Dunham Funds NPORT-P Dunham Focused Large Cap Growth Fund (Jan 2024 report)

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.8%
		AUTO LOAN — 6.9%
	220,000	American Credit Acceptance Receivables Trust Series 2022-1 D(a)		2.4600	03/13/28	$	211,933
	230,000	AmeriCredit Automobile Receivables Trust Series 2020-3 C		1.0600	08/18/26		222,488
	155,000	Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(a)		2.3600	03/20/26		150,751
	611,000	Avis Budget Rental Car Funding AESOP, LLC Series 2023-3A A(a)		5.4400	02/22/28		617,483
	317,000	CarNow Auto Receivables Trust Series 2023-1A C(a)		7.2400	09/15/26		317,029
	225,000	Carvana Auto Receivables Trust Series 2021-P3 B		1.4200	08/10/27		201,131
	61,901	Carvana Auto Receivables Trust Series 2021-N1 C		1.3000	01/10/28		58,668
	76,881	Carvana Auto Receivables Trust Series 2021-N2 C		1.0700	03/10/28		72,253
	410,000	Carvana Auto Receivables Trust Series 2023-N1 C(a)		5.9200	07/10/29		410,070
	330,000	Carvana Auto Receivables Trust Series 2023-N4 C(a)		6.5900	02/11/30		337,952
	156,856	CPS Auto Receivables Trust Series 2019-D E(a)		3.8600	10/15/25		156,149
	430,000	CPS Auto Receivables Trust Series 2024-A C(a)		5.7400	04/15/30		434,386
	529,000	DT Auto Owner Trust Series 2023-1A B(a)		5.1900	10/16/28		526,975
	195,000	DT Auto Owner Trust Series 2023-3A C(a)		6.4000	05/15/29		196,440
	410,000	Exeter Automobile Receivables Trust Series 2023-1A B		5.7200	04/15/27		410,541
	264,984	FHF Trust Series 2023-1A A2(a)		6.5700	06/15/28		264,183
	118,037	Flagship Credit Auto Trust Series 2020-4 C(a)		1.2800	02/16/27		115,945
	180,000	Foursight Capital Automobile Receivables Trust Series 2022-1 B(a)		2.1500	05/17/27		173,416
	315,000	Foursight Capital Automobile Receivables Trust Series 2023-1 A3(a)		5.3900	12/15/27		314,455
	432,000	GLS Auto Receivables Issuer Trust Series 2019-4A D(a)		4.0900	08/17/26		428,049
	345,000	Hertz Vehicle Financing III, LLC Series 2022-1A C(a)		2.6300	06/25/26		329,862
	290,350	LAD Auto Receivables Trust Series 2022-1A A(a)		5.2100	06/15/27		290,011
	339,000	LAD Auto Receivables Trust Series 2023-4A C(a)		6.7600	03/15/29		347,653
	96,017	Lendbuzz Securitization Trust Series 2022-1A A(a)		4.2200	05/17/27		94,367
	337,036	Lobel Financial Corporation Series 1 A(a)		6.9700	07/15/26		337,866
	318,000	Merchants Fleet Funding, LLC Series 1A A(a)		7.2100	05/20/36		321,224
	140,000	OneMain Direct Auto Receivables Trust Series 2021-1A B(a)		1.2600	07/14/28		128,433
	325,667	Santander Drive Auto Receivables Trust Series 2020-2 D		2.2200	09/15/26		322,328
	87,148	Santander Drive Auto Receivables Trust Series 2021-3 C		0.9500	09/15/27		86,521
	370,000	Santander Drive Auto Receivables Trust Series 2023-1 B		4.9800	02/15/28		368,762
	195,000	Santander Drive Auto Receivables Trust Series 2022-5 C		4.7400	10/15/28		193,465
	362,000	Tricolor Auto Securitization Trust Series 2023-1 B(a)		6.8400	11/16/26		364,270
	422,000	United Auto Credit Securitization Trust Series 2023-1 B(a)		5.9100	07/10/28		421,185
	146,000	Veros Auto Receivables Trust Series 2022-1 B(a)		4.3900	08/16/27		144,104

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.8% (Continued)
		AUTO LOAN — 6.9% (Continued)
	345,000	Westlake Automobile Receivables Trust Series 2022-1A B(a)		2.7500	03/15/27	$	341,973
	415,000	Westlake Automobile Receivables Trust Series 2023-1A C(a)		5.7400	08/15/28		412,781
							10,125,102
		CLO — 0.2%
	350,000	GoldentTree Loan Management US CLO 1 Ltd. Series 2021-9A A(a),(b)	TSFR3M + 1.332%	6.6490	01/20/33		350,135
		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.8%
	738,092	AJAX Mortgage Loan Trust Series 2021-A A1(a),(c)		1.0650	09/25/65		647,662
	79,825	Angel Oak Mortgage Trust Series 2020-R1 A2(a),(c)		1.2470	12/26/24		74,065
	61,926	Angel Oak Mortgage Trust Series 2021-8 A1(a),(c)		1.8200	11/25/66		52,920
	115,506	Angel Oak Mortgage Trust Series 2022-5 A1(a),(d)		4.5000	05/25/67		113,225
	92,758	Angel Oak Mortgage Trust Series 2023-1 A1(a),(d)		4.7500	09/26/67		91,086
	39,000	Arm Master Trust, LLC Series 2023-T1 A(a)		6.5620	02/17/25		38,984
	81,423	Arroyo Mortgage Trust Series 2019-1 A1(a),(c)		3.8050	01/25/49		77,673
	85,543	Arroyo Mortgage Trust Series 2019-2 A1(a),(c)		3.3470	04/25/49		80,644
	250,091	Bunker Hill Loan Depositary Trust Series 2019-2 A1(a),(d)		2.8790	07/25/49		237,780
	32,370	Chase Mortgage Finance Corporation Series 2016-SH2 M2(a),(c)		3.7500	02/25/44		29,617
	42,029	Chase Mortgage Finance Corporation Series 2016-SH1 M2(a),(c)		3.7500	04/25/45		38,531
	361,775	CIM TRUST Series 2022-R2 A1(a),(c)		3.7500	12/25/61		344,050
	57,885	COLT Funding, LLC Series 2021-3R A1(a),(c)		1.0510	12/25/64		51,051
	1,432,844	COLT Mortgage Loan Trust Series 2022-4 A1(a),(c)		4.3010	03/25/67		1,396,431
	627,870	COLT Mortgage Loan Trust Series 2022-5 A1(a),(c)		4.5500	04/25/67		618,622
	636,219	COLT Mortgage Loan Trust Series 2023-3 A1(a),(d)		7.1800	09/25/68		652,436
	693,622	COLT Mortgage Loan Trust Series 2023-4 A1(a),(d)		7.1630	10/25/68		709,897
	132,574	CSMC Trust Series 2020-RPL4 A1(a),(c)		2.0000	01/25/60		118,392
	19,308	CSMC Trust Series 2020-NQM1 A1(a),(d)		1.2080	05/25/65		17,741
	255,306	Deephaven Residential Mortgage Trust Series 2022-1 A1(a),(c)		2.2050	01/25/67		231,564
	309,834	Ellington Financial Mortgage Trust Series 2019-2 A3(a),(c)		3.0460	11/25/59		290,682
	21,099	Flagstar Mortgage Trust Series 2017-1 1A3(a),(c)		3.5000	03/25/47		19,135
	8,391	Galton Funding Mortgage Trust Series 2018-1 A23(a),(c)		3.5000	11/25/57		7,625
	254,690	Imperial Fund Mortgage Trust Series 2022-NQM3 A1(a),(d)		4.3800	05/25/67		249,123
	20,658	JP Morgan Mortgage Trust Series 2017-5 A1(a),(c)		3.6840	12/15/47		20,360
	883,204	JP Morgan Mortgage Trust Series 2017-4 A3(a),(c)		3.5000	11/25/48		794,555
	100,000	METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1(a),(c)		3.4520	04/25/55		88,516

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.8% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.8% (Continued)
	29,241	METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A(a),(c)		3.7500	04/25/58	$	28,509
	1,218,925	MFA Trust Series 2022-INV1 A1(a),(d)		3.9070	04/25/66		1,183,046
	718,113	MFA Trust Series 2022-NQM2 A1(a),(d)		4.0000	05/25/67		689,782
	195,678	Mill City Mortgage Loan Trust Series 2017-3 M2(a),(c)		3.2500	01/25/61		182,460
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2(a),(c)		3.5000	10/25/69		178,303
	170,000	New Residential Mortgage Loan Trust Series 2022-RTL1 A1F(a)		4.3360	12/25/26		166,854
	138,799	New Residential Mortgage Loan Trust Series 2014-3A AFX3(a),(c)		3.7500	11/25/54		130,620
	141,670	New Residential Mortgage Loan Trust Series 2016-3A B1(a),(c)		4.0000	09/25/56		133,176
	35,113	New Residential Mortgage Loan Trust Series 2016-4A A1(a),(c)		3.7500	11/25/56		33,092
	672,707	New Residential Mortgage Loan Trust Series 2017-2A A3(a),(c)		4.0000	03/25/57		638,871
	470,592	New Residential Mortgage Loan Trust Series 2018-1A A1A(a),(c)		4.0000	12/25/57		448,939
	37,867	New Residential Mortgage Loan Trust Series 2021-NQ2R A1(a),(c)		0.9410	09/25/58		34,565
	215,000	New Residential Mortgage Loan Trust Series 2019-RPL2 M2(a),(c)		3.7500	02/25/59		187,403
	702,609	New Residential Mortgage Loan Trust Series 2022-NQM2 A1(a),(c)		3.0790	03/27/62		644,223
	135,000	Palisades Mortgage Loan Trust Series 2021-RTL1 A1(a),(d)		2.8570	06/25/26		134,581
	160,520	PRET, LLC Series 2021-RN3 A1(a),(d)		1.8430	09/25/51		153,945
	28,665	Provident Funding Mortgage Loan Trust Series 2019-1 A2(a),(c)		3.0000	12/25/49		24,712
	582,672	RCKT Mortgage Trust Series 2023-CES1 A1A(a),(c)		6.5150	06/25/43		587,834
	52,913	RCKT Mortgage Trust Series 2020-1 A1(a),(c)		3.0000	02/25/50		45,646
	43,082	Residential Mortgage Loan Trust Series 2020-1 A1(a),(c)		2.3760	02/25/24		41,225
	2,676	Residential Mortgage Loan Trust Series 2019-2 A1(a),(c)		2.9130	05/25/59		2,655
	150,495	SG Residential Mortgage Trust Series 2021-1 A3(a),(c)		1.5600	07/25/61		121,177
	61,347	Starwood Mortgage Residential Trust Series 2020-1 A1(a),(c)		2.2750	02/25/50		57,700
	725,000	Towd Point Mortgage Trust Series 2017-1 A2(a),(c)		3.5000	10/25/56		711,121
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1(a),(b)	TSFR1M + 1.714%	7.0500	05/25/58		274,859
	365,000	Towd Point Mortgage Trust Series 2021-1 A2(a),(c)		2.7500	11/25/61		298,829
	87,798	Verus Securitization Trust Series 2019-INV2 A1(a),(c)		3.9130	07/25/59		84,341
	100,000	Verus Securitization Trust Series 2019-4 M1(a),(c)		3.2070	11/25/59		90,550
	143,321	Verus Securitization Trust Series 2020-1 A1(a),(d)		3.4170	01/25/60		137,353
	862,293	Verus Securitization Trust Series 2022-7 A1(a),(d)		5.1520	07/25/67		865,493
	1,599,797	Verus Securitization Trust Series 2023-1 A1(a),(d)		5.8500	12/25/67		1,600,219
	153,057	Wells Fargo Mortgage Backed Securities Series 2020-4 A1(a),(c)		3.0000	07/25/50		131,752
							17,136,202

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.8% (Continued)
		CREDIT CARD — 0.5%
	400,000	Discover Card Execution Note Trust Series A2 A		4.9300	06/15/28	$	403,599
	316,000	Mercury Financial Credit Card Master Trust Series 2023-1A A(a)		8.0400	09/20/27		320,533
							724,132
		NON AGENCY CMBS — 2.9%
	115,434	Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(a),(c)		2.0680	05/25/50		105,531
	280,000	BBCMS Mortgage Trust Series 2018-TALL(a),(b)	TSFR1M + 0.919%	6.2530	03/15/37		267,122
	160,000	Benchmark Mortgage Trust Series 2023-B38 A2		5.6260	04/15/56		164,930
	90,000	BPR Trust Series 2021-KEN A(a),(b)	TSFR1M + 1.364%	6.6970	02/15/29		89,947
	610,000	BPR Trust Series 2022-OANA A(a),(b)	TSFR1M + 1.898%	7.2310	04/15/37		610,084
	445,000	BX Trust Series 2019-OC11 B(a)		3.6050	12/09/41		401,598
	410,000	BX Trust Series 2019-OC11 D(a),(c)		4.0750	12/09/41		362,602
	150,000	COMM Mortgage Trust Series 2020-CBM B(a)		3.0990	02/10/37		143,509
	548,635	CSMC Series 2019-ICE4 A(a),(b)	TSFR1M + 1.027%	6.3610	05/15/36		548,340
	192,375	Extended Stay America Trust Series 2021-ESH C(a),(b)	TSFR1M + 1.814%	7.1470	07/15/38		190,690
	305,000	GCT Commercial Mortgage Trust Series 2021-GCT A(a),(b)	TSFR1M + 0.914%	6.2480	02/15/38		246,371
	419,000	JP Morgan Chase Commercial Mortgage Securities Series C13 E(a),(c)		3.9860	01/15/46		343,371
	325,000	MIRA Trust Series 2023-Mile A(a)		6.7550	06/06/28		339,453
	364,000	ORL Trust Series 2023-GLKS A(a),(b)	TSFR1M + 2.350%	7.6840	10/15/28		365,596
	62,000	WFRBS Commercial Mortgage Trust Series 2014-C24 AS		3.9310	11/15/47		58,989
							4,238,133
		OTHER ABS — 8.2%
	336,000	Affirm Asset Securitization Trust Series 2023-B A(a)		6.8200	09/15/28		343,509
	1,539,544	American Homes 4 Rent Series 2015-SFR1 A(a)		3.4670	04/17/52		1,503,933
	230,000	American Homes 4 Rent Trust Series 2014-SFR2 C(a)		4.7050	10/17/36		227,633
	220,000	American Homes 4 Rent Trust Series 2015-SFR2 C(a)		4.6910	10/17/45		216,481
	369,645	AMSR Trust Series 2020-SFR1(a)		1.8190	04/17/25		354,775
	175,000	AMSR Trust Series 2020-SFR1 B(a)		2.1200	04/17/37		167,879
	250,000	AMSR Trust Series 2020-SFR2 C(a)		2.5330	07/17/37		238,679
	100,000	AMSR Trust Series 2020-SFR2 D(a)		3.2820	07/17/37		96,224
	375,860	Amur Equipment Finance Receivables XII, LLC Series 1A A2(a)		6.0900	12/20/29		379,465
	113,642	Aqua Finance Trust Series 2017-A A(a)		3.7200	11/15/35		113,114
	52,712	Aqua Finance Trust Series 2019-A A(a)		3.1400	07/16/40		49,750
	204,044	Aqua Finance Trust Series 2019-A C(a)		4.0100	07/16/40		188,561
	270,000	Aqua Finance Trust Series 2020-AA B(a)		2.7900	07/17/46		243,493

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.8% (Continued)
		OTHER ABS — 8.2% (Continued)
	472,850	Arbys Funding, LLC Series 1A A2(a)		3.2370	07/30/50	$	436,232
	220,000	CCG Receivables Trust Series 2021-1 C(a)		0.8400	06/14/27		214,231
	103,437	CF Hippolyta, LLC Series 2020-1 A1(a)		1.6900	07/15/60		96,520
	296,550	CLI Funding VI, LLC Series 2020-1A A(a)		2.0800	09/18/45		267,322
	37,809	Corevest American Finance Trust Series 2020-1 A1(a)		1.8320	03/15/50		36,672
	100,000	Corevest American Finance Trust Series 2019-3 C(a)		3.2650	10/15/52		88,918
	160,322	Corevest American Finance Trust Series 2020-4 A(a)		1.1740	12/15/52		149,556
	10,340	Dext A.B.S, LLC Series 2020-1 B(a)		1.9200	11/15/27		10,318
	429,000	Dext A.B.S, LLC Series 2023-1 A2(a)		5.9900	03/15/32		427,138
	286,814	Elara HGV Timeshare Issuer, LLC Series 2023-A A(a)		6.1600	02/25/38		293,808
	130,000	FirstKey Homes Trust Series 2021-SFR1 D(a)		2.1890	08/17/28		118,573
	375,000	FirstKey Homes Trust Series 2020-SFR2 B(a)		1.5670	10/19/37		350,852
	76,479	Foundation Finance Trust Series 2019-1A A(a)		3.8600	11/15/34		75,920
	362,202	Foundation Finance Trust Series 2023-2A A(a)		6.5300	06/15/49		370,306
	65,906	HIN Timeshare Trust Series 2020-A C(a)		3.4200	10/09/39		62,480
	129,025	Jersey Mike’s Funding Series 2019-1A A2(a)		4.4330	02/15/50		122,555
	944,856	Kubota Credit Owner Trust Series 2023-1A A2(a)		5.4000	02/17/26		944,444
	44,854	MVW, LLC Series 2020-1A A(a)		1.7400	10/20/37		42,085
	302,367	MVW, LLC Series 2023-1A B(a)		5.4200	10/20/40		301,203
	265,000	Octane Receivables Trust Series 2023-1A C(a)		6.3700	09/20/29		264,541
	8,252	Oportun Funding, LLC Series 2022-1 A(a)		3.2500	06/15/29		8,233
	28,810	Orange Lake Timeshare Trust Series 2019-A B(a)		3.3600	04/09/38		27,900
	265,000	Progress Residential Series 2021-SFR3 D(a)		2.2880	05/17/26		244,274
	201,000	Progress Residential Series 2021-SFR1 C(a)		1.5550	04/17/38		184,243
	577,415	Progress Residential Trust Series 2020-SFR1 A(a)		1.7320	04/17/37		554,247
	550,000	Progress Residential Trust Series 2020-SFR2 E(a)		5.1150	06/17/37		542,701
	265,000	Regional Management Issuance Trust Series 2021-1 A(a)		1.6800	03/17/31		256,292
	34,246	Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(a)		2.3200	07/20/37		32,920
	241,798	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B(a)		6.2800	04/20/40		247,032
	84,375	Taco Bell Funding, LLC Series 2016-1A A23(a)		4.9700	05/25/46		83,198
	200,000	Tricon American Homes Trust Series 2020-SFR2 D(a)		2.2810	11/17/27		176,015
	165,000	Tricon American Homes Trust Series 2019-SFR1 C(a)		3.1490	03/17/38		157,739
	160,000	Tricon Residential Trust Series 2021-SFR1 B(a)		2.2440	07/17/38		148,223
	460,000	Verizon Master Trust Series 1 A1A		5.0000	12/20/28		463,104
							11,923,291

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.8% (Continued)
		RESIDENTIAL MORTGAGE — 1.3%
	74,197	Ajax Mortgage Loan Trust Series 2019-D A1(a),(d)		2.9560	09/25/65	$	70,029
	111,627	Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1(a),(d)		2.2390	09/27/60		111,379
	135,000	Towd Point Mortgage Trust Series 2016-4 B1(a),(c)		4.0160	07/25/56		128,918
	115,000	Towd Point Mortgage Trust Series 2017-1 M1(a),(c)		3.7500	10/25/56		111,073
	460,000	Towd Point Mortgage Trust Series 2017-4 A2(a),(c)		3.0000	06/25/57		422,505
	160,000	Towd Point Mortgage Trust Series 2017-6 A2(a),(c)		3.0000	10/25/57		147,864
	140,000	Towd Point Mortgage Trust Series 2018-6 A1B(a),(c)		3.7500	03/25/58		133,043
	300,000	Towd Point Mortgage Trust Series 2018-6 A2(a),(c)		3.7500	03/25/58		269,493
	255,000	Towd Point Mortgage Trust Series 2019-2 A2(a),(c)		3.7500	12/25/58		233,733
	235,000	Towd Point Mortgage Trust Series 2019-4 A2(a),(c)		3.2500	10/25/59		210,019
	38,801	VCAT, LLC Series 2021-NPL2 A1(a),(d)		2.1150	03/27/51		38,596
							1,876,652
		TOTAL ASSET BACKED SECURITIES (Cost $47,100,630)					46,373,647
		CORPORATE BONDS — 32.9%
		AEROSPACE & DEFENSE — 0.4%
	200,000	Boeing Company (The)		5.8050	05/01/50		200,373
	303,000	Boeing Company (The)		5.9300	05/01/60		302,529
	85,000	TransDigm, Inc.		5.5000	11/15/27		83,190
							586,092
		APPAREL & TEXTILE PRODUCTS — 0.2%
	260,000	Tapestry, Inc.		7.8500	11/27/33		277,663
		ASSET MANAGEMENT — 1.8%
	157,000	Blackstone Private Credit Fund		2.6250	12/15/26		142,604
	65,000	Blackstone Private Credit Fund(a)		7.3000	11/27/28		67,963
	128,000	Blue Owl Credit Income Corporation		4.7000	02/08/27		122,370
	20,000	Blue Owl Credit Income Corporation(a)		6.6500	03/15/31		19,831
	330,000	Blue Owl Finance, LLC(a)		3.1250	06/10/31		273,324
	335,000	Brookfield Finance, Inc.		6.3500	01/05/34		358,912

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		ASSET MANAGEMENT — 1.8% (Continued)
	125,000	Charles Schwab Corporation (The)(b),(e)	SOFRRATE + 2.010%	6.1360	08/24/34	$	132,114
	305,000	Charles Schwab Corporation (The)(b)	H15T10Y + 3.079%	4.0000	03/01/69		253,598
	255,000	Citadel, L.P.(a)		4.8750	01/15/27		249,912
	250,000	Drawbridge Special Opportunities Fund, L.P. /(a)		3.8750	02/15/26		230,697
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises		5.2500	05/15/27		198,076
	355,000	UBS Group A.G.(a),(b)	H15T1Y + 2.400%	4.9880	08/05/33		344,776
	35,000	UBS Group A.G.(a),(b)	H15T5Y + 4.758%	9.2500	05/13/72		38,213
	164,000	United Airlines Class A Pass Through Trust Series 2023-1 Class A(e)		5.8000	07/15/36		167,012
							2,599,402
		AUTOMOTIVE — 0.3%
	25,000	Clarios Global, L.P. / Clarios US Finance Company(a)		6.7500	05/15/28		25,351
	70,000	Ford Motor Company		4.7500	01/15/43		57,566
	200,000	Ford Motor Credit Company, LLC		6.8000	05/12/28		207,827
	190,000	Nissan Motor Acceptance Company, LLC(a)		7.0500	09/15/28		199,848
							490,592
		BANKING — 5.2%
	200,000	Banco Mercantil del Norte S.A.(a),(b)	H15T10Y + 5.034%	6.6250	01/24/70		169,667
	1,200,000	Bank of America Corporation(b)	SOFRRATE + 1.320%	2.6870	04/22/32		1,018,107
	390,000	Bank of America Corporation(b),(e)	H15T5Y + 1.200%	2.4820	09/21/36		312,802
	400,000	Barclays plc(b)	H15T1Y + 3.500%	7.4370	11/02/33		445,693
	200,000	BBVA Bancomer S.A.(a),(b)	H15T5Y + 2.650%	5.1250	01/18/33		182,927
	500,000	BPCE S.A.(a),(b)	SOFRRATE + 2.590%	7.0030	10/19/34		545,739
	280,000	Citigroup, Inc.(b)	TSFR3M + 1.600%	3.9800	03/20/30		266,860
	320,000	Citigroup, Inc.(b),(e)	SOFRRATE + 2.338%	6.2700	11/17/33		342,742
	229,000	Citigroup, Inc.(b)	SOFRRATE + 2.661%	6.1740	05/25/34		237,758
	250,000	Citizens Bank NA		2.2500	04/28/25		240,315
	20,000	Citizens Financial Group, Inc.(b)	SOFRRATE + 2.010%	5.8410	01/23/30		20,144
	250,000	Discover Bank		4.6500	09/13/28		239,295
	250,000	Fifth Third Bancorp(b),(e)	SOFRRATE + 1.660%	4.3370	04/25/33		231,564
	280,000	Huntington Bancshares, Inc.		2.5500	02/04/30		240,270

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		BANKING — 5.2% (Continued)
	175,000	JPMorgan Chase & Company(b)	SOFRRATE + 1.180%	6.5350	02/24/28	$	175,552
	710,000	JPMorgan Chase & Company		1.9530	02/04/32		579,446
	420,000	JPMorgan Chase & Company(b),(e)	SOFRRATE + 2.580%	5.7170	09/14/33		432,594
	82,000	JPMorgan Chase & Company Series HH(b)	SOFRRATE + 3.125%	4.6000	08/01/68		80,142
	375,000	Societe Generale S.A.(a),(b)	H15T1Y + 2.100%	6.0660	01/19/35		376,327
	200,000	Texas Capital Bancshares, Inc.(b)	H15T5Y + 3.150%	4.0000	05/06/31		184,385
	285,000	Toronto-Dominion Bank (The)(b),(e)	H15T5Y + 4.075%	8.1250	10/31/82		296,728
	90,000	Truist Financial Corporation(b)	SOFRRATE + 1.922%	5.7110	01/24/35		91,374
	285,000	Truist Financial Corporation(b)	H15T10Y + 4.349%	5.1000	03/01/69		264,273
	280,000	Wells Fargo & Company(b)	SOFRRATE + 2.100%	4.8970	07/25/33		273,544
	330,000	Wells Fargo & Company Series BB(b)	H15T5Y + 3.453%	3.9000	03/15/69		309,310
							7,557,558
		BEVERAGES — 0.4%
	185,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.9000	02/01/46		179,575
	270,000	Bacardi Ltd. / Bacardi-Martini BV(a),(e)		5.4000	06/15/33		271,344
	75,000	Central American Bottling Corp / CBC Bottling(a)		5.2500	04/27/29		70,158
							521,077
		BIOTECH & PHARMA — 0.8%
	113,000	Amgen, Inc.(e)		5.2500	03/02/33		115,207
	93,000	Amgen, Inc.		5.6500	03/02/53		95,857
	40,000	Bausch Health Companies, Inc.(a)		5.7500	08/15/27		23,936
	200,000	Cheplapharm Arzneimittel GmbH(a)		5.5000	01/15/28		191,699
	45,000	Par Pharmaceutical, Inc.(a),(f)		7.5000	04/01/27		29,730
	155,000	Royalty Pharma plc		2.1500	09/02/31		126,210
	195,000	Royalty Pharma plc		3.3500	09/02/51		131,311
	120,000	Teva Pharmaceutical Finance Netherlands III BV		3.1500	10/01/26		111,957
	265,000	Utah Acquisition Sub, Inc.		3.9500	06/15/26		257,566
	681	Viatris, Inc.(a)		2.3000	06/22/27		620
	155,000	Viatris, Inc.		4.0000	06/22/50		109,654
							1,193,747

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		CABLE & SATELLITE — 0.3%
	14,000	CCO Holdings, LLC / CCO Holdings Capital(a),(e)		6.3750	09/01/29	$	13,638
	180,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.7500	03/01/30		159,905
	45,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.5000	08/15/30		39,136
	200,000	CSC Holdings, LLC(a)		11.7500	01/31/29		203,518
							416,197
		CHEMICALS — 0.5%
	235,000	Bayport Polymers, LLC(a)		5.1400	04/14/32		213,850
	189,000	INEOS Quattro Finance 2 plc(a)		3.3750	01/15/26		178,332
	200,000	INEOS Quattro Finance 2 plc(a)		9.6250	03/15/29		210,500
	130,000	Windsor Holdings III, LLC(a)		8.5000	06/15/30		135,044
							737,726
		COMMERCIAL SUPPORT SERVICES — 0.2%
	10,000	GFL Environmental, Inc.(a)		6.7500	01/15/31		10,237
	265,000	UL Solutions, Inc.(a)		6.5000	10/20/28		279,413
							289,650
		CONTAINERS & PACKAGING — 0.1%
	190,000	Berry Global, Inc.(a)		5.6500	01/15/34		191,802
		ELEC & GAS MARKETING & TRADING — 0.2%
	260,000	New York State Electric & Gas Corporation(a)		5.8500	08/15/33		271,866
		ELECTRIC UTILITIES — 2.7%
	320,000	Black Hills Corporation		6.1500	05/15/34		335,780
	355,000	CMS Energy Corporation(b)	H15T5Y + 4.116%	4.7500	06/01/50		321,896
	250,000	Electricite de France S.A.(a)		6.9000	05/23/53		279,895
	235,000	Enel Finance International N.V.(a)		7.5000	10/14/32		266,526
	260,000	Entergy Texas, Inc.		5.8000	09/01/53		276,928
	330,000	Exelon Corporation(e)		5.6000	03/15/53		332,835
	188,000	National Rural Utilities Cooperative Finance(b)	TSFR3M + 3.172%	8.4890	04/30/43		186,092
	384,000	NRG Energy, Inc.(a)		7.0000	03/15/33		405,645
	100,000	PacifiCorporation		5.3000	02/15/31		101,469
	480,000	PacifiCorporation(e)		5.8000	01/15/55		480,784
	403,000	Puget Energy, Inc.		2.3790	06/15/28		360,325
	404,000	Southern Company (The)(b)	H15T5Y + 2.915%	3.7500	09/15/51		377,859

