/22/28

326,856

405,000 USD

Stellantis Finance US, Inc.^(c)

2.6910

09/15/31

341,690

300,000 EUR

Volkswagen Bank GmbH

3.6250

10/02/32

337,549

1,507,410

BANKING — 10.5%

128,000 USD

Akbank TAS^(c),(e)

H15T5Y + 3.726%

7.8750

09/04/35

127,785

330,000 USD

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

H15T5Y + 2.250%

5.2840

06/17/32

330,375

340,000 USD

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

H15T10Y + 1.350%

5.8160

06/18/36

338,785

292,000 USD

Banca Mifel S.A.^(c),(e)

H15T5Y + 5.213%

9.2500

05/14/76

294,665

300,000 EUR

Banco Bilbao Vizcaya Argentaria S.A.

3.5000

02/10/27

346,895

447,000 USD

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

H15T10Y + 5.097%

6.6500

04/22/71

417,240

276,000 USD

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

H15T5Y + 3.767%

7.5000

12/15/73

288,199

643,000 USD

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

H15T10Y + 5.034%

6.6250

01/24/70

610,587

473,000 USD

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

H15T5Y + 4.643%

5.8750

11/24/71

471,671

300,000 EUR

Banco Santander S.A.

4.8750

10/18/31

364,834

88,000 USD

Bank of Georgia JSC^(c)

6.5000

06/03/31

87,187

420,000 USD

Barclays PLC^(e)

SOFRRATE + 1.910%

5.3350

09/10/35

408,406

300,000 EUR

BNP Paribas S.A.^(e)

EUR003M + 1.050%

3.4940

09/17/33

336,971

400,000 USD

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

H15T1Y + 2.791%

6.5080

01/18/35

408,703

2,000,000 EUR

Bundesschatzanweisungen

2.2000

03/11/27

2,301,936

300,000 EUR

CaixaBank S.A.

4.2500

09/06/30

357,061

385,000 USD

Deutsche Bank A.G.^(e)

SOFRRATE + 3.650%

7.0790

02/10/34

409,080

217,000 USD

Eldik Bank OAO^(c)

8.5000

04/23/31

216,408

415,000 USD

HSBC Holdings PLC^(e)

SOFRRATE + 1.290%

5.2860

11/19/30

417,088

300,000 EUR

Intesa Sanpaolo SpA

5.1250

08/29/31

369,979

470,000 USD

Mizuho Financial Group, Inc.

2.5640

09/13/31

411,078

365,000 USD

National Australia Bank Ltd.^(c),(e)

H15T1Y + 1.180%

5.6250

06/04/37

356,047

315,000 USD

NatWest Group PLC^(e)

H15T5Y + 2.200%

6.4750

06/01/34

324,202

236,000 USD

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

CMTUSD6Y + 2.403%

6.3750

07/10/73

236,432

200,000 USD

SAB AT1 Ltd.^(e)

H15T5Y + 2.302%

6.5000

05/21/75

201,429

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

BANKING — 10.5% (Continued)

385,000 USD

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

H15T1Y + 2.950%

6.6910

01/10/34

403,562

365,000 USD

Standard Chartered plc^(c),(e)

H15T1Y + 1.900%

3.6030

01/12/33

331,206

330,000 USD

Toronto-Dominion Bank (The)^(e)

H15T5Y + 4.075%

8.1250

10/31/82

340,399

84,000 USD

Turkiye Garanti Bankasi A/S^(c),(e)

H15T5Y + 3.836%

8.1250

01/03/35

84,633

800,000 GBP

United Kingdom Gilt

4.1250

01/29/27

1,078,557

117,000 USD

Yapi ve Kredi Bankasi A/S^(c)

7.1250

10/10/29

118,190

12,789,590

BEVERAGES — 0.2%

245,000 EUR

Molson Coors Beverage Company

3.8000

06/15/32

281,649

BIOTECH & PHARMA — 2.1%

490,000 EUR

Cheplapharm Arzneimittel GmbH

7.5000

05/15/30

585,697

390,000 USD

EMD Finance, LLC^(c)

5.0000

10/15/35

374,710

370,000 EUR

Grifols S.A.

3.8750

10/15/28

424,291

480,000 EUR

Perrigo Finance Unlimited Company

5.3750

09/30/32

539,363

525,000 USD

Royalty Pharma plc

3.3000

09/02/40

394,506

300,000 EUR

Takeda Pharmaceutical Company Ltd.

1.0000

07/09/29

323,031

2,641,598

CABLE & SATELLITE — 0.5%

165,000 EUR

Altice Financing S.A.

4.2500

08/15/29

123,363

475,000 EUR

United Group BV

4.6250

08/15/28

549,381

672,744

CHEMICALS — 2.5%

300,000 EUR

Bond US Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH^(c)

6.5000

06/15/33

348,222

150,000 EUR

INEOS Finance plc

7.2500

03/31/31

162,626

330,000 EUR

INEOS Finance plc^(c)

7.2500

03/31/31

358,477

500,000 EUR

Maxam Prill Sarl^(c)

6.0000

07/15/30

589,803

100,000 EUR

Nouryon Finance BV^(c)

6.1250

07/15/31

117,089

402,000 USD

OCP S.A.^(c)

7.5000

05/02/54

412,917

271,000 USD

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

7.5000

05/13/35

273,969

199,000 USD

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

5.8750

09/17/44

159,880

321,000 USD

Sasol Financing USA, LLC

4.3750

09/18/26

321,560

132,000 USD

Sasol Financing USA, LLC^(c),(f)

8.7500

05/03/29

138,614

138,000 USD

Sasol Financing USA, LLC^(c)

8.7500

04/10/33

144,317

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

CHEMICALS — 2.5% (Continued)

200,000 USD

UPL Corporation Ltd.

4.6250

06/16/30

185,162

3,212,636

COMMERCIAL SUPPORT SERVICES — 0.3%

35,000 USD

Sodexo, Inc.^(c)

5.1500

08/15/30

34,932

330,000 USD

Sodexo, Inc.^(c)

5.8000

08/15/35

329,625

364,557

CONSTRUCTION MATERIALS — 0.4%

325,000 EUR

Holcim Finance Luxembourg S.A.

0.5000

09/03/30

332,506

83,000 USD

Limak Cimento Sanayi ve Ticaret A/S^(c)

9.7500

07/25/29

83,420

415,926

CONSUMER SERVICES — 0.2%

64,000 USD

Amazon Conservation DAC^(c)

6.0340

01/16/42

63,213

163,000 USD

Green Palm Bidco Sarl^(c)

5.9570

06/30/41

159,739

222,952

CONTAINERS & PACKAGING — 0.7%

300,000 EUR

Amcor UK Finance PLC

3.7500

02/20/33

338,232

410,000 EUR

Trivium Packaging Finance BV

6.6250

07/15/30

493,256

831,488

ELEC & GAS MARKETING & TRADING — 0.3%

300,000 EUR

Orsted A/S

1.5000

11/26/29

324,729

ELECTRIC UTILITIES — 4.8%

260,000 USD

Adani Electricity Mumbai Ltd.^(c)

3.9490

02/12/30

243,981

218,622 USD

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

6.7000

03/12/42

214,078

248,710 USD

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

4.6250

10/15/39

211,709

50,000 USD

Aydem Yenilenebilir Enerji A/S^(c)

9.8750

09/30/30

49,370

315,000 USD

Capital Power US Holdings, Inc.^(c)

6.1890

06/01/35

318,211

43,000 USD

Comision Ejecutiva Hidroelectrica del Rio Lempa^(c)

8.6500

01/24/33

46,242

12,000 USD

Comision Federal de Electricidad^(c)

6.4500

01/24/35

11,793

285,000 EUR

E.ON S.E.

3.5000

03/25/32

327,833

310,000 USD

Electricite de France S.A.^(c)

6.9000

05/23/53

320,581

205,000 USD

Enel Finance International N.V.^(c)

6.0000

10/07/39

203,460

125,000 USD

Enel Finance International N.V.^(c)

5.5000

06/15/52

109,974

100,000 EUR

Energo-Pro A/S^(c)

8.0000

05/27/30

121,360

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

ELECTRIC UTILITIES — 4.8% (Continued)

200,000 EUR

Energo-Pro A/S

6.4500

04/15/31

231,199

355,000 USD

Engie S.A.^(c)

5.6250

04/10/34

360,797

223,000 USD

Eskom Holdings SOC Ltd.^(c)

8.4500

08/10/28

234,817

291,181 USD

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

7.5000

12/31/34

235,347

40,092 USD

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

10.5000

06/30/36

16,638

71,000 USD

Gurmat Elektrik Uretim A/S^(c)

10.7480

05/21/35

70,193

143,200 USD

India Green Power Holdings^(c)

4.0000

02/22/27

141,763

204,435 USD

Minejesa Capital BV^(c)

4.6250

08/10/30

200,996

220,000 USD

Minejesa Capital BV^(c)

5.6250

08/10/37

205,737

238,086 USD

Mong Duong Finance Holdings BV^(c)

5.1250

05/07/29

234,770

490,800 USD

MSU Energy S.A.^(c)

9.7500

12/05/30

502,335

266,000 USD

MSU Green Energy^(c)

9.7500

06/16/36

260,427

300,000 EUR

National Grid PLC

0.1630

01/20/28

331,489

300,000 EUR

Naturgy Finance BV

1.5000

01/29/28

338,383

8,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

3.3750

02/05/30

7,445

55,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

4.8750

07/17/49

42,127

31,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

4.0000

06/30/50

20,259

214,000 USD

Saavi Energia Sarl^(c)

8.8750

02/10/35

231,559

109,000 USD

Zorlu Enerji Elektrik Uretim A/S^(c)

11.0000

04/23/30

81,077

5,925,950

ELECTRICAL EQUIPMENT — 0.0%^(b)

36,439 EUR

TK Elevator Midco GmbH

4.3750

07/15/27

42,137

ENGINEERING & CONSTRUCTION — 1.5%

420,000 USD

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

7.8750

02/03/30

429,075

200,000 EUR

Cellnex Finance Company S.A.

2.0000

02/15/33

205,847

405,000 USD

HTA Group Ltd./Mauritius^(c)

7.5000

06/04/29

414,140

190,000 USD

IHS Holding Ltd.^(c)

6.2500

11/29/28

189,043

260,000 USD

IHS Holding Ltd.^(c)

7.8750

05/29/30

266,676

242,000 USD

IHS Holding Ltd.^(c)

8.2500

11/29/31

252,477

118,246 USD

IHS Netherlands Holdco BV^(c)

8.0000

09/18/27

118,295

1,875,553

ENTERTAINMENT CONTENT — 0.4%

260,000 GBP

Pinewood Finco PLC^(c)

6.0000

03/27/30

350,333

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

ENTERTAINMENT CONTENT — 0.4% (Continued)

100,000 GBP

Pinewood Finco PLC

6.0000

03/27/30

134,743

485,076

FOOD — 1.7%

300,000 USD

Adecoagro S.A.^(c)

7.5000

07/29/32

294,795

300,000 EUR

Danone S.A.

3.0710

09/07/32

336,223

400,000 EUR

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

4.7500

08/01/32

448,471

375,000 USD

Grupo Nutresa S.A.^(c),(e)

H15T5Y + 4.103%

7.8750

04/21/72

371,025

295,000 EUR

Magnum Icc Finance BV

4.0000

11/26/37

327,923

210,000 USD

MHP Lux S.A.

10.5000

07/28/29

218,538

104,000 USD

Minerva Luxembourg S.A.^(c)

4.3750

03/18/31

91,177

2,088,152

FORESTRY, PAPER & WOOD PRODUCTS — 0.1%

176,000 USD

Eldorado Intl. Finance GmbH^(c)

8.5000

12/01/32

180,664

GAS & WATER UTILITIES — 0.2%

206,000 USD

Promigas S.A. ESP / Gases del Pacifico S.A.C^(c),(e)

H15T5Y + 3.632%

7.7500

06/24/56

210,264

HEALTH CARE FACILITIES & SERVICES — 0.3%

345,000 USD

Icon Investments Six DAC^(f)

6.0000

05/08/34

348,587

INDUSTRIAL SUPPORT SERVICES — 1.2%

400,000 EUR

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

5.3750

05/21/30

474,206

320,000 USD

Ashtead Capital, Inc.^(c)

5.9500

10/15/33

325,175

100,000 EUR

Motability Operations Group PLC

3.6250

01/22/33

112,945

200,000 GBP

Motability Operations Group PLC

5.6250

01/24/54

228,669

295,000 USD

Vamos Europe S.A.^(c)

9.2000

01/26/31

280,545

1,421,540

INSTITUTIONAL FINANCIAL SERVICES — 0.3%

345,000 USD

Lseg US Fin Corporation^(c)

5.2500

03/23/36

335,481

INSURANCE — 1.6%

300,000 EUR

Allianz S.E.^(e)

EUR003M + 3.350%

3.0990

07/06/47

344,342

490,000 EUR

Ardonagh Finco Ltd.

6.8750

02/15/31

572,259

300,000 EUR

Liberty Mutual Group, Inc.

3.8750

09/26/35

336,210

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

INSURANCE — 1.6% (Continued)

280,000 USD

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

H15T5Y + 2.954%

6.2500

09/13/53

286,709

350,000 USD

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

H15T5Y + 2.651%

5.8750

09/10/55

345,316

1,884,836

INTERNET MEDIA & SERVICES — 0.6%

250,000 EUR

Booking Holdings, Inc.

4.5000

11/15/31

298,862

232,000 USD

Prosus N.V.^(c)

3.0610

07/13/31

207,547

127,000 USD

Prosus N.V.

3.0610

07/13/31

113,615

269,000 USD

Prosus N.V.^(c)

3.8320

02/08/51

171,980

792,004

LEISURE FACILITIES & SERVICES — 1.8%

400,000 EUR

Allwyn Entertainment Financing UK PLC^(c)

4.6250

08/15/31

457,771

300,000 EUR

Flutter Treasury DAC

4.0000

06/04/31

340,013

380,000 GBP

Flutter Treasury DAC

6.1250

06/04/31

506,841

106,000 USD

Melco Resorts Finance Ltd.^(c)

5.7500

07/21/28

105,087

388,000 USD

Melco Resorts Finance Ltd.

5.7500

07/21/28

384,660

59,000 USD

Melco Resorts Finance Ltd.^(c)

5.3750

12/04/29

57,036

200,000 USD

Melco Resorts Finance Ltd.

5.3750

12/04/29

193,343

73,000 USD

Studio City Company Ltd.^(c)

6.1250

05/15/31

72,023

384,000 USD

Studio City Finance Ltd.^(c)

5.0000

01/15/29

366,027

2,482,801

MEDICAL EQUIPMENT & DEVICES — 0.8%

380,000 USD

180 Medical, Inc.^(c)

5.3000

10/08/35

364,284

200,000 EUR

Medtronic Global Holdings SCA

0.7500

10/15/32

194,509

370,000 USD

Smith & Nephew plc

5.4000

03/20/34

365,817

924,610

METALS & MINING — 1.3%

43,000 USD

Corp Nacional del Cobre de Chile^(c)

6.3300

01/13/35

44,200

6,000 USD

Corp Nacional del Cobre de Chile^(c)

3.7000

01/30/50

3,980

181,000 USD

Freeport Indonesia PT

5.3150

04/14/32

177,245

28,000 USD

Freeport Indonesia PT

6.2000

04/14/52

26,078

300,000 EUR

Glencore Capital Finance DAC

1.1250

03/10/28

334,477

67,000 USD

Indika Energy Tbk P.T.^(c)

8.7500

05/07/29

68,244

26,000 USD

Indonesia Asahan Aluminium Persero PT^(c)

5.8000

05/15/50

23,499

522,020 USD

Samarco Mineracao S.A.^(c),(f)

9.0000

06/30/31

526,304

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

METALS & MINING — 1.3% (Continued)

200,000 USD

Vedanta Resources Finance II plc^(c)

7.3750

07/13/34

198,904

268,000 USD

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

8.5000

10/28/32

276,871

100,000 USD

WE Soda Investments Holding PLC^(c)

9.5000

10/06/28

100,632

1,780,434

OIL & GAS PRODUCERS — 7.4%

332,000 USD

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

9.7500

02/05/31

351,588

78,000 USD

AI Candelaria Spain S.A.^(c)

5.7500

06/15/33

72,032

600,000 USD

AI Candelaria Spain S.A.

5.7500

06/15/33

554,094

350,000 USD

Aker BP ASA^(c)

6.0000

06/13/33

358,916

260,000 USD

Azule Energy Finance plc^(c)

8.1250

01/23/30

263,978

300,000 USD

Azule Energy Finance plc^(c)

8.2500

01/22/31

305,177

335,000 USD

BP Capital Markets plc^(e)

H15T5Y + 4.398%

4.8750

12/22/00

327,493

133,000 USD

Energean Israel Finance Ltd.^(c)

5.3750

03/30/28

131,769

150,000 USD

Energean Israel Finance Ltd.^(c)

5.8750

03/30/31

143,679

375,000 USD

Eni SpA^(c)

6.0000

05/18/56

353,332

352,000 USD

Geopark Ltd.^(c)

8.7500

01/31/30

355,418

459,000 USD

Gran Tierra Energy, Inc.^(c)

9.7500

04/15/31

412,732

12,000 USD

Greensaif Pipelines Bidco Sarl^(c)

6.1290

02/23/38

11,991

350,000 USD

Harbour Energy PLC^(c)

6.3270

04/01/35

351,990

106,000 USD

KazMunayGas National Company JSC^(c)

5.3750

04/24/30

105,792

25,000 USD

KazMunayGas National Company JSC^(c)

5.7500

04/19/47

22,576

29,000 USD

KazMunayGas National Company JSC^(c)

6.3750

10/24/48

27,894

300,000 USD

Kosmos Energy Gta Holdings^(c)

11.2500

01/29/31

315,354

30,000 USD

Kosmos Energy Ltd.

7.5000

03/01/28

29,709

56,000 USD

Kosmos Energy Ltd.^(c)

8.7500

10/01/31

49,097

245,000 USD

Leviathan Bond Ltd.^(c)

6.7500

06/30/30

251,020

467,862 USD

MC Brazil Downstream Trading S.A.RL

7.2500

06/30/31

460,511

286,000 USD

Medco Laurel Tree Pte Ltd.^(c)

6.9500

11/12/28

286,367

224,000 USD

Medco Maple Tree Pte Ltd.

8.9600

04/27/29

230,002

491,000 USD

PDVSA^(g)

9.0000

11/17/21

211,130

460,000 USD

Petroleos de Venezuela S.A.^(g)

0.0000

05/17/35

209,438

121,000 USD

Petroleos del Peru S.A.

4.7500

06/19/32

103,910

102,000 USD

Petroleos Mexicanos

6.7000

02/16/32

101,776

508,000 USD

Petroleos Mexicanos

6.3500

02/12/48

401,447

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

OIL & GAS PRODUCERS — 7.4% (Continued)

134,000 USD

Petroleos Mexicanos

7.6900

01/23/50

119,688

14,000 USD

Petronas Capital Ltd.

2.4800

01/28/32

12,315

22,000 USD

Petronas Capital Ltd.^(c)

5.8480

04/03/55

21,605

42,000 USD

Petronas Capital Ltd.

3.4040

04/28/61

26,438

254,000 USD

Raizen Fuels Finance S.A.^(c)

6.2500

07/08/32

135,217

12,000 USD

Saudi Arabian Oil Company^(c)

5.8750

07/17/64

10,626

335,000 USD

South Bow USA Infrastructure Holdings, LLC

5.5840

10/01/34

328,526

300,000 EUR

TotalEnergies Capital Canada Ltd.

2.1250

09/18/29

334,524

30,000 USD

TransCanada PipeLines Ltd.^(e)

H15T5Y + 2.117%

6.3750

10/17/56

30,104

277,000 USD

Trident Energy Finance PLC^(c)

12.5000

11/30/29

292,762

134,000 USD

Tullow Holdco 2 Ltd.^(c)

15.0000

11/15/28

138,690

316,000 USD

Uzbekneftegaz JSC^(c)

8.7500

05/07/30

337,515

478,000 USD

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

9.5000

01/17/31

508,006

9,096,228

OIL & GAS SERVICES & EQUIPMENT — 2.1%

482,000 USD

FORESEA Holding S.A.^(c)

7.5000

06/15/30

478,872

360,918 USD

MV24 Capital BV^(c)

6.7480

06/01/34

365,605

320,000 USD

NewCompany Holding USD 20 Sarl^(c)

9.3750

11/07/29

337,920

403,750 USD

OHI Group S.A.^(c)

13.0000

07/22/29

409,637

581,625 USD

Poinsettia Finance Ltd.

