Dunham Funds NPORTP Dunham Small Cap Growth Fund (Jul 2024 report)

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 0.0%^(a)
		HEALTH CARE FACILITIES & SERVICES - 0.0%^(a)
	435	Endo, Inc.^(b)	$	12,569

		TOTAL COMMON STOCKS (Cost $24,323)		12,569

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity
		ASSET BACKED SECURITIES — 30.6%
		AUTO LOAN — 5.8%
	220,000	American Credit Acceptance Receivables Trust Series 2022-1 D^(c)		2.4600	03/13/28	216,696
	440,000	American Credit Acceptance Receivables Trust Series 1 E^(c)		3.6400	03/13/28	429,273
	173,101	AmeriCredit Automobile Receivables Trust Series 2020-3 C		1.0600	08/18/26	170,261
	446,000	Arivo Acceptance Auto Loan Receivables Trust Series 1A B^(c)		6.8700	06/17/30	450,380
	155,000	Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A^(c)		2.3600	03/20/26	152,805
	317,000	CarNow Auto Receivables Trust Series 2023-1A C^(c)		7.2400	09/15/26	316,948
	225,000	Carvana Auto Receivables Trust Series 2021-P3 B		1.4200	08/10/27	207,582
	48,565	Carvana Auto Receivables Trust Series 2021-N1 C		1.3000	01/10/28	46,462
	60,903	Carvana Auto Receivables Trust Series 2021-N2 C		1.0700	03/10/28	57,747
	330,000	Carvana Auto Receivables Trust Series 2023-N4 C^(c)		6.5900	02/11/30	338,927
	495,000	Carvana Auto Receivables Trust Series 2024-N1 B^(c)		5.6300	05/10/30	500,546
	430,000	CPS Auto Receivables Trust Series 2024-A C^(c)		5.7400	04/15/30	432,948
	302,000	Credit Acceptance Auto Loan Trust Series 1A A^(c)		5.6800	03/15/34	304,939
	529,000	DT Auto Owner Trust Series 2023-1A B^(c)		5.1900	10/16/28	527,122
	195,000	DT Auto Owner Trust Series 2023-3A C^(c)		6.4000	05/15/29	195,273
	500,000	Exeter Automobile Receivables Trust Series 2024-2A C		5.7400	05/15/29	504,074
	195,400	FHF Trust Series 2023-1A A2^(c)		6.5700	06/15/28	196,566
	52,116	Flagship Credit Auto Trust Series 2020-4 C^(c)		1.2800	02/16/27	51,607
	330,000	Flagship Credit Auto Trust Series 2024-1 C^(c)		5.7900	02/15/30	334,741
	180,000	Foursight Capital Automobile Receivables Trust Series 2022-1 B^(c)		2.1500	05/17/27	176,071
	315,000	Foursight Capital Automobile Receivables Trust Series 2023-1 A3^(c)		5.3900	12/15/27	313,991
	345,000	Hertz Vehicle Financing III, LLC Series 2022-1A C^(c)		2.6300	06/25/26	335,176
	189,164	LAD Auto Receivables Trust Series 2022-1A A^(c)		5.2100	06/15/27	188,854
	339,000	LAD Auto Receivables Trust Series 2023-4A C^(c)		6.7600	03/15/29	349,866
	68,655	Lendbuzz Securitization Trust Series 2022-1A A^(c)		4.2200	05/17/27	67,892
	425,000	Lendbuzz Securitization Trust Series 2024-2A A2^(c)		5.9900	05/15/29	427,251
	143,045	Lobel Financial Corporation Series 1 A^(c)		6.9700	07/15/26	143,370

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 30.6% (Continued)
		AUTO LOAN — 5.8% (Continued)
	278,022	Merchants Fleet Funding, LLC Series 1A A^(c)		7.2100	05/20/36	$	280,958
	140,000	OneMain Direct Auto Receivables Trust Series 2021-1A B^(c)		1.2600	07/14/28		131,848
	374,000	Santander Drive Auto Receivables Trust Series 2023-1 B		4.9800	02/15/28		372,359
	195,000	Santander Drive Auto Receivables Trust Series 2022-5 C		4.7400	10/15/28		193,504
	276,000	SBNA Auto Receivables Trust Series 2024-A C^(c)		5.5900	01/15/30		278,608
	362,000	Tricolor Auto Securitization Trust Series 2023-1 B^(c)		6.8400	11/16/26		362,463
	169,026	United Auto Credit Securitization Trust Series 2023-1 B^(c)		5.9100	07/10/28		168,950
	35,065	Westlake Automobile Receivables Trust Series 2022-1A B^(c)		2.7500	03/15/27		35,019
	446,000	Westlake Automobile Receivables Trust Series 1A B^(c)		5.5500	11/15/27		446,400
	415,000	Westlake Automobile Receivables Trust Series 2023-1A C^(c)		5.7400	08/15/28		416,498
	515,000	Westlake Automobile Receivables Trust 2024-2 Series 2A B^(c)		5.6200	03/15/30		518,376
							10,642,351
		CLO — 0.6%
	515,000	GoldentTree Loan Management US CLO 1 Ltd. Series 9A AR^(c),(d)	TSFR3M + 1.500%	6.7820	04/20/37		519,282
	560,000	Reach A.B.S Trust 2024-2 Series 2A B^(c)		5.8400	07/15/31		562,952
							1,082,234
		COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9%
	620,321	A&D Mortgage Trust 2023-NQM3 Series NQM3 A1^(c),(e)		6.7330	07/25/68		626,645
	697,176	AJAX Mortgage Loan Trust Series 2021-A A1^(c),(f)		1.0650	09/25/65		615,564
	63,470	Angel Oak Mortgage Trust Series 2020-R1 A2^(c),(f)		1.2470	12/26/24		59,425
	504,237	Angel Oak Mortgage Trust Series 2021-8 A1^(c),(f)		1.8200	11/25/66		440,488
	109,285	Angel Oak Mortgage Trust Series 2022-5 A1^(c),(e)		4.5000	05/25/67		108,262
	883,660	Angel Oak Mortgage Trust Series 2023-1 A1^(c),(e)		4.7500	09/26/67		872,334
	70,746	Arroyo Mortgage Trust Series 2019-1 A1^(c),(f)		3.8050	01/25/49		68,857
	76,864	Arroyo Mortgage Trust Series 2019-2 A1^(c),(f)		3.3470	04/25/49		74,084
	205,643	Bunker Hill Loan Depositary Trust Series 2019-2 A1^(c),(e)		2.8790	07/25/49		197,660
	30,505	Chase Mortgage Finance Corporation Series 2016-SH2 M2^(c),(f)		3.7500	02/25/44		27,781
	39,454	Chase Mortgage Finance Corporation Series 2016-SH1 M2^(c),(f)		3.7500	04/25/45		35,957
	340,899	CIM TRUST Series 2022-R2 A1^(c),(f)		3.7500	12/25/61		320,766
	49,979	COLT Funding, LLC Series 2021-3R A1^(c),(f)		1.0510	12/25/64		44,229
	1,356,674	COLT Mortgage Loan Trust Series 2022-4 A1^(c),(f)		4.3010	03/25/67		1,334,933
	599,024	COLT Mortgage Loan Trust Series 2022-5 A1^(c),(f)		4.5500	04/25/67		602,549
	929,173	COLT Mortgage Loan Trust Series 2023-4 A1^(c),(e)		7.1630	10/25/68		948,059
	122,946	CSMC Trust Series 2020-RPL4 A1^(c),(f)		2.0000	01/25/60		108,928

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 30.6% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9% (Continued)
	156,654	CSMC Trust Series 2020-NQM1 A1^(c),(e)		1.2080	05/25/65	$	144,585
	240,731	Deephaven Residential Mortgage Trust Series 2022-1 A1^(c),(f)		2.2050	01/25/67		214,502
	256,566	Ellington Financial Mortgage Trust Series 2019-2 A3^(c),(f)		3.0460	11/25/59		245,152
	20,472	Flagstar Mortgage Trust Series 2017-1 1A3^(c),(f)		3.5000	03/25/47		18,634
	7,818	Galton Funding Mortgage Trust Series 2018-1 A23^(c),(f)		3.5000	11/25/57		7,056
	233,326	Imperial Fund Mortgage Trust Series 2022-NQM3 A1^(c),(e)		4.3800	05/25/67		228,104
	13,367	JP Morgan Mortgage Trust Series 2017-5 A1^(c),(f)		5.5180	12/15/47		13,459
	752,177	JP Morgan Mortgage Trust Series 2017-4 A3^(c),(f)		3.5000	11/25/48		682,414
	100,000	METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1^(c),(f)		3.4740	04/25/55		89,699
	25,672	METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A^(c),(f)		3.7500	04/25/58		25,032
	542,406	MFA Trust Series 2022-INV2 A1^(c),(e)		4.9500	07/25/57		539,752
	1,113,569	MFA Trust Series 2022-INV1 A1^(c),(e)		3.9070	04/25/66		1,078,822
	680,574	MFA Trust Series 2022-NQM2 A1^(c),(e)		4.0000	05/25/67		654,887
	194,591	Mill City Mortgage Loan Trust Series 2017-3 M2^(c),(f)		3.2500	01/25/61		182,878
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2^(c),(f)		3.5000	10/25/69		181,798
	126,420	New Residential Mortgage Loan Trust Series 2014-3A AFX3^(c),(f)		3.7500	11/25/54		118,998
	132,671	New Residential Mortgage Loan Trust Series 2016-3A B1^(c),(f)		4.0000	09/25/56		124,389
	456,538	New Residential Mortgage Loan Trust Series 2016-4A A1^(c),(f)		3.7500	11/25/56		429,602
	612,677	New Residential Mortgage Loan Trust Series 2017-2A A3^(c),(f)		4.0000	03/25/57		584,641
	433,870	New Residential Mortgage Loan Trust Series 2018-1A A1A^(c),(f)		4.0000	12/25/57		414,995
	33,969	New Residential Mortgage Loan Trust Series 2021-NQ2R A1^(c),(f)		0.9410	09/25/58		31,467
	215,000	New Residential Mortgage Loan Trust Series 2019-RPL2 M2^(c),(f)		3.7500	02/25/59		190,145
	670,034	New Residential Mortgage Loan Trust Series 2022-NQM2 A1^(c),(f)		3.0790	03/27/62		617,668
	411,772	NYMT Loan Trust Series 2024-CP1 A1^(c)		3.7500	02/25/68		385,129
	640,667	NYMT Loan Trust 2022-CP1 Series CP1 A1^(c)		2.0420	07/25/61		590,260
	347,354	OBX 2024-HYB2 Trust Series HYB2 A1^(c),(f)		3.6010	04/25/53		339,672
	773,234	OBX Trust Series 2023-NQM9 A1^(c),(e)		7.1590	10/25/63		793,366
	409,530	OBX Trust Series 2024-NQM3 A1^(c),(e)		6.1290	12/25/63		414,717
	72,179	Palisades Mortgage Loan Trust Series 2021-RTL1 A1^(c),(e)		3.4870	06/25/26		71,746
	27,702	Provident Funding Mortgage Loan Trust Series 2019-1 A2^(c),(f)		3.0000	12/25/49		23,644
	973,819	PRPM, LLC Series 2024-RPL1 A1^(c),(e)		4.2000	12/25/64		945,168
	503,451	RCKT Mortgage Trust Series 2023-CES1 A1A^(c),(f)		6.5150	06/25/43		507,270
	50,866	RCKT Mortgage Trust Series 2020-1 A1^(c),(f)		3.0000	02/25/50		43,465
	934,047	RCKT Mortgage Trust 2023-CES2 Series CES2 A1A^(c),(f)		6.8080	09/25/43		945,763

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 30.6% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9% (Continued)
	31,649	Residential Mortgage Loan Trust Series 2020-1 A1^(c),(f)		2.3760	01/26/60	$	30,697
	58,433	Starwood Mortgage Residential Trust Series 2020-1 A1^(c),(f)		2.2750	02/25/50		55,342
	606,422	Towd Point Mortgage Trust Series 2017-1 A2^(c),(f)		3.5000	10/25/56		596,867
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1^(c),(d)	TSFR1M + 1.714%	7.0640	05/25/58		268,976
	365,000	Towd Point Mortgage Trust Series 2021-1 A2^(c),(f)		2.7500	11/25/61		303,576
	604,977	Towd Point Mortgage Trust Series 2024-1 A1^(c),(f)		4.4090	03/25/64		610,904
	51,148	Verus Securitization Trust Series 2019-INV2 A1^(c),(f)		3.9130	07/25/59		50,431
	120,237	Verus Securitization Trust Series 2020-1 A1^(c),(e)		3.4170	01/25/60		116,388
	556,236	Verus Securitization Trust Series 2022-6 A1^(c),(e)		4.9100	06/25/67		556,962
	484,720	Verus Securitization Trust Series 2022-6 A3^(c),(e)		4.9100	06/25/67		480,190
	901,241	Verus Securitization Trust Series 2022-7 A1^(c),(e)		5.1520	07/25/67		895,954
	1,462,227	Verus Securitization Trust Series 2023-1 A1^(c),(e)		5.8500	12/25/67		1,458,405
	905,123	Verus Securitization Trust Series 2023-8 A1^(c),(e)		6.2590	12/25/68		912,579
	454,199	Verus Securitization Trust 2022-4 Series 4 A1^(c),(e)		4.4740	04/25/67		449,456
	148,008	Wells Fargo Mortgage Backed Securities Series 2020-4 A1^(c),(f)		3.0000	07/25/50		126,187
							25,278,314
		CREDIT CARD — 0.6%
	400,000	Discover Card Execution Note Trust Series A2 A		4.9300	06/15/28		401,267
	316,000	Mercury Financial Credit Card Master Trust Series 2023-1A A^(c)		8.0400	09/20/27		319,008
	430,000	Mercury Financial Credit Card Master Trust Series 2A A^(c)		6.5600	07/20/29		434,567
							1,154,842
		NON AGENCY CMBS — 2.2%
	101,248	Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1^(c),(f)		2.0680	05/25/50		93,106
	160,000	Benchmark Mortgage Trust Series 2023-B38 A2		5.6260	04/15/56		160,280
	410,000	BPR Trust Series 2022-OANA A^(c),(d)	TSFR1M + 1.898%	7.2270	04/15/37		410,389
	360,000	BX Trust Series 2022-CLS A^(c)		5.7600	10/13/27		358,187
	445,000	BX Trust Series 2019-OC11 B^(c)		3.6050	12/09/41		403,130
	410,000	BX Trust Series 2019-OC11 D^(c),(f)		4.0750	12/09/41		367,502
	470,000	COMM Mortgage Trust Series 2013-300P A1^(c)		4.3530	08/10/30		442,426
	150,000	COMM Mortgage Trust Series 2020-CBM B^(c)		3.0990	02/10/37		146,393
	367,000	ELM Trust 2024-ELM Series ELM A10^(c),(f)		5.8010	06/10/27		370,910
	495,000	GCT Commercial Mortgage Trust Series 2021-GCT A^(c),(d)	TSFR1M + 0.914%	6.2430	02/15/38		411,178
	419,000	JP Morgan Chase Commercial Mortgage Securities Series C13 E^(c),(f)		3.9860	01/15/46		371,016
	325,000	MIRA Trust Series 2023-Mile A^(c)		6.7550	06/06/28		338,765

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 30.6% (Continued)
		NON AGENCY CMBS — 2.2% (Continued)
	62,000	WFRBS Commercial Mortgage Trust Series 2014-C24 AS		3.9310	11/15/47	$	60,567
							3,933,849
		OTHER ABS — 6.3%
	246,916	ACHV A.B.S TRUST Series 2024-1PL A^(c)		5.9000	04/25/31		248,207
	336,000	Affirm Asset Securitization Trust Series 2023-B A^(c)		6.8200	09/15/28		341,498
	1,517,724	American Homes 4 Rent Series 2015-SFR1 A^(c)		3.4670	04/17/52		1,494,323
	220,000	American Homes 4 Rent Trust Series 2015-SFR2 C^(c)		4.6910	10/17/45		216,980
	175,000	AMSR Trust Series 2020-SFR1 B^(c)		2.1200	04/17/37		170,406
	250,000	AMSR Trust Series 2020-SFR2 C^(c)		2.5330	07/17/37		242,012
	100,000	AMSR Trust Series 2020-SFR2 D^(c)		3.2820	07/17/37		97,382
	305,222	Amur Equipment Finance Receivables XII, LLC Series 1A A2^(c)		6.0900	12/20/29		307,954
	45,567	Aqua Finance Trust Series 2019-A A^(c)		3.1400	07/16/40		43,602
	176,386	Aqua Finance Trust Series 2019-A C^(c)		4.0100	07/16/40		165,872
	270,000	Aqua Finance Trust Series 2020-AA B^(c)		2.7900	07/17/46		251,830
	220,000	CCG Receivables Trust Series 2021-1 C^(c)		0.8400	06/14/27		219,523
	103,437	CF Hippolyta, LLC Series 2020-1 A1^(c)		1.6900	07/15/60		98,768
	274,569	CLI Funding VI, LLC Series 2020-1A A^(c)		2.0800	09/18/45		250,508
	24,683	Corevest American Finance Trust Series 2020-1 A1^(c)		1.8320	03/15/50		24,372
	100,000	Corevest American Finance Trust Series 2019-3 C^(c)		3.2650	10/15/52		90,131
	120,262	Corevest American Finance Trust Series 2020-4 A^(c)		1.1740	12/15/52		114,791
	333,909	Dext A.B.S, LLC Series 2023-1 A2^(c)		5.9900	03/15/32		334,017
	242,762	Elara HGV Timeshare Issuer, LLC Series 2023-A A^(c)		6.1600	02/25/38		248,016
	130,000	FirstKey Homes Trust Series 2021-SFR1 D^(c)		2.1890	08/17/28		120,832
	375,000	FirstKey Homes Trust Series 2020-SFR2 B^(c)		1.5670	10/19/37		357,509
	305,247	Foundation Finance Trust Series 2023-2A A^(c)		6.5300	06/15/49		312,660
	323,183	Hilton Grand Vacations Trust 2024-2 Series 2A A^(c)		5.5000	03/25/38		328,616
	60,564	HIN Timeshare Trust Series 2020-A C^(c)		3.4200	10/09/39		57,230
	129,025	Jersey Mike’s Funding Series 2019-1A A2^(c)		4.4330	02/15/50		125,286
	522,542	Kubota Credit Owner Trust Series 2023-1A A2^(c)		5.4000	02/17/26		522,308
	37,394	MVW, LLC Series 2020-1A A^(c)		1.7400	10/20/37		35,463
	252,511	MVW, LLC Series 2023-1A B^(c)		5.4200	10/20/40		253,889
	265,000	Octane Receivables Trust Series 2023-1A C^(c)		6.3700	09/20/29		265,989
	435,000	PEAC Solutions Receivables 2024-1, LLC Series 1A B^(c)		5.7900	11/20/30		440,367
	520,000	Planet Fitness Master Issuer, LLC Series 1A A2I^(c)		5.7650	06/05/54		527,605

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 30.6% (Continued)
		OTHER ABS — 6.3% (Continued)
	295,224	PowerPay Issuance Trust Series 2024-1A A^(c)		6.5300	02/18/39	$	298,440
	265,000	Progress Residential Series 2021-SFR3 D^(c)		2.2880	05/17/26		247,326
	201,000	Progress Residential Series 2021-SFR1 C^(c)		1.5550	04/17/38		188,467
	480,000	Purchasing Power Funding Series A B^(c)		6.4300	08/15/28		484,022
	153,728	Regional Management Issuance Trust Series 2021-1 A^(c)		1.6800	03/17/31		150,327
	540,000	Sierra Receivables Funding Company, LLC Series 2A A^(c)		5.1400	06/20/41		542,447
	26,948	Sierra Timeshare Receivables Funding, LLC Series 2020-2A B^(c)		2.3200	07/20/37		26,180
	183,322	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B^(c)		6.2800	04/20/40		185,801
	200,625	Taco Bell Funding, LLC Series 2016-1A A23^(c)		4.9700	05/25/46		198,769
	200,000	Tricon American Homes Trust Series 2020-SFR2 D^(c)		2.2810	11/17/27		180,018
	165,000	Tricon American Homes Trust Series 2019-SFR1 C^(c)		3.1490	03/17/38		158,560
	160,000	Tricon Residential Trust Series 2021-SFR1 B^(c)		2.2440	07/17/38		150,269
	460,000	Verizon Master Trust Series 1 A1A		5.0000	12/20/28		461,349
							11,579,921
		RESIDENTIAL MORTGAGE — 1.2%
	70,127	Ajax Mortgage Loan Trust Series 2019-D A1^(c),(e)		2.9560	09/25/65		66,123
	370,000	PRET 2024-NPL4, LLC Series NPL4 A1^(c),(e)		6.9960	07/25/54		373,688
	135,000	Towd Point Mortgage Trust Series 2016-4 B1^(c),(f)		4.0280	07/25/56		129,360
	115,000	Towd Point Mortgage Trust Series 2017-1 M1^(c),(f)		3.7500	10/25/56		111,234
	460,000	Towd Point Mortgage Trust Series 2017-4 A2^(c),(f)		3.0000	06/25/57		426,002
	160,000	Towd Point Mortgage Trust Series 2017-6 A2^(c),(f)		3.0000	10/25/57		149,655
	140,000	Towd Point Mortgage Trust Series 2018-6 A1B^(c),(f)		3.7500	03/25/58		133,754
	300,000	Towd Point Mortgage Trust Series 2018-6 A2^(c),(f)		3.7500	03/25/58		275,818
	255,000	Towd Point Mortgage Trust Series 2019-2 A2^(c),(f)		3.7500	12/25/58		232,319
	235,000	Towd Point Mortgage Trust Series 2019-4 A2^(c),(f)		3.2500	10/25/59		211,034
	23,077	VCAT, LLC Series 2021-NPL2 A1^(c),(e)		5.1150	03/27/51		22,992
							2,131,979

		TOTAL ASSET BACKED SECURITIES (Cost $56,136,895)					55,803,490

		CORPORATE BONDS — 33.0%
		AEROSPACE & DEFENSE — 0.6%
	90,000	Boeing Company (The)		5.8050	05/01/50		83,547

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		AEROSPACE & DEFENSE — 0.6% (Continued)
	303,000	Boeing Company (The)		5.9300	05/01/60	$	277,908
	505,000	L3Harris Technologies, Inc.		5.3500	06/01/34		510,409
	185,000	TransDigm, Inc.^(c)		6.6250	03/01/32		189,103
							1,060,967
		APPAREL & TEXTILE PRODUCTS — 0.2%
	260,000	Tapestry, Inc.		7.8500	11/27/33		277,112

		ASSET MANAGEMENT — 2.1%
	235,000	Apollo Debt Solutions BDC^(c),(g)		6.9000	04/13/29		240,568
	300,000	BlackRock Funding, Inc.		5.2500	03/14/54		296,264
	157,000	Blackstone Private Credit Fund		2.6250	12/15/26		145,532
	65,000	Blackstone Private Credit Fund^(c)		7.3000	11/27/28		68,289
	128,000	Blue Owl Credit Income Corporation		4.7000	02/08/27		123,737
	120,000	Blue Owl Credit Income Corporation		6.6500	03/15/31		120,575
	555,000	Blue Owl Finance, LLC^(c)		3.1250	06/10/31		477,865
	410,000	Brookfield Finance, Inc.		6.3500	01/05/34		439,213
	125,000	Charles Schwab Corporation (The)^(d)	SOFRRATE + 2.010%	6.1360	08/24/34		131,984
	305,000	Charles Schwab Corporation (The)^(d)	H15T10Y + 3.079%	4.0000	03/01/69		257,854
	250,000	Drawbridge Special Opportunities Fund, L.P.^(c)		3.8750	02/15/26		240,202
	334,000	Hannon Armstrong Sustainable Infrastructure^(c)		6.3750	07/01/34		330,026
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises		5.2500	05/15/27		210,889
	340,000	Nuveen, LLC^(c)		5.8500	04/15/34		348,983
	355,000	UBS Group A.G.^(c),(d)	H15T1Y + 2.400%	4.9880	08/05/33		345,654
	35,000	UBS Group A.G.^(c),(d)	H15T5Y + 4.758%	9.2500	05/13/72		39,728
							3,817,363
		AUTOMOTIVE — 0.2%
	70,000	Ford Motor Company		4.7500	01/15/43		57,077
	200,000	Ford Motor Credit Company, LLC		6.8000	05/12/28		208,126
	160,000	Nissan Motor Acceptance Company, LLC^(c)		7.0500	09/15/28		167,900
							433,103
		BANKING — 4.9%
	287,000	Banco de Credito del Peru S.A.^(c),(d)	H15T5Y + 3.000%	3.1250	07/01/30		278,785
	290,000	Banco de Credito e Inversiones S.A.^(c),(d)	H15T5Y + 4.944%	8.7500	02/08/74		305,429

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		BANKING — 4.9% (Continued)
	200,000	Banco Mercantil del Norte S.A.^(c),(d)	H15T10Y + 5.034%	6.6250	01/24/70	$	181,584
	920,000	Bank of America Corporation^(d)	SOFRRATE + 1.320%	2.6870	04/22/32		793,609
	390,000	Bank of America Corporation^(d)	H15T5Y + 1.200%	2.4820	09/21/36		318,735
	400,000	Barclays plc^(d),(g)	H15T1Y + 3.500%	7.4370	11/02/33		450,366
	200,000	BBVA Bancomer S.A.^(c),(d)	H15T5Y + 2.650%	5.1250	01/18/33		186,478
	250,000	BPCE S.A.^(c),(d)	SOFRRATE + 2.590%	7.0030	10/19/34		273,070
	280,000	Citigroup, Inc.^(d)	TSFR3M + 1.600%	3.9800	03/20/30		268,278
	320,000	Citigroup, Inc.^(d),(g)	SOFRRATE + 2.338%	6.2700	11/17/33		341,707
	229,000	Citigroup, Inc.^(d)	SOFRRATE + 2.661%	6.1740	05/25/34		237,032
	195,000	Citizens Financial Group, Inc.^(d)	SOFRRATE + 1.910%	5.7180	07/23/32		196,731
	390,000	Fifth Third Bancorp^(d)	SOFRRATE + 1.660%	4.3370	04/25/33		362,309
	455,000	Huntington Bancshares, Inc.^(d)	SOFRINDX + 1.870%	5.7090	02/02/35		458,454
	710,000	JPMorgan Chase & Company^(f)		1.9530	02/04/32		590,155
	420,000	JPMorgan Chase & Company^(d),(g)	SOFRRATE + 2.580%	5.7170	09/14/33		433,716
	82,000	JPMorgan Chase & Company Series HH^(d)	SOFRRATE + 3.125%	4.6000	08/01/68		81,612
	390,000	KeyCorporation^(d)	SOFRRATE + 2.420%	6.4010	03/06/35		405,733
	310,000	NatWest Group plc^(d)	H15T5Y + 2.200%	6.4750	06/01/34		320,564
	375,000	Societe Generale S.A.^(c),(d)	H15T1Y + 2.100%	6.0660	01/19/35		380,319
	200,000	Texas Capital Bancshares, Inc.^(d)	H15T5Y + 3.150%	4.0000	05/06/31		185,250
	285,000	Toronto-Dominion Bank (The)^(d)	H15T5Y + 4.075%	8.1250	10/31/82		297,870
	90,000	Truist Financial Corporation^(d)	SOFRRATE + 1.922%	5.7110	01/24/35		91,720
	400,000	Truist Financial Corporation^(d)	H15T10Y + 4.349%	5.1000	03/01/69		375,595
	280,000	Wells Fargo & Company^(d)	SOFRRATE + 2.100%	4.8970	07/25/33		274,632
	285,000	Wells Fargo & Company^(d)	SOFRRATE + 2.060%	6.4910	10/23/34		309,613
	330,000	Wells Fargo & Company Series BB^(d)	H15T5Y + 3.453%	3.9000	03/15/69		315,547
	185,000	Wells Fargo & Company^(d)	H15T5Y + 2.767%	6.8500	07/15/74		187,860
							8,902,753

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		BEVERAGES — 0.3%
	390,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.9000	02/01/46	$	367,772
	150,000	Central American Bottling Corp / CBC Bottling^(c)		5.2500	04/27/29		144,114
							511,886
		BIOTECH & PHARMA — 0.7%
	198,000	Amgen, Inc.		5.2500	03/02/33		200,688
	258,000	Amgen, Inc.		5.6500	03/02/53		259,115
	45,000	Par Pharmaceutical, Inc.^(c),(h)		0.0000	04/01/27
	315,000	Roche Holdings, Inc.^(c),(g)		5.2180	03/08/54		318,063
	155,000	Royalty Pharma plc		2.1500	09/02/31		127,855
	150,000	Royalty Pharma plc^(g)		5.4000	09/02/34		149,367
	195,000	Royalty Pharma plc		3.3500	09/02/51		128,296
	120,000	Teva Pharmaceutical Finance Netherlands III BV		3.1500	10/01/26		113,654
	681	Viatris, Inc.^(c)		2.3000	06/22/27		630
							1,297,668
		CABLE & SATELLITE — 0.2%
	14,000	CCO Holdings, LLC / CCO Holdings Capital^(c),(g)		6.3750	09/01/29		13,632
	180,000	CCO Holdings, LLC / CCO Holdings Capital^(c)		4.7500	03/01/30		161,115
	45,000	CCO Holdings, LLC / CCO Holdings Capital^(c)		4.5000	08/15/30		39,413
	200,000	CSC Holdings, LLC^(c)		11.7500	01/31/29		180,922
							395,082
		CHEMICALS — 0.4%
	235,000	Bayport Polymers, LLC^(c)		5.1400	04/14/32		222,581
	189,000	INEOS Quattro Finance 2 plc^(c)		3.3750	01/15/26		182,662
	200,000	INEOS Quattro Finance 2 plc^(c)		9.6250	03/15/29		214,629
	130,000	Windsor Holdings III, LLC^(c)		8.5000	06/15/30		136,989
							756,861
		CONSTRUCTION MATERIALS — 0.3%
	525,000	CRH America Finance, Inc.		5.4000	05/21/34		531,837

		CONTAINERS & PACKAGING — 0.5%
	380,000	Berry Global, Inc.^(c)		5.6500	01/15/34		380,263
	435,000	Smurfit Kappa Treasury ULC^(c)		5.7770	04/03/54		444,046
							824,309

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		ELEC & GAS MARKETING & TRADING — 0.2%
	380,000	New York State Electric & Gas Corporation^(c)		5.8500	08/15/33	$	394,551

		ELECTRIC UTILITIES — 3.1%
	195,000	AES Corporation (The)^(d)	H15T5Y + 3.201%	7.6000	01/15/55		198,173
	380,000	Black Hills Corporation		6.1500	05/15/34		395,274
	555,000	CMS Energy Corporation^(d)	H15T5Y + 4.116%	4.7500	06/01/50		514,689
	355,000	Dominion Energy, Inc.^(d),(g)	H15T5Y + 2.511%	7.0000	06/01/54		374,296
	450,000	Electricite de France S.A.^(c)		6.9000	05/23/53		500,313
	235,000	Enel Finance International N.V.^(c)		7.5000	10/14/32		266,269
	175,000	Enel Finance International N.V.^(c)		5.5000	06/26/34		174,749
	425,000	Entergy Corporation^(d),(g)	H15T5Y + 2.670%	7.1250	12/01/54		426,321
	260,000	Entergy Texas, Inc.		5.8000	09/01/53		267,607
	330,000	Exelon Corporation^(g)		5.6000	03/15/53		326,340
	188,000	National Rural Utilities Cooperative Finance^(d)	TSFR3M + 3.172%	8.4270	04/30/43		188,274
	384,000	NRG Energy, Inc.^(c)		7.0000	03/15/33		411,368
	365,000	PacifiCorporation		5.8000	01/15/55		361,309
	403,000	Puget Energy, Inc.		2.3790	06/15/28		363,401
	404,000	Southern Company (The)^(d)	H15T5Y + 2.915%	3.7500	09/15/51		381,691
	245,000	Vistra Corporation^(c),(d)	H15T5Y + 6.930%	8.0000	04/15/70		251,581
	220,000	Vistra Operations Company, LLC^(c)		6.8750	04/15/32		226,639
							5,628,294
		ELECTRICAL EQUIPMENT — 0.2%
	385,000	Vontier Corporation		2.9500	04/01/31		327,372

		ENGINEERING & CONSTRUCTION — 0.3%
	140,000	Global Infrastructure Solutions, Inc.^(c)		7.5000	04/15/32		141,180
	398,000	Sempra Infrastructure Partners, L.P.^(c)		3.2500	01/15/32		335,501
							476,681
		FOOD — 0.3%
	410,000	Pilgrim’s Pride Corporation^(g)		6.2500	07/01/33		424,750
	130,000	Post Holdings, Inc.^(c)		6.2500	02/15/32		131,792
							556,542
		GAS & WATER UTILITIES — 0.3%
	260,000	Brooklyn Union Gas Company (The)^(c)		4.8660	08/05/32		246,670

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		GAS & WATER UTILITIES — 0.3% (Continued)
	255,000	KeySpan Gas East Corporation^(c)		5.9940	03/06/33	$	261,821
							508,491
		HEALTH CARE FACILITIES & SERVICES — 0.9%
	290,000	Catalent Pharma Solutions, Inc.^(c)		3.5000	04/01/30		279,652
	45,000	Concentra Escrow Issuer Corporation^(c)		6.8750	07/15/32		46,464
	458,000	CVS Health Corporation		5.8750	06/01/53		448,449
	185,000	HCA, Inc.		5.5000	06/01/33		186,682
	165,000	HCA, Inc.		5.2500	06/15/49		150,108
	116,000	HCA, Inc.		6.0000	04/01/54		116,651
	465,000	Universal Health Services, Inc.		2.6500	01/15/32		392,191
							1,620,197
		HOME & OFFICE PRODUCTS — 0.2%
	275,000	Newell Brands, Inc.^(g)		6.3750	09/15/27		275,922

		HOME CONSTRUCTION — 0.5%
	410,000	Ashton Woods USA, LLC / Ashton Woods Finance^(c)		4.6250	04/01/30		374,757
	35,000	Masterbrand, Inc.^(c)		7.0000	07/15/32		35,960
	494,000	Meritage Homes Corporation^(c)		3.8750	04/15/29		464,307
							875,024
		HOUSEHOLD PRODUCTS — 0.2%
	370,000	Kronos Acquisition Holdings, Inc.^(c)		8.2500	06/30/31		373,413

		INDUSTRIAL SUPPORT SERVICES — 0.2%
	405,000	Ashtead Capital, Inc.^(c)		5.5000	08/11/32		403,676

