# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0000910472-26-005119
**Filing Date:** 2026-3
**Character Count:** 498213
**Document Hash:** c65a006a11a99cd8f998f731f6920b02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005119.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-005119

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 26819824

**BUSINESS ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

## Series and Classes Contracts Data

### Dunham Floating Rate Bond Fund (Series ID: S000042248)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000131123 | Dunham Floating Rate Bond Fund Class A | DAFRX           |
| C000131124 | Dunham Floating Rate Bond Fund Class C | DCFRX           |
| C000131125 | Dunham Floating Rate Bond Fund Class N | DNFRX           |

## Nport-Ex

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8%** |  |  |  |
|  | **AUTO LOAN — 4.0%** |  |  |  |
| 365970 | ACM Auto Trust Series 2025-2A A<sup>(a)</sup> | 5.5500 | 06/20/28 | $366491 |
| 595000 | American Credit Acceptance Receivables Trust Series 1 C<sup>(a)</sup> | 5.0900 | 08/12/31 | 600395 |
| 446000 | Arivo Acceptance Auto Loan Receivables Trust Series 1A B<sup>(a)</sup> | 6.8700 | 06/17/30 | 455648 |
| 556000 | Avis Budget Rental Car Funding AESOP, LLC Series 2A D<sup>(a)</sup> | 7.4300 | 10/20/28 | 568558 |
| 465000 | Bridgecrest Lending Auto Securitization Trust Series 1 C | 5.1500 | 12/17/29 | 470846 |
| 560000 | Bridgecrest Lending Auto Securitization Trust Series 2 D | 5.6200 | 03/17/31 | 570799 |
| 705000 | Carmax Select Receivables Trust Series 2025-B C | 4.8300 | 06/16/31 | 708693 |
| 755000 | Carvana Auto Receivables Trust Series 2021-P3 B | 1.4200 | 08/10/27 | 742040 |
| 18363 | Carvana Auto Receivables Trust Series 2021-N1 C | 1.3000 | 01/10/28 | 18146 |
| 24999 | Carvana Auto Receivables Trust Series 2021-N2 C | 1.0700 | 03/10/28 | 24505 |
| 330000 | Carvana Auto Receivables Trust Series 2023-N4 C<sup>(a)</sup> | 6.5900 | 02/11/30 | 338137 |
| 495000 | Carvana Auto Receivables Trust Series 2024-N1 B<sup>(a)</sup> | 5.6300 | 05/10/30 | 499646 |
| 675000 | Consumer Portfolio Services Auto Trust Series 2025-B C<sup>(a)</sup> | 5.1200 | 07/15/31 | 683058 |
| 430000 | CPS Auto Receivables Trust Series 2024-A C<sup>(a)</sup> | 5.7400 | 04/15/30 | 433437 |
| 302000 | Credit Acceptance Auto Loan Trust Series 1A A<sup>(a)</sup> | 5.6800 | 03/15/34 | 304335 |
| 195000 | DT Auto Owner Trust Series 2023-3A C<sup>(a)</sup> | 6.4000 | 05/15/29 | 197035 |
| 700000 | Exeter Automobile Receivables Trust Series 2025-4 B | 4.4000 | 05/15/30 | 705073 |
| 42337 | FHF Trust Series 2023-1A A2<sup>(a)</sup> | 6.5700 | 06/15/28 | 42521 |
| 408230 | FinBe USA Trust Series 2025-1A A<sup>(a)</sup> | 5.7000 | 12/15/28 | 408386 |
| 330000 | Flagship Credit Auto Trust Series 2024-1 C<sup>(a)</sup> | 5.7900 | 02/15/30 | 327319 |
| 565000 | GLS Auto Receivables Issuer Trust Series 2021-3A E<sup>(a)</sup> | 3.2000 | 10/16/28 | 563489 |
| 339000 | LAD Auto Receivables Trust Series 2023-4A C<sup>(a)</sup> | 6.7600 | 03/15/29 | 348559 |
| 177832 | Lendbuzz Securitization Trust Series 2024-2A A2<sup>(a)</sup> | 5.9900 | 05/15/29 | 179037 |
| 90491 | Merchants Fleet Funding, LLC Series 1A A<sup>(a)</sup> | 7.2100 | 05/20/36 | 90832 |
| 506000 | Prestige Auto Receivables Trust Series 2025-1A C<sup>(a)</sup> | 5.5200 | 02/15/30 | 503689 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** |  |  |  |
|  | **AUTO LOAN — 4.0% (Continued)** |  |  |  |  |
| 31964 | Santander Drive Auto Receivables Trust Series 2022-5 C |  | 4.7400 | &nbsp;&nbsp;10/15/28 | $31986 |
| 650000 | Santander Drive Auto Receivables Trust Series 2025-4 C |  | 4.5200 | &nbsp;&nbsp;01/15/32 | 653513 |
| 276000 | SBNA Auto Receivables Trust Series 2024-A C<sup>(a)</sup> |  | 5.5900 | &nbsp;&nbsp;01/15/30 | 281261 |
| 227097 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(a)</sup> |  | 6.8400 | &nbsp;&nbsp;01/10/28 | 227655 |
| 590000 | Veros Auto Receivables Trust Series 2025-1 B<sup>(a)</sup> |  | 5.5400 | &nbsp;&nbsp;07/16/29 | 596376 |
| 446000 | Westlake Automobile Receivables Trust Series 1A B<sup>(a)</sup> |  | 5.5500 | &nbsp;&nbsp;11/15/27 | 447509 |
| 515000 | Westlake Automobile Receivables Trust Series 2024-2A B<sup>(a)</sup> |  | 5.6200 | &nbsp;&nbsp;03/15/30 | 519869 |
|  |  |  |  |  | 12908843 |
|  | **CLO — 0.3%** |  |  |  |  |
| 515000 | GoldenTree Loan Management US CLO 1 Ltd. Series 9A AR<sup>(a),(b)</sup> | TSFR3M + 1.500% | 5.1680 | &nbsp;&nbsp;04/20/37 | 516397 |
| 586570 | UPX HIL Issuer Trust Series 2025-1 A<sup>(a)</sup> |  | 5.1600 | &nbsp;&nbsp;01/25/47 | 590270 |
|  |  |  |  |  | 1106667 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%** |  |  |  |
| 395422 | A&D Mortgage Trust Series 2023-NQM3 A1<sup>(a),(c)</sup> |  | 6.7330 | &nbsp;&nbsp;07/25/68 | 398654 |
| 543369 | A&D Mortgage Trust Series 2025-NQM2 A1<sup>(a),(d)</sup> |  | 5.7900 | &nbsp;&nbsp;06/25/70 | 551271 |
| 39797 | Angel Oak Mortgage Trust Series 2020-R1 A2<sup>(a),(d)</sup> |  | 1.2470 | &nbsp;&nbsp;04/25/53 | 38507 |
| 618036 | Angel Oak Mortgage Trust Series 2022-5 A1<sup>(a),(c)</sup> |  | 4.5000 | &nbsp;&nbsp;05/25/67 | 615830 |
| 731834 | Angel Oak Mortgage Trust Series 2023-1 A1<sup>(a),(c)</sup> |  | 4.7500 | &nbsp;&nbsp;09/26/67 | 730696 |
| 202459 | Arroyo Mortgage Trust Series 2019-1 A1<sup>(a),(d)</sup> |  | 3.8050 | &nbsp;&nbsp;01/25/49 | 198649 |
| 45937 | Arroyo Mortgage Trust Series 2019-2 A1<sup>(a),(d)</sup> |  | 3.3470 | &nbsp;&nbsp;04/25/49 | 45017 |
| 770000 | Arroyo Mortgage Trust Series 2020-1 A3<sup>(a)</sup> |  | 3.3280 | &nbsp;&nbsp;03/25/55 | 713962 |
| 83490 | Bunker Hill Loan Depositary Trust Series 2019-2 A1<sup>(a),(c)</sup> |  | 2.8790 | &nbsp;&nbsp;07/25/49 | 82408 |
| 621430 | CIM TRUST Series 2022-R2 A1<sup>(a),(d)</sup> |  | 3.7500 | &nbsp;&nbsp;12/25/61 | 595354 |
| 319003 | Citigroup Mortgage Loan Trust Series 2025-INV1 A2<sup>(a),(d)</sup> |  | 6.0000 | &nbsp;&nbsp;01/25/55 | 324386 |
| 433012 | Citigroup Mortgage Loan Trust Series 2019-RP1<sup>(a),(d)</sup> |  | 3.5000 | &nbsp;&nbsp;01/25/66 | 426765 |
| 581696 | COOPR Residential Mortgage Trust Series 2025-CES2 A1A<sup>(a),(c)</sup> |  | 5.5020 | &nbsp;&nbsp;06/25/60 | 588982 |
| 86685 | CSMC Trust Series 2020-NQM1 A1<sup>(a),(c)</sup> |  | 2.2080 | &nbsp;&nbsp;05/25/65 | 83676 |
| 704826 | Deephaven Residential Mortgage Trust Series 2022-1 A1<sup>(a),(d)</sup> |  | 2.2050 | &nbsp;&nbsp;01/25/67 | 665143 |
| 432191 | Deephaven Residential Mortgage Trust Series 2025-INV1 A1<sup>(a),(d)</sup> |  | 5.0870 | &nbsp;&nbsp;11/25/60 | 435050 |
| 895530 | EFMT Series 2025-CES4 A1<sup>(a),(c)</sup> |  | 5.4310 | &nbsp;&nbsp;06/25/60 | 904886 |
| 682669 | EFMT Series 2025-NQM2 A1<sup>(a),(d)</sup> |  | 5.5960 | &nbsp;&nbsp;06/25/70 | 691952 |
| 137985 | Ellington Financial Mortgage Trust Series 2019-2 A3<sup>(a),(d)</sup> |  | 3.0460 | &nbsp;&nbsp;11/25/59 | 134924 |
| 17146 | Flagstar Mortgage Trust Series 2017-1 1A3<sup>(a),(d)</sup> |  | 3.5000 | &nbsp;&nbsp;03/25/47 | 15869 |
| 298948 | Foundation Finance Trust Series 2024-2A A<sup>(a)</sup> |  | 4.6000 | &nbsp;&nbsp;03/15/50 | 300356 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)** |  |  |
| 5807 Galton Funding Mortgage Trust Series 2018-1 A23<sup>(a),(d)</sup> |  | 3.5000 | 11/25/57 | $5357 |
| 195336 Imperial Fund Mortgage Trust Series 2022-NQM3 A1<sup>(a),(c)</sup> |  | 4.3800 | 05/25/67 | 194854 |
| 5396 JP Morgan Mortgage Trust Series 2017-5 A1<sup>(a),(d)</sup> |  | 4.7460 | 12/15/47 | 5489 |
| 604226 JP Morgan Mortgage Trust Series 2017-4 A3<sup>(a),(d)</sup> |  | 3.5000 | 11/25/48 | 555683 |
| 1339019 JP Morgan Mortgage Trust 2021-INV2 Series INV2 A4<sup>(a),(d)</sup> |  | 2.5000 | 12/25/51 | 1215138 |
| 248159 JP Morgan Mortgage Trust Series 2025-CES1 A1<sup>(a),(d)</sup> |  | 5.6660 | 05/25/55 | 251343 |
| 410048 JP Morgan Mortgage Trust Series 2025-NQM2 A1<sup>(a),(d)</sup> |  | 5.5670 | 09/25/65 | 415169 |