6.6250

06/17/31

569,597

259,380 USD

Yinson Boronia Production BV^(c)

8.9470

07/31/42

285,689

2,447,320

PUBLISHING & BROADCASTING — 0.3%

300,000 EUR

Bertelsmann S.E. & Company KGaA

3.5000

05/29/29

347,655

REAL ESTATE OWNERS & DEVELOPERS — 1.4%

248,000 USD

Aldar Properties PJSC^(c),(e)

H15T5Y + 2.018%

5.8750

04/14/56

227,443

700,000 USD

China SCE Group Holdings Ltd.^(g)

7.0000

05/02/25

15,838

100,000 EUR

CPI Property Group S.A.

6.0000

01/27/32

111,240

400,000 EUR

CPI Property Group S.A.^(e)

EUAMDB05 + 5.232%

7.5000

06/24/73

416,719

200,000 USD

GLP Pte Ltd.

9.7500

05/20/28

181,430

500,000 USD

Longfor Group Holdings Ltd.

3.8500

01/13/32

377,312

200,000 USD

NWD Finance BVI Ltd.

H15T5Y + 7.889%

12.1790

06/22/70

195,941

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

REAL ESTATE OWNERS & DEVELOPERS — 1.4% (Continued)

200,000 USD

NWD MTN Ltd.

4.1250

07/18/29

168,268

108,267 USD

Port Of Spain Waterfront Development

7.8750

02/19/40

112,056

1,806,247

REIT — 0.7%

200,000 EUR

Iron Mountain, Inc.

4.7500

01/15/34

225,190

400,000 EUR

Iron Mountain, Inc.^(c)

4.7500

01/15/34

450,380

250,000 EUR

Prologis Euro Finance, LLC

4.6250

05/23/33

299,698

975,268

RENEWABLE ENERGY — 0.3%

302,000 USD

FS Luxembourg Sarl^(c)

8.1250

02/11/36

275,356

102,000 USD

Investment Energy Resources Ltd.^(c)

6.2500

04/26/29

100,205

57,000 USD

Limak Yenilenebilir Enerji A/S^(c)

9.6250

08/12/30

56,246

431,807

RETAIL - CONSUMER STAPLES — 0.8%

380,000 USD

Alimentation Couche-Tard, Inc.^(c)

5.0770

09/29/35

366,853

300,000 EUR

Carrefour S.A.

4.3750

11/14/31

356,500

300,000 EUR

Tesco Corporate Treasury Services plc

3.3750

05/06/32

339,762

1,063,115

RETAIL - DISCRETIONARY — 0.1%

146,000 USD

Movida Europe S.A.^(c)

9.7000

10/11/33

137,751

SEMICONDUCTORS — 0.7%

470,000 EUR

MKS, Inc.

4.2500

02/15/34

525,019

335,000 USD

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

5.2500

08/19/35

325,054

850,073

SPECIALTY FINANCE — 1.1%

400,000 USD

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

3.3000

01/30/32

361,461

240,000 USD

Avilease Capital Ltd.^(c)

5.5000

06/30/31

238,631

330,000 USD

Avolon Holdings Funding Ltd.^(c)

5.1500

01/15/30

329,259

330,000 EUR

Intrum Investments And Financing A.B.

7.7500

09/11/27

385,555

1,314,906

STEEL — 0.3%

249,000 USD

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

4.6250

06/10/31

153,978

150,000 USD

Metinvest BV^(c)

7.6500

10/01/27

147,975

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

STEEL — 0.3% (Continued)

126,000 USD

Metinvest BV^(c)

7.7500

10/17/29

117,875

419,828

TECHNOLOGY HARDWARE — 0.3%

385,000 USD

Flex Ltd.

5.3750

11/13/35

367,597

TECHNOLOGY SERVICES — 0.8%

320,000 EUR

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

7.8750

05/01/29

346,371

100,000 EUR

ION Platform Finance S.A.RL

7.8750

05/01/29

108,241

475,000 EUR

Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.

5.5000

05/15/33

538,421

993,033

TELECOMMUNICATIONS — 2.9%

23,344 USD

Altice France Lux 3 / Altice Holdings 1

10.0000

01/15/33

22,936

148,460 EUR

Altice France S.A.^(c)

7.2500

11/01/29

172,721

300,000 EUR

Orange S.A.

2.0000

01/15/29

336,540

690,000 EUR

SoftBank Group Corporation

6.3750

07/10/33

779,399

377,000 USD

Telecom Argentina S.A.^(c)

9.2500

05/28/33

404,563

159,000 USD

Telecommunications co Telekom Srbija AD Belgrade^(c)

7.2500

05/18/31

157,490

300,000 EUR

Telefonica Emisiones S.A.

2.5920

05/25/31

331,068

400,000 EUR

Telefonica Europe BV^(e)

EUAMDB08 + 3.121%

5.7520

04/15/73

479,568

65,000 USD

Turk Telekomunikasyon A/S^(c)

6.9500

10/07/32

63,898

52,000 USD

Turkcell Iletisim Hizmetleri A/S^(c)

7.4500

01/24/30

53,207

255,000 USD

Turkcell Iletisim Hizmetleri A/S^(c)

7.6500

01/24/32

261,976

290,000 USD

Veon Midco BV^(c)

6.9500

06/01/31

288,485

261,829 USD

VF Ukraine PAT via VFU Funding plc^(c)

9.6250

02/11/27

261,501

345,000 USD

Vodafone Group PLC

5.8750

06/28/64

306,191

3,919,543

TRANSPORTATION & LOGISTICS — 1.5%

241,000 USD

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

3.1000

02/02/31

216,208

150,000 EUR

Autostrade per l’Italia SpA

5.1250

06/14/33

183,360

30,000 USD

Georgian Railway JSC^(c)

4.0000

06/17/28

28,833

416,000 USD

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

8.6250

11/15/31

418,600

280,000 EUR

Heathrow Funding Ltd.

4.5000

07/11/33

330,981

149,000 USD

Simpar Europe S.A.^(c)

5.2000

01/26/31

126,139

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 57.8% (Continued)

TRANSPORTATION & LOGISTICS — 1.5% (Continued)

330,000 EUR

Transurban Finance Company Pty Ltd.

4.1430

04/17/35

382,591

229,901 USD

Yinson Bergenia Production BV^(c)

8.4980

01/31/45

246,285

1,932,997

TOTAL CORPORATE BONDS (Cost $72,495,341)

72,002,792

NON U.S. GOVERNMENT & AGENCIES — 35.0%

GOVERNMENT GUARANTEED — 0.0%^(b)

11,000 USD

Magyar Export-Import Bank Zrt^(c)

6.1250

12/04/27

11,127

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

22,000 USD

Export-Import Bank of India

2.2500

01/13/31

19,463

27,000 USD

Export-Import Bank of India

5.5000

01/13/35

26,883

50,000 USD

Gabon Government International Bond^(c)

7.0000

11/24/31

44,107

90,453

LOCAL AUTHORITY — 0.3%

150,000 CAD

Province of British Columbia Canada

3.2000

06/18/44

87,228

250,000 CAD

Province of Ontario Canada

2.8000

06/02/48

130,302

80,935 USD

Provincia de Buenos Aires/Government Bonds^(h)

5.2500

09/01/37

67,342

284,872

NON U.S. TREASURY — 15.6%

1,800,000 AUD

Australia Government Bond

1.2500

05/21/32

1,052,127

2,000,000 AUD

Australia Government Bond

4.5000

04/21/33

1,391,959

1,400,000 BRL

Brazil Notas do Tesouro Nacional Serie F

10.0000

01/01/29

257,875

550,000 CAD

Canadian Government Bond

2.2500

06/01/29

384,285

230,000,000 COP

Colombian TES

13.2500

02/09/33

76,090

1,930,000 CZK

Czech Republic Government Bond

1.7500

06/23/32

78,791

650,000 CZK

Czech Republic Government Bond

4.2000

12/04/36

29,146

1,500,000 EUR

French Republic Government Bond OAT

0.2500

11/25/26

1,718,372

2,020,000 EUR

French Republic Government Bond OAT^(c)

3.5000

11/25/33

2,310,175

15,700,000 HUF

Hungary Government Bond

3.0000

08/21/30

45,265

5,000,000 HUF

Hungary Government Bond

7.0000

10/24/35

17,414

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

NON U.S. TREASURY — 15.6% (Continued)

2,630,000,000 IDR

Indonesia Treasury Bond

7.0000

02/15/33

142,930

50,000 EUR

Ireland Government Bond

0.9000

05/15/28

55,852

130,000 EUR

Ireland Government Bond

1.3000

05/15/33

133,708

750,000 EUR

Italy Buoni Poliennali Del Tesoro

2.8000

12/01/28

861,760

640,000 EUR

Italy Buoni Poliennali Del Tesoro^(c)

2.4500

09/01/33

685,580

1,430,000 EUR

Italy Buoni Poliennali Del Tesoro

4.2000

03/01/34

1,702,777

900,000 EUR

Italy Buoni Poliennali Del Tesoro

3.8500

02/01/35

1,040,721

180,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

08/01/39

224,816

1,425,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

09/01/40

1,777,550

700,000 EUR

Kingdom of Belgium Government Bond^(c)

5.0000

03/28/35

891,750

290,000 MYR

Malaysia Government Bond

4.8930

06/08/38

77,984

530,000 MXN

Mexican Bonos

8.5000

05/31/29

31,021

770,000 MXN

Mexican Bonos

7.7500

05/29/31

43,207

1,050,000 MXN

Mexican Bonos

7.5000

05/26/33

56,366

1,330,000 MXN

Mexican Bonos

7.7500

11/13/42

64,825

230,000 PLN

Republic of Poland Government Bond

4.0000

07/25/31

58,409

30,000 PLN

Republic of Poland Government Bond

5.0000

10/25/35

7,652

1,010,000 ZAR

Republic of South Africa Government Bond

8.2500

03/31/32

61,135

860,000 EUR

Spain Government Bond

2.5000

05/31/27

990,281

380,000 EUR

Spain Government Bond^(c)

3.2500

04/30/34

433,982

1,000,000 EUR

Spain Government Bond^(c)

3.4500

10/31/34

1,153,811

170,000 EUR

Spain Government Bond

4.2000

01/31/37

205,358

250,000 EUR

Spain Government Bond

2.7000

10/31/48

227,987

1,100,000 TRY

Turkiye Government Bond

31.0800

11/08/28

20,893

820,000 GBP

United Kingdom Gilt

4.2500

12/07/40

977,103

19,288,957

SOVEREIGN — 18.8%

130,000 USD

Angolan Government International Bond^(c)

8.0000

11/26/29

133,033

208,000 USD

Angolan Government International Bond^(c)

8.7500

04/14/32

212,741

199,000 USD

Angolan Government International Bond^(c)

9.3750

03/31/33

205,283

69,000 USD

Angolan Government International Bond^(c)

9.8750

10/15/35

72,530

31,000 USD

Angolan Government International Bond^(c)

9.8750

03/31/37

32,168

237,440 USD

Argentine Republic Government International Bond^(h)

0.7500

07/09/30

207,879

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

SOVEREIGN — 18.8% (Continued)

477,000 USD

Argentine Republic Government International Bond^(f),(h)

3.5000

07/09/41

353,696

758,182 USD

Argentine Republic Government International Bond^(h)

4.1250

07/09/46

566,740

123,000 USD

Bahrain Government International Bond^(c)

7.3750

05/14/30

121,991

187,000 USD

Bahrain Government International Bond^(c)

5.6250

05/18/34

164,082

216,000 USD

Bahrain Government International Bond^(c)

7.1250

06/10/36

204,341

68,000 USD

Bahrain Government International Bond^(c)

6.6250

10/06/37

61,297

272,000 USD

Bahrain Government International Bond^(c)

7.1000

02/03/38

252,701

118,000 USD

Benin Government International Bond^(c)

7.9600

02/13/38

122,124

26,000 USD

Bermuda Government International Bond^(c)

4.7500

02/15/29

25,838

77,000 USD

Bermuda Government International Bond

3.3750

08/20/50

51,282

486,000 USD

Brazilian Government International Bond

6.0000

10/20/33

482,840

276,000 USD

Brazilian Government International Bond

6.6250

03/15/35

278,553

395,000 USD

Brazilian Government International Bond

6.2500

05/22/36

383,348

196,000 USD

Brazilian Government International Bond

7.2500

01/12/56

188,454

14,000 EUR

Bulgaria Government International Bond

4.1250

07/18/45

14,996

5,000 USD

Chile Government International Bond

2.7500

01/31/27

4,956

14,000 USD

Chile Government International Bond

2.4500

01/31/31

12,563

127,000 USD

Chile Government International Bond

4.3500

04/13/31

122,726

51,000 USD

Chile Government International Bond

4.9500

01/05/36

49,368

8,000 USD

Chile Government International Bond

5.6500

01/13/37

8,104

65,000 USD

Chile Government International Bond

3.8600

06/21/47

48,799

23,000 USD

Chile Government International Bond

3.2500

09/21/71

13,536

248,000 USD

Colombia Government International Bond

7.3750

04/25/30

259,904

345,000 USD

Colombia Government International Bond

7.5000

02/02/34

362,595

399,000 USD

Colombia Government International Bond

5.6250

02/26/44

330,671

169,000 USD

Colombia Government International Bond

5.0000

06/15/45

128,778

200,000 USD

Congolese International Bond

9.5000

05/26/36

190,982

108,000 USD

Dominican Republic International Bond^(c)

5.5000

02/22/29

107,406

39,000 USD

Dominican Republic International Bond^(c)

4.5000

01/30/30

37,352

240,000 USD

Dominican Republic International Bond^(c)

5.8750

10/28/35

231,309

79,000 USD

Dominican Republic International Bond^(c)

6.6000

06/01/36

80,501

491,000 USD

Dominican Republic International Bond

6.9500

03/15/37

504,502

29,000 USD

Dominican Republic International Bond

6.9500

03/15/37

29,798

28,000 USD

Dominican Republic International Bond^(c)

6.9500

03/15/37

28,770

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

SOVEREIGN — 18.8% (Continued)

25,000 USD

Dominican Republic International Bond

5.3000

01/21/41

21,588

41,000 USD

Dominican Republic International Bond

6.5000

02/15/48

38,950

8,000 USD

Eagle Funding Luxco Sarl^(c)

5.5000

08/17/30

7,996

699,000 USD

Ecuador Government International Bond^(h)

6.9000

07/31/35

630,149

200,000 USD

Ecuador Government International Bond^(c)

9.2500

01/29/39

199,500

202,000 USD

Ecuador Government International Bond^(h)

5.5000

07/31/40

163,523

52,000 USD

Egypt Government International Bond^(c)

7.6000

03/01/29

53,231

34,000 USD

Egypt Government International Bond^(c)

8.6250

02/04/30

35,853

436,000 USD

Egypt Government International Bond^(c)

5.8750

02/16/31

417,815

88,000 USD

Egypt Government International Bond^(c)

7.0530

01/15/32

86,646

28,000 USD

Egypt Government International Bond^(c)

6.8750

04/30/40

25,773

179,000 USD

Egypt Government International Bond^(c)

7.9030

02/21/48

158,166

141,000 USD

Egypt Government International Bond^(c)

8.7500

09/30/51

134,588

225,000 USD

Egypt Government International Bond

7.5000

02/16/61

187,190

255,000 USD

El Salvador Government International Bond

7.1250

01/20/50

234,281

57,000 USD

Ethiopia International Bond^(c)

6.6250

12/11/24

61,602

1,500,000 EUR

French Republic Government Bond OAT^(c)

1.0000

05/25/27

1,706,541

1,870,000 EUR

French Republic Government Bond OAT^(c)

2.0000

11/25/32

1,976,503

177,000 USD

Gabon Government International Bond^(c)

6.6250

02/06/31

156,612

28,500 USD

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

5.0000

07/03/29

27,947

7,821 USD

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

0.0000

01/03/30

6,873

271,600 USD

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

5.0000

07/03/35

248,700

8,572 USD

Ghana Government International Bond^(h)

5.0000

07/03/35

7,849

43,000 USD

Hazine Mustesarligi Varlik Kiralama A/S^(c)

8.5090

01/14/29

45,306

8,000,000 HUF

Hungary Government Bond

3.0000

04/25/41

18,916

44,000 USD

Hungary Government International Bond^(c)

6.1250

05/22/28

44,902

35,000 USD

Hungary Government International Bond^(c)

5.2500

06/16/29

35,219

38,000 USD

Hungary Government International Bond^(c)

6.2500

09/22/32

39,633

29,000 USD

Hungary Government International Bond^(c)

6.0000

09/26/35

29,522

75,000 USD

Hungary Government International Bond^(c)

5.5000

03/26/36

73,622

18,000 USD

Hungary Government International Bond^(c)

6.7500

09/25/52

18,717

4,000 USD

Hungary Government International Bond^(c)

6.7500

09/23/55

4,134

62,000 USD

Indonesia Government International Bond

4.5500

01/11/28

62,130

53,000 USD

Indonesia Government International Bond

2.1500

07/28/31

46,006

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

SOVEREIGN — 18.8% (Continued)

41,000 USD

Indonesia Government International Bond

4.6500

09/20/32

39,746

54,000 USD

Indonesia Government International Bond

4.8500

01/11/33

52,269

45,000 USD

Indonesia Government International Bond

5.6000

01/15/35

44,921

39,000 USD

Indonesia Government International Bond

4.9500

02/21/36

36,803

15,000 USD

Ivory Coast Government International Bond^(c)

8.0750

04/01/36

16,009

103,000 USD

Ivory Coast Government International Bond^(c)

8.2500

01/30/37

110,811

58,000 USD

Ivory Coast Government International Bond^(c)

6.7500

02/25/41

54,416

12,000 USD

Kazakhstan Government International Bond^(c)

4.4120

10/28/30

11,729

74,000 USD

Kazakhstan Government International Bond^(c)

5.5000

07/01/37

73,477

81,000 USD

Kazakhstan Government International Bond^(c)

6.5000

07/21/45

84,665

12,000 USD

KSA Sukuk Ltd.^(c)

4.8750

09/09/35

11,561

67,000 USD

Kuwait International Government Bond^(c)

5.1570

07/29/31

66,989

146,000 USD

Kyrgyz Republic International Bond^(c)

7.7500

06/03/30

147,657

472,000 USD

Lebanon Government International Bond^(g)

6.1000

10/04/22

126,508

385,000 MYR

Malaysia Government Bond

2.6320

04/15/31

90,684

16,000 USD

Malaysia Wakala Sukuk Bhd

3.0750

04/28/51

10,761

42,000 USD

Mexico Government International Bond

4.5000

04/22/29

41,433

96,000 USD

Mexico Government International Bond

5.3750

03/22/33

92,719

32,000 USD

Mexico Government International Bond

4.8750

05/19/33

29,952

8,000 USD

Mexico Government International Bond

3.5000

02/12/34

6,704

44,000 USD

Mexico Government International Bond

6.3500

02/09/35

44,242

54,000 USD

Mexico Government International Bond

6.2500

08/27/37

52,637

49,000 USD

Mexico Government International Bond

6.1250

02/09/38

46,856

98,000 USD

Mexico Government International Bond

4.7500

03/08/44

75,999

6,000 USD

Mexico Government International Bond

6.4000

05/07/54

5,405

34,000 USD

Mexico Government International Bond

3.7710

05/24/61

19,227

106,000 USD

Nigeria Government International Bond^(c)

6.1250

09/28/28

106,404

153,000 USD

Nigeria Government International Bond^(c)

7.1430

02/23/30

156,500

101,000 USD

Nigeria Government International Bond^(c)

7.8750

02/16/32

106,123

251,000 USD

Nigeria Government International Bond^(c)

10.3750

12/09/34

299,584

200,000 USD

Nigeria Government International Bond

7.6250

11/28/47

194,787

111,000 USD

Oman Government International Bond^(c)

6.0000

08/01/29

113,603

21,000 USD

Oman Government International Bond^(c)

6.2500

01/25/31

21,807

97,000 USD

Oman Government International Bond^(c)

6.5000

03/08/47

98,730

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

SOVEREIGN — 18.8% (Continued)

20,000 USD

Oman Government International Bond^(c)

6.7500

01/17/48

20,827

176,000 USD

Pakistan Government International Bond^(c)

7.3750

04/08/31

172,898

13,000 USD

Panama Government International Bond

3.8750

03/17/28

12,750

100,000 USD

Panama Government International Bond

3.1600

01/23/30

93,400

64,000 USD

Panama Government International Bond

2.2520

09/29/32

52,864

18,000 USD

Panama Government International Bond

5.2270

02/23/34

17,339

4,000 USD

Panama Government International Bond

5.6620

02/23/38

3,882

10,000 USD

Panama Government International Bond

4.3000

04/29/53

7,298

32,000 USD

Panama Government International Bond

3.8700

07/23/60

20,744

60,000,000 PYG

Paraguay Government International Bond

8.5000

04/04/38

9,700

170,000 PEN

Peru Government Bond^(c)