		INSTITUTIONAL FINANCIAL SERVICES — 1.6%
	165,000	Bank of New York Mellon Corporation (The)^(d)	SOFRINDX + 2.074%	5.8340	10/25/33		174,082
	345,000	Bank of New York Mellon Corporation (The)^(d)	H15T5Y + 4.358%	4.7000	09/20/68		340,076
	285,000	Goldman Sachs Group, Inc. (The)^(d)	SOFRRATE + 1.090%	1.9920	01/27/32		235,702
	310,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36		338,758
	435,000	Morgan Stanley^(d)	SOFRRATE + 1.870%	5.2500	04/21/34		435,616
	185,000	Morgan Stanley^(d)	SOFRRATE + 1.880%	5.4240	07/21/34		187,290

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.6% (Continued)
	275,000	Morgan Stanley^(d)	H15T5Y + 2.430%	5.9480	01/19/38	$	280,142
	215,000	Northern Trust Corporation^(f)		3.3750	05/08/32		205,561
	220,000	State Street Corporation^(d)	SOFRRATE + 1.726%	4.1640	08/04/33		208,678
	355,000	State Street Corporation^(d)	SOFRRATE + 1.958%	6.1230	11/21/34		376,484
	175,000	State Street Corporation^(d)	H15T5Y + 2.613%	6.7000	03/15/74		175,707
							2,958,096
		INSURANCE — 2.0%
	200,000	Allianz S.E.^(c),(d)	H15T5Y + 3.232%	6.3500	09/06/53		209,453
	320,000	Allstate Corporation (The)^(d)	TSFR3M + 3.200%	8.5220	08/15/53		321,206
	410,000	Ascot Group Ltd.^(c)		4.2500	12/15/30		351,642
	391,000	Corebridge Financial, Inc.^(d)	H15T5Y + 3.846%	6.8750	12/15/52		397,447
	315,000	F&G Annuities & Life, Inc.		6.5000	06/04/29		319,314
	198,000	Global Atlantic Fin Company^(c)		7.9500	06/15/33		221,152
	105,000	Global Atlantic Fin Company^(c),(d)	H15T5Y + 3.608%	7.9500	10/15/54		106,788
	45,000	HUB International Ltd.^(c)		7.2500	06/15/30		46,436
	175,000	Liberty Mutual Group, Inc.^(c),(d)	H15T5Y + 3.315%	4.1250	12/15/51		163,749
	325,000	MetLife, Inc.^(d)	H15T5Y + 3.576%	3.8500	03/15/69		315,926
	126,000	MetLife, Inc.^(d)	TSFR3M + 3.221%	5.8750	09/15/66		126,048
	335,000	Nippon Life Insurance Company^(c),(d)	H15T5Y + 2.954%	6.2500	09/13/53		352,092
	30,000	Panther Escrow Issuer, LLC^(c)		7.1250	06/01/31		30,804
	104,000	Prudential Financial, Inc.^(d)	H15T5Y + 3.162%	5.1250	03/01/52		97,866
	210,000	Prudential Financial, Inc.^(d)	H15T5Y + 2.848%	6.7500	03/01/53		216,993
	45,000	Prudential Financial, Inc.^(d)	H15T5Y + 2.404%	6.5000	03/15/54		45,971
	415,000	Willis North America, Inc.		5.9000	03/05/54		414,520
							3,737,407
		LEISURE FACILITIES & SERVICES — 0.0%^(a)
	80,000	1011778 BC ULC / New Red Finance, Inc.^(c)		6.1250	06/15/29		80,878

		MACHINERY — 0.7%
	580,000	Regal Rexnord Corporation^(g)		6.4000	04/15/33		604,165
	605,000	Veralto Corporation^(c)		5.4500	09/18/33		617,127
							1,221,292

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		MEDICAL EQUIPMENT & DEVICES — 1.0%
	570,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30	$	507,018
	498,000	Illumina, Inc.		2.5500	03/23/31		419,982
	75,000	Medline Borrower, L.P./Medline Co-Issuer, Inc.^(c)		6.2500	04/01/29		76,645
	450,000	Smith & Nephew plc		5.4000	03/20/34		453,435
	350,000	Zimmer Biomet Holdings, Inc.^(g)		3.5500	03/20/30		324,717
							1,781,797
		METALS & MINING — 0.5%
	420,000	Corp Nacional del Cobre de Chile^(c)		5.9500	01/08/34		427,573
	140,000	FMG Resources August Pty Ltd. Series 2006^(c)		5.8750	04/15/30		138,124
	295,000	Glencore Funding, LLC^(c)		2.8500	04/27/31		253,677
	240,000	Glencore Funding, LLC^(c)		5.6340	04/04/34		241,127
							1,060,501
		OIL & GAS PRODUCERS — 3.8%
	540,000	BP Capital Markets plc^(d)	H15T5Y + 4.398%	4.8750	12/22/00		511,819
	130,000	Civitas Resources, Inc.^(c)		8.7500	07/01/31		139,960
	150,000	Columbia Pipelines Operating Company, LLC^(c)		6.0360	11/15/33		156,472
	165,000	Columbia Pipelines Operating Company, LLC^(c)		6.5440	11/15/53		178,192
	35,000	Columbia Pipelines Operating Company, LLC^(c)		6.7140	08/15/63		37,970
	95,000	CrownRock, L.P. / CrownRock Finance, Inc.^(c)		5.0000	05/01/29		95,802
	425,000	Diamondback Energy, Inc.		5.9000	04/18/64		421,625
	125,000	DT Midstream, Inc.^(c)		4.1250	06/15/29		116,850
	25,000	Encino Acquisition Partners Holdings, LLC^(c)		8.7500	05/01/31		26,282
	120,000	Energy Transfer, L.P.^(d)	H15T5Y + 5.306%	7.1250	05/15/69		119,937
	175,000	Energy Transfer, L.P.^(d)	H15T5Y + 5.694%	6.5000	11/15/69		174,250
	80,000	EQM Midstream Partners, L.P.^(c)		6.3750	04/01/29		81,732
	425,000	Flex Intermediate Holdco, LLC^(c)		3.3630	06/30/31		362,734
	225,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		238,294
	475,000	KazMunayGas National Company JSC^(c)		5.7500	04/19/47		416,444
	85,000	Kinder Morgan Energy Partners, L.P.		6.9500	01/15/38		94,489
	320,000	Kinder Morgan, Inc.		7.7500	01/15/32		368,628
	50,000	NGL Energy Partners, L.P.^(c)		8.1250	02/15/29		50,694
	80,000	NGL Energy Partners, L.P.^(c)		8.3750	02/15/32		81,803
	360,000	Northern Natural Gas Company^(c)		5.6250	02/01/54		360,029
	185,000	Occidental Petroleum Corporation		6.1250	01/01/31		192,917

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		OIL & GAS PRODUCERS — 3.8% (Continued)
	175,000	Occidental Petroleum Corporation^(g)		5.5500	10/01/34	$	176,036
	275,000	Pertamina Persero PT^(c)		6.4500	05/30/44		292,955
	365,000	Petroleos Mexicanos		6.5000	03/13/27		351,340
	185,000	Petroleos Mexicanos		7.6900	01/23/50		136,032
	350,000	Plains All American Pipeline, L.P. / PAA Finance		5.7000	09/15/34		354,132
	335,000	Reliance Industries Ltd.^(c)		2.8750	01/12/32		288,379
	345,000	Saudi Arabian Oil Company^(c)		5.2500	07/17/34		346,817
	45,000	SM Energy Company^(c)		6.7500	08/01/29		45,341
	40,000	SM Energy Company^(c)		7.0000	08/01/32		40,447
	370,000	Transcanada Trust^(d)	H15T5Y + 3.986%	5.6000	03/07/82		343,112
	95,000	Venture Global Calcasieu Pass, LLC^(c)		3.8750	08/15/29		87,877
	315,000	Western Midstream Operating, L.P.		5.2500	02/01/50		280,012
							6,969,403
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	210,000	Nabors Industries Ltd.^(c)		7.2500	01/15/26		213,916

		REAL ESTATE INVESTMENT TRUSTS — 1.2%
	310,000	EPR Properties		4.7500	12/15/26		304,610
	108,000	GLP Capital, L.P. / GLP Financing II, Inc.		3.2500	01/15/32		92,730
	405,000	GLP Capital, L.P. / GLP Financing II, Inc.		6.7500	12/01/33		434,601
	200,000	NNN REIT, Inc.		5.5000	06/15/34		202,307
	355,000	Sabra Health Care, L.P.		3.2000	12/01/31		302,208
	390,000	Safehold GL Holdings, LLC		6.1000	04/01/34		399,713
	75,000	Service Properties Trust		4.9500	02/15/27		70,337
	165,000	VICI Properties, L.P.^(g)		5.1250	05/15/32		160,873
	150,000	VICI Properties, L.P. / VICI Note Company, Inc.^(c)		4.1250	08/15/30		139,253
							2,106,632
		RETAIL - DISCRETIONARY — 0.4%
	175,000	Beacon Roofing Supply, Inc.^(c)		6.5000	08/01/30		179,135
	175,000	BlueLinx Holdings, Inc.^(c),(g)		6.0000	11/15/29		167,092
	405,000	Hertz Corporation (The)^(c),(g)		4.6250	12/01/26		303,710
	105,000	PetSmart, Inc. / PetSmart Finance Corporation^(c)		7.7500	02/15/29		101,978
							751,915

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		SEMICONDUCTORS — 0.4%
	465,000	Broadcom, Inc.		5.1500	11/15/31	$	469,491
	325,000	Foundry JV Holdco, LLC^(c),(g)		6.4000	01/25/38		344,067
							813,558
		SOFTWARE — 0.4%
	90,000	Consensus Cloud Solutions, Inc.^(c)		6.5000	10/15/28		86,909
	105,000	Helios Software Holdings, Inc. / ION Corporate^(c)		8.7500	05/01/29		108,799
	115,000	Oracle Corporation		6.2500	11/09/32		123,783
	160,000	Oracle Corporation		6.9000	11/09/52		183,094
	188,000	Oracle Corporation		5.5500	02/06/53		182,167
	75,000	Oracle Corporation		3.8500	04/01/60		53,098
							737,850
		SPECIALTY FINANCE — 1.3%
	235,000	AerCap Ireland Capital DAC / AerCap Global		3.3000	01/30/32		206,323
	150,000	AerCap Ireland Capital DAC / AerCap Global^(d)	H15T5Y + 2.720%	6.9500	03/10/55		151,329
	615,000	American Express Company^(d)	SOFRRATE + 1.930%	5.6250	07/28/34		629,665
	235,000	Aviation Capital Group, LLC^(c)		3.5000	11/01/27		222,780
	210,000	Avolon Holdings Funding Ltd.^(c)		4.3750	05/01/26		206,182
	217,000	Capital One Financial Corporation^(f)		2.3590	07/29/32		172,177
	210,000	Fortress Transportation and Infrastructure^(c)		7.0000	05/01/31		216,666
	45,000	Fortress Transportation and Infrastructure^(c)		7.0000	06/15/32		46,412
	225,000	GGAM Finance Ltd.^(c)		6.8750	04/15/29		230,610
	150,000	Synchrony Financial		4.8750	06/13/25		148,797
	67,000	Synchrony Financial		3.7000	08/04/26		64,664
							2,295,605
		TECHNOLOGY HARDWARE — 0.1%
	175,000	ViaSat, Inc.^(c)		5.6250	09/15/25		173,149

		TECHNOLOGY SERVICES — 1.4%
	165,000	Block, Inc.^(c)		6.5000	05/15/32		167,946
	400,000	Booz Allen Hamilton, Inc.^(c)		4.0000	07/01/29		378,025
	570,000	CoStar Group, Inc.^(c)		2.8000	07/15/30		494,600
	425,000	Gartner, Inc.^(c),(g)		3.7500	10/01/30		388,744
	25,000	Insight Enterprises, Inc.^(c)		6.6250	05/15/32		25,760

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.0% (Continued)
		TECHNOLOGY SERVICES — 1.4% (Continued)
	320,000	Leidos, Inc.		2.3000	02/15/31	$	270,208
	556,000	MSCI, Inc.^(c)		3.6250	09/01/30		508,214
	245,000	Science Applications International Corporation^(c)		4.8750	04/01/28		236,857
							2,470,354
		TELECOMMUNICATIONS — 0.3%
	160,000	Level 3 Financing, Inc.^(c)		4.2500	07/01/28		86,400
	270,000	Level 3 Financing, Inc.^(c)		3.6250	01/15/29		130,950
	205,000	Sprint Capital Corporation		8.7500	03/15/32		249,163
	37,500	Sprint Spectrum Company, LLC / Sprint Spectrum^(c)		4.7380	03/20/25		37,380
							503,893
		TOBACCO & CANNABIS — 0.2%
	295,000	BAT Capital Corporation		7.7500	10/19/32		339,350

		TRANSPORTATION & LOGISTICS — 0.8%
	370,803	Alaska Airlines Class A Pass Through Trust Series 2021-1^(c)		4.8000	08/15/27		365,844
	335,000	BNSF Funding Trust I^(f)		6.6130	12/15/55		336,410
	272,763	British Airways Class A Pass Through Trust Series 2021-1^(c)		2.9000	03/15/35		239,895
	325,689	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		314,139
	55,000	United Airlines 2024-1 Class AA Pass Through Trust		5.4500	02/15/37		55,542
	287,431	United Airlines Class A Pass Through Trust Series 2023-1		5.8000	07/15/36		293,428
							1,605,258

		TOTAL CORPORATE BONDS (Cost $59,590,691)					60,069,958

		MUNICIPAL BONDS — 0.2%
		LOCAL AUTHORITY — 0.2%
	300,000	San Diego County Regional Airport Authority		5.5940	07/01/43		299,987

		TOTAL MUNICIPAL BONDS (Cost $300,000)					299,987

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 1.8%
		SOVEREIGN — 1.8%
	565,000	Brazilian Government International Bond		6.0000	10/20/33	$	555,735
	515,000	Dominican Republic International Bond^(c)		4.8750	09/23/32		471,158
	330,000	Hungary Government International Bond^(c)		6.2500	09/22/32		345,841
	200,000	Mexico Government International Bond		2.6590	05/24/31		168,461
	250,000	Mexico Government International Bond		6.3500	02/09/35		257,036
	200,000	Mexico Government International Bond		6.0000	05/07/36		199,346
	555,000	Panama Government International Bond		8.0000	03/01/38		598,766
	40,000	Republic of Uzbekistan International Bond^(c)		6.9000	02/28/32		39,247
	505,000	Romanian Government International Bond^(c)		5.8750	01/30/29		510,284
	200,000	Serbia International Bond^(c)		6.5000	09/26/33		207,109
							3,352,983
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $3,301,771)					3,352,983

				Coupon Rate
			Spread	(%)	Maturity
		TERM LOANS — 6.2%
		AEROSPACE & DEFENSE — 0.1%
	194,145	TransDigm, Inc.^(d)	TSFR3M + 2.500%	7.8280	02/28/31		194,861

		ASSET MANAGEMENT — 0.2%
	34,650	FinCompany I, LLC^(d)	TSFR1M + 3.000%	8.3300	06/27/29		34,893
	75,000	GTCR W Merger Sub, LLC^(d)	TSFR1M + 3.000%	8.3350	09/20/30		75,276
	177,308	Wec US Holdings Ltd.^(d)	TSFR1M + 2.750%	8.0940	01/20/31		177,883
							288,052
		AUTOMOTIVE — 0.1%
	214,463	Clarios Global, L.P.^(d)	TSFR1M + 2.500%	7.8270	05/06/30		215,300

		BEVERAGES — 0.1%
	94,525	Pegasus Bidco BV^(d)	TSFR1M + 3.750%	9.0720	07/12/29		94,958
	159,332	Triton Water Holdings, Inc.^(d)	TSFR1M + 3.500%	8.8460	03/29/28		159,998
							254,956
		BIOTECH & PHARMA — 0.1%
	113,609	Perrigo Investments, LLC^(d)	TSFR1M + 2.500%	7.6940	04/07/29		114,035

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.2% (Continued)
		CABLE & SATELLITE — 0.5%
	294,263	Cogeco Communications USA II, L.P.^(d)	TSFR1M + 3.250%	8.5940	09/18/30	$	281,488
	243,763	CSC Holdings, LLC^(d)	TSFR1M + 4.500%	9.8290	01/18/28		234,711
	257,396	Directv Financing, LLC^(d)	TSFR1M + 5.365%	10.7080	08/02/29		257,436
	205,000	Virgin Media Bristol, LLC^(d)	TSFR1M + 2.500%	7.9430	01/04/28		197,925
							971,560
		CHEMICALS — 0.5%
	278,534	INEOS US Finance, LLC^(d)	TSFR1M + 3.250%	8.5950	02/19/30		277,740
	218,656	Innophos Holdings, Inc.^(d)	TSFR1M + 3.250%	9.2080	02/04/27		218,565
	113,846	LSF11 A5 HoldCo, LLC^(d)	TSFR1M – 3.615%	8.9580	10/16/28		114,202
	59,850	Lummus Technology Holdings V, LLC^(d)	TSFR1M + 3.615%	8.9580	12/31/29		60,219
	54,724	Nouryon USA, LLC^(d)	TSFR3M + 3.500%	8.8260	04/03/28		55,109
	63,765	Windsor Holdings III, LLC^(d)	TSFR1M + 4.000%	9.3390	08/01/30		64,350
							790,185
		COMMERCIAL SUPPORT SERVICES — 0.4%
	166,978	Brightview Landscapes, LLC^(d)	TSFR3M + 2.500%	7.8350	04/20/29		167,187
	25,000	CHG Healthcare Services, Inc.^(b),(d)	TSFR1M + 3.615%	8.9490	09/29/28		25,067
	102,500	CHG Healthcare Services, Inc.^(d)	TSFR1M + 3.500%	8.7080	09/30/28		102,762
	69,650	CHG Healthcare Services, Inc.^(d)	TSFR3M + 3.750%	9.0940	09/30/28		69,835
	40,000	GFL Environmental, Inc.^(d)	TSFR3M + 2.000%	7.3430	06/27/31		40,178
	225,000	Prime Security Services Borrower, LLC^(d)	TSFR1M + 2.250%	7.5790	10/15/30		225,843
							630,872
		CONSTRUCTION MATERIALS — 0.1%
	159,600	Quikrete Holdings, Inc.^(d)	TSFR1M + 2.500%	7.8440	03/25/31		160,289

		CONTAINERS & PACKAGING — 0.1%
	65,000	Altium Packaging, LLC^(d)	TSFR1M + 2.500%	7.8440	06/05/31		65,000
	169,563	TricorBraun Holdings, Inc.^(d)	TSFR1M + 3.365%	8.7080	01/29/28		169,260
							234,260
		ELECTRIC UTILITIES — 0.1%
	58,670	Generation Bridge Northeast, LLC^(d)	TSFR1M + 4.250%	8.8440	08/07/29		59,208
	15,000	Generation Bridge Northeast, LLC^(d)	TSFR1M + 3.500%	8.8440	08/22/29		15,138
	39,900	Vistra Operations Company, LLC^(d)	TSFR1M + 2.750%	8.0930	03/20/31		40,184
							114,530

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.2% (Continued)
		ELECTRICAL EQUIPMENT — 0.1%
	195,000	Gates Corporation^(d)	TSFR1M + 2.250%	7.5820	06/04/31	$	195,622

		ENGINEERING & CONSTRUCTION — 0.1%
	200,000	Pike Corporation^(d)	TSFR1M + 3.000%	8.4580	12/21/27		201,218

		ENTERTAINMENT CONTENT — 0.1%
	117,907	Univision Communications, Inc.^(d)	TSFR1M + 3.250%	8.7080	03/24/26		117,985
	125,000	Univision Communications, Inc.^(d)	TSFR1M + 3.500%	8.9580	01/31/29		122,377
							240,362
		FOOD — 0.2%
	54,725	Chobani, LLC^(d)	TSFR1M + 3.750%	9.0800	10/25/27		55,033
	172,807	Del Monte Foods, Inc.^(d)	TSFR1M + 4.250%	9.7360	05/16/29		131,518
	171,011	Froneri US, Inc.^(d)	TSFR1M + 2.250%	7.6940	01/30/27		171,470
							358,021
		FORESTRY, PAPER & WOOD PRODUCTS — 0.0%^(a)
	85,000	Asplundh Tree Expert, LLC^(d)	TSFR1M + 1.750%	7.0960	05/08/31		85,184

		HEALTH CARE FACILITIES & SERVICES — 0.2%
	30,000	Concentra Health Services, Inc.^(b),(d)	TSFR1M + 2.250%	7.5890	06/26/31		30,113
	214,250	Phoenix Guarantor, Inc.^(d)	TSFR1M + 3.365%	8.5940	02/13/31		214,572
	29,847	Phoenix Newco, Inc.^(d)	TSFR1M + 3.250%	8.7080	08/11/28		30,000
	45,000	Radnet Management, Inc.^(d)	TSFR1M + 2.500%	7.8270	04/10/31		45,248
							319,933
		HOME CONSTRUCTION — 0.0%^(a)
	15,000	MIWD Holdco II, LLC^(d)	TSFR1M + 3.600%	8.8440	03/21/31		15,067

		HOUSEHOLD PRODUCTS — 0.1%
	175,000	Kronos Acquisition Holdings, Inc.^(d)	TSFR3M + 4.000%	9.3390	06/27/31		172,722

		INDUSTRIAL SUPPORT SERVICES — 0.0%^(a)
	45,000	Resideo Funding, Inc.^(d)	TSFR3M + 2.000%	7.3300	05/21/31		45,056

		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	159,691	Citadel Securities, L.P.^(d)	TSFR1M + 2.250%	7.5940	07/29/30		160,390

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.2% (Continued)
		INSURANCE — 0.1%
	44,888	Acrisure, LLC^(d)	TSFR3M + 3.250%	8.5940	11/06/30	$	44,899
	150,000	Truist Insurance Holdings, LLC^(d)	TSFR1M + 3.250%	8.5850	03/24/31		150,657
							195,556
		INTERNET MEDIA & SERVICES — 0.1%
	15,000	Go Daddy Operating Company, LLC^(d)	TSFR1M + 1.750%	7.0940	08/21/31		15,025
	200,398	Uber Technologies, Inc.^(d)	TSFR1M + 2.750%	8.0890	03/03/30		201,682
							216,707
		LEISURE FACILITIES & SERVICES — 0.7%
	5,000	Alterra Mountain Company^(b),(d)	TSFR1M + 3.250%	9.1730	05/31/30		5,036
	56,850	Caesars Entertainment, Inc.^(d)	TSFR3M + 2.750%	8.0970	02/06/30		57,134
	95,380	Carnival Corporation^(d)	TSFR1M + 2.750%	8.0940	08/09/27		96,170
	165,000	Entain plc^(d)	TSFR1M + 2.750%	8.0140	10/31/29		165,498
	194,025	Flutter Financing BV^(d)	TSFR1M + 2.250%	7.5850	11/18/30		194,551
	155,000	Hilton Worldwide Finance, LLC^(d)	TSFR1M + 2.100%	7.0950	11/09/30		155,509
	39,302	Light & Wonder International, Inc.^(d)	TSFR1M + 2.350%	8.0790	04/16/29		39,621
	154,225	Ontario Gaming GTA, L.P.^(d)	TSFR1M + 4.250%	9.5850	07/20/30		155,081
	153,058	Scientific Games Holdings, L.P.^(d)	TSFR3M + 3.000%	8.3180	04/04/29		153,000
	248,299	UFC Holdings, LLC^(d)	TSFR1M + 2.750%	8.3360	04/29/26		249,204
							1,270,804
		MACHINERY — 0.2%
	60,817	Alliance Laundry Systems, LLC^(d)	TSFR3M + 3.500%	8.8990	09/30/27		61,278
	123,414	Filtration Group Corporation^(d)	TSFR1M + 3.500%	8.9580	10/19/28		124,263
	69,572	Standard Industries, Inc.^(d)	TSFR1M + 2.500%	7.3440	08/06/28		69,826
	118,734	Titan Acquisition Ltd.^(d)	TSFR1M + 5.000%	10.3260	02/01/29		119,132
							374,499
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	20,000	Insulet Corporation^(d)	TSFR1M + 2.500%	0.0000	07/31/31		19,913
	25,000	Medline Borrower, L.P.^(d)	TSFR1M + 2.250%	7.5780	10/23/28		25,051
	192,889	Medline Borrower, L.P.^(d)	TSFR1M + 2.750%	8.0940	10/23/28		193,709
							238,673
		METALS & MINING — 0.0%^(a)
	49,663	Arsenal AIC Parent, LLC^(d)	TSFR1M + 3.750%	9.0940	08/19/30		49,924

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.2% (Continued)
		OIL & GAS PRODUCERS — 0.2%
	29,846	AL GCX Holdings, LLC^(d)	TSFR1M + 2.750%	8.0990	05/17/29	$	29,943
	152,615	Freeport LNG Investments LLLP^(d)	TSFR3M + 3.500%	9.0860	11/17/28		152,187
	39,799	GIP Pilot Acquisition Partners, L.P.^(d)	TSFR1M + 2.500%	7.8180	10/04/30		40,048
	96,868	Oryx Midstream Services Permian Basin, LLC^(d)	TSFR1M + 3.615%	8.4410	10/05/28		97,349
	75,000	WhiteWater DBR HoldCo, LLC^(d)	TSFR1M + 2.750%	8.0850	02/18/31		75,359
							394,886
		PUBLISHING & BROADCASTING — 0.1%
	93,765	Century DE Buyer, LLC^(d)	TSFR3M + 4.000%	9.3300	09/27/30		94,366

		REAL ESTATE INVESTMENT TRUSTS — 0.1%
	238,800	Iron Mountain, Inc.^(d)	TSFR1M + 2.100%	7.4320	01/31/31		238,427

		RETAIL - DISCRETIONARY — 0.2%
	39,800	84 Lumber Company^(d)	TSFR1M + 2.250%	7.5940	11/04/30		40,061
	65,000	Harbor Freight Tools USA, Inc.^(d)	TSFR1M + 2.500%	7.8440	06/05/31		64,269
	84,788	Peer Holding III BV^(d)	TSFR1M + 3.250%	8.5850	10/19/30		85,344
	152,253	PetSmart, Inc.^(d)	TSFR1M + 3.750%	9.1940	01/29/28		151,365
							341,039
		SOFTWARE — 0.5%
	290,167	Applied Systems, Inc.^(d)	TSFR1M + 3.500%	8.8350	02/07/31		292,154
	24,938	Camelot US Acquisition, LLC^(d)	TSFR1M + 2.750%	8.0940	01/31/31		24,990
	132,268	CCC Intelligent Solutions, Inc.^(d)	TSFR1M + 2.500%	7.7080	09/17/28		132,665
	184,073	Central Parent, Inc.^(d)	TSFR3M + 3.250%	8.5850	07/06/29		182,504
	69,780	Ellucian Holdings, Inc.^(d)	TSFR1M + 3.600%	8.9440	10/26/29		70,391
	34,077	Open Text Corporation^(d)	TSFR1M + 2.350%	7.5940	01/31/30		34,298
	191,130	UKG, Inc.^(d)	TSFR1M + 3.600%	8.5550	01/31/31		191,923
							928,925
		TECHNOLOGY SERVICES — 0.4%
	60,000	Amazon Holdco, Inc.^(d)	TSFR1M + 2.250%	7.6000	07/30/31		60,225
	122,577	Blackhawk Network Holdings, Inc.^(d)	TSFR1M + 5.000%	10.3440	02/26/29		123,358
	63,923	Dun & Bradstreet Corporation (The)^(d)	TSFR1M + 2.750%	8.0960	01/18/29		64,136
	84,788	KBR, Inc.^(d)	TSFR1M + 2.100%	7.5940	01/10/31		84,999

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.2% (Continued)
		TECHNOLOGY SERVICES — 0.4% (Continued)
	68,010	NAB Holdings, LLC^(d)	TSFR3M + 2.750%	8.0970	11/24/28	$	68,173
	84,785	Neptune Bidco US, Inc.^(d)	TSFR3M + 5.100%	10.4060	04/11/29		80,016
	242,345	Peraton Corporation^(d)	TSFR1M + 3.750%	9.1940	02/24/28		242,766
							723,673
		TELECOMMUNICATIONS — 0.2%

	286,677	Cincinnati Bell, Inc.^(d)	SOFRRATE + 3.250%	8.6940	11/17/28		286,497
	128,652	Eagle Broadband Investments, LLC^(d)	TSFR3M + 3.115%	8.5960	11/12/27		128,240
							414,737
		TRANSPORTATION & LOGISTICS — 0.1%
	99,468	Brown Group Holding, LLC^(d)	TSFR1M + 2.750%	8.0970	07/01/31		99,589
	27,903	SkyMiles IP Ltd.^(d)	TSFR1M + 3.750%	9.0750	09/16/27		28,578
							128,167

							11,372,858
		TOTAL TERM LOANS (Cost $11,348,921)

		U.S. GOVERNMENT & AGENCIES — 27.3%
		AGENCY FIXED RATE — 5.7%
	6,341	Fannie Mae Pool 735061		6.0000	11/01/34		6,534
	9,256	Fannie Mae Pool 866009		6.0000	03/01/36		9,561
	57,517	Fannie Mae Pool 938574		5.5000	09/01/36		58,511
	23,193	Fannie Mae Pool 310041		6.5000	05/01/37		24,640
	10,032	Fannie Mae Pool 962752		5.0000	04/01/38		10,147
	13,456	Fannie Mae Pool 909175		5.5000	04/01/38		13,690
	35,107	Fannie Mae Pool 909220		6.0000	08/01/38		36,233
	43,031	Fannie Mae Pool AS7026		4.0000	04/01/46		41,119
	71,339	Fannie Mae Pool BJ9260		4.0000	04/01/48		68,145
	655,928	Fannie Mae Pool MA4805		4.5000	11/01/52		630,252
	828,977	Fannie Mae Pool FS4438		5.0000	11/01/52		816,208
	631,879	Fannie Mae Pool MA4980		6.0000	04/01/53		640,881
	561,149	Fannie Mae Pool MA5072		5.5000	06/01/53		561,210
	570,011	Fannie Mae Pool FS6679		6.0000	12/01/53		578,317
	59,201	Freddie Mac Gold Pool G01980		5.0000	12/01/35		59,850
	9,650	Freddie Mac Gold Pool G05888		5.5000	10/01/39		9,829

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 27.3% (Continued)
		AGENCY FIXED RATE — 5.7% (Continued)
	310,902	Freddie Mac Pool SB8269	6.0000	10/01/38	$	316,351
	2,152,632	Freddie Mac Pool SD2026	5.0000	11/01/52		2,118,419
	600,365	Freddie Mac Pool SD3238	5.5000	12/01/52		601,615
	2,197,342	Freddie Mac Pool SD8309	6.0000	03/01/53		2,229,497
	1,004,610	Freddie Mac Pool SD8343	6.0000	07/01/53		1,019,396
	615,526	Freddie Mac Pool SD8350	6.0000	08/01/53		623,729
						10,474,134
		U.S. TREASURY BONDS — 2.4%
	2,405,000	United States Treasury Bond	1.2500	05/15/50		1,229,885
	5,850,000	United States Treasury Bond	1.3750	08/15/50		3,084,961
						4,314,846
		U.S. TREASURY NOTES — 19.2%
	1,830,000	United States Treasury Note	4.3750	08/15/26		1,831,179
	365,000	United States Treasury Note	4.3750	08/31/28		369,513
	370,000	United States Treasury Note	4.0000	01/31/29		369,733
	1,845,000	United States Treasury Note	4.2500	06/30/29		1,864,891
	485,000	United States Treasury Note	0.8750	11/15/30		401,338
	540,000	United States Treasury Note	2.8750	05/15/32		497,443
	2,110,000	United States Treasury Note	3.8750	08/15/33		2,074,188
	585,000	United States Treasury Note	4.0000	02/15/34		580,293
	2,045,000	United States Treasury Note	1.8750	02/15/51		1,229,476
	1,135,000	United States Treasury Note	1.8750	11/15/51		678,118
	5,925,000	United States Treasury Note	4.0000	11/15/52		5,550,752
	3,405,000	United States Treasury Note	3.6250	02/15/53		2,978,178
	3,920,000	United States Treasury Note	3.6250	05/15/53		3,430,383
	910,000	United States Treasury Note	4.7500	11/15/53		967,444
	4,875,000	United States Treasury Note	4.2500	02/15/54		4,775,215
	5,245,000	United States Treasury Note	4.6250	05/15/54		5,469,551
	1,825,000	United States Treasury Note	4.3750	05/15/34		1,864,494
						34,932,189

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $52,741,118)				49,721,169

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 3.4%
		COLLATERAL FOR SECURITIES LOANED - 2.8%
	5,068,880	Mount Vernon Liquid Assets Portfolio, LLC, 5.45%^(i),(j)	$	5,068,880

		MONEY MARKET FUNDS - 0.6%
	1,189,576	Fidelity Government Portfolio, Institutional Class, 5.21%^(j)		1,189,576

		TOTAL SHORT-TERM INVESTMENTS (Cost $6,258,456)		6,258,456

		TOTAL INVESTMENTS - 102.5% (Cost $189,702,175)	$	186,891,470
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5)%		(4,549,864	)
		NET ASSETS - 100.0%	$	182,341,606

ABS	- Asset-Backed Securities

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

REIT	- Real Estate Investment Trust

SA	- Société Anonyme

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

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

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

SOFRINDX	Secured Overnight Financing Rate Compounded

SOFRRATE	United States Secured Overnight Financing Rate

TSFR1M	Secured Overnight Financing Rate 1 month

TSFR3M	Secured Overnight Financing Rate 3 month

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

(a)

Percentage rounds to less than 0.1%.

(b)

Non-income producing security.

(c)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2024 the total market value of 144A securities is $78,880,702 or 43.3% of net assets.

(d)

Variable rate security; the rate shown represents the rate on July 31, 2024.

(e)

Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2024.

(f)

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

(g)

All or a portion of these securities on loan. Total loaned securities had a value of $4,987,062 at July 31, 2024.

(h)

Represents issuer in default on interest payments; non-income producing security.