| 312104 JP Morgan Seasoned Mortgage Trust Series 2024-1 A4<sup>(a),(d)</sup> |  | 4.3770 | 10/25/54 | 308446 |
| 330000 LHOME Mortgage Trust Series 2024-RTL1 A1<sup>(a),(c)</sup> |  | 7.0170 | 01/25/29 | 332105 |
| 425000 LHOME Mortgage Trust Series 2024-RTL4 A1<sup>(a),(c)</sup> |  | 5.9210 | 07/25/39 | 427527 |
| 100000 Metlife Securitization Trust Series 2017-1A M1<sup>(a),(d)</sup> |  | 3.3890 | 04/25/55 | 91982 |
| 13900 Metlife Securitization Trust Series 2019-1A A1A<sup>(a),(d)</sup> |  | 3.7500 | 04/25/58 | 13781 |
| 618712 MFA Trust Series 2022-INV2 A1<sup>(a),(c)</sup> |  | 4.9500 | 07/25/57 | 618145 |
| 748873 MFA Trust Series 2023-INV2 A1<sup>(a),(c)</sup> |  | 6.7750 | 10/25/58 | 755581 |
| 86222 MFA Trust Series 2020-NQM3 A1<sup>(a),(d)</sup> |  | 1.0140 | 01/26/65 | 82716 |
| 736680 MFA Trust Series 2022-INV1 A1<sup>(a),(c)</sup> |  | 3.9070 | 04/25/66 | 734000 |
| 579422 MFA Trust Series 2022-NQM2 A1<sup>(a),(c)</sup> |  | 4.0000 | 05/25/67 | 573164 |
| 811128 MFA Trust Series 2024-NQM2 A1<sup>(a),(c)</sup> |  | 5.2720 | 08/25/69 | 816147 |
| 184101 Mill City Mortgage Loan Trust Series 2019-GS2 A1<sup>(a),(d)</sup> |  | 2.7500 | 08/25/59 | 180015 |
| 199632 Mill City Mortgage Loan Trust Series 2019-1 M2<sup>(a),(d)</sup> |  | 3.5000 | 10/25/69 | 185067 |
| 356587 New Residential Mortgage Loan Trust Series 2016-4A A1<sup>(a),(d)</sup> |  | 3.7500 | 11/25/56 | 345765 |
| 482745 New Residential Mortgage Loan Trust Series 2017-2A A3<sup>(a),(d)</sup> |  | 4.0000 | 03/25/57 | 472876 |
| 336483 New Residential Mortgage Loan Trust Series 2018-1A A1A<sup>(a),(d)</sup> |  | 4.0000 | 12/25/57 | 331609 |
| 19556 New Residential Mortgage Loan Trust Series 2021-NQ2R A1<sup>(a),(d)</sup> |  | 0.9410 | 09/25/58 | 18857 |
| 577360 New Residential Mortgage Loan Trust Series 2022-NQM2 A1<sup>(a),(d)</sup> |  | 3.0790 | 03/27/62 | 549917 |
| 210382 New Residential Mortgage Loan Trust Series 2024-NQM3 A1<sup>(a),(c)</sup> |  | 5.4660 | 11/25/64 | 213782 |
| 842821 NYMT Loan Trust Series 2022-CP1 A1<sup>(a)</sup> |  | 2.0420 | 07/25/61 | 799073 |
| 349055 NYMT Loan Trust Series 2024-CP1 A1<sup>(a)</sup> |  | 3.7500 | 02/25/68 | 328588 |
| 261455 OBX Trust Series 2024-HYB2 A1<sup>(a),(d)</sup> |  | 3.6950 | 04/25/53 | 260579 |
| 481106 OBX Trust Series 2023-NQM9 A1<sup>(a),(c)</sup> |  | 7.1590 | 10/25/63 | 487638 |
| 220885 OBX Trust Series 2024-NQM9 A1<sup>(a),(c)</sup> |  | 6.0300 | 01/25/64 | 223970 |
| 13271 Palisades Mortgage Loan Trust Series 2021-RTL1 A1<sup>(a),(c)</sup> |  | 3.4870 | 06/25/26 | 13231 |
| 812178 PMT Loan Trust Series INV7 A7<sup>(a),(d)</sup> |  | 6.0000 | 06/25/56 | 827214 |
| 334363 PMT Loan Trust Series 2024-INV1 A2<sup>(a),(d)</sup> |  | 6.0000 | 10/25/59 | 341011 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)** |  |  |
| 180903 | PMT Loan Trust Series 2024-INV2 A1<sup>(a),(d)</sup> |  | 6.0000 | &nbsp;&nbsp;12/25/59 | $184419 |
| 326205 | PRET Trust Series 2025-NPL1 A1<sup>(a),(c)</sup> |  | 6.0630 | &nbsp;&nbsp;02/25/55 | 326739 |
| 1319939 | PRKCM Trust Series 2022-AFC1 A1A<sup>(a),(d)</sup> |  | 4.1000 | &nbsp;&nbsp;04/25/57 | 1323932 |
| 309225 | RCKT Mortgage Trust Series 2023-CES1 A1A<sup>(a),(d)</sup> |  | 6.5150 | &nbsp;&nbsp;06/25/43 | 310168 |
| 475931 | RCKT Mortgage Trust Series 2023-CES2 A1A<sup>(a),(d)</sup> |  | 6.8080 | &nbsp;&nbsp;09/25/43 | 479987 |
| 621119 | RCKT Mortgage Trust Series 2024-CES3 A1A<sup>(a),(d)</sup> |  | 6.5910 | &nbsp;&nbsp;05/25/44 | 631625 |
| 43929 | RCKT Mortgage Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 3.0000 | &nbsp;&nbsp;02/25/50 | 38777 |
| 3239 | Residential Mortgage Loan Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 2.3760 | &nbsp;&nbsp;01/26/60 | 3228 |
| 44425 | Starwood Mortgage Residential Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 2.2750 | &nbsp;&nbsp;02/25/50 | 42999 |
| 677406 | Starwood Mortgage Residential Trust Series 2021-5 A2<sup>(a),(d)</sup> |  | 2.1780 | &nbsp;&nbsp;09/25/66 | 598815 |
| 265000 | Towd Point Mortgage Trust Series 2019-HY2 M1<sup>(a),(b)</sup> | TSFR1M + 1.714% | 5.3870 | &nbsp;&nbsp;05/25/58 | 266034 |
| 365000 | Towd Point Mortgage Trust Series 2021-1 A2<sup>(a),(d)</sup> |  | 2.7500 | &nbsp;&nbsp;11/25/61 | 315306 |
| 418486 | Towd Point Mortgage Trust Series 2024-1 A1<sup>(a),(d)</sup> |  | 4.8590 | &nbsp;&nbsp;03/25/64 | 428051 |
| 1122535 | Verus Securitization Trust Series 2023-1 A1<sup>(a),(c)</sup> |  | 5.8500 | &nbsp;&nbsp;12/25/67 | 1120078 |
| 496590 | Verus Securitization Trust Series 2023-8 A1<sup>(a),(c)</sup> |  | 6.2590 | &nbsp;&nbsp;12/25/68 | 501717 |
| 315365 | Verus Securitization Trust 2025-7 Series 7 A1<sup>(a),(c)</sup> |  | 5.1290 | &nbsp;&nbsp;08/25/70 | 317769 |
| 133016 | Wells Fargo Mortgage Backed Securities Series 2020-4 A1<sup>(a),(d)</sup> |  | 3.0000 | &nbsp;&nbsp;07/25/50 | 117573 |
|  |  |  |  |  | 28525373 |
|  | **CREDIT CARD — 0.1%** |  |  |  |  |
| 430000 | Mercury Financial Credit Card Master Trust Series 2A A<sup>(a)</sup> |  | 6.5600 | &nbsp;&nbsp;07/20/29 | 431543 |
|  | **HOME EQUITY — 0.4%** |  |  |  |  |
| 483581 | Santander Mortgage Asset Receivable Trust Series CES1 A1A<sup>(a),(c)</sup> |  | 5.0360 | &nbsp;&nbsp;09/25/55 | 486447 |
| 747148 | Towd Point Mortgage Trust Series 2025-CES4 A1A<sup>(a),(c)</sup> |  | 5.0910 | &nbsp;&nbsp;10/25/65 | 752482 |
|  |  |  |  |  | 1238929 |
|  | **NON AGENCY CMBS — 4.9%** |  |  |  |  |
| 610000 | ALA Trust Series 2025-OANA A<sup>(a),(b)</sup> | TSFR1M + 1.743% | 5.4240 | &nbsp;&nbsp;06/15/30 | 615868 |
| 150000 | BBCMS Mortgage Trust Series 2018-TALL<sup>(a),(b)</sup> | TSFR1M + 0.919% | 4.6000 | &nbsp;&nbsp;03/15/37 | 143478 |
| 613000 | BBCMS Trust Series 2018-CBM A<sup>(a),(b)</sup> | TSFR1M + 1.297% | 4.9780 | &nbsp;&nbsp;07/15/37 | 599314 |
| 695020 | BX Commercial Mortgage Trust Series 2024-XL5 A<sup>(a),(b)</sup> | TSFR1M + 1.392% | 5.0720 | &nbsp;&nbsp;03/15/41 | 696564 |
| 510000 | BX Trust Series 2022-CLS A<sup>(a)</sup> |  | 5.7600 | &nbsp;&nbsp;10/13/27 | 513314 |
| 605411 | BX Trust Series 2025-ROIC C<sup>(a),(b)</sup> | TSFR1M + 1.543% | 5.2230 | &nbsp;&nbsp;03/15/30 | 604051 |
| 805000 | BX Trust Series 2019-OC11 B<sup>(a)</sup> |  | 3.6050 | &nbsp;&nbsp;12/09/41 | 771677 |
| 410000 | BX Trust Series 2019-OC11 D<sup>(a),(d)</sup> |  | 4.0750 | &nbsp;&nbsp;12/09/41 | 392686 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 4.9% (Continued)** |  |  |  |  |
| 665000 | CENT Series 2025-CITY A<sup>(a),(d)</sup> |  | 4.9200 | &nbsp;&nbsp;07/10/40 | $675354 |
| 367000 | ELM Trust Series 2024-ELM A10<sup>(a),(d)</sup> |  | 5.9940 | &nbsp;&nbsp;06/10/27 | 369305 |
| 510000 | Exeter Automobile Receivables Trust Series 2024-5A B |  | 4.9800 | &nbsp;&nbsp;04/16/29 | 510903 |
| 450000 | Extended Stay America Trust Series 2025-Esh A<sup>(a),(b)</sup> | TSFR1M + 1.300% | 4.9800 | &nbsp;&nbsp;10/15/42 | 452535 |
| 790000 | Fashion Show Mall, LLC Series SHOW A<sup>(a),(d)</sup> |  | 5.2740 | &nbsp;&nbsp;10/10/29 | 804873 |
| 320000 | Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU A<sup>(a),(b)</sup> | TSFR1M + 1.450% | 5.1300 | &nbsp;&nbsp;12/15/39 | 321188 |
| 820000 | Houston Galleria Mall Trust Series 2025-HGLR A<sup>(a),(d)</sup> |  | 5.4620 | &nbsp;&nbsp;02/05/45 | 854643 |
| 1095000 | Hudson Yards Mortgage Trust Series 2025-SPRL A<sup>(a),(d)</sup> |  | 5.4670 | &nbsp;&nbsp;01/13/40 | 1136040 |
| 700000 | IRV Trust Series 2025-200P B<sup>(a),(d)</sup> |  | 5.4400 | &nbsp;&nbsp;03/14/47 | 710721 |
| 570000 | JP Morgan Chase Commercial Mortgage Securities Series OMNI A<sup>(a),(d)</sup> |  | 5.7970 | &nbsp;&nbsp;10/05/39 | 581108 |
| 499000 | MIRA Trust Series 2023-Mile A<sup>(a)</sup> |  | 6.7550 | &nbsp;&nbsp;06/06/28 | 518132 |
| 880000 | MSSG Trust Series 2017-237P A<sup>(a)</sup> |  | 3.3970 | &nbsp;&nbsp;09/13/39 | 845906 |
| 470000 | NY Commercial Mortgage Trust Series 2025-299P A<sup>(a),(d)</sup> |  | 5.6640 | &nbsp;&nbsp;02/10/47 | 497136 |
| 800000 | NYC Commercial Mortgage Trust Series 2025-300P A<sup>(a)</sup> |  | 4.8790 | &nbsp;&nbsp;07/13/42 | 808438 |