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		ELECTRIC UTILITIES — 2.7% (Continued)
	245,000	Vistra Corporation(a),(b)	H15T5Y + 6.930%	8.0000	04/15/70	$	244,652
							3,970,686
		ENGINEERING & CONSTRUCTION — 0.3%
	140,000	Global Infrastructure Solutions, Inc.(a)		7.5000	04/15/32		129,077
	398,000	Sempra Infrastructure Partners, L.P.(a)		3.2500	01/15/32		327,149
							456,226
		FOOD — 0.2%
	300,000	Pilgrim’s Pride Corporation		6.2500	07/01/33		306,708
		GAS & WATER UTILITIES — 0.3%
	260,000	Brooklyn Union Gas Company (The)(a)		4.8660	08/05/32		242,663
	255,000	KeySpan Gas East Corporation(a)		5.9940	03/06/33		258,366
							501,029
		HEALTH CARE FACILITIES & SERVICES — 1.5%
	225,000	AdaptHealth, LLC(a)		5.1250	03/01/30		176,912
	290,000	Catalent Pharma Solutions, Inc.(a),(e)		3.5000	04/01/30		255,523
	318,000	CVS Health Corporation		5.8750	06/01/53		326,624
	185,000	HCA, Inc.(e)		5.5000	06/01/33		187,907
	345,000	HCA, Inc.		5.2500	06/15/49		318,866
	400,000	IQVIA, Inc.(a)		5.7000	05/15/28		407,685
	540,000	Universal Health Services, Inc.		2.6500	01/15/32		442,091
							2,115,608
		HOME & OFFICE PRODUCTS — 0.2%
	275,000	Newell Brands, Inc.		6.3750	09/15/27		271,026
		HOME CONSTRUCTION — 0.5%
	410,000	Ashton Woods USA, LLC / Ashton Woods Finance(a)		4.6250	04/01/30		368,569
	404,000	Meritage Homes Corporation(a)		3.8750	04/15/29		372,362
							740,931
		HOUSEHOLD PRODUCTS — 0.3%
	370,000	Church & Dwight Company, Inc.		5.0000	06/15/52		360,839
		INDUSTRIAL SUPPORT SERVICES — 0.3%
	405,000	Ashtead Capital, Inc.(a)		5.5000	08/11/32		402,882

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.6%
	115,000	Bank of New York Mellon Corporation (The)(b)	SOFRINDX + 2.074%	5.8340	10/25/33	$	121,628
	265,000	Bank of New York Mellon Corporation (The)(b)	H15T5Y + 4.358%	4.7000	09/20/68		261,009
	285,000	Goldman Sachs Group, Inc. (The)(b)	SOFRRATE + 1.090%	1.9920	01/27/32		231,901
	310,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36		338,685
	225,000	Morgan Stanley Series F		3.1250	07/27/26		215,944
	395,000	Morgan Stanley		6.3750	07/24/42		451,769
	215,000	Northern Trust Corporation		3.3750	05/08/32		200,475
	125,000	Northern Trust Corporation		6.1250	11/02/32		134,654
	220,000	State Street Corporation(b)	SOFRRATE + 1.726%	4.1640	08/04/33		206,875
	175,000	State Street Corporation(b)	H15T5Y + 2.613%	6.7000	03/15/74		174,997
							2,337,937
		INSURANCE — 2.0%
	200,000	Allianz S.E.(a),(b)	H15T5Y + 3.232%	6.3500	09/06/53		209,243
	250,000	Allstate Corporation (The)(b)	TSFR3M + 3.200%	8.5790	08/15/53		250,526
	185,000	Ascot Group Ltd.(a)		4.2500	12/15/30		152,915
	391,000	Corebridge Financial, Inc.(b),(e)	H15T5Y + 3.846%	6.8750	12/15/52		392,444
	150,000	GA Global Funding Trust(a)		5.5000	01/08/29		150,894
	198,000	Global Atlantic Fin Company(a)		7.9500	06/15/33		219,991
	45,000	HUB International Ltd.(a)		7.2500	06/15/30		46,504
	175,000	Liberty Mutual Group, Inc.(a),(b)	H15T5Y + 3.315%	4.1250	12/15/51		153,678
	168,000	Lincoln National Corporation(b)	TSFRM3 + 2.040%	7.6190	04/20/67		121,800
	325,000	MetLife, Inc.(b)	H15T5Y + 3.576%	3.8500	03/15/69		310,894
	126,000	MetLife, Inc.(b)	TSFR3M + 3.221%	5.8750	09/15/66		125,228
	335,000	Nippon Life Insurance Company(a),(b)	H15T5Y + 2.954%	6.2500	09/13/53		349,363
	104,000	Prudential Financial, Inc.(b)	H15T5Y + 3.162%	5.1250	03/01/52		97,268
	53,000	Prudential Financial, Inc.(b)	H15T5Y + 3.234%	6.0000	09/01/52		52,952
	210,000	Prudential Financial, Inc.(b)	H15T5Y + 2.848%	6.7500	03/01/53		217,618
							2,851,318
		LEISURE FACILITIES & SERVICES — 0.1%
	150,000	Churchill Downs, Inc.(a)		6.7500	05/01/31		152,322

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		MACHINERY — 0.7%
	430,000	Regal Rexnord Corporation(a)		6.4000	04/15/33	$	446,755
	515,000	Veralto Corporation(a)		5.4500	09/18/33		527,668
							974,423
		MEDICAL EQUIPMENT & DEVICES — 1.0%
	144,000	Bio-Rad Laboratories, Inc.		3.3000	03/15/27		137,516
	179,000	Bio-Rad Laboratories, Inc.		3.7000	03/15/32		160,724
	570,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30		510,514
	468,000	Illumina, Inc.		2.5500	03/23/31		391,643
	350,000	Zimmer Biomet Holdings, Inc.(e)		3.5500	03/20/30		323,145
							1,523,542
		METALS & MINING — 0.7%
	115,000	Alliance Resource Operating Partners, L.P. /(a)		7.5000	05/01/25		114,826
	255,000	Corp Nacional del Cobre de Chile(a)		5.9500	01/08/34		255,417
	140,000	FMG Resources August Pty Ltd. Series 2006(a)		5.8750	04/15/30		138,434
	295,000	Glencore Funding, LLC(a),(e)		2.8500	04/27/31		254,940
	215,000	Teck Resources Ltd.		6.1250	10/01/35		224,696
							988,313
		OIL & GAS PRODUCERS — 3.3%
	540,000	BP Capital Markets plc(b)	H15T5Y + 4.398%	4.8750	12/22/00		512,488
	160,000	CITGO Petroleum Corporation(a)		7.0000	06/15/25		160,082
	130,000	Civitas Resources, Inc.(a)		8.7500	07/01/31		138,419
	150,000	Columbia Pipelines Operating Company, LLC(a)		6.0360	11/15/33		157,377
	25,000	Columbia Pipelines Operating Company, LLC(a)		6.5440	11/15/53		27,457
	35,000	Columbia Pipelines Operating Company, LLC(a)		6.7140	08/15/63		38,753
	95,000	CrownRock, L.P. / CrownRock Finance, Inc.(a)		5.0000	05/01/29		93,566
	125,000	DT Midstream, Inc.(a)		4.1250	06/15/29		114,652
	205,000	Ecopetrol S.A.		8.8750	01/13/33		216,554
	275,000	Enbridge, Inc.(b)	H15T5Y + 4.418%	7.6250	01/15/83		278,614
	120,000	Energy Transfer, L.P.(b)	H15T5Y + 5.306%	7.1250	05/15/69		116,332
	175,000	Energy Transfer, L.P.(b)	H15T5Y + 5.694%	6.5000	11/15/69		169,552
	425,000	Flex Intermediate Holdco, LLC(a)		3.3630	06/30/31		348,813
	70,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		73,284

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		OIL & GAS PRODUCERS — 3.3% (Continued)
	320,000	Kinder Morgan, Inc.		7.7500	01/15/32	$	365,821
	50,000	NGL Energy Partners, L.P.(a)		8.1250	02/15/29		50,302
	80,000	NGL Energy Partners, L.P.(a)		8.3750	02/15/32		80,667
	360,000	Northern Natural Gas Company(a)		5.6250	02/01/54		367,925
	185,000	Occidental Petroleum Corporation		6.1250	01/01/31		192,208
	200,000	Pertamina Persero PT(a)		6.4500	05/30/44		211,948
	365,000	Petroleos Mexicanos		6.5000	03/13/27		342,548
	185,000	Petroleos Mexicanos		7.6900	01/23/50		129,441
	250,000	Reliance Industries Ltd.(a)		2.8750	01/12/32		213,452
	95,000	Venture Global Calcasieu Pass, LLC(a)		3.8750	08/15/29		85,431
	40,000	Viper Energy Partners, L.P.(a)		7.3750	11/01/31		41,410
	315,000	Western Midstream Operating, L.P.		5.2500	02/01/50		281,844
							4,808,940
		OIL & GAS SERVICES & EQUIPMENT — 0.3%
	35,000	Kodiak Gas Services, LLC(a)		7.2500	02/15/29		35,419
	210,000	Nabors Industries Ltd.(a)		7.2500	01/15/26		206,256
	160,000	Transocean, Inc.(a)		11.5000	01/30/27		167,318
	90,000	USA Compression Partners, L.P. / USA Compression		6.8750	04/01/26		89,573
							498,566
		REAL ESTATE INVESTMENT TRUSTS — 1.1%
	310,000	EPR Properties		4.7500	12/15/26		299,238
	108,000	GLP Capital, L.P. / GLP Financing II, Inc.		3.2500	01/15/32		90,930
	260,000	GLP Capital, L.P. / GLP Financing II, Inc.(e)		6.7500	12/01/33		276,941
	25,000	MPT Operating Partnership, L.P. / MPT Finance		4.6250	08/01/29		16,937
	125,000	MPT Operating Partnership, L.P. / MPT Finance		3.5000	03/15/31		76,680
	355,000	Sabra Health Care, L.P.		3.2000	12/01/31		290,016
	75,000	Service Properties Trust		4.9500	02/15/27		68,719
	205,000	VICI Properties, L.P.		4.9500	02/15/30		199,058
	165,000	VICI Properties, L.P.		5.1250	05/15/32		157,815
	150,000	VICI Properties, L.P. / VICI Note Company, Inc.(a)		4.1250	08/15/30		136,973
							1,613,307
		REAL ESTATE OWNERS & DEVELOPERS — 0.2%
	275,000	Ontario Teachers’ Cadillac Fairview Properties(a)		2.5000	10/15/31		221,359

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		RETAIL - DISCRETIONARY — 0.5%
	205,000	Beacon Roofing Supply, Inc.(a)		6.5000	08/01/30	$	207,953
	175,000	BlueLinx Holdings, Inc.(a)		6.0000	11/15/29		165,673
	345,000	PetSmart, Inc. / PetSmart Finance Corporation(a),(e)		7.7500	02/15/29		336,666
							710,292
		SOFTWARE — 0.3%
	90,000	Consensus Cloud Solutions, Inc.(a),(e)		6.5000	10/15/28		80,859
	115,000	Oracle Corporation		6.2500	11/09/32		123,856
	188,000	Oracle Corporation		5.5500	02/06/53		186,707
	75,000	Oracle Corporation		3.8500	04/01/60		54,363
							445,785
		SPECIALTY FINANCE — 1.4%
	330,000	AerCap Ireland Capital DAC / AerCap Global		3.3000	01/30/32		283,003
	225,000	American Express Company(b)	SOFRRATE + 1.930%	5.6250	07/28/34		230,962
	235,000	Aviation Capital Group, LLC(a)		3.5000	11/01/27		218,879
	210,000	Avolon Holdings Funding Ltd.(a)		4.3750	05/01/26		203,849
	472,000	Capital One Financial Corporation		2.3590	07/29/32		357,136
	290,000	First American Financial Corporation		4.0000	05/15/30		262,913
	120,000	Ladder Capital Finance Holdings LLLP / Ladder(a)		4.2500	02/01/27		111,234
	235,000	OneMain Finance Corporation		6.8750	03/15/25		236,068
	150,000	Synchrony Financial		4.8750	06/13/25		147,939
	67,000	Synchrony Financial		3.7000	08/04/26		63,629
							2,115,612
		STEEL — 0.1%
	195,000	ArcelorMittal S.A.		6.8000	11/29/32		209,634
		TECHNOLOGY HARDWARE — 0.2%
	189,000	Dell International, LLC / EMC Corporation		8.1000	07/15/36		233,043
		TECHNOLOGY SERVICES — 1.3%
	140,000	Booz Allen Hamilton, Inc.(a)		3.8750	09/01/28		131,975
	275,000	Booz Allen Hamilton, Inc.(a)		4.0000	07/01/29		259,003
	485,000	CoStar Group, Inc.(a)		2.8000	07/15/30		416,684
	240,000	Gartner, Inc.(a)		3.7500	10/01/30		215,259

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 32.9% (Continued)
		TECHNOLOGY SERVICES — 1.3% (Continued)
	320,000	Leidos, Inc.		2.3000	02/15/31	$	266,552
	401,000	MSCI, Inc.(a)		3.6250	09/01/30		360,741
	245,000	Science Applications International Corporation(a)		4.8750	04/01/28		232,586
							1,882,800
		TELECOMMUNICATIONS — 0.7%
	160,000	Level 3 Financing, Inc.(a)		4.2500	07/01/28		54,400
	270,000	Level 3 Financing, Inc.(a)		3.6250	01/15/29		81,000
	205,000	Sprint Capital Corporation		8.7500	03/15/32		251,795
	62,500	Sprint Spectrum Company, LLC / Sprint Spectrum(a)		4.7380	03/20/25		62,039
	254,000	T-Mobile USA, Inc.(e)		5.0500	07/15/33		254,092
	360,000	Vodafone Group plc(e)		5.6250	02/10/53		362,493
							1,065,819
		TOBACCO & CANNABIS — 0.2%
	295,000	BAT Capital Corporation(e)		7.7500	10/19/32		335,124
		TRANSPORTATION & LOGISTICS — 0.5%
	390,831	Alaska Airlines Class A Pass Through Trust Series 2021-1(a)		4.8000	08/15/27		382,428
	309,106	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		293,375
							675,803
		TOTAL CORPORATE BONDS (Cost $48,163,459)					47,903,246
		MUNICIPAL BONDS — 2.2%
		CITY — 0.3%
	340,000	City of Bristol VA		4.2100	01/01/42		299,200
	145,000	City of San Antonio TX		1.9630	02/01/33		117,380
							416,580
		GOVERNMENT LEASE — 0.1%
	145,000	Texas Public Finance Authority		2.1400	02/01/35		113,434
		HOSPITALS — 0.1%
	135,000	Idaho Health Facilities Authority		5.0200	03/01/48		127,314

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		MUNICIPAL BONDS — 2.2% (Continued)
		LOCAL AUTHORITY — 0.6%
	310,000	San Diego County Regional Airport Authority	5.5940	07/01/43	$	305,001
	600,000	State of Texas	3.2110	04/01/44		488,217
	35,000	Texas Transportation Commission State Highway Fund	4.0000	10/01/33		33,884
						827,102
		MISCELLANEOUS TAX — 0.6%
	765,000	Metropolitan Transportation Authority	5.0000	11/15/45		842,595
		SALES TAX — 0.0%(g)
	20,000	Sales Tax Securitization Corporation	3.4110	01/01/43		15,990
		WATER AND SEWER — 0.5%
	705,000	Broward County FL Water & Sewer Utility Revenue	4.0000	10/01/47		706,172
	160,000	Santa Clara Valley Water District	2.9670	06/01/50		115,833
						822,005
		TOTAL MUNICIPAL BONDS (Cost $3,537,606)				3,165,020
		NON U.S. GOVERNMENT & AGENCIES — 1.5%
		SOVEREIGN — 1.5%
	200,000	Brazilian Government International Bond	6.0000	10/20/33		197,957
	515,000	Dominican Republic International Bond(a)	4.8750	09/23/32		460,909
	250,000	Hungary Government International Bond(a)	6.2500	09/22/32		261,537
	200,000	Mexico Government International Bond	2.6590	05/24/31		168,221
	250,000	Mexico Government International Bond	6.3500	02/09/35		260,625
	200,000	Mexico Government International Bond	6.0000	05/07/36		203,961
	505,000	Romanian Government International Bond(a)	5.8750	01/30/29		510,711
	200,000	Serbia International Bond(a)	6.5000	09/26/33		204,534
						2,268,455
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,230,318)				2,268,455

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.1%
		AEROSPACE & DEFENSE — 0.1%
	194,145	TransDigm, Inc.(b)	TSFR1M + 3.250%	8.5980	08/10/28	$	194,558
		ASSET MANAGEMENT — 0.1%
	34,825	FinCompany I, LLC(b)	TSFR1M + 3.000%	8.3830	06/27/29		34,929
	40,000	GIP Pilot Acquisition Partners, L.P.(b)	TSFR3M + 3.000%	8.3270	09/15/30		40,083
	75,000	GTCR W Merger Sub, LLC(b)	TSFR1M + 3.000%	8.3340	09/20/30		75,102
							150,114
		AUTOMOTIVE — 0.2%
	214,463	Clarios Global, L.P.(b)	TSFR1M + 3.000%	8.5950	05/06/30		214,865
		BEVERAGES — 0.1%
	95,000	Pegasus Bidco BV(b)	TSFR1M + 3.750%	9.0860	07/12/29		95,309
		BIOTECH & PHARMA — 0.1%
	114,188	Perrigo Investments, LLC(b)	TSFR1M + 2.500%	7.4560	04/07/29		114,140
		CABLE & SATELLITE — 0.5%
	215,000	Cogeco Communications USA II, L.P.(b)	TSFR1M + 3.250%	8.6060	09/18/30		209,464
	269,525	Directv Financing, LLC(b)	TSFR1M + 5.365%	10.7020	08/02/29		269,750
	205,000	Virgin Media Bristol, LLC(b)	TSFR1M + 2.500%	7.9760	01/04/28		201,653
							680,867
		CHEMICALS — 0.5%
	158,934	INEOS US Finance, LLC(b)	TSFR1M + 3.750%	9.2060	11/08/27		158,020
	129,328	Innophos Holdings, Inc.(b)	TSFR1M + 3.250%	8.7200	02/04/27		127,847
	114,425	LSF11 A5 HoldCo, LLC(b)	TSFR1M + 4.350%	9.7060	10/15/28		114,569
	60,000	Lummus Technology Holdings V, LLC(b)	TSFR1M + 3.500%	8.8350	06/30/27		60,045
	54,862	Nouryon USA, LLC(b)	TSFR1M + 4.100%	9.4670	04/03/28		54,902
	164,588	Windsor Holdings III, LLC(b)	TSFR3M + 4.500%	9.8480	06/22/30		165,022
							680,405
		COMMERCIAL SUPPORT SERVICES — 0.4%
	212,976	AlixPartners LLP(b)	TSFR1M + 2.750%	8.2200	01/28/28		213,124
	166,978	Brightview Landscapes, LLC(b)	TSFR1M + 3.250%	8.6330	04/22/29		167,228
	103,027	CHG Healthcare Services, Inc.(b)	TSFR1M + 3.500%	8.7200	09/30/28		102,827
	70,000	CHG Healthcare Services, Inc.(b)	TSFR3M + 3.750%	9.1030	09/30/28		69,991
							553,170

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.1% (Continued)
		CONSTRUCTION MATERIALS — 0.0%(g)
	15,000	Summit Materials, LLC(b)	TSFR1M + 2.500%	7.8520	11/30/28	$	15,061
		ELECTRIC UTILITIES — 0.1%
	58,703	Generation Bridge Northeast, LLC(b)	TSFR1M + 4.250%	9.6060	08/07/29		59,045
		ELECTRICAL EQUIPMENT — 0.2%
	267,308	Brookfield WEC Holdings, Inc.(b)	TSFR1M + 2.750%	8.2200	08/01/25		266,158
		ENGINEERING & CONSTRUCTION — 0.1%
	200,000	Pike Corporation(b)	TSFR1M + 3.000%	8.4700	12/21/27		200,548
		ENTERTAINMENT CONTENT — 0.2%
	248,092	Univision Communications, Inc.(b)	TSFR1M + 3.250%	8.7200	03/24/26		248,201
		FOOD — 0.3%
	55,000	Chobani, LLC(b)	TSFR1M + 3.750%	9.1120	10/25/27		55,120
	173,684	Del Monte Foods, Inc.(b)	TSFR1M + 4.250%	11.7500	05/16/29		155,701
	267,396	Froneri US, Inc.(b)	TSFR1M + 2.250%	7.7060	01/30/27		267,352
							478,173
		GAS & WATER UTILITIES — 0.0%(g)
	35,000	NGL Energy Operating, LLC(b)	TSFR1M + 4.500%	9.8350	01/27/31		34,989
		HEALTH CARE FACILITIES & SERVICES — 0.0%(g)
	10,000	Catalent Pharma Solutions, Inc.(b)	TSFR1M + 3.100%	8.3560	02/22/28		10,000
	30,000	Phoenix Newco, Inc.(b)	TSFR1M + 3.250%	8.7200	08/11/28		29,956
							39,956
		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	120,477	Citadel Securities, L.P.(b)	TSFR1M + 2.500%	7.9700	07/26/30		120,448
	40,000	Citadel Securities, L.P.(b)	TSFR1M + 2.250%	7.5880	07/29/30		39,990
							160,438
		INSURANCE — 0.0%(g)
	45,000	Acrisure, LLC(b)	TSFR1M + 4.500%	9.8880	10/20/30		45,225

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.1% (Continued)
		INTERNET MEDIA & SERVICES — 0.1%
	201,673	Uber Technologies, Inc.(b)	TSFR1M + 2.750%	8.1350	03/03/30	$	201,915
		LEISURE FACILITIES & SERVICES — 0.7%
	59,550	Caesars Entertainment, Inc.(b)	TSFR1M + 3.250%	8.7060	01/26/30		59,598
	25,000	Caesars Entertainment, Inc.(b)	TSFR1M + 2.750%	8.0870	01/24/31		24,984
	124,375	Carnival Corporation(b)	TSFR1M + 3.000%	8.3570	08/08/27		124,593
	180,000	Flutter Financing BV(b)	TSFR1M + 2.250%	7.6980	11/18/30		179,550
	35,000	Hilton Grand Vacations Borrower, LLC(b)	TSFR1M + 2.850%	8.0950	01/10/31		34,983
	95,000	Hilton Worldwide Finance, LLC(b)	TSFR1M + 2.100%	7.4550	11/09/30		95,125
	39,400	Light & Wonder International, Inc.(b)	TSFR1M + 2.850%	8.0830	04/16/29		39,494
	40,000	Ontario Gaming GTA, L.P.(b)	TSFR1M + 4.250%	9.5980	07/20/30		40,100
	153,446	Scientific Games Holdings, L.P.(b)	SOFRRATE + 3.500%	8.5800	02/04/29		152,423
	249,717	UFC Holdings, LLC(b)	TSFR1M + 2.750%	8.3360	04/29/26		249,900
							1,000,750
		MACHINERY — 0.3%
	65,375	Alliance Laundry Systems, LLC(b)	TSFR3M + 3.500%	8.9940	09/30/27		65,452
	124,048	Filtration Group Corporation(b)	TSFR1M + 3.500%	8.9700	10/19/28		124,180
	70,137	Standard Industries, Inc.(b)	TSFR1M + 2.500%	7.7010	08/06/28		70,178
	134,288	Titan Acquisition Ltd.(b)	TSFR1M + 3.115%	8.7310	03/16/25		134,271
							394,081
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	212,834	Mozart Borrower, L.P.(b)	TSFR1M + 3.250%	8.4510	09/30/28		212,712
		METALS & MINING — 0.0%(g)
	34,913	Arsenal AIC Parent, LLC(b)	TSFR1M + 4.500%	9.8560	07/27/30		34,963
	15,000	Arsenal AIC Parent, LLC(b)	TSFR1M + 3.750%	9.0880	08/19/30		15,021
							49,984
		OIL & GAS PRODUCERS — 0.1%
	68,404	Freeport LNG Investments LLLP(b)	TSFR3M + 3.500%	9.1770	11/17/28		67,784
	97,355	Oryx Midstream Services Permian Basin, LLC(b)	TSFR1M + 3.250%	8.7100	09/30/28		97,332
							165,116

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.1% (Continued)
		PUBLISHING & BROADCASTING — 0.1%
	94,000	Century DE Buyer, LLC(b)	TSFR3M + 4.000%	9.3170	09/27/30	$	94,226
		REAL ESTATE INVESTMENT TRUSTS — 0.1%
	180,000	Iron Mountain, Inc.(b)	TSFR1M + 2.250%	7.5960	01/31/31		179,269
		RETAIL - DISCRETIONARY — 0.3%
	40,000	84 Lumber Company(b)	TSFR1M + 2.850%	8.2060	11/18/30		40,400
	85,000	Peer Holding III BV(b)	TSFR1M + 3.250%	8.5980	10/19/30		85,266
	153,038	PetSmart, Inc.(b)	TSFR1M + 3.750%	9.2060	01/29/28		152,544
	134,656	SRS Distribution, Inc.(b)	TSFR1M + 3.500%	8.9700	05/20/28		134,122
							412,332
		SOFTWARE — 0.6%
	220,167	Applied Systems, Inc.(b)	TSFR1M + 4.500%	9.8480	09/19/26		221,048
	25,000	Camelot US Acquisition, LLC(b)	TSFR1M + 2.750%	8.0850	01/31/31		25,000
	132,947	CCC Intelligent Solutions, Inc.(b)	TSFR1M + 2.500%	7.7200	09/17/28		132,830
	184,073	Central Parent, Inc.(b)	TSFR3M + 4.000%	9.3480	07/06/29		184,648
	15,000	Epicor Software Corporation(b)	TSFR1M + 3.750%	9.1060	07/31/27		15,109
	50,615	Open Text Corporation(b)	TSFR1M + 2.850%	8.2060	01/31/30		50,691
	67,238	Sophia, L.P.(b)	TSFR1M + 3.600%	8.9560	10/07/27		67,226
	195,735	UKG, Inc.(b)	TSFR3M + 3.250%	8.7640	05/03/26		196,040
							892,592
		TECHNOLOGY SERVICES — 0.4%
	122,577	Blackhawk Network Holdings, Inc.(b)	TSFR3M + 3.000%	8.1380	05/22/25		122,535
	64,083	Dun & Bradstreet Corporation (The)(b)	TSFR1M + 2.750%	8.2050	02/08/26		64,163
	85,000	KBR, Inc.(b)	TSFR1M + 2.100%	8.0850	01/10/31		84,929
	68,354	NAB Holdings, LLC(b)	SOFRRATE + 3.000%	8.2480	11/18/28		68,361
	243,625	Peraton Corporation(b)	TSFR1M + 3.750%	9.2060	02/24/28		243,659
							583,647
		TELECOMMUNICATIONS — 0.2%
	202,929	Cincinnati Bell, Inc.(b)	SOFRRATE + 3.250%	8.7060	11/17/28		200,859
	129,338	Eagle Broadband Investments, LLC(b)	TSFR1M + 3.115%	8.6100	11/12/27		127,247
							328,106

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.1% (Continued)
		TRANSPORTATION & LOGISTICS — 0.1%
	100,016	Brown Group Holding, LLC(b)	TSFR1M + 2.500%	8.2060	04/22/28	$	99,467
	49,000	Mileage Plus Holdings, LLC(b)	TSFR3M + 5.250%	10.7700	06/25/27		50,567
	52,500	SkyMiles IP Ltd.(b)	TSFR1M + 3.750%	9.1660	09/16/27		53,786
							203,820
		TOTAL TERM LOANS (Cost $8,918,068)					8,949,772
		U.S. GOVERNMENT & AGENCIES — 23.5%
		AGENCY FIXED RATE — 5.5%
	6,869	Fannie Mae Pool 735061		6.0000	11/01/34		7,154
	9,541	Fannie Mae Pool 866009		6.0000	03/01/36		9,937
	62,096	Fannie Mae Pool 938574		5.5000	09/01/36		63,934
	23,773	Fannie Mae Pool 310041		6.5000	05/01/37		25,396
	10,386	Fannie Mae Pool 962752		5.0000	04/01/38		10,534
	13,779	Fannie Mae Pool 909175		5.5000	04/01/38		14,189
	53,786	Fannie Mae Pool 909220		6.0000	08/01/38		56,027
	44,217	Fannie Mae Pool AS7026		4.0000	04/01/46		42,612
	74,977	Fannie Mae Pool BJ9260		4.0000	04/01/48		71,630
	867,070	Fannie Mae Pool FS4438		5.0000	11/01/52		858,650
	663,936	Fannie Mae Pool MA4980		6.0000	04/01/53		674,257
	582,361	Fannie Mae Pool MA5072		5.5000	06/01/53		584,676
	67,121	Freddie Mac Gold Pool G01980		5.0000	12/01/35		68,170
	10,097	Freddie Mac Gold Pool G05888		5.5000	10/01/39		10,412
	354,625	Freddie Mac Pool SB8269		6.0000	10/01/38		361,809
	2,212,413	Freddie Mac Pool SD2026		5.0000	11/01/52		2,190,589
	625,601	Freddie Mac Pool SD3238		5.5000	12/01/52		629,257
	2,312,681	Freddie Mac Pool SD8309		6.0000	03/01/53		2,347,242
							8,026,475
		AGENCY MBS OTHER — 0.5%
	676,507	Fannie Mae Pool MA4805		4.5000	11/01/52		654,853
		U.S. TREASURY BONDS — 2.1%
	1,040,000	United States Treasury Bond		2.8750	05/15/49		805,553

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 23.5% (Continued)
		U.S. TREASURY BONDS — 2.1% (Continued)
	1,440,000	United States Treasury Bond	2.0000	02/15/50	$	918,366
	2,500,000	United States Treasury Bond	1.3750	08/15/50		1,343,506
						3,067,425
		U.S. TREASURY NOTES — 15.4%
	365,000	United States Treasury Note	4.3750	08/31/28		372,236
	1,210,000	United States Treasury Note	2.6250	02/15/29		1,140,047
	485,000	United States Treasury Note	0.8750	11/15/30		398,543
	540,000	United States Treasury Note	2.8750	05/15/32		499,004
	2,110,000	United States Treasury Note	3.8750	08/15/33		2,095,164
	2,045,000	United States Treasury Note	1.8750	02/15/51		1,253,361
	1,135,000	United States Treasury Note	1.8750	11/15/51		692,904
	310,000	United States Treasury Note	2.8750	05/15/52		239,184
	5,925,000	United States Treasury Note	4.0000	11/15/52		5,685,223
	3,405,000	United States Treasury Note	3.6250	02/15/53		3,052,396
	3,920,000	United States Treasury Note	3.6250	05/15/53		3,517,588
	730,000	United States Treasury Note	4.1250	08/15/53		716,826
	2,575,000	United States Treasury Note	4.7500	11/15/53		2,806,750
						22,469,226
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $38,545,292)				34,217,979
Shares
		SHORT-TERM INVESTMENTS — 5.5%
		COLLATERAL FOR SECURITIES LOANED - 2.8%
	4,089,445	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(h),(i)				4,089,445
		MONEY MARKET FUNDS - 2.7%
	3,884,832	Fidelity Government Portfolio, Class I, 5.22%(h)				3,884,832
		TOTAL SHORT-TERM INVESTMENTS (Cost $7,974,277)				7,974,277
		TOTAL INVESTMENTS - 103.5% (Cost $156,469,650)			$	150,852,396
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.5)%				(5,034,883	)
		NET ASSETS - 100.0%			$	145,817,513

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

ABS	- Asset-Backed Securities
CLO	- Collateralized Loan Obligation
CMBS	- Commercial Mortgage-Backed Securities
LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
MBS	- Mortgage-Backed Securities
MSCI	- Morgan Stanley Capital International
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
SA	- Société Anonyme
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRINDX	Secured Overnight Financing Rate Compounded
SOFRRATE	United States Secured Overnight Financing Rate
TSFR1M	Secured Overnight Financing Rate 1 month
TSFR3M	Secured Overnight Financing Rate 3 month

^(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $63,733,525 or 43.7% of net assets.