7.6000

08/12/39

53,594

69,000 USD

Peruvian Government International Bond

2.7830

01/23/31

63,187

111,000 USD

Peruvian Government International Bond

3.0000

01/15/34

94,016

16,000 USD

Peruvian Government International Bond

5.8750

08/08/54

15,172

28,000 USD

Philippine Government International Bond

2.4570

05/05/30

25,686

2,000 USD

Philippine Government International Bond

1.6480

06/10/31

1,714

2,000 USD

Philippine Government International Bond

6.3750

01/15/32

2,118

82,000 USD

Philippine Government International Bond

5.0000

07/17/33

80,483

38,000 USD

Philippine Government International Bond

5.3250

06/24/36

37,143

7,000 USD

Philippine Government International Bond

5.0000

01/13/37

6,621

104,000 USD

Philippine Government International Bond

2.9500

05/05/45

66,839

44,000 USD

Philippine Government International Bond

2.6500

12/10/45

26,485

9,000 USD

Philippine Government International Bond

5.7500

01/27/51

8,482

21,429 USD

Republic of Angola Via Avenir Issuer II Ireland DAC

6.9270

02/19/27

21,420

121,000 EUR

Republic of Cameroon International Bond

5.9500

07/07/32

124,201

92,000 USD

Republic of Kenya Government International Bond^(c)

7.8750

10/09/33

90,185

150,000 USD

Republic of Kenya Government International Bond^(c)

9.5000

03/05/36

154,766

273,000 USD

Republic of Kenya Government International Bond^(c)

8.7000

02/26/39

262,646

2,000 USD

Republic of Poland Government International Bond

5.7500

11/16/32

2,065

161,000 USD

Republic of Poland Government International Bond

5.1250

09/18/34

158,720

35,000 USD

Republic of Poland Government International Bond

5.3750

04/14/36

34,531

65,000 USD

Republic of Poland Government International Bond

5.5000

04/04/53

58,331

39,000 USD

Republic of Poland Government International Bond

5.5000

03/18/54

34,885

1,610,000 ZAR

Republic of South Africa Government Bond

8.7500

01/31/44

92,864

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

SOVEREIGN — 18.8% (Continued)

247,000 USD

Republic of South Africa Government International^(c)

7.1000

11/19/36

258,641

102,000 USD

Republic of South Africa Government International^(c)

6.1250

12/11/37

97,724

145,000 USD

Republic of South Africa Government International

5.6500

09/27/47

118,112

51,000 USD

Republic of South Africa Government International

5.7500

09/30/49

41,435

88,000 USD

Republic of South Africa Government International

7.3000

04/20/52

85,541

306,000 USD

Republic of South Africa Government International^(c)

7.9500

11/19/54

318,072

420,000 RON

Romania Government Bond

7.2000

10/30/33

94,271

1,000 USD

Romanian Government International Bond^(c)

6.6250

02/17/28

1,019

76,000 USD

Romanian Government International Bond^(c)

5.8750

01/30/29

76,611

39,000 USD

Romanian Government International Bond^(c)

5.7500

09/16/30

39,000

20,000 USD

Romanian Government International Bond

7.1250

01/17/33

20,985

43,000 USD

Romanian Government International Bond^(c)

6.3750

01/30/34

43,015

18,000 USD

Romanian Government International Bond^(c)

6.0000

05/25/34

17,628

48,000 USD

Romanian Government International Bond^(c)

6.6250

05/16/36

48,320

17,000 USD

Romanian Government International Bond^(c)

5.7500

07/04/36

16,028

7,000 EUR

Romanian Government International Bond^(c)

6.7500

07/11/39

8,369

8,000 EUR

Romanian Government International Bond

6.0000

09/24/44

8,783

51,000 USD

Saudi Government International Bond^(c)

4.5000

04/17/30

50,134

99,000 USD

Saudi Government International Bond^(c)

3.2500

10/22/30

92,381

22,000 USD

Saudi Government International Bond^(c)

5.3750

01/13/31

22,234

140,000 USD

Saudi Government International Bond^(c)

4.8750

07/18/33

136,684

97,000 USD

Saudi Government International Bond^(c)

4.8750

01/12/36

92,976

2,000 USD

Saudi Government International Bond^(c)

4.6250

10/04/47

1,590

34,000 USD

Saudi Government International Bond^(c)

3.7500

01/21/55

22,293

120,000 USD

Senegal Government International Bond^(c)

6.2500

05/23/33

63,126

145,000 USD

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

3.3500

03/15/33

137,915

230,151 USD

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

3.6000

06/15/35

189,319

90,305 USD

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

3.6000

02/15/38

91,038

129,000 USD

Suriname Government International Bond^(c)

8.5000

11/06/35

138,675

9,000 USD

Trinidad & Tobago Government International Bond^(c)

6.4000

06/26/34

9,108

89,000 USD

Trinidad & Tobago Government International Bond^(c)

6.5000

01/28/36

89,757

75,000 USD

Turkey Government International Bond

9.8750

01/15/28

79,299

38,000 USD

Turkey Government International Bond

9.3750

03/14/29

40,926

41,000 USD

Turkey Government International Bond

9.1250

07/13/30

44,533

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 35.0% (Continued)

SOVEREIGN — 18.8% (Continued)

327,000 USD

Turkey Government International Bond

5.9500

01/15/31

317,731

207,000 USD

Turkey Government International Bond

5.7500

05/11/47

161,050

132,000 USD

Turkiye Government International Bond

6.3750

05/22/31

129,826

101,000 USD

Turkiye Government International Bond

7.1250

07/17/32

101,569

115,000 USD

Turkiye Government International Bond

6.3000

03/14/33

110,383

430,000 USD

Turkiye Government International Bond

7.6250

05/15/34

441,417

212,000 USD

Turkiye Government International Bond

6.5000

01/03/35

202,760

48,000 USD

Turkiye Government International Bond

6.9500

09/16/35

46,942

13,076 USD

Ukraine Government International Bond^(h)

4.5000

02/01/29

11,155

3,571 USD

Ukraine Government International Bond^(h)

0.0000

02/01/30

2,614

13,970 USD

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

0.0000

02/01/30

10,226

214,800 USD

Ukraine Government International Bond^(h)

4.0000

02/01/32

178,327

262,345 USD

Ukraine Government International Bond^(h)

0.0000

02/01/34

150,258

127,088 USD

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

4.5000

02/01/34

89,236

580,000 USD

Ukraine Government International Bond^(h)

0.0000

02/01/35

349,451

5,152 USD

Ukraine Government International Bond^(h)

4.5000

02/01/35

3,552

132,000 USD

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

0.0000

02/01/36

79,200

4,150 USD

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

4.5000

02/01/36

2,845

2,269 USD

Ukraine Government International Bond^(h)

4.5000

02/01/36

1,555

71,000 USD

Uruguay Government International Bond

4.3750

01/23/31

70,929

74,000 USD

Uruguay Government International Bond

5.1000

06/18/50

65,583

117,000 USD

Venezuela Government International Bond^(g)

6.0000

12/09/20

49,866

110,000 USD

Venezuela Government International Bond^(g)

0.0000

08/23/22

61,491

526,000 USD

Venezuela Government International Bond^(g)

11.7500

10/21/26

289,300

42,428 USD

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

5.7500

06/30/33

41,546

23,678,448

SUPRANATIONAL — 0.3%

200,000 EUR

European Investment Bank

1.1250

09/15/36

185,796

6,000,000 INR

Inter-American Development Bank

7.3500

10/06/30

62,060

9,000,000 INR

International Bank for Reconstruction & Development

6.7100

01/21/35

89,465

337,321

TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $44,617,782)

43,691,178

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		RIGHT — 0.0%^(b)
		BANKING - 0.0% ^(b)
	97	ALTICE FRANCE HLDG (Luxembourg)	$	1,520

		TOTAL RIGHT (Cost $1,194)		1,520

		SHORT-TERM INVESTMENTS — 5.0%
		COLLATERAL FOR SECURITIES LOANED - 1.8%
	2,236,143	Mount Vernon Liquid Assets Portfolio, LLC, , 3.74% (Cost $2,236,143)^(i),(j)		2,236,143

		MONEY MARKET FUNDS - 3.2%
	3,979,806	Fidelity Government Portfolio, Institutional, 3.55% (Cost $3,979,806)⁽ⁱ⁾		3,979,806

		TOTAL SHORT-TERM INVESTMENTS (Cost $6,215,949)		6,215,949

		TOTAL INVESTMENTS - 98.2% (Cost $123,826,370)	$	122,449,874
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%		2,282,612
		NET ASSETS - 100.0%	$	124,732,486

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(k)		Value and Unrealized Depreciation
	26	Eurex 10 Year Euro BUND Future	09/09/2026	$	3,729,796	$	(39,972	)
	96	Eurex 2 Year Euro SCHATZ Future	09/09/2026		11,678,025		(15,723	)
	31	Eurex 30 Year Euro BUXL Future	09/09/2026		3,784,081		(87,812	)
	25	French Government Bond Future	09/09/2026		3,377,841		(50,636	)
	35	Long Gilt Future	09/29/2026		4,079,717		(26,616	)
	26	TSE Japanese 10 Year Bond Future	09/15/2026		20,756,158		(26,245	)
		TOTAL LONG FUTURES CONTRACTS				$	(247,004	)

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(k)		Value and Unrealized Appreciation
	192	CBOT 10 Year US Treasury Note Future	09/22/2026	$	20,736,000	$	222,010
	91	CBOT 2 Year US Treasury Note Future	10/01/2026		18,710,453		62,647
	92	CBOT 5 Year US Treasury Note Future	10/01/2026		9,749,844		76,906
	20	CBOT US Treasury Bond Future	09/22/2026		2,166,250		61,743

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(k)		Value and Unrealized Appreciation
	17	Euro-BTP Italian Bond Future	09/09/2026	$	2,279,086	$	28,697
		TOTAL SHORT FUTURES CONTRACTS				$	452,003
		TOTAL FUTURES CONTRACTS				$	204,999

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency^(l)	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread^(m)	Maturity Date	Notional Value^(k)			Fair Value			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.EM SERIES 45	Quarterly⁽¹⁾	Citibank	1.00%	145	6/20/2031	$	5,920,000		$	107,629		$	222,647		$	(115,018	)
ITRAXX EUROPE CROSSOVER SERIES 45	Quarterly⁽¹⁾	Citibank	5.00%	261	6/20/2031		3,120,000			(379,290	)		(356,076	)		(23,214	)
ITRAXX EUROPE SERIES 45	Quarterly⁽²⁾	Citibank	1.00%	54	6/20/2031		(3,365,000	)		85,707			81,835			3,872
TOTAL									$	(85,954	)	$	(51,594	)	$	(134,360	)

⁽¹⁾

Buy Protection

⁽²⁾

Sell Protection

FOREIGN CURRENCY CONTRACTS
						Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency	U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Euro	08/03/2026	Citibank	1,100,000	$	1,268,890	$	11,690
Kazak Tenge	08/03/2026	Citibank	9,000,000		18,982		498
Chilean Peso	08/10/2026	JP Morgan Chase	49,000,000		52,634		(40	)
Brazilian Real	09/02/2026	JP Morgan Chase	70,000		13,693		201
Euro	09/03/2026	JP Morgan Chase	1,100,000		1,270,450		16,722
Chinese Yuan	09/14/2026	JP Morgan Chase	240,000		35,649		104
Thailand Baht	09/14/2026	Citibank	2,500,000		74,944		(270	)
Japanese Yen	09/18/2026	JP Morgan Chase	97,910,000		617,362		17,095
British Pound	10/09/2026	Barclay	76,000		102,425		514
Euro	10/09/2026	Barclay	683,000		789,987		7,848
Euro	10/09/2026	Citibank	163,000		188,533		1,538
				$	4,433,549	$	55,900

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026

FOREIGN CURRENCY CONTRACTS (Continued)
Foreign Currency	Settlement Date	Counterparty	Local Currency	U.S. Dollar Value		Unrealized Appreciation/(Depreciation)
Euro	08/03/2026	JP Morgan Chase	1,100,000	$	1,268,889	$	(16,811	)
Kazak Tenge	08/03/2026	Citibank	9,000,000		18,982		(247	)
Euro	08/06/2026	Barclay	11,666,187		13,458,465		(157,466	)
Norwegian Krone	08/10/2026	Citibank	148,696		15,687		(216	)
South African Rand	08/17/2026	Citibank	500,000		30,235		(132	)
Indonesia Rupiah	08/24/2026	Citibank	400,000,000		22,148		172
Brazilian Real	09/02/2026	JP Morgan Chase	540,000		105,631		(3,249	)
Euro	09/03/2026	Citibank	1,100,000		1,270,450		(1,128	)
Australian Dollar	10/09/2026	Barclay	3,525,700		2,479,818		(36,867	)
British Pound	10/09/2026	Barclay	2,188,300		2,949,172		(22,849	)
Canadian Dollar	10/09/2026	JP Morgan Chase	871,400		623,510		(7,568	)
Euro	10/09/2026	Barclay	380,000		439,524		(5,995	)
Euro	10/09/2026	JP Morgan Chase	30,207,400		34,939,170		(275,982	)
Japanese Yen	10/09/2026	Barclay	18,552,000		117,181		(2,240	)
Japanese Yen	10/09/2026	JP Morgan Chase	61,310,700		387,260		(5,826	)
				$	58,226,122	$	(536,404	)

Total						$	(480,504	)

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:
Euro	Norwegian Krone	8/10/2026	Citibank		5,500,000		6,030,862	$	634,601	$	(636,237	)	$	(1,636	)
Norwegian Krone	Euro	8/10/2026	Citibank		6,179,559		550,000		651,924		(634,601	)		17,323
Japanese Yen	Euro	8/13/2026	JP Morgan Chase		137,012,805		740,000		861,398		(853,931	)		7,466
Euro	Swiss Franc	9/4/2026	Citibank		810,000		750,095		935,551		(931,112	)		4,439
Japanese Yen	Swiss Franc	9/4/2026	JP Morgan Chase		76,363,128		380,000		480,938		(471,704	)		9,234
Euro	British Pound	10/9/2026	Barclay		1,437,835		1,233,600		1,663,062		(1,662,522	)		539
					227,303,327		9,684,557	$	5,227,474	$	(5,190,107	)	$	37,365

Total													$	443,139

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LTD	- Limited Company

N.V.	- Naamioze Vennootschap

PJSC	- Public Joint-Stock Company

PLC	- Public Limited Company

PT	- Perseroan Terbatas

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026

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

COP	Columbian Peso

CZK	Czech Koruna

EUR	Euro

GBP	British Pound

HUF	Hungarian Forints

IDR	Indonesia Rupiah

INR	Indian Rupee

MXN	Mexican Peso

MYR	Malaysian Ringgit

PEN	Peruvian Sole

PLN	Polish Zloty

PYG	Paraguayan Guarani

RON	Romanian Leu

TRY	Turkish Lira

USD	US Dollars

ZAR	South African Rand

^(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 July 31, 2026 the total market value of 144A securities is $53,776,363 or 43.1% of net assets.

^(d)	Zero coupon bond.

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

^(f)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,190,153 at July 31, 2026.

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

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

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

^(j)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $2,236,143 at July 31, 2026.

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

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026

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

^(m)	Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of July 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)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.1%
		AEROSPACE & DEFENSE - 4.4%
	10,675	Boeing Company (The)^(a)	$	2,307,295
	7,699	L3Harris Technologies, Inc.		2,133,085
	26,852	RTX Corporation		5,779,088
				10,219,468
		ASSET MANAGEMENT - 3.0%
	3,418	Blackrock, Inc.		3,726,953
	30,625	Charles Schwab Corporation (The)		3,222,975
				6,949,928
		AUTOMOTIVE - 1.2%
	31,902	General Motors Company		2,834,812

		BANKING - 7.6%
	81,597	Bank of America Corporation		5,054,934
	24,332	JPMorgan Chase & Company		8,559,753
	16,862	Truist Financial Corporation		874,126
	38,259	Wells Fargo & Company		3,307,491
				17,796,304
		BEVERAGES - 0.7%
	11,795	PepsiCo, Inc.		1,646,110

		BIOTECH & PHARMA - 6.7%
	31,756	Abbott Laboratories		3,356,609
	11,508	AbbVie, Inc.		2,887,818
	5,434	Amgen, Inc.		2,092,959
	24,390	Gilead Sciences, Inc.		3,175,822
	30,897	Merck & Company, Inc.		4,022,789
				15,535,997
		CHEMICALS - 2.9%
	7,333	DuPont de Nemours, Inc.		1,004,667
	8,973	Linde PLC		4,292,504
	10,999	Qnity Electronics, Inc.		1,442,849
				6,740,020

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.9%
	9,726	Waste Management, Inc.	$	2,203,425

		CONSTRUCTION MATERIALS - 1.5%
	5,134	Martin Marietta Materials, Inc.		2,696,069
	6,306	Owens Corning^(b)		875,903
				3,571,972
		CONSUMER SERVICES - 0.5%
	14,591	Service Corp International		1,257,598

		DIVERSIFIED INDUSTRIALS - 2.2%
	5,139	Parker-Hannifin Corporation		5,018,388

		E-COMMERCE DISCRETIONARY - 5.8%
	49,201	Amazon.com, Inc.^(a)		13,362,008

		ELECTRIC UTILITIES - 3.2%
	5,749	Constellation Energy Corporation		1,510,550
	20,245	Duke Energy Corporation		2,539,330
	38,562	NextEra Energy, Inc.		3,351,809
				7,401,689
		ELECTRICAL EQUIPMENT - 3.1%
	19,032	Johnson Controls International PLC		2,791,233
	12,609	Otis Worldwide Corporation		907,218
	7,332	Rockwell Automation, Inc.		3,519,946
				7,218,397
		ENGINEERING & CONSTRUCTION - 1.4%
	4,764	Quanta Services, Inc.		3,179,303

		ENTERTAINMENT CONTENT - 2.4%
	39,033	Fox Corporation, Class A^(b)		2,272,892
	34,076	Walt Disney Company (The)		3,277,770
				5,550,662

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		FOOD - 1.0%
	37,999	Mondelez International, Inc., Class A	$	2,367,718

		HEALTH CARE FACILITIES & SERVICES - 2.5%
	7,907	Cencora, Inc.		2,461,765
	7,883	UnitedHealth Group, Inc.		3,266,716
				5,728,481
		HOUSEHOLD PRODUCTS - 1.1%
	17,674	Procter & Gamble Company (The)		2,553,716

		INDUSTRIAL REIT - 0.7%
	11,316	Prologis, Inc.		1,636,407

		INSTITUTIONAL FINANCIAL SERVICES - 3.8%
	16,713	Bank of New York Mellon Corporation (The)		2,612,743
	3,684	Goldman Sachs Group, Inc. (The)		3,751,712
	15,749	Intercontinental Exchange, Inc.		2,401,408
				8,765,863
		INSURANCE - 4.7%
	7,668	Berkshire Hathaway, Inc., B^(a)		3,922,489
	23,477	Hartford Insurance Group, Inc. (The)		3,331,621
	10,456	Travelers Companies, Inc. (The)		3,914,308
				11,168,418
		INTERNET MEDIA & SERVICES - 2.6%
	9,749	Alphabet, Inc., Class A		3,471,912
	4,492	Meta Platforms, Inc., Class A		2,500,741
				5,972,653
		LEISURE FACILITIES & SERVICES - 0.9%
	10,029	Darden Restaurants, Inc.		2,041,704

		MEDICAL EQUIPMENT & DEVICES - 1.9%
	9,599	Becton Dickinson and Company		1,589,786
	5,070	Thermo Fisher Scientific, Inc.		2,911,701
				4,501,487

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		METALS & MINING - 1.1%
	39,188	Freeport-McMoRan, Inc.	$	2,454,344

		OIL & GAS PRODUCERS - 4.9%
	24,601	ConocoPhillips		2,963,928
	15,704	EOG Resources, Inc.		2,335,028
	12,475	Expand Energy Corporation		1,173,024
	32,354	Exxon Mobil Corporation		5,029,106
				11,501,086
		OIL & GAS SERVICES & EQUIPMENT - 1.1%
	50,630	SLB Ltd.		2,510,742

		RESIDENTIAL REIT - 0.6%
	22,321	Equity LifeStyle Properties, Inc.		1,452,427

		RETAIL - DISCRETIONARY - 2.5%
	12,865	Lowe’s Companies, Inc.		2,673,476
	20,455	TJX Companies, Inc. (The)		3,218,389
				5,891,865
		SELF-STORAGE REIT - 0.9%
	6,211	Public Storage		2,013,420

		SEMICONDUCTORS - 2.5%
	6,506	Broadcom, Inc.		2,532,655
	2,762	Micron Technology, Inc.		2,273,209
	12,896	ON Semiconductor Corporation^(a)		1,052,443
				5,858,307
		SOFTWARE - 4.2%
	20,901	Microsoft Corporation		9,713,113

		SPECIALTY FINANCE - 1.0%
	6,723	American Express Company		2,260,609

		TECHNOLOGY HARDWARE - 8.0%
	30,850	Apple, Inc.		9,529,873

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		TECHNOLOGY HARDWARE - 8.0% (Continued)
	53,940	Cisco Systems, Inc.	$	6,256,501
	5,617	Motorola Solutions, Inc.		2,447,608
				18,233,982
		TELECOMMUNICATIONS - 0.9%
	44,425	Verizon Communications, Inc.		2,079,534

		TRANSPORTATION & LOGISTICS - 3.7%
	75,441	CSX Corporation		3,802,226
	41,830	Delta Air Lines, Inc.		3,657,615
	15,245	Knight-Swift Transportation Holdings, Inc.		1,059,985
				8,519,826

		TOTAL COMMON STOCKS (Cost $133,764,354)		227,711,783


		SHORT-TERM INVESTMENTS — 3.2%
		COLLATERAL FOR SECURITIES LOANED - 1.2%
	2,876,873	Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (Cost $2,876,873)^(c),(d)		2,876,873

		MONEY MARKET FUNDS - 2.0%
	4,583,880	Invesco Treasury Portfolio, Institutional Class, 3.62% (Cost $4,583,880)^(c)		4,583,880

		TOTAL SHORT-TERM INVESTMENTS (Cost $7,460,753)		7,460,753

		TOTAL INVESTMENTS - 101.3% (Cost $141,225,107)	$	235,172,536
		LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%		(2,903,855	)
		NET ASSETS - 100.0%	$	232,268,681

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 $2,797,251 at July 31, 2026.