| 613394 | RCKT Mortgage Trust Series 2025-CES5 A1A<sup>(a),(c)</sup> |  | 5.6870 | &nbsp;&nbsp;06/25/55 | 622830 |
| 760000 | RFR Trust Series 2025-SGRM A<sup>(a),(d)</sup> |  | 5.3790 | &nbsp;&nbsp;03/11/29 | 777285 |
| 170000 | ROCK Trust Series 2024-CNTR A<sup>(a)</sup> |  | 5.3880 | &nbsp;&nbsp;11/13/41 | 175043 |
| 450000 | ROCK Trust Series 2024-CNTR C<sup>(a)</sup> |  | 6.4710 | &nbsp;&nbsp;11/13/41 | 468942 |
| 621039 | THPT Mortgage Trust Series 2023-THL A<sup>(a),(d)</sup> |  | 6.9940 | &nbsp;&nbsp;12/10/34 | 633332 |
|  |  |  |  |  | 16100666 |
|  | **OTHER ABS — 4.9%** |  |  |  |  |
| 44721 | ACHV A.B.S TRUST Series 2024-1PL A<sup>(a)</sup> |  | 5.9000 | &nbsp;&nbsp;04/25/31 | 44936 |
| 796 | Affirm Asset Securitization Trust Series 2024-X2 A<sup>(a)</sup> |  | 5.2200 | &nbsp;&nbsp;12/17/29 | 796 |
| 145020 | Affirm Asset Securitization Trust Series 2025-X1 A<sup>(a)</sup> |  | 5.0800 | &nbsp;&nbsp;04/15/30 | 145261 |
| 600000 | Amur Equipment Finance Receivables XV, LLC Series 1A D<sup>(a)</sup> |  | 5.6800 | &nbsp;&nbsp;08/20/32 | 612470 |
| 28087 | Aqua Finance Trust Series 2019-A A<sup>(a)</sup> |  | 3.1400 | &nbsp;&nbsp;07/16/40 | 27489 |
| 108720 | Aqua Finance Trust Series 2019-A C<sup>(a)</sup> |  | 4.0100 | &nbsp;&nbsp;07/16/40 | 106890 |
| 180382 | Aqua Finance Trust Series 2020-AA B<sup>(a)</sup> |  | 2.7900 | &nbsp;&nbsp;07/17/46 | 173418 |
| 510000 | Aqua Finance Trust Series 2024-A B<sup>(a)</sup> |  | 5.0600 | &nbsp;&nbsp;04/18/50 | 514810 |
| 417712 | Castlelake Aircraft Structured Trust Series 2025-1A A<sup>(a)</sup> |  | 5.7830 | &nbsp;&nbsp;02/15/50 | 424597 |
| 465000 | CCG Receivables Trust Series 2024-1 B<sup>(a)</sup> |  | 5.0800 | &nbsp;&nbsp;03/15/32 | 474301 |
| 101967 | CF Hippolyta, LLC Series 2020-1 A1<sup>(a)</sup> |  | 1.6900 | &nbsp;&nbsp;07/15/60 | 86509 |
| 618097 | Commercial Equipment Finance, LLC Series 2025-1A A<sup>(a)</sup> |  | 4.8300 | &nbsp;&nbsp;05/15/31 | 621749 |
| 100000 | Corevest American Finance Trust Series 2019-3 C<sup>(a)</sup> |  | 3.2650 | &nbsp;&nbsp;10/15/52 | 94684 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** |  |  |
|  | **OTHER ABS — 4.9% (Continued)** |  |  |  |  |
| 66004 | Dext A.B.S, LLC Series 2023-1 A2<sup>(a)</sup> |  | 5.9900 | &nbsp;&nbsp;03/15/32 | $66337 |
| 152991 | Elara HGV Timeshare Issuer, LLC Series 2023-A A<sup>(a)</sup> |  | 6.1600 | &nbsp;&nbsp;02/25/38 | 158262 |
| 130000 | FirstKey Homes Trust Series 2021-SFR1 D<sup>(a)</sup> |  | 2.1890 | &nbsp;&nbsp;08/17/28 | 128148 |
| 196945 | Foundation Finance Trust Series 2023-2A A<sup>(a)</sup> |  | 6.5300 | &nbsp;&nbsp;06/15/49 | 205602 |
| 182010 | Hilton Grand Vacations Trust Series 2024-2A A<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;03/25/38 | 185950 |
| 349702 | HINNT, LLC Series 2025-A B<sup>(a)</sup> |  | 5.4500 | &nbsp;&nbsp;03/15/44 | 355944 |
| 127725 | Jersey Mike's Funding Series 2019-1A A2<sup>(a)</sup> |  | 4.4330 | &nbsp;&nbsp;02/15/50 | 127854 |
| 421813 | Jersey Mike's Funding, LLC Series 1A A2<sup>(a)</sup> |  | 5.6360 | &nbsp;&nbsp;02/15/55 | 431127 |
| 740000 | Mariner Finance Issuance Trust Series 2025-AA A<sup>(a)</sup> |  | 4.9800 | &nbsp;&nbsp;05/20/38 | 750824 |
| 550000 | MetroNet Infrastructure Issuer, LLC Series 2A A2<sup>(a)</sup> |  | 5.4000 | &nbsp;&nbsp;08/20/55 | 558976 |
| 800000 | MMP Capital, LLC Series 2025-A B<sup>(a)</sup> |  | 5.7200 | &nbsp;&nbsp;12/15/31 | 813773 |
| 21063 | MVW, LLC Series 2020-1A A<sup>(a)</sup> |  | 1.7400 | &nbsp;&nbsp;10/20/37 | 20789 |
| 135359 | MVW, LLC Series 2023-1A B<sup>(a)</sup> |  | 5.4200 | &nbsp;&nbsp;10/20/40 | 137236 |
| 570000 | NMEF Funding, LLC Series 2025-A B<sup>(a)</sup> |  | 5.1800 | &nbsp;&nbsp;04/25/32 | 577788 |
| 765000 | Octane Receivables Trust Series 2025-1A A2<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;02/20/31 | 766323 |
| 768229 | Octane Receivables Trust 2025-RVM1 Series RVM1 A<sup>(a)</sup> |  | 4.4800 | &nbsp;&nbsp;12/20/46 | 770629 |
| 630000 | Onemain Financial Issuance Trust Series 2025-1A B<sup>(a)</sup> |  | 5.0500 | &nbsp;&nbsp;07/14/38 | 639225 |
| 191749 | Oportun Issuance Trust Series 2021-C A<sup>(a)</sup> |  | 2.1800 | &nbsp;&nbsp;10/08/31 | 188741 |
| 435000 | PEAC Solutions Receivables, LLC Series 2024-1A B<sup>(a)</sup> |  | 5.7900 | &nbsp;&nbsp;11/20/30 | 447328 |
| 184687 | PowerPay Issuance Trust Series 2024-1A A<sup>(a)</sup> |  | 6.5300 | &nbsp;&nbsp;02/18/39 | 190655 |
| 480000 | Purchasing Power Funding Series A B<sup>(a)</sup> |  | 6.4300 | &nbsp;&nbsp;08/15/28 | 481968 |
| 670000 | Reach A.B.S Trust Series 2025-2A B<sup>(a)</sup> |  | 5.1200 | &nbsp;&nbsp;08/18/32 | 676363 |
| 515000 | Regional Management Issuance Trust Series 2 A<sup>(a)</sup> |  | 5.1100 | &nbsp;&nbsp;12/15/33 | 518765 |
| 680000 | Scalelogix Abs Us Issuer, LLC Series 1A A2<sup>(a)</sup> |  | 5.6730 | &nbsp;&nbsp;07/25/55 | 682660 |
| 90974 | Sierra Timeshare Receivables Funding, LLC Series 2023-2A B<sup>(a)</sup> |  | 6.2800 | &nbsp;&nbsp;04/20/40 | 92801 |
| 227673 | SoFi Consumer Loan Program Trust Series 2025-1 A<sup>(a)</sup> |  | 4.8000 | &nbsp;&nbsp;02/27/34 | 228913 |
| 314585 | STAR Trust Series 2025-SFR5 A<sup>(a),(b)</sup> | TSFR1M + 1.450% | 5.1310 | &nbsp;&nbsp;02/17/42 | 315084 |
| 750000 | Taco Bell Funding, LLC Series 1A A2I<sup>(a)</sup> |  | 4.8210 | &nbsp;&nbsp;08/25/55 | 748166 |
| 200000 | Tricon American Homes Trust Series 2020-SFR2 D<sup>(a)</sup> |  | 2.2810 | &nbsp;&nbsp;11/17/27 | 190517 |
| 160000 | Tricon Residential Trust Series 2021-SFR1 B<sup>(a)</sup> |  | 2.2440 | &nbsp;&nbsp;07/17/38 | 158293 |
| 445500 | TSC SPV Funding, LLC Series 1A A2<sup>(a)</sup> |  | 6.2910 | &nbsp;&nbsp;08/20/54 | 454793 |
| 530861 | Upstart Securitization Trust Series 2025-2 A2<sup>(a)</sup> |  | 5.2200 | &nbsp;&nbsp;06/20/35 | 533424 |
|  |  |  |  |  | 15931168 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** | **ASSET BACKED SECURITIES — 23.8% (Continued)** |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.5%** |  |  |  |  |
| 52219 | AJAX Mortgage Loan Trust Series 2019-D A1<sup>(a),(c)</sup> |  | 2.9560 | &nbsp;&nbsp;09/25/65 | $50824 |
| 135000 | Towd Point Mortgage Trust Series 2016-4 B1<sup>(a),(d)</sup> |  | 3.9610 | &nbsp;&nbsp;07/25/56 | 132092 |
| 115000 | Towd Point Mortgage Trust Series 2017-1 M1<sup>(a),(d)</sup> |  | 3.7500 | &nbsp;&nbsp;10/25/56 | 113931 |
| 590000 | Towd Point Mortgage Trust Series 2017-4 A2<sup>(a),(d)</sup> |  | 3.0000 | &nbsp;&nbsp;06/25/57 | 566598 |
| 300000 | Towd Point Mortgage Trust Series 2018-6 A2<sup>(a),(d)</sup> |  | 3.7500 | &nbsp;&nbsp;03/25/58 | 279427 |
| 255000 | Towd Point Mortgage Trust Series 2019-2 A2<sup>(a),(d)</sup> |  | 3.7500 | &nbsp;&nbsp;12/25/58 | 235044 |
| 235000 | Towd Point Mortgage Trust Series 2019-4 A2<sup>(a),(d)</sup> |  | 3.2500 | &nbsp;&nbsp;10/25/59 | 216127 |
|  |  |  |  |  | 1594043 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $77,221,247)** | **TOTAL ASSET BACKED SECURITIES (Cost $77,221,247)** |  |  | 77837232 |
|  | **CORPORATE BONDS — 33.3%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.2%** |  |  |  |  |
| 693000 | Omnicom Group, Inc.<sup>(a)</sup> |  | 5.3750 | &nbsp;&nbsp;06/15/33 | 698874 |
|  | **AEROSPACE & DEFENSE — 0.4%** |  |  |  |  |
| 618000 | Boeing Company (The) |  | 5.9300 | &nbsp;&nbsp;05/01/60 | 610497 |
| 459000 | L3Harris Technologies, Inc. B |  | 5.4000 | &nbsp;&nbsp;07/31/33 | 478390 |
| 185000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;03/01/32 | 191509 |
|  |  |  |  |  | 1280396 |
|  | **ASSET MANAGEMENT — 2.2%** |  |  |  |  |
| 360000 | Apollo Debt Solutions BDC |  | 6.9000 | &nbsp;&nbsp;04/13/29 | 375798 |
| 435000 | Apollo Debt Solutions BDC |  | 5.8750 | &nbsp;&nbsp;08/30/30 | 438585 |
| 547000 | Apollo Global Management, Inc.<sup>(b),(e)</sup> | H15T5Y + 2.168% | 6.0000 | &nbsp;&nbsp;12/15/54 | 547011 |
| 546000 | BlackRock Funding, Inc. |  | 5.2500 | &nbsp;&nbsp;03/14/54 | 520230 |
| 177000 | Blackstone Private Credit Fund |  | 5.9500 | &nbsp;&nbsp;07/16/29 | 180029 |