^(b) Variable rate security; the rate shown represents the rate on January 31, 2024.

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

^(d) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2024.

^(e) All or a portion of these securities are on loan. Total loaned securities had a value of $4,010,759 at January 31, 2024.

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

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

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

⁽ⁱ⁾ The Trust’s securities lending policies and procedures require that the borrower: 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%.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 6.8%
		CLO — 6.8%
	1,500,000	Apidos CLO XX Series 2015-20A DR(a),(b)	US0003M + 5.700%	11.2760	07/16/31	$	1,435,943
	1,540,000	Atrium IX Series 9A ER(a),(b)	US0003M + 6.450%	12.0980	05/28/30		1,500,635
	2,000,000	Benefit Street Partners Clo XII Ltd. Series 2017-12A D(a),(b)	US0003M + 6.410%	11.9860	10/15/30		1,950,157
	1,250,000	Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E(a),(b)	US0003M + 4.700%	10.2790	11/28/30		1,249,111
	1,750,000	THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(a),(b)	US0003M + 6.750%	12.3260	04/15/31		1,522,348
							7,658,194
		TOTAL ASSET BACKED SECURITIES (Cost $7,882,971)					7,658,194
Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		CORPORATE BONDS — 8.1%
		CABLE & SATELLITE — 0.5%
	330,000	Altice Financing S.A.(a)		5.7500	08/15/29		287,955
	500,000	CSC Holdings, LLC(a)		5.7500	01/15/30		265,535
							553,490
		CHEMICALS — 0.4%
	500,000	Consolidated Energy Finance S.A.(a)		5.6250	10/15/28		416,885
		COMMERCIAL SUPPORT SERVICES — 0.3%
	450,000	Deluxe Corporation(a)		8.0000	06/01/29		405,563
		FOOD — 0.4%
	524,000	HLF Financing Sarl, LLC / Herbalife International,(a)		4.8750	06/01/29		409,957
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	459,000	CHS/Community Health Systems, Inc.(a)		5.6250	03/15/27		424,652
		LEISURE FACILITIES & SERVICES — 0.5%
	502,000	NCL Corporation Ltd.(a),(c)		7.7500	02/15/29		507,251
		METALS & MINING — 0.2%
	184,000	Mineral Resources Ltd.(a)		9.2500	10/01/28		194,010
	36,000	Mineral Resources Ltd.(a)		8.5000	05/01/30		37,068
							231,078

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 8.1% (Continued)
		OIL & GAS PRODUCERS — 1.3%
	330,000	Comstock Resources, Inc.(a)	5.8750	01/15/30	$	286,776
	494,000	ITT Holdings, LLC(a)	6.5000	08/01/29		432,586
	450,000	Strathcona Resources Ltd.(a),(c)	6.8750	08/01/26		446,150
	390,000	Vital Energy, Inc.	9.7500	10/15/30		414,929
						1,580,441
		REAL ESTATE INVESTMENT TRUSTS — 0.4%
	514,000	Service Properties Trust	4.3750	02/15/30		398,662
		REAL ESTATE OWNERS & DEVELOPERS — 0.3%
	458,000	Kennedy-Wilson, Inc.(c)	4.7500	03/01/29		383,825
		SOFTWARE — 0.3%
	380,000	Helios Software Holdings, Inc. / ION Corporate(a)	4.6250	05/01/28		346,213
		SPECIALTY FINANCE — 0.9%
	505,000	Apollo Commercial Real Estate Finance, Inc.(a)	4.6250	06/15/29		423,447
	236,000	Burford Capital Global Finance, LLC(a)	6.8750	04/15/30		228,845
	500,000	Cobra AcquisitionCo, LLC(a)	6.3750	11/01/29		406,875
						1,059,167
		TECHNOLOGY HARDWARE — 0.3%
	520,000	Viasat, Inc.(a)	7.5000	05/30/31		390,650
		TECHNOLOGY SERVICES — 0.5%
	475,000	ION Trading Technologies Sarl(a)	5.7500	05/15/28		435,632
	10,000	Mobius Merger Sub, Inc.(a)	9.0000	06/01/30		9,888
						445,520
		TELECOMMUNICATIONS — 0.7%
	500,000	Altice France S.A.(a)	5.5000	10/15/29		369,356
	464,000	Sable International Finance Ltd.(a)	5.7500	09/07/27		449,291
						818,647
		TRANSPORTATION & LOGISTICS — 0.3%
	301,631	Hawaiian Brand Intellectual Property Ltd. (a),(c)	5.7500	01/20/26		282,319

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		CORPORATE BONDS — 8.1% (Continued)
		WHOLESALE - CONSUMER STAPLES — 0.4%
	571,000	C&S Group Enterprises, LLC(a)		5.0000	12/15/28	$	464,228
		TOTAL CORPORATE BONDS (Cost $10,037,871)					9,118,548
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5%
		AEROSPACE & DEFENSE — 1.7%
	820,875	Dynasty Acquisition Company, Inc.(b)	TSFR1M + 4.026%	9.3560	08/16/28		822,414
	730,075	Spirit AeroSystems, Inc.(b)	TSFR1M + 4.303%	9.6330	11/23/27		731,218
	351,804	Standard Aero Ltd.(b)	TSFR1M + 4.026%	9.3560	08/16/28		352,463
							1,906,095
		ASSET MANAGEMENT — 2.6%
	1,177,795	Advisor Group Holdings, Inc.(b)	TSFR1M + 4.526%	9.8560	08/10/28		1,178,166
	677,514	Hightower Holding, LLC(b)	TSFR3M + 4.321%	9.6410	04/21/28		677,518
	1,087,722	Nexus Buyer, LLC(b)	US0001M + 3.750%	9.2060	11/08/26		1,074,462
							2,930,146
		BEVERAGES — 1.2%
	1,335,999	Pegasus Bidco BV(b)	TSFR1M + 4.300%	9.6300	05/05/29		1,340,341
		CABLE & SATELLITE — 1.6%
	1,182,891	CSC Holdings, LLC(b)	US0003M + 4.282%	9.8620	07/17/25		1,157,878
	650,000	UPC Financing Partnership(b)	US0001M + 3.000%	8.4480	01/31/29		643,185
							1,801,063
		CHEMICALS — 2.1%
	420,323	Chemours Company (The)(b)	TSFR1M + 3.526%	8.8560	08/10/28		419,903
	1,387,714	Groupe Solmax, Inc.(b)	US0001M + 4.750%	10.2200	07/23/28		1,344,965
	570,411	Windsor Holdings III, LLC(b)	TSFR3M + 4.528%	9.8480	06/22/30		571,917
							2,336,785
		COMMERCIAL SUPPORT SERVICES — 5.3%
	770,118	Amentum Government Services Holdings, LLC(b)	SOFRRATE + 4.000%	9.3370	02/07/29		771,562
	1,173,000	APX Group, Inc.(b)	US0001M + 2.500%	10.7500	07/01/28		1,173,733
	264,093	CHG Healthcare Services, Inc.(b)	TSFR1M + 3.773%	9.1030	09/30/28		264,060

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5% (Continued)
		COMMERCIAL SUPPORT SERVICES — 5.3% (Continued)
	982,331	Creative Artists Agency, LLC(b)	TSFR1M + 3.773%	8.8560	11/16/28	$	983,829
	1,121,462	Garda World Security Corporation(b)	US0001M + 4.250%	9.7250	10/30/26		1,124,529
	35,472	Ryan, LLC(b)	TSFR1M + 4.495%	9.8250	11/09/30		35,542
	336,987	Ryan, LLC(b)	TSFR1M + 4.526%	9.8560	11/09/30		337,646
	1,172,932	Sotheby’s(b)	US0001M + 4.500%	10.1550	01/15/27		1,165,162
							5,856,063
		CONSTRUCTION MATERIALS — 2.2%
	910,684	Foley Products Company, LLC(b)	SOFRRATE + 4.750%	10.2480	02/10/29		912,678
	876,869	Quikrete Holdings, Inc.(b)	TSFR1M + 2.890%	8.2200	03/18/29		877,873
	705,695	US Silica Company(b)	TSFR1M + 4.776%	10.1060	03/17/30		708,532
							2,499,083
		CONSUMER SERVICES — 2.4%
	727,623	KUEHG Corporation(b)	TSFR1M + 5.018%	10.3480	05/31/30		729,308
	1,168,611	Mckissock Investment Holdings, LLC(b)	SOFRRATE + 5.000%	10.5760	03/04/29		1,172,082
	345,828	Prometric Holdings, Inc.(b)	TSFR1M + 5.390%	10.7200	01/29/28		346,547
	485,858	Spring Education Group, Inc.(b)	TSFR1M + 4.518%	9.8480	09/29/30		487,378
							2,735,315
		CONTAINERS & PACKAGING — 3.2%
	1,172,379	Clydesdale Acquisition Holdings, Inc.(b)	TSFR1M + 4.250%	9.6310	03/30/29		1,166,329
	1,262,373	LABL, Inc.(b)	US0001M + 5.000%	10.4560	10/22/28		1,201,690
	653,054	Patriot Container Corporation(b)	US0003M + 3.750%	9.2060	03/16/25		636,591
	582,003	Trident TPI Holdings, Inc.(b)	US0001M + 4.000%	9.6100	09/17/28		581,005
							3,585,615
		E-COMMERCE DISCRETIONARY — 0.5%
	535,377	CNT Holdings I Corporation(b)	US0001 M + 3.500%	8.9260	10/16/27		535,155
		ELECTRIC UTILITIES — –%(d)
	635,000	Texas Competitive Electric Holdings Company, LLC (e),(h)		—	11/22/49		—
		ELECTRICAL EQUIPMENT — 0.7%
	663,347	Icebox Holdco III, Inc.(b)	US0001M + 3.750%	9.11000.	12/22/28		660,136

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5% (Continued)
		ELECTRICAL EQUIPMENT — 0.7% (Continued)
	179,825	Icebox Holdco III, Inc.(b)	US0001M + 6.750%	12.3600	12/15/29	$	165,214
							825,350
		ENGINEERING & CONSTRUCTION — 1.0%
	1,173,000	USIC Holdings, Inc.(b)	US0001M + 3.500%	9.1100	05/14/28		1,164,724
		ENTERTAINMENT CONTENT — 1.5%
	598,905	NEP Group, Inc.(b)	TSFR1M + 3.255%	8.5850	08/19/26		587,676
	1,109,094	Univision Communications, Inc.(b)	TSFR1M + 4.268%	9.5980	06/10/29		1,112,283
							1,699,959
		GAS & WATER UTILITIES — 0.1%
	121,526	NGL Energy Operating, LLC(b)	TSFR1M + 4.268%	9.8350	01/27/31		121,489
		HEALTH CARE FACILITIES & SERVICES — 5.0%
	1,173,000	Bella Holding Company, LLC(b)	US0001M + 3.750%	9.2060	04/01/28		1,171,428
	388,066	Charlotte Buyer, Inc.(b)	TSFR3M + 5.266%	10.5860	02/11/28		389,102
	1,171,789	Corgi BidCo, Inc.(b)	TSFR1M + 5.018%	10.3480	09/20/29		1,172,199
	1,182,152	Milano Acquisition Corporation(b)	US0001M + 4.000%	9.4480	08/17/27		1,152,007
	990,281	Phoenix Newco, Inc.(b)	US0001M + 3.250%	8.7200	08/11/28		988,836
	871,419	Team Health Holdings, Inc.(b)	SOFRRATE + 5.250%	10.6330	02/17/27		728,724
							5,602,296
		HOME & OFFICE PRODUCTS — 0.2%
	247,506	AI Aqua Merger Sub, Inc.(b)	TSFR1M + 4.276%	9.6060	07/30/28		247,739
		INDUSTRIAL INTERMEDIATE PROD — 0.6%
	639,207	Crosby US Acquisition Corporation(b)	TSFR1M + 5.027%	10.3570	06/27/26		640,504
		INSURANCE — 3.9%
	469,695	Alliant Holdings Intermediate, LLC(b)	TSFR1M + 4.276%	8.8330	11/06/30		471,208
	452,422	Asurion, LLC(b)	US0001 M + 3.250%	8.7200	12/18/26		451,123
	657,083	Asurion, LLC(b)	US0001 M + 3.250%	8.7200	07/28/27		648,413
	355,000	Asurion, LLC(b)	US0001M + 5.250%	10.7200	01/29/28		341,054
	365,000	Asurion, LLC(b)	US0001M + 5.250%	10.7200	01/14/29		347,064
	549,059	BroadStreet Partners, Inc.(b)	TSFR1M + 3.776%	9.1060	01/26/29		549,402

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5% (Continued)
		INSURANCE — 3.9% (Continued)
	337,682	Hyperion Refinance Sarl(b)	TSFR1M + 4.047%	9.3770	03/24/30	$	337,923
	1,221,358	Sedgwick Claims Management Services, Inc.(b)	TSFR1M + 3.776%	9.1060	02/17/28		1,223,196
							4,369,383
		LEISURE FACILITIES & SERVICES — 5.6%
	1,314,192	Aimbridge Acquisition Company, Inc.(b)	US0003M + 3.750%	9.2200	02/01/26		1,258,930
	560,938	BCPE Grill Parent, Inc.(b)	TSFR1M + 4.776%	10.1060	09/21/30		555,096
	633,490	Carnival Corporation(b)	US0001M + 3.250%	8.7200	10/08/28		634,381
	831,998	Dave & Buster’s, Inc.(b)	TSFR1M + 3.256%	8.5860	06/29/29		832,692
	322,481	Motion Finco Sarl(b)	TSFR1M + 3.502%	8.8320	11/30/29		320,669
	399,952	Ontario Gaming GTA, L.P.(b)	TSFR1M + 4.268%	9.5980	07/20/30		400,952
	859,138	Playa Resorts Holding BV(b)	TSFR1M + 4.278%	9.6080	11/22/28		860,160
	1,437,137	Wok Holdings, Inc.(b)	US0003M + 6.250%	11.7830	03/01/26		1,427,896
							6,290,776
		LEISURE PRODUCTS — 0.9%
	1,063,836	Varsity Brands Holding Company, Inc.(b)	US0003M + 3.500%	10.4700	12/15/24		1,061,841
		MACHINERY — 1.7%
	757,714	Alliance Laundry Systems, LLC(b)	US0001M + 3.500%	8.9940	09/30/27		758,608
	1,171,948	STS Operating, Inc.(b)	US0003M + 4.250%	9.7060	12/07/24		1,175,610
							1,934,218
		MEDICAL EQUIPMENT & DEVICES — 0.9%
	559,334	Mozart Borrower, L.P.(b)	US0001M + 3.250%	8.4510	09/30/28		559,013
	501,862	Sotera Health Holdings, LLC(b)	TSFR1M + 3.776%	9.1060	12/11/26		502,489
							1,061,502
		METALS & MINING — 0.5%
	598,666	Arsenal AIC Parent, LLC(b)	TSFR1M + 4.526%	9.8560	07/27/30		599,522
		OIL & GAS PRODUCERS — 3.1%
	328,178	EG America, LLC(b)	TSFR1M + 5.283%	10.6130	02/07/28		322,229
	777,535	EG America, LLC(b)	TSFR1M + 5.908%	11.2380	02/07/28		763,442
	1,161,022	M6 ETX Holdings II Midco, LLC(b)	TSFR1M + 4.625%	9.9550	08/11/29		1,163,716
	1,179,057	Medallion Midland Acquisition, L.P.(b)	TSFR1M + 3.534%	8.8640	10/18/28		1,185,324
							3,434,711

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5% (Continued)
		OIL & GAS SERVICES & EQUIPMENT — –%(d)
	1,140	Paragon Offshore Finance Company(b)	US0003M+ 5.580%	5.5800	07/15/22	$	—
		PUBLISHING & BROADCASTING — 0.8%
	997,147	Sinclair Television Group, Inc.(b)	TSFR1M + 3.750%	9.2060	04/13/29		903,978
		REAL ESTATE INVESTMENT TRUSTS — 1.0%
	1,175,729	Claros Mortgage Trust, Inc.(b)	TSFR1M + 4.625%	9.9560	08/09/26		1,131,640
		REAL ESTATE OWNERS & DEVELOPERS — 0.5%
	506,086	Greystar Real Estate Partners, LLC(b)	TSFR1M + 3.795%	9.1250	08/07/30		507,035
		REAL ESTATE SERVICES — 0.1%
	143,774	Cushman & Wakefield US Borrower, LLC(b)	TSFR1M + 4.026%	9.3560	01/31/30		143,235
		RETAIL - DISCRETIONARY — 3.8%
	721,994	Hertz Corporation (The)(b)	US0001M + 3.250%	8.7200	06/14/28		715,172
	139,557	Hertz Corporation (The)(b)	US0001M + 3.250%	8.7200	06/14/28		138,238
	1,047,798	JP Intermediate B, LLC(b)	TSFR1M + 5.815%	11.1450	11/20/27		220,037
	1,266,102	LBM Acquisition, LLC(b)	US0001M + 3.750%	9.2060	12/18/27		1,256,848
	1,012,581	Park River Holdings, Inc.(b)	US0001 M + 3.403%	8.8430	01/22/28		986,001
	511,418	Petco Health & Wellness Company, Inc.(b)	US0001M + 3.250%	8.8600	02/25/28		481,431
	272,880	PetSmart, Inc.(b)	US0003M + 3.750%	9.2060	01/29/28		272,000
	160,090	Wand NewCompany 3, Inc.(b)	TSFR1M + 3.758%	9.0880	01/20/31		160,365
							4,230,092
		SOFTWARE — 11.3%
	701,261	Applied Systems, Inc.(b)	US0003M + 2.000%	9.8480	09/19/24		704,066
	1,127,831	athenahealth, Inc.(b)	SOFRRATE + 3.500%	8.6060	01/27/29		1,114,438
	1,173,313	Barracuda Networks, Inc.(b)	TSFR1M + 4.553%	9.8830	08/15/29		1,141,979
	1,149,433	Central Parent, Inc.(b)	TSFR1M + 4.018%	9.3480	07/06/29		1,153,025
	1,173,481	Condor Merger Sub, Inc.(b)	SOFRRATE + 4.000%	9.2030	02/03/29		1,165,266
	586,294	Dcert Buyer, Inc.(b)	US0003M + 4.000%	9.3560	08/08/26		583,732
	600,000	Dcert Buyer, Inc.(b)	US0001M + 7.000%	12.3560	02/16/29		552,375

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5% (Continued)
		SOFTWARE — 11.3% (Continued)
	561,169	Epicor Software Corporation(b)	US0001M + 3.250%	8.7200	07/31/27	$	562,193
	767,760	Greeneden US Holdings II, LLC(b)	US0001 M + 4.000%	9.4700	10/08/27		769,441
	211,661	Helios Software Holdings, Inc.(b)	US0001M + 3.750%	9.2900	03/11/28		209,809
	1,166,200	Proofpoint, Inc.(b)	US0001M + 3.250%	8.7200	06/10/28		1,159,926
	800,830	Rackspace Technology Global, Inc.(b)	TSFR1M +2.900%	8.2300	02/09/28		349,250
	1,075,863	RealPage, Inc.(b)	US0001M + 3.250%	8.4700	02/18/28		1,054,652
	771,284	Sophia, L.P.(b)	US0003M + 3.250%	8.9560	09/23/27		771,145
	264,318	Sophia, L.P.(b)	SOFRRATE + 4.250%	9.6060	10/07/27		264,979
	1,172,449	Ultimate Software Group, Inc. (The)(b)	US0003M + 3.750%	9.2330	04/08/26		1,174,373
							12,730,649
		SPECIALTY FINANCE — 1.2%
	616,275	Apollo Commercial Real Estate Finance, Inc.(b)	US0001M + 3.500%	8.9630	03/11/28		610,112
	830,008	Fly Funding II Sarl(b)	US0003M + 1.800%	7.3800	08/09/25		788,594
							1,398,706
		TECHNOLOGY HARDWARE — 2.1%
	1,172,237	VeriFone Systems, Inc.(b)	US0003M + 4.000%	9.6410	08/20/25		1,126,525
	1,201,762	Viasat, Inc.(b)	SOFRRATE + 4.500%	9.8560	02/24/29		1,185,334
							2,311,859
		TECHNOLOGY SERVICES — 4.5%
	364,636	Ahead DB Holdings, LLC(b)	TSFR1M + 4.255%	9.5850	01/24/31		364,180
	175,500	ION Trading Finance Ltd.(b)	US0001M + 4.750%	10.1980	03/26/28		173,068
	462,156	MoneyGram International, Inc.(b)	TSFR1M + 4.255%	10.8770	06/01/30		454,117
	1,203,327	MPH Acquisition Holdings, LLC(b)	US0001M + 4.250%	9.9000	08/17/28		1,153,690
	1,169,631	Peraton Corporation(b)	US0001M + 3.750%	9.2060	02/24/28		1,169,795
	1,157,242	Sitel Worldwide Corporation(b)	US0001M + 3.750%	9.2200	07/29/28		1,119,273
	581,141	Verscend Holding Corporation(b)	US0001M + 4.000%	9.4700	08/27/25		582,489
							5,016,612
		TELECOMMUNICATIONS — 2.1%
	836,234	Altice France S.A.(b)	US0003M + 3.688%	10.8940	01/09/26		762,194
	883,074	CCI Buyer, Inc.(b)	US0001M + 4.000%	9.3480	12/12/27		882,050

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.5% (Continued)
		TELECOMMUNICATIONS — 2.1% (Continued)
	1,201,429	Telesat, LLC(b)	US0001M + 2.750%	8.4000	12/06/26	$	737,527
							2,381,771
		TRANSPORTATION & LOGISTICS — 3.6%
	962,866	Air Canada(b)	US0001M + 3.500%	9.1390	07/27/28		965,048
	539,955	American Airlines, Inc.(b)	TSFR1M + 3.539%	8.8690	05/29/29		540,011
	1,172,506	Kenan Advantage Group, Inc. (The)(b)	US0001M + 3.750%	9.2200	03/24/26		1,170,490
	545,692	United Airlines, Inc.(b)	US0001M + 3.750%	9.2010	04/14/28		547,441
	776,093	WestJet Airlines Ltd.(b)	TSFR1M + 3.539%	8.4370	10/08/26		775,934
							3,998,924
		TOTAL TERM LOANS (Cost $90,414,055)					89,334,176
Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.0%(d)
		NON-LISTED RIGHT - 0.0% (d)
	10,588	TRA Rights	11/22/2024	—			15,088
		TOTAL RIGHT (Cost $17,470)					15,088
Shares			Expiration Date	Exercise Price		Fair Value
		WARRANT — 0.0%(d)
		PUBLISHING & BROADCASTING - 0.0% (d)
	14,905	iHeartMedia, Inc.	05/02/2039	$                0.00			33,536
		TOTAL WARRANT (Cost $287,609)					33,536
Shares						Fair Value
		SHORT-TERM INVESTMENTS — 7.2%
		MONEY MARKET FUND – 5.7%
	6,406,925	Fidelity Money Market Government Portfolio Class I, 5.22%(f)					6,406,925

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.2% (Continued)
		COLLATERAL FOR SECURITIES LOANED – 1.5%
	1,663,257	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(f),(g)	$	1,663,257
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,070,182)		8,070,182
		TOTAL INVESTMENTS - 101.6% (Cost $116,710,158)	$	114,229,724
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%		(1,810,311	)
		NET ASSETS - 100.0%	$	112,419,413

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	One Month Term Secured Overnight Financing Rate
TSFR3M	Three Month Term Secured Overnight Financing Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month

^(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is 15,579,326 or 13.9% of net assets.

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

^(c) All or a portion of these securities are on loan. Total loaned securities had a value of $1,630,403 at January 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 January 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)

January 31, 2024

Shares						Fair Value
		COMMON STOCKS — 1.9%
		OIL & GAS SERVICES & EQUIPMENT - 1.9%
	50	Hi-Crush(a)				$	2,685,900
		TOTAL COMMON STOCKS (Cost $1,196,933)					2,685,900
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5%
		AEROSPACE & DEFENSE — 0.4%
	493,000	Rolls-Royce plc(b)		5.7500	10/15/27		494,869
		ASSET MANAGEMENT — 0.7%
	415,000	AG Issuer, LLC(b)		6.2500	03/01/28		410,263
	623,000	NFP Corporation(b)		4.8750	08/15/28		617,346
							1,027,609
		AUTOMOTIVE — 1.5%
	185,000	Ford Motor Company		3.2500	02/12/32		152,725
	93,000	Ford Motor Company		4.7500	01/15/43		76,481
	440,000	Ford Motor Credit Company, LLC		4.9500	05/28/27		430,659
	953,000	Ford Motor Credit Company, LLC		7.3500	11/04/27		1,004,694
	461,000	Ford Motor Credit Company, LLC		4.0000	11/13/30		411,569
							2,076,128
		BIOTECH & PHARMA — 1.1%
	200,000	Organon Finance 1, LLC(b)		4.1250	04/30/28		183,183
	589,000	Organon Finance 1, LLC(b),(c)		5.1250	04/30/31		504,387
	400,000	Teva Pharmaceutical Finance Netherlands III BV		5.1250	05/09/29		385,923
	425,000	Teva Pharmaceutical Finance Netherlands III BV(c)		7.8750	09/15/29		458,959
							1,532,452
		CABLE & SATELLITE — 5.2%
	1,090,000	Altice Financing S.A.(b),(c)		5.0000	01/15/28		979,225
	525,000	Altice Financing S.A.(b)		5.7500	08/15/29		458,111
	711,000	Block Communications, Inc.(b)		4.8750	03/01/28		639,114
	855,000	Cable One, Inc.(b),(c)		4.0000	11/15/30		688,865
	378,000	CCO Holdings, LLC / CCO Holdings Capital(b)		5.0000	02/01/28		357,125
	825,000	CCO Holdings, LLC / CCO Holdings Capital(b)		5.3750	06/01/29		771,544
	470,000	CCO Holdings, LLC / CCO Holdings Capital(b),(c)		6.3750	09/01/29		457,854

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		CABLE & SATELLITE — 5.2% (Continued)
	200,000	CSC Holdings, LLC(b)		11.7500	01/31/29	$	203,518
	775,000	CSC Holdings, LLC(b)		5.7500	01/15/30		411,579
	1,045,000	CSC Holdings, LLC(b),(c)		4.6250	12/01/30		534,157
	990,000	Sirius XM Radio, Inc.(b)		4.0000	07/15/28		900,456
	130,000	Sirius XM Radio, Inc.(b)		3.8750	09/01/31		108,470
	635,000	UPC Broadband Finco BV(b)		4.8750	07/15/31		559,479
	207,000	Virgin Media Finance plc(b)		5.0000	07/15/30		184,687
							7,254,184
		CHEMICALS — 2.2%
	1,044,000	Consolidated Energy Finance S.A.(b)		5.6250	10/15/28		870,456
	435,000	Methanex Corporation		5.1250	10/15/27		420,153
	531,000	Minerals Technologies, Inc.(b)		5.0000	07/01/28		508,249
	525,000	Olympus Water US Holding Corporation(b)		9.7500	11/15/28		560,591
	596,000	Trinseo Materials Operating SCA / Trinseo(b)		5.1250	04/01/29		233,066
	463,000	Windsor Holdings III, LLC(b)		8.5000	06/15/30		480,964
							3,073,479
		COMMERCIAL SUPPORT SERVICES — 3.9%
	685,000	Allied Universal Holdco, LLC / Allied Universal(b)		4.6250	06/01/28		621,912
	312,000	Covanta Holding Corporation		5.0000	09/01/30		267,362
	255,000	Covert Mergeco, Inc.(b)		4.8750	12/01/29		221,913
	1,100,000	Deluxe Corporation(b)		8.0000	06/01/29		991,375
	505,000	Garda World Security Corporation(b),(c)		9.5000	11/01/27		506,734
	222,000	Garda World Security Corporation(b)		6.0000	06/01/29		195,167
	1,075,000	Harsco Corporation(b)		5.7500	07/31/27		1,011,553
	400,000	Prime Security Services Borrower, LLC / Prime(b)		5.7500	04/15/26		400,343
	518,000	Sotheby’s(b)		7.3750	10/15/27		498,551
	350,000	Sotheby’s/Bidfair Holdings, Inc.(b)		5.8750	06/01/29		302,557
	580,000	TriNet Group, Inc.(b)		3.5000	03/01/29		512,422
							5,529,889
		CONSTRUCTION MATERIALS — 0.7%
	328,000	Standard Industries, Inc.(b)		4.7500	01/15/28		314,009
	724,000	Standard Industries, Inc.(b)		3.3750	01/15/31		614,760
							928,769