(i)

Security was purchased with cash received as collateral for securities on loan at July 31, 2024. Total collateral had a value of $5,068,880 at July 31, 2024

(j)

Rate disclosed is the seven day effective yield as of July 31, 2024.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 9.2%
		CLO — 9.2%
	1,500,000	Apidos CLO XX Series 2015-20A DR^(a),(b)	US0003M + 5.700%	11.2480	07/16/31	$	1,500,452
	1,540,000	Atrium IX Series 9A ER^(a),(b)	US0003M + 6.450%	12.0480	05/28/30		1,545,059
	2,000,000	Benefit Street Partners Clo XII Ltd. Series 2017-12A D^(a),(b)	US0003M + 6.410%	11.9730	10/15/30		1,990,908
	1,000,000	Neuberger Berman CLO XXII Ltd. Series 22A D2R2^(a),(b)	TSFR3M + 4.750%	10.0490	04/15/38		1,009,599
	4,000,000	Rockford Tower CLO 2020-1 Ltd. Series 1A D1R^(a),(b)	TSFR3M + 4.600%	9.8820	01/20/36		4,023,752
	1,750,000	THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R^(a),(b)	US0003M + 6.750%	12.3130	04/15/31		1,578,729
							11,648,499
		TOTAL ASSET BACKED SECURITIES (Cost $11,674,927)					11,648,499

Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		CORPORATE BONDS — 9.6%
		CABLE & SATELLITE — 0.6%
	330,000	Altice Financing S.A.^(a)		5.7500	08/15/29		250,921
	401,000	Cable One, Inc.^(a),(c)		4.0000	11/15/30		308,166
	500,000	CSC Holdings, LLC^(a)		5.7500	01/15/30		201,958
							761,045
		COMMERCIAL SUPPORT SERVICES — 0.4%
	450,000	Deluxe Corporation^(a)		8.0000	06/01/29		425,076

		FOOD — 0.3%
	509,000	HLF Financing Sarl, LLC / Herbalife International,^(a)		4.8750	06/01/29		346,591

		FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
	350,000	Glatfelter Corporation^(a)		4.7500	11/15/29		296,954

		INSTITUTIONAL FINANCIAL SERVICES — 0.0%^(d)
	50,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(a)		7.5000	06/15/31		51,384

		LEISURE FACILITIES & SERVICES — 0.6%
	502,000	NCL Corporation Ltd.^(a),(c)		7.7500	02/15/29		528,661
	300,000	Studio City Finance Ltd.^(a)		5.0000	01/15/29		267,543
							796,204

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 9.6% (Continued)
		METALS & MINING — 0.2%
	168,000	Mineral Resources Ltd.^(a)	9.2500	10/01/28	$	178,630
	36,000	Mineral Resources Ltd.^(a),(c)	8.5000	05/01/30		37,559
						216,189
		OIL & GAS PRODUCERS — 1.7%
	505,000	Comstock Resources, Inc.^(a),(c)	5.8750	01/15/30		468,872
	305,000	Crescent Energy Finance, LLC^(a)	7.3750	01/15/33		309,607
	350,000	Delek Logistics Partners, L.P. / Delek Logistics^(a)	8.6250	03/15/29		363,865
	494,000	ITT Holdings, LLC^(a)	6.5000	08/01/29		464,068
	450,000	Strathcona Resources Ltd.^(a)	6.8750	08/01/26		452,217
						2,058,629
		OIL & GAS SERVICES & EQUIPMENT — 0.4%
	450,000	Nabors Industries Ltd.^(a),(c)	7.5000	01/15/28		442,508

		REAL ESTATE INVESTMENT TRUSTS — 0.3%
	514,000	Service Properties Trust^(c)	4.3750	02/15/30		384,188

		REAL ESTATE OWNERS & DEVELOPERS — 0.3%
	458,000	Kennedy-Wilson, Inc.	4.7500	03/01/29		403,174

		RETAIL - DISCRETIONARY — 0.5%
	325,000	Hertz Corporation (The)^(a),(c)	4.6250	12/01/26		243,718
	144,000	Kohl’s Corporation^(c)	4.6250	05/01/31		117,135
	325,000	Park River Holdings, Inc.^(a),(c)	6.7500	08/01/29		272,933
						633,786
		SOFTWARE — 0.4%
	210,000	Cloud Software Group, Inc.^(a)	8.2500	06/30/32		218,013
	380,000	Helios Software Holdings, Inc. / ION Corporate^(a)	4.6250	05/01/28		346,799
						564,812
		SPECIALTY FINANCE — 1.9%
	505,000	Apollo Commercial Real Estate Finance, Inc.^(a)	4.6250	06/15/29		431,118
	387,000	Bread Financial Holdings, Inc.^(a)	9.7500	03/15/29		415,182
	236,000	Burford Capital Global Finance, LLC^(a)	6.8750	04/15/30		232,891
	200,000	Burford Capital Global Finance, LLC^(a)	9.2500	07/01/31		213,238
	500,000	Cobra AcquisitionCo, LLC^(a),(c)	6.3750	11/01/29		410,482

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		CORPORATE BONDS — 9.6% (Continued)
		SPECIALTY FINANCE — 1.9% (Continued)
	325,000	Enova International, Inc.^(a)		9.1250	08/01/29	$	327,870
	300,000	LFS Topco, LLC^(a)		5.8750	10/15/26		278,822
							2,309,603
		TECHNOLOGY HARDWARE — 0.3%
	520,000	Viasat, Inc.^(a),(c)		7.5000	05/30/31		382,528

		TECHNOLOGY SERVICES — 0.4%
	475,000	ION Trading Technologies Sarl^(a)		5.7500	05/15/28		441,296
	45,000	Mobius Merger Sub, Inc.^(a)		9.0000	06/01/30		44,553
							485,849
		TELECOMMUNICATIONS — 0.6%
	500,000	Altice France S.A.^(a),(c)		5.5000	10/15/29		350,214
	464,000	Sable International Finance Ltd.^(a)		5.7500	09/07/27		453,178
							803,392
		TRANSPORTATION & LOGISTICS — 0.2%
	301,631	Hawaiian Brand Intellectual Property Ltd. /^(a)		5.7500	01/20/26		288,738

		WHOLESALE - CONSUMER STAPLES — 0.3%
	571,000	C&S Group Enterprises, LLC^(a)		5.0000	12/15/28		426,396

		TOTAL CORPORATE BONDS (Cost $12,971,574)					12,077,046

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2%
		ADVERTISING & MARKETING — 0.2%
	287,863	Planet US Buyer, LLC^(b)	TSFR1M + 3.366%	8.8230	01/31/31		289,554

		AEROSPACE & DEFENSE — 1.3%
	628,257	Dynasty Acquisition Company, Inc.^(b)	TSFR1M + 3.501%	8.8440	08/24/28		631,923
	726,379	Spirit AeroSystems, Inc.^(b)	TSFR1M + 4.237%	9.5790	11/23/27		736,003
	242,240	Standard Aero Ltd.^(b)	TSFR1M + 3.501%	8.8440	08/24/28		243,653
							1,611,579

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		APPAREL & TEXTILE PRODUCTS — 0.5%
	684,149	Varsity Brands, LLC^(b)	TSFR1M + 3.749%	9.0910	07/28/31	$	681,015

		ASSET MANAGEMENT — 3.3%
	65,290	AAL Delaware Holdco, Inc.^(b)	TSFR1M + 3.486%	8.8290	07/23/31		65,780
	674,049	Hightower Holding, LLC^(b)	US0001M + 4.129%	9.5860	04/21/28		675,650
	1,082,056	Nexus Buyer, LLC^(b)	US0001M + 3.750%	9.1940	11/08/26		1,071,577
	980,682	Nexus Buyer, LLC^(b)	TSFR1M + 3.983%	9.3260	07/18/31		970,875
	276,592	NGP XI Midstream Holdings, LLC^(b)	TSFR1M + 3.983%	9.3260	07/21/31		276,246
	1,174,850	Osaic Holdings, Inc.^(b)	TSFR1M + 4.001%	9.3440	08/16/28		1,159,060
							4,219,188
		AUTOMOTIVE — 0.6%
	896,786	PAI Holdco, Inc.^(b)	US0001M + 3.998%	9.3410	10/28/27		819,439

		BEVERAGES — 0.7%
	831,819	Pegasus Bidco BV^(b)	TSFR1M +3.729%	9.0720	07/12/29		835,629

		BIOTECH & PHARMA — 0.4%
	563,401	Endo Finance Holdings, Inc.^(b)	TSFR1M + 4.483%	9.8260	04/23/31		565,396

		CABLE & SATELLITE — 3.2%
	896,970	Altice Financing S.A.^(b)	TSFR1M +4.896%	10.3290	10/31/27		777,000
	525,000	Coral-US Co-Borrower, LLC^(b)	TSFR1M + 3.117%	8.4600	10/15/29		520,624
	1,176,916	CSC Holdings, LLC^(b)	ICE LIBOR USD 3 Month + 4.326%	9.8290	07/17/25		1,133,211
	650,000	UPC Financing Partnership^(b)	US0001M + 3.000%	8.4430	01/31/29		648,190
	955,000	Virgin Media Bristol, LLC^(b)	US0001M + 3.250%	8.6930	01/10/29		919,297
							3,998,322
		CHEMICALS — 2.4%
	648,375	AIP RD Buyer Corporation^(b)	TSFR1M + 4.501%	9.8440	12/26/28		651,886
	689,618	Consolidated Energy Finance S.A.^(b)	TSFR1M + 4.501%	9.8440	11/08/30		659,878
	968,278	Groupe Solmax, Inc.^(b)	US0001M + 4.750%	10.2080	07/23/28		946,341
	213,437	Olympus Water US Holding Corporation^(b)	TSFR1M + 3.505%	8.8470	06/06/31		214,385
	567,559	Windsor Holdings III, LLC^(b)	TSFR1M + 4.014%	9.3390	08/01/30		572,772
							3,045,262

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		COMMERCIAL SUPPORT SERVICES — 6.7%
	596,931	Allied Universal Holdco, LLC^(b)	US0001M + 3.750%	9.1940	05/05/28	$	597,528
	766,209	Amentum Government Services Holdings, LLC^(b)	SOFRRATE + 4.000%	9.3440	02/07/29		769,508
	1,167,000	APX Group, Inc.^(b)	US0001M + 2.500%	10.2500	07/01/28		1,170,553
	1,018,128	Creative Artists Agency, LLC^(b)	TSFR1M + 3.501%	8.5940	11/27/28		1,024,491
	486,714	Fleet US Bidco, Inc.^(b)	TSFR1M + 3.501%	8.5940	02/03/31		487,931
	1,118,616	Garda World Security Corporation^(b)	TSFR1M + 4.501%	9.5940	02/01/29		1,124,209
	515,073	Groundworks, LLC^(b)	TSFR1M + 3.488%	8.8300	03/06/31		516,361
	94,799	Groundworks, LLC^(b)	TSFR1M + 3.488%	8.8300	03/06/31		95,036
	676,443	PG Investment Company 59 Sarl^(b)	TSFR1M + 3.492%	8.8350	02/24/31		681,939
	372,436	Ryan, LLC^(b)	TSFR1M + 3.501%	8.8440	11/09/30		374,066
	35,472	Ryan, LLC^(b)	TSFR1M + 4.482%	9.8250	11/09/30		35,627
	36,383	Ryan, LLC^(b)	TSFR1M + 3.501%	8.8440	11/14/30		36,542
	893,328	Sotheby’s^(b)	US0001M + 4.500%	10.0900	01/15/27		819,007
	603,750	WestJet Loyalty, L.P.^(b)	TSFR1M + 3.706%	9.0480	02/01/31		605,338
							8,338,136
		CONSTRUCTION MATERIALS — 1.9%
	856,376	Foley Products Company, LLC^(b)	SOFRRATE + 4.750%	10.2350	02/10/29		861,732
	872,451	Quikrete Holdings, Inc.^(b)	TSFR1M + 2.251%	7.5940	03/26/29		875,823
	702,137	US Silica Company^(b)	TSFR1M + 4.001%	9.3440	03/17/30		699,287
							2,436,842
		CONSUMER SERVICES — 1.5%
	723,985	KUEHG Corporation^(b)	TSFR1M + 4.492%	9.8350	06/12/30		728,511
	592,852	Prometric Holdings, Inc.^(b)	TSFR1M + 4.866%	10.2080	01/31/28		597,150
	483,428	Spring Education Group, Inc.^(b)	TSFR1M + 3.992%	9.3350	09/29/30		487,257
							1,812,918
		CONTAINERS & PACKAGING — 3.9%
	475,663	Berlin Packaging, LLC^(b)	TSFR1M + 3.742%	9.0850	05/12/31		478,127
	1,166,428	Clydesdale Acquisition Holdings, Inc.^(b)	TSFR1M + 4.250%	9.1190	03/30/29		1,168,808
	907,718	LABL, Inc.^(b)	US0001M + 5.000%	10.4440	10/22/28		882,565
	1,149,590	Patriot Container Corporation^(b)	ICE LIBOR USD 3 Month + 3.750%	9.1940	03/16/25		1,121,568
	676,051	SupplyOne, Inc.^(b)	TSFR1M + 4.251%	9.5940	03/27/31		680,556
	580,533	Trident TPI Holdings, Inc.^(b)	TSFR1M + 3.989%	9.3320	09/18/28		584,449
						$	4,916,073

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		E-COMMERCE DISCRETIONARY — 0.4%
	532,700	CNT Holdings I Corporation^(b)	ICE LIBOR USD 1 Month + 3.500%	8.8300	10/16/27		535,574

		ELECTRIC UTILITIES — –%^(d)
	635,000	Texas Competitive Electric Holdings Company, LLC /^{(e), (h)}		—	11/22/49		—

		ELECTRICAL EQUIPMENT — 0.9%
	659,971	Icebox Holdco III, Inc.^(b)	US0001M + 3.750%	9.3460	12/22/28		664,096
	179,825	Icebox Holdco III, Inc.^(b)	US0001M + 6.750%	12.3460	12/15/29		183,196
	315,650	TK Elevator US Newco, Inc.^(b)	TSFR1M + 3.448%	8.7910	04/11/30		317,672
							1,164,964
		ENGINEERING & CONSTRUCTION — 1.4%
	650,000	Osmose Utilities Services, Inc.^(b)	US0001M + 3.250%	7.6340	06/17/28		646,887
	1,167,000	USIC Holdings, Inc.^(b)	US0001M + 3.500%	9.0960	05/14/28		1,134,324
							1,781,211
		ENTERTAINMENT CONTENT — 1.3%
	600,351	NEP Group, Inc.^(b)	TSFR1M + 3.366%	8.7080	08/19/26		568,457
	1,103,464	Univision Communications, Inc.^(b)	TSFR1M + 4.242%	9.5850	06/10/29		1,095,967
							1,664,424
		FOOD — 0.9%
	511,752	HLF Financing Sarl, LLC^(b)	TSFR1M + 6.751%	12.0940	04/05/29		486,932
	638,978	Upfield USA Corporation^(b)	TSFR1M + 4.907%	10.2500	01/03/28		641,824
							1,128,756
		GAS & WATER UTILITIES — 0.1%
	121,222	NGL Energy Operating, LLC^(b)	TSFR1M + 4.501%	9.8440	01/27/31		121,285

		HEALTH CARE FACILITIES & SERVICES — 4.1%
	868,535	Bella Holding Company, LLC^(b)	US0001M + 3.750%	9.1940	04/01/28		870,949
	386,106	Charlotte Buyer, Inc.^(b)	TSFR1M + 4.734%	10.0760	02/11/28		388,539
	867,397	Corgi BidCo, Inc.^(b)	TSFR1M + 4.992%	10.3350	09/20/29		843,817
	500,000	LifePoint Health, Inc.^(b)	TSFR1M + 5.064%	10.0560	11/16/28		503,325
	783,094	Milano Acquisition Corporation^(b)	US0001M + 4.000%	9.4350	08/17/27		698,912

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 4.1% (Continued)
	343,092	Outcomes Group Holdings, Inc.^(b)	TSFR1M + 4.243%	9.5860	04/02/31	$	344,808
	985,242	Phoenix Newco, Inc.^(b)	US0001M + 3.250%	8.7080	08/11/28		990,295
	468,730	Team Health Holdings, Inc.^(b)	SOFRRATE + 5.250%	10.5800	02/17/27		441,192
							5,081,837
		HOME & OFFICE PRODUCTS — 0.6%
	797,591	AI Aqua Merger Sub, Inc.^(b)	TSFR1M + 3.736%	9.0790	07/31/28		800,694

		INDUSTRIAL INTERMEDIATE PROD — 0.3%
	392,861	Crosby US Acquisition Corporation^(b)	TSFR1M + 4.001%	9.3440	08/13/29		395,285

		INSTITUTIONAL FINANCIAL SERVICES — 0.5%
	596,860	Ascensus Holdings, Inc.^(b)	US0001M + 3.616%	8.9580	08/02/28		598,913

		INSURANCE — 4.3%
	467,341	Alliant Holdings Intermediate, LLC^(b)	TSFR1M + 3.496%	8.8390	11/06/30		469,853
	450,090	Asurion, LLC^(b)	ICE LIBOR USD 1 Month + 3.250%	8.7080	12/18/26		449,061
	653,705	Asurion, LLC^(b)	ICE LIBOR USD 1 Month + 3.250%	8.7080	07/28/27		648,832
	855,000	Asurion, LLC^(b)	US0001M + 5.250%	10.7080	01/29/28		800,780
	365,000	Asurion, LLC^(b)	US0001M + 5.250%	10.7080	01/14/29		338,129
	869,722	BroadStreet Partners, Inc.^(b)	TSFR1M + 3.229%	8.5710	05/12/31		872,339
	335,980	Hyperion Refinance Sarl^(b)	TSFR1M + 4.001%	9.3440	03/24/30		336,978
	247,686	Hyperion Refinance Sarl^(b)	TSFR1M + 3.501%	8.8440	02/03/31		248,525
	916,717	Sedgwick Claims Management Services, Inc.^(b)	TSFR1M + 3.751%	9.0940	02/17/28		919,454
	305,516	Truist Insurance Holdings, LLC^(b)	TSFR1M + 3.242%	8.5850	03/24/31		306,852
							5,390,803
		INTERNET MEDIA & SERVICES — 1.0%
	596,907	Arches Buyer, Inc.^(b)	TSFR1M + 3.351%	8.6940	12/06/27		572,938
	734,823	Pug, LLC^(b)	TSFR1M + 4.751%	10.0940	03/12/30		736,201
							1,309,139
		LEISURE FACILITIES & SERVICES — 6.2%
	911,091	Aimbridge Acquisition Company, Inc.^(b)	US0003M + 3.750%	9.2080	02/01/26		892,778
	958,134	BCPE Grill Parent, Inc.^(b)	TSFR1M + 4.751%	10.0940	09/21/30		920,406

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		LEISURE FACILITIES & SERVICES — 6.2% (Continued)
	491,349	Carnival Corporation^(b)	TSFR1M + 2.769%	8.0940	10/18/28	$	495,036
	829,918	Dave & Buster’s, Inc.^(b)	TSFR1M + 3.300%	8.6250	06/29/29		833,432
	600,000	Fertitta Entertainment, LLC/NV^(b)	TSFR1M + 3.751%	9.0760	01/29/29		602,157
	596,931	Hilton Grand Vacations Borrower, LLC^(b)	TSFR1M + 2.519%	7.8440	08/02/28		598,331
	595,277	Ontario Gaming GTA, L.P.^(b)	TSFR1M + 4.260%	9.5850	07/20/30		598,581
	854,798	Playa Resorts Holding BV^(b)	TSFR1M + 2.769%	8.0940	11/22/28		856,081
	590,000	Scientific Games Holdings, L.P.^(b)	TSFR1M + 2.993%	8.3180	04/04/29		589,779
	650,000	Whatabrands, LLC^(b)	TSFR1M + 2.746%	8.0710	08/03/28		651,310
	733,268	Wok Holdings, Inc.^(b)	US0003M + 6.250%	11.7290	03/01/26		725,737
							7,763,628
		LEISURE PRODUCTS — 0.6%
	729,135	Varsity Brands Holding Company, Inc.^(b)	US0003M + 3.500%	10.4580	12/15/24		765,956

		MACHINERY — 0.8%
	704,893	Alliance Laundry Systems, LLC^(b)	US0001M + 3.500%	8.8990	09/30/27		710,235
	360,443	STS Operating, Inc.^(b)	TSFR1M + 4.119%	9.4440	03/17/31		362,245
							1,072,480
		MEDICAL EQUIPMENT & DEVICES — 1.0%
	506,920	Medline Borrower, L.P.^(b)	TSFR1M + 2.769%	8.0940	10/23/28		509,074
	736,272	Sotera Health Holdings, LLC^(b)	TSFR1M + 3.269%	8.5940	05/23/31		735,930
							1,245,004
		OIL & GAS PRODUCERS — 2.9%
	771,992	EG America, LLC^(b)	TSFR1M + 6.254%	11.5790	02/07/28		771,992
	328,178	EG America, LLC^(b)	TSFR1M + 6.254%	11.5790	02/07/28		328,178
	1,155,144	M6 ETX Holdings II Midco, LLC^(b)	TSFR1M + 4.619%	9.9440	08/11/29		1,164,529
	1,173,162	Medallion Midland Acquisition, L.P.^(b)	TSFR1M + 3.619%	8.8440	10/18/28		1,180,247
	203,575	WaterBridge NDB Operating, LLC^(b)	TSFR1M + 4.501%	9.8260	05/07/29		204,466
							3,649,412
		OIL & GAS SERVICES & EQUIPMENT — 0.5%
	650,000	Goodnight Water Solutions Holdings, LLC^(b)	TSFR1M + 5.257%	10.5820	06/04/29		648,918
	1,140	Paragon Offshore Finance Company^(b)	ICE LIBOR USD 3 Month + 0.009 %	—	07/15/22		—
							648,918

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		PUBLISHING & BROADCASTING — 0.6%
	992,085	Sinclair Television Group, Inc.^(b)	TSFR1M + 3.750%	9.1940	04/13/29	$	706,657

		REAL ESTATE INVESTMENT TRUSTS — 0.8%
	1,169,548	Claros Mortgage Trust, Inc.^(b)	TSFR1M + 4.550%	9.9440	08/09/26		1,108,147

		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	503,556	Greystar Real Estate Partners, LLC^(b)	TSFR1M + 3.252%	8.5770	08/21/30		506,074

		REAL ESTATE SERVICES — 0.5%
	591,154	Cushman & Wakefield US Borrower, LLC^(b)	TSFR1M + 3.769%	9.0940	01/31/30		594,109

		RETAIL - DISCRETIONARY — 5.3%
	527,142	Gulfside Supply, Inc.^(b)	TSFR1M + 3.004%	8.3290	05/29/31		529,118
	525,000	Harbor Freight Tools USA, Inc.^(b)	TSFR1M + 2.559%	7.8440	06/05/31		519,094
	1,058,449	Hertz Corporation (The)^(b)	US0001M + 3.250%	8.8590	06/14/28		964,714
	205,647	Hertz Corporation (The)^(b)	US0001M + 3.250%	8.8590	06/14/28		187,434
	1,047,798	JP Intermediate B, LLC^(b)	TSFR1M + 5.776%	11.0910	11/20/27		91,682
	1,262,853	LBM Acquisition, LLC^(b)	TSFR1M + 3.857%	9.1820	06/06/31		1,220,548
	1,007,372	Park River Holdings, Inc.^(b)	ICE LIBOR USD 1 Month + 3.386%	8.8430	01/22/28		960,403
	384,417	Peer Holding III BV^(b)	TSFR1M + 3.004%	8.3290	06/23/31		386,579
	1,033,943	Petco Health & Wellness Company, Inc.^(b)	US0001M + 3.250%	8.8460	02/25/28		958,119
	650,000	Specialty Building Products Holdings, LLC^(b)	US0001M + 3.750%	7.8670	10/05/28		648,872
	160,090	Wand NewCompany 3, Inc.^(b)	TSFR1M + 3.769%	9.0940	01/20/31		160,917
							6,627,480
		SOFTWARE — 10.4%
	1,122,106	athenahealth, Inc.^(b)	SOFRRATE + 3.500%	8.5940	01/27/29		1,121,758
	537,901	Boxer Parent Company, Inc.^(b)	TSFR1M + 3.751%	9.0930	07/03/31		536,110
	233,642	Boxer Parent Company, Inc.^(b)	TSFR1M + 5.751%	11.0940	07/06/32		233,350
	1,149,433	Central Parent, Inc.^(b)	TSFR1M + 3.242%	8.5850	07/06/29		1,139,641
	395,000	Cloud Software Group, Inc.^(b)	TSFR1M + 3.992%	9.3350	03/29/29		395,314
	274,606	Cloud Software Group, Inc.^(b)	TSFR1M + 4.492%	9.8350	03/19/31		276,049
	582,353	Corel, Inc.^(b)	TSFR3M + 5.104%	10.4470	07/02/26		585,119
	588,786	Cotiviti, Inc.^(b)	TSFR1M 3.250%	8.5930	02/24/31		591,547

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		SOFTWARE — 10.4% (Continued)
	583,249	Dcert Buyer, Inc.^(b)	US0003M + 4.000%	9.3440	08/08/26	$	545,839
	600,000	Dcert Buyer, Inc.^(b)	US0001M + 7.000%	12.3440	02/16/29		520,500
	1,035,068	Ellucian Holdings, Inc.^(b)	TSFR1M + 3.601%	8.9440	10/26/29		1,044,125
	66,712	Epicor Software Corporation^(b)	TSFR1M + 3.228%	8.5710	05/23/31		67,242
	1,203,899	Epicor Software Corporation^(b)	TSFR1M + 3.251%	8.5940	05/23/31		1,213,453
	521,203	Genesys Cloud Services Holdings II, LLC^(b)	TSFR1M + 3.501%	8.8440	12/01/27		524,815
	593,550	Project Boost Purchaser, LLC^(b)	TSFR1M + 3.501%	8.8440	07/02/31		595,529
	151,416	Project Boost Purchaser, LLC^(b)	TSFR1M + 5.251%	10.5940	07/02/32		154,445
	1,160,317	Proofpoint, Inc.^(b)	TSFR1M + 3.001%	8.3440	08/31/28		1,165,394
	621,506	Rackspace Finance, LLC^(b)	TSFR1M + 2.854%	8.1970	05/15/28		281,896
	759,160	RealPage, Inc.^(b)	US0001M + 3.250%	8.4580	02/18/28		742,078
	768,556	UKG, Inc.^(b)	TSFR1M + 3.212%	8.5550	01/31/31		771,745
	730,532	VS Buyer, LLC^(b)	TSFR1M + 3.238%	8.5810	04/04/31		734,414
							13,240,363
		SPECIALTY FINANCE — 1.0%
	215,163	Apollo Commercial Real Estate Finance, Inc.^(b)	US0001M + 3.500%	8.9580	03/11/28		207,632
	1,105,336	Fly Funding II Sarl^(b)	US0003M + 1.827%	7.3300	08/09/25		1,078,592
							1,286,224
		TECHNOLOGY HARDWARE — 1.4%
	716,257	VeriFone Systems, Inc.^(b)	ICE LIBOR USD 3 Month + 4.000%	9.5970	08/20/25		622,309
	1,195,662	Viasat, Inc.^(b)	SOFRRATE + 4.500%	9.8440	02/24/29		1,102,287
							1,724,596
		TECHNOLOGY SERVICES — 5.2%
	637,000	Acuris Finance Us, Inc.^(b)	US0001M + 4.000%	9.4850	02/04/28		636,404
	364,636	Ahead DB Holdings, LLC^(b)	TSFR1M + 4.242%	9.5850	01/24/31		366,036
	456,674	Amazon Holdco, Inc.^(b)	TSFR1M +2.257%	7.6000	07/30/31		458,387
	522,053	Fortress Intermediate 3, Inc.^(b)	TSFR1M + 3.753%	9.0960	05/09/31		523,032
	689,473	Indy US Holdco, LLC^(b)	TSFR1M + 4.736%	10.0790	03/06/28		687,608
	491,000	Indy US Holdco, LLC^(b)	TSFR1M + 6.236%	11.5790	03/06/28		489,672
	130,287	ION Trading Finance Ltd.^(b)	TSFR1M +4.003%	9.3460	04/03/28		130,345
	859,846	MoneyGram International, Inc.^(b)	TSFR1M + 4.741%	10.0840	06/03/30		851,892
	640,246	MPH Acquisition Holdings, LLC^(b)	US0001M + 4.250%	9.8590	08/17/28		542,099
	1,163,487	Peraton Corporation^(b)	US0001M + 3.750%	9.1940	02/24/28		1,165,507

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 84.2% (Continued)
		TECHNOLOGY SERVICES — 5.2% (Continued)
	1,151,322	Sitel Worldwide Corporation^(b)	US0001M + 3.750%	9.2080	07/29/28	$	809,040
							6,660,022
		TELECOMMUNICATIONS — 1.9%

	832,994	Altice France S.A.^(b)	ICE LIBOR USD 3 Month + 3.688%	10.8290	01/09/26		638,074
	446,760	Altice France S.A.^(b)	TSFR1M + 5.483%	10.8290	08/31/28		342,218
	878,534	CCI Buyer, Inc.^(b)	US0001M + 4.000%	9.3350	12/12/27		880,274
	179,913	Lorca Co-Borrower, LLC^(b)	TSFR1M + 3.474%	8.8170	04/17/31		180,812
	701,429	Telesat, LLC^(b)	US0001M + 2.750%	8.3590	12/06/26		339,537
							2,380,915
		TRANSPORTATION & LOGISTICS — 2.3%
	217,383	Air Canada^(b)	TSFR1M + 2.504%	7.8470	03/14/31		218,368
	539,955	American Airlines, Inc.^(b)	TSFR1M + 2.432%	7.7750	05/29/29		538,065
	1,169,574	Kenan Advantage Group, Inc. (The)^(b)	TSFR1M + 3.751%	9.0940	01/19/29		1,174,253
	648,333	PODS, LLC^(b)	US0001M + 3.000%	8.5910	03/19/28		609,962
	378,188	United Airlines, Inc.^(b)	TSFR1M + 2.690%	8.0330	02/17/31		380,147
							2,920,795
		TOTAL TERM LOANS (Cost $108,963,520)					106,443,018

Expiration
Date

Exercise
Price

Fair Value

RIGHT — 0.0%^(d)

NON-LISTED RIGHT - 0.0% ^(d)

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%^(d)

PUBLISHING & BROADCASTING - 0.0% ^(d)

14,905

iHeartMedia, Inc.

05/02/2039

0.00

13,042

TOTAL WARRANT (Cost $287,609)

13,042

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.1%
		COLLATERAL FOR SECURITIES LOANED - 3.1%
	3,929,167	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $3,929,167)^(f),(g)	$	3,929,167

		MONEY MARKET FUND - 4.0%
	4,996,881	Fidelity Government Portfolio, Institutional Class, 5.21% (Cost $4,996,880)^(f)		4,996,880

		TOTAL SHORT-TERM INVESTMENTS (Cost $8,926,047)		8,926,047

		TOTAL INVESTMENTS - 110.1% (Cost $142,841,147)	$	139,121,152
		LIABILITIES IN EXCESS OF OTHER ASSETS - (10.1)%		(12,763,684	)
		NET ASSETS - 100.0%	$	126,357,468

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

SOFRRATE	United States SOFR Secured Overnight Financing Rate

TSFR1M	TSFR1M

TSFR3M	TSFR3M

US0001M	ICE LIBOR USD 1 Month

US0003M	ICE LIBOR USD 3 Month

^(a)

^(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 $3,866,468 at July 31, 2024.

^(d)

Percentage rounds to less than 0.1%.

^(e)

Represents issuer in default on interest payments; non-income producing security.

^(f)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(g)

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

^(h)

Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total values of these securities is $0.