| 340000 | Blackstone Private Credit Fund |  | 6.0000 | &nbsp;&nbsp;01/29/32 | 341708 |
| 635000 | Blue Owl Finance, LLC |  | 3.1250 | &nbsp;&nbsp;06/10/31 | 576287 |
| 290000 | Blue Owl Finance, LLC |  | 6.2500 | &nbsp;&nbsp;04/18/34 | 299177 |
| 688000 | Brookfield Asset Management Ltd. |  | 5.7950 | &nbsp;&nbsp;04/24/35 | 717696 |
| 225000 | Charles Schwab Corporation (The)<sup>(b)</sup> | SOFRRATE + 2.010% | 6.1360 | &nbsp;&nbsp;08/24/34 | 244734 |
| 467000 | Charles Schwab Corporation (The)<sup>(b)</sup> | H15T10Y + 3.079% | 4.0000 | &nbsp;&nbsp;03/01/69 | 438386 |
| 325000 | Charles Schwab Corporation (The)<sup>(d)</sup> |  | 4.0000 | &nbsp;&nbsp;Perpetual | 323774 |
| 495000 | Drawbridge Special Opportunities Fund, L.P.<sup>(a)</sup> |  | 5.9500 | &nbsp;&nbsp;09/17/30 | 472526 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 2.2% (Continued)** |  |  |  |  |
| 729000 | HA Sustainable Infrastructure Capital, Inc. |  | 6.3750 | &nbsp;&nbsp;07/01/34 | $746339 |
| 220000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation |  | 5.2500 | &nbsp;&nbsp;05/15/27 | 217763 |
| 370000 | UBS Group A.G.<sup>(a),(b)</sup> | H15T1Y + 2.400% | 4.9880 | &nbsp;&nbsp;08/05/33 | 375080 |
| 485000 | UBS Group A.G.<sup>(a),(b)</sup> | USISSO05 + 3.321% | 7.0000 | &nbsp;&nbsp;Perpetual | 492084 |
|  |  |  |  |  | 7307207 |
|  | **AUTOMOTIVE — 0.4%** |  |  |  |  |
| 405000 | Aptiv plc / Aptiv Global Financing DAC<sup>(b)</sup> | H15T5Y + 3.385% | 6.8750 | &nbsp;&nbsp;12/15/54 | 423214 |
| 15000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;02/15/30 | 15700 |
| 72000 | Ford Motor Company |  | 4.7500 | &nbsp;&nbsp;01/15/43 | 57860 |
| 325000 | Ford Motor Credit Company, LLC |  | 4.9700 | &nbsp;&nbsp;04/06/29 | 326778 |
| 89000 | Ford Motor Credit Company, LLC |  | 6.0540 | &nbsp;&nbsp;11/05/31 | 91987 |
| 145000 | Ford Motor Credit Company, LLC |  | 6.5000 | &nbsp;&nbsp;02/07/35 | 151402 |
| 344000 | Stellantis Finance US, Inc.<sup>(a),(e)</sup> |  | 6.4500 | &nbsp;&nbsp;03/18/35 | 358782 |
|  |  |  |  |  | 1425723 |
|  | **BANKING — 5.3%** |  |  |  |  |
| 694000 | Australia & New Zealand Banking Group Ltd.<sup>(a),(b)</sup> | H15T10Y + 1.350% | 5.8160 | &nbsp;&nbsp;06/18/36 | 722001 |
| 64000 | Banco de Credito del Peru S.A.<sup>(a),(b)</sup> | H15T5Y + 2.486% | 6.4500 | &nbsp;&nbsp;07/30/35 | 66819 |
| 120000 | Banco de Credito e Inversiones S.A.<sup>(a),(b)</sup> | H15T5Y + 3.767% | 7.5000 | &nbsp;&nbsp;Perpetual | 127962 |
| 108000 | Banco Mercantil del Norte S.A.<sup>(a),(b)</sup> | H15T5Y + 4.072% | 8.3750 | &nbsp;&nbsp;Perpetual | 114507 |
| 695000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | &nbsp;&nbsp;04/22/32 | 637782 |
| 972000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.738% | 5.5180 | &nbsp;&nbsp;10/25/35 | 993237 |
| 694000 | Barclays plc<sup>(b)</sup> | H15T1Y + 3.500% | 7.4370 | &nbsp;&nbsp;11/02/33 | 793932 |
| 139000 | BBVA Mexico S.A. Institucion De Banca Mult Grupo Financiero BBVA Mexico<sup>(a),(b)</sup> | H15T5Y + 4.214% | 8.1250 | &nbsp;&nbsp;01/08/39 | 151877 |
| 440000 | BPCE S.A.<sup>(a),(b)</sup> | SOFRRATE + 2.590% | 7.0030 | &nbsp;&nbsp;10/19/34 | 490617 |
| 209000 | BPCE S.A.<sup>(a),(b)</sup> | SOFRRATE + 2.610% | 6.9150 | &nbsp;&nbsp;01/14/46 | 223876 |
| 335000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.338% | 6.2700 | &nbsp;&nbsp;11/17/33 | 364680 |
| 239000 | Citigroup, Inc. | SOFRRATE + 2.661% | 6.1740 | &nbsp;&nbsp;05/25/34 | 253379 |
| 583000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.488% | 5.1740 | &nbsp;&nbsp;09/11/36 | 586224 |
| 250000 | Citigroup, Inc.<sup>(b)</sup> | H15T5Y + 3.417% | 3.8750 | &nbsp;&nbsp;Perpetual | 249701 |
| 594000 | Deutsche Bank A.G.<sup>(b),(e)</sup> | SOFRRATE + 2.050% | 5.4030 | &nbsp;&nbsp;09/11/35 | 603320 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **BANKING — 5.3% (Continued)** |  |  |  |  |
| 692000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.660% | 4.3370 | &nbsp;&nbsp;04/25/33 | $678772 |
| 475000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRINDX + 1.870% | 5.7090 | &nbsp;&nbsp;02/02/35 | 494915 |
| 130000 | Huntington Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 1.700% | 6.1410 | &nbsp;&nbsp;11/18/39 | 136153 |
| 710000 | JPMorgan Chase & Company<sup>(d)</sup> |  | 1.9530 | &nbsp;&nbsp;02/04/32 | 632525 |
| 420000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.580% | 5.7170 | &nbsp;&nbsp;09/14/33 | 443444 |
| 480000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.810% | 6.2540 | &nbsp;&nbsp;10/23/34 | 524272 |
| 420000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.635% | 5.5760 | &nbsp;&nbsp;07/23/36 | 432128 |
| 533000 | KeyCorporation<sup>(b)</sup> | SOFRRATE + 2.420% | 6.4010 | &nbsp;&nbsp;03/06/35 | 578078 |
| 693000 | M&T Bank Corporation<sup>(b)</sup> | H15T5Y + 1.430% | 5.4000 | &nbsp;&nbsp;07/30/35 | 700359 |
| 705000 | Mizuho Financial Group, Inc. |  | 2.5640 | &nbsp;&nbsp;09/13/31 | 632724 |
| 626000 | NatWest Group plc<sup>(b)</sup> | H15T5Y + 2.200% | 6.4750 | &nbsp;&nbsp;06/01/34 | 659222 |
| 395000 | PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.394% | 5.5750 | &nbsp;&nbsp;01/29/36 | 410630 |
| 185000 | PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 1.170% | 5.4230 | &nbsp;&nbsp;01/25/41 | 185067 |
| 610000 | Societe Generale S.A.<sup>(a),(b)</sup> | H15T1Y + 2.100% | 6.0660 | &nbsp;&nbsp;01/19/35 | 644579 |
| 200000 | Texas Capital Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 3.150% | 4.0000 | &nbsp;&nbsp;05/06/31 | 198598 |
| 449000 | Toronto-Dominion Bank (The)<sup>(b)</sup> | H15T5Y + 4.075% | 8.1250 | &nbsp;&nbsp;10/31/82 | 470586 |
| 65000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.852% | 5.1220 | &nbsp;&nbsp;01/26/34 | 66025 |
| 515000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.361% | 5.8670 | &nbsp;&nbsp;06/08/34 | 546022 |
| 631000 | US Bancorp<sup>(b),(e)</sup> | SOFRRATE + 1.411% | 5.4240 | &nbsp;&nbsp;02/12/36 | 653629 |
| 292000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 4.8970 | &nbsp;&nbsp;07/25/33 | 295923 |
| 583000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.060% | 6.4910 | &nbsp;&nbsp;10/23/34 | 642252 |
| 988000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 3.453% | 3.9000 | &nbsp;&nbsp;Perpetual | 987322 |
|  |  |  |  |  | 17393139 |
|  | **BIOTECH & PHARMA — 0.7%** |  |  |  |  |
| 711000 | Amgen, Inc. |  | 5.6500 | &nbsp;&nbsp;03/02/53 | 701262 |
| 15000 | Amneal Pharmaceuticals, LLC<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;08/01/32 | 15813 |
| 783000 | EMD Finance, LLC<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;10/15/35 | 781563 |
| 30000 | GENMAB A/S/GENMAB FINANCE, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;12/15/32 | 30791 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 0.7% (Continued)** |  |  |  |  |
| 590000 | Royalty Pharma plc |  | 5.4000 | &nbsp;&nbsp;09/02/34 | $604921 |
| 483000 | Royalty Pharma plc |  | 3.3500 | &nbsp;&nbsp;09/02/51 | 322665 |
| 681 | Viatris, Inc.<sup>(a)</sup> |  | 2.3000 | &nbsp;&nbsp;06/22/27 | 663 |
|  |  |  |  |  | 2457678 |
|  | **CABLE & SATELLITE — 0.4%** |  |  |  |  |
| 14000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;09/01/29 | 14144 |
| 180000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;03/01/30 | 172064 |
| 45000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;08/15/30 | 42325 |
| 725000 | Charter Communications Operating, LLC / Charter Communications Operating Capital |  | 6.4840 | &nbsp;&nbsp;10/23/45 | 683736 |
| 200000 | CSC Holdings, LLC<sup>(a)</sup> |  | 11.7500 | &nbsp;&nbsp;01/31/29 | 146054 |
| 152000 | Directv Financing, LLC<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;08/15/27 | 152816 |
|  |  |  |  |  | 1211139 |
|  | **CHEMICALS — 0.2%** |  |  |  |  |
| 354000 | Bayport Polymers, LLC<sup>(a)</sup> |  | 5.1400 | &nbsp;&nbsp;04/14/32 | 352738 |
| 200000 | INEOS Quattro Finance 2 plc<sup>(a)</sup> |  | 9.6250 | &nbsp;&nbsp;03/15/29 | 158940 |