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

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $2,876,873 at July 31, 2026.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2%
		AEROSPACE & DEFENSE - 0.5%
	37,370	AerSale Corporation^(a)	$	231,694
	6,329	TAT Technologies Ltd.^(a)		246,198
				477,892
		APPAREL & TEXTILE PRODUCTS - 0.1%
	60,950	Brilliant Earth Group, Inc.		63,998

		ASSET MANAGEMENT - 0.4%
	27,780	Compass Diversified Holdings^(a)		280,023
	7,992	Vitesse Energy, Inc.		124,675
				404,698
		AUTOMOTIVE - 1.0%
	8,235	Fox Factory Holding Corporation^(a)		148,230
	151,323	Holley, Inc.^(a)		404,033
	23,159	Methode Electronics, Inc.		323,994
	6,948	Motorcar Parts of America, Inc.^(a)		93,103
				969,360
		BANKING - 12.2%
	19,823	Capital Bancorp, Inc.		739,993
	10,836	Capital City Bank Group, Inc.		562,063
	13,152	Central Pacific Financial Corporation		518,189
	15,441	Dime Community Bancshares, Inc.		629,375
	14,326	Enterprise Financial Services Corporation		949,956
	3,224	Esquire Financial Holdings, Inc.		416,605
	21,414	First BanCorp^(b)		619,507
	20,996	Flagstar Financial, Inc.		298,563
	7,290	HomeTrust Bancshares, Inc.		373,175
	24,462	Horizon Bancorp, Inc.		500,248
	10,128	Independent Bank Corp		386,890
	14,228	National Bank Holdings Corporation, Class A		614,507
	5,692	Northeast Bank		706,776
	37,622	Northpointe Bancshares, Inc.		658,385
	17,563	OceanFirst Financial Corporation^(b)		339,142
	5,163	OFG Bancorp		272,916
	17,977	Peapack-Gladstone Financial Corporation		826,582

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		BANKING - 12.2% (Continued)
	2,999	Popular, Inc.	$	525,455
	4,780	Prosperity Bancshares, Inc.		357,879
	24,013	WesBanco, Inc.		993,657
				11,289,863
		BIOTECH & PHARMA - 3.5%
	73,874	Certara, Inc.^(a),(b)		598,379
	128,469	Cytek Biosciences, Inc.^(a)		542,139
	5,771	Halozyme Therapeutics, Inc.^(a)		476,338
	33,728	Innoviva, Inc.^(a)		707,276
	13,404	PTC Therapeutics, Inc.^(a)		911,607
				3,235,739
		CABLE & SATELLITE - 0.3%
	7,972	Sirius XM Holdings, Inc.		236,131

		CHEMICALS - 2.5%
	14,394	Celanese Corporation		643,700
	22,069	Huntsman Corporation		215,393
	5,955	Ingevity Corporation^(a)		435,370
	7,265	Koppers Holdings, Inc.		356,130
	63,665	Kronos Worldwide, Inc.		383,263
	32,208	Rayonier Advanced Materials, Inc.^(a)		288,262
				2,322,118
		COMMERCIAL SUPPORT SERVICES - 3.2%
	4,817	ABM Industries, Inc.		230,782
	74,580	ADT, Inc.		569,792
	14,006	AMN Healthcare Services, Inc.^(a)		471,022
	34,504	BrightView Holdings, Inc.^(a)		449,932
	40,917	Legalzoom.com, Inc.^(a)		322,017
	2,134	ManpowerGroup, Inc.		111,864
	31,274	Public Policy Holding Company, Inc.		339,323
	65,040	TrueBlue, Inc.^(a)		460,483
				2,955,215
		CONSUMER SERVICES - 0.9%
	3,450	Bright Horizons Family Solutions, Inc.^(a)		257,163

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		CONSUMER SERVICES - 0.9% (Continued)
	18,980	Legacy Education, Inc.^(a)	$	223,774
	12,870	Matthews International Corporation, Class A		357,143
				838,080
		CONTAINERS & PACKAGING - 0.4%
	76,728	Ranpak Holdings Corporation^(a)		392,847

		ELECTRIC UTILITIES - 1.4%
	6,072	Black Hills Corporation^(b)		432,387
	9,312	Portland General Electric Company		459,361
	7,458	Unitil Corporation		402,285
				1,294,033
		ELECTRICAL EQUIPMENT - 2.2%
	4,700	Allient, Inc.		411,062
	1,955	Littelfuse, Inc.		864,364
	4,612	Mesa Laboratories, Inc.		464,936
	50,280	Stoneridge, Inc.^(a)		347,435
				2,087,797
		ENGINEERING & CONSTRUCTION - 3.4%
	27,532	Bowman Consulting Group Ltd.^(a)		739,234
	2,885	Cardinal Infrastructure Group, Inc., Class A^(a),(b)		178,553
	6,413	Fluor Corporation^(a)		321,740
	3,772	Granite Construction, Inc.		456,299
	35,941	Onterris, Inc.^(a),(b)		754,401
	11,343	Orion Group Holdings, Inc.^(a)		110,935
	7,199	Tutor Perini Corporation		602,916
				3,164,078
		ENTERTAINMENT CONTENT - 1.1%
	59,813	Reservoir Media, Inc.^(a)		612,485
	15,249	Starz Entertainment Corporation^(a)		396,779
				1,009,264
		FOOD - 0.3%
	2,919	Post Holdings, Inc.^(a),(b)		266,826

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		FORESTRY, PAPER & WOOD PRODUCTS - 0.6%
	7,933	Louisiana-Pacific Corporation	$	574,587

		GAS & WATER UTILITIES - 1.6%
	28,540	BKV Corporation^(a),(b)		698,088
	11,767	RGC Resources, Inc.		251,814
	6,256	Spire, Inc.		499,604
				1,449,506
		HEALTH CARE FACILITIES & SERVICES - 3.1%
	29,381	American Well Corporation^(a)		315,846
	74,806	Aveanna Healthcare Holdings, Inc.^(a)		702,428
	6,891	ICON plc^(a)		1,127,126
	26,120	Joint Corporation (The)^(a)		216,535
	10,490	Option Care Health, Inc.^(a)		241,585
	13,243	Park Dental Partners, Inc.^(a)		236,785
				2,840,305
		HOME CONSTRUCTION - 0.3%
	4,566	Meritage Homes Corporation		320,533

		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.5%
	3,575	Timken Company (The)		491,741

		INDUSTRIAL SUPPORT SERVICES - 2.2%
	39,494	Custom Truck One Source, Inc.^(a)		400,864
	3,058	Herc Holdings, Inc.		459,128
	18,221	Hudson Technologies, Inc.^(a)		110,055
	41,828	NPK International, Inc.^(a)		522,431
	2,593	SiteOne Landscape Supply, Inc.^(a)		244,883
	17,236	Titan Machinery, Inc.^(a)		292,840
				2,030,201
		INDUSTRIALS - 0.4%
	30,250	Hillman Solutions Corporation^(a)		238,067
	5,403	Insteel Industries, Inc.		165,602
				403,669

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.2%
	78,889	BGC Group, Inc., Class A	$	908,801
	5,871	Lazard, Inc.		248,813
	50,404	Perella Weinberg Partners^(b)		889,631
				2,047,245
		INSURANCE - 3.7%
	32,452	American Integrity Insurance Group, Inc.		658,451
	15,273	Bowhead Specialty Holdings, Inc.^(a)		467,201
	14,302	CNO Financial Group, Inc.		787,898
	1,697	Hanover Insurance Group, Inc. (The)		394,773
	727	Primerica, Inc.		232,611
	4,418	Root Inc, Class A^(a)		239,235
	33,484	Slide Insurance Holdings, Inc. ^(b)		668,675
				3,448,844
		INTERNET MEDIA & SERVICES - 1.3%
	65,678	Blade Air Mobility, Inc., Class A^(a)		329,704
	2,948	Cargurus, Inc.^(a)		106,836
	10,398	Cars.com, Inc.^(a)		123,216
	16,020	People, Inc.^(a)		665,951
				1,225,707
		LEISURE FACILITIES & SERVICES - 0.5%
	34,345	First Watch Restaurant Group, Inc.^(a)		441,333

		LEISURE PRODUCTS - 0.3%
	74,645	Clarus Corporation		239,610

		MACHINERY - 2.3%
	9,979	CECO Environmental Corporation^(a)		657,516
	3,138	Helios Technologies, Inc.		244,482
	19,175	Manitowoc Company, Inc. (The)^(a)		265,574
	4,631	Regal Rexnord Corporation		950,420
				2,117,992
		MEDICAL EQUIPMENT & DEVICES - 4.2%
	1,519	Bio-Rad Laboratories, Inc., Class A^(a)		494,404
	20,784	Bioventus, Inc.^(a)		273,725

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 4.2% (Continued)
	33,348	CareDx, Inc.^(a)	$	1,457,641
	43,923	Carlsmed, Inc.^(a),(b)		552,991
	2,199	Integer Holdings Corporation^(a)		266,541
	36,989	Orthofix Medical, Inc.^(a)		436,470
	2,025	Revvity, Inc.		227,853
	1,736	Teleflex, Inc.		237,329
				3,946,954
		METALS & MINING - 3.1%
	2,114	Alcoa Corporation		95,680
	66,786	Capstone Copper Corporation^(a)		634,143
	15,986	Century Aluminum Company^(a)		715,694
	6,681	Constellium S.E.^(a)		185,598
	103,295	Ferroglobe PLC		328,478
	7,314	Hallador Energy Company^(a)		104,005
	37,018	Trekor Metals Ltd.^(a)		250,612
	6,747	Warrior Met Coal, Inc.		535,779
				2,849,989
		MULTI ASSET CLASS REIT - 0.5%
	19,703	Broadstone Net Lease, Inc. ^(b)		421,841

		OIL & GAS PRODUCERS - 1.5%
	5,091	Antero Resources Corporation^(a)		183,989
	37,139	Infinity Natural Resources, Inc., Class A^(a)		488,749
	91,271	Mammoth Energy Services, Inc.^(a)		241,868
	11,466	Northern Oil & Gas, Inc.		242,506
	6,586	SM Energy Company		214,177
				1,371,289
		OIL & GAS SERVICES & EQUIPMENT - 3.3%
	12,654	Atlas Energy Solutions, Inc.		136,537
	13,950	Expro Ltd.^(a)		222,503
	38,348	Liberty Energy, Inc., Class A^(b)		717,491
	38,994	Matrix Service Company^(a)		452,330
	20,600	National Energy Services Reunited Corporation^(a)		555,376
	7,588	Natural Gas Services Group, Inc.		278,024

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 3.3% (Continued)
	8,377	Select Water Solutions, Inc., Class A	$	155,142
	73,566	TETRA Technologies, Inc.^(a)		566,458
				3,083,861
		REAL ESTATE OWNERS & DEVELOPERS - 0.8%
	18,984	Legacy Housing Corporation^(a)		498,520
	1,773	McGrath RentCorporation^(b)		204,161
				702,681
		RESIDENTIAL REIT - 0.8%
	6,497	Centerspace^(b)		356,295
	26,847	UMH Properties, Inc.		405,658
				761,953
		RETAIL - CONSUMER STAPLES - 0.5%
	1,198	Sprouts Farmers Market, Inc.^(a)		104,418
	15,856	Yesway, Inc.^(a)		331,707
				436,125
		RETAIL - DISCRETIONARY - 1.7%
	7,340	Academy Sports & Outdoors, Inc.		348,283
	4,770	Advance Auto Parts, Inc. ^(b)		264,926
	1,008	FirstCash Holdings, Inc.		205,642
	36,607	National Vision Holdings, Inc.^(a),(b)		806,818
				1,625,669
		RETAIL REIT - 2.2%
	21,053	Brixmor Property Group, Inc.		663,381
	21,997	CTO Realty Growth, Inc.		483,271
	11,379	Getty Realty Corporation^(b)		388,479
	26,290	NETSTREIT Corporation^(b)		563,921
				2,099,052
		SEMICONDUCTORS - 3.7%
	14,337	Azenta, Inc.^(a)		403,300
	3,195	Diodes, Inc.^(a)		263,012
	2,507	Onto Innovation, Inc.^(a)		648,260
	4,527	Silicon Motion Technology Corporation - ADR		1,148,047
	12,412	Ultra Clean Holdings, Inc.^(a)		1,034,044
				3,496,663

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		SOFTWARE - 5.1%
	13,731	Consensus Cloud Solutions, Inc.^(a)	$	499,808
	205,746	Kaltura, Inc.^(a)		281,872
	7,205	Paymentus Holdings, Inc., Class A^(a)		245,691
	8,735	Pegasystems, Inc.		266,854
	62,120	Porch Group, Inc.^(a)		897,634
	11,502	Red Violet, Inc.^(a)		798,009
	33,400	Teradata Corporation^(a)		1,035,066
	0	Upland Software, Inc.^(a)		2
	166,037	VTEX^(a),(b)		715,619
				4,740,555
		SPECIALTY FINANCE - 1.6%
	574	Dave, Inc.^(a)		213,924
	7,801	EZCORP, Inc., Class A^(a),(b)		232,236
	2,572	Federal Agricultural Mortgage Corporation, CLASS C		585,387
	6,086	LendingTree, Inc.^(a)		193,900
	3,764	Stewart Information Services Corporation		254,409
				1,479,856
		STEEL - 3.0%
	95,290	Algoma Steel Group, Inc.^(a)		366,867
	8,263	Commercial Metals Company		567,833
	35,602	Metallus, Inc.^(a)		716,312
	16,815	Synalloy Corporation^(a)		260,128
	60,341	thyssenkrupp A.G.		839,094
				2,750,234
		TECHNOLOGY HARDWARE - 1.0%
	4,232	Crane NXT Company		219,852
	38,107	NCR Voyix Corporation^(a)		315,145
	10,422	PAR Technology Corporation^(a),(b)		176,653
	21,949	RADCOM Ltd.^(a)		224,758
				936,408
		TECHNOLOGY SERVICES - 2.2%
	11,667	Chime Financial, Inc., Class A^(a)		268,224
	3,689	ICF International, Inc.		298,514
	5,183	KBR, Inc.		189,750

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		TECHNOLOGY SERVICES - 2.2% (Continued)
	5,309	MAXIMUS, Inc.	$	319,867
	29,697	Priority Technology Holdings, Inc.^(a)		193,031
	8,094	V2X, Inc.^(a)		730,403
				1,999,789
		TELECOMMUNICATIONS - 0.7%
	109,634	8x8, Inc.^(a)		208,305
	22,410	Ooma, Inc.^(a),(b)		487,417
				695,722
		TRANSPORTATION & LOGISTICS - 7.5%
	34,717	Ardmore Shipping Corporation		603,729
	1,764	Copa Holdings S.A., Class A		249,112
	13,880	Covenant Logistics Group, Inc., Class A		493,018
	13,242	DHT Holdings, Inc.		245,904
	49,847	Frontier Group Holdings, Inc.^(a)		336,467
	8,974	GXO Logistics, Inc.^(a)		450,136
	27,015	Heartland Express, Inc.		330,393
	1,562	Kirby Corporation^(a)		204,841
	4,097	Knight-Swift Transportation Holdings, Inc.		284,864
	29,128	Marten Transport Ltd.		430,803
	100,951	Proficient Auto Logistics, Inc.^(a)		690,505
	77,634	Radiant Logistics, Inc.^(a)		639,704
	33,465	RXO, Inc.^(a)		677,666
	5,641	Scorpio Tankers, Inc. ^(b)		439,208
	18,373	Star Bulk Carriers Corporation		528,224
	3,809	Teekay Tankers Ltd., Class A		302,320
				6,906,894
		TRANSPORTATION EQUIPMENT - 0.3%
	19,011	Aebi Schmidt Holding A.G.		245,052

		WHOLESALE - DISCRETIONARY - 0.1%
	539	Pool Corporation		100,098

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)

		TOTAL COMMON STOCKS (Cost $67,313,351)	$	89,289,897

		SHORT-TERM INVESTMENTS — 13.6%
		COLLATERAL FOR SECURITIES LOANED – 9.4%
	8,748,491	Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (Cost $8,748,491) ^(c),(d)		8,748,491

		MONEY MARKET FUNDS - 4.2%
	3,903,464	Fidelity Government Portfolio, Institutional, 3.55% (Cost $3,903,464)^(c)		3,903,464
		TOTAL SHORT TERM INVESTMENTS (Cost $12,651,955)		12,651,955

		TOTAL INVESTMENTS - 109.8% (Cost $79,965,306)	$	101,941,852
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.8)%		(9,085,283	)
		NET ASSETS - 100.0%	$	92,856,569

ADR	- American Depositary Receipt

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 $8,657,955 at July 31, 2026.

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

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $8,748,491 at July 31, 2026.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 99.6%
		AEROSPACE & DEFENSE - 6.6%
	7,794	Axon Enterprise, Inc.^(a)	$	4,113,361
	11,288	HEICO Corporation		4,022,592
	27,560	Howmet Aerospace, Inc.		7,779,085
				15,915,038
		ASSET MANAGEMENT - 2.2%
	63,085	Robinhood Markets, Inc., Class A^(a)		5,460,638

		BIOTECH & PHARMA - 4.6%
	9,695	Eli Lilly & Company		11,138,004

		E-COMMERCE DISCRETIONARY - 11.5%
	79,169	Amazon.com, Inc.^(a)		21,500,717
	3,391	MercadoLibre, Inc.^(a)		6,368,128
				27,868,845
		ELECTRICAL EQUIPMENT - 3.3%
	25,059	Amphenol Corporation, A		4,026,981
	16,101	Vertiv Holdings Company, Class A		3,889,519
				7,916,500
		ENGINEERING & CONSTRUCTION - 1.1%
	4,592	Sterling Infrastructure, Inc.^(a)		2,740,368

		INSTITUTIONAL FINANCIAL SERVICES - 0.8%
	12,692	Coinbase Global, Inc., Class A^(a)		1,856,332

		INTERNET MEDIA & SERVICES - 12.3%
	43,455	Alphabet, Inc., C		15,498,226
	17,403	Meta Platforms, Inc., Class A		9,688,424
	66,322	Uber Technologies, Inc.^(a)		4,666,416
				29,853,066
		MEDICAL EQUIPMENT & DEVICES - 2.0%
	13,433	Intuitive Surgical, Inc.^(a)		4,746,282

		SEMICONDUCTORS - 23.3%
	32,801	Advanced Micro Devices, Inc.^(a)		15,618,196

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SEMICONDUCTORS - 23.3% (Continued)
	14,559	Broadcom, Inc.	$	5,667,528
	15,964	Lam Research Corporation		4,677,771
	3,387	Micron Technology, Inc.		2,787,603
	92,855	NVIDIA Corporation		18,640,642
	3,357	Sandisk Corporation^(a)		4,078,184
	11,459	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		4,632,301
				56,102,225
		SOFTWARE - 20.8%
	52,602	Crowdstrike Holdings, Inc., Class A^(a)		10,039,618
	26,926	Microsoft Corporation		12,513,051
	27,457	Palantir Technologies, Inc., Class A^(a)		3,378,858
	23,175	Palo Alto Networks, Inc.^(a)		7,690,160
	90,268	ServiceNow, Inc.^(a)		10,040,510
	57,415	Shopify, Inc., Class A^(a)		6,726,167
				50,388,364
		TECHNOLOGY HARDWARE - 6.3%
	44,689	Arista Networks, Inc.^(a)		8,059,660
	23,244	Credo Technology Group Holding Ltd.^(a)		4,811,276
	3,306	Lumentum Holdings, Inc.^(a)		2,360,286
				15,231,222
		TECHNOLOGY SERVICES - 4.8%
	20,143	Mastercard, Inc., A		11,543,953

		TOTAL COMMON STOCKS (Cost $141,013,708)		240,760,837

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	843,957	STIT - Treasury Obligations Portfolio, 3.58% (Cost $843,957)^(b)	$	843,957

		TOTAL INVESTMENTS - 99.9% (Cost $141,857,665)	$	241,604,794
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		192,771
		NET ASSETS - 100.0%	$	241,797,565

ADR	- American Depositary Receipt

LTD	- Limited Company

^(a)	Non-income producing security.