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		CONSUMER SERVICES — 1.2%
	890,000	PROG Holdings, Inc.(b)		6.0000	11/15/29	$	813,140
	901,000	Rent-A-Center, Inc.(b),(c)		6.3750	02/15/29		859,743
							1,672,883
		CONTAINERS & PACKAGING — 2.6%
	764,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh(b),(c)		3.2500	09/01/28		668,465
	600,000	Clydesdale Acquisition Holdings, Inc.(b)		6.6250	04/15/29		597,625
	500,000	Clydesdale Acquisition Holdings, Inc.(b)		8.7500	04/15/30		475,659
	479,000	Crown Americas, LLC(c)		5.2500	04/01/30		463,320
	507,000	LABL, Inc.(b)		5.8750	11/01/28		454,874
	329,000	LABL, Inc.(b)		9.5000	11/01/28		328,437
	382,000	Mauser Packaging Solutions Holding Company(b),(c)		7.8750	08/15/26		386,762
	465,000	Silgan Holdings, Inc.		4.1250	02/01/28		435,858
							3,811,000
		ELECTRIC UTILITIES — 3.4%
	703,000	Calpine Corporation(b)		5.0000	02/01/31		638,466
	332,000	Calpine Corporation(b)		3.7500	03/01/31		289,916
	670,000	Clearway Energy Operating, LLC(b)		3.7500	01/15/32		569,684
	365,000	NextEra Energy Operating Partners, L.P.(b),(c)		4.5000	09/15/27		346,119
	645,000	NextEra Energy Operating Partners, L.P.(b),(c)		7.2500	01/15/29		665,017
	815,000	NRG Energy Inc(b),(c)		3.6250	02/15/31		699,138
	555,000	NRG Energy, Inc.(b)		5.2500	06/15/29		532,910
	310,000	Vistra Operations Company, LLC(b)		5.0000	07/31/27		300,441
	560,000	Vistra Operations Company, LLC(b)		7.7500	10/15/31		582,147
							4,623,838
		ENGINEERING & CONSTRUCTION — 0.4%
	557,000	VM Consolidated, Inc.(b),(c)		5.5000	04/15/29		524,525
		ENTERTAINMENT CONTENT — 1.6%
	600,000	Banijay Entertainment S.A.SU(b)		8.1250	05/01/29		620,951
	449,000	Paramount Global(c),(d)	H15T5Y + 3.999%	6.3750	03/30/62		398,768
	735,000	Univision Communications, Inc.(b)		6.6250	06/01/27		727,718
	421,000	Univision Communications, Inc.(b),(c)		7.3750	06/30/30		413,722
							2,161,159

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		FOOD — 1.1%
	400,000	Herbalife Nutrition Ltd. / HLF Financing, Inc.(b)		7.8750	09/01/25	$	398,845
	1,225,000	HLF Financing Sarl, LLC / Herbalife International,(b)		4.8750	06/01/29		958,391
	209,000	Land O’Lakes Capital Trust I(b)		7.4500	03/15/28		202,759
							1,559,995
		FORESTRY, PAPER & WOOD PRODUCTS — 0.4%
	686,000	Glatfelter Corporation(b)		4.7500	11/15/29		496,739
		GAS & WATER UTILITIES — 0.6%
	615,000	Ferrellgas Escrow, LLC / FG Operating Finance(b)		5.3750	04/01/26		606,426
	270,000	Ferrellgas Escrow, LLC / FG Operating Finance(b)		5.8750	04/01/29		263,723
							870,149
		HEALTH CARE FACILITIES & SERVICES — 2.9%
	2,167,000	CHS/Community Health Systems, Inc.(b)		5.6250	03/15/27		2,004,839
	575,000	DaVita, Inc.(b),(c)		4.6250	06/01/30		509,233
	433,000	Legacy LifePoint Health, LLC(b),(c)		4.3750	02/15/27		407,812
	575,000	Molina Healthcare Inc 3.875% 11/15/2030(b)		3.8750	11/15/30		508,650
	622,000	Select Medical Corporation(b)		6.2500	08/15/26		622,295
							4,052,829
		HOME CONSTRUCTION — 0.4%
	361,000	Mattamy Group Corporation(b)		5.2500	12/15/27		348,739
	210,000	Mattamy Group Corporation(b)		4.6250	03/01/30		191,586
							540,325
		HOUSEHOLD PRODUCTS — 0.3%
	525,000	Edgewell Personal Care Company(b)		4.1250	04/01/29		477,587
		INSURANCE — 1.1%
	719,000	Jones Deslauriers Insurance Management, Inc.(b)		8.5000	03/15/30		746,520
	345,000	NMI Holdings, Inc.(b)		7.3750	06/01/25		348,740
	450,000	Ryan Specialty Group, LLC(b),(c)		4.3750	02/01/30		417,761
							1,513,021
		INTERNET MEDIA & SERVICES — 0.7%
	1,154,000	GrubHub Holdings, Inc.(b)		5.5000	07/01/27		1,008,475

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		LEISURE FACILITIES & SERVICES — 9.1%
	425,000	Brinker International, Inc.(b)		5.0000	10/01/24	$	421,929
	341,000	Caesars Entertainment, Inc.(b)		6.2500	07/01/25		342,872
	61,000	Caesars Entertainment, Inc.(b)		4.6250	10/15/29		55,737
	111,000	Caesars Entertainment, Inc.(b)		6.5000	02/15/32		112,385
	1,297,000	Carnival Corporation(b)		5.7500	03/01/27		1,280,312
	967,000	Carnival Corporation(b),(c)		6.0000	05/01/29		937,624
	470,000	Carnival Corporation(b),(c)		10.5000	06/01/30		516,355
	1,040,000	CEC Entertainment Company, LLC(b)		6.7500	05/01/26		1,034,205
	600,000	Fertitta Entertainment, LLC / Fertitta(b)		6.7500	01/15/30		540,167
	188,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)		5.0000	06/01/29		173,873
	555,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)		4.8750	07/01/31		492,885
	338,000	Melco Resorts Finance Ltd.(b)		5.7500	07/21/28		316,025
	729,000	Melco Resorts Finance Ltd.(b),(c)		5.3750	12/04/29		647,579
	710,000	NCL Corporation Ltd.(b)		3.6250	12/15/24		695,969
	187,000	NCL Corporation Ltd.(b)		5.8750	03/15/26		182,559
	1,086,000	NCL Corporation Ltd.(b),(c)		7.7500	02/15/29		1,097,360
	415,000	Ontario Gaming GTA, L.P.(b),(c)		8.0000	08/01/30		432,897
	510,000	Raising Cane’s Restaurants, LLC(b)		9.3750	05/01/29		549,346
	603,000	Royal Caribbean Cruises Ltd.(b)		4.2500	07/01/26		582,300
	126,000	Royal Caribbean Cruises Ltd.(b)		5.5000	04/01/28		124,490
	610,000	SeaWorld Parks & Entertainment, Inc.(b),(c)		5.2500	08/15/29		571,067
	625,000	Studio City Finance Ltd.(b)		5.0000	01/15/29		534,113
	34,000	Travel + Leisure Company(b)		4.5000	12/01/29		31,052
	424,000	Wyndham Destinations, Inc.		6.0000	04/01/27		424,390
	540,000	Wynn Macau Ltd.(b)		5.1250	12/15/29		480,722
							12,578,213
		MEDICAL EQUIPMENT & DEVICES — 0.5%
	757,000	Mozart Debt Merger Sub, Inc.(b)		3.8750	04/01/29		685,111
		METALS & MINING — 2.7%
	575,000	Cleveland-Cliffs, Inc.(b)		4.6250	03/01/29		539,724
	1,120,000	FMG Resources August 2006 Pty Ltd.(b)		4.3750	04/01/31		1,011,285
	410,000	Hudbay Minerals, Inc.(b),(c)		6.1250	04/01/29		404,511
	305,000	Mineral Resources Ltd.(b)		8.1250	05/01/27		308,361

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		METALS & MINING — 2.7% (Continued)
	219,000	Mineral Resources Ltd.(b)		9.2500	10/01/28	$	230,914
	984,000	Mineral Resources Ltd.(b)		8.5000	05/01/30		1,013,194
	255,000	Warrior Met Coal, Inc.(b)		7.8750	12/01/28		257,685
							3,765,674
		OIL & GAS PRODUCERS — 13.1%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream(b)		5.7500	01/15/28		565,997
	340,000	Antero Resources Corporation(b),(c)		5.3750	03/01/30		324,474
	235,000	Civitas Resources, Inc.(b)		5.0000	10/15/26		229,080
	195,000	Civitas Resources, Inc.(b)		8.3750	07/01/28		205,470
	162,000	Civitas Resources, Inc.(b)		8.6250	11/01/30		173,618
	445,000	Civitas Resources, Inc.(b)		8.7500	07/01/31		473,820
	515,000	Comstock Resources, Inc.(b),(c)		6.7500	03/01/29		473,376
	470,000	Comstock Resources, Inc.(b)		5.8750	01/15/30		408,438
	234,000	Crescent Energy Finance, LLC(b)		9.2500	02/15/28		243,090
	100,000	Earthstone Energy Holdings, LLC(b)		8.0000	04/15/27		103,583
	446,000	Earthstone Energy Holdings, LLC(b)		9.8750	07/15/31		494,253
	45,000	EQM Midstream Partners, L.P.(b)		7.5000	06/01/27		46,337
	80,000	EQM Midstream Partners, L.P.		5.5000	07/15/28		79,310
	222,000	EQM Midstream Partners, L.P.(b)		7.5000	06/01/30		238,008
	54,000	Genesis Energy, L.P. / Genesis Energy Finance		6.2500	05/15/26		53,794
	402,000	Genesis Energy, L.P. / Genesis Energy Finance		8.0000	01/15/27		406,990
	300,000	Genesis Energy, L.P. / Genesis Energy Finance		8.2500	01/15/29		308,636
	674,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		705,623
	977,000	Harvest Midstream I, L.P.(b)		7.5000	09/01/28		987,591
	630,000	HF Sinclair Corporation(b)		5.0000	02/01/28		611,589
	1,034,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)		5.7500	02/01/29		999,876
	290,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)		6.0000	02/01/31		279,572
	904,000	Howard Midstream Energy Partners, LLC(b)		6.7500	01/15/27		900,845
	282,000	Howard Midstream Energy Partners, LLC(b)		8.8750	07/15/28		296,376
	769,000	Independence Energy Finance, LLC(b)		7.2500	05/01/26		766,655
	1,510,000	ITT Holdings, LLC(b)		6.5000	08/01/29		1,322,277
	219,000	Laredo Petroleum, Inc.		10.1250	01/15/28		229,546
	610,000	Murphy Oil USA, Inc.		4.7500	09/15/29		578,323
	575,000	NGL Energy Operating, LLC / NGL Energy Finance(b)		7.5000	02/01/26		586,283

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		OIL & GAS PRODUCERS — 13.1% (Continued)
	114,000	NGL Energy Partners, L.P.(b)		8.1250	02/15/29	$	114,688
	362,000	NGL Energy Partners, L.P.(b)		8.3750	02/15/32		365,018
	425,000	NGL Energy Partners, L.P. / NGL Energy Finance		6.1250	03/01/25		424,896
	152,000	NuStar Logistics, L.P.		5.7500	10/01/25		151,735
	379,000	NuStar Logistics, L.P.(c)		6.3750	10/01/30		382,032
	34,000	Rockcliff Energy II, LLC(b)		5.5000	10/15/29		31,624
	335,000	Southwestern Energy Company		5.3750	03/15/30		324,262
	1,104,000	Strathcona Resources Ltd.(b),(c)		6.8750	08/01/26		1,094,555
	105,000	Talos Production, Inc.(b)		9.0000	02/01/29		106,501
	388,000	Talos Production, Inc.(b)		9.3750	02/01/31		397,177
	831,000	Venture Global Calcasieu Pass, LLC(b)		3.8750	08/15/29		747,293
	820,000	Vital Energy, Inc.		9.7500	10/15/30		872,415
							18,105,026
		OIL & GAS SERVICES & EQUIPMENT — 1.6%
	491,000	Archrock Partners, L.P. / Archrock Partners(b)		6.8750	04/01/27		492,628
	121,000	Kodiak Gas Services, LLC(b)		7.2500	02/15/29		122,449
	48,000	Nabors Industries Ltd.(b)		7.5000	01/15/28		43,974
	759,000	Nabors Industries, Inc.(b)		7.3750	05/15/27		746,371
	125,000	Nabors Industries, Inc.(b)		9.1250	01/31/30		127,644
	660,000	Valaris Ltd.(b)		8.3750	04/30/30		675,062
							2,208,128
		PUBLISHING & BROADCASTING — 0.4%
	577,000	Belo Corporation		7.7500	06/01/27		592,960
		REAL ESTATE INVESTMENT TRUSTS — 1.5%
	905,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b),(c)		3.3750	06/15/26		845,400
	335,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b)		8.0000	06/15/27		346,896
	450,000	Service Properties Trust		4.7500	10/01/26		417,984
	125,000	Service Properties Trust		5.5000	12/15/27		117,681
	385,000	Service Properties Trust		4.9500	10/01/29		320,381
							2,048,342
		REAL ESTATE OWNERS & DEVELOPERS — 1.1%
	363,000	Greystar Real Estate Partners, LLC(b)		7.7500	09/01/30		381,818
	928,000	Kennedy-Wilson, Inc.(c)		4.7500	03/01/29		777,706

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS — 1.1% (Continued)
	419,000	Kennedy-Wilson, Inc.(c)		4.7500	02/01/30	$	340,647
							1,500,171
		REAL ESTATE SERVICES — 0.6%
	844,000	Cushman & Wakefield US Borrower, LLC(b)		6.7500	05/15/28		834,851
	61,000	Cushman & Wakefield US Borrower, LLC(b)		8.8750	09/01/31		63,941
							898,792
		RENEWABLE ENERGY — 1.0%
	808,000	Atlantica Sustainable Infrastructure plc(b),(c)		4.1250	06/15/28		748,839
	554,000	EnerSys(b)		4.3750	12/15/27		522,662
	95,000	EnerSys(b)		6.6250	01/15/32		96,377
							1,367,878
		RETAIL - CONSUMER STAPLES — 0.7%
	440,000	Albertsons Companies Inc / Safeway Inc / New(b)		4.6250	01/15/27		427,811
	506,000	Albertsons Companies Inc / Safeway Inc / New(b)		5.8750	02/15/28		505,332
							933,143
		RETAIL - DISCRETIONARY — 3.4%
	575,000	Avis Budget Car Rental, LLC / Avis Budget Finance,(b)		5.3750	03/01/29		533,612
	620,000	Hertz Corporation (The)(b),(c)		4.6250	12/01/26		558,970
	567,000	Ken Garff Automotive, LLC(b),(c)		4.8750	09/15/28		526,610
	820,000	Kohl’s Corporation		4.6250	05/01/31		656,894
	1,062,000	LBM Acquisition, LLC(b)		6.2500	01/15/29		966,387
	364,000	Metis Merger Sub, LLC(b)		6.5000	05/15/29		335,166
	814,000	Park River Holdings, Inc.(b),(c)		6.7500	08/01/29		683,781
	425,000	Specialty Building Products Holdings, LLC / SBP(b)		6.3750	09/30/26		418,204
							4,679,624
		SEMICONDUCTORS — 0.4%
	520,000	Entegris Escrow Corporation(b),(c)		5.9500	06/15/30		514,061
		SOFTWARE — 3.0%
	740,000	Capstone Borrower, Inc.(b)		8.0000	06/15/30		768,444
	485,000	Central Parent, Inc. / Central Merger Sub, Inc.(b)		7.2500	06/15/29		494,560
	189,000	Central Parent, LLC / CDK Global II, LLC / CDK(b)		8.0000	06/15/29		195,731
	1,050,000	Condor Merger Sub, Inc.(b)		7.3750	02/15/30		951,577
	600,000	Helios Software Holdings, Inc. / ION Corporate(b)		4.6250	05/01/28		546,652

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		SOFTWARE — 3.0% (Continued)
	164,000	NortonLifeLock, Inc.(b)		6.7500	09/30/27	$	166,624
	231,000	NortonLifeLock, Inc.(b),(c)		7.1250	09/30/30		239,837
	34,000	Open Text Corporation(b)		3.8750	02/15/28		31,632
	436,000	Open Text Corporation(b),(c)		3.8750	12/01/29		393,627
	1,056,000	Rackspace Technology Global, Inc.(b)		3.5000	02/15/28		414,573
							4,203,257
		SPECIALTY FINANCE — 7.3%
	455,000	AerCap Global Aviation Trust(b),(d)	US0003M + 4.300%	6.5000	06/15/45		454,725
	675,000	Ally Financial, Inc.(c)		6.7000	02/14/33		676,517
	845,000	Apollo Commercial Real Estate Finance, Inc.(b)		4.6250	06/15/29		708,540
	420,000	Avolon Holdings Funding Ltd.(b)		6.3750	05/04/28		429,600
	127,000	Bread Financial Holdings, Inc.(b),(c)		7.0000	01/15/26		127,760
	750,000	Bread Financial Holdings, Inc.(b)		9.7500	03/15/29		749,579
	660,000	Burford Capital Global Finance, LLC(b)		6.2500	04/15/28		638,181
	1,194,000	Cobra AcquisitionCo, LLC(b)		6.3750	11/01/29		971,617
	650,000	Credit Acceptance Corporation(b)		9.2500	12/15/28		684,938
	505,000	Curo Group Holdings Corporation(b)		7.5000	08/01/28		124,004
	430,000	Enova International, Inc.(b)		8.5000	09/15/25		425,494
	285,000	Enova International, Inc.(b),(c)		11.2500	12/15/28		298,288
	512,000	FirstCash, Inc.(b)		4.6250	09/01/28		478,651
	202,000	FirstCash, Inc.(b)		5.6250	01/01/30		192,713
	465,000	Genworth Mortgage Holdings, Inc.(b)		6.5000	08/15/25		464,349
	209,000	goeasy Ltd.(b)		4.3750	05/01/26		199,812
	440,000	goeasy Ltd.(b)		9.2500	12/01/28		467,956
	564,000	Ladder Capital Finance Holdings LLLP / Ladder(b)		4.2500	02/01/27		522,802
	539,000	LFS Topco, LLC(b)		5.8750	10/15/26		496,057
	387,000	OneMain Finance Corporation(c)		5.3750	11/15/29		358,449
	690,000	Pattern Energy Operations, L.P. / Pattern Energy(b)		4.5000	08/15/28		643,376
	9,000	Starwood Property Trust, Inc.(b)		3.6250	07/15/26		8,335
							10,121,743
		STEEL — 0.7%
	433,000	Allegheny Technologies, Inc.		4.8750	10/01/29		400,566
	95,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		83,774

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		STEEL — 0.7% (Continued)
	477,000	Commercial Metals Company		3.8750	02/15/31	$	422,936
							907,276
		TECHNOLOGY HARDWARE — 2.2%
	725,000	Imola Merger Corporation(b),(c)		4.7500	05/15/29		673,499
	314,000	NCR Atleos Escrow Corporation(b)		9.5000	04/01/29		337,085
	295,000	NCR Corporation(b),(c)		5.1250	04/15/29		277,920
	350,000	Seagate HDD Cayman		4.0910	06/01/29		323,180
	605,000	TTM Technologies, Inc.(b),(c)		4.0000	03/01/29		545,922
	1,237,000	Viasat, Inc.(b)		7.5000	05/30/31		929,297
							3,086,903
		TECHNOLOGY SERVICES — 2.2%
	418,000	Acuris Finance US, Inc. / Acuris Finance S.A.RL(b)		5.0000	05/01/28		365,721
	955,000	Ahead DB Holdings, LLC(b)		6.6250	05/01/28		840,447
	210,000	GTCR W-2 Merger Sub, LLC(b)		7.5000	01/15/31		220,389
	880,000	ION Trading Technologies Sarl(b)		5.7500	05/15/28		807,065
	485,000	Mobius Merger Sub, Inc.(b)		9.0000	06/01/30		479,549
	470,000	MPH Acquisition Holdings, LLC(b)		5.7500	11/01/28		374,395
							3,087,566
		TELECOMMUNICATIONS — 3.8%
	770,000	Altice France Holding S.A.(b)		10.5000	05/15/27		443,339
	2,085,000	Altice France S.A.(b)		5.5000	10/15/29		1,540,212
	925,000	C&W Senior Financing DAC(b)		6.8750	09/15/27		877,441
	625,000	Cogent Communications Group, Inc.(b)		7.0000	06/15/27		627,463
	652,000	Connect Finco S.A.RL / Connect US Finco, LLC(b)		6.7500	10/01/26		640,199
	690,000	Iliad Holding S.A.SU(b),(c)		7.0000	10/15/28		684,436
	760,000	Telesat Canada / Telesat, LLC(b)		4.8750	06/01/27		451,087
							5,264,177
		TRANSPORTATION & LOGISTICS — 3.3%
	425,000	Air Canada(b)		3.8750	08/15/26		404,686
	725,000	American Airlines, Inc.(b),(c)		7.2500	02/15/28		737,568
	510,000	American Airlines, Inc.(b)		8.5000	05/15/29		540,856
	970,000	Cargo Aircraft Management, Inc.(b),(c)		4.7500	02/01/28		888,801
	1,087,419	Hawaiian Brand Intellectual Property Ltd. /(b),(c)		5.7500	01/20/26		1,017,797

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 92.5% (Continued)
		TRANSPORTATION & LOGISTICS — 3.3% (Continued)
	271,000	United Airlines, Inc.(b)		4.3750	04/15/26	$	261,969
	835,000	United Airlines, Inc.(b)		4.6250	04/15/29		774,052
						$	4,625,729
		WHOLESALE - CONSUMER STAPLES — 1.5%
	1,683,000	C&S Group Enterprises, LLC(b)		5.0000	12/15/28		1,368,296
	285,000	Performance Food Group, Inc.(b)		5.5000	10/15/27		280,020
	435,000	Performance Food Group, Inc.(b)		4.2500	08/01/29		399,096
							2,047,412
		TOTAL CORPORATE BONDS (Cost $130,829,975)					128,451,090
Shares						Fair Value
		SHORT-TERM INVESTMENTS — 21.1%
		COLLATERAL FOR SECURITIES LOANED - 16.5%
	22,907,831	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(e)(f)					22,907,831
		MONEY MARKET FUND - 4.6%
	6,451,437	First American Government Obligations Fund, Class Z, 5.21%(e)					6,451,437
		TOTAL SHORT-TERM INVESTMENTS (Cost $29,359,268)					29,359,268
		TOTAL INVESTMENTS - 115.5% (Cost $161,386,176)				$	160,496,258
		LIABILITIES IN EXCESS OF OTHER ASSETS - (15.5)%					(21,573,265	)
		NET ASSETS - 100.0%				$	138,922,993

LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
US0003M	ICE LIBOR USD 3 Month

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is 113,112,992 or 81.4% of net assets.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $22,431,680 at January 31, 2024.
(d)	Variable rate security; the rate shown represents the rate on January 31, 2024.
(e)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(f)	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%
(g)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.0% of net assets. The total value of this security is $2,685,900.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 0.1%
		RESIDENTIAL MORTGAGE — 0.1%
	31,117 EUR	Bankinter FTA Series 10 A2(c)	EUR003M + 0.160%	4.0830	06/21/43	$	33,589
	11,534 EUR	Fondo de Titulizacion de Activos Santander Series 2 A(c)	EUR003M + 0.150%	4.0440	01/18/49		12,269
							45,858
		TOTAL ASSET BACKED SECURITIES (Cost $45,395)					45,858
		CORPORATE BONDS — 67.1%
		ASSET MANAGEMENT — 0.9%
	200,000 USD	Huarong Finance II Company Ltd.		4.8750	11/22/26		191,374
	300,000 EUR	JAB Holdings BV		1.0000	12/20/27		297,873
	5,000 USD	MDGH GMTN RSC Ltd.(b)		5.8750	05/01/34		5,356
							494,603
		AUTOMOTIVE — 3.0%
	300,000 EUR	Daimler A.G.		0.7500	02/08/30		285,686
	210,000 EUR	Grupo Antolin-Irausa S.A.		3.3750	04/30/26		209,675
	120,000 EUR	Grupo Antolin-Irausa S.A.		3.5000	04/30/28		104,907
	200,000 USD	Hyundai Capital America(b)		3.0000	02/10/27		189,108
	100,000 USD	Hyundai Capital America(b)		6.5000	01/16/29		106,287
	176,000 USD	Iochpe-Maxion Austria GmbH / Maxion Wheels de(b)		5.0000	05/07/28		158,262
	225,000 USD	Nissan Motor Acceptance Company, LLC(b)		7.0500	09/15/28		236,662
	169,000 USD	Uzauto Motors AJ(b)		4.8500	05/04/26		152,083
	200,000 EUR	Volkswagen International Finance N.V.		1.8750	03/30/27		207,122
	100,000 EUR	ZF Finance GmbH		3.7500	09/21/28		103,473
							1,753,265
		BANKING — 8.4%
	182,000 USD	Access Bank plc(b)		6.1250	09/21/26		167,877
	250,000 EUR	AIB Group PLC		2.2500	07/03/25		265,683
	300,000 EUR	Banco Bilbao Vizcaya Argentaria S.A.		3.5000	02/10/27		324,363
	92,000 USD	Banco Davivienda S.A.(b),(c)	H15T10Y + 5.097%	6.6500	04/22/71		64,878
	139,000 USD	Banco Davivienda S.A.(c)	H15T10Y + 5.097%	6.6500	04/22/71		98,023
	622,000 USD	Banco Mercantil del Norte S.A.(b),(c)	H15T5Y + 4.967%	6.7500	09/27/68		618,979
	167,000 USD	Banco Mercantil del Norte S.A.(b),(c)	H15T5Y + 4.643%	5.8750	11/24/71		156,053
	200,000 USD	Banco Santander S.A.(c)	H15T1Y + 2.000%	4.1750	03/24/28		192,674

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		BANKING — 8.4% (Continued)
	350,000 USD	Barclays plc		5.0880	06/20/30	$	336,879
	354,000 USD	BBVA Bancomer S.A.(b),(c)	H15T5Y + 2.650%	5.1250	01/18/33		323,782
	250,000 USD	BPCE S.A.(b),(c)	SOFRRATE + 2.100%	5.9750	01/18/27		252,298
	250,000 USD	Canadian Imperial Bank of Commerce		6.0920	10/03/33		265,424
	225,000 EUR	Cooperatieve Rabobank UA		1.3750	02/03/27		231,725
	250,000 USD	Danske Bank A/S(b),(c)	H15T1Y + 1.350%	1.6210	09/11/26		234,899
	100,000 USD	HSBC Holdings PLC(c)	SOFRRATE + 1.290%	1.5890	05/24/27		92,020
	240,000 USD	HSBC Holdings PLC(c)	SOFRRATE + 1.187%	2.8040	05/24/32		201,618
	250,000 EUR	Natwest Group PLC		1.7500	03/02/26		263,807
	300,000 USD	Societe Generale S.A.(b),(c)	H15T1Y + 1.300%	2.8890	06/09/32		247,239
	150,000 USD	Standard Chartered PLC(b),(c)	H15T1Y + 2.580%	6.2960	07/06/34		157,033
	150,000 USD	Standard Chartered PLC(b),(c)	H15T5Y + 2.300%	3.2650	02/18/36		125,141
	159,000 USD	Yapi ve Kredi Bankasi A/S(b)		9.2500	10/16/28		167,872
	95,000 USD	Yapi ve Kredi Bankasi A/S(b),(c)	H15T5Y + 5.278%	9.2500	01/17/34		95,594
							4,883,861
		BEVERAGES — 1.6%
	375,000 EUR	Anheuser-Busch InBev S.A./NV		1.1500	01/22/27		385,421
	200,000 USD	Bacardi Ltd. / Bacardi-Martini BV(b)		5.2500	01/15/29		200,781
	250,000 EUR	Diageo Capital BV		1.5000	06/08/29		250,345
	110,000 EUR	Primo Water Holdings, Inc.		3.8750	10/31/28		115,080
							951,627
		BIOTECH & PHARMA — 2.9%
	300,000 EUR	Bayer A.G.		1.3750	07/06/32		262,017
	250,000 GBP	GlaxoSmithKline Capital PLC		1.2500	10/12/28		279,107
	210,000 EUR	Grifols S.A.		3.2000	05/01/25		216,814
	100,000 EUR	Grifols S.A.		2.2500	11/15/27		98,732
	300,000 EUR	Mylan N.V.		3.1250	11/22/28		315,831
	300,000 USD	Royalty Pharma plc		3.3000	09/02/40		225,785
	245,000 EUR	Teva Pharmaceutical Finance Netherlands II BV		7.8750	09/15/31		300,458
							1,698,744

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		CABLE & SATELLITE — 0.5%
	300,000 EUR	United Group BV		3.1250	02/15/26	$	313,191
		CHEMICALS — 2.3%
	191,000 USD	Braskem Netherlands Finance BV(b)		4.5000	01/10/28		165,802
	100,000 EUR	INEOS Quattro Finance 1 PLC		3.7500	07/15/26		104,246
	190,000 EUR	INEOS Quattro Finance 1 PLC(b)		3.7500	07/15/26		198,068
	200,000 EUR	Nobian Finance BV(b)		3.6250	07/15/26		207,819
	100,000 EUR	Nobian Finance BV		3.6250	07/15/26		103,909
	169,000 USD	OCP S.A.(b)		5.1250	06/23/51		122,574
	312,000 USD	Sasol Financing USA, LLC		4.3750	09/18/26		291,935
	150,000 EUR	Synthomer PLC		3.8750	07/01/25		159,619
							1,353,972
		CONSTRUCTION MATERIALS — 0.8%
	123,000 USD	Cemex S.A.B. de C.V.(b),(c)	H15T5Y + 5.157%	9.1250	03/14/28		131,124
	363,000 USD	Cemex S.A.B. de C.V.(b),(c),(d)	H15T5Y + 4.534%	5.1250	09/08/69		346,075
							477,199
		CONTAINERS & PACKAGING — 1.0%
	200,000 EUR	Ardagh Metal Packaging Finance USA, LLC / Ardagh		3.0000	09/01/29		169,825
	200,000 GBP	Ardagh Packaging Finance plc / Ardagh Holdings		4.7500	07/15/27		189,510
	200,000 EUR	Trivium Packaging Finance BV		3.7500	08/15/26		210,508
							569,843
		ELEC & GAS MARKETING & TRADING — 0.6%
	350,000 EUR	Orsted A/S		1.5000	11/26/29		342,539
		ELECTRIC UTILITIES — 6.7%
	400,000 USD	Adani Green Energy Ltd.		4.3750	09/08/24		391,266
	106,903 USD	Adani Renewable Energy RJ Ltd./Kodangal Solar(b)		4.6250	10/15/39		87,119
	144,000 USD	Adani Transmission Step-One Ltd.(b)		4.0000	08/03/26		135,451
	92,700 USD	Clean Renewable Power Mauritius Pte Ltd.(b)		4.2500	03/25/27		86,175
	27,000 USD	Comision Federal de Electricidad		3.8750	07/26/33		21,901
	250,000 USD	Electricite de France S.A.(b)		4.5000	09/21/28		246,154
	250,000 USD	Enel Finance International N.V.(b)		5.5000	06/15/52		238,027
	285,000 USD	Eskom Holdings SOC Ltd.(b)		7.1250	02/11/25		284,159
	97,000 USD	Eskom Holdings SOC Ltd.(b)		8.4500	08/10/28		97,186