| 20000 | Solstice Advanced Materials, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;09/30/33 | 20116 |
| 130000 | Windsor Holdings III, LLC<sup>(a)</sup> |  | 8.5000 | &nbsp;&nbsp;06/15/30 | 137144 |
|  |  |  |  |  | 668938 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 5000 | AMN Healthcare, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;01/15/31 | 5070 |
| 616000 | Sodexo, Inc.<sup>(a)</sup> |  | 5.8000 | &nbsp;&nbsp;08/15/35 | 641799 |
|  |  |  |  |  | 646869 |
|  | **CONSTRUCTION MATERIALS — 0.5%** |  |  |  |  |
| 750000 | Eagle Materials, Inc. |  | 5.0000 | &nbsp;&nbsp;03/15/36 | 735425 |
| 709000 | JH North America Holdings, Inc.<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;07/31/32 | 722944 |
| 55000 | Quikrete Holdings, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;03/01/32 | 57028 |
|  |  |  |  |  | 1515397 |
|  | **CONTAINERS & PACKAGING — 0.7%** |  |  |  |  |
| 769000 | Berry Global, Inc. |  | 5.6500 | &nbsp;&nbsp;01/15/34 | 803439 |
| 775000 | Smurfit Kappa Treasury ULC<sup>(e)</sup> |  | 5.7770 | &nbsp;&nbsp;04/03/54 | 785432 |
| 645000 | Sonoco Products Company<sup>(e)</sup> |  | 5.0000 | &nbsp;&nbsp;09/01/34 | 641309 |
|  |  |  |  |  | 2230180 |
|  | **ELEC & GAS MARKETING & TRADING — 0.1%** |  |  |  |  |
| 397000 | New York State Electric & Gas Corporation<sup>(a)</sup> |  | 5.8500 | &nbsp;&nbsp;08/15/33 | 422215 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 2.3%** |  |  |  |  |
| 195000 | AES Corporation (The)<sup>(b)</sup> | H15T5Y + 3.201% | 7.6000 | &nbsp;&nbsp;01/15/55 | $197841 |
| 750000 | Black Hills Corporation |  | 6.1500 | &nbsp;&nbsp;05/15/34 | 804861 |
| 631000 | Capital Power US Holdings, Inc.<sup>(a)</sup> |  | 6.1890 | &nbsp;&nbsp;06/01/35 | 661963 |
| 577000 | CMS Energy Corporation<sup>(b)</sup> | H15T5Y + 4.116% | 4.7500 | &nbsp;&nbsp;06/01/50 | 570469 |
| 650000 | Constellation Energy Generation, LLC |  | 5.8750 | &nbsp;&nbsp;01/15/66 | 637397 |
| 205000 | Dominion Energy, Inc.<sup>(b)</sup> | H15T5Y + 2.511% | 7.0000 | &nbsp;&nbsp;06/01/54 | 221775 |
| 295000 | Dominion Energy, Inc.<sup>(b)</sup> | H15T5Y + 2.006% | 6.2000 | &nbsp;&nbsp;02/15/56 | 296414 |
| 591000 | Electricite de France S.A.<sup>(a)</sup> |  | 6.9000 | &nbsp;&nbsp;05/23/53 | 658613 |
| 235000 | Enel Finance International N.V.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;10/14/32 | 270404 |
| 195000 | Enel Finance International N.V.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;06/26/34 | 201901 |
| 444000 | Entergy Corporation<sup>(b)</sup> | H15T5Y + 2.670% | 7.1250 | &nbsp;&nbsp;12/01/54 | 465099 |
| 271000 | Entergy Texas, Inc. |  | 5.8000 | &nbsp;&nbsp;09/01/53 | 271895 |
| 428000 | NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | H15T5Y + 1.979% | 6.5000 | &nbsp;&nbsp;08/15/55 | 450157 |
| 401000 | NRG Energy, Inc.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;03/15/33 | 441487 |
| 419000 | Puget Energy, Inc. |  | 2.3790 | &nbsp;&nbsp;06/15/28 | 402587 |
| 339000 | Southern California Edison Company |  | 6.0000 | &nbsp;&nbsp;01/15/34 | 356935 |
| 245000 | Vistra Corporation<sup>(a),(b)</sup> | H15T5Y + 6.930% | 8.0000 | &nbsp;&nbsp;Perpetual | 249654 |
| 292000 | Vistra Operations Company, LLC<sup>(a)</sup> |  | 5.7000 | &nbsp;&nbsp;12/30/34 | 299751 |
|  |  |  |  |  | 7459203 |
|  | **ENGINEERING & CONSTRUCTION — 0.1%** |  |  |  |  |
| 140000 | Global Infrastructure Solutions, Inc.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;04/15/32 | 150066 |
| 398000 | Sempra Infrastructure Partners, L.P.<sup>(a)</sup> |  | 3.2500 | &nbsp;&nbsp;01/15/32 | 352470 |
|  |  |  |  |  | 502536 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 530000 | Univision Communications, Inc.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;08/15/28 | 547270 |
|  | **FOOD — 0.5%** |  |  |  |  |
| 594000 | Mars, Inc.<sup>(a)</sup> |  | 5.2000 | &nbsp;&nbsp;03/01/35 | 608745 |
| 685000 | Pilgrim's Pride Corporation |  | 6.2500 | &nbsp;&nbsp;07/01/33 | 732980 |
| 190000 | Post Holdings, Inc.<sup>(a),(e)</sup> |  | 6.3750 | &nbsp;&nbsp;03/01/33 | 191620 |
|  |  |  |  |  | 1533345 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 271000 | Brooklyn Union Gas Company (The)<sup>(a)</sup> |  | 4.8660 | &nbsp;&nbsp;08/05/32 | $269285 |
| 445000 | Ferrellgas Escrow, LLC / FG Operating Finance Corporation Escrow Corporation<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;04/01/29 | 428317 |
| 381000 | KeySpan Gas East Corporation<sup>(a)</sup> |  | 5.9940 | &nbsp;&nbsp;03/06/33 | 401272 |
|  |  |  |  |  | 1098874 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.4%** |  |  |  |  |
| 15000 | Acadia Healthcare Company, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;07/01/28 | 14832 |
| 500000 | CHS/Community Health Systems, Inc.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;05/15/30 | 471828 |
| 736000 | CVS Health Corporation |  | 5.0500 | &nbsp;&nbsp;03/25/48 | 648677 |
| 306000 | CVS Health Corporation<sup>(b)</sup> | H15T5Y + 2.516% | 6.7500 | &nbsp;&nbsp;12/10/54 | 318249 |
| 193000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;06/01/33 | 200508 |
| 171000 | HCA, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/49 | 155498 |
| 340000 | HCA, Inc. |  | 6.0000 | &nbsp;&nbsp;04/01/54 | 338300 |
| 605000 | Icon Investments Six DAC |  | 6.0000 | &nbsp;&nbsp;05/08/34 | 636499 |
| 527000 | IQVIA, Inc. |  | 6.2500 | &nbsp;&nbsp;02/01/29 | 554798 |
| 300000 | IQVIA, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;06/01/32 | 311929 |
| 115000 | Molina Healthcare, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;01/15/33 | 115870 |
| 195000 | Tenet Healthcare Corporation<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;11/15/32 | 197021 |
| 372000 | Universal Health Services, Inc. |  | 2.6500 | &nbsp;&nbsp;01/15/32 | 329219 |
| 422000 | Universal Health Services, Inc. |  | 5.0500 | &nbsp;&nbsp;10/15/34 | 414905 |
|  |  |  |  |  | 4708133 |
|  | **HOME & OFFICE PRODUCTS — 0.1%** |  |  |  |  |
| 225000 | Newell Brands, Inc. |  | 6.3750 | &nbsp;&nbsp;09/15/27 | 227597 |
|  | **HOME CONSTRUCTION — 0.3%** |  |  |  |  |
| 265000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;04/01/30 | 251034 |
| 434000 | Meritage Homes Corporation<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;04/15/29 | 427623 |
| 20000 | Taylor Morrison Communities, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;11/15/32 | 20535 |
| 240000 | Toll Brothers Finance Corporation<sup>(e)</sup> |  | 5.6000 | &nbsp;&nbsp;06/15/35 | 249801 |
|  |  |  |  |  | 948993 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 405000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;08/11/32 | 420134 |
| 115000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.9500 | &nbsp;&nbsp;10/15/33 | 121361 |
| 110000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.8000 | &nbsp;&nbsp;04/15/34 | 115436 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3% (Continued)** | **INDUSTRIAL SUPPORT SERVICES — 0.3% (Continued)** |  |  |  |
| 215000 | Herc Holdings, Inc.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;06/15/30 | $225772 |
| 25000 | Herc Holdings, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;03/15/31 | 25191 |
| 100000 | Herc Holdings, Inc.<sup>(a),(e)</sup> |  | 7.2500 | &nbsp;&nbsp;06/15/33 | 105869 |
|  |  |  |  |  | 1013763 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.4%** |  |  |  |  |
| 486000 | Bank of New York Mellon Corporation (The)<sup>(b)</sup> | SOFRINDX + 2.074% | 5.8340 | &nbsp;&nbsp;10/25/33 | 522377 |
| 203000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.550% | 5.3300 | &nbsp;&nbsp;07/23/35 | 207584 |
| 324000 | Goldman Sachs Group, Inc. (The) |  | 6.4500 | &nbsp;&nbsp;05/01/36 | 354056 |
| 305000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.330% | 4.9390 | &nbsp;&nbsp;10/21/36 | 301150 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.190% | 5.0650 | &nbsp;&nbsp;01/21/37 | 24922 |