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

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.0%
		AEROSPACE & DEFENSE - 4.7%
	32,969	Aevex Corporation^(a)	$	548,274
	13,889	Hexcel Corporation		1,429,873
	2,875	Huntington Ingalls Industries, Inc.		938,544
	8,712	Mercury Systems, Inc.^(a)		845,935
				3,762,626
		APPAREL & TEXTILE PRODUCTS - 1.1%
	22,880	Birkenstock Holding plc^(a),(b)		885,914

		ASSET MANAGEMENT - 1.3%
	19,128	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		724,377
	13,589	Planet Labs PBC, CLASS A^(a)		278,303
				1,002,680
		BANKING - 3.6%
	51,423	Fulton Financial Corporation		1,251,122
	17,231	Glacier Bancorp, Inc.		849,316
	24,099	Seacoast Banking Corporation of Florida		837,199
				2,937,637
		BEVERAGES - 1.1%
	13,132	Vita Coco Company, Inc. (The)^(a)		865,924

		BIOTECH & PHARMA - 6.5%
	19,114	Cogent Biosciences, Inc.^(a)		744,107
	62,514	Compass Pathways plc - ADR^(a)		709,534
	7,038	Cytokinetics, Inc.^(a)		542,841
	9,092	Definium Therapeutics, Inc.^(a)		395,684
	18,967	Denali Therapeutics, Inc.^(a)		436,620
	7,026	Ionis Pharmaceuticals, Inc.^(a)		363,736
	8,629	Kardigan, Inc.^(a)		179,656
	3,771	Kymera Therapeutics, Inc.^(a)		389,921
	49,470	Olema Pharmaceuticals, Inc.^(a),(b)		566,432
	3,393	Protagonist Therapeutics, Inc.^(a)		463,620
	17,372	Seaport Therapeutics, Inc.^(a),(b)		355,431
				5,147,582

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		CHEMICALS - 1.3%
	8,366	Sensient Technologies Corporation	$	1,034,623

		CONSTRUCTION MATERIALS - 1.1%
	6,352	Advanced Drainage Systems, Inc.		879,625

		E-COMMERCE DISCRETIONARY - 1.0%
	20,154	Global-e Online Ltd.^(a)		792,254

		ELECTRICAL EQUIPMENT - 12.2%
	2,622	Advanced Energy Industries, Inc.		759,121
	6,269	Belden, Inc.		777,669
	4,522	BWX Technologies, Inc.		762,861
	3,309	Camtek Ltd.^(a),(b)		438,310
	10,118	Cognex Corporation		660,098
	4,619	ESCO Technologies, Inc.		1,456,325
	11,297	Forgent Power Solutions, Inc., Class A^(a)		375,851
	3,089	Generac Holdings, Inc.^(a)		608,873
	66,386	Mirion Technologies, Inc.^(a),(b)		994,462
	3,286	Nextpower, Inc., Class A^(a)		295,313
	12,756	nLight, Inc.^(a)		877,613
	6,578	nVent Electric PLC		1,011,894
	3,351	Powell Industries, Inc.		699,287
				9,717,677
		ENGINEERING & CONSTRUCTION - 1.7%
	8,470	Construction Partners, Inc., Class A^(a),(b)		875,374
	2,024	Installed Building Products, Inc.^(b)		451,231
				1,326,605
		HEALTH CARE FACILITIES & SERVICES - 3.2%
	15,805	BrightSpring Health Services, Inc.^(a)		943,717
	9,639	HealthEquity, Inc.^(a)		969,779
	10,354	RadNet, Inc.^(a)		660,378
				2,573,874
		HOME CONSTRUCTION - 3.1%
	1,423	Cavco Industries, Inc.^(a)		778,424

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		HOME CONSTRUCTION - 3.1% (Continued)
	15,181	Century Communities, Inc.	$	1,019,556
	8,887	Champion Homes, Inc.^(a)		707,494
				2,505,474
		HOUSEHOLD PRODUCTS - 1.1%
	11,031	elf Beauty, Inc.^(a)		914,360

		INDUSTRIAL INTERMEDIATE PROD - 2.9%
	3,820	AZZ, Inc.		552,830
	2,562	Valmont Industries, Inc.		1,234,116
	6,147	Xometry, Inc., Class A^(a)		526,921
				2,313,867
		INDUSTRIAL SUPPORT SERVICES - 1.2%
	6,516	Herc Holdings, Inc.		978,312

		INSTITUTIONAL FINANCIAL SERVICES - 0.6%
	6,681	Moelis & Company, Class A^(b)		448,161

		LEISURE FACILITIES & SERVICES - 3.5%
	31,040	Lindblad Expeditions Holdings, Inc.^(a)		918,163
	32,981	OneSpaWorld Holdings Ltd.		849,591
	4,651	Texas Roadhouse, Inc.		955,500
				2,723,254
		MACHINERY - 2.8%
	11,766	CECO Environmental Corporation^(a)		775,262
	10,284	Flowserve Corporation		781,481
	3,769	MSA Safety, Inc.^(b)		717,128
				2,273,871
		MEDICAL EQUIPMENT & DEVICES - 10.0%
	71,660	Alpha Tau Medical Ltd.^(a),(b)		844,871
	79,183	AngioDynamics, Inc.^(a)		1,171,118
	51,817	Carlsmed, Inc.^(a),(b)		652,376
	2,159	Celcuity, Inc.^(a)		186,494
	22,885	ClearPoint Neuro, Inc.^(a)		341,902
	12,357	Dexcom, Inc.^(a)		1,031,192

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 10.0% (Continued)
	13,476	Establishment Labs Holdings, Inc.^(a)	$	1,247,070
	3,365	Guardant Health, Inc.^(a)		545,096
	16,580	Kestra Medical Technologies, Inc.^(a)		378,521
	7,820	Repligen Corporation^(a)		1,102,698
	27,087	SI-BONE, Inc.^(a)		481,065
				7,982,403
		METALS & MINING - 1.9%
	5,452	Centrus Energy Corporation, Class A^(a),(b)		964,623
	14,203	MP Materials Corporation^(a),(b)		587,578
				1,552,201
		OIL & GAS SERVICES & EQUIPMENT - 1.6%
	18,890	Kodiak Gas Services, Inc.		1,109,031
	3,911	Oceaneering International, Inc.^(a)		190,779
				1,299,810
		REAL ESTATE SERVICES - 1.0%
	68,811	Compass, Inc., Class A^(a),(b)		783,757

		RENEWABLE ENERGY - 2.0%
	24,042	Fluence Energy, Inc.^(a),(b)		334,905
	16,464	FuelCell Energy, Inc.^(a)		355,787
	97,568	Shoals Technologies Group, Inc., Class A^(a)		852,745
				1,543,437
		RETAIL - CONSUMER STAPLES - 0.5%
	5,285	Ollie’s Bargain Outlet Holdings, Inc.^(a)		388,289

		RETAIL - DISCRETIONARY - 2.3%
	5,372	Boot Barn Holdings, Inc.^(a)		800,374
	46,759	National Vision Holdings, Inc.^(a),(b)		1,030,569
				1,830,943
		SEMICONDUCTORS - 4.7%
	3,963	Aehr Test Systems^(a)		316,961
	9,222	Allegro MicroSystems, Inc.^(a)		382,713
	9,058	Cohu, Inc.^(a)		434,693
	3,784	FormFactor, Inc.^(a)		401,861

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		SEMICONDUCTORS - 4.7% (Continued)
	2,692	Onto Innovation, Inc.^(a)	$	696,097
	6,881	Semtech Corporation^(a)		810,720
	1,397	SiTime Corporation^(a)		747,674
				3,790,719
		SOFTWARE - 12.4%
	53,321	Alignment Healthcare, Inc.^(a)		791,817
	5,534	Atlassian Corporation, Class A^(a)		559,017
	14,783	Bandwidth, Inc., Class A^(a)		578,607
	69,894	BlackBerry Ltd.^(a)		594,099
	7,248	CommVault Systems, Inc.^(a)		853,814
	20,727	Dynatrace, Inc.^(a)		918,621
	41,905	Fastly, Inc., Class A^(a)		949,567
	29,638	Gitlab, Inc., Class A^(a)		1,022,807
	10,936	JFrog Ltd.^(a)		872,583
	17,732	Navan, Inc.^(a)		472,026
	15,828	Privia Health Group, Inc.^(a)		374,649
	4,298	Procore Technologies, Inc.^(a)		235,401
	49,253	QXO, Inc.^(a),(b)		655,065
	2,518	ServiceTitan, Inc., Class A^(a)		209,145
	2,511	Tyler Technologies, Inc.^(a)		777,406
				9,864,624
		TECHNOLOGY HARDWARE - 4.7%
	9,968	Everpure, Inc., Class A^(a)		769,231
	23,720	IMAX Corporation^(a),(b)		1,134,764
	41,752	Infleqtion, Inc.^(a),(b)		410,422
	1,344	Teledyne Technologies, Inc.^(a)		881,086
	15,166	Viavi Solutions, Inc.^(a)		560,384
				3,755,887
		TRANSPORTATION & LOGISTICS - 1.9%
	5,899	ArcBest Corporation		851,521

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		TRANSPORTATION & LOGISTICS - 1.9% (Continued)
	2,011	Saia, Inc.^(a)	$	699,084
				1,550,605

		TOTAL COMMON STOCKS (Cost $63,280,264)		77,426,995

Shares				Fair Value
		SHORT-TERM INVESTMENTS — 15.2%
		COLLATERAL FOR SECURITIES LOANED - 12.1%
	9,633,321	Mount Vernon Liquid Assets Portfolio, 3.74% (Cost $9,633,321)^(c),(d)		9,633,321

		MONEY MARKET FUND - 3.1%
	2,498,455	Fidelity Investments Money Market Funds, Class I, 3.55% (Cost $2,498,455)^(d)		2,498,455

		TOTAL SHORT-TERM INVESTMENTS (Cost $12,131,776)		12,131,776

		TOTAL INVESTMENTS - 112.2% (Cost $75,412,040)	$	89,558,771
		LIABILITIES IN EXCESS OF OTHER ASSETS - (12.2)%		(9,707,526	)
		NET ASSETS - 100.0%	$	79,851,245

ADR	- American Depositary Receipt

LTD	- Limited Company

PLC	- Public Limited Company

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $9,404,542 at July 31, 2026.

^(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $9,633,321 at July 31, 2026.

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

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		CLOSED END FUNDS — 0.8%
		MIXED ALLOCATION - 0.8%
	86,832	Vietnam Enterprise Investments Ltd.^(a)	$	822,681

		TOTAL CLOSED END FUNDS (Cost $493,850)		822,681


		COMMON STOCKS — 95.6%
		AEROSPACE & DEFENSE - 1.2%
	294,636	Bharat Electronics Ltd.		1,197,689

		ASSET MANAGEMENT - 3.3%
	5,061	SK Square Company Ltd.		3,438,172

		AUTOMOTIVE - 0.6%
	242,760	Belrise Industries Ltd.		602,086

		BANKING - 18.9%
	228,183	Abu Dhabi Islamic Bank PJSC		1,317,975
	23,454	Al Rajhi Bank		391,387
	23,464	Bank Polska Kasa Opieki S.A.		1,546,522
	100,604	BDO Unibank, Inc.		203,937
	297,000	BOC Hong Kong Holdings Ltd.		1,975,050
	2,092,000	China Construction Bank Corporation, H Shares		2,454,782
	394,803	Commercial International Bank - Egypt (CIB)		1,093,837
	245,942	FirstRand Ltd.		1,471,012
	365,621	Haci Omer Sabanci Holding A/S		648,551
	84,478	HDFC Bank Ltd. - ADR		2,021,558
	49,399	HDFC Bank Ltd.		386,937
	960,000	Industrial & Commercial Bank of China Ltd., H Shares		918,315
	130,700	Itau Unibanco Holding S.A. - ADR		1,105,722
	9,477	OTP Bank Nyrt		1,403,738
	941,300	Public Bank Bhd		1,190,361
	49,818	Riyad Bank		270,184
	94,805	Saudi National Bank (The)		991,999
				19,391,867

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 95.6% (Continued)
		BEVERAGES - 0.3%
	63,746	Varun Beverages Ltd.	$	295,434

		E-COMMERCE DISCRETIONARY - 2.7%
	187,941	Alibaba Group Holding Ltd.		2,862,952

		ENGINEERING & CONSTRUCTION - 1.7%
	31,000	Acter Company Ltd.		872,710
	4,458	Samsung C&T Corporation		1,026,062
				1,898,772
		FOOD - 0.8%
	504,400	Sime Darby Plantation Bhd		811,179

		HEALTH CARE FACILITIES & SERVICES - 2.0%
	176,936	Max Healthcare Institute Ltd.		2,036,739

		HOME & OFFICE PRODUCTS - 0.8%
	65,100	Midea Group Co Ltd		824,794

		HOME CONSTRUCTION - 1.8%
	581	Hyosung Heavy Industries Corporation		932,901
	466,938	Talaat Moustafa Group		896,153
				1,829,054
		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	101,700	Banco BTG Pactual S.A.		1,136,995

		INTERNET MEDIA & SERVICES - 5.2%
	11,391	Naspers Ltd.		598,569
	79,500	Tencent Holdings Ltd.		4,857,638
				5,456,207
		LEISURE FACILITIES & SERVICES - 1.2%
	319,781	Lemon Tree Hotels Ltd.^(a),(c)		366,386
	218,100	Smartfit Escola de Ginastica e Danca S.A.		846,602
				1,212,988

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 95.6% (Continued)
		MACHINERY - 0.2%
	4,800	Shenzhen Han’s CNC Technology Company Ltd.	$	165,410

		MEDICAL EQUIPMENT & DEVICES - 0.8%
	36,300	Shenzhen Mindray Bio-Medical Electronics Co.		853,786

		METALS & MINING - 1.7%
	404,000	Zijin Mining Group Company Ltd., H Shares		1,715,359

		OIL & GAS PRODUCERS - 3.1%
	376,189	Gazprom PJSC^(a),(b),(d)		—
	844,000	PetroChina Company Ltd., H Shares		1,073,945
	31,370	Vista Energy S.A.B. de C.V. - ADR^(a)		2,210,017
				3,283,962
		REAL ESTATE OWNERS & DEVELOPERS - 1.0%
	254,300	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		1,073,850

		RENEWABLE ENERGY - 1.9%
	33,000	Contemporary Amperex Technology Company Ltd.		1,932,768

		RETAIL - CONSUMER STAPLES - 1.8%
	204,000	CK Hutchison Holdings Ltd.		1,911,314
	8,512	Magnit PJSC^(a),(b),(d)		—
				1,911,314
		SEMICONDUCTORS - 23.6%
	108,000	ASE Technology Holding Company Ltd.		1,843,880
	23,000	MediaTek, Inc.		2,451,351
	3,746	SK Hynix, Inc.		4,203,018
	212,608	Taiwan Semiconductor Manufacturing Company Ltd.		15,733,398
				24,231,647
		SPECIALTY FINANCE - 1.5%
	740,816	Billionbrains Garage Ventures Ltd.^(a)		1,508,213

		TECHNOLOGY HARDWARE - 14.2%
	20,099	Accton Technology Corporation		1,303,402

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares					Fair Value
		COMMON STOCKS — 95.6% (Continued)
		TECHNOLOGY HARDWARE - 14.2% (Continued)
	26,000	Asia Vital Components Co., Ltd.			$	1,829,429
	35,000	Delta Electronics, Inc.				1,722,769
	627	Samsung Electro-Mechanics Company Ltd.				473,360
	42,030	Samsung Electronics Company Ltd.				7,227,569
	123,900	Shanghai Conant Optical Company Ltd.				499,420
	44,000	Taiwan Microloops Corporation				699,322
	39,000	Unimicron Technology Corporation				915,509
						14,670,780
		TECHNOLOGY SERVICES - 0.7%
	20,600	Globant SA^(a),(e)				753,960

		TELECOMMUNICATIONS - 1.9%
	92,531	Bharti Airtel Ltd.				1,911,893

		TRANSPORTATION EQUIPMENT - 1.6%
	8,945	Eicher Motors Ltd.				734,013
	105,500	Weichai Power Company Ltd., Class A				436,542
	107,000	Weichai Power Company Ltd., H Shares				447,384
						1,617,939

		TOTAL COMMON STOCKS (Cost $63,482,743)				98,625,809

Shares			Coupon Rate (%)	Maturity	Fair Value
		PREFERRED STOCKS — 1.7%

		REAL ESTATE OWNERS & DEVELOPERS — 0.1%
	35,166	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes^(a)	—			141,219

		TECHNOLOGY HARDWARE — 1.6%
	13,068	Samsung Electronics Company Ltd.	—			1,622,445

		TOTAL PREFERRED STOCKS (Cost $684,791)				1,763,664

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.9%
		COLLATERAL FOR SECURITIES LOANED – 0.6%
	590,040	Mount Vernon Liquid Assets Portfolio, LLC, x% (Cost $590,040) ^(f),(g)	$	590,040

		MONEY MARKET FUNDS – 2.3%
	2,383,844	First American Government Obligations Fund, Class X, 3.57% (Cost $2,383,844)^(g)	$	2,383,844

		TOTAL SHORT TERM INVESTMENTS (Cost $2,973,884)	$	2,973,884

		TOTAL INVESTMENTS - 101.0% (Cost $67,635,268)	$	104,186,038
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%		(1,019,680	)
		NET ASSETS - 100.0%	$	103,166,358

ADR	- American Depositary Receipt

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LTD	- Limited Company

PJSC	- Public Joint-Stock Company

S/A	- Société Anonyme

^(a)	Non-income producing security.

^(b)	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.

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2026 the total market value of 144A securities is $366,386 or 0.4% of net assets.

^(d)	Illiquid security.

^(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $579,744 at July 31, 2026.

^(f)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $590,040 at July 31, 2026.