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		ELECTRIC UTILITIES — 6.7% (Continued)
	292,300 USD	Greenko Dutch BV(b)		3.8500	03/29/26	$	275,858
	200,000 EUR	Iberdrola Finanzas S.A.		1.0000	03/07/25		210,405
	250,000 EUR	innogy Finance BV		1.0000	04/13/25		262,422
	126,385 USD	JSW Hydro Energy Ltd.		4.1250	05/18/31		110,680
	210,000 USD	Minejesa Capital BV(b)		4.6250	08/10/30		200,025
	7,000 USD	Minejesa Capital BV(b)		5.6250	08/10/37		6,078
	368,916 USD	Mong Duong Finance Holdings BV(b)		5.1250	05/07/29		346,558
	110,000 USD	MSU Energy S.A. / UGEN S.A. / UENSA S.A.(b)		6.8750	02/01/25		90,824
	500,000 EUR	National Grid PLC		0.1630	01/20/28		477,948
	300,000 EUR	Naturgy Finance BV		1.5000	01/29/28		304,921
	8,000 USD	Perusahaan Perseroan Persero PT Perusahaan Listrik		3.3750	02/05/30		7,209
	33,000 USD	Star Energy Geothermal Darajat II / Star Energy(b)		4.8500	10/14/38		30,330
							3,910,696
		ELECTRICAL EQUIPMENT — 1.2%
	300,000 GBP	Siemens Financieringsmaatschappij N.V.		1.0000	02/20/25		364,919
	108,900 EUR	TK Elevator Holdco GmbH		6.6250	07/15/28		113,422
	200,000 EUR	Vertical Midco GmbH		4.3750	07/15/27		211,021
							689,362
		ENGINEERING & CONSTRUCTION — 0.9%
	356,000 USD	ATP Tower Holdings, LLC / Andean Tower Partners(b)		4.0500	04/27/26		325,567
	193,000 USD	IHS Holding Ltd.(b)		6.2500	11/29/28		163,486
	14,000 USD	IHS Netherlands Holdco BV(b)		8.0000	09/18/27		12,939
							501,992
		ENTERTAINMENT CONTENT — 1.0%
	185,000 EUR	Banijay Group S.A.S		6.5000	03/01/26		202,246
	320,000 GBP	Pinewood Finance Company Ltd.		3.2500	09/30/25		397,438
							599,684
		FOOD — 0.8%
	350,000 USD	Bimbo Bakeries USA, Inc.(b)		6.0500	01/15/29		365,288
	96,000 USD	Minerva Luxembourg S.A.(b)		4.3750	03/18/31		79,355
							444,643
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	250,000 EUR	Catalent Pharma Solutions, Inc.		2.3750	03/01/28		241,135

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		HOUSEHOLD PRODUCTS — 1.0%
	100,000 EUR	Energizer Gamma Acquisition BV(b)		3.5000	06/30/29	$	96,129
	210,000 EUR	Energizer Gamma Acquisition BV		3.5000	06/30/29		201,871
	300,000 EUR	Unilever Finance Netherlands BV		1.7500	03/25/30		303,691
							601,691
		INDUSTRIAL INTERMEDIATE PROD — 0.6%
	376,000 USD	HTA Group Ltd./Mauritius(b)		7.0000	12/18/25		372,380
		INDUSTRIAL SUPPORT SERVICES — 0.7%
	97,323 EUR	Loxam S.A.S		6.0000	04/15/25		105,636
	210,000 EUR	Loxam S.A.S		3.7500	07/15/26		224,816
	87,920 EUR	Techem Verwaltungsgesellschaft 674 mbH		6.0000	07/30/26		95,094
							425,546
		INSTITUTIONAL FINANCIAL SERVICES — 0.5%
	150,000 USD	Nomura Holdings, Inc.		1.6530	07/14/26		137,848
	175,000 USD	Nomura Holdings, Inc.		2.1720	07/14/28		153,965
							291,813
		INSURANCE — 0.9%
	200,000 EUR	Allianz S.E.		3.0990	07/06/47		211,869
	25,000 USD	Nippon Life Insurance Company(b),(c)	H15T5Y + 2.954%	6.2500	09/13/53		26,072
	250,000 EUR	NN Group N.V.		1.6250	06/01/27		258,929
							496,870
		INTERNET MEDIA & SERVICES — 0.6%
	210,000 USD	Prosus N.V.(b)		3.0610	07/13/31		170,882
	200,000 USD	Prosus N.V.		3.0610	07/13/31		162,744
							333,626
		LEISURE FACILITIES & SERVICES — 3.1%
	300,000 EUR	Accor S.A.		7.2500	10/11/73		354,511
	215,000 EUR	Carnival Corporation		7.6250	03/01/26		236,823
	228,000 GBP	CPUK Finance Ltd.		4.8750	08/28/25		282,365
	133,000 USD	Melco Resorts Finance Ltd.(d)		5.7500	07/21/28		124,353
	123,000 USD	Sands China Ltd.		5.9000	08/08/28		120,973
	10,000 USD	Sands China Ltd.		4.8750	06/18/30		9,153
	333,000 USD	Sands China Ltd.		3.7500	08/08/31		277,050
	140,000 GBP	Stonegate Pub Company Financing 2019 PLC(b)		8.2500	07/31/25		172,025

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		LEISURE FACILITIES & SERVICES — 3.1% (Continued)
	73,000 USD	Studio City Finance Ltd.(b)		6.0000	07/15/25	$	72,047
	184,000 USD	Studio City Finance Ltd.(b)		5.0000	01/15/29		157,243
							1,806,543
		MEDICAL EQUIPMENT & DEVICES — 0.5%
	300,000 EUR	Medtronic Global Holdings SCA		0.7500	10/15/32		266,158
		METALS & MINING — 1.8%
	125,000 USD	Anglo American Capital plc(b)		2.8750	03/17/31		106,298
	6,000 USD	Corp Nacional del Cobre de Chile(b)		5.9500	01/08/34		6,010
	4,000 USD	Corp Nacional del Cobre de Chile(b)		6.4400	01/26/36		4,087
	85,000 USD	Freeport Indonesia PT		5.3150	04/14/32		82,851
	7,000 USD	Freeport Indonesia PT(b)		6.2000	04/14/52		6,773
	300,000 EUR	Glencore Capital Finance DAC		1.1250	03/10/28		295,689
	20,000 USD	Indika Energy Capital IV Pte Ltd.(b)		8.2500	10/22/25		20,056
	75,000 USD	Indika Energy Capital IV Pte Ltd.		8.2500	10/22/25		75,212
	26,000 USD	Indonesia Asahan Aluminium Persero PT(b)		5.8000	05/15/50		24,448
	240,000 USD	Samarco Mineracao S.A.(b)		9.0490	06/30/31		200,173
	200,000 USD	Vedanta Resources Finance II plc		13.8750	12/09/28		173,733
	84,000 USD	WE Soda Investments Holding plc(b)		9.5000	10/06/28		86,022
							1,081,352
		OIL & GAS PRODUCERS — 10.2%
	328,000 USD	3R Lux S.A.RL(b)		9.7500	02/05/31		327,426
	59,000 USD	Abu Dhabi Crude Oil Pipeline, LLC(b)		3.6500	11/02/29		55,489
	78,000 USD	AI Candelaria Spain S.A.(b)		5.7500	06/15/33		60,338
	631,000 USD	AI Candelaria Spain S.A.		5.7500	06/15/33		488,117
	37,950 USD	AI Candelaria Spain SLU(b)		7.5000	12/15/28		36,156
	350,000 USD	Ecopetrol S.A.		5.8750	05/28/45		260,977
	242,000 USD	Energean Israel Finance Ltd.		4.8750	03/30/26		223,584
	250,000 EUR	Exxon Mobil Corporation		0.5240	06/26/28		243,502
	271,000 USD	Geopark Ltd.(b)		5.5000	01/17/27		241,786
	240,000 USD	Gran Tierra Energy, Inc.(b),(d)		9.5000	10/15/29		212,582
	200,000 USD	KazMunayGas National Company JSC		3.5000	04/14/33		164,430
	54,000 USD	KazMunayGas National Company JSC(b)		5.7500	04/19/47		47,101
	2,000 USD	KazMunayGas National Company JSC(b)		6.3750	10/24/48		1,850

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		OIL & GAS PRODUCERS — 10.2% (Continued)
	486,000 USD	Kosmos Energy Ltd.		7.7500	05/01/27	$	459,664
	89,000 USD	Leviathan Bond Ltd.		6.1250	06/30/25		86,157
	56,000 USD	Leviathan Bond Ltd.		6.5000	06/30/27		52,332
	313,748 USD	MC Brazil Downstream Trading S.A.RL		7.2500	06/30/31		241,412
	150,000 USD	Medco Maple Tree Pte Ltd.(b)		8.9600	04/27/29		154,031
	1,015,000 USD	PDVSA(e)		9.0000	11/17/21		117,809
	76,000 USD	Petroleos del Peru S.A.		4.7500	06/19/32		56,124
	161,000 USD	Petroleos Mexicanos		8.7500	06/02/29		155,621
	73,000 USD	Petroleos Mexicanos		5.9500	01/28/31		57,666
	13,000 USD	Petroleos Mexicanos		6.6250	06/15/38		9,010
	194,000 USD	Petroleos Mexicanos		6.7500	09/21/47		124,775
	347,000 USD	Petroleos Mexicanos		6.9500	01/28/60		222,742
	753,000 USD	SierraCol Energy Andina, LLC(b),(d)		6.0000	06/15/28		635,353
	673,000 USD	Tullow Oil PLC(b)		7.0000	03/01/25		634,861
	267,000 USD	YPF S.A.(b)		8.5000	07/28/25		257,830
	334,000 USD	YPF S.A.(b),(d)		9.5000	01/17/31		333,995
							5,962,720
		OIL & GAS SERVICES & EQUIPMENT — 2.0%
	244,185 USD	Guara Norte Sarl(b)		5.1980	06/15/34		223,277
	450,755 USD	MV24 Capital BV(b)		6.7480	06/01/34		423,588
	590,783 USD	Poinsettia Finance Ltd.(d)		6.6250	06/17/31		496,742
							1,143,607
		PUBLISHING & BROADCASTING — 0.8%
	200,000 EUR	Bertelsmann S.E. & Company KGaA		3.5000	05/29/29		218,070
	250,000 EUR	Informa PLC		2.1250	10/06/25		263,325
							481,395
		REAL ESTATE OWNERS & DEVELOPERS — 1.8%
	700,000 USD	China SCE Group Holdings Ltd.(e)		7.0000	05/02/25		46,375
	200,000 USD	Country Garden Holdings Company Ltd.		4.8000	08/06/30		16,250
	400,000 USD	Longfor Group Holdings Ltd.		3.9500	09/16/29		179,000
	330,000 USD	MAF Global Securities Ltd.(c)	H15T5Y + 3.539%	6.3750	09/20/70		326,082
	300,000 USD	Theta Capital Pte Ltd.		8.1250	01/22/25		289,500
	250,000 USD	Theta Capital Pte Ltd.		6.7500	10/31/26		221,250
							1,078,457

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		REIT — 0.4%
	200,000 EUR	Unibail-Rodamco-Westfield S.E.		2.5000	02/26/24	$	215,871
		RENEWABLE ENERGY — 0.9%
	439,000 USD	Aydem Yenilenebilir Enerji A/S(b),(d)		7.7500	02/02/27		414,149
	102,000 USD	Investment Energy Resources Ltd.(b)		6.2500	04/26/29		97,089
							511,238
		RETAIL - CONSUMER STAPLES — 0.4%
	100,000 GBP	Bellis Acquisition Company PLC(b)		3.2500	02/16/26		120,240
	100,000 GBP	Bellis Finco PLC(b)		4.0000	02/16/27		116,230
							236,470
		RETAIL - DISCRETIONARY — 0.2%
	120,000 EUR	Avis Budget Finance PLC		4.7500	01/30/26		129,963
		SPECIALTY FINANCE — 0.6%
	390,000 USD	AerCap Ireland Capital DAC / AerCap Global		3.3000	01/30/32		334,458
		STEEL — 1.3%
	163,000 USD	JSW Steel Ltd.		3.9500	04/05/27		152,260
	870,000 USD	Metinvest BV(b)		7.7500	10/17/29		584,765
							737,025
		TECHNOLOGY HARDWARE — 0.4%
	250,000 USD	Flex Ltd.		4.8750	06/15/29		246,843
		TECHNOLOGY SERVICES — 0.5%
	338,000 USD	Sixsigma Networks Mexico S.A. de CV(b)		7.5000	05/02/25		318,464
		TELECOMMUNICATIONS — 3.2%
	100,000 EUR	Altice France Holding S.A.(b)		8.0000	05/15/27		57,572
	100,000 EUR	Altice France S.A.(b)		2.1250	02/15/25		102,546
	100,000 EUR	Altice France S.A.		2.1250	02/15/25		102,546
	100,000 EUR	Altice France S.A.		5.8750	02/01/27		92,841
	192,000 USD	Digicel International Finance Ltd./Digicel(b),(d)		8.7500	05/25/24		182,351
	16,000 USD	Millicom International Cellular S.A.(b)		4.5000	04/27/31		13,492
	160,000 USD	Network i2i Ltd.(c)	H15T5Y + 4.274%	5.6500	04/15/71		158,600

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 67.1% (Continued)
		TELECOMMUNICATIONS — 3.2% (Continued)
	300,000 EUR	Orange S.A.		2.0000	01/15/29	$	310,684
	210,000 EUR	SoftBank Group Corporation		2.8750	01/06/27		214,623
	200,000 EUR	Telefonica Emisiones S.A.		2.5920	05/25/31		208,176
	250,000 USD	VF Ukraine PAT via VFU Funding plc(b)		6.2000	02/11/25		201,797
	220,000 GBP	Vmed O2 UK Financing I PLC		4.0000	01/31/29		248,843
							1,894,071
		TOBACCO & CANNABIS — 0.2%
	165,000 USD	BAT Capital Corporation		4.3900	08/15/37		139,075
		TRANSPORTATION & LOGISTICS — 1.5%
	200,000 EUR	Abertis Infraestructuras S.A.		2.3750	09/27/27		209,810
	6,000 USD	DP World PLC(b)		4.7000	09/30/49		4,898
	419,000 USD	Grupo Aeromexico S.A.B. de C.V.(b),(d)		8.5000	03/17/27		401,877
	200,000 GBP	Heathrow Funding Ltd.		7.1250	02/14/24		253,607
							870,192
		TOTAL CORPORATE BONDS (Cost $41,232,867)					39,202,184
		NON U.S. GOVERNMENT & AGENCIES — 25.2%
		GOVERNMENT GUARANTEED — 0.0%(f)
	28,000 USD	Brazil Minas SPE via State of Minas Gerais(b)		5.3330	02/15/28		27,644
		LOCAL AUTHORITY — 0.5%
	150,000 CAD	Province of British Columbia Canada		3.2000	06/18/44		95,420
	250,000 CAD	Province of Ontario Canada		2.8000	06/02/48		145,070
	91,000 USD	Provincia de Buenos Aires/Government Bonds(g)		5.2500	09/01/37		35,733
							276,223
		NON U.S. TREASURY — 7.2%
	860,000 AUD	Australia Government Bond		1.2500	05/21/32		457,554
	370,000 BRL	Brazil Notas do Tesouro Nacional Serie F		—	01/01/31		73,604
	550,000 CAD	Canadian Government Bond		2.2500	06/01/29		388,003
	115,200,000 COP	Colombian TES		7.5000	08/26/26		28,714

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)
		NON U.S. TREASURY — 7.2% (Continued)
	382,300,000 COP	Colombian TES	6.0000	04/28/28	$	88,707
	880,000,000 IDR	Indonesia Treasury Bond	8.7500	05/15/31		62,562
	612,000,000 IDR	Indonesia Treasury Bond	8.2500	05/15/36		43,682
	76,000 EUR	Ireland Government Bond	5.4000	03/13/25		84,221
	50,000 EUR	Ireland Government Bond	0.9000	05/15/28		51,111
	130,000 EUR	Ireland Government Bond	1.3000	05/15/33		126,814
	240,000 EUR	Italy Buoni Poliennali Del Tesoro	4.5000	03/01/24		259,462
	750,000 EUR	Italy Buoni Poliennali Del Tesoro	2.8000	12/01/28		802,553
	640,000 EUR	Italy Buoni Poliennali Del Tesoro(b)	2.4500	09/01/33		627,413
	180,000 EUR	Italy Buoni Poliennali Del Tesoro	5.0000	08/01/39		214,298
	235,000 EUR	Italy Buoni Poliennali Del Tesoro	5.0000	09/01/40		279,719
	680,000 MXN	Mexican Bonos	7.7500	05/29/31		36,565
	720,000 MXN	Mexican Bonos	8.5000	11/18/38		39,316
	1,860,000 MXN	Mexican Bonos	7.7500	11/13/42		92,950
	170,000 EUR	Spain Government Bond	4.2000	01/31/37		200,624
	250,000 EUR	Spain Government Bond	2.7000	10/31/48		226,782
	360,000 THB	Thailand Government Bond	2.8750	12/17/28		10,356
	1,720,000 THB	Thailand Government Bond	1.5850	12/17/35		42,756
						4,237,766
		SOVEREIGN — 17.0%
	72,000 USD	Angolan Government International Bond(b)	8.2500	05/09/28		65,218
	143,000 USD	Angolan Government International Bond(b)	8.7500	04/14/32		123,208
	49,000 USD	Angolan Government International Bond(b)	9.3750	05/08/48		39,495
	51,000 USD	Angolan Government International Bond(b)	9.1250	11/26/49		40,486
	648,000 USD	Argentine Republic Government International Bond(g)	0.7500	07/09/30		263,529
	209,000 USD	Argentine Republic Government International Bond(g)	3.6250	07/09/35		70,103
	200,000 USD	Bahrain Government International Bond	6.7500	09/20/29		201,306
	112,000 USD	Bahrain Government International Bond(b)	5.6250	09/30/31		104,518
	60,000 USD	Bahrain Government International Bond(b)	5.2500	01/25/33		52,838
	256,000 USD	Bahrain Government International Bond(b)	5.6250	05/18/34		227,942
	3,000 USD	Bermuda Government International Bond(b)	4.7500	02/15/29		2,944
	55,000 USD	Bolivian Government International Bond	7.5000	03/02/30		31,624
	550,000 BRL	Brazilian Government International Bond	10.2500	01/10/28		114,910

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)
		SOVEREIGN — 17.0% (Continued)
	82,000 USD	Brazilian Government International Bond	4.5000	05/30/29	$	78,573
	35,000 USD	Brazilian Government International Bond	6.2500	03/18/31		36,007
	86,000 USD	Brazilian Government International Bond	6.0000	10/20/33		85,121
	235,000 USD	Brazilian Government International Bond	4.7500	01/14/50		174,154
	5,000 USD	Chile Government International Bond	2.7500	01/31/27		4,739
	8,000 USD	Chile Government International Bond	2.4500	01/31/31		6,958
	9,000 USD	Chile Government International Bond	4.9500	01/05/36		8,851
	4,000 USD	Chile Government International Bond	3.1000	05/07/41		3,009
	3,000 USD	Chile Government International Bond	4.3400	03/07/42		2,655
	5,000 USD	Chile Government International Bond	3.8600	06/21/47		4,021
	4,000 USD	Chile Government International Bond	3.1000	01/22/61		2,578
	100,000 EUR	Colombia Government International Bond	3.8750	03/22/26		106,602
	139,000 USD	Colombia Government International Bond	4.5000	03/15/29		128,827
	66,000 USD	Colombia Government International Bond	3.0000	01/30/30		55,086
	70,000 USD	Colombia Government International Bond	8.0000	11/14/35		73,922
	32,000 USD	Colombia Government International Bond	6.1250	01/18/41		28,033
	173,000 USD	Colombia Government International Bond	4.1250	02/22/42		118,043
	66,000 USD	Colombia Government International Bond	5.6250	02/26/44		52,832
	238,000 USD	Colombia Government International Bond	5.0000	06/15/45		174,527
	33,000 USD	Colombia Government International Bond	5.2000	05/15/49		24,473
	181,000 USD	Costa Rica Government International Bond(b)	6.5500	04/03/34		185,729
	93,000 USD	Costa Rica Government International Bond(b)	7.3000	11/13/54		97,548
	46,000 USD	Dominican Republic International Bond	5.5000	02/22/29		44,675
	236,000 USD	Dominican Republic International Bond(b)	4.8750	09/23/32		211,213
	240,000 USD	Dominican Republic International Bond	4.8750	09/23/32		214,791
	82,000 USD	Dominican Republic International Bond(b)	7.4500	04/30/44		85,603
	25,000 USD	Dominican Republic International Bond	6.8500	01/27/45		24,511
	142,000 USD	Dominican Republic International Bond	5.8750	01/30/60		120,885
	127,000 USD	Ecuador Government International Bond(g)	6.0000	07/31/30		67,045
	44,000 USD	Ecuador Government International Bond(b),(g)	6.0000	07/31/30		23,228
	309,000 USD	Ecuador Government International Bond(g)	3.5000	07/31/35		128,125
	15,000 USD	Ecuador Government International Bond(g)	2.5000	07/31/40		5,606
	72,000 USD	Egypt Government International Bond(b)	3.8750	02/16/26		58,644
	167,000 EUR	Egypt Government International Bond(b)	5.6250	04/16/30		115,597

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)
		SOVEREIGN — 17.0% (Continued)
	526,000 EUR	Egypt Government International Bond(b)	6.3750	04/11/31	$	364,557
	48,000 USD	Egypt Government International Bond(b)	8.5000	01/31/47		29,494
	119,000 USD	Egypt Government International Bond(b)	8.8750	05/29/50		74,984
	186,000 USD	El Salvador Government International Bond	6.3750	01/18/27		166,702
	63,000 USD	El Salvador Government International Bond	8.2500	04/10/32		54,243
	50,000 USD	El Salvador Government International Bond	7.6500	06/15/35		39,363
	38,000 USD	El Salvador Government International Bond	9.5000	07/15/52		32,538
	113,000 USD	Ethiopia International Bond(b)	6.6250	12/11/24		77,568
	30,000 USD	Export-Import Bank of India	5.5000	01/18/33		30,520
	2,000 USD	Finance Department Government of Sharjah(b)	4.0000	07/28/50		1,291
	12,333 USD	Gabon Government International Bond(b)	6.3750	12/12/24		12,066
	62,000 USD	Gabon Government International Bond(b)	6.9500	06/16/25		59,824
	11,000 USD	Ghana Government International Bond(b)	6.3750	02/11/27		4,998
	225,000 USD	Ghana Government International Bond(b)	10.7500	10/14/30		145,821
	92,000 USD	Ghana Government International Bond(b)	8.6250	04/07/34		41,113
	18,000 USD	Ghana Government International Bond(b)	8.9500	03/26/51		7,999
	200,000 USD	Ghana Government International Bond	8.9500	03/26/51		88,874
	333,000 USD	Guatemala Government Bond	6.1250	06/01/50		302,569
	94,000 USD	Hazine Mustesarligi Varlik Kiralama A/S(b)	8.5090	01/14/29		97,652
	34,000 USD	Honduras Government International Bond	5.6250	06/24/30		29,962
	6,000 USD	Hungary Government International Bond(b)	6.1250	05/22/28		6,184
	30,000 USD	Hungary Government International Bond(b)	6.2500	09/22/32		31,384
	14,000 USD	Indonesia Government International Bond	4.5500	01/11/28		13,919
	5,000 USD	Indonesia Government International Bond	4.6500	09/20/32		4,925
	9,000 USD	Indonesia Government International Bond	4.8500	01/11/33		9,023
	6,000 USD	Indonesia Government International Bond	4.2000	10/15/50		5,116
	125,000 USD	Iraq International Bond	5.8000	01/15/28		116,930
	100,000 EUR	Ivory Coast Government International Bond(b)	5.8750	10/17/31		97,403
	62,823 USD	Ivory Coast Government International Bond(g)	5.7500	12/31/32		60,776
	99,000 USD	Jordan Government International Bond(b)	7.5000	01/13/29		97,183
	2,000 USD	Kazakhstan Government International Bond(b)	4.8750	10/14/44		1,878
	20,000 USD	Kazakhstan Government International Bond(b)	6.5000	07/21/45		22,172
	194,000 USD	Kenya Government International Bond(b)	8.0000	05/22/32		171,362
	509,000 USD	Lebanon Government International Bond(e)	6.1000	10/04/22		29,540

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)
		SOVEREIGN — 17.0% (Continued)
	72,000 USD	Lebanon Government International Bond(e)	6.4000	05/26/23	$	4,140
	156,000 USD	Lebanon Government International Bond(e)	6.1500	06/19/23		8,970
	11,000 USD	Magyar Export-Import Bank Zrt(b)	6.1250	12/04/27		11,123
	11,000 USD	Mexico Government International Bond	4.7500	04/27/32		10,538
	32,000 USD	Mexico Government International Bond	4.8750	05/19/33		30,613
	1,000 USD	Mexico Government International Bond	6.3380	05/04/53		999
	19,000 USD	Mexico Government International Bond	3.7710	05/24/61		12,490
	25,000 USD	Mongolia Government International Bond(b)	8.6500	01/19/28		26,286
	35,000 USD	Nigeria Government International Bond(b)	6.5000	11/28/27		31,771
	128,000 USD	Nigeria Government International Bond(b)	6.1250	09/28/28		111,574
	124,000 USD	Nigeria Government International Bond(b)	7.8750	02/16/32		107,894
	120,000 USD	Nigeria Government International Bond(b)	7.3750	09/28/33		99,003
	200,000 USD	Nigeria Government International Bond	7.6250	11/28/47		151,797
	360,000 USD	Oman Government International Bond(b)	7.3750	10/28/32		401,332
	243,000 USD	Pakistan Government International Bond(b)	6.0000	04/08/26		189,482
	20,000 USD	Panama Government International Bond	2.2520	09/29/32		14,240
	18,000 USD	Panama Government International Bond	4.5000	01/19/63		11,306
	48,000 USD	Papua New Guinea Government International Bond(b)	8.3750	10/04/28		45,017
	2,000 USD	Peruvian Government International Bond	2.3920	01/23/26		1,907
	27,000 USD	Peruvian Government International Bond	2.7830	01/23/31		23,507
	1,000 USD	Peruvian Government International Bond	3.0000	01/15/34		837
	28,000 USD	Philippine Government International Bond	2.4570	05/05/30		24,561
	2,000 USD	Philippine Government International Bond	1.6480	06/10/31		1,618
	2,000 USD	Philippine Government International Bond	6.3750	01/15/32		2,204
	3,000 USD	Philippine Government International Bond	5.0000	07/17/33		3,039
	4,000 USD	Philippine Government International Bond	2.9500	05/05/45		2,838
	1,000 USD	Philippine Government International Bond	4.2000	03/29/47		855
	2,000 USD	Philippine Government International Bond	5.9500	10/13/47		2,158
	16,000 USD	Qatar Government International Bond(b)	3.7500	04/16/30		15,485
	10,000 USD	Qatar Government International Bond(b)	4.4000	04/16/50		8,781
	145,000 USD	Republic of Angola Via Avenir Issuer II Ireland	6.9270	02/19/27		134,627
	75,000 USD	Republic of Armenia International Bond(b)	3.6000	02/02/31		60,940
	67,000 USD	Republic of Kenya Government International Bond(b)	7.0000	05/22/27		61,764
	238,000 PLN	Republic of Poland Government Bond	2.7500	04/25/28		54,681

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)
		SOVEREIGN — 17.0% (Continued)
	292,000 PLN	Republic of Poland Government Bond	1.7500	04/25/32	$	56,789
	6,000 USD	Republic of Poland Government International Bond	5.7500	11/16/32		6,383
	7,000 USD	Republic of Poland Government International Bond	4.8750	10/04/33		7,002
	3,842,000 ZAR	Republic of South Africa Government Bond	8.5000	01/31/37		160,185
	46,000 USD	Republic of South Africa Government International	4.3000	10/12/28		42,205
	149,000 USD	Republic of South Africa Government International	5.8750	04/20/32		137,080
	72,000 USD	Republic of South Africa Government International	6.3000	06/22/48		58,018
	56,000 USD	Republic of South Africa Government International	5.7500	09/30/49		41,674
	64,000 USD	Republic of South Africa Government International	7.3000	04/20/52		56,715
	8,000 EUR	Romanian Government International Bond	2.3750	04/19/27		8,197
	1,000 USD	Romanian Government International Bond(b)	6.6250	02/17/28		1,038
	51,000 USD	Romanian Government International Bond(b)	7.1250	01/17/33		55,175
	2,000 EUR	Romanian Government International Bond	4.1250	03/11/39		1,826
	13,000 USD	Saudi Government International Bond(b)	5.5000	10/25/32		13,544
	35,000 USD	Saudi Government International Bond(b)	2.2500	02/02/33		28,342
	9,000 USD	Saudi Government International Bond(b)	4.8750	07/18/33		8,964
	2,000 USD	Saudi Government International Bond(b)	4.6250	10/04/47		1,729
	1,000 USD	Saudi Government International Bond(b)	5.0000	04/17/49		908
	100,000 USD	Senegal Government International Bond(b)	6.2500	05/23/33		86,984
	395,000 USD	Sri Lanka Government International Bond(b)	7.8500	03/14/29		201,988
	353,000 USD	Turkey Government International Bond	9.8750	01/15/28		385,200
	75,000 USD	Turkey Government International Bond	9.1250	07/13/30		80,132
	459,000 USD	Turkey Government International Bond	5.7500	05/11/47		335,995
	136,000 USD	Ukraine Government International Bond(a)	—	09/01/27		35,275
	56,000 USD	Ukraine Government International Bond(a),(b)	7.7500	09/01/27		14,525
	455,000 USD	Ukraine Government International Bond(a),(b)	7.7500	09/01/28		116,289
	139,000 USD	Ukraine Government International Bond(a),(b)	7.3750	09/25/34		32,154
	2,000 USD	Uruguay Government International Bond	4.3750	01/23/31		1,976
	1,900,000 UYU	Uruguay Government International Bond	8.2500	05/21/31		45,863
						9,910,797
		SUPRANATIONAL — 0.5%
	8,300,000 INR	European Bank for Reconstruction & Development	6.3000	10/26/27		98,573
	200,000 EUR	European Investment Bank	1.1250	09/15/36		176,589
						275,162