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 0.9%
		OIL & GAS SERVICES & EQUIPMENT - 0.9%
	67,157	Atlas Energy Solutions, Inc.	$	1,426,415
	50	Hi-Crush^(a)		186,400
				1,612,815

		TOTAL COMMON STOCKS (Cost $1,196,933)		1,612,815

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0%
		AUTOMOTIVE — 0.3%
	600,000	ZF North America Capital, Inc.^(b)		6.8750	04/23/32		620,519

		BIOTECH & PHARMA — 1.3%
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer^(b),(c)		7.8750	05/15/34		207,868
	450,000	Organon Finance 1, LLC^(b)		4.1250	04/30/28		422,689
	1,014,000	Organon Finance 1, LLC^(b)		5.1250	04/30/31		933,299
	400,000	Teva Pharmaceutical Finance Netherlands III BV		5.1250	05/09/29		388,575
	425,000	Teva Pharmaceutical Finance Netherlands III BV		7.8750	09/15/29		459,408
							2,411,839
		CABLE & SATELLITE — 4.8%
	2,065,000	Altice Financing S.A.^(b),(c)		5.0000	01/15/28		1,652,721
	525,000	Altice Financing S.A.^(b)		5.7500	08/15/29		399,192
	1,504,000	Cable One, Inc.^(b),(c)		4.0000	11/15/30		1,155,812
	378,000	CCO Holdings, LLC / CCO Holdings Capital^(b)		5.0000	02/01/28		359,867
	825,000	CCO Holdings, LLC / CCO Holdings Capital^(b)		5.3750	06/01/29		771,346
	210,000	CCO Holdings, LLC / CCO Holdings Capital^(b),(c)		6.3750	09/01/29		204,479
	450,000	CSC Holdings, LLC^(b)		11.7500	01/31/29		407,075
	775,000	CSC Holdings, LLC^(b)		5.7500	01/15/30		313,036
	1,045,000	CSC Holdings, LLC^(b),(c)		4.6250	12/01/30		413,784
	1,740,000	Sirius XM Radio, Inc.^(b)		4.0000	07/15/28		1,596,141
	580,000	Sirius XM Radio, Inc.^(b)		3.8750	09/01/31		484,923
	664,000	UPC Broadband Finco BV^(b)		4.8750	07/15/31		601,889
	680,000	Virgin Media Finance plc^(b),(c)		5.0000	07/15/30		574,043
							8,934,308

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		CHEMICALS — 1.9%
	965,000	Consolidated Energy Finance S.A.^(b)		5.6250	10/15/28	$	773,305
	435,000	Methanex Corporation		5.1250	10/15/27		423,754
	711,000	Minerals Technologies, Inc.^(b)		5.0000	07/01/28		684,249
	775,000	Olympus Water US Holding Corporation^(b)		9.7500	11/15/28		824,740
	905,000	Trinseo Materials Operating SCA / Trinseo^(b)		5.1250	04/01/29		344,128
	528,000	Windsor Holdings III, LLC^(b)		8.5000	06/15/30		556,386
							3,606,562
		COMMERCIAL SUPPORT SERVICES — 4.2%
	935,000	Allied Universal Holdco, LLC / Allied Universal^(b)		4.6250	06/01/28		862,584
	350,000	Allied Universal Holdco, LLC/Allied Universal^(b)		4.6250	06/01/28		322,674
	255,000	Covanta Holding Corporation^(b)		4.8750	12/01/29		233,517
	312,000	Covanta Holding Corporation		5.0000	09/01/30		283,112
	1,400,000	Deluxe Corporation^(b)		8.0000	06/01/29		1,322,459
	924,000	Enviri Corporation^(b)		5.7500	07/31/27		897,497
	505,000	Garda World Security Corporation^(b),(c)		9.5000	11/01/27		508,608
	580,000	Garda World Security Corporation^(b),(c)		6.0000	06/01/29		537,987
	650,000	Prime Security Services Borrower, LLC / Prime^(b)		5.7500	04/15/26		649,857
	525,000	Prime Security Services Borrower, LLC / Prime^(b),(c)		6.2500	01/15/28		523,073
	518,000	Sotheby’s^(b)		7.3750	10/15/27		431,838
	750,000	Sotheby’s/Bidfair Holdings, Inc.^(b)		5.8750	06/01/29		548,042
	830,000	TriNet Group, Inc.^(b)		3.5000	03/01/29		752,733
							7,873,981
		CONSTRUCTION MATERIALS — 0.7%
	328,000	Standard Industries, Inc.^(b)		4.7500	01/15/28		314,345
	1,174,000	Standard Industries, Inc.^(b)		3.3750	01/15/31		1,005,413
							1,319,758
		CONSUMER SERVICES — 1.2%
	1,030,000	PROG Holdings, Inc.^(b)		6.0000	11/15/29		991,018
	1,201,000	Upbound Group, Inc.^(b),(c)		6.3750	02/15/29		1,175,475
							2,166,493
		CONTAINERS & PACKAGING — 3.1%
	1,014,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh^(b),(c)		3.2500	09/01/28		903,259
	1,405,000	Clydesdale Acquisition Holdings, Inc.^(b),(c)		8.7500	04/15/30		1,380,140
	904,000	Crown Americas, LLC^(c)		5.2500	04/01/30		886,090

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		CONTAINERS & PACKAGING — 3.1% (Continued)
	507,000	LABL, Inc.^(b)		5.8750	11/01/28	$	468,426
	629,000	LABL, Inc.^(b)		9.5000	11/01/28		636,262
	582,000	Mauser Packaging Solutions Holding Company^(b),(c)		7.8750	08/15/26		590,076
	915,000	Silgan Holdings, Inc.		4.1250	02/01/28		871,894
							5,736,147
		ELECTRIC UTILITIES — 4.0%
	703,000	Calpine Corporation^(b)		5.0000	02/01/31		664,216
	982,000	Calpine Corporation^(b)		3.7500	03/01/31		871,677
	1,095,000	Clearway Energy Operating, LLC^(b),(c)		3.7500	01/15/32		955,270
	740,000	NextEra Energy Operating Partners, L.P.^(b),(c)		4.5000	09/15/27		708,869
	1,350,000	NextEra Energy Operating Partners, L.P.^(b),(c)		7.2500	01/15/29		1,402,941
	1,290,000	NRG Energy Inc^(b),(c)		3.6250	02/15/31		1,129,216
	555,000	NRG Energy, Inc.^(b)		5.2500	06/15/29		538,591
	310,000	Vistra Operations Company, LLC^(b)		5.0000	07/31/27		303,674
	885,000	Vistra Operations Company, LLC^(b)		7.7500	10/15/31		934,244
							7,508,698
		ENGINEERING & CONSTRUCTION — 0.6%
	1,105,000	VM Consolidated, Inc.^(b)		5.5000	04/15/29		1,071,077

		ENTERTAINMENT CONTENT — 2.0%
	1,250,000	Banijay Entertainment S.A.SU^(b)		8.1250	05/01/29		1,293,741
	874,000	Paramount Global^(d)	H15T5Y + 3.999%	6.3750	03/30/62		803,914
	1,060,000	Univision Communications, Inc.^(b)		6.6250	06/01/27		1,055,227
	421,000	Univision Communications, Inc.^(b),(c)		7.3750	06/30/30		404,869
	196,000	ViacomCBS, Inc.^(d)	ICE LIBOR USD 3 Month + 3.899%	6.2500	02/28/57		171,307
							3,729,058
		FOOD — 0.9%
	400,000	HLF Financing Sarl, LLC / Herbalife International,^(b)		12.2500	04/15/29		401,286
	1,605,000	HLF Financing Sarl, LLC / Herbalife International,^(b),(c)		4.8750	06/01/29		1,092,884
	209,000	Land O’Lakes Capital Trust I^(b)		7.4500	03/15/28		203,963
							1,698,133
		FORESTRY, PAPER & WOOD PRODUCTS — 0.4%
	850,000	Glatfelter Corporation^(b)		4.7500	11/15/29		721,173

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 0.9%
	533,000	Concentra Escrow Issuer Corporation^(b)		6.8750	07/15/32	$	550,338
	575,000	Molina Healthcare Inc 3.875% 11/15/2030^(b),(c)		3.8750	11/15/30		520,294
	622,000	Select Medical Corporation^(b)		6.2500	08/15/26		627,221
							1,697,853
		HOME CONSTRUCTION — 0.6%
	361,000	Mattamy Group Corporation^(b)		5.2500	12/15/27		353,414
	830,000	Mattamy Group Corporation^(b)		4.6250	03/01/30		777,830
							1,131,244
		HOUSEHOLD PRODUCTS — 0.3%
	525,000	Edgewell Personal Care Company^(b)		4.1250	04/01/29		489,171

		INDUSTRIAL SUPPORT SERVICES — 0.3%
	620,000	EquipmentShare.com, Inc.^(b)		8.6250	05/15/32		644,541

		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	716,000	Jane Street Group / JSG Finance, Inc.^(b)		7.1250	04/30/31		741,556
	850,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(b)		7.5000	06/15/31		873,532
							1,615,088
		INSURANCE — 1.9%
	700,000	Baldwin Insurance Group Holdings, LLC / Baldwin^(b)		7.1250	05/15/31		721,192
	1,050,000	Howden UK Refinance plc / Howden UK Refinance 2^(b)		7.2500	02/15/31		1,053,701
	719,000	Jones Deslauriers Insurance Management, Inc.^(b)		8.5000	03/15/30		754,676
	520,000	Panther Escrow Issuer, LLC^(b)		7.1250	06/01/31		533,934
	450,000	Ryan Specialty Group, LLC^(b)		4.3750	02/01/30		424,122
							3,487,625
		INTERNET MEDIA & SERVICES — 0.7%
	1,352,000	GrubHub Holdings, Inc.^(b)		5.5000	07/01/27		1,240,320

		LEISURE FACILITIES & SERVICES — 9.4%
	425,000	Brinker International, Inc.^(b)		5.0000	10/01/24		424,242
	240,000	Brinker International, Inc.^(b)		8.2500	07/15/30		253,035
	570,000	Caesars Entertainment, Inc.^(b),(c)		4.6250	10/15/29		529,963

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		LEISURE FACILITIES & SERVICES — 9.4% (Continued)
	111,000	Caesars Entertainment, Inc.^(b)		6.5000	02/15/32	$	112,423
	1,297,000	Carnival Corporation^(b)		5.7500	03/01/27		1,291,426
	967,000	Carnival Corporation^(b),(c)		6.0000	05/01/29		965,336
	470,000	Carnival Corporation^(b),(c)		10.5000	06/01/30		511,131
	1,365,000	CEC Entertainment Company, LLC^(b)		6.7500	05/01/26		1,363,938
	1,075,000	Fertitta Entertainment, LLC / Fertitta^(b),(c)		6.7500	01/15/30		954,536
	663,000	Hilton Grand Vacations Borrower Escrow, LLC /^(b)		5.0000	06/01/29		624,032
	555,000	Hilton Grand Vacations Borrower Escrow, LLC /^(b)		4.8750	07/01/31		499,945
	688,000	Melco Resorts Finance Ltd.^(b)		5.7500	07/21/28		646,061
	729,000	Melco Resorts Finance Ltd.^(b),(c)		5.3750	12/04/29		658,898
	710,000	NCL Corporation Ltd.^(b)		3.6250	12/15/24		703,552
	187,000	NCL Corporation Ltd.^(b)		5.8750	03/15/26		186,337
	1,086,000	NCL Corporation Ltd.^(b),(c)		7.7500	02/15/29		1,143,675
	765,000	Ontario Gaming GTA, L.P.^(b)		8.0000	08/01/30		791,951
	510,000	Raising Cane’s Restaurants, LLC^(b)		9.3750	05/01/29		551,215
	170,000	Royal Caribbean Cruises Ltd.^(b)		4.2500	07/01/26		165,543
	126,000	Royal Caribbean Cruises Ltd.^(b)		5.5000	04/01/28		125,449
	934,000	Royal Caribbean Cruises Ltd.^(b)		6.0000	02/01/33		940,693
	1,160,000	SeaWorld Parks & Entertainment, Inc.^(b),(c)		5.2500	08/15/29		1,105,834
	515,000	Station Casinos, LLC^(b)		6.6250	03/15/32		520,123
	1,100,000	Studio City Finance Ltd.^(b)		5.0000	01/15/29		980,992
	270,000	Travel + Leisure Company^(b)		4.5000	12/01/29		251,166
	424,000	Wyndham Destinations, Inc.		6.0000	04/01/27		425,727
	890,000	Wynn Macau Ltd.^(b)		5.1250	12/15/29		814,581
							17,541,804
		MEDICAL EQUIPMENT & DEVICES — 0.6%
	1,007,000	Medline Borrower, L.P.^(b),(c)		3.8750	04/01/29		939,719
	180,000	Medline Borrower, L.P./Medline Co-Issuer, Inc.^(b)		6.2500	04/01/29		183,947
							1,123,666
		METALS & MINING — 2.5%
	575,000	Cleveland-Cliffs, Inc.^(b),(c)		4.6250	03/01/29		545,948
	1,420,000	FMG Resources August 2006 Pty Ltd.^(b)		4.3750	04/01/31		1,285,084
	410,000	Hudbay Minerals, Inc.^(b),(c)		6.1250	04/01/29		410,231
	305,000	Mineral Resources Ltd.^(b)		8.1250	05/01/27		309,420

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		METALS & MINING — 2.5% (Continued)
	500,000	Mineral Resources Ltd.^(b)		9.2500	10/01/28	$	531,637
	1,274,000	Mineral Resources Ltd.^(b),(c)		8.5000	05/01/30		1,329,188
	255,000	Warrior Met Coal, Inc.^(b)		7.8750	12/01/28		261,478
							4,672,986
		OIL & GAS PRODUCERS — 12.6%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream^(b)		5.7500	01/15/28		571,763
	340,000	Antero Resources Corporation^(b),(c)		5.3750	03/01/30		332,475
	820,000	Baytex Energy Corporation^(b)		7.3750	03/15/32		837,824
	520,000	Civitas Resources, Inc.^(b)		8.3750	07/01/28		546,487
	162,000	Civitas Resources, Inc.^(b)		8.6250	11/01/30		175,005
	445,000	Civitas Resources, Inc.^(b)		8.7500	07/01/31		479,095
	815,000	Comstock Resources, Inc.^(b),(c)		6.7500	03/01/29		790,520
	870,000	Comstock Resources, Inc.^(b)		5.8750	01/15/30		807,761
	234,000	Crescent Energy Finance, LLC^(b)		9.2500	02/15/28		246,952
	500,000	Crescent Energy Finance, LLC^(b)		7.6250	04/01/32		512,844
	535,000	Crescent Energy Finance, LLC^(b)		7.3750	01/15/33		543,081
	885,000	Delek Logistics Partners, L.P. / Delek Logistics^(b)		8.6250	03/15/29		920,058
	100,000	Earthstone Energy Holdings, LLC^(b)		8.0000	04/15/27		103,270
	446,000	Earthstone Energy Holdings, LLC^(b)		9.8750	07/15/31		497,728
	45,000	EQM Midstream Partners, L.P.^(b)		7.5000	06/01/27		46,257
	80,000	EQM Midstream Partners, L.P.		5.5000	07/15/28		79,654
	222,000	EQM Midstream Partners, L.P.^(b)		7.5000	06/01/30		239,561
	550,000	Genesis Energy, L.P. / Genesis Energy Finance^(c)		8.2500	01/15/29		572,464
	674,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		713,823
	120,000	Genesis Energy, L.P. / Genesis Energy Finance		7.8750	05/15/32		122,471
	1,322,000	Harvest Midstream I, L.P.^(b)		7.5000	09/01/28		1,354,823
	400,000	Harvest Midstream I, L.P.^(b)		7.5000	05/15/32		412,050
	630,000	HF Sinclair Corporation^(b)		5.0000	02/01/28		618,145
	1,034,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b)		5.7500	02/01/29		1,017,481
	665,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b)		6.0000	02/01/31		647,276
	282,000	Howard Midstream Energy Partners, LLC^(b)		8.8750	07/15/28		300,181
	560,000	Howard Midstream Energy Partners, LLC^(b)		7.3750	07/15/32		577,268
	1,810,000	ITT Holdings, LLC^(b)		6.5000	08/01/29		1,700,333
	610,000	Murphy Oil USA, Inc.		4.7500	09/15/29		583,267

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		OIL & GAS PRODUCERS — 12.6% (Continued)
	114,000	NGL Energy Partners, L.P.^(b)		8.1250	02/15/29	$	115,582
	1,155,000	NGL Energy Partners, L.P.^(b)		8.3750	02/15/32		1,181,029
	152,000	NuStar Logistics, L.P.		5.7500	10/01/25		152,101
	379,000	NuStar Logistics, L.P.^(c)		6.3750	10/01/30		386,879
	335,000	Southwestern Energy Company		5.3750	03/15/30		326,565
	1,404,000	Strathcona Resources Ltd.^(b)		6.8750	08/01/26		1,410,916
	340,000	Sunoco, L.P.^(b)		7.2500	05/01/32		353,775
	355,000	Talos Production, Inc.^(b)		9.0000	02/01/29		374,077
	555,000	Talos Production, Inc.^(b)		9.3750	02/01/31		587,956
	1,231,000	Venture Global Calcasieu Pass, LLC^(b)		3.8750	08/15/29		1,138,706
	821,000	Vital Energy, Inc.^(b)		7.8750	04/15/32		835,477
							23,212,980
		OIL & GAS SERVICES & EQUIPMENT — 2.4%
	491,000	Archrock Partners, L.P. / Archrock Partners^(b)		6.8750	04/01/27		493,203
	779,304	Atlas Energy Solutions, Inc.		5.0000	01/31/26		716,960
	571,000	Kodiak Gas Services, LLC^(b)		7.2500	02/15/29		587,705
	240,000	Nabors Industries Ltd.^(b),(c)		7.5000	01/15/28		236,004
	759,000	Nabors Industries, Inc.^(b)		7.3750	05/15/27		773,461
	375,000	Nabors Industries, Inc.^(b),(c)		9.1250	01/31/30		400,873
	1,235,000	Valaris Ltd.^(b)		8.3750	04/30/30		1,292,605
							4,500,811
		PUBLISHING & BROADCASTING — 0.4%
	740,000	Belo Corporation		7.7500	06/01/27		767,832

		REAL ESTATE INVESTMENT TRUSTS — 2.1%
	1,305,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(b)		3.3750	06/15/26		1,246,344
	335,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(b),(c)		8.0000	06/15/27		350,724
	500,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(b),(c)		3.7500	09/15/30		439,132
	450,000	Service Properties Trust		4.7500	10/01/26		431,440
	379,000	Service Properties Trust		5.5000	12/15/27		361,468
	530,000	Service Properties Trust		8.3750	06/15/29		528,251
	385,000	Service Properties Trust		4.9500	10/01/29		306,497
	230,000	Service Properties Trust		8.8750	06/15/32		218,885
							3,882,741

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS — 1.1%
	613,000	Greystar Real Estate Partners, LLC^(b)		7.7500	09/01/30	$	652,009
	1,278,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		1,125,014
	419,000	Kennedy-Wilson, Inc.^(c)		4.7500	02/01/30		357,580
							2,134,603
		REAL ESTATE SERVICES — 0.5%
	844,000	Cushman & Wakefield US Borrower, LLC^(b)		6.7500	05/15/28		845,471
	61,000	Cushman & Wakefield US Borrower, LLC^(b)		8.8750	09/01/31		65,656
							911,127
		RENEWABLE ENERGY — 0.8%
	808,000	Atlantica Sustainable Infrastructure plc^(b)		4.1250	06/15/28		800,183
	554,000	EnerSys^(b)		4.3750	12/15/27		532,256
	95,000	EnerSys^(b)		6.6250	01/15/32		96,805
							1,429,244
		RETAIL - CONSUMER STAPLES — 0.5%
	440,000	Albertsons Companies Inc / Safeway Inc / New^(b)		4.6250	01/15/27		429,014
	506,000	Albertsons Companies Inc / Safeway Inc / New^(b)		5.8750	02/15/28		502,458
							931,472
		RETAIL - DISCRETIONARY — 3.8%
	900,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(b),(c)		5.3750	03/01/29		824,086
	1,295,000	Hertz Corporation (The)^(b),(c)		4.6250	12/01/26		971,121
	163,000	Hertz Corporation (The)^(b)		12.6250	07/15/29		173,262
	1,658,000	Kohl’s Corporation^(c)		4.6250	05/01/31		1,348,679
	1,517,000	LBM Acquisition, LLC^(b),(c)		6.2500	01/15/29		1,342,105
	689,000	Metis Merger Sub, LLC^(b),(c)		6.5000	05/15/29		657,196
	1,274,000	Park River Holdings, Inc.^(b),(c)		6.7500	08/01/29		1,069,900
	675,000	Specialty Building Products Holdings, LLC / SBP^(b)		6.3750	09/30/26		665,112
							7,051,461
		SEMICONDUCTORS — 0.5%
	895,000	Entegris Escrow Corporation^(b)		5.9500	06/15/30		893,184

		SOFTWARE — 4.2%
	1,177,000	Capstone Borrower, Inc.^(b)		8.0000	06/15/30		1,222,435
	485,000	Central Parent, Inc. / Central Merger Sub, Inc.^(b)		7.2500	06/15/29		488,991
	189,000	Central Parent, LLC / CDK Global II, LLC / CDK^(b)		8.0000	06/15/29		193,510

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		SOFTWARE — 4.2% (Continued)
	480,000	Cloud Software Group, Inc.^(b)		8.2500	06/30/32	$	498,316
	1,660,000	Condor Merger Sub, Inc.^(b),(c)		7.3750	02/15/30		1,549,694
	1,350,000	Helios Software Holdings, Inc. / ION Corporate^(b)		4.6250	05/01/28		1,232,047
	164,000	NortonLifeLock, Inc.^(b)		6.7500	09/30/27		166,899
	231,000	NortonLifeLock, Inc.^(b),(c)		7.1250	09/30/30		238,976
	34,000	Open Text Corporation^(b)		3.8750	02/15/28		31,776
	861,000	Open Text Corporation^(b)		3.8750	12/01/29		782,420
	1,132,000	Picard Midco, Inc.^(b)		6.5000	03/31/29		1,104,140
	903,240	Rackspace Finance, LLC^(b)		3.5000	05/15/28		392,316
							7,901,520
		SPECIALTY FINANCE — 9.0%
	455,000	AerCap Global Aviation Trust^(b),(e)	US0003M + 4.300%	6.5000	06/15/45		454,784
	495,000	AerCap Holdings N.V.^(d)	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.535%	5.8750	10/10/79		494,107
	763,000	Aircastle Ltd.^(b),(d)	H15T5Y + 4.410%	5.2500	09/15/71		745,303
	1,375,000	Ally Financial, Inc.^(c)		6.7000	02/14/33		1,407,205
	1,505,000	Apollo Commercial Real Estate Finance, Inc.^(b)		4.6250	06/15/29		1,284,817
	127,000	Bread Financial Holdings, Inc.^(b)		7.0000	01/15/26		126,718
	1,444,000	Bread Financial Holdings, Inc.^(b)		9.7500	03/15/29		1,549,153
	660,000	Burford Capital Global Finance, LLC^(b)		6.2500	04/15/28		646,001
	370,000	Burford Capital Global Finance, LLC^(b)		9.2500	07/01/31		394,491
	1,500,000	Cobra AcquisitionCo, LLC^(b),(c)		6.3750	11/01/29		1,231,446
	900,000	Credit Acceptance Corporation^(b)		9.2500	12/15/28		961,490
	430,000	Enova International, Inc.^(b)		8.5000	09/15/25		430,808
	585,000	Enova International, Inc.^(b)		11.2500	12/15/28		630,803
	585,000	Enova International, Inc.^(b)		9.1250	08/01/29		590,166
	512,000	FirstCash, Inc.^(b)		4.6250	09/01/28		489,468
	229,000	FirstCash, Inc.^(b)		5.6250	01/01/30		222,637
	330,000	FirstCash, Inc.^(b)		6.8750	03/01/32		334,075
	209,000	goeasy Ltd.^(b)		4.3750	05/01/26		203,601
	970,000	goeasy Ltd.^(b)		7.6250	07/01/29		992,861
	501,000	Ladder Capital Finance Holdings LLLP / Ladder^(b)		4.2500	02/01/27		485,273
	1,024,000	LFS Topco, LLC^(b)		5.8750	10/15/26		951,713

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		SPECIALTY FINANCE — 9.0% (Continued)
	387,000	OneMain Finance Corporation^(c)		5.3750	11/15/29	$	371,630
	440,000	OneMain Finance Corporation		7.5000	05/15/31		452,668
	1,450,000	Pattern Energy Operations, L.P. / Pattern Energy^(b)		4.5000	08/15/28		1,369,100
							16,820,318
		STEEL — 0.8%
	433,000	Allegheny Technologies, Inc.		4.8750	10/01/29		413,335
	95,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		82,187
	275,000	Commercial Metals Company		4.1250	01/15/30		254,885
	777,000	Commercial Metals Company		3.8750	02/15/31		698,601
							1,449,008
		TECHNOLOGY HARDWARE — 2.3%
	725,000	Imola Merger Corporation^(b)		4.7500	05/15/29		682,639
	850,000	NCR Corporation^(b)		5.1250	04/15/29		811,757
	700,000	Seagate HDD Cayman		4.0910	06/01/29		657,322
	1,005,000	TTM Technologies, Inc.^(b),(c)		4.0000	03/01/29		934,080
	1,234,000	Viasat, Inc.^(b),(c)		7.5000	05/30/31		907,769
	290,000	ViaSat, Inc.^(b)		5.6250	04/15/27		272,506
							4,266,073
		TECHNOLOGY SERVICES — 3.4%
	868,000	Acuris Finance US, Inc. / Acuris Finance S.A.RL^(b)		5.0000	05/01/28		773,682
	1,255,000	Ahead DB Holdings, LLC^(b),(c)		6.6250	05/01/28		1,194,913
	635,000	Block, Inc.^(b)		6.5000	05/15/32		646,339
	486,000	Fortress Intermediate 3, Inc.^(b)		7.5000	06/01/31		498,923
	460,000	GTCR W-2 Merger Sub, LLC^(b)		7.5000	01/15/31		484,761
	880,000	ION Trading Technologies Sarl^(b)		5.7500	05/15/28		817,559
	415,000	ION Trading Technologies Sarl^(b)		9.5000	05/30/29		431,462
	1,025,000	Mobius Merger Sub, Inc.^(b)		9.0000	06/01/30		1,014,816
	620,000	MPH Acquisition Holdings, LLC^(b)		5.7500	11/01/28		368,013
							6,230,468
		TELECOMMUNICATIONS — 4.5%
	3,135,000	Altice France S.A.^(b),(c)		5.5000	10/15/29		2,195,840
	1,700,000	C&W Senior Financing DAC^(b)		6.8750	09/15/27		1,662,665
	442,000	Cogent Communications Group, Inc.^(b)		7.0000	06/15/27		446,322
	490,000	Cogent Communications Group, Inc. / Cogent^(b)		7.0000	06/15/27		495,270

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 97.0% (Continued)
		TELECOMMUNICATIONS — 4.5% (Continued)
	652,000	Connect Finco S.A.RL / Connect US Finco, LLC^(b)		6.7500	10/01/26	$	641,321
	1,190,000	Iliad Holding S.A.SU^(b)		7.0000	10/15/28		1,193,107
	548,000	Iliad Holding S.A.SU^(b)		8.5000	04/15/31		569,888
	760,000	Telesat Canada / Telesat, LLC^(b)		4.8750	06/01/27		347,474
	739,000	Vmed O2 UK Financing I plc^(b)		7.7500	04/15/32		737,326
							8,289,213
		TRANSPORTATION & LOGISTICS — 3.3%
	765,000	Air Canada^(b)		3.8750	08/15/26		736,466
	725,000	American Airlines, Inc.^(b),(c)		7.2500	02/15/28		725,045
	810,000	American Airlines, Inc.^(b)		8.5000	05/15/29		834,503
	1,270,000	Cargo Aircraft Management, Inc.^(b),(c)		4.7500	02/01/28		1,194,950
	1,227,120	Hawaiian Brand Intellectual Property Ltd. /^(b),(c)		11.0000	04/15/29		1,167,034
	271,000	United Airlines, Inc.^(b)		4.3750	04/15/26		264,374
	1,235,000	United Airlines, Inc.^(b)		4.6250	04/15/29		1,168,044
							6,090,416
		WHOLESALE - CONSUMER STAPLES — 1.3%
	1,925,000	C&S Group Enterprises, LLC^(b)		5.0000	12/15/28		1,437,500
	285,000	Performance Food Group, Inc.^(b)		5.5000	10/15/27		281,047
	835,000	Performance Food Group, Inc.^(b)		4.2500	08/01/29		772,973
							2,491,520
		TOTAL CORPORATE BONDS (Cost $181,632,126)					180,296,035

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 22.9%
		COLLATERAL FOR SECURITIES LOANED - 21.0%
	38,969,264	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $38,969,237)^(f),(g)		38,969,264

		MONEY MARKET FUND - 1.9%
	3,501,216	First American Government Obligations Fund Class Z, Class Z, 5.18% (Cost $3,501,216)^(f)		3,501,216

		TOTAL SHORT-TERM INVESTMENTS (Cost $42,470,453)		42,470,480

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares		Fair Value

	TOTAL INVESTMENTS - 120.8% (Cost $225,299,512)	$	224,379,330
	LIABILITIES IN EXCESS OF OTHER ASSETS - (20.8)%		(38,626,622	)
	NET ASSETS - 100.0%	$	185,752,708

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

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

US0003M	ICE LIBOR USD 3 Month

(a)

Non-income producing security.

(b)

(c)

All or a portion of these securities are on loan. Total loaned securities had a value of $38,290,509,680 at July 31, 2024.

(d)

Variable rate security; the rate shown represents the rate on July 31, 2024.

(e)

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

(f)

Rate disclosed is the seven day effective yield as of July 31, 2024.

(g)

(h)

Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.1% of net assets. The total value of these securities is $186,400.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

ASSET BACKED SECURITIES — 0.0%^(a)

RESIDENTIAL MORTGAGE — 0.0%^(a)

9,299 EUR

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

EUR003M + 0.150%

3.8240

01/18/49

9,951

TOTAL ASSET BACKED SECURITIES (Cost $9,863)

9,951

CORPORATE BONDS — 64.5%

AEROSPACE & DEFENSE — 0.3%

200,000 EUR

Airbus S.E.

2.3750

04/07/32

205,111

APPAREL & TEXTILE PRODUCTS — 0.3%

200,000 EUR

Kering S.A.

3.8750

09/05/35

219,938

ASSET MANAGEMENT — 0.6%

5,000 USD

Blue Owl Credit Income Corporation

6.6500

03/15/31

5,024

300,000 EUR

JAB Holdings BV

1.0000

12/20/27

302,458

147,000 USD

MDGH GMTN RSC Ltd.^(c)

5.8750

05/01/34

156,471

463,953

AUTOMOTIVE — 3.0%

300,000 GBP

Aston Martin Capital Holdings Ltd.^(c)

10.3750

03/31/29

387,240

300,000 EUR

Daimler A.G.

0.7500

02/08/30

287,369

220,000 EUR

Grupo Antolin-Irausa S.A.

3.5000

04/30/28

196,110

200,000 USD

Hyundai Capital America^(c),(d)

3.0000

02/10/27

190,809

100,000 USD

Hyundai Capital America^(c)

6.5000

01/16/29

105,500

107,000 USD

Iochpe-Maxion Austria GmbH / Maxion Wheels de^(c)

5.0000

05/07/28

98,578

255,000 USD

Nissan Motor Company Ltd.^(c)

4.8100

09/17/30

239,346

250,000 EUR

Stellantis N.V.

4.2500

06/16/31

279,432

138,000 USD

Uzauto Motors AJ^(c)

4.8500

05/04/26

129,720

200,000 EUR

Volkswagen International Finance N.V.

1.8750

03/30/27

208,866

100,000 EUR

ZF Finance GmbH

3.7500

09/21/28

105,034

2,228,004

BANKING — 9.4%

223,000 USD

Access Bank plc^(c)

6.1250

09/21/26

212,408

250,000 EUR

AIB Group PLC

2.2500

07/03/25

267,658

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

BANKING — 9.4% (Continued)

300,000 EUR

Banco Bilbao Vizcaya Argentaria S.A.

3.5000

02/10/27

326,246

92,000 USD

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

H15T10Y + 5.097%

6.6500

04/22/71

71,215

139,000 USD

Banco Davivienda S.A.^(b)

H15T10Y + 5.097%

6.6500

04/22/71

107,597

201,000 USD

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

H15T5Y + 3.000%

3.1250

07/01/30

195,246

622,000 USD

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

H15T5Y + 4.967%

6.7500

09/27/68

619,916

335,000 USD

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

H15T5Y + 4.643%

5.8750

11/24/71

321,328

200,000 USD

Banco Santander S.A.^(b)

H15T1Y + 2.000%

4.1750

03/24/28

194,620

338,000 USD

Bancolombia S.A.^(b)

H15T5Y + 2.944%

4.6250

12/18/29

335,173

350,000 USD

Barclays plc

5.0880

06/20/30

341,467

193,000 USD

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

H15T5Y + 3.000%

5.3500

11/12/29

191,299

468,000 USD

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

H15T5Y + 2.650%

5.1250

01/18/33

436,360

300,000 EUR

BNP Paribas S.A.

4.0950

02/13/34

333,623

250,000 USD

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

H15T1Y + 2.791%

6.5080

01/18/35

257,127

200,000 EUR

BPCE S.A.^(b)

5.1250

01/25/35

225,229

200,000 EUR

CaixaBank S.A.

4.2500

09/06/30

227,767

225,000 EUR

Cooperatieve Rabobank UA

1.3750

02/03/27

235,443

270,000 USD

Deutsche Bank A.G.^(b)

SOFRRATE + 1.219%

2.3110

11/16/27

252,211

240,000 USD

HSBC Holdings PLC^(b)

SOFRRATE + 1.187%

2.8040

05/24/32

205,105

200,000 EUR

Intesa Sanpaolo SpA

5.1250

08/29/31

237,281

250,000 EUR

Natwest Group PLC

1.7500

03/02/26

267,573

220,000 USD

NatWest Group plc^(b)

H15T5Y + 2.200%

6.4750

06/01/34

227,497

200,000 USD

NatWest Markets plc^(c)

5.4100

05/17/29

203,197

300,000 USD

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

H15T1Y + 1.300%

2.8890

06/09/32

251,343

150,000 USD

Standard Chartered plc^(b),(c)

H15T1Y + 1.450%

5.9050

05/14/35

152,855

150,000 USD

Standard Chartered PLC^(b),(c)

H15T5Y + 2.300%

3.2650

02/18/36

129,726

95,000 USD

Yapi ve Kredi Bankasi A/S^(b),(c)

H15T5Y + 5.278%

9.2500

01/17/34

98,067

6,924,577

BEVERAGES — 0.6%

200,000 USD

Bacardi Ltd. / Bacardi-Martini BV^(c)

5.2500

01/15/29

200,923

250,000 EUR

Diageo Capital BV

1.5000

06/08/29

253,509

454,432

BIOTECH & PHARMA — 2.7%

300,000 EUR

Bayer A.G.

1.3750

07/06/32

270,481

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

BIOTECH & PHARMA — 2.7% (Continued)

250,000 GBP

GlaxoSmithKline Capital PLC

1.2500

10/12/28

286,109

100,000 EUR

Grifols S.A.

2.2500

11/15/27

100,393

270,000 EUR

Grifols S.A.

3.8750

10/15/28

258,059

300,000 EUR

Mylan N.V.

3.1250

11/22/28

320,373

300,000 USD

Royalty Pharma plc

3.3000

09/02/40

222,410

200,000 EUR

Takeda Pharmaceutical Company Ltd.

1.0000

07/09/29

195,349

245,000 EUR

Teva Pharmaceutical Finance Netherlands II BV

7.8750

09/15/31

311,448

1,964,622

CABLE & SATELLITE — 0.7%

200,000 EUR

Altice Financing S.A.

4.2500

08/15/29

166,470

300,000 EUR

United Group BV

3.1250

02/15/26

320,994

487,464

CHEMICALS — 2.4%

200,000 EUR

BASF S.E.

3.7500

06/29/32

222,623

233,000 USD

Braskem Netherlands Finance BV^(c),(d)

4.5000

01/10/28

215,574

100,000 EUR

INEOS Quattro Finance 1 PLC

3.7500

07/15/26

106,152

190,000 EUR

INEOS Quattro Finance 1 PLC^(c)

3.7500

07/15/26

201,689

200,000 EUR

Nobian Finance BV^(c)

3.6250

07/15/26

213,426

100,000 EUR

Nobian Finance BV

3.6250

07/15/26

106,713

89,000 USD

OCP S.A.^(c)

7.5000

05/02/54

92,162

626,000 USD

Sasol Financing USA, LLC^(d)

4.3750

09/18/26

599,640

1,757,979

CONSTRUCTION MATERIALS — 0.7%

200,000 EUR

Holcim Finance Luxembourg S.A.