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

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1%
		AEROSPACE & DEFENSE - 1.8%
	11,318	Airbus S.E.	$	2,657,887
	190	Dassault Aviation S.A.		65,657
	2,185	Leonardo SpA		139,307
	393	MTU Aero Engines A.G.		164,832
	39,911	Rolls-Royce Holdings PLC		796,187
	2,100	Safran S.A.		825,536
	7,000	Singapore Technologies Engineering Ltd.		55,008
	966	Thales S.A.		275,093
				4,979,507
		APPAREL & TEXTILE PRODUCTS - 0.9%
	5,309	adidas A.G. - ADR		490,339
	8,016	Adidas A.G.		1,483,641
	1,018	Christian Dior S.E.		510,303
				2,484,283
		ASSET MANAGEMENT - 1.1%
	6,806	EQT A.B. ^(b)		231,191
	214,100	Huatai Securities Company Ltd.		621,468
	329,700	Itausa S.A.		901,516
	26,090	UBS Group A.G.^(c)		1,378,337
				3,132,512
		AUTOMOTIVE - 0.9%
	8,700	Aisin Corporation		119,893
	48,000	Denso Corporation		589,136
	44,000	Geely Automobile Holdings Ltd.		111,087
	55,900	Honda Motor Company Ltd.		563,210
	366,066	Huayu Automotive Systems Company Ltd.		913,077
	1,923	Magna International, Inc.^(c)		131,918
	3,700	Subaru Corporation		62,956
				2,491,277
		BANKING - 16.2%
	2,920	ABN AMRO Bank N.V. ^(b)		132,138
	26,809	Abu Dhabi Commercial Bank PJSC		109,213
	50,819	Abu Dhabi Islamic Bank PJSC		293,528

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		BANKING - 16.2% (Continued)
	948,172	Agricultural Bank of China Ltd.	$	968,598
	143,000	Agricultural Bank of China Ltd., H Shares		114,968
	17,316	AIB Group PLC		206,019
	11,982	Al Rajhi Bank		199,949
	37,000	Banco Bilbao Vizcaya Argentaria S.A.		1,037,528
	24,156	Banco de Sabadell S.A.		92,771
	72,800	Banco do Brasil S.A.		304,834
	43,051	Banco Santander Brasil S.A. - ADR		244,099
	85,730	Banco Santander S.A.		1,219,683
	8,650	Bank Hapoalim BM		209,970
	8,455	Bank Leumi Le-Israel BM		199,745
	3,974,000	Bank of China Ltd., H Shares		2,787,754
	20,208	Bank of Cyprus Holdings PLC		239,835
	229,387	Bank of Ireland Group PLC		4,818,716
	119,700	Bank of Ningbo Company Ltd., Class A		565,004
	311,600	Bank Rakyat Indonesia Persero Tbk P.T.		52,311
	3,358	Bankinter S.A.		61,791
	79,615	Barclays PLC		547,220
	31,712	BNK Financial Group, Inc.		328,370
	42,074	BNP Paribas S.A.		5,348,077
	325,500	BOC Hong Kong Holdings Ltd.		2,164,575
	24,004	CaixaBank S.A.		348,807
	475	Capitec Bank Holdings Ltd.		135,642
	479,000	China Construction Bank Corporation, H Shares		562,065
	23,900	China Merchants Bank Company Ltd.		140,160
	116,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		97,094
	402	Credicorp Ltd.		161,033
	14,200	DBS Group Holdings Ltd.		819,339
	74,926	Emirates NBD Bank PJSC		615,315
	1,178	Erste Group Bank A.G.		154,043
	15,304	Eurobank S.A.		79,111
	6,555	FinecoBank Banca Fineco SpA		179,647
	20,336	First Abu Dhabi Bank PJSC		107,097

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		BANKING - 16.2% (Continued)
	1	Haci Omer Sabanci Holding A/S	$	1
	10,225	Hana Financial Group, Inc.		873,213
	47,315	HDFC Bank Ltd. - ADR		1,132,248
	256,100	Huaxia Bank Company Ltd.		264,290
	605,000	Huishang Bank Corp Ltd., H Shares		391,891
	51,497	ICICI Bank Ltd. - ADR		1,544,395
	1,266,000	Industrial & Commercial Bank of China Ltd., H Shares		1,211,028
	19,251	ING Groep N.V.		676,736
	110,337	Intesa Sanpaolo SpA		834,351
	33,887	Itau Unibanco Holding S.A.		304,966
	8,000	Japan Post Bank Company Ltd.		154,615
	27,200	Kasikornbank PCL		198,344
	12,641	KB Financial Group, Inc.		1,461,675
	266,500	Krung Thai Bank PCL		351,851
	354,766	Lloyds Banking Group PLC		548,316
	245,500	Lloyds Banking Group PLC - ADR		1,514,735
	817	National Bank of Greece S.A.		15,292
	106,781	Nordea Bank Abp		2,156,914
	25,667	NU Holdings Ltd./Cayman Islands, Class A^(d)		367,808
	1,218	OTP Bank Nyrt		180,411
	50,800	Oversea-Chinese Banking Corp Ltd.		1,153,895
	445,100	Ping An Bank Company Ltd., Class A		766,316
	4,500	Powszechna Kasa Oszczednosci Bank Polski S.A.		134,779
	17,423	Qatar National Bank QPSC		79,378
	775,890	Sberbank of Russia PJSC^(a),(d),(e)		—
	24,500	SCB X PCL		111,985
	188,739	Shanghai Pudong Development Bank Company Ltd.		265,755
	2,831	Shinhan Financial Group Company Ltd.		194,165
	4,322	Shinhan Financial Group Company Ltd. - ADR		302,237
	3,880	Societe Generale S.A.		364,829
	443,330	TS Financial Holding Company Ltd.		488,394
	7,650	UniCredit SpA		721,727
	7,800	United Overseas Bank Ltd.		263,803

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		BANKING - 16.2% (Continued)
	256,972	VTB Bank PJSC^(a),(d),(e)	$	—
				44,676,392
		BEVERAGES - 1.0%
	20,807	Coca-Cola Europacific Partners PLC		2,277,534
	1,231	Coca-Cola HBC A.G.		83,004
	17,500	Kirin Holdings Company Ltd.		323,607
				2,684,145
		BIOTECH & PHARMA - 6.5%
	82,600	Astellas Pharma, Inc.		1,134,010
	22,471	AstraZeneca PLC		3,822,956
	8,544	Bayer A.G.		474,315
	2,683	BeiGene Ltd. - ADR^(d)		847,855
	5,500	BeOne Medicines Ltd.^(d)		135,959
	4,700	Chugai Pharmaceutical Company Ltd.		203,852
	18,700	Daiichi Sankyo Company Ltd.		302,092
	5,298	Galderma Group A.G. ^(b)		1,153,020
	291	Genmab A/S^(d)		83,760
	14,870	Novo Nordisk A/S - ADR		700,080
	18,996	Novo Nordisk A/S, Class B		898,528
	1,649	Orion OYJ, Class B		154,212
	5,300	Otsuka Holdings Company Ltd.		367,342
	3,600	Roche Holding A.G. - ADR^(c)		196,812
	33,183	Sanofi - ADR^(c)		1,429,523
	18,103	Swedish Orphan Biovitrum A.B.^(d)		897,192
	50,700	Takeda Pharmaceutical Company Ltd.		1,740,073
	10,023	UCB S.A.		2,573,600
	5,226	UCB S.A. - ADR		671,646
				17,786,827
		CHEMICALS - 2.2%
	2,256	Air Liquide S.A.		444,600
	6,600	Asahi Kasei Corporation		70,425
	2,220	DSM-Firmenich A.G.^(d)		238,513

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		CHEMICALS - 2.2% (Continued)
	200,777	Fertiglobe PLC	$	145,388
	357,000	Formosa Chemicals & Fibre Corporation		621,966
	401,700	Hengli Petrochemical Company Ltd.		992,836
	211,000	Nan Ya Plastics Corporation		1,003,027
	71,992	Nitto Denko Corporation - ADR		1,531,989
	4,100	Nitto Denko Corporation		86,540
	3,485	Nutrien Ltd.		240,709
	10,128	PhosAgro PJSC^(a),(d),(e)		—
	300,000	Rongsheng Petrochemical Company Ltd.		549,008
	11,000	Toray Industries, Inc.		78,982
				6,003,983
		COMMERCIAL SUPPORT SERVICES - 0.9%
	7,938	Brambles Ltd.		109,052
	618	Eurofins Scientific S.E.		48,752
	86,699	Recruit Holdings Company Ltd. - ADR		1,358,573
	10,500	Recruit Holdings Company Ltd.		829,994
				2,346,371
		CONSTRUCTION MATERIALS - 0.1%
	1,514,200	Impack Pratama Industri Tbk P.T.^(d)		129,119
	933	Sika A.G.		209,937
				339,056
		DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
	28,576	Deutsche Telekom A.G.		882,179

		E-COMMERCE DISCRETIONARY - 0.0%^(f)
	1,535	Zalando S.E.^(b),(d)		50,081

		ELECTRIC UTILITIES - 0.9%
	3,600	Chubu Electric Power Company, Inc.		62,308
	20,184	EDP - Energias de Portugal S.A.		103,968
	375,900	Huaneng Lancang River Hydropower, Inc.		563,238
	52,400	Kansai Electric Power Company, Inc. (The)		793,232

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		ELECTRIC UTILITIES - 0.9% (Continued)
	276,800	Tokyo Electric Power Company Holdings, Inc.^(d)	$	893,217
				2,415,963
		ELECTRICAL EQUIPMENT - 2.0%
	20,376	ABB Ltd.		2,009,354
	24,511	Assa Abloy A.B., Class B		909,576
	7,000	Chroma ATE, Inc.		440,000
	5,400	Daikin Industries Ltd.		781,882
	22,200	Delta Electronics Thailand PCL		181,670
	52,700	Guangzhou Shiyuan Electronic Technology Company		352,451
	1,760	Kone OYJ, Class B		101,581
	269	Schindler Holding A.G.		84,684
	4,501	Siemens Energy A.G.		769,222
				5,630,420
		ENGINEERING & CONSTRUCTION - 0.2%
	883	ACS Actividades de Construccion y Servicios S.A.		112,594
	2,476	Cellnex Telecom S.A.^(b)		76,940
	1	Enka Insaat ve Sanayi A/S		1
	4,146	Ferrovial S.E.		270,738
	7,700	Keppel Ltd.		68,772
				529,045
		ENTERTAINMENT CONTENT - 0.8%
	5,800	Bandai Namco Holdings, Inc.		167,950
	7,600	Capcom Company Ltd.		190,833
	32,819	Giant Network Group Company Ltd.		142,521
	3,800	Konami Group Corporation		489,306
	13,500	NetEase, Inc.		359,180
	30,400	Nexon Company Ltd.		476,239
	46,000	Toho Company Ltd.		439,848
				2,265,877
		FOOD - 0.8%
	5,800	Ajinomoto Company, Inc.		178,786
	42	Chocoladefabriken Lindt & Spruengli A.G.		484,815

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		FOOD - 0.8% (Continued)
	1,350,500	WH Group Ltd.^(b)	$	1,453,081
				2,116,682
		GAS & WATER UTILITIES - 0.5%
	469,262	ENN Natural Gas Company Ltd.		1,236,493
	1,800	Osaka Gas Company Ltd.		61,730
	1,700	Tokyo Gas Company Ltd.		65,600
				1,363,823
		HEALTH CARE FACILITIES & SERVICES - 1.4%
	33,802	Asymchem Laboratories Tianjin Company Ltd.		763,303
	15,012	Fresenius S.E. & Company KGaA		771,834
	12,232	Lonza Group A.G. - ADR		851,225
	1,937	Lonza Group A.G.		1,350,180
	16,500	Wuxi Biologics Cayman, Inc.^(b),(d)		81,435
				3,817,977
		HOME & OFFICE PRODUCTS - 0.4%
	1	Arcelik A/S^(d)		2
	198,200	Haier Smart Home Company Ltd.		679,754
	24,200	Haier Smart Home Company Ltd., H Shares		69,764
	18,097	Ningbo Deye Technology Company Ltd.		219,319
				968,839
		HOUSEHOLD PRODUCTS - 1.4%
	482	Beiersdorf A.G.		44,788
	258,075	Haleon PLC - ADR^(c)		2,547,200
	16,000	Kao Corporation		328,757
	800	L’Oreal S.A. - ADR		71,248
	4,377	Reckitt Benckiser Group PLC		308,908
	11,320	Unilever PLC - ADR^(c)		717,801
				4,018,702
		INDUSTRIAL INTERMEDIATE PROD - 0.2%
	704,700	China International Marine Containers Group		680,514

		INDUSTRIAL SUPPORT SERVICES - 0.1%
	16,374	Han’s Laser Technology Industry Group Company Ltd.		205,008

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.3%
	6,300	Banco BTG Pactual S.A.	$	70,433
	2,735,000	China Development Financial Holding Corporation		689,411
	349,821	China Merchants Securities Company Ltd.		910,210
	4,567	Deutsche Boerse A.G.		1,376,119
	22,800	Hong Kong Exchanges & Clearing Ltd.		1,187,933
	5,200	Japan Exchange Group, Inc.		70,706
	16,115	London Stock Exchange Group PLC - ADR		453,960
	16,300	Nomura Holdings, Inc.		157,627
	434,400	Shenwan Hongyuan Group Company Ltd.^(b)		142,544
	4,300	Singapore Exchange Ltd.		81,981
	865,400	SooChow Securities Company Ltd.		1,039,654
				6,180,578
		INSURANCE - 6.4%
	8,193	Aegon Ltd.		77,887
	181,400	AIA Group Ltd.		1,828,656
	2,847	Allianz S.E.		1,418,572
	23,994	Aviva PLC		224,558
	6,788	AXA SA		351,937
	182,300	China Life Insurance Company Ltd.		1,065,064
	39,000	China Life Insurance Company Ltd., H Shares		145,193
	246,800	China Pacific Insurance Group Company Ltd., Class A		1,179,759
	13,600	China Pacific Insurance Group Company Ltd., H Shares		53,081
	830,000	China Reinsurance Group Corporation^(b)		145,081
	12,290	Generali		623,054
	7,097	Hyundai Marine & Fire Insurance Company Ltd.^(d)		186,508
	14,300	Japan Post Holdings Company Ltd.		211,469
	9,800	MS&AD Insurance Group Holdings, Inc.		301,550
	24,107	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen - ADR^(c)		289,525
	1,301	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen		781,772
	1,703	NN Group N.V.		160,580
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		1,607,272
	1,143	Phoenix Holdings Ltd. (The)		64,077
	40,000	PICC Property & Casualty Company Ltd., H Shares		83,481
	176,600	Ping An Insurance Group Company of China Ltd., Class A		1,433,150

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		INSURANCE - 6.4% (Continued)
	3,318	Powszechny Zaklad Ubezpieczen S.A.	$	63,183
	12,360	Prudential PLC		185,747
	14,582	Prudential PLC - ADR^(c)		441,251
	22,889	Sanlam Ltd.		121,763
	31,900	Sompo Holdings, Inc.		1,415,648
	146	Swiss Life Holding A.G.		172,297
	3,000	T&D Holdings, Inc.		94,507
	3,626	Zurich Insurance Group A.G.		2,762,301
				17,488,923
		INTERNET MEDIA & SERVICES - 0.1%
	1,712	Kakao Corporation		43,589
	748	NAVER Corporation		105,797
				149,386
		LEISURE FACILITIES & SERVICES - 1.2%
	2,945	Aristocrat Leisure Ltd.		132,462
	147,000	Galaxy Entertainment Group Ltd.		641,060
	9,937	InterContinental Hotels Group PLC - ADR^(c)		1,612,577
	5,400	Oriental Land Company Ltd.		107,736
	268,233	Shanghai Jinjiang International Hotels Company		772,916
				3,266,751
		MACHINERY - 1.9%
	1,600	Keyence Corporation		802,196
	1,500	Makita Corporation		48,295
	193,500	Techtronic Industries Company Ltd.		3,250,758
	3,332	Wartsila OYJ Abp		113,034
	25,800	Yokogawa Electric Corporation		919,757
				5,134,040
		MEDICAL EQUIPMENT & DEVICES - 2.0%
	1,690	Alcon, Inc.^(c)		116,509
	1,146	Alcon, Inc.		78,714
	88,399	Coloplast A/S - ADR		592,273
	8,139	Coloplast A/S - Series B		538,223
	11,700	Hoya Corporation		1,788,365
	29,500	Shimadzu Corporation		749,939

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 2.0% (Continued)
	4,944	Sonova Holding A.G.	$	1,347,145
	27,400	Terumo Corporation		401,783
				5,612,951
		METALS & MINING - 2.2%
	6,317	Anglo American PLC		320,025
	18,257	Anglogold Ashanti PLC		1,444,544
	11,902	Barrick Mining Corporation		436,846
	4,002	Cia de Minas Buenaventura S.A.A - ADR		121,181
	24,000	CMOC Group Ltd., H Shares		51,725
	51,187	Glencore PLC		376,999
	378,500	GMK Norilskiy Nickel PAO^(a),(d),(e)		—
	8,430	Gold Fields Ltd.		272,255
	13,922	Grupo Mexico S.A.B. de C.V.		167,403
	8,114	Kinross Gold Corporation		187,081
	63,500	Nanshan Aluminium International Holdings Ltd.		220,338
	8,538	Northern Star Resources Ltd.		118,415
	1	Southern Copper Corporation		128
	19,600	Vale S.A.		294,976
	356,200	Western Mining Company Ltd.		2,025,603
				6,037,519
		OIL & GAS PRODUCERS - 6.8%
	58,822	BP PLC - ADR		2,659,931
	80,970	BP PLC		608,322
	14,252	Canadian Natural Resources Ltd.^(c)		679,294
	1,214,000	China Petroleum & Chemical Corporation, H Shares		686,057
	15,200	ENEOS Holdings, Inc.		125,476
	12,871	Eni SpA		358,148
	11,759	Equinor ASA - ADR		483,295
	39,234	Equinor ASA		1,608,717
	53,374	Galp Energia SGPS S.A.		1,212,561

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		OIL & GAS PRODUCERS - 6.8% (Continued)
	87,530	Gazprom PJSC - ADR^(a),(d),(e)	$	—
	247,390	Gazprom PJSC^(a),(d),(e)		—
	5,100	Idemitsu Kosan Company Ltd.		41,733
	5,300	Inpex Corporation		122,106
	24,250	LUKOIL PJSC^(a),(d),(e)		—
	15,820	ORLEN S.A.		627,716
	1,184,100	PetroChina Company Ltd., H Shares		1,506,706
	21,700	Petroleo Brasileiro S.A.		210,519
	89,884	Petroleo Brasileiro S.A.-A - ADR		1,541,511
	71,300	PTT PCL		82,147
	35,037	Repsol S.A.		1,069,723
	117,940	Rosneft Oil Company PJSC^(a),(d),(e)		—
	22,968	Santos Ltd.		127,654
	34,539	Shell PLC - ADR^(c)		3,176,897
	16,652	Shell PLC		763,795
	11,940	Suncor Energy, Inc.		803,323
	6,830	Tatneft PJSC^(a),(d),(e)		—
				18,495,631
		PUBLISHING & BROADCASTING - 0.0%^(f)
	7,110	Informa PLC		85,173

		REAL ESTATE OWNERS & DEVELOPERS - 0.6%
	55,000	CK Asset Holdings Ltd.		335,003
	33,223	Emaar Properties PJSC		99,146
	6,400	Hongkong Land Holdings Ltd.		51,968
	27,200	Mitsui Fudosan Company Ltd.		264,853
	7,500	Sun Hung Kai Properties Ltd.		117,710
	204,000	Wharf Real Estate Investment Company Ltd.		689,918
				1,558,598
		RENEWABLE ENERGY - 0.7%
	371,000	Goldwind Science & Technology Company Ltd.		460,672
	5,304	Vestas Wind Systems A/S		142,768
	373,900	Zhejiang Chint Electrics Company Ltd.		1,396,070
				1,999,510

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		RETAIL - CONSUMER STAPLES - 0.4%
	19,000	CK Hutchison Holdings Ltd.	$	178,015
	4,962	Dollarama, Inc.		675,997
	13,100	Pan Pacific International Holdings Corporation		74,251
	7,976	Woolworths Group Ltd.		222,742
				1,151,005
		RETAIL - DISCRETIONARY - 1.4%
	3,600	Fast Retailing Company Ltd.		1,762,057
	70,992	H & M Hennes & Mauritz A.B., Class B		1,300,238
	5,896	Industria de Diseno Textil S.A.		384,923
	1,000	Jardine Matheson Holdings Ltd.		66,410
	2,800	Ryohin Keikaku Company Ltd.		73,413
	6,267	Wesfarmers Ltd.		392,829
				3,979,870
		RETAIL REIT - 0.1%
	1,406	Klepierre S.A.		63,883
	17,300	Link REIT		86,231
				150,114
		SEMICONDUCTORS - 12.2%
	3,510	Advantest Corporation - ADR		693,822
	5,200	Advantest Corporation		1,026,987
	290	ASM International N.V.		268,673
	3,455	ASML Holding N.V.		5,695,555
	230	ASML Holding N.V.		382,533
	5,000	Hon Precision, Inc.		927,871
	12,100	Kioxia Holdings Corporation^(d)		3,371,270
	9,000	Lasertec Corporation		2,066,708
	1,900	Silicon Motion Technology Corporation - ADR		481,840
	3,694	SK Hynix, Inc.		4,144,674
	168,000	Taiwan Semiconductor Manufacturing Company Ltd.		12,432,321
	2,661	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		1,075,709
	3,200	Tokyo Electron Ltd.		1,069,422
				33,637,385
		SOFTWARE - 2.4%
	437	Constellation Software, Inc.		936,179

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		SOFTWARE - 2.4% (Continued)
	3,652	Dassault Systemes S.E.	$	84,992
	6,621	Descartes Systems Group, Inc. (The)^(d)		497,557
	3,929	Nemetschek S.E.		264,922
	2,175	Neste OYJ		77,104
	6,500	Obic Company Ltd.		186,363
	3,663	Open Text Corporation^(c)		92,820
	11,886	Sage Group PLC (The) - ADR		626,036
	4,852	Sage Group PLC (The)		63,913
	6,947	SAP S.E.		1,273,778
	8,960	SAP S.E. - ADR^(c)		1,645,235
	15,900	Trend Micro, Inc.		640,367
	6,992	Trend Micro, Inc. - ADR		279,680
				6,668,946
		TECHNOLOGY HARDWARE - 8.5%
	3,000	Accton Technology Corporation		194,547
	19,000	Asia Vital Components Co., Ltd.		1,336,891
	3,100	Brother Industries Ltd.		77,167
	5,400	Canon, Inc.		150,245
	12,000	Delta Electronics, Inc.		590,664
	8,801	Eoptolink Technology Inc Ltd.		515,490
	154,808	Hisense Visual Technology Company Ltd.		622,497
	172,000	Hon Hai Precision Industry Company Ltd.		1,314,217
	865,007	IRICO Display Devices Company Ltd.		996,344
	28,000	Kyocera Corporation		638,317
	52,000	Lenovo Group Ltd.		159,024
	21,790	Logitech International S.A.		2,232,349
	4,900	Murata Manufacturing Company Ltd. - Series F		223,170
	29,582	Nokia OYJ		273,516
	345	Samsung Electro-Mechanics Company Ltd.		260,461
	43,965	Samsung Electronics Company Ltd.		7,560,316
	41,100	Sony Group Corporation		960,050
	125,949	Sony Group Corporation - ADR^(c)		2,929,574