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $15,620,865)			$	14,727,592
Shares
		SHORT-TERM INVESTMENTS — 6.3%
		COLLATERAL FOR SECURITIES LOANED - 3.3%
	1,940,910	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(h), (j)				1,940,910
		MONEY MARKET FUNDS - 3.0%
	1,742,951	Fidelity Government Portfolio, Class I, 5.22%(h)				1,742,951
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,683,861)				3,683,861
		TOTAL INVESTMENTS - 98.7% (Cost $60,582,988)			$	57,659,495
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.3%				740,062
		NET ASSETS - 100.0%			$	58,399,557

OPEN FUTURES CONTRACTS
Number of						Value and Unrealized
Contracts		Open Long Futures Contracts	Expiration	Notional Amount(i)		Appreciation
	62	Eurex 10 Year Euro BUND Future	03/07/2024	$	9,100,703	$	138,364
	6	Eurex 30 Year Euro BUXL Future	03/07/2024		891,799		37,045
	25	Long Gilt Future	03/26/2024		3,167,336		136,123
	7	TSE Japanese 10 Year Bond Futures	03/13/2024		6,956,194		55,183
		TOTAL FUTURES CONTRACTS				$	366,715
OPEN FUTURES CONTRACTS
Number of						Value and Unrealized
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(i)		Depreciation
	53	CBOT 10 Year US Treasury Note	03/19/2024	$	5,953,391	$	(174,735	)
	16	CBOT 5 Year US Treasury Note	03/28/2024		1,734,250		(37,125	)
	4	CBOT US Treasury Bond Futures	03/19/2024		489,375		(28,656	)
	13	Euro-BTP Italian Bond Futures	03/07/2024		1,671,248		(51,172	)
		TOTAL FUTURES CONTRACTS				$	(291,688	)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 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(i)		Fair Value			Paid/(Received)			(Depreciation)
CDX.EM SERIES 40	To Buy Quarterly	Citibank	1.00%	183	12/20/2028	$	2,080,000	$	69,976		$	94,118		$	(24,142	)
ITRAXX EUROPE CROSSOVER SERIES 40	To Sell Quarterly	Citibank	5.00%	327	12/20/2028		3,090,000		(255,718	)		(81,803	)		(173,915	)
TOTAL								$	(185,742	)	$	12,315		$	(198,057	)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Mexican Peso	02/09/2024	Citi Capital Markets		4,840,000	$	280,919	$	2,121
Thailand Baht	02/14/2024	JP Morgan Chase		1,875,000		52,700		(745	)
Australian Dollar	02/22/2024	Citi Capital Markets		560,000		367,578		(1,567	)
Japanese Yen	02/22/2024	Citi Capital Markets		42,300,000		288,344		(2,180	)
Brazilian Real	03/04/2024	JP Morgan Chase		28,000		5,637		(51	)
British Pound	04/19/2024	Citi Capital Markets		49,000		62,131		(231	)
Euro	04/19/2024	Citi Capital Markets		130,000		140,925		(691	)
Japanese Yen	04/19/2024	Citi Capital Markets		11,347,000		78,042		243
					$	1,276,276	$	(3,101	)
To Sell:
Euro	02/06/2024	Barclay		33,025	$	35,689	$	311
Euro	02/06/2024	JP Morgan Chase		6,378,514		6,893,124		104,876
Mexican Peso	02/09/2024	JP Morgan Chase		4,840,000		280,920		1,069
Swiss Franc	02/12/2024	Citi Capital Markets		1,577		1,830		(3	)
Brazilian Real	03/04/2024	JP Morgan Chase		105,000		21,138		(162	)
Australian Dollar	04/19/2024	Citi Capital Markets		705,500		463,896		3,415
British Pound	04/19/2024	Barclay		1,266,100		1,605,399		137
Canadian Dollar	04/19/2024	Citi Capital Markets		890,900		663,384		(903	)
Euro	04/19/2024	Citi Capital Markets		11,264,200		12,210,852		95,579
Japanese Yen	04/19/2024	Citi Capital Markets		63,608,500		437,487		1,328
					$	22,613,719	$	205,647
Total							$	202,546

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

				Local Currency									Unrealized
		Settlement		Amount		Local Currency		U.S. Dollar Market		U.S. Dollar Market			Appreciation/
Foreign Currency		Date	Counterparty	Purchased		Amount Sold		Value Buy		Value Sell			(Depreciation)
To Buy:	To Sell:
Euro	Swiss Franc	2/12/2024	JP Morgan Chase		130,000		120,717		140,524		(140,075	)	$	449
Swiss Franc	Euro	2/12/2024	Citi Capital Markets		122,294		130,000		141,905		(140,524	)		1,381
Japanese Yen	Euro	2/16/2024	JP Morgan Chase		119,166,768		760,000		811,537		(821,661	)		(10,124	)
Euro	British Pound	2/20/2024	Citi Capital Markets		260,000		223,719		281,142		(283,562	)		(2,420	)
Euro	British Pound	2/22/2024	Citi Capital Markets		130,000		111,746		140,583		(141,639	)		(1,056	)
Euro	British Pound	2/28/2024	Citi Capital Markets		130,000		110,867		140,618		(140,532	)		86
Euro	British Pound	4/19/2024	Citi Capital Markets		1,477,857		1,275,000		1,602,057		(1,616,683	)		(14,626	)
					121,416,919		2,732,049	$	3,258,366	$	3,284,676		$	(26,310	)
Total													$	(26,310	)

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 SOFR Secured Overnight Financing Rate
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
THB	Thailand Baht
USD	US Dollars
UYU	Uruguayan Peso
ZAR	South African Rand

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $20,850,296 or 35.7% of net assets.
(c)	Variable rate security; the rate shown represents the rate on January 31, 2024.
(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,869,658 at January 31, 2024.
(e)	Represents issuer in default on interest payments; non-income producing security.
(f)	Percentage rounds to less than 0.1%.
(g)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2024.
(h)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(i)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
(j)	The Trust’s securities lending policies and procedures require that the borrower: 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%.
(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)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.5%
		AEROSPACE & DEFENSE - 2.9%
	9,067	L3Harris Technologies, Inc.	$	1,889,744
	26,375	Raytheon Technologies Corporation(a)		2,403,291
				4,293,035
		ASSET MANAGEMENT - 1.8%
	3,356	BlackRock, Inc.(a)		2,598,584
		AUTOMOTIVE - 0.8%
	31,335	General Motors Company(a)		1,215,798
		BANKING - 6.9%
	80,151	Bank of America Corporation		2,725,936
	25,889	JPMorgan Chase & Company		4,514,006
	16,558	Truist Financial Corporation		613,639
	44,977	Wells Fargo & Company		2,256,946
				10,110,527
		BIOTECH & PHARMA - 7.2%
	9,582	AbbVie, Inc.		1,575,281
	5,339	Amgen, Inc.		1,677,834
	33,771	Bristol-Myers Squibb Company		1,650,389
	11,581	Johnson & Johnson		1,840,221
	30,583	Merck & Company, Inc.		3,693,814
				10,437,539
		CHEMICALS - 3.0%
	6,378	Air Products and Chemicals, Inc.		1,630,918
	28,816	Corteva, Inc.		1,310,552
	21,606	DuPont de Nemours, Inc.		1,335,251
				4,276,721
		CONSTRUCTION MATERIALS - 2.2%
	3,706	Martin Marietta Materials, Inc.		1,884,205
	8,480	Owens Corning		1,284,974
				3,169,179
		CONSUMER SERVICES - 0.7%
	14,335	Service Corp International(a)		962,165

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.7%
	12,276	Honeywell International, Inc.	$	2,482,944
		ELECTRIC UTILITIES - 3.7%
	18,785	Duke Energy Corporation		1,800,167
	42,745	NextEra Energy, Inc.		2,506,139
	16,955	Xcel Energy, Inc.		1,015,096
				5,321,402
		ELECTRICAL EQUIPMENT - 1.2%
	32,354	Johnson Controls International PLC		1,704,732
		ENGINEERING & CONSTRUCTION - 1.4%
	10,444	Quanta Services, Inc.		2,026,658
		ENTERTAINMENT CONTENT - 2.5%
	38,341	Fox Corporation, Class A(a)		1,238,414
	25,597	Walt Disney Company (The)		2,458,592
				3,697,006
		FOOD - 2.6%
	37,325	Mondelez International, Inc., A		2,809,453
	18,717	Tyson Foods, Inc., Class A		1,024,943
				3,834,396
		HEALTH CARE FACILITIES & SERVICES - 4.3%
	9,883	Cencora, Inc.(a)		2,299,576
	25,246	CVS Health Corporation		1,877,545
	4,012	UnitedHealth Group, Inc.		2,053,101
				6,230,222
		HOUSEHOLD PRODUCTS - 1.9%
	17,363	Procter & Gamble Company (The)		2,728,422
		INDUSTRIAL REIT - 1.0%
	11,117	Prologis, Inc.		1,408,413

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		INFRASTRUCTURE REIT - 1.1%
	8,338	American Tower Corporation, A	$	1,631,330
		INSTITUTIONAL FINANCIAL SERVICES - 2.2%
	16,416	Bank of New York Mellon Corporation (The)		910,431
	17,867	Intercontinental Exchange, Inc.		2,275,005
				3,185,436
		INSURANCE - 5.6%
	7,535	Berkshire Hathaway, Inc., Class B(b)		2,891,480
	23,059	Hartford Financial Services Group, Inc. (The)		2,005,211
	11,125	Prudential Financial, Inc.(a)		1,167,346
	10,271	Travelers Companies, Inc. (The)		2,170,879
				8,234,916
		INTERNET MEDIA & SERVICES - 3.1%
	14,319	Alphabet, Inc., Class A(b)		2,006,092
	6,283	Meta Platforms, Inc., Class A(b)		2,451,250
				4,457,342
		LEISURE FACILITIES & SERVICES - 1.1%
	9,855	Darden Restaurants, Inc.		1,602,226
		MACHINERY - 2.7%
	5,118	Caterpillar, Inc.		1,536,987
	5,051	Parker-Hannifin Corporation		2,346,189
				3,883,176
		MEDICAL EQUIPMENT & DEVICES - 7.2%
	31,195	Abbott Laboratories		3,529,714
	53,332	Avantor, Inc.(b)		1,226,103
	7,538	Becton Dickinson and Company		1,800,150
	4,313	Stryker Corporation		1,446,925
	4,980	Thermo Fisher Scientific, Inc.		2,684,120
				10,687,012
		METALS & MINING - 0.7%
	27,099	Freeport-McMoRan, Inc.		1,075,559

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		OIL & GAS PRODUCERS - 6.8%
	21,542	ConocoPhillips	$	2,409,904
	15,425	EOG Resources, Inc.		1,755,211
	41,952	Exxon Mobil Corporation		4,313,084
	10,000	Phillips 66		1,443,100
				9,921,299
		OIL & GAS SERVICES & EQUIPMENT - 1.2%
	35,870	Schlumberger Ltd.		1,746,869
		RESIDENTIAL REIT - 1.0%
	21,924	Equity LifeStyle Properties, Inc.		1,484,036
		RETAIL - CONSUMER STAPLES - 0.9%
	9,752	Target Corporation		1,356,308
		RETAIL - DISCRETIONARY - 1.3%
	8,608	Lowe’s Companies, Inc.		1,832,127
		SELF-STORAGE REIT - 1.2%
	6,102	Public Storage		1,728,024
		SEMICONDUCTORS - 3.7%
	1,933	Broadcom, Inc.		2,280,939
	24,222	Micron Technology, Inc.		2,077,037
	12,669	ON Semiconductor Corporation(a),(b)		901,146
				5,259,122
		SOFTWARE - 2.8%
	4,640	Microsoft Corporation		1,844,771
	20,422	Oracle Corporation		2,281,138
				4,125,909
		SPECIALTY FINANCE - 1.1%
	7,613	American Express Company		1,528,234

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		TECHNOLOGY HARDWARE - 1.2%
	5,516	Motorola Solutions, Inc.	$	1,762,362
		TECHNOLOGY SERVICES - 2.7%
	23,538	PayPal Holdings, Inc.(b)		1,444,056
	5,538	S&P Global, Inc.		2,482,963
				3,927,019
		TELECOMMUNICATIONS - 1.3%
	43,636	Verizon Communications, Inc.		1,847,985
		TRANSPORTATION & LOGISTICS - 2.8%
	64,351	CSX Corporation		2,297,331
	14,977	Knight-Swift Transportation Holdings, Inc.		859,380
	28,916	Southwest Airlines Company		864,299
				4,021,010
		TOTAL COMMON STOCKS (Cost $98,034,053)		141,795,044
		SHORT-TERM INVESTMENTS — 9.5%
		COLLATERAL FOR SECURITIES LOANED - 7.0%
	10,212,064	Mount Vernon Liquid Assets Portfolio, LLC, , 5.46%(c)(d)		10,212,064
		MONEY MARKET FUNDS - 2.5%
	3,565,755	Invesco Treasury Portfolio Inst., Institutional Class, 5.24%(c)		3,565,755
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,777,819)		13,777,819
		TOTAL INVESTMENTS - 107.0% (Cost $111,811,872)	$	155,572,863
		LIABILITIES IN EXCESS OF OTHER ASSETS - (7.0)%		(10,154,410	)
		NET ASSETS - 100.0%	$	145,418,453

LLC	- Limited Liability Company
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust

(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $10,100,660 at January 31, 2024.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(d)	The Trust’s securities lending policies and procedures require that the borrower: 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%.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4%
		AEROSPACE & DEFENSE - 1.2%
	13,957	AAR Corporation(a)	$	848,865
		APPAREL & TEXTILE PRODUCTS - 1.1%
	8,160	Oxford Industries, Inc.(b)		774,629
		ASSET MANAGEMENT - 1.0%
	21,777	Victory Capital Holdings, Inc.		734,538
		AUTOMOTIVE - 1.2%
	103,844	American Axle & Manufacturing Holdings, Inc.(a)		840,098
		BANKING - 16.3%
	31,904	Amalgamated Financial Corporation		847,370
	15,150	Banner Corporation		705,687
	28,958	Berkshire Hills Bancorp, Inc.		694,992
	34,749	Central Pacific Financial Corporation(b)		669,613
	19,974	Enterprise Financial Services Corporation		831,518
	16,108	First Financial Corporation		634,977
	21,202	Hancock Whitney Corporation		956,422
	36,121	Hanmi Financial Corporation		605,027
	25,869	Heartland Financial USA, Inc.		917,573
	34,080	Heritage Financial Corporation		686,712
	26,344	Independent Bank Corporation		670,191
	58,681	Old National Bancorp		966,477
	51,740	Old Second Bancorp, Inc.		704,699
	15,212	Pathward Financial, Inc.		787,677
	22,244	Peoples Bancorp, Inc.		651,749
	18,142	TrustCompany Bank Corp NY		524,304
				11,854,988
		BIOTECH & PHARMA - 6.3%
	21,438	Alpine Immune Sciences, Inc.(a)		570,465
	8,200	ANI Pharmaceuticals, Inc.(a)		457,724
	27,249	Anika Therapeutics, Inc.(a),(b)		640,896
	16,000	Arcturus Therapeutics Holdings, Inc.(a),(b)		527,520

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		BIOTECH & PHARMA - 6.3% (Continued)
	26,825	Bridgebio Pharma, Inc.(a),(b)	$	919,830
	20,500	Dynavax Technologies Corporation(a),(b)		264,860
	12,077	Ideaya Biosciences, Inc.(a)		525,712
	48,771	Liquidia Technologies, Inc.(a),(b)		623,293
				4,530,300
		CHEMICALS - 2.0%
	23,751	AdvanSix, Inc.		602,800
	13,434	Minerals Technologies, Inc.		877,912
				1,480,712
		COMMERCIAL SUPPORT SERVICES - 4.1%
	9,701	ASGN, Inc.(a)		900,446
	44,900	Deluxe Corporation(b)		849,059
	8,515	Huron Consulting Group, Inc.(a)		881,558
	13,215	Schnitzer Steel Industries, Inc., Class A(b)		347,951
				2,979,014
		CONTAINERS & PACKAGING - 0.8%
	41,525	O-I Glass, Inc.(a)		604,604
		ELECTRIC UTILITIES - 1.1%
	23,055	Avista Corporation(b)		784,101
		ELECTRICAL EQUIPMENT - 1.8%
	5,934	Belden, Inc.		440,184
	25,181	Vontier Corporation		871,011
				1,311,195
		ENGINEERING & CONSTRUCTION - 0.7%
	15,206	Primoris Services Corporation		498,757
		FOOD - 1.1%
	33,011	Fresh Del Monte Produce, Inc.		811,410
		GAS & WATER UTILITIES - 2.5%
	10,630	ONE Gas, Inc.(b)		652,363
	9,791	SJW Group		582,956

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		GAS & WATER UTILITIES - 2.5% (Continued)
	10,887	Spire, Inc.	$	618,055
				1,853,374
		HEALTH CARE FACILITIES & SERVICES - 1.3%
	55,914	AdaptHealth Corporation(a),(b)		403,699
	22,200	Select Medical Holdings Corporation		576,978
				980,677
		HEALTH CARE REIT - 1.1%
	38,002	CareTrust REIT, Inc.		795,002
		HOME CONSTRUCTION - 5.4%
	42,092	JELD-WEN Holding, Inc.(a)		782,911
	8,270	M/I Homes, Inc.(a)		1,053,763
	10,898	Patrick Industries, Inc.(b)		1,094,051
	19,348	Taylor Morrison Home Corporation(a)		1,008,805
				3,939,530
		HOTEL REIT - 1.3%
	80,445	RLJ Lodging Trust		931,553
		INDUSTRIAL INTERMEDIATE PROD - 1.5%
	22,794	Mueller Industries, Inc.(b)		1,094,112
		INDUSTRIAL REIT - 1.1%
	35,244	Plymouth Industrial REIT, Inc.		780,302
		INSTITUTIONAL FINANCIAL SERVICES - 1.6%
	6,922	Evercore, Inc., Class A		1,188,715
		INSURANCE - 2.0%
	14,277	Axis Capital Holdings Ltd.		849,767
	34,602	Universal Insurance Holdings, Inc.		575,085
				1,424,852
		INTERNET MEDIA & SERVICES - 1.2%
	40,206	TripAdvisor, Inc.(a)		868,450

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		LEISURE FACILITIES & SERVICES - 1.0%
	28,296	Bloomin’ Brands, Inc.(b)	$	753,240
		MACHINERY - 1.7%
	17,603	Columbus McKinnon Corporation		687,749
	3,519	Standex International Corporation		519,616
				1,207,365
		MEDICAL EQUIPMENT & DEVICES - 1.6%
	27,118	Avanos Medical, Inc.(a)		520,394
	6,829	ICU Medical, Inc.(a)		625,059
				1,145,453
		METALS & MINING - 1.0%
	3,104	Encore Wire Corporation(b)		699,952
		MORTGAGE FINANCE - 1.8%
	67,944	Ladder Capital Corporation		742,628
	57,287	Ready Capital Corporation(b)		536,779
				1,279,407
		OFFICE REIT - 2.4%
	34,170	American Assets Trust, Inc.		766,433
	42,108	Cousins Properties, Inc.		964,694
				1,731,127
		OIL & GAS PRODUCERS - 7.1%
	37,500	CNX Resources Corporation(a),(b)		757,500
	49,134	Crescent Energy Company(b)		542,931
	7,619	Gulfport Energy Corporation(a)		966,851
	20,707	Northern Oil and Gas, Inc.(b)		693,685
	13,567	Par Pacific Holdings, Inc.(a)		496,417
	22,979	PBF Energy, Inc., Class A		1,160,668
	20,796	SilverBow Resources, Inc.(a)		552,342
				5,170,394
		OIL & GAS SERVICES & EQUIPMENT - 2.4%
	47,745	Liberty Oilfield Services, Inc., Class A(b)		992,618
	101,486	RPC, Inc.(b)		741,863
				1,734,481

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		RESIDENTIAL REIT - 1.7%
	8,856	Centerspace	$	484,955
	51,329	Independence Realty Trust, Inc.(b)		754,023
				1,238,978
		RETAIL - CONSUMER STAPLES - 1.2%
	10,533	Ingles Markets, Inc., Class A(b)		887,406
		RETAIL - DISCRETIONARY - 5.4%
	13,701	Academy Sports & Outdoors, Inc.(b)		859,464
	3,457	Asbury Automotive Group, Inc.(a),(b)		722,720
	30,713	Ethan Allen Interiors, Inc.		894,670
	46,080	Sally Beauty Holdings, Inc.(a),(b)		567,706
	9,034	Signet Jewelers Ltd.		898,701
				3,943,261
		RETAIL REIT - 2.1%
	52,392	Acadia Realty Trust(b)		893,808
	32,161	Kite Realty Group Trust		688,245
				1,582,053
		SEMICONDUCTORS - 2.1%
	11,181	Diodes, Inc.(a)		752,705
	21,249	Ultra Clean Holdings, Inc.(a),(b)		811,711
				1,564,416
		SOFTWARE - 1.3%
	79,718	SolarWinds Corporation(a)		942,267
		SPECIALTY FINANCE - 2.6%
	14,239	Essent Group Ltd.		785,423
	15,909	Mr Cooper Group, Inc.(a)		1,071,630
				1,857,053
		SPECIALTY REIT - 0.7%
	11,184	EPR Properties(b)		495,116
		TECHNOLOGY HARDWARE - 1.1%
	79,889	Viavi Solutions, Inc.(a)		785,309

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		TECHNOLOGY SERVICES - 1.3%
	23,729	LiveRamp Holdings, Inc.(a)	$	936,821
		TRANSPORTATION & LOGISTICS - 2.4%
	17,889	Covenant Logistics Group, Inc.		864,754
	17,130	SkyWest, Inc.(a)		912,344
				1,777,098
		WHOLESALE - DISCRETIONARY - 0.8%
	7,665	ePlus, Inc.(a)		579,014
		TOTAL COMMON STOCKS (Cost $64,703,961)		72,219,989
		SHORT-TERM INVESTMENTS — 26.5%
		COLLATERAL FOR SECURITIES LOANED - 25.8%
	18,788,531	Mount Vernon Liquid Assets Portfolio, LLC, , 5.46%(c)(d)		18,788,531
		MONEY MARKET FUNDS - 0.7%
	486,942	Invesco Treasury Portfolio Inst., Institutional Class, 5.24%(c)		486,942
		TOTAL SHORT-TERM INVESTMENTS (Cost $19,275,473)		19,275,473
		TOTAL INVESTMENTS - 125.9% (Cost $83,979,434)	$	91,495,462
		LIABILITIES IN EXCESS OF OTHER ASSETS - (25.9)%		(18,819,587	)
		NET ASSETS - 100.0%	$	72,675,875

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 $17,794,231 at January 31, 2024.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(d)	The Trust’s securities lending policies and procedures require that the borrower: 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%.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.7%
		ADVERTISING & MARKETING - 1.0%
	26,819	Trade Desk, Inc. (The), Class A(a) (b)	$	1,835,224
		ASSET MANAGEMENT - 2.5%
	36,817	Blackstone, Inc.(b)		4,581,876
		E-COMMERCE DISCRETIONARY - 9.8%
	84,851	Amazon.com, Inc.(a)		13,168,875
	2,839	MercadoLibre, Inc.(a)		4,859,829
				18,028,704
		HEALTH CARE FACILITIES & SERVICES - 0.9%
	5,776	Medpace Holdings, Inc.(a)		1,684,166
		INTERNET MEDIA & SERVICES - 5.6%
	7,006	Meta Platforms, Inc., Class A(a)		2,733,321
	8,817	Netflix, Inc.(a)		4,973,758
	39,450	Uber Technologies, Inc.(a)		2,574,902
				10,281,981
		LEISURE FACILITIES & SERVICES - 3.4%
	2,577	Chipotle Mexican Grill, Inc.(a)		6,207,400
		MEDICAL EQUIPMENT & DEVICES - 8.5%
	8,202	Align Technology, Inc.(a)		2,192,559
	38,720	DexCom, Inc.(a)		4,698,672
	12,089	Insulet Corporation(a)		2,307,427
	17,253	Intuitive Surgical, Inc.(a)		6,525,430
				15,724,088
		RETAIL - DISCRETIONARY - 4.6%
	10,273	Lululemon Athletica, Inc.(a)		4,662,093
	17,007	Tractor Supply Company(b)		3,819,772
				8,481,865
		SEMICONDUCTORS - 16.4%
	32,604	Advanced Micro Devices, Inc.(a)		5,467,365
	6,751	ASML Holding N.V. - ADR		5,872,155
	41,876	Marvell Technology, Inc.		2,835,005

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SEMICONDUCTORS - 16.4% (Continued)
	25,925	NVIDIA Corporation	$	15,950,875
				30,125,400
		SOFTWARE - 32.9%
	11,708	Adobe, Inc.(a)		7,232,968
	12,557	Cadence Design Systems, Inc.(a)		3,622,192
	6,155	Intuit, Inc.		3,885,836
	34,880	Microsoft Corporation		13,867,590
	10,689	Palo Alto Networks, Inc.(a)		3,618,333
	28,314	Salesforce, Inc.(a)		7,958,782
	18,382	ServiceNow, Inc.(a)		14,069,584
	8,222	Snowflake, Inc.(a)		1,608,552
	23,489	Veeva Systems, Inc., Class A(a)		4,871,853
				60,735,690
		TECHNOLOGY HARDWARE - 3.9%
	39,403	Apple, Inc.		7,265,913
		TECHNOLOGY SERVICES - 10.2%
	26,058	Mastercard, Inc., Class A		11,706,035
	26,045	Visa, Inc., Class A(b)		7,117,057
				18,823,092
		TOTAL COMMON STOCKS (Cost $71,345,056)		183,775,399
Shares				Fair Value
		SHORT-TERM INVESTMENTS — 9.9%
		COLLATERAL FOR SECURITIES LOANED – 9.5%
	17,484,623	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c) (d)		17,484,623

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 9.9% (Continued)
		MONEY MARKET FUND - 0.4%
	707,890	STIT - Treasury Obligations Portfolio, 5.19%(c)	$	707,890
		TOTAL SHORT-TERM INVESTMENTS (Cost $18,192,513)		18,192,513
		TOTAL INVESTMENTS - 109.6% (Cost $89,537,569)	$	201,967,912
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.6)%		(17,681,547	)
		NET ASSETS - 100.0%	$	184,286,365

ADR	- American Depositary Receipt
ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company

(a)	Non-income producing security.
(b)	All or a portion of these securities on loan. Total loaned securities had a value of $16,862,904 at January 31, 2024.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(d)	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%.