0.5000

09/03/30

182,471

365,000 USD

Sisecam UK plc^(c)

8.2500

05/02/29

372,144

554,615

CONTAINERS & PACKAGING — 1.0%

300,000 EUR

Ardagh Metal Packaging Finance USA, LLC / Ardagh

3.0000

09/01/29

267,799

100,000 GBP

Ardagh Packaging Finance plc / Ardagh Holdings

4.7500

07/15/27

69,687

220,000 EUR

Kleopatra Finco Sarl

4.2500

03/01/26

214,402

200,000 EUR

Trivium Packaging Finance BV

3.7500

08/15/26

213,457

765,345

ELEC & GAS MARKETING & TRADING — 0.5%

350,000 EUR

Orsted A/S

1.5000

11/26/29

346,960

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

ELECTRIC UTILITIES — 5.0%

260,000 USD

Adani Electricity Mumbai Ltd.^(c)

3.9490

02/12/30

228,463

241,000 USD

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

6.7000

03/12/42

230,975

222,525 USD

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

4.6250

10/15/39

184,544

144,000 USD

Adani Transmission Step-One Ltd.^(c)

4.0000

08/03/26

138,614

89,610 USD

Clean Renewable Power Mauritius Pte Ltd.^(c)

4.2500

03/25/27

84,765

24,000 USD

Comision Federal de Electricidad

3.8750

07/26/33

19,809

250,000 USD

Enel Finance International N.V.^(c)

5.5000

06/15/52

233,867

235,000 USD

Eskom Holdings SOC Ltd.^(c)

7.1250

02/11/25

235,171

97,000 USD

Eskom Holdings SOC Ltd.^(c)

8.4500

08/10/28

99,604

287,560 USD

Greenko Dutch BV^(c)

3.8500

03/29/26

275,339

200,000 EUR

Iberdrola Finanzas S.A.

1.0000

03/07/25

213,298

292,887 USD

Minejesa Capital BV^(c)

4.6250

08/10/30

283,631

20,000 USD

Minejesa Capital BV^(c)

5.6250

08/10/37

18,563

421,640 USD

Mong Duong Finance Holdings BV^(c)

5.1250

05/07/29

405,392

290,000 USD

MSU Energy S.A. / UGEN S.A. / UENSA S.A.^(c)

6.8750

02/01/25

240,308

500,000 EUR

National Grid PLC

0.1630

01/20/28

486,086

300,000 EUR

Naturgy Finance BV

1.5000

01/29/28

307,478

8,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

3.3750

02/05/30

7,261

33,000 USD

Star Energy Geothermal Darajat II / Star Energy^(c)

4.8500

10/14/38

30,610

3,723,778

ELECTRICAL EQUIPMENT — 1.1%

300,000 GBP

Siemens Financieringsmaatschappij N.V.

1.0000

02/20/25

377,396

198,900 EUR

TK Elevator Holdco GmbH

6.6250

07/15/28

210,415

200,000 EUR

Vertical Midco GmbH

4.3750

07/15/27

212,063

799,874

ENGINEERING & CONSTRUCTION — 1.9%

405,000 USD

ATP Tower Holdings, LLC / Andean Tower Partners^(c)

4.0500

04/27/26

392,350

300,000 EUR

Cellnex Finance Company S.A.

2.0000

02/15/33

284,325

350,000 USD

HTA Group Ltd./Mauritius^(c)

7.5000

06/04/29

351,533

100,000 USD

IHS Holding Ltd.^(c)

5.6250

11/29/26

95,478

193,000 USD

IHS Holding Ltd.^(c)

6.2500

11/29/28

172,656

112,000 USD

IHS Netherlands Holdco BV^(c)

8.0000

09/18/27

109,403

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

ENGINEERING & CONSTRUCTION — 1.9% (Continued)

1,405,745

ENTERTAINMENT CONTENT — 0.4%

260,000 GBP

Pinewood Finco plc^(c)

6.0000

03/27/30

333,269

FOOD — 0.4%

200,000 EUR

Danone S.A.

3.0710

09/07/32

214,461

96,000 USD

Minerva Luxembourg S.A.^(c)

4.3750

03/18/31

80,959

295,420

HEALTH CARE FACILITIES & SERVICES — 0.6%

400,000 EUR

Catalent Pharma Solutions, Inc.

2.3750

03/01/28

419,688

HOUSEHOLD PRODUCTS — 0.4%

300,000 EUR

Unilever Finance Netherlands BV

1.7500

03/25/30

305,580

INDUSTRIAL SUPPORT SERVICES — 0.5%

200,000 GBP

Motability Operations Group plc

5.6250

01/24/54

264,092

87,920 EUR

Techem Verwaltungsgesellschaft 674 mbH

6.0000

07/30/26

95,427

359,519

INSTITUTIONAL FINANCIAL SERVICES — 0.4%

150,000 USD

Nomura Holdings, Inc.

1.6530

07/14/26

140,152

150,000 USD

Nomura Holdings, Inc.

2.1720

07/14/28

134,528

274,680

INSURANCE — 0.7%

200,000 EUR

Allianz S.E.

3.0990

07/06/47

213,991

25,000 USD

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

H15T5Y + 2.954%

6.2500

09/13/53

26,276

250,000 EUR

NN Group N.V.

1.6250

06/01/27

259,714

499,981

INTERNET MEDIA & SERVICES — 1.0%

250,000 EUR

Booking Holdings, Inc.

4.5000

11/15/31

291,047

210,000 USD

Prosus N.V.^(c)

3.0610

07/13/31

175,553

223,000 USD

Prosus N.V.

3.0610

07/13/31

186,421

150,000 USD

Prosus N.V.^(c)

3.8320

02/08/51

99,063

752,084

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

LEISURE FACILITIES & SERVICES — 1.9%

250,000 GBP

888 Acquisitions Ltd.^(c)

10.7500

05/15/30

327,366

200,000 EUR

Accor S.A.

7.2500

10/11/73

237,340

200,000 USD

Melco Resorts Finance Ltd.

5.6250

07/17/27

190,943

106,000 USD

Melco Resorts Finance Ltd.^(c)

5.7500

07/21/28

99,538

148,000 USD

Melco Resorts Finance Ltd.

5.7500

07/21/28

138,978

73,000 USD

Studio City Finance Ltd.^(c)

6.0000

07/15/25

72,833

384,000 USD

Studio City Finance Ltd.^(c)

5.0000

01/15/29

342,456

1,409,454

MACHINERY — 0.4%

250,000 EUR

Smiths Group plc

2.0000

02/23/27

261,770

MEDICAL EQUIPMENT & DEVICES — 0.7%

300,000 EUR

Medtronic Global Holdings SCA

0.7500

10/15/32

269,546

275,000 USD

Smith & Nephew plc

5.4000

03/20/34

277,099

546,645

METALS & MINING — 2.0%

311,000 USD

Freeport Indonesia PT

5.3150

04/14/32

306,139

300,000 EUR

Glencore Capital Finance DAC

1.1250

03/10/28

300,628

200,000 USD

Glencore Funding, LLC^(c)

5.6340

04/04/34

200,939

26,000 USD

Indonesia Asahan Aluminium Persero PT^(c)

5.8000

05/15/50

24,512

321,190 USD

Samarco Mineracao S.A.^(c)

9.0000

06/30/31

297,789

25,000 USD

Vale Overseas Ltd.

6.4000

06/28/54

24,910

89,880 USD

Vedanta Resources Finance II plc

13.8750

12/09/28

89,849

234,000 USD

WE Soda Investments Holding plc^(c)

9.5000

10/06/28

240,956

1,485,722

OIL & GAS PRODUCERS — 10.6%

388,000 USD

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

9.7500

02/05/31

411,990

59,000 USD

Abu Dhabi Crude Oil Pipeline, LLC^(c)

3.6500

11/02/29

55,813

78,000 USD

AI Candelaria Spain S.A.^(c)

5.7500

06/15/33

63,672

859,000 USD

AI Candelaria Spain S.A.

5.7500

06/15/33

701,204

35,267 USD

AI Candelaria Spain SLU^(c)

7.5000

12/15/28

34,991

242,000 USD

Energean Israel Finance Ltd.

4.8750

03/30/26

229,823

250,000 EUR

Eni SpA

2.0000

05/18/31

249,381

250,000 EUR

Exxon Mobil Corporation

0.5240

06/26/28

247,156

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

OIL & GAS PRODUCERS — 10.6% (Continued)

206,000 USD

Geopark Ltd.^(c)

5.5000

01/17/27

193,557

337,000 USD

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

9.5000

10/15/29

320,190

200,000 USD

KazMunayGas National Company JSC

3.5000

04/14/33

165,467

54,000 USD

KazMunayGas National Company JSC^(c)

5.7500

04/19/47

47,343

116,000 USD

KazMunayGas National Company JSC^(c)

6.3750

10/24/48

109,597

536,000 USD

Kosmos Energy Ltd.

7.7500

05/01/27

526,974

89,000 USD

Leviathan Bond Ltd.

6.1250

06/30/25

86,905

56,000 USD

Leviathan Bond Ltd.

6.5000

06/30/27

53,002

473,512 USD

MC Brazil Downstream Trading S.A.RL

7.2500

06/30/31

438,486

100,000 USD

Medco Bell Pte Ltd.

6.3750

01/30/27

99,005

656,000 USD

PDVSA^(e)

9.0000

11/17/21

79,048

85,000 USD

Petroleos del Peru S.A.

4.7500

06/19/32

64,056

30,000 USD

Petroleos Mexicanos

6.5000

01/23/29

27,312

135,000 USD

Petroleos Mexicanos

6.8400

01/23/30

120,927

73,000 USD

Petroleos Mexicanos

5.9500

01/28/31

60,284

264,000 USD

Petroleos Mexicanos

6.7000

02/16/32

225,315

252,000 USD

Petroleos Mexicanos

6.6250

06/15/35

195,865

13,000 USD

Petroleos Mexicanos

6.6250

06/15/38

9,209

31,000 USD

Petroleos Mexicanos

6.9500

01/28/60

20,947

41,000 USD

Petronas Capital Ltd.

2.4800

01/28/32

34,799

62,000 USD

Qatar Petroleum^(c)

2.2500

07/12/31

52,863

24,000 USD

Saudi Arabian Oil Company^(c)

5.8750

07/17/64

23,484

848,000 USD

SierraCol Energy Andina, LLC^(c)

6.0000

06/15/28

763,039

228,000 USD

Southern Gas Corridor CJSC^(c)

6.8750

03/24/26

230,294

350,000 USD

TotalEnergies Capital S.A.

5.4880

04/05/54

352,901

229,000 USD

Trident Energy Finance plc^(c)

12.5000

11/30/29

238,496

88,000 USD

Tullow Oil plc

7.0000

03/01/25

86,003

673,000 USD

Tullow Oil PLC^(c)

7.0000

03/01/25

657,727

267,000 USD

YPF S.A.^(c)

8.5000

07/28/25

266,454

334,000 USD

YPF S.A.^(c)

9.5000

01/17/31

343,701

7,887,280

OIL & GAS SERVICES & EQUIPMENT — 3.1%

505,000 USD

FORESEA Holding S.A.^(c),(d)

7.5000

06/15/30

473,154

496,629 USD

MV24 Capital BV^(c)

6.7480

06/01/34

471,111

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

OIL & GAS SERVICES & EQUIPMENT — 3.1% (Continued)

318,000 USD

OHI Group S.A.^(c)

13.0000

07/22/29

320,687

749,480 USD

Poinsettia Finance Ltd.

6.6250

06/17/31

637,210

387,000 USD

Yinson Boronia Production BV^(c)

8.9470

07/31/42

393,920

2,296,082

PUBLISHING & BROADCASTING — 0.7%

200,000 EUR

Bertelsmann S.E. & Company KGaA

3.5000

05/29/29

218,405

250,000 EUR

Informa PLC

2.1250

10/06/25

266,248

484,653

REAL ESTATE OWNERS & DEVELOPERS — 0.8%

700,000 USD

China SCE Group Holdings Ltd.^(e)

7.0000

05/02/25

41,125

200,000 USD

Country Garden Holdings Company Ltd.

4.8000

08/06/30

16,100

200,000 EUR

CPI Property Group S.A.^(f)

1.6250

04/23/27

194,602

330,000 USD

MAF Global Securities Ltd.^(b)

H15T5Y + 3.539%

6.3750

09/20/70

327,480

579,307

REIT — 0.8%

230,000 GBP

Iron Mountain UK plc

3.8750

11/15/25

290,383

250,000 EUR

Prologis Euro Finance, LLC

4.6250

05/23/33

290,334

580,717

RENEWABLE ENERGY — 0.8%

535,000 USD

Aydem Yenilenebilir Enerji A/S^(c)

7.7500

02/02/27

527,834

102,000 USD

Investment Energy Resources Ltd.^(c)

6.2500

04/26/29

98,470

626,304

RETAIL - CONSUMER STAPLES — 0.3%

200,000 EUR

Carrefour S.A.

4.3750

11/14/31

227,075

RETAIL - DISCRETIONARY — 1.4%

200,000 EUR

Avis Budget Finance plc^(c)

7.0000

02/28/29

213,661

150,000 EUR

Avis Budget Finance plc

7.2500

07/31/30

160,091

200,000 GBP

Marks & Spencer plc

3.7500

05/19/26

252,614

457,000 USD

Movida Europe S.A.^(c)

7.8500

04/11/29

429,016

1,055,382

SOFTWARE — 0.5%

320,000 EUR

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

7.8750

05/01/29

352,334

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

SPECIALTY FINANCE — 0.6%

390,000 USD

AerCap Ireland Capital DAC / AerCap Global

3.3000

01/30/32

342,408

35,000 USD

Avolon Holdings Funding Ltd.^(c)

2.5280

11/18/27

32,040

50,000 USD

Avolon Holdings Funding Ltd.^(c)

5.7500

11/15/29

50,770

425,218

STEEL — 1.0%

163,000 USD

JSW Steel Ltd.

3.9500

04/05/27

154,514

855,000 USD

Metinvest BV^(c)

7.7500

10/17/29

566,687

721,201

TECHNOLOGY SERVICES — 0.4%

338,000 USD

Sixsigma Networks Mexico S.A. de CV^(c)

7.5000

05/02/25

331,730

TELECOMMUNICATIONS — 1.8%

100,000 EUR

Altice France Holding S.A.^(c)

8.0000

05/15/27

37,650

100,000 EUR

Altice France S.A.^(c)

2.1250

02/15/25

102,342

100,000 EUR

Altice France S.A.

2.1250

02/15/25

102,342

16,000 USD

Millicom International Cellular S.A.^(c)

4.5000

04/27/31

14,057

87,000 USD

Network i2i Ltd.^(b)

H15T5Y + 4.274%

5.6500

04/15/71

87,101

210,000 USD

Network i2i Ltd.^(b),(c)

H15T5Y + 4.277%

5.6500

10/15/68

210,244

300,000 EUR

Orange S.A.

2.0000

01/15/29

311,739

200,000 EUR

Telefonica Emisiones S.A.

2.5920

05/25/31

207,735

190,000 USD

VF Ukraine PAT via VFU Funding plc^(c)

6.2000

02/11/25

170,050

105,000 USD

Vodafone Group plc

5.8750

06/28/64

103,355

1,346,615

TOBACCO & CANNABIS — 0.5%

165,000 USD

BAT Capital Corporation

4.3900

08/15/37

144,417

150,000 USD

BAT Capital Corporation

7.0810

08/02/53

165,778

85,000 USD

Imperial Brands Finance plc^(c)

5.5000

02/01/30

85,550

395,745

TRANSPORTATION & LOGISTICS — 1.6%

200,000 EUR

Abertis Infraestructuras S.A.

2.3750

09/27/27

210,231

241,000 USD

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

3.1000

02/02/31

197,916

250,000 EUR

Autostrade per l’Italia SpA

5.1250

06/14/33

289,509

6,000 USD

DP World PLC^(c)

4.7000

09/30/49

5,083

119,000 USD

Georgian Railway JSC^(c)

4.0000

06/17/28

106,059

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 64.5% (Continued)

TRANSPORTATION & LOGISTICS — 1.6% (Continued)

387,000 USD

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

8.5000

03/17/27

387,155

1,195,953

TOTAL CORPORATE BONDS (Cost $49,162,146)

47,751,805

NON U.S. GOVERNMENT & AGENCIES — 26.6%

LOCAL AUTHORITY — 0.4%

150,000 CAD

Province of British Columbia Canada

3.2000

06/18/44

92,812

250,000 CAD

Province of Ontario Canada

2.8000

06/02/48

141,761

89,335 USD

Provincia de Buenos Aires/Government Bonds^(f)

5.2500

09/01/37

39,776

274,349

NON U.S. TREASURY — 6.5%

1,800,000 AUD

Australia Government Bond

1.2500

05/21/32

960,735

1,030,000 BRL

Brazil Notas do Tesouro Nacional Serie F

0.0000

01/01/31

168,932

470,000 BRL

Brazil Notas do Tesouro Nacional Serie F

10.0000

01/01/33

76,038

550,000 CAD

Canadian Government Bond

2.2500

06/01/29

384,404

115,200,000 COP

Colombian TES

7.5000

08/26/26

27,755

538,900,000 COP

Colombian TES

6.0000

04/28/28

118,297

1,600,000,000 IDR

Indonesia Treasury Bond

8.7500

05/15/31

108,193

612,000,000 IDR

Indonesia Treasury Bond

8.2500

05/15/36

41,426

76,000 EUR

Ireland Government Bond

5.4000

03/13/25

83,339

50,000 EUR

Ireland Government Bond

0.9000

05/15/28

51,113

130,000 EUR

Ireland Government Bond

1.3000

05/15/33

126,607

750,000 EUR

Italy Buoni Poliennali Del Tesoro

2.8000

12/01/28

806,151

640,000 EUR

Italy Buoni Poliennali Del Tesoro^(c)

2.4500

09/01/33

637,559

180,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

08/01/39

217,433

235,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

09/01/40

283,734

1,370,000 MXN

Mexican Bonos

7.7500

05/29/31

66,397

1,310,000 MXN

Mexican Bonos

8.5000

11/18/38

62,925

2,730,000 MXN

Mexican Bonos

7.7500

11/13/42

119,409

170,000 EUR

Spain Government Bond

4.2000

01/31/37

202,031

250,000 EUR

Spain Government Bond

2.7000

10/31/48

230,758

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 26.6% (Continued)

NON U.S. TREASURY — 6.5% (Continued)

4,773,236

SOVEREIGN — 19.2%

204,000 USD

Angolan Government International Bond^(c)

8.7500

04/14/32

182,900

51,000 USD

Angolan Government International Bond^(c)

9.1250

11/26/49

42,180

57,000 USD

Argentine Republic Government International Bond

1.0000

07/09/29

32,836

858,240 USD

Argentine Republic Government International Bond^(f)

0.7500

07/09/30

464,737

200,000 USD

Bahrain Government International Bond

6.7500

09/20/29

205,500

327,000 USD

Bahrain Government International Bond^(c)

5.6250

09/30/31

311,770

37,000 USD

Bahrain Government International Bond^(c)

5.2500

01/25/33

33,509

178,000 USD

Bahrain Government International Bond^(c)

5.6250

05/18/34

162,875

26,000 USD

Bermuda Government International Bond^(c)

4.7500

02/15/29

25,487

120,000 BRL

Brazilian Government International Bond

10.2500

01/10/28

21,678

39,000 USD

Brazilian Government International Bond

4.5000

05/30/29

37,492

175,000 USD

Brazilian Government International Bond

3.8750

06/12/30

158,325

35,000 USD

Brazilian Government International Bond

6.2500

03/18/31

35,353

71,000 USD

Brazilian Government International Bond

6.0000

10/20/33

69,836

299,000 USD

Brazilian Government International Bond

7.1250

05/13/54

295,103

5,000 USD

Chile Government International Bond

2.7500

01/31/27

4,740

8,000 USD

Chile Government International Bond

2.4500

01/31/31

6,955

44,000 USD

Chile Government International Bond

2.5500

01/27/32

37,686

43,000 USD

Chile Government International Bond

3.5000

01/31/34

38,071

16,000 USD

Chile Government International Bond

4.9500

01/05/36

15,637

3,000 USD

Chile Government International Bond

4.3400

03/07/42

2,631

71,000 USD

Chile Government International Bond

3.8600

06/21/47

56,119

4,000 USD

Chile Government International Bond

3.1000

01/22/61

2,538

100,000 EUR

Colombia Government International Bond

3.8750

03/22/26

107,627

28,000 USD

Colombia Government International Bond

4.5000

03/15/29

25,981

55,000 USD

Colombia Government International Bond

3.0000

01/30/30

45,992

51,000 USD

Colombia Government International Bond

3.1250

04/15/31

41,105

77,000 USD

Colombia Government International Bond

7.5000

02/02/34

78,298

55,000 USD

Colombia Government International Bond

8.0000

11/14/35

57,482

32,000 USD

Colombia Government International Bond

6.1250

01/18/41

27,326

173,000 USD

Colombia Government International Bond

4.1250

02/22/42

115,888

31,000 USD

Colombia Government International Bond

5.6250

02/26/44

24,220

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 26.6% (Continued)

SOVEREIGN — 19.2% (Continued)

272,000 USD

Colombia Government International Bond

5.0000

06/15/45

195,011

33,000 USD

Colombia Government International Bond

5.2000

05/15/49

23,720

28,000 USD

Colombia Government International Bond

8.7500

11/14/53

29,811

109,000 USD

Colombia Government International Bond

3.8750

02/15/61

61,519

139,000 USD

Costa Rica Government International Bond^(d)

6.1250

02/19/31

141,084

85,000 USD

Costa Rica Government International Bond^(c)

6.5500

04/03/34

88,028

91,000 USD

Costa Rica Government International Bond

7.0000

04/04/44

94,390

27,000 USD

Costa Rica Government International Bond^(c)

7.3000

11/13/54

28,735

46,000 USD

Dominican Republic International Bond

5.5000

02/22/29

45,263

62,000 USD

Dominican Republic International Bond

4.5000

01/30/30

57,703

43,000 USD

Dominican Republic International Bond^(c)

4.5000

01/30/30

40,020

303,000 USD

Dominican Republic International Bond^(c)

4.8750

09/23/32

277,206

43,000 USD

Dominican Republic International Bond^(c)

6.6000

06/01/36

44,328

82,000 USD

Dominican Republic International Bond^(c)

7.4500

04/30/44

87,763

41,000 USD

Dominican Republic International Bond

6.5000

02/15/48

39,712

114,000 USD

Dominican Republic International Bond

5.8750

01/30/60

98,612

44,000 USD

Ecuador Government International Bond^(c),(f)

6.9000

07/31/30

29,883

626,000 USD

Ecuador Government International Bond^(f)

6.9000

07/31/30

425,146

669,000 USD

Egypt Government International Bond^(c)

7.6250

05/29/32

561,743

295,000 USD

Egypt Government International Bond^(c)

7.5000

02/16/61

201,077

117,000 USD

El Salvador Government International Bond

6.3750

01/18/27

107,401

122,000 USD

El Salvador Government International Bond

8.2500

04/10/32

99,187

233,000 USD

Ethiopia International Bond^(c)

6.6250

12/11/24

184,128

22,000 USD

Export-Import Bank of India

2.2500

01/13/31

18,530

2,000 USD

Finance Department Government of Sharjah^(c)

4.0000

07/28/50

1,324

12,333 USD

Gabon Government International Bond^(c)

6.3750

12/12/24

12,258

178,000 USD

Gabon Government International Bond^(c)

6.9500

06/16/25

161,168

91,000 USD

Gabon Government International Bond^(c)

6.6250

02/06/31

67,110

11,000 USD

Ghana Government International Bond^(c)

6.3750

02/11/27

5,541

285,000 USD

Ghana Government International Bond^(c)

10.7500

10/14/30

192,465

92,000 USD

Ghana Government International Bond^(c)

8.6250

04/07/34

47,299

18,000 USD

Ghana Government International Bond^(c)

8.9500

03/26/51

9,295

45,000 USD

Guatemala Government Bond^(c)

6.5500

02/06/37

45,310

303,000 USD

Guatemala Government Bond

6.1250

06/01/50

279,144

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 26.6% (Continued)

SOVEREIGN — 19.2% (Continued)

43,000 USD

Hazine Mustesarligi Varlik Kiralama A/S^(c)

8.5090

01/14/29

45,929

44,000 USD

Hungary Government International Bond^(c)

6.1250

05/22/28

45,205

30,000 USD

Hungary Government International Bond^(c)

6.2500

09/22/32

31,440

29,000 USD

Hungary Government International Bond^(c)

5.5000

03/26/36

28,457

10,000 USD

Hungary Government International Bond^(c)

6.7500

09/25/52

10,836

16,000 USD

Indonesia Government International Bond

4.5500

01/11/28

15,848

5,000 USD

Indonesia Government International Bond

4.6500

09/20/32

4,903

130,000 USD

Indonesia Government International Bond

4.8500

01/11/33

128,931

6,000 USD

Indonesia Government International Bond

4.2000

10/15/50

5,054

234,375 USD

Iraq International Bond

5.8000

01/15/28

222,439

100,000 EUR

Ivory Coast Government International Bond^(c)

5.8750

10/17/31

98,803

24,000 USD

Ivory Coast Government International Bond^(c)

8.2500

01/30/37

23,268

121,000 EUR

Ivory Coast Government International Bond

6.6250

03/22/48

102,361

58,000 USD

Jordan Government International Bond^(c)

7.7500

01/15/28

58,363

63,000 USD

Jordan Government International Bond^(c)

7.5000

01/13/29

62,730

80,000 USD

Jordan Government International Bond^(c)

5.8500

07/07/30

73,530

80,000 USD

Jordan Government International Bond^(c)

7.3750

10/10/47

70,079

20,000 USD

Kazakhstan Government International Bond^(c)

6.5000

07/21/45

22,989

246,000 USD

Kenya Government International Bond^(c)

8.0000

05/22/32

213,349

509,000 USD

Lebanon Government International Bond^(e)

6.1000

10/04/22

34,358

72,000 USD

Lebanon Government International Bond^(e)

6.4000

05/26/23

5,148

156,000 USD

Lebanon Government International Bond^(e)

6.1500

06/19/23

11,148

11,000 USD

Magyar Export-Import Bank Zrt^(c)

6.1250

12/04/27

11,096

11,000 USD

Mexico Government International Bond

4.7500

04/27/32

10,372

32,000 USD

Mexico Government International Bond

4.8750

05/19/33

30,085

105,000 USD

Mexico Government International Bond

6.3500

02/09/35

107,955

98,000 USD

Mexico Government International Bond

4.7500

03/08/44

80,571

1,000 USD

Mexico Government International Bond

6.3380

05/04/53

961

19,000 USD

Mexico Government International Bond

3.7710

05/24/61

12,003

128,000 USD

Nigeria Government International Bond^(c)

6.1250

09/28/28

112,688

255,000 USD

Nigeria Government International Bond^(c)

7.8750

02/16/32

222,005

83,000 USD

Nigeria Government International Bond^(c)

7.3750

09/28/33

68,060

200,000 USD

Nigeria Government International Bond

7.6250

11/28/47

146,765

313,000 USD

Oman Government International Bond^(c)

6.0000

08/01/29

322,547

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 26.6% (Continued)

SOVEREIGN — 19.2% (Continued)

381,000 USD

Oman Government International Bond^(c)

7.3750

10/28/32

427,230

286,000 USD

Pakistan Government International Bond^(c)

6.0000

04/08/26

259,566

13,000 USD

Panama Government International Bond

3.8750

03/17/28

12,214

14,000 USD

Panama Government International Bond

3.1600

01/23/30

12,058

118,000 USD

Panama Government International Bond

2.2520

09/29/32

87,385

11,000 USD

Panama Government International Bond

6.7000

01/26/36

10,995

3,000 USD

Panama Government International Bond

8.0000

03/01/38

3,237

15,000 USD

Papua New Guinea Government International Bond^(c)

8.3750

10/04/28

14,640

131,000 USD

Paraguay Government International Bond

4.9500

04/28/31

128,182

34,000 USD

Paraguay Government International Bond^(c)

3.8490

06/28/33

30,238

78,000 USD

Peruvian Government International Bond

2.7830

01/23/31

67,725

119,000 USD

Peruvian Government International Bond

3.0000

01/15/34

98,636

28,000 USD

Philippine Government International Bond

2.4570

05/05/30

24,723

2,000 USD

Philippine Government International Bond

1.6480

06/10/31

1,631

2,000 USD

Philippine Government International Bond

6.3750

01/15/32

2,175

93,000 USD

Philippine Government International Bond

5.0000

07/17/33

93,096

4,000 USD

Philippine Government International Bond

2.9500

05/05/45

2,811

1,000 USD

Philippine Government International Bond

4.2000

03/29/47

843

2,000 USD

Philippine Government International Bond

5.9500

10/13/47

2,148

4,000 USD

Qatar Government International Bond^(c)

4.4000

04/16/50

3,559

124,286 USD

Republic of Angola Via Avenir Issuer II Ireland

6.9270

02/19/27

120,785

147,000 USD

Republic of Armenia International Bond^(c)

3.6000

02/02/31

121,212

53,000 USD

Republic of Kenya Government International Bond^(c)

7.0000

05/22/27

50,324

240,000 PLN

Republic of Poland Government Bond

2.7500

04/25/28

55,848

760,000 PLN

Republic of Poland Government Bond

6.0000

10/25/33

200,731

6,000 USD

Republic of Poland Government International Bond

5.7500

11/16/32

6,338

41,000 USD

Republic of Poland Government International Bond

4.8750

10/04/33

40,691

121,000 USD

Republic of Poland Government International Bond

5.1250

09/18/34

121,530

3,370,000 ZAR

Republic of South Africa Government Bond

8.7500

02/28/48

144,522

46,000 USD

Republic of South Africa Government International

4.3000

10/12/28

43,036

364,000 USD

Republic of South Africa Government International

5.8750

04/20/32

345,445

72,000 USD

Republic of South Africa Government International

6.3000

06/22/48

60,183

151,000 USD

Republic of South Africa Government International

5.7500

09/30/49

116,695

88,000 USD

Republic of South Africa Government International

7.3000

04/20/52

81,563

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 26.6% (Continued)

SOVEREIGN — 19.2% (Continued)

8,000 EUR

Romanian Government International Bond

2.3750

04/19/27

8,372

1,000 USD

Romanian Government International Bond^(c)

6.6250

02/17/28

1,034

44,000 USD

Romanian Government International Bond^(c)

7.1250

01/17/33

47,201

20,000 USD

Romanian Government International Bond

7.1250

01/17/33

21,455

59,000 USD

Romanian Government International Bond^(c)

6.3750

01/30/34

60,473

2,000 USD

Romanian Government International Bond

5.1250

06/15/48

1,695

13,000 USD

Saudi Government International Bond^(c)

2.2500

02/02/33

10,519

156,000 USD

Saudi Government International Bond^(c)

4.8750

07/18/33

154,467

2,000 USD

Saudi Government International Bond^(c)

4.6250

10/04/47

1,719

1,000 USD

Saudi Government International Bond^(c)

5.0000

04/17/49

907

42,000 USD

Saudi Government International Bond^(c)

5.7500

01/16/54

41,340

169,000 USD

Serbia International Bond^(c)

2.1250

12/01/30

137,737

16,000 USD

Serbia International Bond^(c)

6.0000

06/12/34

15,973

48,000 USD

Sri Lanka Government International Bond^(e)

6.3500

06/28/24

26,939

395,000 USD

Sri Lanka Government International Bond^(c)

7.8500

03/14/29

224,172

259,000 USD

Turkey Government International Bond

9.8750

01/15/28

287,312

171,000 USD

Turkey Government International Bond^(d)

9.3750

03/14/29

188,951

125,000 USD

Turkey Government International Bond

9.1250

07/13/30

138,632

75,000 USD

Turkey Government International Bond

5.9500

01/15/31

70,970

207,000 USD

Turkey Government International Bond

5.7500

05/11/47

161,146

416,000 USD

Turkiye Government International Bond

7.6250

05/15/34

427,801

136,000 USD

Ukraine Government International Bond^(g)

0.0000

09/01/27

45,036

56,000 USD

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

7.7500

09/01/27

18,544

455,000 USD

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

7.7500

09/01/28

146,211

139,000 USD

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

7.3750

09/25/34

42,937

5,000 USD

Uruguay Government International Bond

4.3750

01/23/31

4,926

425,000 USD

Venezuela Government International Bond^(e)

0.0000

08/05/31

77,252

81,499 USD

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

5.7500

06/30/33

71,609

14,236,392

SUPRANATIONAL — 0.5%

18,500,000 INR

European Bank for Reconstruction & Development

6.3000

10/26/27

218,086

200,000 EUR

European Investment Bank

1.1250

09/15/36

177,629

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 26.6% (Continued)

SUPRANATIONAL — 0.5% (Continued)

395,715

TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $20,609,995)

19,679,692

Shares
		SHORT-TERM INVESTMENTS — 6.8%
		COLLATERAL FOR SECURITIES LOANED - 3.4%
	2,574,770	Mount Vernon Liquid Assets Portfolio, LLC, 5.45%^(h),(i)		2,574,770

		MONEY MARKET FUNDS - 3.4%
	2,490,701	Fidelity Government Portfolio, Institutional Class, 5.21%⁽ⁱ⁾		2,490,701

		TOTAL SHORT-TERM INVESTMENTS (Cost $5,065,471)		5,065,471

		TOTAL INVESTMENTS - 97.9% (Cost $74,847,475)	$	72,506,919
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.1%		1,568,188
		NET ASSETS - 100.0%	$	74,075,107

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Appreciation (Depreciation)
	81	Eurex 10 Year Euro BUND Future	09/09/2024	$	11,729,432	$	312,431
	6	Eurex 30 Year Euro BUXL Future	09/09/2024		875,409		49,434
	13	French Government Bond Futures	09/09/2024		1,771,857		21,135
	25	Long Gilt Future	09/27/2024		3,188,344		68,635
	11	TSE Japanese 10 Year Bond Futures	09/13/2024		10,480,597		(28,841	)
		TOTAL FUTURES CONTRACTS				$	422,794

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Depreciation
	79	CBOT 10 Year US Treasury Note Futures	09/20/2024	$	8,833,188	$	(188,859	)
	16	CBOT 5 Year US Treasury Note Futures	10/01/2024		1,726,250		(27,250	)
	4	CBOT US Treasury Bond Futures	09/20/2024		483,125		(14,750	)
	13	Euro-BTP Italian Bond Futures	09/09/2024		1,674,586		(36,731	)
		TOTAL FUTURES CONTRACTS				$	(267,590	)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

CREDIT DEFAULT SWAP AGREEMENTS
				Implied							Amortized			Unrealized
	Payment		Fixed Deal	Credit							Upfront Payments			Appreciation/
Description	Frequency^(k)	Counterparty	(Pay)Rate	Spread	Maturity Date	Notional Value^(j)		Fair Value			Paid/(Received)			(Depreciation)
CDX.EM SERIES 41	To Buy Quarterly	Citibank	1.00%	169	6/20/2029	$	2,330,000	$	65,376		$	65,675		$	(299	)
ITRAXX EUROPE CROSSOVER SERIES 41	To Sell Quarterly	Citibank	5.00%	294	6/20/2029		3,585,000		(352,661	)		(307,026	)		(45,635	)
TOTAL								$	(287,285	)	$	(241,351	)	$	(45,934	)