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		TECHNOLOGY HARDWARE - 8.5% (Continued)
	13,400	TDK Corporation	$	257,551
	182,015	Telefonaktiebolaget LM Ericsson - ADR^(c)		1,785,567
	16,011	Telefonaktiebolaget LM Ericsson, Class B		157,508
				23,235,465
		TECHNOLOGY SERVICES - 1.8%
	5,988	Experian plc		225,919
	12,600	Fujitsu Ltd.		290,297
	214,731	Infosys Ltd. - ADR^(c)		2,583,214
	18,800	NEC Corporation		558,472
	18,100	Nomura Research Institute Ltd.		535,234
	28,300	Otsuka Corp.		583,708
	5,922	RELX PLC		209,216
	1,157	Wolters Kluwer N.V.		90,865
				5,076,925
		TELECOMMUNICATIONS - 1.3%
	26,700	Advanced Info Service PCL		303,114
	48,891	America Movil S.A.B. de C.V. - ADR		1,239,387
	31,975	BT Group PLC		86,574
	15,277	Deutsche Telekom A.G. - ADR^(c)		470,990
	745,700	Maxis Bhd		675,463
	2,239	Rogers Communications Inc, Class B		75,806
	47,500	Singapore Telecommunications Ltd.		164,354
	21,700	Telefonica Brasil S.A.		140,104
	245,517	Vodafone Group PLC		389,621
				3,545,413
		TOBACCO & CANNABIS - 0.0%^(f)
	629	KT&G Corporation		77,331

		TRANSPORTATION & LOGISTICS - 4.1%
	21,600	ANA Holdings, Inc.		421,706
	24,661	Canadian National Railway Company		3,136,667
	29,672	Canadian Pacific Kansas City Ltd.		2,637,545
	30,500	Central Japan Railway Company		758,664

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.1% (Continued)
		TRANSPORTATION & LOGISTICS - 4.1% (Continued)
	639,062	COSCO SHIPPING Holdings Company Ltd., Class A	$	1,477,153
	1,306	DSV A/S		282,250
	10,700	East Japan Railway Company		246,086
	18,200	Hankyu Hanshin Holdings, Inc.		538,270
	21,230	International Container Terminal Services, Inc.		333,386
	6,650	Poste Italiane SpA^(b),(c)		201,247
	86,000	SITC International Holdings Company Ltd.		433,590
	502	TFI International, Inc.^(c)		67,780
	42,000	Tokyu Corporation		460,877
	15,743	Transurban Group		163,609
	1	Turk Hava Yollari AO		6
				11,158,836
		TRANSPORTATION EQUIPMENT - 0.1%
	2,520	Kongsberg Gruppen ASA		78,752
	63,000	Weichai Power Company Ltd., H Shares		263,414
				342,166

		TOTAL COMMON STOCKS (Cost $215,355,167)		266,901,979

		EXCHANGE-TRADED FUNDS — 0.6%
		EQUITY - 0.6%
	16,740	iShares Core MSCI EAFE ETF		1,644,705

		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,602,687)		1,644,705


		PREFERRED STOCKS — 1.4%

		BANKING — 0.4%
	27,900	Banco Bradesco S.A.		101,700
	36,576	Itau Unibanco Holding S.A.		310,274
	2,279,000	TS Financial Holding Company Ltd.		670,022
				1,081,996

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares						Fair Value
		BIOTECH & PHARMA — 0.1%
	22,988	Grifols S.A.				$	179,371

		OIL & GAS PRODUCERS — 0.1%
	30,395	Petroleo Brasileiro S.A.					260,238

		TECHNOLOGY HARDWARE — 0.8%
	19,632	Samsung Electronics Company Ltd.					2,437,393

		TOTAL PREFERRED STOCKS (Cost $2,402,219)					3,958,998

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

		TOTAL WARRANT (Cost $0)					—

		SHORT-TERM INVESTMENTS — 9.1%
		COLLATERAL FOR SECURITIES LOANED - 7.7%
	21,282,917	Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (Cost $21,282,917)^(g),(h)					21,282,917

		MONEY MARKET FUNDS - 1.4%
	3,845,513	Fidelity Government Portfolio, Institutional, 3.55% (Cost $3,845,513)^(g)					3,845,513

		TOTAL SHORT-TERM INVESTMENTS (Cost $25,128,430)					25,128,430

		TOTAL INVESTMENTS - 108.2% (Cost $244,488,503)				$	297,634,112
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%					(22,532,499	)
		NET ASSETS - 100.0%				$	275,101,613

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

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

^(a)	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.

^(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2026 the total market value of 144A securities is 3,666,758 or 1.3% of net assets.

^(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $20,842,623 at July 31, 2026.

^(d)	Non-income producing security.

^(e)	Illiquid security.

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

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

^(h)	Security was purchased with cash received as collateral for securities on loan at April 30, 2026. Total collateral had a value of $21,282,917 at July 31, 2026.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 17.2%
		COMMODITY - 4.2%
	39,700	iShares Bloomberg Roll Select Commodity Strategy^(a)			$	2,338,727
	72,400	iShares GSCI Commodity Dynamic Roll Strategy ETF				2,363,136
						4,701,863
		EQUITY - 13.0%
	34,100	Franklin FTSE Japan ETF^(a)				1,342,858
	100	Franklin FTSE United Kingdom ETF				3,723
	23,170	Invesco Nasdaq 100 ETF^(a)				6,563,829
	400	SPDR EURO STOXX 50 ETF^(a)				27,908
	9,030	State Street SPDR S&P 500 ETF Trust				6,745,681
						14,683,999

		TOTAL EXCHANGE-TRADED FUNDS (Cost $16,831,229)				19,385,862

Principal Amount ($)			Coupon Rate (%)	Maturity
		CORPORATE BONDS — 18.4%
		BIOTECH & PHARMA — 1.6%
	1,750,000	Bristol-Myers Squibb Company	6.8000	11/15/26		1,761,119

		E-COMMERCE DISCRETIONARY — 2.6%
	3,000,000	Amazon.com, Inc.	3.1500	08/22/27		2,965,753

		INTERNET MEDIA & SERVICES — 2.6%
	3,000,000	Alphabet, Inc.	3.8750	11/15/28		2,958,373

		SOFTWARE — 3.5%
	4,000,000	Microsoft Corporation	3.3000	02/06/27		3,981,568

		SPECIALTY FINANCE — 1.8%
	2,000,000	Korea Housing Finance Corporation^(b)	5.3750	11/15/26		2,005,373

		TECHNOLOGY HARDWARE — 6.3%
	2,500,000	Apple, Inc.	3.3500	02/09/27		2,490,928
	1,500,000	Apple, Inc.	3.0000	06/20/27		1,484,950
	1,000,000	Cisco Systems, Inc.	2.5000	09/20/26		997,912

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 18.4% (Continued)
		TECHNOLOGY HARDWARE — 6.3% (Continued)
	2,000,000	Cisco Systems, Inc.	4.5500	02/24/28	$	2,004,179
						6,977,969
		TOTAL CORPORATE BONDS (Cost $20,705,051)				20,650,155

		NON U.S. GOVERNMENT & AGENCIES — 5.8%
		LOCAL AUTHORITY — 3.6%
	4,000,000	Province of British Columbia Canada	4.7000	01/24/28		4,020,155

		SUPRANATIONAL — 2.2%
	2,500,000	Asian Development Bank	2.6250	01/12/27		2,484,702

		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $6,507,526)				6,504,857

		U.S. GOVERNMENT & AGENCIES — 48.9%
		U.S. TREASURY BONDS — 1.8%
	2,000,000	United States Treasury Bond	5.5000	08/15/28		2,046,797

		U.S. TREASURY NOTES — 47.1%
	3,500,000	United States Treasury Note	0.7500	08/31/26		3,492,000
	3,000,000	United States Treasury Note	0.8750	09/30/26		2,986,231
	3,500,000	United States Treasury Note	1.1250	10/31/26		3,476,693
	3,000,000	United States Treasury Note	1.2500	11/30/26		2,974,546
	3,000,000	United States Treasury Note	1.2500	12/31/26		2,967,456
	3,000,000	United States Treasury Note	4.0000	01/15/27		3,001,093
	4,500,000	United States Treasury Note	0.6250	03/31/27		4,401,519
	2,000,000	United States Treasury Note	0.5000	06/30/27		1,935,778
	2,000,000	United States Treasury Note	0.3750	07/31/27		1,926,671
	4,000,000	United States Treasury Note	2.2500	08/15/27		3,922,463
	4,000,000	United States Treasury Note	0.6250	11/30/27		3,815,938
	4,000,000	United States Treasury Note	1.1250	02/29/28		3,810,312
	3,500,000	United States Treasury Note	1.2500	03/31/28		3,331,904

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 48.9% (Continued)
		U.S. TREASURY NOTES — 47.1% (Continued)
	3,500,000	United States Treasury Note	1.2500	04/30/28	$	3,323,496
	4,500,000	United States Treasury Note	1.2500	05/31/28		4,262,433
	3,500,000	United States Treasury Note	1.2500	06/30/28		3,307,021
						52,935,554
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $55,079,334)				54,982,351

Shares
		SHORT-TERM INVESTMENTS — 15.3%
		COLLATERAL FOR SECURITIES LOANED - 6.9%
	7,726,994	Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (Cost $7,726,994)^(c),(d)				7,726,994

		MONEY MARKET FUNDS - 8.4%
	9,520,696	MSILF Government Portfolio, Institutional Class, 3.58% (Cost $9,520,696)^(c)				9,520,696

		TOTAL SHORT-TERM INVESTMENTS (Cost $17,247,690)				17,247,690

		TOTAL INVESTMENTS - 105.6% (Cost $116,370,830)			$	118,770,915
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.6)%				(6,310,582	)
		NET ASSETS - 100.0%			$	112,460,333

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(e)	Value and Unrealized Appreciation (Depreciation)
	27	Eurex 10 Year Euro BUND Future	09/09/2026	$3,873,250	$	(49,845	)
	84	Eurex EURO STOXX 50 Future	09/21/2026	6,175,245		58,228
	64	French Government Bond Futures	09/09/2026	8,647,272		(89,643	)
	44	FTSE 100 Index Future	09/21/2026	6,442,857		197,318
	87	Long Gilt Future	09/29/2026	10,141,010		(176,728	)
	48	TSE TOPIX (Tokyo Price Index) Future	09/11/2026	12,021,637		(146,172	)
		TOTAL LONG FUTURES CONTRACTS			$	(206,842	)

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration		Notional Amount^(e)		Value and Unrealized Appreciation (Depreciation)
	51	CBOT 10 Year US Treasury Note Future		09/22/2026	$	5,508,000	$	30,923
	2	CME E-Mini Standard & Poor’s 500 Index Future		09/21/2026		751,925		(4,750	)
	9	Euro-BTP Italian Bond Futures		09/09/2026		1,206,575		865
		TOTAL SHORT FUTURES CONTRACTS					$	27,038

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

SPDR	- Standard & Poor’s Depositary Receipt

^(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,602,277 at July 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 July 31, 2026 the total market value of 144A securities is 2,005,373 or 1.8% of net assets.

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

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $7,726,994 at July 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)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 47.5%
		ASSET MANAGEMENT — 3.7%
	3,137,000	CI Financial Corporation^(a)		7.5000	05/30/29	$	3,275,400
	1,312,000	CI Financial Corporation		3.2000	12/17/30		1,186,649
	3,695,000	Drawbridge Special Opportunities Fund, L.P. /^(a)		5.9500	09/17/30		3,543,742
	3,205,000	Goldman Sachs Private Credit Corporation		5.0500	02/23/28		3,185,759
	1,510,000	UBS Group A.G.^(a),(b)	USISSO05 + 3.321%	7.0000	07/08/74		1,502,504
							12,694,054
		AUTOMOTIVE — 0.6%
	2,195,000	General Motors Company		5.3500	04/15/28		2,214,072

		BANKING — 6.9%
	3,590,000	Barclays plc^(b)	USISSO05 + 3.686%	7.6250	09/15/73		3,712,929
	2,005,000	JPMorgan Chase & Company^(c)	ICE LIBOR USD 3 Month + 0.550%	4.4700	02/01/27		1,997,043
	1,842,000	JPMorgan Chase & Company^(c)	TSFR3M + 1.212%	4.8760	02/02/37		1,697,145
	3,420,000	Mizuho Financial Group, Inc.^(b)	H15T1Y - –%	4.7820	07/13/30		3,397,960
	4,110,000	Santander Holdings USA, Inc.^(b)	SOFRRATE + 1.104%	5.0400	06/05/30		4,087,725
	4,615,000	Societe Generale S.A.^(a)		5.2500	02/19/27		4,635,817
	3,440,000	Truist Financial Corporation^(b)	SOFRRATE + 0.875%	4.9570	07/23/30		3,432,614
	795,000	Wells Fargo & Company		5.9500	12/01/86		795,248
							23,756,481
		CABLE & SATELLITE — 2.5%
	3,425,000	Space Exploration Technologies Corporation^(a)		5.3500	07/15/31		3,330,129
	600,000	Space Exploration Technologies Corporation^(a)		5.6500	07/15/33		575,123
	3,425,000	Space Exploration Technologies Corporation^(a)		5.8750	07/15/36		3,196,356
	1,550,000	Space Exploration Technologies Corporation^(a),(d)		6.6500	07/15/56		1,360,701
							8,462,309
		CHEMICALS — 1.5%
	3,615,000	Braskem Netherlands Finance BV^(a)		4.5000	01/31/30		1,968,042
	85,000	Braskem Netherlands Finance BV^(a)		8.0000	10/15/34		46,167
	1,140,000	FMC Corporation^(a)		8.0000	06/01/31		1,179,177
	2,520,000	FMC Corporation^(b)	H15T5Y + 4.366%	8.4500	11/01/55		1,894,578
							5,087,964

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 47.5% (Continued)
		CONSUMER SERVICES — 0.7%
	2,300,000	Grand Canyon University		5.1250	10/01/28	$	2,280,427

		E-COMMERCE DISCRETIONARY — 1.2%
	1,900,000	Rakuten Group, Inc.^(a)		11.2500	02/15/27		1,954,936
	2,010,000	Rakuten Group, Inc.^(a)		9.7500	04/15/29		2,182,070
							4,137,006
		ELECTRIC UTILITIES — 2.4%
	2,895,000	Dominion Energy, Inc.^(b)	H15T5Y + 2.207%	6.6250	05/15/55		2,917,902
	5,075,000	Vistra Operations Company, LLC^(a)		4.3000	10/15/28		5,010,807
							7,928,709
		ENGINEERING & CONSTRUCTION — 0.7%
	2,345,000	IHS Holding Ltd.^(a),(d)		5.6250	11/29/26		2,337,424

		ENTERTAINMENT CONTENT — 0.8%
	2,700,000	Discovery Communications, LLC		3.9500	03/20/28		2,662,863

		FOOD — 0.3%
	1,205,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA		6.5000	12/01/52		1,165,484

		GAS & WATER UTILITIES — 0.5%
	1,900,000	Southern Company Gas Capital Corporation^(b)	H15T5Y + 1.822%	6.0500	09/15/56		1,886,827

		HEALTH CARE FACILITIES & SERVICES — 0.8%
	2,950,000	Centene Corporation		3.0000	10/15/30		2,653,509

		INSTITUTIONAL FINANCIAL SERVICES — 2.4%
	4,185,000	Credit Suisse Group A.G.^(a)	USSW5 + 4.598%	7.5000	06/11/70		1,046,250
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,544,833
	3,315,000	Jefferies Financial Group, Inc.		5.5000	02/15/36		3,131,379
	1,735,000	State Street Corporation^(c)	TSFR3M + 1.262%	4.9260	06/15/47		1,537,160
							8,259,622
		INSURANCE — 4.7%
	4,000,000	Athene Global Funding^(a)		2.5000	03/24/28		3,838,974
	3,160,000	Farmers Exchange Capital^(a)		7.0500	07/15/28		3,263,092

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 47.5% (Continued)
		INSURANCE — 4.7% (Continued)
	1,130,000	Farmers Insurance Exchange^(a),(b)	H15T10Y + 3.864%	7.0000	10/15/64	$	1,130,045
	3,067,000	NMI Holdings, Inc.		6.0000	08/15/29		3,115,336
	3,545,000	Ohio National Financial Services, Inc.^(a)		6.8000	01/24/30		3,504,457
	1,000,000	Pacific Life Insurance Company^(a)		9.2500	06/15/39		1,289,904
							16,141,808
		LEISURE FACILITIES & SERVICES — 5.0%
	3,845,000	Carnival Corporation Ltd.^(a)		5.1250	05/01/29		3,815,352
	2,199,000	Flutter Treasury DAC^(a)		6.3750	04/29/29		2,227,525
	3,500,000	Las Vegas Sands Corporation		3.9000	08/08/29		3,373,914
	3,100,000	Resorts World Las Vegas, LLC / RWLV Capital, Inc.^(a)		4.6250	04/06/31		2,606,974
	4,200,000	Viking Ocean Cruises Ship VII Ltd.^(a)		5.6250	02/15/29		4,199,157
	946,000	Voyager Parent, LLC^(a)		9.2500	07/01/32		1,005,643
							17,228,565
		METALS & MINING — 0.8%
	1,445,000	First Quantum Minerals Ltd.^(a)		8.0000	03/01/33		1,503,253
	1,340,000	First Quantum Minerals Ltd.^(a)		7.2500	02/15/34		1,365,984
							2,869,237
		OIL & GAS PRODUCERS — 2.1%
	3,620,000	Energy Transfer, L.P.^(b)	H15T5Y + 2.219%	6.7000	01/15/57		3,570,046
	3,000,000	Hess Corporation		6.0000	01/15/40		3,081,423
	1,000,000	Raizen Fuels Finance S.A.^(a),(d)		6.2500	07/08/32		532,350
							7,183,819
		SEMICONDUCTORS — 0.7%
	2,375,000	Foundry JV Holdco, LLC^(a)		6.1000	01/24/36		2,425,489

		SOFTWARE — 1.1%
	1,585,000	Oracle Corporation		4.4500	09/26/30		1,493,989
	845,000	Oracle Corporation		5.9500	09/26/55		669,555
	1,480,000	RD Michigan Property Owner I, LLC^(a)		7.5000	03/30/45		1,430,865
							3,594,409
		SPECIALTY FINANCE — 5.2%
	2,930,000	AerCap Ireland Capital DAC / AerCap Global^(b)	H15T5Y + 2.441%	6.5000	01/31/56		2,949,731
	2,010,000	AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL^(b)	H15T5Y + 2.720%	6.9500	03/10/55		2,056,785
	5,000,000	Ally Financial, Inc.^(b)	H15T5Y + 3.148%	7.1000	08/15/74		5,030,984

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 47.5% (Continued)
		SPECIALTY FINANCE — 5.2% (Continued)
	3,000,000	Atlas Warehouse Lending Company, L.P.^(a)		4.6250	11/15/28	$	2,957,529
	2,320,000	Avolon Holdings Funding Ltd.^(a)		4.9500	01/15/28		2,324,562
	2,575,000	Synchrony Financial^(b)	SOFRRATE + 1.346%	5.4500	10/15/30		2,577,005
							17,896,596
		TECHNOLOGY SERVICES — 1.0%
	3,445,000	Booz Allen Hamilton, Inc.		5.3750	01/30/30		3,442,117

		TELECOMMUNICATIONS — 1.0%
	325,500	Sprint Spectrum Company, LLC / Sprint Spectrum Series 2018-1^(a)		5.1520	03/20/28		325,992
	3,260,000	Verizon Communications, Inc.^(b)	H15T5Y + 2.042%	6.2000	05/14/56		3,189,071
							3,515,063
		TRANSPORTATION & LOGISTICS — 0.9%
	3,320,000	United Airlines, Inc.^(a)		4.6250	04/15/29		3,265,677

		TOTAL CORPORATE BONDS (Cost $167,908,175)					163,089,531

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		MUNICIPAL BOND — 0.7%
		HIGHER EDUCATION — 0.7%
	2,405,000	Maricopa County Industrial Development Authority^(a)		7.3750	10/01/29		2,496,988

		TOTAL MUNICIPAL BOND (Cost $2,405,000)					2,496,988

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 1.1%
		SOVEREIGN — 1.1%
	3,620,000	Romanian Government International Bond^(a)		6.3750	01/30/34		3,621,289

		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $3,693,798)					3,621,289

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOAN — 1.0%
		ENTERTAINMENT CONTENT — 1.0%
	3,432,692	Discovery Global Holdings, Inc.^(c)	TSFR1M + 3.950%	6.1130	06/30/33	$	3,439,489