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.7%
		ADVERTISING & MARKETING - 0.8%
	8,763	Trade Desk, Inc. (The), Class A(a), (b)	$	599,652
		AEROSPACE & DEFENSE - 1.3%
	14,317	Hexcel Corporation		950,506
		APPAREL & TEXTILE PRODUCTS - 1.1%
	8,191	Crocs, Inc.(a), (b)		831,223
		BANKING - 2.3%
	9,409	Pinnacle Financial Partners, Inc.(b)		831,567
	36,890	Seacoast Banking Corporation of Florida		906,019
				1,737,586
		BEVERAGES - 0.5%
	20,540	Vita Coco Company, Inc. (The)(a)		404,433
		BIOTECH & PHARMA - 6.6%
	11,121	Crinetics Pharmaceuticals, Inc.(a)		405,694
	24,996	Day One Biopharmaceuticals, Inc.(a)		376,190
	16,671	Denali Therapeutics, Inc.(a)		266,903
	26,692	Fusion Pharmaceuticals, Inc.(a)		310,161
	20,942	Halozyme Therapeutics, Inc.(a)		708,887
	7,663	Immunocore Holdings plc - ADR(a), (b)		553,958
	5,242	Intra-Cellular Therapies, Inc.(a)		352,996
	25,470	Maravai LifeSciences Holdings, Inc.(a)		147,726
	25,062	Neumora Therapeutics, Inc.(a)		373,424
	5,013	Prothena Corp plc(a)		142,319
	29,486	Roivant Sciences Ltd.(a)		294,860
	3,251	Structure Therapeutics, Inc. - ADR(a)		141,809
	12,284	Vaxcyte, Inc.(a), (b)		877,323
				4,952,250
		COMMERCIAL SUPPORT SERVICES - 1.1%
	4,309	FTI Consulting, Inc.(a)		825,647

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.7% (Continued)
		CONSTRUCTION MATERIALS - 1.2%
	6,655	Advanced Drainage Systems, Inc.(b)	$	867,945
		E-COMMERCE DISCRETIONARY - 0.9%
	18,290	Global-e Online Ltd.(a)		690,813
		ELECTRICAL EQUIPMENT - 1.7%
	15,767	BWX Technologies, Inc.		1,284,695
		ENGINEERING & CONSTRUCTION - 4.1%
	8,680	Exponent, Inc.(b)		765,489
	5,380	Installed Building Products, Inc.		1,048,293
	2,278	TopBuild Corporation(a)		840,878
	7,990	WillScot Mobile Mini Holdings Corporation(a), (b)		377,927
				3,032,587
		ENTERTAINMENT CONTENT - 0.7%
	36,881	IMAX Corporation(a)		515,228
		HEALTH CARE FACILITIES & SERVICES - 4.3%
	21,655	Option Care Health, Inc.(a)		676,502
	11,001	Progyny, Inc.(a), (b)		419,028
	25,021	RadNet, Inc.(a)		925,027
	19,621	SI-BONE, Inc.(a), (b)		396,540
	25,181	Surgery Partners, Inc.(a), (b)		772,805
				3,189,902
		HOME CONSTRUCTION - 2.6%
	21,669	AZEK Company, Inc. (The)(a)		835,556
	7,104	Century Communities, Inc.		615,917
	7,387	Skyline Champion Corporation(a)		505,862
				1,957,335
		HOUSEHOLD PRODUCTS - 2.1%
	5,825	elf Beauty, Inc.(a), (b)		929,263
	4,715	Inter Parfums, Inc.		656,092
				1,585,355

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.7% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 2.9%
	5,299	Applied Industrial Technologies, Inc.	$	935,062
	5,777	Herc Holdings, Inc.		852,050
	2,159	SiteOne Landscape Supply, Inc.(a), (b)		333,673
				2,120,785
		INSTITUTIONAL FINANCIAL SERVICES - 3.6%
	5,042	Evercore, Inc., Class A		865,863
	7,209	Houlihan Lokey, Inc.(b)		863,494
	9,896	Tradeweb Markets, Inc., CLASS A		943,979
				2,673,336
		INSURANCE - 1.3%
	12,155	Goosehead Insurance, Inc., CLASS A(a),(b)		938,366
		INTERNET MEDIA & SERVICES - 1.0%
	19,925	Pinterest, Inc., Class A(a)		746,589
		LEISURE FACILITIES & SERVICES - 4.8%
	76,812	Lindblad Expeditions Holdings, Inc.(a)		709,743
	68,218	OneSpaWorld Holdings Ltd.(a)		929,812
	33,647	Sweetgreen, Inc.(a)		359,350
	6,098	Texas Roadhouse, Inc.		766,641
	2,674	Wingstop, Inc.		751,688
				3,517,234
		LEISURE PRODUCTS - 1.0%
	2,352	Axon Enterprise, Inc.(a)		585,789
	24,747	Peloton Interactive, Inc., Class A(a), (b)		137,593
				723,382
		MACHINERY - 3.3%
	19,693	Flowserve Corporation		786,341
	6,296	Lindsay Corporation		819,173
	5,124	MSA Safety, Inc.		845,614
				2,451,128
		MEDICAL EQUIPMENT & DEVICES - 7.8%
	64,614	Adaptive Biotechnologies Corporation(a)		237,133
	60,055	Alphatec Holdings, Inc.(a)		966,286

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.7% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 7.8% (Continued)
	6,325	DexCom, Inc.(a)	$	767,539
	11,252	Inari Medical, Inc.(a), (b)		640,801
	18,941	Inmode Ltd.(a), (b)		448,712
	20,203	Quanterix Corporation(a)		446,284
	4,563	Repligen Corporation(a), (b)		864,233
	24,320	Stevanato Group SpA(b)		771,917
	1,546	West Pharmaceutical Services, Inc.		576,704
				5,719,609
		OIL & GAS PRODUCERS - 0.8%
	3,836	Cheniere Energy, Inc.		629,066
		OIL & GAS SERVICES & EQUIPMENT - 1.0%
	36,149	TechnipFMC plc		699,121
		RENEWABLE ENERGY - 0.9%
	49,288	Array Technologies, Inc.(a), (b)		652,573
		RETAIL - CONSUMER STAPLES - 2.6%
	1,958	Five Below, Inc.(a)		351,383
	12,376	Ollie’s Bargain Outlet Holdings, Inc.(a), (b)		890,205
	13,296	Sprouts Farmers Market, Inc.(a), (b)		669,719
				1,911,307
		RETAIL - DISCRETIONARY - 1.6%
	5,296	Boot Barn Holdings, Inc.(a), (b)		379,935
	9,203	Freshpet, Inc.(a), (b)		792,378
				1,172,313
		SEMICONDUCTORS - 6.0%
	4,169	Axcelis Technologies, Inc.(a)		542,178
	19,374	FormFactor, Inc.(a)		751,130
	6,249	Lattice Semiconductor Corporation(a), (b)		380,314
	1,180	Monolithic Power Systems, Inc.		711,210
	4,496	Onto Innovation, Inc.(a)		726,104
	8,068	Power Integrations, Inc.		604,777
	2,957	Silicon Laboratories, Inc.(a)		364,776

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.7% (Continued)
		SEMICONDUCTORS - 6.0% (Continued)
	3,597	SiTime Corporation(a), (b)	$	383,332
				4,463,821
		SOFTWARE - 15.8%
	3,755	Appfolio, Inc., Class A(a)		823,321
	12,160	Blackline, Inc.(a)		713,549
	25,408	Calix, Inc.(a)		843,037
	16,808	Confluent, Inc., Class A(a)		375,827
	23,684	DoubleVerify Holdings, Inc.(a), (b)		947,597
	12,858	Dynatrace, Inc.(a)		732,906
	9,451	Five9, Inc.(a)		716,953
	13,512	Gitlab, Inc.(a), (b)		960,839
	25,176	JFrog Ltd.(a)		818,975
	1,401	MongoDB, Inc.(a), (b)		561,129
	28,067	Privia Health Group, Inc.(a), (b)		565,831
	10,215	Procore Technologies, Inc.(a)		729,249
	17,459	Q2 Holdings, Inc.(a), (b)		742,880
	3,002	Rapid7, Inc.(a)		165,200
	17,532	Smartsheet, Inc., Class A(a)		788,414
	2,083	Veeva Systems, Inc., Class A(a)		432,035
	35,179	Vertex, Inc., CLASS A(a), (b)		853,443
				11,771,185
		TECHNOLOGY HARDWARE - 1.6%
	5,636	Fabrinet(a)		1,203,342
		TECHNOLOGY SERVICES - 7.6%
	26,615	ExlService Holdings, Inc.(a)		832,517
	1,979	Globant SA(a)		466,668
	18,484	LiveRamp Holdings, Inc.(a)		729,748
	10,564	MAXIMUS, Inc.		856,952
	2,167	MSCI, Inc.(b)		1,297,210
	8,649	Shift4 Payments, Inc.(a), (b)		621,085
	11,247	WNS Holdings Ltd., ADR - ADR(a)		779,979
				5,584,159

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.7% (Continued)
		WHOLESALE - CONSUMER STAPLES - 0.8%
	22,557	Grocery Outlet Holding Corporation(a), (b)	$	558,962
		TOTAL COMMON STOCKS (Cost $57,077,980)		70,961,435
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 28.3%
		COLLATERAL FOR SECURITIES LOANED – 23.5%
	17,434,053	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c)(d)		17,434,053
		MONEY MARKET FUND – 4.8%
	3,535,183	Fidelity Money Market Government Portfolio Class I, 5.22%(c)		3,535,183
		TOTAL SHORT-TERM INVESTMENTS (Cost $20,969,236)		20,969,236
		TOTAL INVESTMENTS - 124.0% (Cost $78,047,216)	$	91,930,671
		LIABILITIES IN EXCESS OF OTHER ASSETS - (24.0)%		(17,772,512	)
		NET ASSETS - 100.0%	$	74,158,159

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
LTD	- Limited Company
MSCI	- Morgan Stanley Capital International
PLC	- Public Limited Company

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $16,742,496 at January 31, 2024.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(d)	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%.

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		CLOSED END FUNDS — 0.9%
		MIXED ALLOCATION - 0.9%
	136,545	Vietnam Enterprise Investments Ltd.(a)	$	988,090
		TOTAL CLOSED END FUNDS (Cost $861,698)		988,090
		COMMON STOCKS — 95.0%
		APPAREL & TEXTILE PRODUCTS - 1.3%
	148,800	Shenzhou International Group Holdings Ltd.		1,325,128
		AUTOMOTIVE - 3.6%
	32,300	BYD Company Ltd.		774,117
	7,000	Hyundai Mobis Company Ltd.		1,097,340
	17,059	Kia Corp(a)		1,310,399
	85,277	Sona Blw Precision Forgings Ltd.		634,482
				3,816,338
		BANKING - 15.3%
	122,539	Axis Bank Ltd.		1,574,917
	167,748	Banco Bradesco S.A. - ADR		520,019
	2,015,000	Bank Central Asia Tbk P.T.		1,219,128
	38,007	Bank Polska Kasa Opieki S.A.		1,462,110
	4,769,600	Bank Rakyat Indonesia Persero Tbk P.T.		1,718,180
	370,346	FirstRand Ltd.		1,341,383
	11,900	HDFC Bank Ltd. - ADR		660,331
	194,036	HDFC Bank Ltd.		3,410,978
	210,148	Itau Unibanco Holding S.A. - ADR		1,386,977
	1,620,700	Public Bank Bhd		1,502,766
	117,820	Qatar National Bank QPSC		501,213
	271,500	SCB X PCL		791,897
				16,089,899
		BEVERAGES - 4.5%
	19,800	Heineken Malaysia Bhd		100,907
	5,300	Kweichow Moutai Company Ltd.		1,192,278
	224,073	Varun Beverages Ltd.		3,455,329
				4,748,514

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.0% (Continued)
		CHEMICALS - 0.3%
	7,577	Sociedad Quimica y Minera de Chile S.A. - ADR(b)	$	318,764
		E-COMMERCE DISCRETIONARY - 1.5%
	116,141	Alibaba Group Holding Ltd		1,041,669
	89,728	Honasa Consumer Ltd.(a)		505,421
				1,547,090
		ELECTRIC UTILITIES - 2.1%
	77,040	ACEN Corporation		5,815
	645,200	CGN Power Company Ltd.		345,186
	315,100	China Yangtze Power Company Ltd., Class A		1,077,059
	57,409	JSW Energy Ltd.		349,203
	155,986	Shenzhen Envicool Technology Company Ltd.		419,575
				2,196,838
		ELECTRICAL EQUIPMENT - 0.7%
	242,528	NARI Technology Company Ltd.		712,961
		ENGINEERING & CONSTRUCTION - 2.6%
	44,912	Larsen & Toubro Ltd.		1,879,529
	20,664	Mytilineos S.A.		848,441
				2,727,970
		ENTERTAINMENT CONTENT - 0.8%
	44,290	NetEase, Inc.		860,916
		FOOD - 0.3%
	1,900,700	Monde Nissin Corporation		297,851
		HEALTH CARE FACILITIES & SERVICES - 3.3%
	333,315	Max Healthcare Institute Ltd.		3,133,347
	42,400	WuXi AppTec Company Ltd.		323,367
				3,456,714
		INSTITUTIONAL FINANCIAL SERVICES - 0.7%
	25,400	Hong Kong Exchanges & Clearing Ltd.		770,100

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.0% (Continued)
		INSURANCE - 2.3%
	213,400	AIA Group Ltd.	$	1,673,577
	68,178	Prudential PLC		700,371
				2,373,948
		INTERNET MEDIA & SERVICES - 6.7%
	70,700	KE Holdings, Inc., Institutional Class - ADR		1,001,819
	115,500	Tencent Holdings Ltd.		4,009,168
	54,100	Trip.com Group Ltd. - ADR(a)		1,977,896
				6,988,883
		LEISURE FACILITIES & SERVICES - 4.3%
	203,760	Jollibee Foods Corporation		920,581
	765,483	Lemon Tree Hotels Ltd.(a)		1,289,964
	1,118,139	Minor International PCL		957,988
	78,798	OPAP S.A.		1,363,958
				4,532,491
		MEDICAL EQUIPMENT & DEVICES - 0.9%
	23,700	Shenzhen Mindray Bio-Medical Electronics Co.		891,743
		OIL & GAS PRODUCERS - 4.4%
	376,189	Gazprom PJSC(a)(c)(d)		—
	2,122,000	PetroChina Company Ltd., H Shares		1,534,986
	113,300	Petroleo Brasileiro S.A. - ADR		1,934,031
	274,610	PTT Exploration & Production PCL		1,154,888
				4,623,905
		REAL ESTATE OWNERS & DEVELOPERS - 1.1%
	667,729	Indiabulls Real Estate Ltd.(a)		787,960
	230,490	Vinhomes JSC(a)		391,701
				1,179,661
		RETAIL - CONSUMER STAPLES - 1.9%
	8,512	Magnit PJSC(a)(c)(d)		—
	472,337	Wal-Mart de Mexico S.A.B. de C.V.		1,951,248
				1,951,248
		RETAIL - DISCRETIONARY - 0.8%
	1,598,700	Home Product Center PCL		471,166

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 95.0% (Continued)
		RETAIL - DISCRETIONARY - 0.8% (Continued)
	97	LPP S.A.	$	377,214
				848,380
		SEMICONDUCTORS - 15.3%
	13,000	Alchip Technologies Ltd.		1,612,288
	14,000	eMemory Technology, Inc.		1,248,474
	5,000	Global Unichip Corporation		245,448
	25,478	HPSP Company Ltd.(a)		854,071
	26,714	SK Hynix, Inc.		2,675,319
	444,608	Taiwan Semiconductor Manufacturing Company Ltd.		8,899,106
	5,300	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		598,688
				16,133,394
		TECHNOLOGY HARDWARE - 13.3%
	72,099	Accton Technology Corporation		1,212,715
	109,000	Delta Electronics, Inc.		975,257
	30,000	Lotes Company Ltd.		946,240
	127,981	Samsung Electronics Company Ltd.		6,954,501
	129,200	Sunny Optical Technology Group Company Ltd.		794,115
	249,000	Unimicron Technology Corporation		1,396,759
	24,000	Wiwynn Corporation		1,691,777
				13,971,364
		TECHNOLOGY SERVICES - 1.6%
	302,833	Shanghai Baosight Software Company Ltd.		1,737,564
		TELECOMMUNICATIONS - 3.5%
	163,254	Bharti Airtel Ltd.		2,302,063
	5,577,900	Telekomunikasi Indonesia Persero Tbk P.T.		1,399,087
				3,701,150
		TRANSPORTATION & LOGISTICS - 1.9%
	119,263	Container Corp Of India Ltd.		1,272,542
	101,876	Spring Airlines Company Ltd.(a)		746,260
				2,018,802
		TOTAL COMMON STOCKS (Cost $87,380,559)		99,821,616

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		PREFERRED STOCKS — 1.7%
		TECHNOLOGY HARDWARE — 1.7%
	40,616	Samsung Electronics Company Ltd.	$	1,777,294
		TOTAL PREFERRED STOCKS (Cost $1,985,575)		1,777,294
		SHORT-TERM INVESTMENTS — 2.7%
		COLLATERAL FOR SECURITIES LOANED - 0.3%
	344,748	Mount Vernon Liquid Assets Portfolio, LLC, 5.46% (e)(f)		344,748
		MONEY MARKET FUNDS - 2.4%
	2,463,964	First American Government Obligations Fund, Class X, 5.25%(f)		2,463,964
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,808,712)		2,808,712
		TOTAL INVESTMENTS - 100.3% (Cost $93,036,544)	$	105,395,712
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%		(302,989	)
		NET ASSETS - 100.0%	$	105,092,723

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
LTD	- Limited Company
PJSC	- Public Joint-Stock Company
PLC	- Public Limited Company
PT	- Perseroan Terbatas
SA	- Société Anonyme

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $313,590 at January 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)	The Trust’s securities lending policies and procedures require that the borrower: 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%.
(f)	Rate disclosed is the seven day effective yield as of January 31, 2024.

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2%
		APPAREL & TEXTILE PRODUCTS - 0.1%
	3,935	Gildan Activewear, Inc.	$	129,894
		ASSET MANAGEMENT - 0.6%
	27,603	UBS Group A.G.(a)		826,042
		AUTOMOTIVE – 9.0%
	5,000	Aisin Corporation		186,687
	23,857	Bayerische Motoren Werke A.G.		2,481,929
	3,364	Bayerische Motoren Werke A.G. Preference		328,636
	10,835	Continental A.G.		884,952
	27,300	Honda Motor Company Ltd.		305,180
	4,244	Hyundai Mobis Company Ltd.		665,302
	753	Hyundai Motor Company		109,531
	1,761	Kia Corp(c)		135,272
	21,100	Mazda Motor Corporation		255,820
	17,169	Mercedes-Benz Group A.G.		1,158,909
	77,900	Nissan Motor Company Ltd.		305,841
	1,363	Rheinmetall A.G.		477,193
	152,991	Stellantis N.V.(a)		3,365,685
	26,400	Subaru Corporation		526,694
	37,700	Sumitomo Electric Industries Ltd.		501,124
	60,000	Yadea Group Holdings Ltd.		82,266
	32,100	Zhejiang Cfmoto Power Company Ltd.		422,091
				12,193,112
		BANKING - 16.7%
	167,000	Agricultural Bank of China Ltd., H Shares		64,661
	1,559,658	Akbank T.A.S.		2,030,248
	30,481	Banco Bilbao Vizcaya Argentaria S.A.		285,232
	4,500	Banco do Brasil S.A.		51,353
	85,730	Banco Santander S.A.		344,489
	27,804	Bancolombia S.A.		233,992

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		BANKING - 16.7% (Continued)
	31,556	Bancolombia S.A. Preference	$	248,706
	6,714	Bank Hapoalim BM		57,114
	43,009	Bank Leumi Le-Israel BM		326,611
	279,200	Bank of Beijing Company Ltd., Class A		199,267
	14,968	Bank of China Ltd. - ADR		139,951
	3,575,000	Bank of China Ltd., H Shares		1,341,595
	1,150,000	Bank of Communications Company Ltd., H Shares		680,348
	376,800	Bank of Jiangsu Company Ltd.		386,229
	185,729	Barclays plc - ADR(a)		1,400,396
	79,615	Barclays plc		147,953
	31,712	BNK Financial Group, Inc.		178,368
	5,821	BNP Paribas S.A.		391,006
	228,936	China CITIC Bank Corp Ltd.		200,958
	1,240,000	China Construction Bank Corporation, H Shares		736,393
	350,500	China Minsheng Banking Corp Ltd., H Shares		116,575
	272,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		105,792
	27,662	Commercial International Bank Egypt S.A.E		32,641
	116,851	Deutsche Bank A.G.(a)		1,502,063
	1,861	Erste Group Bank A.G.		80,154
	5,200	Grupo Financiero Banorte SAB de CV		52,883
	395,065	Haci Omer Sabanci Holding A/S		944,197
	10,225	Hana Financial Group, Inc.		365,642
	59,435	Industrial & Commercial Bank of China Ltd. - ADR		577,113
	1,630,000	Industrial & Commercial Bank of China Ltd., H Shares		794,024
	26,400	Industrial Bank Company Ltd.		58,200
	110,337	Intesa Sanpaolo SpA		339,917
	13,180	Intesa Sanpaolo SpA - ADR(a)		244,225
	78,571	Itau Unibanco Holding S.A. - ADR		518,569
	12,641	KB Financial Group, Inc.		536,488
	15,777	Nordea Bank Abp		194,408
	1,218	OTP Bank Nyrt		56,433
	4,500	Powszechna Kasa Oszczednosci Bank Polski S.A.		57,101

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		BANKING - 16.7% (Continued)
	121,567	Quinenco S.A.	$	412,720
	17,837	Royal Bank of Canada		1,741,019
	445	Santander Bank Polska S.A.		53,902
	775,890	Sberbank of Russia PJSC(b)(c)(g)		—
	2,831	Shinhan Financial Group Company Ltd.		86,747
	36,156	Skandinaviska Enskilda Banken A.B.		513,518
	3,214	Societe Generale S.A.		82,600
	6,000	Swedbank A.B., A Shares		122,274
	529,219	Turkiye Garanti Bankasi A/S		1,107,610
	119,320	Turkiye Is Bankasi A/S		100,612
	21,414	UniCredit SpA		627,142
	1,284,860,000	VTB Bank PJSC(b)(c)(g)		—
	2,410,939	Yapi ve Kredi Bankasi A/S		1,731,680
				22,601,119
		BIOTECH & PHARMA - 5.0%
	12,451	Bayer A.G.		387,360
	58,236	GSK plc - ADR		2,296,827
	1,186	Novo Nordisk A/S - ADR		136,082
	2,500	Otsuka Holdings Company Ltd.		98,277
	13,679	Roche Holding A.G.		3,895,493
				6,814,039
		CHEMICALS - 0.0%(d)
	10,128	PhosAgro PJSC(b)(c)(g)		—
		COMMERCIAL SUPPORT SERVICES - 0.2%
	3,824	Randstad N.V.		217,393
		CONSTRUCTION MATERIALS - 0.4%
	1,100	AGC, Inc.		41,372
	6,705	CRH plc(a)		481,151
	0	Turkiye Sise ve Cam Fabrikalari A/S		0
				522,523

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		DIVERSIFIED INDUSTRIALS - 0.9%
	18,900	Mitsubishi Heavy Industries Ltd	$	1,260,773
		E-COMMERCE DISCRETIONARY - 0.8%
	8,626	PDD Holdings, Inc. - ADR(c)		1,094,381
		ELECTRIC UTILITIES - 0.6%
	1,200	Chubu Electric Power Company, Inc.		15,568
	12,042	E.ON S.E.		162,889
	19,994	Engie S.A.		319,294
	3,821	Fortis, Inc.		153,320
	3,800	Kansai Electric Power Company, Inc. (The)		51,843
	16,700	Tokyo Electric Power Company Holdings, Inc.(c)		88,919
				791,833
		ELECTRICAL EQUIPMENT - 0.3%
	7,240	ABB Ltd.		306,405
	7,600	Mitsubishi Electric Corporation		112,793
				419,198
		ENGINEERING & CONSTRUCTION - 0.9%
	966,900	China State Construction Engineering Corp Ltd.		697,306
	1	Enka Insaat ve Sanayi A/S		1
	1,021,200	Metallurgical Corp of China Ltd., Class A		463,469
				1,160,776
		ENTERTAINMENT CONTENT - 0.7%
	97,000	37 Interactive Entertainment Network Technology		225,617
	3,600	Capcom Company Ltd.		137,308
	5,691	NetEase, Inc. - ADR(a)		555,670
				918,595
		FOOD - 0.4%
	1,097	Salmar ASA		60,901
	741,000	WH Group Ltd.		437,188
				498,089
		GAS & WATER UTILITIES - 0.0%(d)
	2,100	Tokyo Gas Company Ltd.		48,244

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		HOME & OFFICE PRODUCTS - 0.0%(d)
	1	Arcelik A/S	$	5
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	13,200	Sumitomo Corporation		303,590
		INSTITUTIONAL FINANCIAL SERVICES - 1.8%
	3,396	Deutsche Boerse A.G.		676,151
	14,800	Haitong Securities Company Ltd.		6,822
	329,400	Nomura Holdings, Inc.		1,774,307
				2,457,280
		INSURANCE - 6.0%
	12,290	Assicurazioni Generali SpA		274,100
	231,585	China Life Insurance Company Ltd., H Shares		266,982
	3,700	Dai-ichi Life Holdings, Inc.		81,156
	7,097	Hyundai Marine & Fire Insurance Company Ltd.(c)		180,261
	14,300	Japan Post Holdings Company Ltd.		136,898
	8,877	Manulife Financial Corporation		196,257
	14,700	MS&AD Insurance Group Holdings, Inc.		607,070
	4,367	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen		1,858,766
	24,436	NN Group N.V.		1,001,400
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		718,752
	3,712	Samsung Fire & Marine Insurance Company Ltd.(c)		734,574
	28,200	Sompo Holdings, Inc.		1,462,300
	5,130	Swiss Re A.G.		587,517
				8,106,033
		LEISURE FACILITIES & SERVICES - 0.1%
	1,119	Evolution A.B.		130,665
		MACHINERY - 0.4%
	29,300	Yokogawa Electric Corporation		575,801

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 0.9%
	16,800	Andon Health Company Ltd.	$	83,559
	16,298	Bausch + Lomb Corporation(c)		229,749
	7,686	Demant A/S(c)		348,185
	4,660	Getinge A.B., B Shares		99,622
	7,600	Shimadzu Corporation		210,168
	13,130	Smith & Nephew plc		183,625
				1,154,908
		METALS & MINING - 2.8%
	67,500	China Shenhua Energy Company Ltd.		351,774
	17,000	China Shenhua Energy Company Ltd., H Shares		64,493
	43,500	Henan Shenhuo Coal & Power Company Ltd.		101,554
	128,700	Huaibei Mining Holdings Company Ltd.		313,165
	3,785	MMC Norilsk Nickel PJSC(b)(c)(g)		—
	394,000	Pingdingshan Tianan Coal Mining Company Ltd.		636,428
	1,994	Rio Tinto plc		138,025
	17,172	Rio Tinto plc - ADR		1,189,505
	359,114	Shandong Nanshan Aluminum Company Ltd.		144,279
	362,000	Shanxi Coal International Energy Group Company		855,401
				3,794,624
		OIL & GAS PRODUCERS - 10.4%
	67,459	BP PLC - ADR		2,367,811
	105,666	BP PLC		617,141
	991,900	China Petroleum & Chemical Corporation		828,739
	1,214,000	China Petroleum & Chemical Corporation, H Shares		631,529
	17,700	ENEOS Holdings, Inc.		71,487
	13,665	Eni SpA		217,797
	2,334	Equinor ASA - ADR(a)		66,916
	6,389	Equinor ASA		182,853
	87,530	Gazprom PJSC - ADR(b)(c)(g)		—
	247,390	Gazprom PJSC(b)(c)(g)		—
	37,200	Inpex Corporation		505,671
	28,776	KOC Holding A/S		151,981
	24,250	LUKOIL PJSC(b)(c)(g)		—
	22,511	Motor Oil Hellas Corinth Refineries S.A.		614,887

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		OIL & GAS PRODUCERS - 10.4% (Continued)
	9,000	OMV A.G.	$	400,527
	2,062,700	PetroChina Company Ltd., Class A		2,415,174
	1,184,100	PetroChina Company Ltd., H Shares		856,540
	115,100	Petroleo Brasileiro S.A.		987,567
	11,641	Petroleo Brasileiro S.A. - ADR		198,712
	45,598	Polski Koncern Naftowy ORLEN S.A.		711,046
	11,600	PTT Exploration & Production PCL		48,784
	9,462	Repsol S.A.		139,711
	117,940	Rosneft Oil Company PJSC(b)(c)(g)		—
	66,149	Shell plc		2,069,978
	482	SK Holdings Company Ltd.		66,076
	6,830	Tatneft PJSC(b)(c)(g)		—
				14,150,927
		OIL & GAS SERVICES & EQUIPMENT - 0.4%
	1,256,700	CNOOC Energy Technology & Services Ltd.		515,190
		RETAIL - CONSUMER STAPLES - 0.9%
	13,500	CK Hutchison Holdings Ltd.		69,725
	34,300	Shanghai Bailian Group Company Ltd.		16,704
	47,593	Woolworths Group Ltd.		1,117,555
				1,203,984
		RETAIL - DISCRETIONARY - 0.3%
	3,842	Hennes & Mauritz A.B., Class B		54,209
	244,900	HLA Group Corp Ltd., Class A		263,527
	439	Pandora A/S		64,149
				381,885
		SEMICONDUCTORS - 8.8%
	17,000	ASE Technology Holding Company Ltd.		73,494
	4,856	ASML Holding N.V.		4,212,216
	1,246	ASML Holding N.V. - ADR		1,083,796
	5,217	Infineon Technologies A.G.		190,160
	400	Lasertec Corporation		104,178
	33,000	MediaTek, Inc.		1,018,155
	371,000	MLS Company Ltd.		359,737

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		SEMICONDUCTORS - 8.8% (Continued)
	63,000	Novatek Microelectronics Corporation	$	1,026,104
	3,290	Silicon Motion Technology Corporation - ADR		207,204
	55,000	Taiwan Semiconductor Manufacturing Company Ltd.		1,100,859
	6,754	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		762,932
	10,000	Tokyo Electron Ltd.		1,855,838
				11,994,673
		SOFTWARE - 1.7%
	520	Check Point Software Technologies Ltd.(c)		82,644
	108	Constellation Software, Inc.		298,534
	222	CyberArk Software Ltd.(c)		51,833
	617	Descartes Systems Group, Inc. (The)(c)		54,031
	324	Nice Ltd.(c)		67,214
	1,442	Open Text Corporation		62,886
	6,857	SAP S.E.		1,187,728
	6,517	Shopify, Inc., Class A(a),(c)		521,798
				2,326,668
		SPECIALTY FINANCE - 1.1%
	49,600	ORIX Corporation		957,799
	20,481	Samsung Card Company Ltd.(c)		505,944
				1,463,743
		STEEL - 1.8%
	24,294	ArcelorMittal S.A. - ADR(a)		667,356
	4,500	JFE Holdings, Inc.		71,054
	36,400	Mitsui & Company Ltd.		1,476,374
	11,800	Nippon Steel Corporation		283,981
				2,498,765
		TECHNOLOGY HARDWARE - 5.8%
	1,251,000	Acer, Inc.		1,836,947
	70,300	Anker Innovations Technology Company Ltd.		674,576
	10,100	Brother Industries Ltd.		169,211
	74,000	BYD Electronic International Company Ltd.		253,496
	12,000	Canon, Inc.		330,586
	103,000	Chicony Electronics Company Ltd.		539,975
	5,400	FUJIFILM Holdings Corporation		342,300

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		TECHNOLOGY HARDWARE - 5.8% (Continued)
	136,925	Hisense Visual Technology Company Ltd.	$	424,790
	8,800	Kyocera Corporation		128,841
	84,000	Lenovo Group Ltd.		87,954
	538	LG Electronics, Inc.		37,503
	81,000	Quanta Computer Inc		640,376
	43,965	Samsung Electronics Company Ltd.		2,389,063
	24,400	ZTE Corporation, H Shares		42,402
				7,898,020
		TECHNOLOGY SERVICES - 2.9%
	1,131	CGI, Inc.(c)		126,673
	11,851	Experian plc		493,273
	7,000	Fujitsu Ltd.		968,960
	2,800	Nomura Research Institute Ltd.		85,639
	27,000	NTT Data Corporation		388,922
	4,680	RELX plc - ADR		193,518
	13,120	RELX plc		541,089
	7,689	Wolters Kluwer N.V.		1,133,276
				3,931,350
		TELECOMMUNICATIONS - 5.0%
	15,540	BCE, Inc.		627,039
	34,036	BT Group PLC		48,220
	2,583,200	China United Network Communications Ltd.		1,634,050
	137,923	Deutsche Telekom A.G.		3,385,075
	151,363	Telefonica S.A.		615,755
	7,402	Telenor ASA		82,141
	17,189	Vodafone Group plc - ADR(a)		147,825
	245,517	Vodafone Group plc		208,727
				6,748,832
		TRANSPORTATION & LOGISTICS - 4.3%
	25	AP Moller - Maersk A/S - Series B		46,097
	211	AP Moller - Maersk A/S - Series A		382,619
	2,282	Canadian National Railway Company		283,120
	158,660	COSCO SHIPPING Holdings Company Ltd., Class A		220,993
	2,888	Deutsche Post A.G.		138,292