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Euro	08/06/2024	JP Morgan Chase		125,266	$	135,669	$	236
Mexican Peso	08/06/2024	Citi Capital Markets		5,820,000		312,189		(2,278	)
Mexican Peso	08/08/2024	Citi Capital Markets		9,160,000		491,185		(6,850	)
Mexican Peso	08/12/2024	JP Morgan Chase		3,140,000		168,263		(4,859	)
Japanese Yen	08/13/2024	Citi Capital Markets		25,380,000		169,730		11,832
Mexican Peso	08/13/2024	JP Morgan Chase		3,100,000		166,092		(7,043	)
Swiss Franc	08/26/2024	Citi Capital Markets		18		21		—
Australian Dollar	08/27/2024	Citi Capital Markets		590,000		386,067		227
Canadian Dollar	08/28/2024	Citi Capital Markets		260,000		188,451		252
Brazilian Real	09/04/2024	JP Morgan Chase		35,000		6,166		(195	)
Euro	10/10/2024	Citi Capital Markets		38,000		41,285		(404	)
					$	2,065,118	$	(9,082	)

To Sell:
Euro	08/06/2024	Barclay		6,829,330	$	7,396,518	$	(35,872	)
Japanese Yen	08/13/2024	Citi Capital Markets		25,380,000		169,730		(8,996	)
Swiss Franc	08/15/2024	Citi Capital Markets		810		924		(13	)
Japanese Yen	08/22/2024	JP Morgan Chase		2,877,191		19,269		(315	)
Brazilian Real	09/04/2024	JP Morgan Chase		35,000		6,166		256
Australian Dollar	10/10/2024	Barclay		1,480,700		969,876		28,760
British Pound	10/10/2024	Citi Capital Markets		1,444,900		1,858,275		22,877
Canadian Dollar	10/10/2024	Barclay		893,000		648,060		6,020
Euro	10/10/2024	Barclay		789,429		857,665		164
Euro	10/10/2024	Citi Capital Markets		122,000		132,545		5
Euro	10/10/2024	JP Morgan Chase		13,564,217		14,736,667		148,422
Japanese Yen	10/10/2024	Barclay		42,445,699		286,341		(11,797	)
					$	27,082,036	$	149,511

Total							$	140,429

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Foreign Currency		Settlement Date	Counterparty	Local Currency Amount Purchased		Local Currency Amount Sold		U.S. Dollar Market Value Buy		U.S. Dollar Market Value Sell			Unrealized Appreciation/ (Depreciation)
To Buy:	To Sell:
Euro	British Pound	8/12/2024	Citi Capital Markets		210,000		176,726		227,509		(227,181	)	$	328
Euro	British Pound	8/12/2024	JP Morgan Chase		160,000		135,790		173,340		(174,557	)		(1,217	)
Euro	Swiss Franc	8/15/2024	Citi Capital Markets		320,000		309,398		346,731		(353,084	)		(6,353	)
Swiss Franc	Euro	8/15/2024	Citi Capital Markets		310,208		320,000		354,009		(346,732	)		7,277
Euro	British Pound	8/22/2024	Citi Capital Markets		210,000		176,437		227,621		(226,832	)		789
Euro	Japanese Yen	8/22/2024	Citi Capital Markets		490,000		80,864,062		531,116		(541,554	)		(10,438	)
Japanese Yen	Euro	8/22/2024	JP Morgan Chase		83,741,254		490,000		560,823		(531,116	)		29,707
Euro	Swiss Franc	8/26/2024	Citi Capital Markets		540,000		515,662		585,428		(589,270	)		(3,842	)
Swiss Franc	Euro	8/26/2024	Citi Capital Markets		171,265		180,000		195,712		(195,143	)		569
Euro	British Pound	8/27/2024	Citi Capital Markets		390,000		329,104		422,830		(423,127	)		(297	)
Euro	British Pound	8/29/2024	Citi Capital Markets		620,000		521,976		672,258		(671,115	)		1,143
Euro	Swiss Franc	8/30/2024	Citi Capital Markets		180,000		172,369		195,181		(197,071	)		(1,890	)
Euro	Japanese Yen	9/3/2024	Citi Capital Markets		360,000		58,473,846		390,436		(392,336	)		(1,900	)
British Pound	Euro	10/10/2024	Barclay		5,600		6,647		7,202		(7,222	)		(20	)
Euro	British Pound	10/10/2024	Barclay		325,350		274,759		353,473		(353,365	)		108
Euro	British Pound	10/10/2024	JP Morgan Chase		1,606,504		1,355,000		1,745,365		(1,742,656	)		2,709
					89,640,181		144,301,776	$	6,989,034	$	6,972,361		$	16,673

Total													$	16,673

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

SA	- Société Anonyme

SA de CV	- Sociedad Anonima de Capital Variable

EUR003M	Euribor 3 Month

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

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

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

SOFRRATE	United States Secured Overnight Financing Rate

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

COP	Columbian Peso

EUR	Euro

GBP	British Pound

IDR	Indonesia Rupiah

INR	Indian Rupee

MXN	Mexican Peso

PLN	Polish Zloty

USD	US Dollars

ZAR	South African Rand

^(a)

Percentage rounds to less than 0.1%.

^(b)

Variable rate security; the rate shown represents the rate on July 31, 2024.

^(c)

^(d)

All or a portion of these securities are on loan. Total loaned securities had a value of $2,524,395 at July 31, 2024.

^(e)

Represents issuer in default on interest payments; non-income producing security.

^(f)

Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2024.

^(g)

Non-income producing security.

^(h)

Security was purchased with cash received as collateral for securities on loan at July 31, 2024. Total collateral had a value of $2,574,770 at July 31, 2024.

⁽ⁱ⁾

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(j)

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

^(k)

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

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.0%
		AEROSPACE & DEFENSE - 3.2%
	9,245	L3Harris Technologies, Inc.	$	2,097,598
	26,900	Raytheon Technologies Corp.		3,160,481
				5,258,079
		ASSET MANAGEMENT - 1.8%
	3,422	BlackRock, Inc.		2,999,383

		AUTOMOTIVE - 0.9%
	31,959	General Motors Company		1,416,423

		BANKING - 7.6%
	81,746	Bank of America Corporation		3,295,182
	26,404	JPMorgan Chase & Company		5,618,772
	16,889	Truist Financial Corporation		754,769
	45,871	Wells Fargo & Company		2,721,985
				12,390,708
		BIOTECH & PHARMA - 5.1%
	15,479	AbbVie, Inc.		2,868,569
	5,444	Amgen, Inc.		1,809,967
	11,811	Johnson & Johnson		1,864,366
	17,457	Merck & Company, Inc.		1,974,910
				8,517,812
		CHEMICALS - 3.0%
	6,503	Air Products and Chemicals, Inc.		1,715,817
	23,823	Corteva, Inc.		1,336,470
	22,037	DuPont de Nemours, Inc.^(a)		1,844,497
				4,896,784
		CONSTRUCTION MATERIALS - 2.3%
	3,780	Martin Marietta Materials, Inc.^(a)		2,242,863
	8,646	Owens Corning		1,611,441
				3,854,304
		CONSUMER SERVICES - 0.7%
	14,619	Service Corp International^(a)		1,168,204

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.5%
	12,520	Honeywell International, Inc.	$	2,563,470

		ELECTRIC UTILITIES - 3.6%
	23,768	Duke Energy Corporation		2,597,129
	43,595	NextEra Energy, Inc.		3,330,222
				5,927,351
		ELECTRICAL EQUIPMENT - 1.4%
	32,997	Johnson Controls International plc		2,360,605

		ENGINEERING & CONSTRUCTION - 1.7%
	10,527	Quanta Services, Inc.		2,793,655

		ENTERTAINMENT CONTENT - 2.5%
	39,104	Fox Corporation, Class A^(a)		1,487,516
	30,295	Walt Disney Company (The)		2,838,338
				4,325,854
		FOOD - 2.3%
	38,067	Mondelez International, Inc., A		2,601,880
	19,087	Tyson Foods, Inc., Class A		1,162,398
				3,764,278
		HEALTH CARE FACILITIES & SERVICES - 5.1%
	10,080	Cencora, Inc.^(a)		2,397,830
	25,748	CVS Health Corporation		1,553,377
	7,896	UnitedHealth Group, Inc.		4,549,360
				8,500,567
		HOUSEHOLD PRODUCTS - 1.7%
	17,707	Procter & Gamble Company (The)		2,846,577

		INDUSTRIAL REIT - 0.9%
	11,337	Prologis, Inc.		1,429,029

		INFRASTRUCTURE REIT - 1.3%
	10,142	American Tower Corporation, A		2,235,297

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.3%
	16,742	Bank of New York Mellon Corporation (The)	$	1,089,402
	18,221	Intercontinental Exchange, Inc.		2,761,575
				3,850,977
		INSURANCE - 5.8%
	7,683	Berkshire Hathaway, Inc., Class B^(b)		3,368,996
	23,519	Hartford Financial Services Group, Inc. (The)		2,608,727
	11,345	Prudential Financial, Inc.		1,421,755
	10,475	Travelers Companies, Inc. (The)		2,267,209
				9,666,687
		INTERNET MEDIA & SERVICES - 2.5%
	11,746	Alphabet, Inc., Class A		2,014,909
	4,319	Meta Platforms, Inc., Class A		2,050,791
				4,065,700
		LEISURE FACILITIES & SERVICES - 0.9%
	10,049	Darden Restaurants, Inc.^(a)		1,470,068

		MACHINERY - 2.8%
	5,218	Caterpillar, Inc.^(a)		1,806,472
	5,150	Parker-Hannifin Corporation		2,889,974
				4,696,446
		MEDICAL EQUIPMENT & DEVICES - 7.1%
	31,815	Abbott Laboratories		3,370,481
	54,393	Avantor, Inc.^(a),(b)		1,455,013
	9,616	Becton Dickinson and Company		2,318,033
	4,398	Stryker Corporation^(a)		1,440,125
	5,078	Thermo Fisher Scientific, Inc.		3,114,541
				11,698,193
		METALS & MINING - 1.1%
	39,260	Freeport-McMoRan, Inc.		1,782,797

		OIL & GAS PRODUCERS - 6.8%
	24,646	ConocoPhillips		2,740,635
	15,731	EOG Resources, Inc.		1,994,691
	42,787	Exxon Mobil Corporation		5,074,110

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		OIL & GAS PRODUCERS - 6.8% (Continued)
	10,198	Phillips 66	$	1,483,605
				11,293,041
		OIL & GAS SERVICES & EQUIPMENT - 1.5%
	50,719	Schlumberger N.V.		2,449,221

		RESIDENTIAL REIT - 0.9%
	22,359	Equity LifeStyle Properties, Inc.		1,535,616

		RETAIL - CONSUMER STAPLES - 1.2%
	13,454	Target Corporation		2,023,616

		RETAIL - DISCRETIONARY - 1.6%
	11,057	Lowe’s Companies, Inc.		2,714,604

		SELF-STORAGE REIT - 1.1%
	6,222	Public Storage		1,841,214

		SEMICONDUCTORS - 3.0%
	11,917	Broadcom, Inc.		1,914,824
	19,306	Micron Technology, Inc.		2,120,184
	12,919	ON Semiconductor Corporation^(b)		1,010,912
				5,045,920
		SOFTWARE - 2.3%
	4,732	Microsoft Corporation		1,979,633
	13,123	Oracle Corporation		1,830,002
				3,809,635
		SPECIALTY FINANCE - 1.0%
	6,732	American Express Company		1,703,465

		TECHNOLOGY HARDWARE - 2.8%
	48,097	Cisco Systems, Inc.		2,330,300
	5,624	Motorola Solutions, Inc.		2,243,526
				4,573,826

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		TECHNOLOGY SERVICES - 2.6%
	24,006	PayPal Holdings, Inc.^(a),(b)	$	1,579,115
	5,646	S&P Global, Inc.		2,736,785
				4,315,900
		TELECOMMUNICATIONS - 1.1%
	44,506	Verizon Communications, Inc.		1,803,383

		TRANSPORTATION & LOGISTICS - 3.0%
	65,633	CSX Corporation		2,303,718
	41,904	Delta Air Lines, Inc.^(a)		1,802,710
	15,274	Knight-Swift Transportation Holdings, Inc.		831,364
				4,937,792

		TOTAL COMMON STOCKS (Cost $104,680,153)		162,526,481

		SHORT-TERM INVESTMENTS — 14.0%
		COLLATERAL FOR SECURITIES LOANED - 12.0%
	19,986,270	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $19,986,270)^(c)(d)		19,986,270

		MONEY MARKET FUNDS - 2.0%
	3,248,208	Invesco Treasury Portfolio, Institutional Class, 5.21% (Cost $3,248,208)^(c)		3,248,208

		TOTAL SHORT-TERM INVESTMENTS (Cost $23,234,478)		23,234,478

		TOTAL INVESTMENTS - 112.0% (Cost $127,914,631)	$	185,760,959
		LIABILITIES IN EXCESS OF OTHER ASSETS - (12.0)%		(19,971,704	)
		NET ASSETS - 100.0%	$	165,789,255

LLC	- Limited Liability Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

^(a)

All or a portion of these securities are on loan. Total loaned securities had a value of $19,632,577 at July 31, 2024.

^(b)

Non-income producing security.

^(c)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(d)

Security was purchased with cash received as collateral for securities on loan at July 31, 2024. Total collateral had a value of $19,986,270 at July 31, 2024.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9%
		AEROSPACE & DEFENSE - 1.3%
	10,676	Embraer S.A. - ADR^(a)	$	331,597
	10,786	Ituran Location and Control Ltd.		285,505
	18,505	Leonardo DRS, Inc.^(a)		521,842
	1,434	Moog, Inc., Class A		281,207
				1,420,151
		APPAREL & TEXTILE PRODUCTS - 1.1%
	28,557	Gildan Activewear, Inc.^(b)		1,161,413

		AUTOMOTIVE - 0.6%
	5,754	Gentherm, Inc.^(a)		317,506
	49,159	Motorcar Parts of America, Inc.^(a)		297,412
				614,918
		BANKING - 10.6%
	24,693	Capital Bancorp, Inc.		629,425
	21,530	Capital City Bank Group, Inc.		764,315
	20,460	Dime Community Bancshares, Inc.		517,229
	2,841	Enterprise Financial Services Corporation		150,204
	9,126	Esquire Financial Holdings, Inc.		562,800
	35,905	First BanCorporation		770,162
	35,919	First Commonwealth Financial Corporation		649,416
	28,127	Horizon Bancorp, Inc.		449,188
	22,628	Independent Bank Corporation		784,965
	30,056	Investar Holding Corporation^(b)		556,036
	20,453	MVB Financial Corporation		469,805
	10,465	National Bank Holdings Corporation, Class A		438,274
	16,222	Northeast Bank		1,178,690
	18,856	OceanFirst Financial Corporation		342,614
	19,299	OFG Bancorp		876,561
	7,479	Popular, Inc.^(b)		767,570
	28,987	Premier Financial Corporation		734,531
	3,613	Prosperity Bancshares, Inc.		262,015
	5,934	Webster Financial Corporation		294,445
				11,198,245

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		BIOTECH & PHARMA - 1.0%
	10,336	Halozyme Therapeutics, Inc.^(a),(b)	$	571,168
	28,186	Innoviva, Inc.^(a),(b)		531,024
				1,102,192
		CHEMICALS - 3.3%
	6,355	Ashland, Inc.		614,211
	54,309	Ecovyst, Inc.^(a)		518,108
	17,246	Huntsman Corporation		412,697
	34,863	Kronos Worldwide, Inc.		416,961
	117,640	Rayonier Advanced Materials, Inc.^(a)		782,306
	49,574	Tronox Holdings PLC, Class A		801,115
				3,545,398
		COMMERCIAL SUPPORT SERVICES - 2.7%
	7,786	ABM Industries, Inc.		432,590
	82,573	ADT, Inc.		642,417
	25,105	BrightView Holdings, Inc.^(a)		361,261
	31,159	Resources Connection, Inc.		371,727
	6,845	Stericycle, Inc.^(a)		400,775
	11,320	V2X, Inc.^(a)		590,112
				2,798,882
		CONSTRUCTION MATERIALS - 0.5%
	11,379	Summit Materials, Inc., Class A^(a)		475,415

		CONSUMER SERVICES - 0.5%
	7,017	Stride, Inc.^(a),(b)		533,152

		E-COMMERCE DISCRETIONARY - 0.7%
	14,165	Overstock.com, Inc.^(a)		160,065
	9,641	Wayfair, Inc., Class A^(a),(b)		524,759
				684,824
		ELECTRIC UTILITIES - 1.9%
	10,989	ALLETE, Inc.		708,790
	14,725	Portland General Electric Company^(b)		697,671
	8,739	Unitil Corporation		535,526
				1,941,987

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		ELECTRICAL EQUIPMENT - 2.8%
	13,338	Allient, Inc.	$	386,002
	1,521	Argan, Inc.		120,053
	2,016	Atkore, Inc.^(b)		272,160
	315,580	Babcock & Wilcox Enterprises, Inc.^(a)		426,033
	4,519	Mesa Laboratories, Inc.		517,516
	32,881	Mirion Technologies, Inc.^(a)		346,566
	9,959	nLight, Inc.^(a)		120,205
	20,678	SMART Global Holdings, Inc.^(a)		483,865
	16,335	Stoneridge, Inc.^(a)		274,591
				2,946,991
		ENGINEERING & CONSTRUCTION - 5.3%
	13,562	Arcosa, Inc.		1,260,046
	16,183	Bowman Consulting Group Limited^(a)		578,057
	11,815	Fluor Corporation^(a)		568,302
	2,524	Frontdoor, Inc.^(a)		99,597
	791	IES Holdings, Inc.^(a)		121,790
	7,519	KBR, Inc.		500,690
	4,908	MasTec, Inc.^(a),(b)		540,027
	111,881	Orion Group Holdings, Inc.^(a),(b)		918,543
	12,841	Tutor Perini Corporation^(a)		319,612
	8,112	VSE Corporation		721,887
				5,628,551
		ENTERTAINMENT CONTENT - 0.6%
	74,946	Reservoir Media, Inc.^(a),(b)		596,570

		FOOD - 1.4%
	2,175	Lamb Weston Holdings, Inc.		130,544
	52,864	Nomad Foods Ltd.		1,010,231
	10,495	TreeHouse Foods, Inc.^(a)		422,739
				1,563,514
		GAS & WATER UTILITIES - 0.9%
	13,567	RGC Resources, Inc.		305,393
	10,366	Spire, Inc.^(b)		690,272
				995,665

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 2.9%
	10,150	Pennant Group, Inc. (The)^(a)	$	302,572
	176,052	Quipt Home Medical Corporation^(a),(b)		679,560
	8,945	Tenet Healthcare Corporation^(a)		1,339,066
	22,014	The Joint Corporation^(a)		317,442
	42,718	Viemed Healthcare, Inc.^(a)		307,997
				2,946,637
		HOME CONSTRUCTION - 0.9%
	34,431	JELD-WEN Holding, Inc.^(a)		574,653
	30,425	Landsea Homes Corporation^(a)		370,577
				945,230
		INDUSTRIAL INTERMEDIATE PROD - 0.2%
	18,190	Janus International Group, Inc.^(a),(b)		262,300

		INDUSTRIAL REIT - 0.7%
	28,966	Plymouth Industrial REIT, Inc.		692,867

		INSTITUTIONAL FINANCIAL SERVICES - 1.4%
	106,134	BGC Group, Inc., Class A		977,494
	27,677	Perella Weinberg Partners		523,095
				1,500,589
		INSURANCE - 4.4%
	3,482	Axis Capital Holdings Ltd.		263,762
	11,228	Bowhead Specialty Holdings, Inc.^(a)		314,721
	53,156	Fidelis Insurance Holdings Ltd.		945,645
	5,063	Hanover Insurance Group, Inc. (The)		696,112
	19,220	Kemper Corporation		1,231,232
	15,258	NMI Holdings, Inc., Class A^(a)		600,402
	28,574	Tiptree, Inc.		564,337
				4,616,211
		INTERNET MEDIA & SERVICES - 2.0%
	14,748	Cargurus, Inc.^(a)		366,045
	39,906	Cars.com, Inc.^(a)		822,863
	4,023	TechTarget, Inc.^(a)		128,736
	153,633	TrueCar, Inc.^(a)		562,297

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		INTERNET MEDIA & SERVICES - 2.0% (Continued)
	48,547	Vivid Seats, Inc.^(a),(b)	$	236,909
				2,116,850
		LEISURE FACILITIES & SERVICES - 1.0%
	17,033	Bowlero Corporation^(b)		220,577
	8,347	Dave & Buster’s Entertainment, Inc.^(a),(b)		313,932
	30,862	Denny’s Corporation^(a)		227,144
	23,754	El Pollo Loco Holdings, Inc.^(a)		286,473
				1,048,126
		LEISURE PRODUCTS - 0.2%
	36,836	Clarus Corporation		222,489

		MACHINERY - 1.8%
	11,382	Cadre Holdings, Inc.		417,719
	19,857	Enovis Corporation^(a)		945,988
	78,484	Ranpak Holdings Corporation^(a)		566,654
				1,930,361
		MEDICAL EQUIPMENT & DEVICES - 2.2%
	16,597	CareDx, Inc.^(a)		331,774
	139,758	Harvard Bioscience, Inc.^(a)		447,226
	38,559	Orthofix Medical, Inc.^(a)		620,029
	2,572	Teleflex, Inc.		568,206
	18,103	Zimvie, Inc.^(a)		382,697
				2,349,932
		METALS & MINING - 2.6%
	7,406	Alcoa Corporation		244,694
	66,427	Capstone Copper Corporation^(a)		446,445
	29,832	Constellium S.E.^(a)		531,307
	26,384	ERO Copper Corporation^(a),(b)		514,488
	94,724	Lithium Americas Argentina Corporation^(a),(b)		287,014
	182,140	Taseko Mines Ltd.^(a)		398,887
	4,551	Warrior Met Coal, Inc.		314,520
				2,737,355

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		MORTGAGE FINANCE - 0.5%
	47,835	AGNC Investment Corporation^(b)	$	478,828

		OFFICE REIT - 0.7%
	41,137	Equity Commonwealth^(a)		837,961

		OIL & GAS PRODUCERS - 2.0%
	8,318	Antero Resources Corporation^(a)		241,388
	140,537	Kosmos Energy Ltd.^(a),(b)		777,169
	301,790	Saturn Oil & Gas, Inc.^(a)		579,197
	10,883	SM Energy Company^(b)		502,795
				2,100,549
		OIL & GAS SERVICES & EQUIPMENT - 4.2%
	22,000	Atlas Energy Solutions, Inc.		467,280
	17,457	Kodiak Gas Services, Inc.		503,634
	45,173	Matrix Service Company^(a)		457,151
	23,485	Natural Gas Services Group, Inc.^(a)		478,155
	30,906	Ranger Energy Services, Inc.		400,851
	31,230	Select Water Solutions, Inc., Class A^(b)		369,139
	178,143	TETRA Technologies, Inc.^(a)		664,473
	14,175	Thermon Group Holdings, Inc.^(a)		465,082
	2,687	Tidewater, Inc.^(a)		265,906
	59,708	Transocean Ltd.^(a),(b)		345,709
				4,417,380
		REAL ESTATE OWNERS & DEVELOPERS - 0.2%
	7,081	Legacy Housing Corporation^(a)		201,667

		RENEWABLE ENERGY - 0.3%
	99,639	Broadwind, Inc.^(a)		324,823

		RESIDENTIAL REIT - 1.1%
	5,434	Centerspace		379,456
	39,136	UMH Properties, Inc.		695,055
				1,074,511

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		RETAIL - DISCRETIONARY - 0.9%
	2,320	Academy Sports & Outdoors, Inc.^(b)	$	125,442
	9,158	Driven Brands Holdings, Inc.^(a)		123,084
	19,591	PetIQ, Inc.^(a)		428,651
	31,398	Savers Value Village, Inc.^(a),(b)		319,946
				997,123
		RETAIL REIT - 3.4%
	31,364	Alpine Income Property Trust, Inc.		544,793
	43,867	Brixmor Property Group, Inc.		1,117,292
	30,786	CTO Realty Growth, Inc.		617,875
	24,935	Getty Realty Corporation^(b)		738,575
	37,247	NETSTREIT Corporation^(b)		613,458
				3,631,993
		SEMICONDUCTORS - 1.0%
	3,228	Silicon Motion Technology Corporation - ADR^(b)		224,152
	21,370	Tower Semiconductor Ltd.^(a)		871,896
				1,096,048
		SOFTWARE - 6.2%
	169,932	Augmedix, Inc.^(a),(b)		385,746
	111,950	Clarivate PLC^(a),(b)		754,544
	15,668	Consensus Cloud Solutions, Inc.^(a)		333,728
	31,672	Immersion Corporation		404,451
	520,384	Kaltura, Inc.^(a)		692,111
	57,205	ON24, Inc.^(a)		375,837
	29,248	OneSpan, Inc.^(a)		432,870
	19,434	Phreesia, Inc.^(a)		484,878
	23,063	Silvaco Group, Inc.^(a)		391,840
	14,635	Teradata Corporation^(a)		474,467
	19,814	Verint Systems, Inc.^(a)		716,078
	114,285	Vimeo, Inc.^(a)		459,426
	79,896	VTEX^(a)		517,726
				6,423,702
		SPECIALTY FINANCE - 3.8%
	16,673	Air Lease Corporation^(b)		827,314
	10,796	Essent Group Ltd.		678,421

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		SPECIALTY FINANCE - 3.8% (Continued)
	61,498	EZCORP, Inc., Class A^(a),(b)	$	640,809
	1,907	Federal Agricultural Mortgage Corporation, Class C		393,262
	3,992	First American Financial Corporation		241,835
	5,593	FirstCash Holdings, Inc.		624,179
	12,607	International Money Express, Inc.^(a)		280,001
	3,796	Stewart Information Services Corporation		268,377
				3,954,198
		STEEL - 3.1%
	88,552	Algoma Steel Group, Inc.		783,685
	5,633	Commercial Metals Company^(b)		338,543
	19,840	Metallus, Inc.^(a),(b)		444,813
	13,553	Northwest Pipe Company^(a)		517,047
	22,161	Stelco Holdings, Inc.		1,066,498
	2,654	Universal Stainless & Alloy Products, Inc.^(a)		99,578
				3,250,164
		TECHNOLOGY HARDWARE - 1.7%
	10,385	Extreme Networks, Inc.^(a)		148,506
	39,305	Harmonic, Inc.^(a),(b)		576,211
	73,129	PlayAGS, Inc.^(a)		837,327
	26,447	RADCOM Ltd.^(a)		270,817
				1,832,861
		TECHNOLOGY SERVICES - 1.2%
	3,384	ICF International, Inc.		497,786
	8,017	LiveRamp Holdings, Inc.^(a)		242,755
	41,951	Pagseguro Digital Ltd., Class A^(a)		536,134
				1,276,675
		TELECOMMUNICATIONS - 1.5%
	229,917	8x8, Inc.^(a)		708,144
	23,854	DigitalBridge Group, Inc.		337,057
	49,315	Ooma, Inc.^(a)		512,876
				1,558,077
		TRANSPORTATION & LOGISTICS - 7.3%
	38,465	Ardmore Shipping Corporation		833,921
	10,113	Covenant Logistics Group, Inc.		565,822

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.9% (Continued)
		TRANSPORTATION & LOGISTICS - 7.3% (Continued)
	56,815	DHT Holdings, Inc.	$	667,576
	62,846	Frontier Group Holdings, Inc.^(a),(b)		247,613
	11,149	Knight-Swift Transportation Holdings, Inc.		606,840
	97,120	Radiant Logistics, Inc.^(a)		604,086
	6,544	RXO, Inc.^(a)		207,510
	10,465	Scorpio Tankers, Inc.		802,456
	57,666	Star Bulk Carriers Corporation		1,299,793
	46,753	Sun Country Airlines Holdings, Inc.^(a),(b)		612,464
	12,189	Teekay Tankers Ltd., Class A		797,648
	8,241	Universal Logistics Holdings, Inc.		354,610
				7,600,339
		TRANSPORTATION EQUIPMENT - 0.7%
	4,215	Allison Transmission Holdings, Inc.		373,407
	6,452	Blue Bird Corporation^(a)		336,278
				709,685
		WHOLESALE - CONSUMER STAPLES - 0.4%
	19,140	Grocery Outlet Holding Corporation^(a),(b)		374,378

		WHOLESALE - DISCRETIONARY - 0.2%
	29,940	Hudson Technologies, Inc.^(a)		256,286

		TOTAL COMMON STOCKS (Cost $94,002,270)		100,974,063

		SHORT-TERM INVESTMENTS — 19.1%
		COLLATERAL FOR SECURITIES LOANED - 14.8%
	15,572,967	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $15,572,968)^(c)(d)		15,572,968

		MONEY MARKET FUNDS - 4.3%
	4,479,375	Fidelity Government Portfolio, Institutional Class, 5.21% (Cost $4,479,375)^(c)		4,479,375

		TOTAL SHORT-TERM INVESTMENTS (Cost $20,052,343)		20,052,343

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

	Fair Value
TOTAL INVESTMENTS - 115.0% (Cost $114,054,613)	$	121,026,406
LIABILITIES IN EXCESS OF OTHER ASSETS - (15.0)%		(15,768,787	)
NET ASSETS - 100.0%	$	105,257,619

ADR	- American Depositary Receipt

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

^(a)

Non-income producing security.

^(b)

All or a portion for these securities are on loan. Total loaned securities had a value of $15,147,798 at July 31, 2024.

^(c)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(d)

Security was purchased with cash received as collateral for securities on loan at July 31, 2024. Total collateral had a value of $15,572,968 at July 31, 2024.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.4%
		ADVERTISING & MARKETING - 1.9%
	39,765	Trade Desk, Inc. (The), Class A^(a)	$	3,574,078

		ASSET MANAGEMENT - 2.6%
	33,241	Blackstone, Inc.		4,725,208

		E-COMMERCE DISCRETIONARY - 10.8%
	81,287	Amazon.com, Inc.^(a)		15,199,044
	2,739	MercadoLibre, Inc.^(a)		4,571,117
				19,770,161
		HEALTH CARE FACILITIES & SERVICES - 1.2%
	5,776	Medpace Holdings, Inc.^(a)		2,209,436

		HOUSEHOLD PRODUCTS - 1.8%
	18,991	elf Beauty, Inc.^(a)		3,277,467

		INTERNET MEDIA & SERVICES - 7.8%
	11,894	Meta Platforms, Inc., Class A		5,647,627
	8,459	Netflix, Inc.^(a)		5,315,213
	49,546	Uber Technologies, Inc.^(a)		3,194,231
				14,157,071
		LEISURE FACILITIES & SERVICES - 3.3%
	111,650	Chipotle Mexican Grill, Inc.^(a)		6,064,828

		MEDICAL EQUIPMENT & DEVICES - 7.5%
	7,481	Align Technology, Inc.^(a)		1,734,694
	40,917	DexCom, Inc.^(a)		2,774,991
	11,035	Insulet Corporation^(a)		2,144,652
	15,964	Intuitive Surgical, Inc.^(a)		7,097,754
				13,752,091
		RETAIL - DISCRETIONARY - 1.3%
	9,211	Lululemon Athletica, Inc.^(a)		2,382,517

		SEMICONDUCTORS - 15.0%
	30,814	Advanced Micro Devices, Inc.^(a)		4,452,007

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.4% (Continued)
		SEMICONDUCTORS - 15.0% (Continued)
	6,447	ASML Holding N.V. - ADR	$	6,038,905
	38,461	Marvell Technology, Inc.		2,576,118
	122,958	NVIDIA Corporation		14,388,545
				27,455,575
		SOFTWARE - 30.4%
	11,208	Adobe, Inc.^(a)		6,182,893
	12,557	Cadence Design Systems, Inc.^(a)		3,361,007
	5,955	Intuit, Inc.		3,854,969
	32,480	Microsoft Corporation		13,588,008
	10,689	Palo Alto Networks, Inc.^(a)		3,471,039
	25,664	Salesforce, Inc.		6,641,843
	16,882	ServiceNow, Inc.^(a)		13,748,532
	7,626	Snowflake, Inc.^(a)		994,278
	21,570	Veeva Systems, Inc., Class A^(a)		4,139,930
				55,982,499
		TECHNOLOGY HARDWARE - 4.5%
	37,099	Apple, Inc.		8,238,946

		TECHNOLOGY SERVICES - 9.3%
	23,416	Mastercard, Inc., Class A		10,858,234
	23,575	Visa, Inc., Class A		6,263,170
				17,121,404

		TOTAL COMMON STOCKS (Cost $71,101,827)		178,711,281

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENT — 2.7% (Continued)
		MONEY MARKET FUND - 2.7%
	4,979,889	STIT - Treasury Obligations Portfolio, 5.16% (Cost $4,979,889)^(c)		4,979,889

		TOTAL SHORT-TERM INVESTMENT (Cost $4,979,889)		4,979,889

		TOTAL INVESTMENTS - 100.1% (Cost $76,081,716)	$	183,691,170
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(128,972	)
		NET ASSETS - 100.0%	$	183,562,198

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

^(a)	Non-income producing security.

^(c)	Rate disclosed is the seven day effective yield as of July 31, 2024.