| 454000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | &nbsp;&nbsp;04/21/34 | 466181 |
| 777000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | &nbsp;&nbsp;07/21/34 | 805387 |
| 287000 | Morgan Stanley<sup>(b)</sup> | H15T5Y + 2.430% | 5.9480 | &nbsp;&nbsp;01/19/38 | 300426 |
| 541000 | Northern Trust Corporation<sup>(d)</sup> |  | 3.3750 | &nbsp;&nbsp;05/08/32 | 534106 |
| 290000 | Northern Trust Corporation<sup>(b)</sup> | H15T5Y + 1.050% | 5.1170 | &nbsp;&nbsp;11/19/40 | 288814 |
| 565000 | State Street Corporation<sup>(b)</sup> | SOFRRATE + 1.958% | 6.1230 | &nbsp;&nbsp;11/21/34 | 609392 |
| 337000 | State Street Corporation<sup>(b)</sup> | H15T5Y + 2.613% | 6.7000 | &nbsp;&nbsp;Perpetual | 349654 |
|  |  |  |  |  | 4764049 |
|  | **INSURANCE — 1.7%** |  |  |  |  |
| 209000 | Allianz S.E.<sup>(a),(b)</sup> | H15T5Y + 3.232% | 6.3500 | &nbsp;&nbsp;09/06/53 | 223404 |
| 271000 | Allianz S.E.<sup>(a),(b)</sup> | H15T5Y + 2.771% | 5.6000 | &nbsp;&nbsp;09/03/54 | 277028 |
| 105000 | American National Group, Inc.<sup>(b)</sup> | H15T5Y + 3.183% | 7.0000 | &nbsp;&nbsp;12/01/55 | 106104 |
| 425000 | Ascot Group Ltd.<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;12/15/30 | 393736 |
| 300000 | Corebridge Financial, Inc.<sup>(b)</sup> | H15T5Y + 3.846% | 6.8750 | &nbsp;&nbsp;12/15/52 | 308220 |
| 407000 | Corebridge Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.646% | 6.3750 | &nbsp;&nbsp;09/15/54 | 416118 |
| 522000 | F&G Annuities & Life, Inc. |  | 6.5000 | &nbsp;&nbsp;06/04/29 | 542726 |
| 198000 | Global Atlantic Fin Company<sup>(a)</sup> |  | 7.9500 | &nbsp;&nbsp;06/15/33 | 225958 |
| 105000 | Global Atlantic Fin Company<sup>(a),(b)</sup> | H15T5Y + 3.608% | 7.9500 | &nbsp;&nbsp;10/15/54 | 108614 |
| 515000 | Liberty Mutual Group, Inc.<sup>(a),(b)</sup> | H15T5Y + 3.315% | 4.1250 | &nbsp;&nbsp;12/15/51 | 509830 |
| 350000 | Nippon Life Insurance Company<sup>(a),(b)</sup> | H15T5Y + 2.954% | 6.2500 | &nbsp;&nbsp;09/13/53 | 370546 |
| 246000 | Nippon Life Insurance Company<sup>(a),(b),(e)</sup> | H15T5Y + 3.189% | 6.5000 | &nbsp;&nbsp;04/30/55 | 263412 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.7% (Continued)** |  |  |  |  |
| 104000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 3.162% | 5.1250 | &nbsp;&nbsp;03/01/52 | $102807 |
| 210000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.848% | 6.7500 | &nbsp;&nbsp;03/01/53 | 224887 |
| 330000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.404% | 6.5000 | &nbsp;&nbsp;03/15/54 | 347737 |
| 610000 | Reinsurance Group of America, Inc.<sup>(b)</sup> | H15T5Y + 2.392% | 6.6500 | &nbsp;&nbsp;09/15/55 | 630000 |
| 594000 | Sumitomo Life Insurance Company<sup>(a),(b)</sup> | H15T5Y + 2.651% | 5.8750 | &nbsp;&nbsp;09/10/55 | 597968 |
|  |  |  |  |  | 5649095 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 945000 | Meta Platforms, Inc. |  | 5.7500 | &nbsp;&nbsp;11/15/65 | 897313 |
| 165000 | Snap, Inc.<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;03/15/34 | 168649 |
|  |  |  |  |  | 1065962 |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 720000 | Flutter Treasury DAC<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;06/04/31 | 729467 |
| 280000 | Hilton Domestic Operating Company, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;09/15/33 | 285396 |
| 75000 | Rivers Enterprise Lender, LLC / Rivers Enterprise Lender Corporation<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;10/15/30 | 76172 |
|  |  |  |  |  | 1091035 |
|  | **MACHINERY — 0.8%** |  |  |  |  |
| 5000 | CompoSecure Holdings, LLC<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;02/01/33 | 4987 |
| 665000 | Flowserve Corporation |  | 3.5000 | &nbsp;&nbsp;10/01/30 | 636156 |
| 550000 | Ingersoll Rand, Inc. |  | 5.4500 | &nbsp;&nbsp;06/15/34 | 570483 |
| 606000 | Regal Rexnord Corporation |  | 6.4000 | &nbsp;&nbsp;04/15/33 | 648060 |
| 699000 | Veralto Corporation |  | 5.4500 | &nbsp;&nbsp;09/18/33 | 727488 |
|  |  |  |  |  | 2587174 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.0%** |  |  |  |  |
| 915000 | 180 Medical, Inc.<sup>(a)</sup> |  | 5.3000 | &nbsp;&nbsp;10/08/35 | 908883 |
| 795000 | Baxter International, Inc.<sup>(e)</sup> |  | 5.6500 | &nbsp;&nbsp;12/15/35 | 802691 |
| 737000 | DENTSPLY SIRONA, Inc. |  | 3.2500 | &nbsp;&nbsp;06/01/30 | 686367 |
| 776000 | Smith & Nephew plc |  | 5.4000 | &nbsp;&nbsp;03/20/34 | 799106 |
|  |  |  |  |  | 3197047 |
|  | **METALS & MINING — 0.3%** |  |  |  |  |
| 336000 | Corp Nacional del Cobre de Chile<sup>(a)</sup> |  | 5.9500 | &nbsp;&nbsp;01/08/34 | 351817 |
| 306000 | Glencore Funding, LLC<sup>(a)</sup> |  | 2.8500 | &nbsp;&nbsp;04/27/31 | 283789 |
| 250000 | Glencore Funding, LLC<sup>(a)</sup> |  | 5.6340 | &nbsp;&nbsp;04/04/34 | 262267 |
|  |  |  |  |  | 897873 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.4%** |  |  |  |  |
| 275000 | Ascent Resources Utica Holdings, LLC / ARU Finance Corporation<sup>(a)</sup> |  | 6.6250 | 07/15/33 | $284873 |
| 625000 | BP Capital Markets plc<sup>(b)</sup> | H15T5Y + 4.398% | 4.8750 | Perpetual | 620721 |
| 140000 | Buckeye Partners, L.P.<sup>(a)</sup> |  | 6.7500 | 02/01/30 | 146720 |
| 150000 | Columbia Pipelines Operating Company, LLC<sup>(a)</sup> |  | 6.0360 | 11/15/33 | 160363 |
| 552000 | Columbia Pipelines Operating Company, LLC<sup>(a)</sup> |  | 5.4390 | 02/15/35 | 565514 |
| 185000 | DBR Land Holdings, LLC<sup>(a)</sup> |  | 6.2500 | 12/01/30 | 189625 |
| 583000 | Diamondback Energy, Inc. |  | 5.9000 | 04/18/64 | 558797 |
| 738000 | DT Midstream, Inc.<sup>(a)</sup> |  | 4.3750 | 06/15/31 | 723924 |
| 330000 | Enbridge, Inc.<sup>(b)</sup> | H15T10Y + 4.431% | 8.5000 | 01/15/84 | 377721 |
| 120000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.306% | 7.1250 | Perpetual | 124294 |
| 175000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.694% | 6.5000 | Perpetual | 175892 |
| 145000 | EOG Resources, Inc. |  | 5.3500 | 01/15/36 | 148992 |
| 370000 | EOG Resources, Inc. |  | 5.6500 | 12/01/54 | 364832 |
| 654000 | Flex Intermediate Holdco, LLC<sup>(a)</sup> |  | 3.3630 | 06/30/31 | 603288 |
| 305000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 8.8750 | 04/15/30 | 321252 |
| 669000 | Harbour Energy plc<sup>(a)</sup> |  | 6.3270 | 04/01/35 | 685275 |
| 530000 | HF Sinclair Corporation |  | 6.2500 | 01/15/35 | 555169 |
| 87000 | KazMunayGas National Company JSC<sup>(a)</sup> |  | 5.7500 | 04/19/47 | 81912 |
| 85000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | 01/15/38 | 96552 |
| 444000 | Kinder Morgan, Inc. |  | 5.8500 | 06/01/35 | 470347 |
| 50000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.1250 | 02/15/29 | 51911 |
| 80000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.3750 | 02/15/32 | 83762 |
| 375000 | Occidental Petroleum Corporation<sup>(e)</sup> |  | 5.5500 | 10/01/34 | 383834 |
| 271000 | Occidental Petroleum Corporation |  | 6.2000 | 03/15/40 | 276385 |
| 275000 | Pertamina Persero PT<sup>(a)</sup> |  | 6.4500 | 05/30/44 | 289299 |
| 92000 | Petroleos Mexicanos |  | 6.8400 | 01/23/30 | 94426 |
| 308000 | Petroleos Mexicanos |  | 5.9500 | 01/28/31 | 300715 |
| 38000 | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 34205 |
| 70000 | Petroleos Mexicanos |  | 6.9500 | 01/28/60 | 57059 |
| 241000 | Petronas Capital Ltd.<sup>(a)</sup> |  | 5.8480 | 04/03/55 | 251679 |
| 235000 | Reliance Industries Ltd.<sup>(a)</sup> |  | 2.8750 | 01/12/32 | 214046 |
| 368000 | Saudi Arabian Oil Company<sup>(a)</sup> |  | 5.2500 | 07/17/34 | 375197 |
| 110000 | South Bow Canadian Infrastructure Holdings Ltd.<sup>(b)</sup> | H15T5Y + 3.667% | 7.5000 | 03/01/55 | 116352 |
| 95000 | South Bow USA Infrastructure Holdings, LLC |  | 5.5840 | 10/01/34 | 95968 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.4% (Continued)** |  |  |  |  |
| 70000 | South Bow USA Infrastructure Holdings, LLC |  | 6.1760 | &nbsp;&nbsp;10/01/54 | $67575 |
| 787000 | Western Midstream Operating, L.P. |  | 5.2500 | &nbsp;&nbsp;02/01/50 | 677796 |