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		TRANSPORTATION & LOGISTICS - 4.3% (Continued)
	4,270	DSV A/S	$	763,983
	23,300	Eastern Air Logistics Company Ltd.		49,347
	40,700	Kawasaki Kisen Kaisha Ltd.		1,983,180
	17,500	Mitsui OSK Lines Ltd.		628,647
	8,500	Nippon Express Holdings Company Ltd.		505,962
	7,300	Nippon Yusen KK		251,580
	9,243	Star Bulk Carriers Corporation		200,943
	1	Turk Hava Yollari AO(c)		9
	333,000	Xiamen C & D, Inc.		451,777
				5,906,549
		WHOLESALE - CONSUMER STAPLES - 1.0%
	38,800	Marubeni Corporation		661,839
	41,700	Mitsubishi Corporation		718,741
				1,380,580
		WHOLESALE - DISCRETIONARY - 1.0%
	21,700	Toyota Tsusho Corporation		1,422,119
		TOTAL COMMON STOCKS (Cost $118,422,195)		127,842,202
		EXCHANGE-TRADED FUNDS — 0.6%
		EQUITY - 0.6%
	10,789	iShares MSCI EAFE ETF(a)		809,283
		TOTAL EXCHANGE-TRADED FUNDS (Cost $795,360)		809,283
		PREFERRED STOCKS — 4.5%
		AUTOMOTIVE — 1.4%
	5,604	Hyundai Motor Company		495,347
	11,130	Volkswagen A.G.		1,431,217
				1,926,564

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares						Fair Value
		PREFERRED STOCKS — 4.5% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	110,420	Mirae Asset Securities Company Ltd.				$	308,106
		INSURANCE — 0.4%
	3,206	Samsung Fire & Marine Insurance Company Ltd.					459,526
		OIL & GAS PRODUCERS — 1.9%
	310,800	Petroleo Brasileiro S.A.					2,556,282
		TECHNOLOGY HARDWARE — 0.6%
	19,632	Samsung Electronics Company Ltd.					859,066
		TOTAL PREFERRED STOCKS (Cost $5,886,802)					6,109,544
			Expiration Date	Exercise Price
		WARRANT — 0.0%(d)
		SOFTWARE - 0.0% (d)
	108	Constellation Software Inc. (Canada)	04/02/2040	$	0.00		—
		TOTAL WARRANT (Cost $0)					—
		SHORT-TERM INVESTMENTS — 4.7%
		COLLATERAL FOR SECURITIES LOANED - 4.5%
	6,157,345	Mount Vernon Liquid Assets Portfolio, LLC, 5.25%(e)(f)					6,157,345
		MONEY MARKET FUNDS - 0.2%
	254,978	Fidelity Government Portfolio, Class I, 5.22%(e)					254,978
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,412,323)					6,412,323
		TOTAL INVESTMENTS - 104.0% (Cost $131,516,680)				$	141,173,352
		LIABILITIES IN EXCESS OF OTHER ASSETS – (4.0)%					(5,474,385	)
		NET ASSETS - 100.0%				$	135,698,967

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
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 $5,925,997 at January 31, 2024.
(b)	The value of this security has been determined in good faith under policies of the Board of Trustees.
(c)	Non-income producing security.
(d)	Percentage rounds to less than 0.1%.
(e)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(f)	The Trust’s securities lending policies and procedures require that the borrower: 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%.
(g)	Illiquid security.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 33.8%
		COMMODITY - 0.1%
	1,267	iShares GSCI Commodity Dynamic	$	32,676
		EQUITY - 33.7%
	81,300	Franklin FTSE Japan ETF		2,342,253
	107,700	Franklin FTSE United Kingdom ETF		2,659,652
	29,800	Invesco Nasdaq 100 ETF		5,113,978
	58,800	SPDR EURO STOXX 50 ETF		2,813,580
	12,843	SPDR S&P 500 ETF Trust		6,201,627
				19,131,090
		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,234,168)		19,163,766

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CORPORATE BONDS — 4.4%
		GOVERNMENT GUARANTEED — 3.9%
	1,273,000	Kreditanstalt fuer Wiederaufbau	1.2500	01/31/25	1,229,873
	1,000,000	Landwirtschaftliche Rentenbank	2.0000	01/13/25	973,846
					2,203,719
		SUPRANATIONAL — 0.5%
	300,000	Asian Development Bank	4.1250	09/27/24	298,158
		TOTAL CORPORATE BONDS (Cost $2,486,324)			2,501,877
		NON U.S. GOVERNMENT & AGENCIES — 1.7%
		SUPRANATIONAL — 1.7%
	1,000,000	International Bank for Reconstruction & Development	0.3750	07/28/25	940,951
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $944,427)			940,951

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 37.5%
		U.S. TREASURY NOTES — 37.5%
	1,500,000	United States Treasury Note	2.5000	05/15/24	$	1,488,009
	2,000,000	United States Treasury Note	0.3750	07/15/24		1,957,309
	1,000,000	United States Treasury Note	3.0000	07/31/24		989,555
	1,000,000	United States Treasury Note	1.2500	08/31/24		978,113
	1,500,000	United States Treasury Note	1.5000	09/30/24		1,466,180
	1,000,000	United States Treasury Note	1.5000	10/31/24		975,426
	1,500,000	United States Treasury Note	1.5000	11/30/24		1,459,278
	5,000,000	United States Treasury Note	1.0000	12/15/24		4,839,464
	2,000,000	United States Treasury Note	1.1250	02/28/25		1,926,820
	1,500,000	United States Treasury Note	0.5000	03/31/25		1,431,445
	1,500,000	United States Treasury Note	0.3750	04/30/25		1,424,941
	1,500,000	United States Treasury Note	2.1250	05/15/25		1,455,967
	1,000,000	United States Treasury Note	0.2500	09/30/25		935,117
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $21,308,819)				21,327,624

Shares
		SHORT-TERM INVESTMENTS — 20.1%
		MONEY MARKET FUNDS - 10.4%
	5,874,526	Morgan Stanley Institutional Liquidity Fund, Institutional Class, 5.21%(b)	5,874,526

Principal			Discount Rate
Amount ($)			(%)
		U.S. TREASURY BILLS — 9.7%
	4,500,000	United States Treasury Bill(a)	5.0138	02/22/24		4,486,212
	1,000,000	United States Treasury Bill(a)	5.1241	04/18/24		988,898
						5,475,110
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,350,573)				11,349,636
		TOTAL INVESTMENTS - 97.5% (Cost $50,324,310)			$	55,283,854
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.5%				1,389,126
		NET ASSETS - 100.0%			$	56,672,980

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Number of					Notional		Value and Unrealized
Contracts		Open Long Futures Contracts	Expiration		Amount(c)		Appreciation (Depreciation)
	17	CBOT 10 Year US Treasury Note		03/19/2024	$	1,909,578	$	4,531
	5	CME E-Mini NASDAQ 100 Index Future		03/15/2024		1,724,225		27,610
	4	CME E-Mini Standard & Poor’s 500 Index Future		03/15/2024		974,100		16,437
	7	Eurex 10 Year Euro BUND Future		03/07/2024		1,027,499		6,380
	85	Eurex EURO STOXX 50 Future		03/15/2024		4,284,441		92,796
	16	Euro-BTP Italian Bond Futures		03/07/2024		2,056,921		44,378
	46	FTSE 100 Index Future		03/15/2024		4,447,438		(10,489	)
	24	Long Gilt Future		03/26/2024		3,040,642		83,288
	70	TSE TOPIX (Tokyo Price Index) Future		03/07/2024		12,145,396		992,013
		TOTAL FUTURES CONTRACTS					$	1,256,944

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Sell:
British Pound	02/15/2024	US Bank		2,000,000	$	2,534,888	$	(38,692	)
Euro	02/15/2024	US Bank		2,460,000		2,659,476		24,594
Japanese Yen	02/15/2024	US Bank		330,000,000		2,246,972		(25,495	)
					$	7,441,336	$	(39,593	)
Total							$	(39,593	)

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

^(a) Zero coupon bond.

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

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

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 0.0%(a)
		TELECOMMUNICATIONS - 0.0%(a)
	10,000	NII Holdings, Inc. 144A(b),(c),(k)	$	5,700
		TOTAL COMMON STOCKS (Cost $57,730)		5,700

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 49.0%
		ASSET MANAGEMENT — 1.3%
	2,780,000	PennantPark Investment Corporation		4.0000	11/01/26		2,521,669
		AUTOMOTIVE — 1.1%
	2,065,000	Hyundai Capital America(c)		1.0000	09/17/24		2,005,818
		BANKING — 22.9%
	2,510,000	Bank of America Corporation(d)	SOFRRATE + 0.670%	1.8430	02/04/25		2,509,299
	1,805,000	Bank of Nova Scotia (The)(d)	H15T5Y + 4.551%	4.9000	09/04/68		1,723,167
	2,385,000	Barclays plc		3.6500	03/16/25		2,340,616
	7,265,000	BPCE S.A.(c),(d)	SOFRRATE + 2.100%	5.9750	01/18/27		7,331,786
	2,000,000	Credit Suisse A.G.		3.6250	09/09/24		1,976,879
	1,210,000	Danske Bank A/S(c),(d)	H15T1Y + 2.100%	6.4660	01/09/26		1,219,887
	3,545,000	HSBC Holdings plc(e)	SOFRRATE + 1.430%	6.7770	03/10/26		3,565,637
	2,005,000	JPMorgan Chase & Company(e)	US0003M + 0.550%	6.1890	02/01/27		1,916,238
	712,000	KeyCorp Capital II		6.8750	03/17/29		710,614
	1,080,000	Lloyds Banking Group plc(d)	H15T1Y + 3.500%	3.8700	07/09/25		1,072,327
	950,000	Mitsubishi UFJ Financial Group, Inc.(d)	H15T1Y + 1.080%	5.7190	02/20/26		953,906
	3,550,000	NatWest Group plc(d)	H15T1Y + 2.850%	7.4720	11/10/26		3,680,309
	3,480,000	Societe Generale S.A.(c)		7.3670	01/10/53		3,687,597
	4,735,000	Synchrony Bank		5.4000	08/22/25		4,700,700
	5,145,000	Wells Fargo & Company(e)	US0003M + 0.500%	6.0760	01/15/27		4,957,835
	795,000	Wells Fargo & Company		5.9500	12/01/86		821,057
							43,167,854
		CONSUMER SERVICES — 2.3%
	2,300,000	Grand Canyon University		4.1250	10/01/24		2,241,695

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 49.0% (Continued)
		CONSUMER SERVICES — 2.3% (Continued)
	2,300,000	Grand Canyon University		5.1250	10/01/28	$	2,096,979
							4,338,674
		E-COMMERCE DISCRETIONARY — 1.0%
	1,900,000	Rakuten Group, Inc.(c)		11.2500	02/15/27		1,945,502
		ELECTRIC UTILITIES — 7.5%
	3,310,000	American Electric Power Company, Inc.		2.0310	03/15/24		3,294,701
	3,465,000	American Electric Power Company, Inc.		5.6990	08/15/25		3,493,351
	3,030,000	NextEra Energy Capital Holdings, Inc.		5.7490	09/01/25		3,061,514
	4,397,000	Vistra Operations Company, LLC(c)		4.8750	05/13/24		4,389,456
							14,239,022
		FOOD — 2.2%
	4,095,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA		6.5000	12/01/52		4,123,120
		INSTITUTIONAL FINANCIAL SERVICES — 4.6%
	3,515,000	Credit Suisse Group A.G.(c),(d)	SOFRRATE + 3.340%	6.3730	07/15/26		3,555,845
	4,185,000	Credit Suisse Group A.G.(c)	USSW5 + 4.598%	7.5000	06/11/70		481,275
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,611,097
	2,050,000	Goldman Sachs Group, Inc. (The)(e)	SOFRRATE + 0.490%	5.8070	10/21/24		2,048,488
							8,696,705
		INSURANCE — 3.0%
	2,155,000	Mutual of Omaha Insurance Company(c),(d)	US0003M + 2.640%	4.2970	07/15/54		2,119,120
	2,285,000	Ohio National Financial Services, Inc.(c)		6.8000	01/24/30		2,264,746
	1,000,000	Pacific Life Insurance Company(c)		9.2500	06/15/39		1,330,407
							5,714,273
		SPECIALTY FINANCE — 1.5%
	2,900,000	Avolon Holdings Funding Ltd.(c)		4.2500	04/15/26		2,806,086
		TELECOMMUNICATIONS — 1.6%
	790,500	Sprint Spectrum Company, LLC / Sprint Spectrum(c)		5.1520	03/20/28		792,311

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 49.0% (Continued)
		TELECOMMUNICATIONS — 1.6% (Continued)
	2,150,000	Sprint, LLC		7.1250	06/15/24	$	2,160,602
							2,952,913
		TOTAL CORPORATE BONDS (Cost $96,304,998)					92,511,636

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 45.9%
		U.S. TREASURY BILLS — 45.9%
	23,010,000	United States Treasury Bill(f)	—	02/20/24		22,946,303
	23,085,000	United States Treasury Bill(f)	—	03/14/24		22,943,032
	21,985,000	United States Treasury Bill(f)	—	04/23/24		21,724,984
	3,055,000	United States Treasury Note	4.8750	10/31/28		3,182,510
	3,110,000	United States Treasury Note	4.0000	01/31/31		3,124,821
	6,065,000	United States Treasury Note (l)	4.5000	11/15/33		6,326,079
	6,565,000	United States Treasury Note(m)	4.1250	08/15/53		6,446,522
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $86,236,305)				86,694,251

Shares			Fair Value
		SHORT-TERM INVESTMENT — 6.3%
		MONEY MARKET FUND - 6.3%
	11,946,322	First American Government Obligations Fund Class X, 5.25% (Cost $11,946,322)(g)	$	11,946,322
		TOTAL SHORT-TERM INVESTMENT (Cost $11,946,322)		11,946,322
		TOTAL INVESTMENTS - 101.2% (Cost $194,545,355)	$	191,157,909
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%		(2,347,412	)
		NET ASSETS - 100.0%	$	188,810,497

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

OPEN FUTURES CONTRACTS
Number of						Value and Unrealized
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(h)		Depreciation
	69	CBOT 10 Year US Treasury Note	03/19/2024	$	7,750,641	$	(213,469	)
	29	CBOT 5 Year US Treasury Note	03/28/2024		3,143,328		(60,492	)
	21	CBOT US Treasure Bond Futures	03/19/2024		2,569,219		(122,063	)
	94	Ultra 10-Year US Treasury Note Futures	03/19/2024		10,986,250		(379,668	)
	75	Ultra U.S. Treasury Bond Futures	03/19/2024		9,691,406		(509,290	)
		TOTAL FUTURES CONTRACTS				$	(1,284,982	)

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/ (Depreciation)
CDX.NA.HY SERIES 41	To Buy Quarterly	HSBC Securities	5.00%	361.23	12/20/2028	$	16,830,000			(1,049,134	)		(430,724	)	$	(618,410	)
CDX.NA.IG SERIES 41	To Buy Quarterly	HSBC Securities	1.00%	56.61	12/20/2028		41,000,000			(842,404	)		(599,362	)	$	(243,042	)
DARDEN RESTAURANTS INC	To Buy Quarterly	Barclays	1.00%	45.00	6/20/2027		7,000,000			(164,059	)		(15,764	)	$	(148,295	)
DR HORTON INC	To Buy Quarterly	Barclays	1.00%	65.00	12/20/2028		3,500,000			(75,452	)		52,746		$	(128,198	)
OMNICOM GROUP	To Buy Quarterly	Barclays	1.00%	54.00	6/20/2028		5,000,000			133,431			93,193		$	40,238
THE WALT DISNEY COMPANY	To Sell Quarterly	Barclays	1.00%	55.00	6/20/2028		(5,000,000	)		(136,403	)		(93,193	)	$	(43,210	)
VERIZON COMMUNICATIONS INC(i)	To Sell Quarterly	Barclays	1.00%	89.00	6/20/2027		(7,000,000	)		103,835			2,837		$	100,998
TOTAL										(2,030,186	)		(990,267	)		(1,039,919	)

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	$	13,999,999	US0001M	$                0	3/20/2024	$	(83,357	)

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 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

USSW5 USD SWAP SEMI 30/360 5YR

(a)	Percentage rounds to less than 0.1%.
(b)	Non-income producing security.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2024 the total market value of 144A securities is 33,935,536 or 18.0% of net assets.
(d)	Variable rate security; the rate shown represents the rate on January 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)	Zero coupon bond.
(g)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(h)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
(i)	If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced 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.
(j)	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.
(k)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(l)	All or portion of security held as collateral for Futures at 1/31/2024.
(m)	All or portion of security held as collateral for Swaps at 1/31/2024.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		CLOSED END FUND — 3.6%
		EQUITY - 3.6%
	2,468,782	Altaba, Inc.	$	5,974,452
		TOTAL CLOSED END FUND (Cost $22,837,384)		5,974,452
Shares			Fair Value
		COMMON STOCKS — 71.1%
		ASSET MANAGEMENT - 0.0%(a)
	469,792	Pershing Square Tontine Holdings Ltd.(b)		—
		BIOTECH & PHARMA - 2.0%
	10,445	Karuna Therapeutics, Inc.(b), (c)		3,273,672
		CABLE & SATELLITE - 8.7%
	97,835	Liberty Broadband Corporation - Series C(b), (c)		7,675,156
	335,012	Liberty Global Ltd.(b)		6,599,736
				14,274,892
		CHEMICALS - 4.3%
	254,783	JSR Corporation(d)		6,985,407
		COMMERCIAL SUPPORT SERVICES - 6.9%
	222,482	Sovos Brands, Inc.(b), (c)		4,905,728
	124,008	SP Plus Corporation(b)		6,414,935
				11,320,663
		CONTAINERS & PACKAGING - 4.6%
	186,815	Westrock Company		7,521,172
		HEALTH CARE REIT - 0.9%
	119,103	Physicians Realty Trust		1,457,821
		HOUSEHOLD PRODUCTS - 2.0%
	1,122,149	Vinda International Holdings Ltd.		3,315,666

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 71.1% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 3.3%
	109,336	Textainer Group Holdings Ltd.	$	5,428,532
		MEDICAL EQUIPMENT & DEVICES - 0.0%(a)
	34,956	ABIOMED, Inc. - CVR(b)		61,173
		OIL & GAS PRODUCERS - 16.1%
	31,035	Callon Petroleum Company(b), (c)		996,844
	84,102	Columbia Pipeline Group, Inc.(b)		—
	68,231	Hess Corporation		9,588,502
	61,574	Pioneer Natural Resources Company		14,151,552
	257,286	Southwestern Energy Company(b)		1,659,495
				26,396,393
		PUBLISHING & BROADCASTING - 1.6%
	42,533	Liberty Media Corp-Liberty Formula One(b)		2,598,341
		RETAIL - CONSUMER STAPLES - 5.9%
	450,231	Albertsons Companies, Inc., Class A		9,553,901
		SEMICONDUCTORS - 5.8%
	193,213	Shinko Electric Industries Company Ltd.		7,260,044
	35,700	Silicon Motion Technology Corporation - ADR		2,248,386
				9,508,430
		SOFTWARE - 6.1%
	64,823	Splunk, Inc.(b)		9,941,904
		STEEL - 2.9%
	102,580	United States Steel Corporation		4,823,312
		TELECOMMUNICATIONS - 0.0%(a)
	—	EchoStar Corporation, Class A(b), (c)		—
	205,893	NII Holdings, Inc. 144A(b), (e)		72,063
				72,063
		TRANSPORTATION & LOGISTICS - 0.0%(a)
	1,025	American Airlines Group, Inc.(b)		14,586

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 71.1% (Continued)
		TRANSPORTATION & LOGISTICS - 0.0%(a) (Continued)
	101,283	American Airlines Group, Inc. Escrow Security(b)	$	1,013
				15,599
		TOTAL COMMON STOCKS (Cost $119,450,460)		116,548,941

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.7%
		ASSET MANAGEMENT - 0.0% (a)
	117,447	Pershing Square Sparc Holdings Ltd	9/29/2024	$	—		35,234
		FORESTRY, PAPER & WOOD PRODUCTS - 0.7%
	532,221	Resolute Forest Products, Inc. - CVR	12/20/2023	$	20.50		1,064,442
		TOTAL RIGHT (Cost $815,949)					1,099,676

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 9.8%
		COLLATERAL FOR SECURITIES LOANED – 3.3%
	5,419,718	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(f)(h)		5,419,718
		MONEY MARKET FUND – 6.5%
	10,656,237	Fidelity Money Market Government Portfolio Class I, 5.22%(f)(i)		1 0,656,237
		TOTAL SHORT-TERM INVESTMENTS (Cost $16,075,955)		16,075,955

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Contracts(g)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		EQUITY OPTIONS PURCHASED - 0.0% (a)
		PUT OPTIONS PURCHASED - 0.0%(a)
	357	Silicon Motion Technology Corporation	Morgan Stanley	03/15/2024	$	60	$	2,248,386	$	61,583
		TOTAL PUT OPTIONS PURCHASED (Cost - $61,878)
		TOTAL EQUITY OPTIONS PURCHASED (Cost - $61,878)								61,583
		TOTAL INVESTMENTS - 85.2% (Cost $159,241,626)							$	139,760,607
		CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $202,311)								(167,791	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 14.9%								24,311,777
		NET ASSETS - 100.0%							$	163,904,593

Contracts(g)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (0.1)%
		CALL OPTIONS WRITTEN- (0.1)%
	357	Silicon Motion Technology Corporation	Morgan Stanley	03/15/2024	$	60	$	2,248,386	$	167,791
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $202,311)
		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $202,311)							$	167,791

ADR - American Depositary Receipt

LLC - Limited Liability Company

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)	Percentage rounds to less than 0.1%.
(b)	Non-income producing security.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $16,075,955 at January 31, 2024.
(d)	The value of this security has been determined in good faith under policies of the Board of Trustees.
(e)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2024 the total market value of 144A securities is 72,063 or 0.0% of net assets.
(f)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(g)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(h)	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%.
(i)	Security is held as collateral for foreign currency forwards.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

January 31, 2024

Shares				Fair Value
			COMMON STOCKS — (37.0)%
			BIOTECH & PHARMA - (1.0)%
	(39,075	)	Cerevel Therapeutics Holdings, Inc.	$	(1,637,243	)
			CABLE & SATELLITE - (9.3)%
	(23,644	)	Charter Communications, Inc., Class A		(8,765,067	)
	(315,924	)	Liberty Global Ltd., Class C		(6,615,449	)
					(15,380,516	)
			CONTAINERS & PACKAGING - (4.3)%
	(186,815	)	Smurfit Kappa Group plc		(6,974,023	)
			HEALTH CARE FACILITIES & SERVICES - (1.0)%
	(17,469	)	Amedisys, Inc.		(1,646,802	)
			HEALTH CARE REIT - (0.9)%
	(80,275	)	Healthpeak Properties, Inc.		(1,485,088	)
			OIL & GAS PRODUCERS - (16.9)%
	(32,354	)	APA Corporation		(1,013,651	)
	(22,307	)	Chesapeake Energy Corporation		(1,720,093	)
	(69,940	)	Chevron Corporation		(10,311,254	)
	(143,064	)	Exxon Mobil Corporation		(14,708,409	)
					(27,753,407	)
			PUBLISHING & BROADCASTING - (1.6)%
	(38,018	)	Liberty Media Corp-Liberty Formula One		(2,556,711	)
			RETAIL REIT - 0.0% (a)
	(2	)	Realty Income Corporation		(109	)
			TECHNOLOGY HARDWARE - (2.0)%
	(88,874	)	Juniper Networks, Inc.		(3,284,783	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $60,182,525)	$	(60,718,682	)

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024 (Unaudited)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Canadian Dollar	02/05/2024	Morgan Stanley FX		4,863,483	$	3,618,047	$	(7,416	)
Australian Dollar	02/08/2024	Morgan Stanley FX		3,457,352		2,268,310		(63,186	)
					$	5,886,357	$	(70,602	)
To Sell:
Canadian Dollar	02/01/2024	Morgan Stanley FX		104,152	$	77,478	$	254
Canadian Dollar	02/02/2024	Morgan Stanley FX		470,502		350,003		197
Canadian Dollar	02/05/2024	Morgan Stanley FX		7,324,207		5,448,629		(132,259	)
Australian Dollar	02/08/2024	Morgan Stanley FX		3,457,352		2,268,311		(13,413	)
British Pound	02/13/2024	Morgan Stanley FX		4,345,233		5,507,254		(23,206	)
Japanese Yen	02/13/2024	Morgan Stanley FX		2,252,127,011		15,329,830		167,102
Hong Kong Dollar	02/16/2024	Morgan Stanley FX		26,370,502		3,374,553		2,620
					$	32,356,058	$	1,295
Total							$	(69,307	)

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6%
		ASSET MANAGEMENT - 8.9%
	8,122	Blackstone, Inc.	$	1,010,783
	20,922	Brookfield Infrastructure Corporation, Class A(a)		732,479
	798,505	FTAI Infrastructure, LLC		3,401,632
				5,144,894
		DATA CENTER REIT - 11.0%
	20,665	Digital Realty Trust, Inc.(a)		2,902,606
	4,174	Equinix, Inc.		3,463,460
				6,366,066
		ELECTRIC UTILITIES - 1.3%
	26,120	Brookfield Renewable Corporation(a)		729,270
		FOOD - 1.8%
	380,609	Cadiz, Inc.(a),(b)		1,031,450
		GAMING REIT - 2.5%
	47,600	VICI Properties, Inc.		1,433,712
		HEALTH CARE REIT - 1.9%
	23,883	Ventas, Inc.		1,107,932
		INDUSTRIAL REIT - 13.7%
	24,972	Innovative Industrial Properties, Inc.(a)		2,328,140
	31,676	Prologis, Inc.		4,013,032
	30,962	Rexford Industrial Realty, Inc.		1,628,292
				7,969,464
		INFRASTRUCTURE REIT - 12.9%
	22,219	American Tower Corporation, A		4,347,147
	16,295	Crown Castle, Inc.(a)		1,763,934
	5,842	SBA Communications Corporation, A		1,307,790
				7,418,871
		LEISURE FACILITIES & SERVICES - 6.7%
	37,153	Caesars Entertainment, Inc.(b)		1,629,902
	34,369	MGM Resorts International(b)		1,490,584

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		LEISURE FACILITIES & SERVICES - 6.7% (Continued)
	7,946	Wynn Resorts Ltd.	$	750,341
				3,870,827
		OFFICE REIT - 6.4%
	18,141	Alexandria Real Estate Equities, Inc.(a)		2,193,247
	183,000	Hudson Pacific Properties, Inc.(a)		1,498,770
				3,692,017
		OIL & GAS PRODUCERS - 2.6%
	46,009	New Fortress Energy, Inc.(a)		1,528,879
		REAL ESTATE SERVICES - 2.0%
	13,336	CBRE Group, Inc., Class A(b)		1,151,030
		RESIDENTIAL REIT - 4.9%
	16,279	American Homes 4 Rent, Class A		570,579
	9,922	Equity LifeStyle Properties, Inc.		671,620
	25,851	Invitation Homes, Inc.		851,273
	5,489	Sun Communities, Inc.		688,046
				2,781,518
		RETAIL REIT - 6.7%
	98,129	Macerich Company (The)(a)		1,549,457
	16,816	Simon Property Group, Inc.		2,330,866
				3,880,323
		SELF-STORAGE REIT - 3.6%
	8,104	Extra Space Storage, Inc.		1,170,542
	5,203	National Storage Affiliates Trust(a)		194,332
	2,579	Public Storage		730,347
				2,095,221
		SELF-STORAGE REITS - 1.0%
	13,855	CubeSmart		598,813
		SPECIALTY FINANCE - 3.7%
	40,000	FTAI Aviation Ltd.(a)		2,158,000

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SPECIALTY REITS - 3.5%
	31,157	Americold Realty Trust, Inc.	$	856,818
	68,859	NewLake Capital Partners, Inc.		1,151,322
				2,008,140
		TECHNOLOGY SERVICES - 1.0%
	6,841	CoStar Group, Inc.(b)		571,087
		TELECOMMUNICATIONS - 3.5%
	101,800	DigitalBridge Group, Inc.		1,999,352
		TOTAL COMMON STOCKS (Cost $50,784,159)		57,536,866
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 24.7%
		COLLATERAL FOR SECURITIES LOANED - 24.3%
	14,035,394	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c)(d)		14,035,394
		MONEY MARKET FUND – 0.4%
	228,392	Fidelity Money Market Government Portfolio Class I, 5.22%(c)		228,392
		TOTAL SHORT-TERM INVESTMENTS (Cost $14,263,786)		14,263,786
		TOTAL INVESTMENTS - 124.3% (Cost $65,047,945)	$	71,800,652
		LIABILITIES IN EXCESS OF OTHER ASSETS - (24.3)%		(14,042,311	)
		NET ASSETS - 100.0%	$	57,758,341

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 $13,315,736 at January 31, 2024.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(d)	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%.

DUNHAM US ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 15.1%
		U.S. TREASURY NOTES — 15.1%
	16,000,000	United States Treasury Note	1.2500	09/30/28	$	14,205,000
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $14,510,461)				14,205,000
			Discount Rate
			(%)	Maturity
		SHORT-TERM INVESTMENTS — 47.4%
		U.S. TREASURY BILLS — 42.0%
	15,000,000	United States Treasury Bill(a)	4.5150	02/08/24		14,984,950
	24,500,000	United States Treasury Bill(a)(b)	5.0531	02/27/24		24,407,148
						39,392,098

Shares
		MONEY MARKET FUNDS - 5.4%
	5,091,108	Fidelity Money Market Government Portfolio Class I, 5.22%(c)	5,091,108
		TOTAL SHORT-TERM INVESTMENTS (Cost $44,481,815)	44,483,206

Contracts(d)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FLEX OPTIONS PURCHASED - 37.3%
		CALL OPTIONS PURCHASED - 37.3%
	200	S&P 500 INDEX	Societe Generale	05/16/2028	$	4,150	$	83,000,000	$	28,400,889
	50	S&P 500 INDEX	Societe Generale	02/28/2029		4,510		22,550,000		6,573,482
		TOTAL FLEX OPTIONS PURCHASED (Cost - $24,207,320)								34,974,371
		TOTAL INVESTMENTS - 99.8% (Cost $83,199,596)							$	93,662,577
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%								161,445
		NET ASSETS - 100.0%							$	93,824,022

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(e)		Value and Unrealized Appreciation
	5	CBOT 10 Year US Treasury Note	03/19/2024	$	561,641	$	3,516
	225	CBOT 2 Year US Treasury Note Future	03/28/2024		46,272,656		155,554
	293	CBOT 5 Year US Treasury Note	03/28/2024		31,758,453		533,454
	29	CME E-Mini Standard & Poor’s 500 Index Future	03/15/2024		7,062,225		225,964
		TOTAL FUTURES CONTRACTS				$	918,488

(a)	Zero coupon bond.
(b)	A portion is held as collateral for futures.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2024.
(d)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(e)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.