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5%
		ADVERTISING & MARKETING - 1.0%
	9,590	Trade Desk, Inc. (The), Class A^(a)	$	861,949

		AEROSPACE & DEFENSE - 1.0%
	12,908	Hexcel Corporation		854,639

		APPAREL & TEXTILE PRODUCTS - 2.0%
	7,380	Crocs, Inc.^(a)		991,651
	41,453	Levi Strauss & Company, Class A		759,833
				1,751,484
		BANKING - 3.6%
	18,323	Glacier Bancorp, Inc.^(b)		819,221
	12,549	Pinnacle Financial Partners, Inc.		1,208,720
	41,375	Seacoast Banking Corporation of Florida		1,151,880
				3,179,821
		BEVERAGES - 0.5%
	15,945	Vita Coco Company, Inc. (The)^(a),(b)		412,019

		BIOTECH & PHARMA - 8.1%
	11,834	Crinetics Pharmaceuticals, Inc.^(a)		628,622
	16,671	Denali Therapeutics, Inc.^(a)		406,272
	12,654	Guardant Health, Inc.^(a)		444,535
	20,079	Halozyme Therapeutics, Inc.^(a)		1,109,566
	7,829	Immunocore Holdings plc - ADR^(a)		310,811
	6,800	Intra-Cellular Therapies, Inc.^(a)		535,296
	49,898	Maravai LifeSciences Holdings, Inc.^(a)		485,508
	80,892	Roivant Sciences Ltd.^(a)		877,678
	14,984	Structure Therapeutics, Inc. - ADR^(a),(b)		560,252
	4,290	TransMedics Group, Inc.^(a),(b)		610,295
	5,247	Vaxcyte, Inc.^(a)		413,936
	5,765	Vera Therapeutics, Inc.^(a)		210,941
	10,093	Viking Therapeutics, Inc.^(a)		575,301
				7,169,013

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.7%
	3,039	FTI Consulting, Inc.^(a)	$	662,411

		CONSUMER SERVICES - 1.3%
	61,570	Universal Technical Institute, Inc.^(a)		1,166,136

		E-COMMERCE DISCRETIONARY - 0.5%
	13,328	Global-e Online Ltd.^(a)		457,417

		ELECTRICAL EQUIPMENT - 2.9%
	51,265	Bloom Energy Corporation, Class A^(a),(b)		694,128
	11,037	BWX Technologies, Inc.		1,098,071
	7,315	Camtek Ltd.		768,075
				2,560,274
		ENGINEERING & CONSTRUCTION - 3.2%
	8,659	Exponent, Inc.^(b)		918,547
	3,358	Installed Building Products, Inc.		907,835
	25,294	WillScot Mobile Mini Holdings Corporation^(a)		1,037,054
				2,863,436
		HEALTH CARE FACILITIES & SERVICES - 3.5%
	12,485	Option Care Health, Inc.^(a)		370,680
	14,135	RadNet, Inc.^(a)		844,566
	49,978	SI-BONE, Inc.^(a)		759,666
	36,352	Surgery Partners, Inc.^(a),(b)		1,103,646
				3,078,558
		HOME CONSTRUCTION - 3.0%
	19,645	AZEK Company, Inc. (The)^(a)		881,864
	11,280	Century Communities, Inc.		1,181,129
	7,000	Skyline Champion Corporation^(a)		570,570
				2,633,563
		HOUSEHOLD PRODUCTS - 1.3%
	2,350	elf Beauty, Inc.^(a)		405,563
	5,017	Inter Parfums, Inc.		705,792
				1,111,355

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		INDUSTRIAL INTERMEDIATE PROD - 0.7%
	3,632	Chart Industries, Inc.^(a),(b)	$	585,043

		INDUSTRIAL SUPPORT SERVICES - 2.7%
	5,637	Applied Industrial Technologies, Inc.		1,229,938
	6,147	Herc Holdings, Inc.		957,948
	1,430	SiteOne Landscape Supply, Inc.^(a)		209,752
				2,397,638
		INSTITUTIONAL FINANCIAL SERVICES - 3.6%
	3,718	Evercore Partners, Inc., Class A		930,950
	7,392	Houlihan Lokey, Inc.		1,110,648
	10,529	Tradeweb Markets, Inc., CLASS A		1,175,879
				3,217,477
		INTERNET MEDIA & SERVICES - 2.2%
	16,839	Maplebear, Inc.^(a)		580,777
	15,980	Pinterest, Inc., Class A^(a)		510,561
	14,352	Reddit, Inc.^(a),(b)		873,320
				1,964,658
		LEISURE FACILITIES & SERVICES - 4.7%
	14,213	Dutch Bros, Inc.^(a)		543,647
	81,736	Lindblad Expeditions Holdings, Inc.^(a)		703,747
	60,183	OneSpaWorld Holdings Ltd.^(a)		968,344
	33,177	Sweetgreen, Inc.^(a),(b)		911,704
	6,174	Texas Roadhouse, Inc.		1,078,043
				4,205,485
		LEISURE PRODUCTS - 0.8%
	2,503	Axon Enterprise, Inc.^(a)		750,925

		MACHINERY - 3.3%
	17,420	Flowserve Corporation		880,581
	7,947	Lindsay Corporation		1,001,243
	5,453	MSA Safety, Inc.		1,028,707
				2,910,531
		MEDICAL EQUIPMENT & DEVICES - 6.2%
	145,490	Adaptive Biotechnologies Corporation^(a),(b)		661,980

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 6.2% (Continued)
	63,903	Alphatec Holdings, Inc.^(a),(b)	$	645,420
	8,860	Exact Sciences Corporation^(a)		404,725
	6,952	Lantheus Holdings, Inc.^(a)		728,778
	46,447	Quanterix Corporation^(a)		685,558
	7,509	Repligen Corporation^(a),(b)		1,256,630
	28,851	Stevanato Group SpA^(b)		596,639
	1,645	West Pharmaceutical Services, Inc.		503,650
				5,483,380
		OIL & GAS PRODUCERS - 0.8%
	4,081	Cheniere Energy, Inc.		745,354

		OIL & GAS SERVICES & EQUIPMENT - 1.1%
	34,131	Kodiak Gas Services, Inc.		984,679

		RENEWABLE ENERGY - 1.5%
	71,502	Array Technologies, Inc.^(a)		752,201
	4,406	Enphase Energy, Inc.^(a)		507,175
				1,259,376
		RETAIL - CONSUMER STAPLES - 1.7%
	10,027	Ollie’s Bargain Outlet Holdings, Inc.^(a),(b)		979,035
	5,940	Sprouts Farmers Market, Inc.^(a)		593,347
				1,572,382
		RETAIL - DISCRETIONARY - 2.1%
	7,564	Boot Barn Holdings, Inc.^(a),(b)		1,009,642
	6,635	Freshpet, Inc.^(a)		807,480
				1,817,122
		SEMICONDUCTORS - 7.8%
	45,036	Aehr Test Systems^(a),(b)		849,829
	27,502	Allegro MicroSystems, Inc.^(a)		661,148
	9,136	Astera Labs, Inc.^(a),(b)		400,522
	6,787	Axcelis Technologies, Inc.^(a)		857,537
	20,570	FormFactor, Inc.^(a),(b)		1,101,730
	8,302	Lattice Semiconductor Corporation^(a)		440,006
	1,238	Monolithic Power Systems, Inc.^(b)		1,068,505

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		SEMICONDUCTORS - 7.8% (Continued)
	12,518	Power Integrations, Inc.	$	914,315
	4,609	SiTime Corporation^(a),(b)		654,248
				6,947,840
		SOFTWARE - 16.5%
	2,187	Appfolio, Inc., Class A^(a)		484,377
	11,265	BILL Holdings, Inc.^(a)		562,799
	16,971	Blackline, Inc.^(a)		806,462
	26,906	Calix, Inc.^(a)		1,106,643
	19,896	Confluent, Inc., Class A^(a)		497,798
	31,106	DoubleVerify Holdings, Inc.^(a)		656,959
	20,384	Dynatrace, Inc.^(a)		895,265
	13,135	Five9, Inc.^(a)		585,164
	16,478	Gitlab, Inc.^(a)		844,168
	28,103	JFrog Ltd.^(a)		1,083,652
	3,088	MongoDB, Inc.^(a),(b)		779,288
	43,847	Privia Health Group, Inc.^(a),(b)		909,387
	9,414	Procore Technologies, Inc.^(a)		668,676
	13,532	Q2 Holdings, Inc.^(a)		913,004
	20,196	Rapid7, Inc.^(a)		794,511
	21,640	Smartsheet, Inc., Class A^(a)		1,037,854
	17,617	Varonis Systems, Inc.^(a)		971,225
	25,460	Vertex, Inc., Class A^(a)		1,009,489
				14,606,721
		TECHNOLOGY HARDWARE - 1.6%
	10,031	Celestica, Inc.^(a),(b)		526,026
	3,920	Fabrinet^(a)		864,595
				1,390,621
		TECHNOLOGY SERVICES - 5.6%
	28,322	ExlService Holdings, Inc.^(a)		998,634
	5,077	Globant SA^(a)		988,543
	2,318	ICF International, Inc.		340,978
	5,522	MAXIMUS, Inc.		512,939
	2,307	MSCI, Inc.		1,247,532

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		TECHNOLOGY SERVICES - 5.6% (Continued)
	12,125	Shift4 Payments, Inc.^(a),(b)	$	834,079
				4,922,705

		TOTAL COMMON STOCKS (Cost $68,133,678)		84,524,012

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 21.1%
		COLLATERAL FOR SECURITIES LOANED - 17.2%
	15,210,517	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $15,210,517)^(c),(d)		15,210,517

		MONEY MARKET FUND - 3.9%
	3,440,989	Fidelity Government Portfolio, Institutional Class, 5.21% (Cost $3,440,989)^(c)		3,440,989

		TOTAL SHORT-TERM INVESTMENTS (Cost $18,651,506)		18,651,506

		TOTAL INVESTMENTS - 116.6% (Cost $86,785,184)	$	103,175,518
		LIABILITIES IN EXCESS OF OTHER ASSETS - (16.6)%		(14,653,706	)
		NET ASSETS - 100.0%	$	88,521,812

ADR	- American Depositary Receipt

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

PLC	- Public Limited Company

LLC	- Limited Liability Company

^(a)

Non-income producing security.

^(b)

All or a portion of these securities are on loan. Total loaned securities had a value of $15,140,914 at July 31, 2024.

^(c)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(d)

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		CLOSED END FUNDS — 0.9%
		MIXED ALLOCATION - 0.9%
	136,545	Vietnam Enterprise Investments Ltd.^(a)	$	1,000,638

		TOTAL CLOSED END FUNDS (Cost $861,698)		1,000,638

		COMMON STOCKS — 94.4%
		AEROSPACE & DEFENSE - 1.8%
	527,125	Bharat Electronics Ltd.		1,994,775

		APPAREL & TEXTILE PRODUCTS - 1.2%
	163,000	Shenzhou International Group Holdings Ltd.		1,379,870

		AUTOMOTIVE - 4.2%
	32,300	BYD Company Ltd.		1,105,439
	6,039	Hyundai Motor Company		1,107,307
	18,336	Kia Corp		1,513,751
	120,826	Sona Blw Precision Forgings Ltd.		981,654
				4,708,151
		BANKING - 17.9%
	210,968	Axis Bank Ltd.		2,947,358
	3,728,500	Bank Central Asia Tbk P.T.		2,356,109
	161,240	Bank of the Philippine Islands		335,249
	35,602	Bank Polska Kasa Opieki S.A.		1,442,314
	7,207,700	Bank Rakyat Indonesia Persero Tbk P.T.		2,073,944
	190,700	BDO Unibank, Inc.		448,856
	139,500	China Merchants Bank Company Ltd., H Shares		578,202
	370,346	FirstRand Ltd.		1,664,310
	122,464	HDFC Bank Ltd.		2,366,754
	221,148	Itau Unibanco Holding S.A. - ADR		1,331,311
	44,447	KB Financial Group, Inc.		2,890,816
	1,620,700	Public Bank Bhd		1,484,987
	78,800	SCB X PCL		228,407
				20,148,617

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		BEVERAGES - 3.4%
	30,000	Eastroc Beverage Group Company Ltd.	$	969,502
	19,800	Heineken Malaysia Bhd		99,151
	143,797	Varun Beverages Ltd.		2,713,235
				3,781,888
		E-COMMERCE DISCRETIONARY - 2.7%
	259,341	Alibaba Group Holding Ltd.		2,551,967
	89,728	Honasa Consumer Ltd.^(a)		499,789
				3,051,756
		ELECTRIC UTILITIES - 4.3%
	57,780	ACEN Corporation		5,441
	1,614,800	CGN Power Company Ltd.		1,046,756
	271,600	China Yangtze Power Company Ltd., Class A		1,123,312
	213,355	JSW Energy Ltd.		1,860,909
	21,222	Metlen Energy & Metals S.A.		839,138
				4,875,556
		ELECTRICAL EQUIPMENT - 1.0%
	336,028	NARI Technology Company Ltd.		1,117,591

		ENGINEERING & CONSTRUCTION - 1.4%
	33,414	Larsen & Toubro Ltd.		1,526,076

		FOOD - 0.3%
	1,876,400	Monde Nissin Corporation		295,125

		GAS & WATER UTILITIES - 1.2%
	85,200	Cia de Saneamento Basico do Estado de Sao Paulo		1,326,472

		HEALTH CARE FACILITIES & SERVICES - 2.6%
	268,037	Max Healthcare Institute Ltd.		2,960,227

		HOME & OFFICE PRODUCTS - 0.5%
	65,000	Midea Group Company Ltd.		573,850

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		INSURANCE - 2.0%
	201,800	AIA Group Ltd.	$	1,349,808
	706,000	PICC Property & Casualty Company Ltd., H Shares		925,790
	4	Prudential PLC		36
				2,275,634
		INTERNET MEDIA & SERVICES - 7.0%
	118,500	Tencent Holdings Ltd.		5,468,341
	40,900	Trip.com Group Ltd. - ADR^(a)(b)		1,739,477
	250,535	Zomato Ltd.^(a)		689,039
				7,896,857
		LEISURE FACILITIES & SERVICES - 3.9%
	203,760	Jollibee Foods Corporation		804,602
	113,116	Juniper Hotels Ltd.^(a)		572,534
	461,937	Lemon Tree Hotels Ltd.^(a)		833,110
	1,118,139	Minor International PCL		913,604
	75,432	OPAP S.A.		1,315,874
				4,439,724
		MEDICAL EQUIPMENT & DEVICES - 0.7%
	23,700	Shenzhen Mindray Bio-Medical Electronics Co.		844,792

		METALS & MINING - 1.1%
	535,400	Zijin Mining Group Company Ltd.		1,236,152

		OIL & GAS PRODUCERS - 3.6%
	376,189	Gazprom PJSC^(a)(c)(d)		—
	2,080,000	PetroChina Company Ltd., H Shares		1,806,215
	67,400	Petroleo Brasileiro S.A. - ADR^(b)		961,798
	169,710	PTT Exploration & Production PCL		699,694
	12,600	Vista Energy S.A.B. de C.V. - ADR^(a)		567,756
				4,035,463
		REAL ESTATE OWNERS & DEVELOPERS - 0.4%
	808,300	Ayala Land, Inc.		409,484

		RETAIL - CONSUMER STAPLES - 1.0%
	8,512	Magnit PJSC^(a)(c)(d)		—

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		RETAIL - CONSUMER STAPLES - 1.0% (Continued)
	336,037	Wal-Mart de Mexico S.A.B. de C.V.	$	1,118,314
				1,118,314
		RETAIL - DISCRETIONARY - 1.3%
	216	LPP S.A.		828,154
	39,650	SM Investments Corporation		618,339
				1,446,493
		SEMICONDUCTORS - 16.2%
	10,000	Alchip Technologies Ltd.		817,676
	62,400	ASMPT Ltd.		652,425
	9,000	eMemory Technology, Inc.		641,817
	23,226	HPSP Company Ltd.		558,563
	51,000	MediaTek, Inc.		1,949,935
	9,430	SK Hynix, Inc.		1,360,717
	421,608	Taiwan Semiconductor Manufacturing Company Ltd.		12,346,940
				18,328,073
		TECHNOLOGY HARDWARE - 9.0%
	93,099	Accton Technology Corporation		1,465,058
	75,000	Delta Electronics, Inc.		967,053
	22,000	Lotes Company Ltd.		951,386
	95,615	Samsung Electronics Company Ltd.		5,931,728
	14,000	Wiwynn Corporation		890,845
				10,206,070
		TECHNOLOGY SERVICES - 1.3%
	324,479	Shanghai Baosight Software Company Ltd.		1,444,951

		TELECOMMUNICATIONS - 2.9%
	155,544	Bharti Airtel Ltd.		2,778,895
	2,712,100	Telkom Indonesia Persero Tbk P.T.		481,681
				3,260,576
		TRANSPORTATION & LOGISTICS - 0.7%
	101,876	Spring Airlines Company Ltd.^(a)		764,611

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		TRANSPORTATION EQUIPMENT - 0.8%
	16,031	Eicher Motors Ltd.	$	952,079

		TOTAL COMMON STOCKS (Cost $83,913,134)		106,399,227

		PREFERRED STOCKS — 2.0%
		AUTOMOTIVE — 0.3%
	3,206	Hyundai Motor Company		392,023

		TECHNOLOGY HARDWARE — 1.7%
	39,071	Samsung Electronics Company Ltd.		1,871,370

		TOTAL PREFERRED STOCKS (Cost $2,191,551)		2,263,393

		SHORT-TERM INVESTMENTS — 4.2%
		COLLATERAL FOR SECURITIES LOANED - 0.2%
	240,607	Mount Vernon Liquid Assets Portfolio, LLC, 5.45%^(e)(f)		240,607

		MONEY MARKET FUNDS - 4.0%
	4,548,822	First American Government Obligations Fund, Class X, 5.22%^(f)		4,548,822

		TOTAL SHORT-TERM INVESTMENTS (Cost $4,789,429)		4,789,429

		TOTAL INVESTMENTS - 101.5% (Cost $91,755,812)	$	114,452,687
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)%		(1,664,209	)
		NET ASSETS - 100.0%	$	112,788,478

ADR	- American Depositary Receipt

LLC	- Limited Liability Company

LTD	- Limited Company

PJSC	- Public Joint-Stock Company

PLC	- Public Limited Company

PT	- Perseroan Terbatas

SA	- Société Anonyme

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

^(a)

Non-income producing security.

^(b)

All or a portion of these securities are on loan. Total loaned securities had a value of $237,826 at July 31, 2024.

^(c)

The value of this security has been determined in good faith under policies of the Board of Trustees.

^(d)

Illiquid security.

^(e)

Security was purchased with cash received as collateral for securities on loan at July 31, 2024. Total collateral had a value of $240,607 at July 31, 2024.

^(f)

Rate disclosed is the seven day effective yield as of July 31, 2024.

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4%
		AEROSPACE & DEFENSE - 0.6%
	5,586	Airbus S.E.	$	845,769
	2,185	Leonardo SpA		52,087
				897,856
		APPAREL & TEXTILE PRODUCTS - 0.2%
	39,400	Huali Industrial Group Company Ltd.		317,723

		ASSET MANAGEMENT - 0.9%
	3,358	Industrivarden A.B., C Shares		113,864
	21,354	Investor A.B.		606,443
	20,361	UBS Group A.G.^(a)		616,331
				1,336,638
		AUTOMOTIVE - 2.0%
	4,043	BYD Company Ltd.		138,368
	19,225	Honda Motor Company Ltd. - ADR^(a)		620,967
	49,600	Honda Motor Company Ltd.		529,997
	4,244	Hyundai Mobis Company Ltd.		690,818
	1,761	Kia Corp		145,381
	21,100	Mazda Motor Corporation		182,011
	14,800	Nissan Motor Company Ltd.		46,981
	3,300	Subaru Corporation		63,453
	37,700	Sumitomo Electric Industries Ltd.		570,337
	800	Toyota Industries Corporation		67,261
				3,055,574
		BANKING - 23.6%
	63,426	ABN AMRO Bank N.V.		1,107,819
	81,800	Agricultural Bank of China Ltd.		51,980
	167,000	Agricultural Bank of China Ltd., H Shares		74,731
	1,173,154	Akbank T.A.S.		2,192,481
	27,239	Alpha Bank AE		50,286
	30,481	Banco Bilbao Vizcaya Argentaria S.A.		319,651
	209,983	Banco BPM SpA		1,454,643
	20,100	Banco Bradesco S.A.		39,770
	24,156	Banco de Sabadell S.A.		51,003

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		BANKING - 23.6% (Continued)
	9,200	Banco do Brasil S.A.	$	43,141
	85,730	Banco Santander S.A.		413,799
	43,107	Bancolombia S.A.		399,328
	6,714	Bank Hapoalim BM		61,621
	8,455	Bank Leumi Le-Israel BM		72,874
	279,200	Bank of Beijing Company Ltd., Class A		206,104
	87,600	Bank of Chengdu Company Ltd., Class A		177,060
	4,404,000	Bank of China Ltd., H Shares		1,961,045
	1,150,000	Bank of Communications Company Ltd., H Shares		835,575
	229,387	Bank of Ireland Group PLC		2,599,203
	376,800	Bank of Jiangsu Company Ltd.		401,404
	51,559	Barclays plc - ADR		614,583
	79,615	Barclays plc		238,039
	31,712	BNK Financial Group, Inc.		221,829
	25,416	BNP Paribas S.A.		1,742,290
	20,483	CaixaBank S.A.		119,527
	760,000	China CITIC Bank Corp Ltd., H Shares		454,806
	1,240,000	China Construction Bank Corporation, H Shares		865,872
	10,900	China Merchants Bank Company Ltd.		49,390
	19,500	China Merchants Bank Company Ltd., H Shares		80,824
	350,500	China Minsheng Banking Corp Ltd., H Shares		124,221
	272,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		140,834
	11,630	Commercial International Bank - Egypt (CIB)		19,166
	5,825	Commerzbank A.G.		95,013
	3,867	Danske Bank A/S		118,265
	116,851	Deutsche Bank A.G.^(a)		1,818,314
	1,861	Erste Group Bank A.G.		96,855
	6,555	FinecoBank Banca Fineco SpA		111,340
	1	Haci Omer Sabanci Holding A/S		2
	10,225	Hana Financial Group, Inc.		487,390
	52,124	Industrial & Commercial Bank of China Ltd. - ADR		575,970
	1,630,000	Industrial & Commercial Bank of China Ltd., H Shares		902,989
	26,400	Industrial Bank Company Ltd.		61,254

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		BANKING - 23.6% (Continued)
	131,750	ING Groep N.V.	$	2,392,685
	24,441	Intesa Sanpaolo SpA - ADR		597,338
	110,337	Intesa Sanpaolo SpA		448,303
	197,758	Itau Unibanco Holding S.A. - ADR		1,190,503
	8,000	Japan Post Bank Company Ltd.		83,256
	15,000	Kasikornbank PCL		55,559
	12,641	KB Financial Group, Inc.		822,166
	115,200	Krung Thai Bank PCL		58,657
	354,766	Lloyds Banking Group plc		270,984
	752,514	Lloyds Banking Group plc - ADR		2,280,118
	17,123	Nordea Bank Abp		200,524
	1,218	OTP Bank Nyrt		62,432
	4,500	Powszechna Kasa Oszczednosci Bank Polski S.A.		66,878
	88,908	Quinenco S.A.		309,710
	1,608	Royal Bank of Canada		179,668
	191	Santander Bank Polska S.A.		25,170
	775,890	Sberbank of Russia PJSC^(b),(c),(d)		—
	24,500	SCB X PCL		71,015
	2,831	Shinhan Financial Group Company Ltd.		125,268
	8,812	Skandinaviska Enskilda Banken A.B.		135,569
	3,214	Societe Generale S.A.		83,407
	8,239	Svenska Handelsbanken A.B., A Shares		83,191
	4,659	Swedbank A.B., A Shares		99,101
	422,851	Turkiye Garanti Bankasi A/S		1,580,513
	1	Turkiye Is Bankasi A/S		0
	21,414	UniCredit SpA		880,051
	1,284,860,000	VTB Bank PJSC^(b),(c),(d)		—
	2,410,939	Yapi ve Kredi Bankasi A/S		2,198,281
				35,752,638
		BEVERAGES - 0.0%^(e)
	1,400	Suntory Beverage & Food Ltd.		50,287

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		BIOTECH & PHARMA - 5.8%
	18,216	GSK plc - ADR^(a)	$	706,234
	11,798	Novartis AG		1,317,090
	11,909	Novo Nordisk A/S		1,577,895
	24,300	Ono Pharmaceutical Company Ltd.		358,510
	2,500	Otsuka Holdings Company Ltd.		127,431
	12,755	Roche Holding A.G.		4,129,883
	1,400	Shionogi & Company Ltd.		61,590
	18,300	Takeda Pharmaceutical Company Ltd.		513,801
				8,792,434
		CHEMICALS - 0.1%
	739	Brenntag S.E.		52,598
	800	Nitto Denko Corporation		69,473
	10,128	PhosAgro PJSC^(b),(c),(d)		—
				122,071
		CONSTRUCTION MATERIALS - 0.2%
	3,018	Holcim A.G.		282,056
	0	Turkiye Sise ve Cam Fabrikalari A/S		0
				282,056
		CONTAINERS & PACKAGING - 0.1%
	9,133	Brambles Ltd.		93,100

		E-COMMERCE DISCRETIONARY - 0.3%
	3,365	PDD Holdings, Inc. - ADR^(d)		433,715

		ELECTRIC UTILITIES - 1.4%
	1,580	Brookfield Renewable Corporation		44,410
	1,200	Chubu Electric Power Company, Inc.		15,131
	12,042	E.ON S.E.		168,958
	19,994	Engie S.A.		314,479
	3,800	Kansai Electric Power Company, Inc. (The)		65,045
	292,100	Tokyo Electric Power Company Holdings, Inc.^(d)		1,463,177
				2,071,200

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		ELECTRICAL EQUIPMENT - 2.9%
	52,803	ABB Ltd.	$	2,933,316
	9,800	Fuji Electric Company Ltd.		551,264
	42,000	Goneo Group Company Ltd.		407,803
	10,700	Mitsubishi Electric Corporation		178,295
	50,000	Ningbo Sanxing Medical Electric Company Ltd.		203,956
	1,433	Prysmian SpA		98,564
				4,373,198
		ENGINEERING & CONSTRUCTION - 0.5%
	966,900	China State Construction Engineering Corp Ltd.		747,689
	1	Enka Insaat ve Sanayi A/S		1
				747,690
		FOOD - 0.4%
	13,100	JBS S/A^(d)		78,107
	1,097	Salmar ASA		63,125
	741,000	WH Group Ltd.		481,681
				622,913
		GAS & WATER UTILITIES - 0.0%^(e)
	2,100	Tokyo Gas Company Ltd.		46,014

		HOME & OFFICE PRODUCTS - 1.4%
	1	Arcelik A/S		5
	4,889	Coway Company Ltd.		225,033
	84,000	Gree Electric Appliances Inc of Zhuhai		465,689
	71,500	Haier Smart Home Company Ltd.		270,324
	17,400	Haier Smart Home Company Ltd., H Shares		56,888
	48,000	Hisense Home Appliances Group Company Ltd., H Shares		155,180
	103,200	Midea Group Company Ltd.		911,097
				2,084,216
		HOME CONSTRUCTION - 0.0%^(e)
	3,400	Sekisui Chemical Company Ltd.		51,303

		INDUSTRIAL INTERMEDIATE PROD - 0.0%^(e)
	10,000	Catcher Technology Company Ltd.		65,392

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	13,200	Sumitomo Corporation	$	328,014

		INSTITUTIONAL FINANCIAL SERVICES - 1.9%
	39,679	Computershare Ltd.		715,590
	7,100	Daiwa Securities Group, Inc.		58,623
	2,600	Japan Exchange Group, Inc.		61,049
	329,400	Nomura Holdings, Inc.		2,031,115
				2,866,377
		INSURANCE - 8.1%
	8,060	Aegon Ltd.		52,187
	7,759	Allianz S.E.		2,186,627
	24,502	ASR Nederland N.V.		1,231,704
	58,619	Aviva plc		377,562
	11,000	BB Seguridade Participacoes S.A.		68,211
	3,700	Dai-ichi Life Holdings, Inc.		112,823
	12,290	Generali		318,275
	7,097	Hyundai Marine & Fire Insurance Company Ltd.		187,894
	14,300	Japan Post Holdings Company Ltd.		151,456
	44,100	MS&AD Insurance Group Holdings, Inc.		1,039,721
	748	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen		368,608
	27,490	NN Group N.V.		1,380,312
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		777,900
	3,712	Samsung Fire & Marine Insurance Company Ltd.		1,015,546
	84,600	Sompo Holdings, Inc.		1,929,197
	1,655	Swiss Re A.G.		204,050
	2,700	T&D Holdings, Inc.		50,618
	10,200	Tokio Marine Holdings, Inc.		400,210
	816	Zurich Insurance Group A.G.		448,648
				12,301,549
		INTERNET MEDIA & SERVICES - 0.1%
	581	REA Group Ltd.		78,109

		MACHINERY - 1.8%
	17,310	Atlas Copco A.B.		270,920

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		MACHINERY - 1.8% (Continued)
	4,500	Disco Corporation	$	1,504,906
	1,800	Makita Corporation		59,337
	7,000	Techtronic Industries Company Ltd.		89,647
	137,400	Tian Di Science & Technology Company Ltd.		110,572
	29,300	Yokogawa Electric Corporation		741,708
				2,777,090
		METALS & MINING - 4.6%
	948,637	Aluminum Corp of China Ltd.		906,970
	2,293	Antofagasta plc		59,699
	26,862	Barrick Gold Corporation		497,216
	17,000	China Shenhua Energy Company Ltd., H Shares		70,688
	160	Cia de Minas Buenaventura S.A.A - ADR		2,480
	51,825	Glencore PLC		287,527
	242,700	Jiangxi Copper Company Ltd., Class A		722,872
	233,396	Kinross Gold Corporation		2,114,567
	378,500	MMC Norilsk Nickel PJSC^(b),(c),(d)		—
	34,739	Pingdingshan Tianan Coal Mining Company Ltd.		50,523
	1,994	Rio Tinto plc		129,657
	570,814	Shandong Nanshan Aluminum Company Ltd.		286,590
	19,700	Sumitomo Metal Mining Company Ltd.		600,782
	1,631,100	Tongling Nonferrous Metals Group Company Ltd.		713,504
	264,000	Zijin Mining Group Company Ltd.		535,487
				6,978,562
		OIL & GAS PRODUCERS - 6.2%
	1,918	Aker BP ASA		46,450
	105,666	BP PLC		624,513
	7,629	Cenovus Energy, Inc.		153,709
	31,930	China Petroleum & Chemical Corporation		28,689
	1,214,000	China Petroleum & Chemical Corporation, H Shares		778,031
	17,700	ENEOS Holdings, Inc.		92,747
	11,818	Eni SpA		189,188
	36,183	Equinor ASA - ADR^(a)		961,021
	6,389	Equinor ASA		169,206
	2,568	Galp Energia SGPS S.A.		54,025

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		OIL & GAS PRODUCERS - 6.2% (Continued)
	87,530	Gazprom PJSC - ADR^(b),(c),(d)	$	—
	247,390	Gazprom PJSC^(b),(c),(d)		—
	37,200	Inpex Corporation		574,470
	24,250	LUKOIL PJSC^(b),(c),(d)		—
	1,231	OMV A.G.		51,533
	2,149	ORLEN S.A.		35,043
	1,636,200	PetroChina Company Ltd., Class A		2,029,846
	1,184,100	PetroChina Company Ltd., H Shares		1,028,240
	110,900	Petroleo Brasileiro S.A.		792,605
	11,641	Petroleo Brasileiro S.A. - ADR		166,117
	11,600	PTT Exploration & Production PCL		47,825
	204,900	PTT PCL		184,406
	9,462	Repsol S.A.		135,029
	117,940	Rosneft Oil Company PJSC^(b),(c),(d)		—
	482	SK, Inc.		53,187
	8,184	Suncor Energy, Inc.		326,802
	6,830	Tatneft PJSC^(b),(c),(d)		—
	32,200	Thai Oil PCL		46,378
	11,465	TotalEnergies S.E.		773,921
				9,342,981
		OIL & GAS SERVICES & EQUIPMENT - 0.4%
	1,256,700	CNOOC Energy Technology & Services Ltd.		672,142

		RETAIL - CONSUMER STAPLES - 0.1%
	13,500	CK Hutchison Holdings Ltd.		70,525
	878	Dollarama, Inc.		82,301
				152,826
		RETAIL - DISCRETIONARY - 0.3%
	514	Canadian Tire Corp Ltd.		52,778
	439	Pandora A/S		68,816
	6,267	Wesfarmers Ltd.		302,434
				424,028

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		SEMICONDUCTORS - 7.5%
	17,000	ASE Technology Holding Company Ltd.	$	79,651
	236	ASM International N.V.		162,461
	2,077	ASML Holding N.V.		1,935,092
	776	ASML Holding N.V. - ADR		726,880
	400	Lasertec Corporation		70,979
	29,000	MediaTek, Inc.		1,108,787
	14,000	Realtek Semiconductor Corporation		221,713
	300	SCREEN Holdings Company Ltd.		25,424
	159,000	Taiwan Semiconductor Manufacturing Company Ltd.		4,656,371
	1,998	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		331,268
	10,000	Tokyo Electron Ltd.		2,092,643
				11,411,269
		SOFTWARE - 1.9%
	520	Check Point Software Technologies Ltd.^(d)		95,394
	136	Constellation Software, Inc.		429,074
	222	CyberArk Software Ltd.^(a),(d)		56,916
	3,652	Dassault Systemes S.E.		138,518
	499	Descartes Systems Group, Inc. (The)^(d)		50,746
	324	Nice Ltd.^(d)		58,489
	1,442	Open Text Corporation		45,466
	6,857	SAP S.E.		1,450,496
	355	SAP S.E. - ADR^(a)		75,118
	6,916	Shopify, Inc., Class A^(d)		423,541
	369	Wix.com Ltd.^(d)		57,536
	814	Xero Ltd.^(d)		74,163
				2,955,457
		SPECIALTY FINANCE - 0.6%
	1,077	AerCap Holdings N.V.^(a)		101,184
	6,400	ORIX Corporation		154,826
	20,481	Samsung Card Company Ltd.		632,572
				888,582
		TECHNOLOGY HARDWARE - 5.1%
	184,000	Acer, Inc.		249,328
	91,390	Anker Innovations Technology Company Ltd.		688,569

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		TECHNOLOGY HARDWARE - 5.1% (Continued)
	3,000	Asustek Computer, Inc.	$	42,235
	72,899	Avary Holding Shenzhen Company Ltd.		377,335
	10,100	Brother Industries Ltd.		207,232
	13,700	Canon, Inc.		428,868
	103,000	Chicony Electronics Company Ltd.		492,760
	16,200	FUJIFILM Holdings Corporation		385,201
	49,000	Hon Hai Precision Industry Company Ltd.		301,786
	8,800	Kyocera Corporation		110,845
	42,000	Lenovo Group Ltd.		54,399
	538	LG Electronics, Inc.		41,218
	9,002	Logitech International S.A.^(a)		811,738
	25,600	Panasonic Holdings Corporation		209,711
	17,000	Pegatron Corporation		52,720
	26,000	Quanta Computer Inc		222,380
	43,965	Samsung Electronics Company Ltd.		2,727,485
	14,277	Telefonaktiebolaget LM Ericsson, B Shares		98,199
	66,000	Zhen Ding Technology Holding Ltd.		279,439
				7,781,448
		TECHNOLOGY SERVICES - 2.5%
	1,131	CGI, Inc.^(d)		128,951
	11,851	Experian plc		559,049
	2,800	Nomura Research Institute Ltd.		86,448
	16,388	RELX plc - ADR^(a)		774,005
	16,019	RELX plc		753,963
	2,114	Thomson Reuters Corporation		342,299
	6,620	Wolters Kluwer N.V.		1,108,852
				3,753,567
		TELECOMMUNICATIONS - 2.9%
	34,036	BT Group PLC		61,715
	1,252,800	China United Network Communications Ltd.		816,045
	96,561	Deutsche Telekom A.G.		2,527,164
	14,639	Rogers Communications Inc, Class B		566,040
	6,023	Tele2 A.B., B Shares		62,031

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)
		TELECOMMUNICATIONS - 2.9% (Continued)
	17,189	Vodafone Group plc - ADR	$	160,889
	245,517	Vodafone Group plc		229,709
				4,423,593
		TOBACCO & CANNABIS - 0.5%
	22,161	British American Tobacco plc - ADR^(a)		789,818

		TRANSPORTATION & LOGISTICS - 4.1%
	25	AP Moller - Maersk A/S - Series B		41,359
	22	AP Moller - Maersk A/S - Series A		35,738
	2,282	Canadian National Railway Company		264,149
	349,792	COSCO SHIPPING Holdings Company Ltd., Class A		637,848
	372,000	COSCO SHIPPING Ports Ltd.		221,136
	152,700	Eastern Air Logistics Company Ltd.^(d)		339,118
	159,400	Kawasaki Kisen Kaisha Ltd.		2,449,404
	17,500	Mitsui OSK Lines Ltd.		555,900
	1,638,200	Nanjing Tanker Corporation^(d)		757,782
	8,500	Nippon Express Holdings Company Ltd.		420,621
	7,300	Nippon Yusen KK		235,253
	3,924	Poste Italiane SpA		53,150
	9,243	Star Bulk Carriers Corporation		208,337
	1	Turk Hava Yollari AO^(d)		9
				6,219,804
		TRANSPORTATION EQUIPMENT - 1.8%
	206,798	China CSSC Holdings Ltd.		1,175,008
	4,100	Isuzu Motors Ltd.		55,466
	7,161	Korea Shipbuilding & Offshore Engineering Company^(d)		1,092,905
	17,634	Wartsila OYJ Abp		364,601
				2,687,980
		WHOLESALE - CONSUMER STAPLES - 0.5%
	38,800	Marubeni Corporation		730,266

		WHOLESALE - DISCRETIONARY - 0.9%
	65,100	Toyota Tsusho Corporation		1,301,650

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 92.4% (Continued)

		TOTAL COMMON STOCKS (Cost $127,058,709)	$	140,061,130

		EXCHANGE-TRADED FUNDS — 0.6%
		EQUITY - 0.6%
	11,099	iShares MSCI EAFE ETF^(a)		891,916

		TOTAL EXCHANGE-TRADED FUNDS (Cost $875,897)		891,916

		PREFERRED STOCKS — 3.8%
		AUTOMOTIVE — 0.4%
	4,098	Hyundai Motor Company		488,622
	1,238	Volkswagen A.G.		138,240
				626,862
		BANKING — 0.7%
	28,800	Banco Bradesco S.A.		63,247
	44,474	Bancolombia S.A.		373,141
	120,800	Itau Unibanco Holding S.A.		726,018
				1,162,406
		HOUSEHOLD PRODUCTS — 0.1%
	941	Henkel A.G. & Company KGaA		80,539

		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	110,420	Mirae Asset Securities Company Ltd.		309,538

		INSURANCE — 0.4%
	3,206	Samsung Fire & Marine Insurance Company Ltd.		667,045

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		PREFERRED STOCKS — 3.8% (Continued)
		OIL & GAS PRODUCERS — 1.4%
	310,800	Petroleo Brasileiro S.A.	$	2,047,636

		TECHNOLOGY HARDWARE — 0.6%
	19,632	Samsung Electronics Company Ltd.		940,307

		TOTAL PREFERRED STOCKS (Cost $5,031,597)		5,834,333

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

	TOTAL WARRANT (Cost $0)					—

	SHORT-TERM INVESTMENTS — 8.1%
	COLLATERAL FOR SECURITIES LOANED - 4.5%
6,887,427	Mount Vernon Liquid Assets Portfolio, LLC, 5.45%^(f),(g)					6,887,427

	MONEY MARKET FUNDS - 3.6%
5,456,611	Fidelity Government Portfolio, Institutional Class, 5.21%^(g)					5,456,611

	TOTAL SHORT-TERM INVESTMENTS (Cost $12,344,038)					12,344,038

	TOTAL INVESTMENTS - 104.9% (Cost $145,310,241)				$	159,131,417
	LIABILITIES IN EXCESS OF OTHER ASSETS - (4.9)%					(7,496,869	)
	NET ASSETS - 100.0%				$	151,634,548

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

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

SA	- Société Anonyme

TAS	- Turkish Accounting Standards

^(a)

All or a portion of these securities are on loan. Total loaned securities had a value of $6,725,583 at July 31, 2024.