		TOTAL TERM LOAN (Cost $3,433,663)					3,439,489

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 48.9%
		U.S. TREASURY BILLS — 48.9%
	33,746,000	United States Treasury Bill^(e)		—	09/10/26		33,616,875
	39,877,000	United States Treasury Bill^(e)		—	10/22/26		39,550,239
	40,039,000	United States Treasury Bill^(e)		—	11/27/26		39,554,151
	23,540,000	United States Treasury Bill^(e)		—	12/10/26		23,223,048
	2,000,000	United States Treasury Note		4.1250	07/15/29		1,987,344
	6,860,000	United States Treasury Note		4.1250	06/30/31		6,760,316
	7,939,000	United States Treasury Note		4.2500	06/30/33		7,778,980
	9,089,000	United States Treasury Note		4.3750	05/15/36		8,828,401
	7,300,000	United States Treasury Note ^(l),(m)		4.7500	02/15/56		6,725,695
							168,025,049
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $168,480,070)					168,025,049

Shares						Fair Value
		SHORT-TERM INVESTMENTS — 2.7%
		COLLATERAL FOR SECURITIES LOANED - 0.3%
	955,965	Mount Vernon Liquid Assets Portfolio, 3.74% (Cost $955,965)^(f)					955,965

		MONEY MARKET FUND - 2.4%
	8,236,752	First American Government Obligations Fund, Class X, 3.57% (Cost $8,236,752)^(g)					8,236,752

		TOTAL SHORT-TERM INVESTMENTS (Cost $9,192,717)					9,192,717

		TOTAL INVESTMENTS - 101.9% (Cost $355,113,423)				$	349,865,063
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%					(6,524,791	)
		NET ASSETS - 100.0%				$	343,340,272

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(h)	Value and Unrealized Appreciation
	105	CBOT 10 Year US Treasury Note	09/22/2026	$11,340,000	$	109,725
	146	CBOT 5 Year US Treasury Note	10/01/2026	15,472,578		152,780
	51	CBOT US Treasure Bond Futures	09/22/2026	5,523,938		98,200
	190	Ultra 10-Year US Treasury Note Futures	09/22/2026	20,843,593		369,821
	49	Ultra U.S. Treasury Bond Futures	09/22/2026	5,374,688		142,467
		TOTAL FUTURES CONTRACTS			$	872,993

CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency	Payment Frequency	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread (j)	Maturity Date	Notional Value	Fair Value^(k)			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY SERIES 46	Quarterly ⁽¹⁾	HSBC Securities	5.00%	312.27	6/20/2031	$16,830,000		(1,366,858	)		(1,265,228	)		$	(101,630	)
CDX.NA.IG SERIES 45	Quarterly ⁽¹⁾	HSBC Securities	1.00%	48.58	12/20/2030	41,000,000		(891,509	)		(893,772	)		$	2,263
ALLSTATE CORPORATION (THE)	Quarterly ⁽¹⁾	Barclays	1.00%	29.00	12/20/2030	10,000,000		(297,249	)		(292,861	)		$	(4,388	)
DARDEN RESTAURANTS INC	Quarterly ⁽¹⁾	Barclays	1.00%	12.00	6/20/2027	7,000,000		(61,711	)		(4,123	)		$	(57,588	)
ORACLE CORPORATION⁽ⁱ⁾	Quarterly ⁽²⁾	Barclays	1.00%	186.00	12/20/2030	(10,000,000)		(322,206	)		166,408			$	(488,614	)
LENNAR CORPORATION⁽ⁱ⁾	Quarterly ⁽²⁾	Barclays	5.00%	65.00	12/20/2029	(5,000,000)		713,190			670,208			$	42,982
NEXTERA ENERGY CAPITAL HOLDINGS, INC⁽ⁱ⁾	Quarterly ⁽²⁾	Barclays	1.00%	52.00	6/20/2030	(7,000,000)		127,702			1,018,812			$	(891,110	)
SEMPRA ENERGY	Quarterly ⁽¹⁾	Barclays	1.00%	32.00	6/20/2030	7,000,000		(178,494	)		(159,473	)		$	(19,021	)
THE CAMPBELLS COMPANY	Quarterly ⁽¹⁾	Barclays	1.00%	81.00	12/20/2030	10,000,000		(87,234	)		(198,850	)		$	111,616
TOLL BROTHERS INC.	Quarterly ⁽¹⁾	Barclays	1.00%	51.00	12/20/2029	5,000,000		(83,257	)		(40,903	)		$	(42,354	)
VERIZON COMMUNICATIONS INC⁽ⁱ⁾	Quarterly ⁽²⁾	Barclays	1.00%	35.00	6/20/2027	(7,000,000)		47,732			742			$	46,990
TOTAL								(2,399,894	)		(999,040	)			(1,400,854	)
(1) Buy Protection
(2) Sell Protection

TOTAL RETURN SWAPS

Description

Frequency

Counterparty

Notional
Value

Variable
Rate
Premium
Received

Maturity Date

Unrealized
Appreciation

Ishares Trust - IShares IBoxx US Dollar High Yield Corporate Bond ETF

At Maturity

Goldman Sachs

14,000,000

US0001M

9/30/2026

51,100

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

PLC	- Public Limited Company

S/A	- Société Anonyme

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

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

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

US0001M	ICE LIBOR USD 3 Month

SOFRRATE	United States SOFR Secured Overnight Financing Rate

TSFR1M	Term Secured Overnight Financing Rate 1 Month Average

TSFR3M	Term Secured Overnight Financing Rate 3 Month Average

USISSO05	5Y SOFR Swap Rate

USSW5	USD SWAP SEMI 30/360 5YR

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

^(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2026 the total market value of 144A securities is 86,275,746 or 25.1% of net assets.

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

^(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. The total loaned securities had a value of $939,458 at July 31, 2026.

^(e)	Zero coupon bond.

^(f)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $955,965 at July 31, 2026.

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

^(h)	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.

⁽ⁱ⁾	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.

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

^(k)	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.

^(l)	All or portion of security held as collateral for Futures at July 31, 2026. Collateral for futures had a market value of $1,464,992 at July 31, 2026.

^(m)	All or portion of security held as collateral for Swaps at July 31, 2026. Collateral for swaps had a market value of $1,198,170 at July 31, 2026.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		CLOSED END FUND — 1.0%
		EQUITY - 1.0%
	2,468,782	Altaba, Inc.^(a)	$	3,085,978

		TOTAL CLOSED END FUND (Cost $22,837,384)		3,085,978

Shares			Fair Value
		COMMON STOCKS — 70.8%
		BANKING - 5.0%
	201,846	Webster Financial Corporation		15,586,548

		BIOTECH & PHARMA - 2.0%
	46,764	Apogee Therapeutics, Inc.^(a)		6,270,585

		CABLE & SATELLITE - 2.0%
	181,854	Liberty Broadband Corporation - Series C^(a)		6,190,310

		CHEMICALS - 1.8%
	159,378	Element Solutions, Inc.		5,853,954

		COMMERCIAL SUPPORT SERVICES - 2.1%
	80,931	Intertek Group PLC		6,369,771

		ELECTRIC UTILITIES - 17.3%
	845,381	AES Corporation (The)		12,410,192
	275,197	Boralex, Inc.		7,279,586
	77,123	Brookfield Infrastructure Partners, L.P.		3,220,657
	97,113	Brookfield Renewable Partners, L.P.		3,191,133
	71,231	NextEra Energy, Inc.		6,191,399
	129,175	Northwestern Energy Group, Inc.		8,879,490
	209,193	TXNM Energy, Inc.		12,116,458
				53,288,915
		ENGINEERING & CONSTRUCTION - 2.0%
	42,980	Arcosa, Inc.^(b)		6,240,696

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 70.8% (Continued)
		ENTERTAINMENT CONTENT - 2.9%
	350,448	Warner Bros Discovery, Inc.^(a)	$	9,216,783

		GAS & WATER UTILITIES - 4.3%
	335,359	Essential Utilities, Inc.		13,364,056

		HOUSEHOLD PRODUCTS - 3.5%
	570,376	Kenvue, Inc.		10,974,034

		INDUSTRIAL REIT - 1.0%
	49,069	LXP Industrial Trust		2,970,147

		INSURANCE - 5.3%
	325,403	Beazley plc		5,659,469
	228,274	Equitable Holdings, Inc.		10,877,256
				16,536,725
		INTERNET MEDIA & SERVICES - 2.1%
	43,838	Roku, Inc.^(a),(b)		6,356,948

		LEISURE FACILITIES & SERVICES - 2.0%
	211,561	Caesars Entertainment, Inc.^(a)		6,293,940

		MEDICAL EQUIPMENT & DEVICES - 0.8%
	34,776	Bio-Techne Corporation		2,507,002

		OIL & GAS PRODUCERS - 4.7%
	608,900	ARC Resources Ltd.		14,564,741
	84,102	Columbia Pipeline Group, Inc.^(a)		—
				14,564,741
		SELF-STORAGE REIT - 0.0%^(d)
	1	Public Storage		220

		SEMICONDUCTORS - 5.1%
	60,772	Qorvo, Inc.^(a),(b)		5,504,120

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares						Fair Value
		COMMON STOCKS — 70.8% (Continued)
		SEMICONDUCTORS - 5.1% (Continued)
	45,822	Silicon Laboratories, Inc.^(a)				$	9,966,284
							15,470,404
		SOFTWARE - 0.3%
	21,955	Cyber Ark Software Ltd. - Contra^(a)					987,975

		TECHNOLOGY HARDWARE - 3.2%
	213,217	NCR Atleos Corporation^(a)					10,027,596

		TRANSPORTATION & LOGISTICS - 3.4%
	1,025	American Airlines Group, Inc.^(a)					15,652
	101,283	American Airlines Group, Inc. Escrow Security^(a)					—
	31,652	Norfolk Southern Corporation					10,618,613
							10,634,265

		TOTAL COMMON STOCKS (Cost $218,634,778)					219,705,615

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.5%
		ASSET MANAGEMENT - 0.0% ^(c)
	117,447	Pershing Square Sparc Holdings Ltd	9/29/2034	$	—		35,234
	111,677	TPG, Inc.					1,117
							36,351
		BIOTECH & PHARMA - 0.2%
	271,338	Centessa Pharmaceuticals PLC					542,675
	47,455	Novo Nordisk A/S					23,728
							566,403
		FORESTRY, PAPER & WOOD PRODUCTS - 0.3%
	532,221	Resolute Forest Products, Inc. - CVR		$	6.25		798,332

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

		TOTAL RIGHT (Cost $1,418,425)					1,457,015

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.9%
		COLLATERAL FOR SECURITIES LOANED - 2.0%
	6,284,370	Mount Vernon Liquid Assets Portfolio, 3.74% (Cost $6,284,370)^(d),(e)	$	6,284,370

		MONEY MARKET FUND - 12.9%
	39,860,309	Fidelity Investments Money Market Funds, Class I, 3.55% (Cost $39,860,309)^(e)		39,860,309

		TOTAL SHORT-TERM INVESTMENTS (Cost $46,144,679)		46,144,679

		TOTAL INVESTMENTS - 87.2% (Cost $289,035,266)	$	270,393,287
		TOTAL SECURITIES SOLD SHORT - (33.1)% (Proceeds Received - $102,401,596)		(102,965,851	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 45.9%		141,946,732
		NET ASSETS - 100.0%	$	309,374,168

ADR	- American Depositary Receipt

A/S	- Anonim Sirketi

LP	- Limited Partnership

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 $6,132,077 at July 31, 2026.

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

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $6,284,370 at July 31, 2026.

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

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

July 31, 2026

Shares				Fair Value
			COMMON STOCKS — (33.1)%
			BANKING - (1.9)%
	(175,953	)	Banco Santander S.A. - ADR	$	(2,480,937	)
	(238,802	)	Banco Santander S.A.		(3,393,198	)
					(5,874,135	)
			CABLE & SATELLITE - (2.0)%
	(42,925	)	Charter Communications, Inc., Class A		(6,223,266	)

			CHEMICALS - (1.5)%
	(79,689	)	Solstice Advanced Materials, Inc.		(4,794,887	)

			COMMERCIAL SUPPORT SERVICES - (1.3)%
	(33,563	)	Brink’s Company (The)		(3,975,537	)

			ELECTRIC UTILITIES - (5.9)%
	(126,414	)	Black Hills Corporation		(9,001,941	)
	(97,113	)	Brookfield Renewable Corporation		(3,238,719	)
	(87,530	)	Dominion Energy, Inc.		(6,054,450	)
					(18,295,110	)
			ENTERTAINMENT CONTENT - (0.8)%
	(42,494	)	Fox Corporation, Class A		(2,474,426	)

			GAS & WATER UTILITIES - (5.5)%
	(102,289	)	American Water Works Company, Inc.		(13,724,115	)
	(77,123	)	Brookfield Infrastructure Corporation, Class A		(3,262,303	)
					(16,986,418	)
			HOUSEHOLD PRODUCTS - (2.9)%
	(83,420	)	Kimberly-Clark Corporation		(9,118,640	)

			INSURANCE - (3.5)%
	(355,004	)	Corebridge Financial, Inc.		(11,072,575	)

			OIL & GAS PRODUCERS - (3.6)%
	(122,531	)	Shell PLC - ADR		(11,270,402	)

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

July 31, 2026

Shares				Fair Value
			COMMON STOCKS — (33.1)% (Continued)
			SEMICONDUCTORS - (1.2)%
	(58,344	)	Skyworks Solutions, Inc.	$	(3,633,664	)

			TRANSPORTATION & LOGISTICS - (3.0)%
	(31,653	)	Union Pacific Corporation		(9,246,791	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds - $102,401,596)	$	(102,965,851	)

FORWARD FOREIGN CURRENCY CONTRACTS
							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Canadian Dollar	08/31/2026	Morgan Stanley FX		13,911,767	$	9,936,220	$	(9,887	)
British Pound	09/08/2026	Morgan Stanley FX		8,674,735		11,690,739		11,414
					$	21,626,959	$	1,527

To Sell:
British Pound	08/03/2026	US Bank		2,142,408	$	2,887,342	$	(3,232	)
British Pound	08/04/2026	US Bank		6,501,875		8,762,635		(8,185	)
Canadian Dollar	08/04/2026	US Bank		484,228		345,441		88
Australian Dollar	08/24/2026	Morgan Stanley FX		8,424,811		5,930,154		(57,330	)
Canadian Dollar	08/31/2026	Morgan Stanley FX		13,911,769		9,936,221		(17,887	)
British Pound	09/08/2026	Morgan Stanley FX		17,793,375		23,979,720		(213,502	)
Canadian Dollar	10/30/2026	Morgan Stanley FX		15,244,070		10,918,134		(45,931	)
					$	62,759,647	$	(345,979	)
Total							$	(344,452	)

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 99.7%
		DATA CENTER REIT - 8.7%
	20,243	Digital Realty Trust, Inc.	$	3,816,209
	2,680	Equinix, Inc.		2,731,670
				6,547,879
		HEALTH CARE FACILITIES & SERVICES - 1.2%
	57,982	Chartwell Retirement Residences		934,400

		HEALTH CARE REIT - 17.1%
	63,678	American Healthcare REIT, Inc.^(b)		3,540,497
	70,054	National Healthcare Properties, Inc.		1,071,126
	35,308	Welltower, Inc.		8,277,607
				12,889,230
		HOTEL REIT - 1.2%
	78,305	Sunstone Hotel Investors, Inc.		921,650

		INDUSTRIAL REIT - 16.4%
	367,929	Ascendas Real Estate Investment Trust		737,361
	38,708	First Industrial Realty Trust, Inc.		2,548,535
	15,431	Goodman Group^(a)		323,485
	44,317	Prologis, Inc.^(a)		6,408,681
	613,502	Tritax Big Box REIT plc		1,406,424
	735,600	UI Boustead REIT^(a)		458,897
	16,276	Warehouses De Pauw CVA		419,057
				12,302,440
		MULTI ASSET CLASS REIT - 2.6%
	42,626	FrontView REIT, Inc.^(b)		867,013
	398,161	LondonMetric Property plc		1,052,819
				1,919,832
		OFFICE REIT - 5.7%
	33,651	BXP, Inc.^(b)		2,359,608
	582	Japan Excellent, Inc.		526,887
	1,698	Nippon Building Fund, Inc.		1,436,931
				4,323,426
		REAL ESTATE INVESTMENT TRUSTS - 4.8%
	11,580	Iron Mountain, Inc.		1,416,466

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		REAL ESTATE INVESTMENT TRUSTS - 4.8% (Continued)
	57,335	Janus Living, Inc.	$	1,732,091
	116,443	Stockland^(a)		350,124
				3,498,681
		REAL ESTATE OWNERS & DEVELOPERS - 0.7%
	91,521	City Developments Ltd.^(b)		560,239

		RESIDENTIAL REIT - 10.9%
	9,385	Aedifica S.A.		760,522
	35,888	Equity Residential		2,384,758
	144,422	Independence Realty Trust, Inc.^(b)		2,401,738
	6,479	Mid-America Apartment Communities, Inc.		857,431
	2,329	Mitsui Fudosan Accommodations Fund, Inc.		1,796,795
				8,201,244
		RETAIL REIT - 19.4%
	27,339	Agree Realty Corporation		2,126,974
	74,500	Curbline Properties Corporation		2,282,680
	70,613	Essential Properties Realty Trust, Inc.^(b)		2,209,481
	114,682	Link REIT^(a)		572,059
	15,668	Regency Centers Corporation		1,257,984
	493,000	Region Group		826,238
	16,041	Simon Property Group, Inc.		3,679,323
	13,853	Unibail-Rodamco-Westfield		1,682,686
				14,637,425
		SELF-STORAGE REIT - 3.7%
	18,798	Extra Space Storage, Inc.		2,782,856

		SELF-STORAGE REITS - 1.4%
	26,308	CubeSmart		1,090,730

		SPECIALTY REITS - 3.5%
	186,428	Americold Realty Trust, Inc.		2,626,771

		TELECOMMUNICATIONS - 2.4%
	71,217	Csquare, Inc.^(a)		1,421,491

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		TELECOMMUNICATIONS - 2.4% (Continued)
	41,065	NEXTDC Ltd.^(a)	$	386,331
				1,807,822

		TOTAL COMMON STOCKS (Cost $62,222,933)		75,044,625

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 6.3%
		COLLATERAL FOR SECURITIES LOANED - 6.0%
	4,507,398	Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (Cost $4,507,398)^(c),(d)		4,507,398

		MONEY MARKET FUND - 0.3%
	261,579	Fidelity Investments Money Market Funds, Class I, 3.55% (Cost $261,579)^(d)		261,579

		TOTAL SHORT-TERM INVESTMENTS (Cost $4,768,977)		4,768,977

		TOTAL INVESTMENTS - 106.0% (Cost $66,991,910)	$	79,813,602
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.0)%		(4,546,282	)
		NET ASSETS - 100.0%	$	75,267,320

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 $4,395,490 at July 31, 2026.

^(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2026. Total collateral had a value of $4,507,398 at July 31, 2026.

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

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2026

Principal Amount ($)					Coupon Rate (%)		Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 49.3%
		U.S. TREASURY BILLS — 38.3%
	5,000,000	United States Treasury Bill^(a),(b)			3.7600		11/27/26		$	4,939,453
	48,000,000	United States Treasury Bill^(a)			3.8600		12/24/26			47,270,795
										52,210,248
		U.S. TREASURY NOTES — 11.0%
	16,000,000	United States Treasury Note			1.2500		09/30/28			14,996,563

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $67,482,909)								67,206,811

Shares
		SHORT-TERM INVESTMENTS — 5.9%
		MONEY MARKET FUNDS - 5.9%
	8,065,669	Fidelity Government Portfolio, Institutional, 3.55% (Cost $8,065,669)^(c)								8,065,669

Contracts^(d)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value
		FLEX OPTIONS PURCHASED - 45.0%
		CALL OPTIONS PURCHASED - 45.0%
	130	S&P 500 INDEX	Societe Generale	01/31/2030	$	6,100	$	79,300,000	$	32,438,868
	130	S&P 500 INDEX	Societe Generale	01/31/2031		7,000		91,000,000		28,834,030
		TOTAL CALL OPTIONS PURCHASED (Cost - $41,207,228)								61,272,898

		TOTAL FLEX OPTIONS PURCHASED (Cost - $41,207,228)								61,272,898

		TOTAL INVESTMENTS - 100.2% (Cost $116,755,806)							$	136,545,378
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%								(249,097	)
		NET ASSETS - 100.0%							$	136,296,281

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(e)		Value and Unrealized Depreciation
	5	CBOT 10 Year US Treasury Note Future	09/22/2026	$	540,000	$	(7,891	)
	335	CBOT 2 Year US Treasury Note Future	10/01/2026		68,879,141		(269,570	)
	460	CBOT 5 Year US Treasury Note Future	10/01/2026		48,749,219		(463,348	)
	14	CME E-Mini Standard & Poor’s 500 Index Future	09/21/2026		5,263,475		(75,355	)
		TOTAL FUTURES CONTRACTS				$	(816,164	)

^(a)	Zero coupon bond.

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

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

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

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