| 521000 | Williams Companies, Inc. (The) |  | 5.1500 | &nbsp;&nbsp;03/15/34 | 528448 |
|  |  |  |  |  | 11154720 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.1%** |  |  |  |  |
| 180000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;10/01/35 | 186101 |
|  | **PUBLISHING & BROADCASTING — 0.2%** |  |  |  |  |
| 240000 | Gray Media, Inc.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;08/15/33 | 245874 |
| 305000 | Sinclair Television Group, Inc.<sup>(a)</sup> |  | 8.1250 | &nbsp;&nbsp;02/15/33 | 315664 |
|  |  |  |  |  | 561538 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |  |  |  |
| 310000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;01/15/33 | 313451 |
| 260000 | Millrose Properties, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;09/15/32 | 263118 |
| 19000 | Service Properties Trust |  | 4.9500 | &nbsp;&nbsp;02/15/27 | 18936 |
|  |  |  |  |  | 595505 |
|  | **RETAIL - CONSUMER STAPLES — 0.4%** |  |  |  |  |
| 50000 | Albertsons Companies, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;03/31/34 | 49237 |
| 510000 | Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, L.P.<sup>(a)</sup> |  | 4.8750 | &nbsp;&nbsp;02/15/30 | 504445 |
| 775000 | Alimentation Couche-Tard, Inc.<sup>(a)</sup> |  | 5.0770 | &nbsp;&nbsp;09/29/35 | 780124 |
|  |  |  |  |  | 1333806 |
|  | **RETAIL - DISCRETIONARY — 0.4%** |  |  |  |  |
| 175000 | BlueLinx Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;11/15/29 | 173459 |
| 240000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;03/01/34 | 248624 |
| 1045000 | Dick's Sporting Goods, Inc. |  | 4.1000 | &nbsp;&nbsp;01/15/52 | 767972 |
|  |  |  |  |  | 1190055 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 209000 | Broadcom, Inc. |  | 5.1500 | &nbsp;&nbsp;11/15/31 | 216740 |
| 575000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | &nbsp;&nbsp;11/15/35 | 495354 |
| 579000 | Foundry JV Holdco, LLC<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;01/25/34 | 599418 |
| 527000 | Marvell Technology, Inc. |  | 5.4500 | &nbsp;&nbsp;07/15/35 | 542713 |
|  |  |  |  |  | 1854225 |
|  | **SOFTWARE — 0.6%** |  |  |  |  |
| 400000 | Cloud Software Group, Inc.<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;09/30/29 | 404227 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 0.6% (Continued)** |  |  |  |  |
| 105000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<sup>(a)</sup> |  | 8.7500 | &nbsp;&nbsp;05/01/29 | $100187 |
| 270000 | Oracle Corporation |  | 6.2500 | &nbsp;&nbsp;11/09/32 | 281763 |
| 420000 | Oracle Corporation |  | 6.9000 | &nbsp;&nbsp;11/09/52 | 414314 |
| 75000 | Oracle Corporation |  | 3.8500 | &nbsp;&nbsp;04/01/60 | 45669 |
| 724000 | Roper Technologies, Inc.<sup>(e)</sup> |  | 5.1000 | &nbsp;&nbsp;09/15/35 | 723694 |
|  |  |  |  |  | 1969854 |
|  | **SPECIALTY FINANCE — 1.8%** |  |  |  |  |
| 244000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  | 3.3000 | &nbsp;&nbsp;01/30/32 | 225867 |
| 156000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<sup>(b)</sup> | H15T5Y + 2.720% | 6.9500 | &nbsp;&nbsp;03/10/55 | 163452 |
| 224000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<sup>(b)</sup> | H15T5Y + 2.441% | 6.5000 | &nbsp;&nbsp;01/31/56 | 230440 |
| 710000 | Ally Financial, Inc. |  | 8.0000 | &nbsp;&nbsp;11/01/31 | 805774 |
| 767000 | American Express Company<sup>(b)</sup> | SOFRRATE + 1.930% | 5.6250 | &nbsp;&nbsp;07/28/34 | 799538 |
| 810000 | Atlas Warehouse Lending Company, L.P.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;01/15/33 | 811914 |
| 653000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;07/15/30 | 697432 |
| 275000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 4.8750 | &nbsp;&nbsp;01/28/33 | 271337 |
| 647000 | Avolon Holdings Funding Ltd.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;11/15/29 | 672617 |
| 217000 | Capital One Financial Corporation<sup>(d)</sup> |  | 2.3590 | &nbsp;&nbsp;07/29/32 | 190014 |
| 490000 | Capital One Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.860% | 6.3770 | &nbsp;&nbsp;06/08/34 | 526561 |
| 65000 | OneMain Finance Corporation |  | 6.1250 | &nbsp;&nbsp;05/15/30 | 66306 |
| 235000 | OneMain Finance Corporation |  | 6.5000 | &nbsp;&nbsp;03/15/33 | 236385 |
| 255000 | Rocket Companies, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;08/01/33 | 264846 |
|  |  |  |  |  | 5962483 |
|  | **STEEL — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 15000 | Carpenter Technology Corporation<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;03/01/34 | 15241 |
|  | **TECHNOLOGY HARDWARE — 0.2%** |  |  |  |  |
| 785000 | Flex Ltd. |  | 5.3750 | &nbsp;&nbsp;11/13/35 | 785105 |
|  | **TECHNOLOGY SERVICES — 1.3%** |  |  |  |  |
| 165000 | Block, Inc. |  | 6.5000 | &nbsp;&nbsp;05/15/32 | 171011 |
| 90000 | Block, Inc.<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;08/15/33 | 91946 |
| 416000 | Booz Allen Hamilton, Inc.<sup>(a),(e)</sup> |  | 4.0000 | &nbsp;&nbsp;07/01/29 | 408661 |
| 209000 | Booz Allen Hamilton, Inc. |  | 5.9500 | &nbsp;&nbsp;08/04/33 | 217718 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 1.3% (Continued)** |  |  |  |  |
| 866000 | CoStar Group, Inc.<sup>(a)</sup> |  | 2.8000 | &nbsp;&nbsp;07/15/30 | $797668 |
| 800000 | Gartner, Inc.<sup>(a)</sup> |  | 3.7500 | &nbsp;&nbsp;10/01/30 | 758888 |
| 615000 | Global Payments, Inc. |  | 5.5500 | &nbsp;&nbsp;11/15/35 | 610418 |
| 578000 | MSCI, Inc.<sup>(a)</sup> |  | 3.6250 | &nbsp;&nbsp;09/01/30 | 552909 |
| 510000 | Neptune Bidco US, Inc.<sup>(a)</sup> |  | 9.2900 | &nbsp;&nbsp;04/15/29 | 524093 |
|  |  |  |  |  | 4133312 |
|  | **TELECOMMUNICATIONS — 0.2%** |  |  |  |  |
| 488000 | Sprint Capital Corporation |  | 8.7500 | &nbsp;&nbsp;03/15/32 | 591371 |
|  | **TOBACCO & CANNABIS — 0.5%** |  |  |  |  |
| 309000 | BAT Capital Corporation |  | 7.7500 | &nbsp;&nbsp;10/19/32 | 361367 |
| 695000 | Imperial Brands Finance plc<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;07/01/34 | 726483 |
| 510000 | Philip Morris International, Inc. |  | 4.9000 | &nbsp;&nbsp;11/01/34 | 513771 |
|  |  |  |  |  | 1601621 |
|  | **TRANSPORTATION & LOGISTICS — 0.8%** |  |  |  |  |
| 566103 | Alaska Airlines Class A Pass Through Trust Series 2021-1<sup>(a)</sup> |  | 4.8000 | &nbsp;&nbsp;08/15/27 | 569172 |
| 311477 | British Airways Class A Pass Through Trust Series 2021-1<sup>(a)</sup> |  | 2.9000 | &nbsp;&nbsp;03/15/35 | 285620 |
| 296951 | Delta Air Lines Class AA Pass Through Trust Series 2015-1 |  | 3.6250 | &nbsp;&nbsp;07/30/27 | 294029 |
| 128000 | DP World plc<sup>(a)</sup> |  | 6.8500 | &nbsp;&nbsp;07/02/37 | 142643 |
| 175000 | Fedex Freight Holding Company, Inc.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;03/15/36 | 173663 |
| 720000 | Transurban Finance Company Pty Ltd.<sup>(a)</sup> |  | 4.9240 | &nbsp;&nbsp;03/24/36 | 715009 |
| 285937 | United Airlines Class A Pass Through Trust Series 2023-1 |  | 5.8000 | &nbsp;&nbsp;07/15/36 | 300157 |
| 149656 | United Airlines Class AA Pass Through Trust Series 2024-1 |  | 5.4500 | &nbsp;&nbsp;02/15/37 | 153805 |
| 25000 | United Airlines Holdings, Inc. |  | 5.3750 | &nbsp;&nbsp;03/01/31 | 25286 |
|  |  |  |  |  | 2659384 |
|  | **TOTAL CORPORATE BONDS (Cost $106,894,557)** | **TOTAL CORPORATE BONDS (Cost $106,894,557)** |  |  | 109144025 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.9%** |  |  |  |  |
|  | **SOVEREIGN — 2.9%** |  |  |  |  |
| 126000 | Angolan Government International Bond<sup>(a)</sup> |  | 9.2440 | &nbsp;&nbsp;01/15/31 | 126961 |
| 536000 | Brazilian Government International Bond |  | 6.0000 | &nbsp;&nbsp;10/20/33 | 543236 |
| 67000 | Brazilian Government International Bond |  | 6.6250 | &nbsp;&nbsp;03/15/35 | 68960 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.9% (Continued)** |  |  |  |
|  | **SOVEREIGN — 2.9% (Continued)** |  |  |  |
| 56000 | Brazilian Government International Bond | 7.2500 | 01/12/56 | $56098 |
| 81000 | Chile Government International Bond | 3.2500 | 09/21/71 | 50390 |