^(b)

The value of this security has been determined in good faith under policies of the Board of Trustees.

^(c)

Illiquid security.

^(d)

Non-income producing security.

^(e)

Percentage rounds to less than 0.1%.

^(f)

Security was purchased with cash received as collateral for securities on loan at July 31, 2024. Total collateral had a value of $6,887,427 at July 31, 2024.

^(g)

Rate disclosed is the seven day effective yield as of July 31, 2024.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value

		EXCHANGE-TRADED FUNDS — 28.1%
		COMMODITY - 0.0%^(a)
	1,000	iShares GSCI Commodity Dynamic Roll Strategy ETF	$	26,610

		EQUITY - 28.1%
	83,200	Franklin FTSE Japan ETF		2,497,664
	103,300	Franklin FTSE United Kingdom ETF		2,847,981
	29,800	Invesco Nasdaq 100 ETF		5,774,048
	60,800	SPDR EURO STOXX 50 ETF		3,058,848
	12,843	SPDR S&P 500 ETF Trust		7,074,053
				21,252,594

		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,296,164)		21,279,204

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CORPORATE BONDS — 5.5%
		GOVERNMENT GUARANTEED — 3.6%
	1,773,000	Kreditanstalt fuer Wiederaufbau	1.2500	01/31/25	1,739,379
	1,000,000	Landwirtschaftliche Rentenbank	2.0000	01/13/25	985,581
					2,724,960
		SUPRANATIONAL — 1.9%
	1,480,000	Asian Development Bank	4.1250	09/27/24	1,476,694

		TOTAL CORPORATE BONDS (Cost $4,198,819)			4,201,654

		NON U.S. GOVERNMENT & AGENCIES — 1.9%
		SUPRANATIONAL — 1.9%
	1,500,000	International Bank for Reconstruction & Development	0.3750	07/28/25	1,436,238

		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,441,119)			1,436,238

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 49.1%
		U.S. TREASURY NOTES — 49.1%
	2,000,000	United States Treasury Note	1.2500	08/31/24	$	1,992,873
	2,000,000	United States Treasury Note	1.5000	09/30/24		1,987,128
	2,500,000	United States Treasury Note	1.5000	10/31/24		2,476,597
	2,500,000	United States Treasury Note	1.5000	11/30/24		2,469,225
	3,000,000	United States Treasury Note	1.0000	12/15/24		2,954,284
	1,500,000	United States Treasury Note	1.1250	01/15/25		1,473,257
	2,750,000	United States Treasury Note	1.1250	02/28/25		2,689,051
	2,500,000	United States Treasury Note	0.5000	03/31/25		2,428,087
	2,250,000	United States Treasury Note	0.3750	04/30/25		2,175,416
	2,500,000	United States Treasury Note	2.1250	05/15/25		2,447,004
	2,500,000	United States Treasury Note	0.2500	05/31/25		2,406,230
	1,500,000	United States Treasury Note	2.7500	06/30/25		1,472,732
	1,500,000	United States Treasury Note	2.8750	07/31/25		1,472,486
	1,500,000	United States Treasury Note	2.0000	08/15/25		1,458,991
	2,000,000	United States Treasury Note	0.2500	09/30/25		1,900,313
	1,500,000	United States Treasury Note	0.2500	10/31/25		1,420,840
	1,500,000	United States Treasury Note	2.8750	11/30/25		1,466,602
	1,500,000	United States Treasury Note	3.8750	01/15/26		1,485,703
	1,000,000	United States Treasury Note	2.2500	03/31/26		964,883
						37,141,702

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $37,142,503)				37,141,702

Shares
		SHORT-TERM INVESTMENTS — 11.9%
		MONEY MARKET FUNDS - 11.9%
	9,034,965	MSILF Government Portfolio, Institutional Class, 5.21% (Cost $9,034,965)^(b)		9,034,965

		TOTAL INVESTMENTS - 96.5% (Cost $66,113,570)	$	73,093,763
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%		2,659,701
		NET ASSETS - 100.0%	$	75,753,464

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

OPEN LONG FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(c)		Value and Unrealized Appreciation (Depreciation)
	65	CBOT 10 Year US Treasury Note	09/20/2024	$	7,267,813	$	62,031
	7	CME E-Mini NASDAQ 100 Index Future	09/23/2024		2,730,735		(76,755	)
	5	CME E-Mini Standard & Poor’s 500 Index Future	09/23/2024		1,389,500		(3,283	)
	8	Eurex 10 Year Euro BUND Future	09/09/2024		1,158,462		6,754
	99	Eurex EURO STOXX 50 Future	09/23/2024		5,250,698		(38,621	)
	27	Euro-BTP Italian Bond Futures	09/09/2024		3,477,986		17,026
	52	FTSE 100 Index Future	09/23/2024		5,586,062		77,674
	53	Long Gilt Future	09/27/2024		6,759,290		62,635
	78	TSE TOPIX (Tokyo Price Index) Future	09/13/2024		14,564,499		111,880
		TOTAL LONG FUTURES CONTRACTS				$	219,341

OPEN SHORT FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(c)		Value and Unrealized Depreciation
	1	French Government Bond Futures	09/09/2024	$	136,297	$	(2,012	)

		TOTAL SHORT FUTURES CONTRACTS

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Sell:
British Pound	08/15/2024	US Bank		2,100,000	$	2,699,623	$	(27,996	)
Euro	08/15/2024	US Bank		2,750,000		2,979,722		15,088
Japanese Yen	08/15/2024	US Bank		360,000,000		2,408,280		(71,640	)
					$	8,087,625	$	(84,548	)

Total							$	(84,548	)

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poor’s Depositary Receipt

^(a)

Percentage rounds to less than 0.1%.

^(b)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(c)

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

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

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

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 43.3%
		ASSET MANAGEMENT — 1.2%
	2,780,000	PennantPark Investment Corporation		4.0000	11/01/26		2,575,944

		AUTOMOTIVE — 3.7%
	2,429,000	Ford Motor Credit Company, LLC		6.9500	06/10/26		2,492,395
	2,065,000	Hyundai Capital America^(c)		1.0000	09/17/24		2,052,560
	3,070,000	IHO Verwaltungs GmbH^(c)		4.7500	09/15/26		2,995,997
							7,540,952
		BANKING — 17.4%
	2,500,000	ABN AMRO Bank N.V.^(c),(d)	H15T1Y + 1.550%	6.5750	10/13/26		2,533,813
	1,805,000	Bank of Nova Scotia (The)^(d)	H15T5Y + 4.551%	4.9000	09/04/68		1,776,739
	2,385,000	Barclays plc		3.6500	03/16/25		2,358,473
	4,025,000	BPCE S.A.^(c),(d)	SOFRRATE + 2.100%	5.9750	01/18/27		4,056,945
	2,000,000	Credit Suisse A.G.		3.6250	09/09/24		1,995,546
	1,210,000	Danske Bank A/S^(c),(d)	H15T1Y + 2.100%	6.4660	01/09/26		1,214,678
	3,545,000	HSBC Holdings plc^(e)	SOFRRATE + 1.430%	6.7810	03/10/26		3,568,202
	2,005,000	JPMorgan Chase & Company^(e)	US0003M + 0.550%	6.1380	02/01/27		1,955,929
	950,000	Mitsubishi UFJ Financial Group, Inc.^(d)	H15T1Y + 1.080%	5.7190	02/20/26		951,667
	3,550,000	NatWest Group plc^(d)	H15T1Y + 2.850%	7.4720	11/10/26		3,641,474
	1,280,000	Societe Generale S.A.^(c)		7.3670	01/10/53		1,293,797
	4,735,000	Synchrony Bank		5.4000	08/22/25		4,720,777
	5,145,000	Wells Fargo & Company^(e)	US0003M + 0.500%	6.0630	01/15/27		5,074,525
	795,000	Wells Fargo & Company		5.9500	12/01/86		819,108
							35,961,673
		COMMERCIAL SUPPORT SERVICES — 1.0%
	2,000,000	RR Donnelley & Sons Company^(c)		9.5000	08/01/29		2,027,500

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 43.3% (Continued)
		CONSUMER SERVICES — 2.1%
	2,300,000	Grand Canyon University		4.1250	10/01/24	$	2,280,630
	2,300,000	Grand Canyon University		5.1250	10/01/28		2,112,146
							4,392,776
		E-COMMERCE DISCRETIONARY — 2.0%
	1,900,000	Rakuten Group, Inc.^(c)		11.2500	02/15/27		2,054,671
	2,010,000	Rakuten Group, Inc.^(c)		9.7500	04/15/29		2,131,283
							4,185,954
		ELECTRIC UTILITIES — 3.1%
	3,465,000	American Electric Power Company, Inc.		5.6990	08/15/25		3,475,657
	3,030,000	NextEra Energy Capital Holdings, Inc.		5.7490	09/01/25		3,049,542
							6,525,199
		ENTERTAINMENT CONTENT — 0.8%
	1,560,000	Paramount Global^(f)		6.8750	04/30/36		1,517,774

		FOOD — 1.1%
	2,170,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA		6.5000	12/01/52		2,192,223

		INSTITUTIONAL FINANCIAL SERVICES — 4.2%
	3,515,000	Credit Suisse Group A.G.^(c),(d)	SOFRRATE + 3.340%	6.3730	07/15/26		3,544,020
	4,185,000	Credit Suisse Group A.G.^(c)	USSW5 + 4.598%	7.5000	06/11/70		502,200
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,612,603
	2,050,000	Goldman Sachs Group, Inc. (The)^(e)	SOFRRATE + 0.490%	5.8360	10/21/24		2,051,027
							8,709,850
		INSURANCE — 3.1%
	2,860,000	Athene Global Funding^(c)		5.6840	02/23/26		2,878,591
	2,285,000	Ohio National Financial Services, Inc.^(c),(f)		6.8000	01/24/30		2,258,975
	1,000,000	Pacific Life Insurance Company^(c)		9.2500	06/15/39		1,360,826
							6,498,392
		SPECIALTY FINANCE — 2.3%
	2,010,000	AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL^(d),(f)	H15T5Y + 2.720%	6.9500	03/10/55		2,027,804
	2,900,000	Avolon Holdings Funding Ltd.^(c)		4.2500	04/15/26		2,843,047
							4,870,851

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Principal

Coupon Rate

Amount ($)

Spread

(%)

Maturity

Fair Value

CORPORATE BONDS — 43.3% (Continued)

TELECOMMUNICATIONS — 0.3%

697,500

Sprint Spectrum Company, LLC / Sprint Spectrum^(c)

5.1520

03/20/28

696,929

TRANSPORTATION & LOGISTICS — 1.0%

2,110,840

United Airlines 2020-1 Pass Through Trust Series 2020-1B Class B

4.8750

01/15/26

2,084,121

TOTAL CORPORATE BONDS (Cost $93,050,553)

89,780,138

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 57.2%
		U.S. TREASURY BILLS — 57.2%
	25,580,000	United States Treasury Bill^(g)	—	08/20/24		25,508,764
	25,685,000	United States Treasury Bill^(g)	—	09/17/24		25,508,291
	25,770,000	United States Treasury Bill^(g)	—	10/10/24		25,511,099
	25,140,000	United States Treasury Bill^(f),(g)	—	11/14/24		24,766,690
	2,980,000	United States Treasury Note	4.0000	07/31/29		2,980,466
	2,925,000	United States Treasury Note	4.1250	07/31/31		2,943,053
	4,360,000	United States Treasury Note	4.3750	05/15/34		4,454,353
	7,130,000	United States Treasury Note ^(n),(o)	4.2500	02/15/54		6,984,058
						118,656,774

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $118,253,832)				118,656,774

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 12.3%
		COLLATERAL FOR SECURITIES LOANED - 12.1%

	25,018,658	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $25,018,658)^{(h), (j)}		25,018,658

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 12.3% (Continued)
		MONEY MARKET FUND - 0.2%
	511,780	First American Government Obligations Fund, Class X, 5.22% (Cost $511,780)^(h)	$	511,780

		TOTAL SHORT-TERM INVESTMENTS (Cost $25,530,438)	$	25,530,438

		TOTAL INVESTMENTS - 112.8% (Cost $236,892,553)	$	233,973,050
		LIABILITIES IN EXCESS OF OTHER ASSETS - (12.8)%		(26,552,661	)
		NET ASSETS - 100.0%	$	207,420,389

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Depreciation
	64	CBOT 10 Year US Treasury Note	09/20/2024	$	7,156,000	$	(179,003	)
	30	CBOT 5 Year US Treasury Note	10/01/2024		3,236,719		(56,250	)
	20	CBOT US Treasure Bond Futures	09/20/2024		2,415,625		(74,575	)
	90	Ultra 10-Year US Treasury Note Futures	09/20/2024		10,402,031		(277,037	)
	53	Ultra U.S. Treasury Bond Futures	09/20/2024		6,782,344		(235,602	)
		TOTAL FUTURES CONTRACTS				$	(822,467	)

CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency	Payment Frequency	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread	Maturity Date	Notional Value			Fair Value^(k)			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciaton)
CDX.NA.HY SERIES 42	To Buy Quarterly	HSBC Securities	5.00%	330.52	6/20/2029	$	17,000,000			(1,352,312	)		(1,108,047	)	$	(244,265	)
CDX.NA.IG SERIES 42	To Buy Quarterly	HSBC Securities	1.00%	51.81	6/20/2029		41,000,000			(966,516	)		(350,519	)	$	(115,997	)
DARDEN RESTAURANTS INC	To Buy Quarterly	Barclays	1.00%	33.00	6/20/2027		7,000,000			(136,543	)		(13,441	)	$	(123,102	)
VERIZON COMMUNICATIONS INC^(j)	To Sell Quarterly	Barclays	1.00%	43.00	6/20/2027		(7,000,000	)		117,501			2,419		$	115,032
TOTAL										(2,337,370	)		(1,969,533	)		(368,232	)

TOTAL RETURN SWAPS

Description

Frequency

Counterparty

Notional
Value

Variable Rate
Premium Paid

Premium
Paid

Maturity
Date

Unrealized
Depreciation

Markit IBoxx US Dollar Liquid High Yield Index

At Maturity

Goldman Sachs

13,999,993

US0001M

09/20/2024

(372,776

)

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

July 31, 2024

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

S/A	- Société Anonyme

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

US0003M	ICE LIBOR USD 3 Month

^(a)

Percentage rounds to less than 0.1%.

^(b)

Non-income producing security.

^(c)

^(d)

Variable rate security; the rate shown represents the rate on July 31, 2024.

^(e)

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

^(f)

All or a portion of these securities are on loan. Total loaned securities had a value of $24,538,255 at July 31, 2024.

^(g)

Zero coupon bond.

^(h)

Rate disclosed is the seven day effective yield as of July 31, 2024.

⁽ⁱ⁾

^(j)

^(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)

^(m)

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

⁽ⁿ⁾

All or portion of security held as collateral for Futures at 7/31/2024.

^(o)

All or portion of security held as collateral for Swaps at 7/31/2024.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		CLOSED END FUNDS — 3.2%
		EQUITY - 3.2%
	2,468,782	Altaba, Inc.^{(a), (i)}	$	6,048,516

		TOTAL CLOSED END FUNDS (Cost $22,837,384)		6,048,516

Shares			Fair Value
		COMMON STOCKS — 81.6%
		ASSET MANAGEMENT - 0.0%^(b)
	469,792	Pershing Square Tontine Holdings Ltd.^{(a), (i)}		—

		BIOTECH & PHARMA - 2.1%
	69,839	Morphic Holding, Inc.^(a)		3,957,078

		CABLE & SATELLITE - 6.2%
	175,917	Liberty Broadband Corporation - Series C^(a)		11,855,047

		CONTAINERS & PACKAGING - 4.9%
	508,116	DS Smith plc		2,970,362
	140,359	Smurfit WestRock plc		6,293,697
				9,264,059
		ELECTRIC UTILITIES - 4.7%
	250,404	Avangrid, Inc.^(c)		8,931,911

		ENTERTAINMENT CONTENT - 3.4%
	235,340	Endeavor Group Holdings, Inc., Class A^(c)		6,453,023

		HEALTH CARE FACILITIES & SERVICES - 4.2%
	135,233	Catalent, Inc.^(a)		8,024,726

		LEISURE FACILITIES & SERVICES - 1.0%
	153,668	Everi Holdings, Inc.^(a)		1,977,707

		METALS & MINING - 1.4%
	81,102	Alcoa Corporation^(a)		2,607,046

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 81.6% (Continued)
		OIL & GAS PRODUCERS - 11.5%
	84,102	Columbia Pipeline Group, Inc.^(a)	$	—
	93,403	Hess Corporation		14,329,888
	270,209	Marathon Oil Corporation		7,579,362
				21,909,250
		OIL & GAS SERVICES & EQUIPMENT - 5.4%
	169,509	ChampionX Corporation		5,807,378
	277,502	Diamond Offshore Drilling, Inc.^(a)		4,556,583
				10,363,961
		REAL ESTATE OWNERS & DEVELOPERS - 2.9%
	50,512	McGrath RentCorporation^(c)		5,547,733

		RENEWABLE ENERGY - 4.1%
	356,423	Atlantica Sustainable Infrastructure plc		7,876,948

		RETAIL - CONSUMER STAPLES - 8.0%
	766,487	Albertsons Companies, Inc., Class A		15,199,437

		SEMICONDUCTORS - 3.8%
	188,903	Shinko Electric Industries Company Ltd.		7,179,406

		SOFTWARE - 8.1%
	27,292	ANSYS, Inc.^(a)		8,559,590
	205,271	HashiCorp, Inc.^(a)		6,927,896
				15,487,486
		STEEL - 5.9%
	275,382	United States Steel Corporation^(c)		11,315,446

		TECHNOLOGY HARDWARE - 1.4%
	248,162	Vizio Holding Corporation, Class A^(a),(c)		2,724,819

		TECHNOLOGY SERVICES - 2.6%
	150,055	Nuvei Corporation^(c)		4,966,821

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 81.6% (Continued)
		TELECOMMUNICATIONS - 0.0%^(b)
	205,893	NII Holdings, Inc. 144A^{(a),(d), (i)}	$	72,063

		TRANSPORTATION & LOGISTICS - 0.0%^(b)
	1,025	American Airlines Group, Inc.^(a),(c)		10,906
	101,283	American Airlines Group, Inc. Escrow Security^(a)		—
				10,906

		TOTAL COMMON STOCKS (Cost $160,307,220)		155,724,873

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.6%
		ASSET MANAGEMENT - 0.0% ^(b)
	117,448	Pershing Square Sparc Holdings Ltd	9/29/2034	$	—		35,234

		FORESTRY, PAPER & WOOD PRODUCTS - 0.6%
	532,221	Resolute Forest Products, Inc. - CVR⁽ⁱ⁾	12/20/2044	$	20.50		1,064,442

		TOTAL RIGHT (Cost $815,949)					1,099,676

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.3%
		COLLATERAL FOR SECURITIES LOANED - 11.3%
	21,560,241	Mount Vernon Liquid Assets Portfolio, LLC, 5.45% (Cost $21,560,241)^(e),(g)		21,560,241

		MONEY MARKET FUND - 3.0%
	5,680,711	Fidelity Government Portfolio, Institutional Class, 5.21% (Cost $5,680,711)^(e),(h)		5,680,711

		TOTAL SHORT-TERM INVESTMENTS (Cost $27,240,952)		27,240,952

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares		Fair Value
	TOTAL INVESTMENTS - 99.7% (Cost $211,236,461)	$	190,175,190

	CALL OPTIONS WRITTEN - (0.5)% (Premiums received - $667,608)		(876,060	)
	TOTAL SECURITIES SOLD SHORT – (36.0)% (Proceeds received - $67,713,609)		(68,606,858	)
	OTHER ASSETS IN EXCESS OF LIABILITIES- 36.8%		70,356,088
	NET ASSETS - 100.0%	$	191,048,360

Contracts^(f)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (0.5)%
		CALL OPTIONS WRITTEN- (0.5)%
	1,413	United States Steel Corporation	Morgan Stanley	01/17/2025	$	40	$	5,806,017	$	876,060

		TOTAL CALL OPTIONS WRITTEN (Proceeds - $667,608)

		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $667,608)							$	876,060

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

^(a)

Non-income producing security.

^(b)

Percentage rounds to less than 0.1%.

^(c)

All or a portion of these securities are on loan. Total loaned securities had a value of $20,978,824 at July 31, 2024.

^(d)

^(e)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(f)

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

^(g)

^(h)

Security is held as collateral for foreign currency forwards.

⁽ⁱ⁾

Level 3 securities fair value under procedures established by the Board of Trustees, represents 3.80% of net assets. The total value of these securities is $7,185,021.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

July 31, 2024

Shares				Fair Value
			COMMON STOCKS — (36.0)%
			CABLE & SATELLITE - (6.8)%
	(34,288	)	Charter Communications, Inc., Class A	$	(13,019,840	)

			CONTAINERS & PACKAGING - (4.9)%
	(65,294	)	International Paper Company		(3,034,865	)
	(140,359	)	Smurfit WestRock plc		(6,226,030	)
					(9,260,895	)
			INDUSTRIAL SUPPORT SERVICES - (1.2)%
	(57,001	)	WillScot Holdings Corporation		(2,337,041	)

			METALS & MINING - (1.4)%
	(81,101	)	Alcoa Corporation		(2,679,577	)

			OIL & GAS PRODUCERS - (12.1)%
	(95,750	)	Chevron Corporation		(15,365,002	)
	(68,906	)	ConocoPhillips		(7,662,347	)
					(23,027,349	)
			OIL & GAS SERVICES & EQUIPMENT - (4.7)%
	(64,271	)	Noble Corp plc		(3,034,877	)
	(124,592	)	Schlumberger N.V.		(6,016,547	)
					(9,051,424	)
			SOFTWARE - (2.8)%
	(9,420	)	Synopsys, Inc.		(5,259,374	)

			TECHNOLOGY HARDWARE - (2.1)%
	(105,369	)	Juniper Networks, Inc.		(3,971,358	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds Received - $67,713,609)	$	(68,606,858	)

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Sell:
Japanese Yen	08/13/2024	Morgan Stanley FX		1,118,305,760	$	7,478,721	$	(218,819	)
Australian Dollar	09/27/2024	Morgan Stanley FX		10,114,233		6,623,061		113,188
					$	14,101,782	$	(105,631	)

Total							$	(105,631	)

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.7%
		ASSET MANAGEMENT - 10.2%
	4,766	Blackstone, Inc.	$	677,487
	434,202	FTAI Infrastructure, LLC		4,476,622
				5,154,109
		DATA CENTER REIT - 6.5%
	4,131	Equinix, Inc.		3,264,481

		ELECTRICAL EQUIPMENT - 1.7%
	4,990	GE Vernova, LLC^(a)		889,418

		FOOD - 1.1%
	154,904	Cadiz, Inc.^(a),(b)		576,243

		GAMING REIT - 1.8%
	29,099	VICI Properties, Inc.		909,635

		HEALTH CARE REIT - 3.7%
	15,287	Ventas, Inc.		832,224
	9,753	Welltower, Inc.		1,085,021
				1,917,245
		INDUSTRIAL REIT - 15.0%
	25,894	Innovative Industrial Properties, Inc.^(b)		3,180,042
	22,668	Prologis, Inc.		2,857,301
	30,962	Rexford Industrial Realty, Inc.		1,551,506
				7,588,849
		INFRASTRUCTURE REIT - 10.8%
	17,986	American Tower Corporation, A		3,964,115
	8,895	Crown Castle, Inc.		979,162
	2,295	SBA Communications Corporation, A		503,844
				5,447,121
		LEISURE FACILITIES & SERVICES - 3.6%
	11,117	Caesars Entertainment, Inc.^(a)		444,124
	18,903	MGM Resorts International^(a)		812,262
	6,801	Wynn Resorts Ltd.		563,259
				1,819,645

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		OFFICE REIT - 1.9%
	8,046	Alexandria Real Estate Equities, Inc.^(b)	$	943,715

		OIL & GAS PRODUCERS - 3.2%
	83,077	New Fortress Energy, Inc.^(b)		1,639,940

		REAL ESTATE INVESTMENT TRUSTS - 6.3%
	4,500	AvalonBay Communities, Inc.		922,140
	15,288	Digital Realty Trust, Inc.		2,285,403
				3,207,543
		REAL ESTATE SERVICES - 2.8%
	12,386	CBRE Group, Inc., Class A^(a),(b)		1,396,026

		RESIDENTIAL REIT - 6.8%
	12,779	American Homes 4 Rent, Class A^(b)		461,194
	8,122	Equity LifeStyle Properties, Inc.		557,819
	6,800	Equity Residential		473,484
	33,851	Invitation Homes, Inc.		1,193,925
	6,045	Sun Communities, Inc.		766,083
				3,452,505
		RETAIL REIT - 8.1%
	78,782	Macerich Company (The)		1,261,300
	18,478	Simon Property Group, Inc.		2,835,264
				4,096,564
		SELF-STORAGE REIT - 3.5%
	6,416	Extra Space Storage, Inc.		1,024,122
	2,579	Public Storage		763,178
				1,787,300
		SELF-STORAGE REITS - 0.8%
	8,535	CubeSmart^(b)		406,095

		SPECIALTY FINANCE - 1.3%
	6,073	FTAI Aviation Ltd.		676,836

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SPECIALTY REITS - 6.5%
	28,598	Americold Realty Trust, Inc.	$	854,794
	10,414	Iron Mountain, Inc.		1,068,060
	68,859	NewLake Capital Partners, Inc.		1,376,491
				3,299,345
		TECHNOLOGY SERVICES - 0.8%
	5,000	CoStar Group, Inc.^(a)		390,100

		TELECOMMUNICATIONS - 2.0%
	70,132	DigitalBridge Group, Inc.		990,965

		TRANSPORTATION & LOGISTICS - 1.3%
	5,200	Kirby Corporation^(a)		638,976

		TOTAL COMMON STOCKS (Cost $39,534,347)		50,492,656

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 15.0%
		COLLATERAL FOR SECURITIES LOANED - 14.5%
	7,393,678	Mount Vernon Liquid Assets Portfolio, LLC , 5.45% (Cost $7,383,678)^(c),(d)		7,383,678

		MONEY MARKET FUND - 0.5%
	231,920	Fidelity Government Portfolio, Institutional Class, 5.21% (Cost $231,920)^(c)		231,920

		TOTAL SHORT-TERM INVESTMENTS (Cost $7,615,598)		7,615,598

		TOTAL INVESTMENTS - 114.7% (Cost $47,149,945)	$	58,108,254
		LIABILITIES IN EXCESS OF OTHER ASSETS - (14.7)%		(7,450,421	)
		NET ASSETS - 100.0%	$	50,657,833

LLC	- Limited Liability Company

LTD	- Limited Company

REIT	- Real Estate Investment Trust

^(a)

Non-income producing security.

^(b)

All or a portion of these securities are on loan. Total loaned securities had a value of $7,205,170 at July 31, 2024.

^(c)

Rate disclosed is the seven day effective yield as of January 31, 2024.

^(d)

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

Principal			Discount Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 83.8%
		U.S. TREASURY BILLS — 69.5%
	27,000,000	United States Treasury Bill^(a)	0.0000	08/01/24	$	27,000,000
	16,000,000	United States Treasury Bill^(a)(b)	5.0840	10/15/24		15,828,275
	28,000,000	United States Treasury Bill^(a)	4.5579	07/10/25		26,780,514
						69,608,789

		Coupon Rate
		(%)	Maturity
	U.S. TREASURY NOTES — 14.3%
16,000,000	United States Treasury Note	1.2500	09/30/28	14,302,813

	TOTAL U.S. GOVERNMENT & AGENCIES (Cost $84,264,217)			83,911,602

Shares
		SHORT-TERM INVESTMENTS — 5.3%
		MONEY MARKET FUNDS - 5.3%
	5,293,351	Fidelity Government Portfolio, Institutional Class, 5.21% (Cost $5,293,351)^(c)	5,293,351

Contracts^(d)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FLEX OPTIONS PURCHASED - 37.5%
		CALL OPTIONS PURCHASED - 37.5%
	50	S&P 500 INDEX	Societe Generale	02/28/2029	$	4,510	$	22,550,000	$	9,190,534
	215	S&P 500 INDEX	Societe Generale	06/11/2029		5,450		117,750,000		28,402,651

		TOTAL FLEX OPTIONS PURCHASED (Cost - $34,222,343)								37,593,185

		TOTAL INVESTMENTS - 126.6% (Cost $123,779,911)							$	126,798,138
		LIABILITIES IN EXCESS OF OTHER ASSETS - (26.6)%								(26,655,926	)
		NET ASSETS - 100.0%							$	100,142,212

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(e)		Value and Unrealized Appreciation
	20	CBOT 10 Year US Treasury Note Future	09/20/2024	$	2,236,250	$	35,862
	225	CBOT 2 Year US Treasury Note Future	10/01/2024		46,207,617		390,081
	293	CBOT 5 Year US Treasury Note Future	10/01/2024		31,611,953		609,736
	20	CBOT US Treasury Bond Futures	09/20/2024		2,415,625		23,750
	16	CME E-Mini Standard & Poor’s 500 Index Future	09/23/2024		4,446,400		43,866
	18	Ultra U.S. Treasury Bond Futures	09/20/2024		2,303,438		7,250
		TOTAL FUTURES CONTRACTS				$	1,110,545

^(a)

Zero coupon bond.

^(b)

A portion is held as collateral for futures.

^(c)

Rate disclosed is the seven day effective yield as of July 31, 2024.

^(d)

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

^(e)

Dunham Funds NPORT-PDunham Small Cap Growth Fund (Jul 2024 report)