| 92000 | Colombia Government International Bond | 7.3750 | 04/25/30 | 96490 |
| 91000 | Colombia Government International Bond | 8.0000 | 11/14/35 | 97507 |
| 112000 | Colombia Government International Bond | 7.7500 | 11/07/36 | 117522 |
| 79000 | Colombia Government International Bond | 8.7500 | 11/14/53 | 86872 |
| 34000 | Costa Rica Government International Bond<sup>(a)</sup> | 6.5500 | 04/03/34 | 36915 |
| 30000 | Costa Rica Government International Bond<sup>(a)</sup> | 7.3000 | 11/13/54 | 33427 |
| 150000 | Dominican Republic International Bond<sup>(a)</sup> | 5.5000 | 02/22/29 | 152400 |
| 311000 | Dominican Republic International Bond<sup>(a)</sup> | 4.8750 | 09/23/32 | 298476 |
| 67000 | Dominican Republic International Bond | 6.9500 | 03/15/37 | 71623 |
| 59000 | El Salvador Government International Bond<sup>(a)</sup> | 8.6250 | 02/28/29 | 63564 |
| 141000 | El Salvador Government International Bond | 7.6500 | 06/15/35 | 146640 |
| 71000 | Guatemala Government Bond<sup>(a)</sup> | 6.6000 | 06/13/36 | 76057 |
| 310000 | Hungary Government International Bond<sup>(a)</sup> | 6.2500 | 09/22/32 | 329573 |
| 232000 | Hungary Government International Bond<sup>(a)</sup> | 5.5000 | 03/26/36 | 230923 |
| 200000 | Indonesia Government International Bond | 4.5500 | 01/11/28 | 202151 |
| 156000 | Indonesia Government International Bond | 4.7500 | 09/10/34 | 154207 |
| 304000 | Indonesia Government International Bond<sup>(e)</sup> | 5.1000 | 02/10/54 | 285820 |
| 97000 | Ivory Coast Government International Bond<sup>(a)</sup> | 8.2500 | 01/30/37 | 104941 |
| 272000 | Kazakhstan Government International Bond<sup>(a)</sup> | 5.5000 | 07/01/37 | 276837 |
| 145000 | Mexico Government International Bond | 5.3750 | 03/22/33 | 143487 |
| 175000 | Mexico Government International Bond | 6.0000 | 05/07/36 | 176505 |
| 200000 | Mexico Government International Bond | 6.6250 | 01/29/38 | 208390 |
| 157000 | Morocco Government International Bond<sup>(a)</sup> | 3.0000 | 12/15/32 | 136998 |
| 254000 | Nigeria Government International Bond<sup>(a)</sup> | 10.3750 | 12/09/34 | 300641 |
| 154000 | Nigeria Government International Bond<sup>(a)</sup> | 8.6310 | 01/13/36 | 164830 |
| 201000 | Panama Government International Bond | 7.5000 | 03/01/31 | 222326 |
| 162000 | Panama Government International Bond | 8.0000 | 03/01/38 | 187669 |
| 122000 | Peruvian Government International Bond | 2.7830 | 01/23/31 | 112881 |
| 192000 | Peruvian Government International Bond | 5.3750 | 02/08/35 | 196013 |
| 346000 | Philippine Government International Bond | 4.7500 | 03/05/35 | 342476 |
| 76000 | Republic of Kenya Government International Bond<sup>(a)</sup> | 9.7500 | 02/16/31 | 84103 |
| 145000 | Republic of Kenya Government International Bond<sup>(a)</sup> | 7.8750 | 10/09/33 | 146239 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.9% (Continued)** |  |  |  |
|  | **SOVEREIGN — 2.9% (Continued)** |  |  |  |
| 210000 | Republic of Poland Government International Bond | 4.8750 | &nbsp;&nbsp;10/04/33 | $212660 |
| 82000 | Republic of Poland Government International Bond | 5.1250 | &nbsp;&nbsp;09/18/34 | 83388 |
| 129000 | Republic of Poland Government International Bond | 5.3750 | &nbsp;&nbsp;02/12/35 | 132894 |
| 165000 | Republic of South Africa Government International<sup>(a)</sup> | 6.1250 | &nbsp;&nbsp;12/11/37 | 160359 |
| 200000 | Republic of South Africa Government International Bond | 5.8750 | &nbsp;&nbsp;06/22/30 | 206156 |
| 135000 | Republic of South Africa Government International Bond | 5.6500 | &nbsp;&nbsp;09/27/47 | 111968 |
| 116000 | Republic of Uzbekistan International Bond<sup>(a)</sup> | 6.9000 | &nbsp;&nbsp;02/28/32 | 124955 |
| 206000 | Romanian Government International Bond<sup>(a)</sup> | 5.8750 | &nbsp;&nbsp;01/30/29 | 212894 |
| 217000 | Romanian Government International Bond<sup>(a)</sup> | 7.1250 | &nbsp;&nbsp;01/17/33 | 237472 |
| 46000 | Romanian Government International Bond<sup>(a)</sup> | 6.6250 | &nbsp;&nbsp;05/16/36 | 48218 |
| 154000 | Saudi Government International Bond<sup>(a)</sup> | 4.8750 | &nbsp;&nbsp;07/18/33 | 155110 |
| 319000 | Saudi Government International Bond<sup>(a)</sup> | 5.6250 | &nbsp;&nbsp;01/13/35 | 335412 |
| 95000 | Saudi Government International Bond<sup>(a)</sup> | 4.5000 | &nbsp;&nbsp;10/26/46 | 80033 |
| 149000 | Serbia International Bond<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;09/26/33 | 160636 |
| 170000 | Sri Lanka Government International Bond<sup>(a),(c)</sup> | 3.6000 | &nbsp;&nbsp;02/15/38 | 168540 |
| 143000 | Turkiye Government International Bond | 7.2500 | &nbsp;&nbsp;05/29/32 | 150147 |
| 257000 | Turkiye Government International Bond | 7.6250 | &nbsp;&nbsp;05/15/34 | 274366 |
| 70000 | Turkiye Government International Bond<sup>(e)</sup> | 6.6250 | &nbsp;&nbsp;02/17/45 | 63829 |
| 173000 | UAE International Government Bond<sup>(a)</sup> | 4.0500 | &nbsp;&nbsp;07/07/32 | 172844 |
| 322000 | Uruguay Government International Bond | 5.1000 | &nbsp;&nbsp;06/18/50 | 301006 |
|  |  |  |  | 9523035 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $9,221,363)** |  |  | 9523035 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 94525 | Endeavor Operating Company, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.4220 | &nbsp;&nbsp;01/28/32 | $94702 |
|  | **AEROSPACE & DEFENSE — 0.2%** |  |  |  |  |
| 149201 | Dynasty Acquisition Company, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.3270 | &nbsp;&nbsp;10/27/31 | 149769 |
| 56751 | Dynasty Acquisition Company, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.3270 | &nbsp;&nbsp;10/27/31 | 56967 |
| 79800 | TransDigm, Inc.<sup>(b)</sup> | TSFR3M + 2.250% | 5.9660 | &nbsp;&nbsp;03/22/30 | 79820 |
| 191232 | TransDigm, Inc.<sup>(b)</sup> | TSFR3M + 2.500% | 6.7990 | &nbsp;&nbsp;02/28/31 | 191359 |
|  |  |  |  |  | 477915 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 70000 | Beach Acquisition Bidco, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3080 | &nbsp;&nbsp;06/28/32 | 70219 |
|  | **ASSET MANAGEMENT — 0.0%<sup>()</sup>** |  |  |  |  |
| 294263 | FinCompany I, LLC<sup>(b)</sup> | TSFR3M + 1.750% | 6.0760 | &nbsp;&nbsp;06/27/29 | 294500 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 140000 | American Axle & Manufacturing, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.4050 | &nbsp;&nbsp;09/20/32 | 140525 |
| 204488 | Clarios Global, L.P.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0770 | &nbsp;&nbsp;01/14/32 | 205062 |
|  |  |  |  |  | 345587 |
|  | **BEVERAGES — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 124688 | Sazerac Company, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8130 | &nbsp;&nbsp;06/25/32 | 125155 |
|  | **BIOTECH & PHARMA — 0.2%** |  |  |  |  |
| 30000 | BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | TSFR1M + 1.750% | 5.4270 | &nbsp;&nbsp;01/29/33 | 30075 |
| 230000 | Genmab A/S<sup>(b)</sup> | TSFR1M + 3.000% | 6.7330 | &nbsp;&nbsp;11/18/32 | 231129 |
| 280000 | Grifols Worldwide Operations USA, Inc.<sup>(b)</sup> | TSFR3M + 2.150% | 5.9220 | &nbsp;&nbsp;11/08/27 | 279953 |
|  |  |  |  |  | 541157 |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 192765 | Charter Communications Operating, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.5480 | &nbsp;&nbsp;11/22/31 | 192743 |
| 171426 | Cogeco Communications USA II, L.P.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | &nbsp;&nbsp;09/18/30 | 163835 |
| 211771 | Directv Financing, LLC<sup>(b)</sup> | TSFR1M + 5.365% | 9.7910 | &nbsp;&nbsp;08/02/29 | 212374 |
|  |  |  |  |  | 568952 |
|  | **CHEMICALS — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 106606 | INEOS US Finance, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5770 | &nbsp;&nbsp;02/19/30 | 77290 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 255000 | AlixPartners LLP<sup>(b)</sup> | TSFR1M + 2.000% | 6.3530 | &nbsp;&nbsp;07/30/32 | $253930 |
| 295000 | Brightview Landscapes, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 6.3130 | &nbsp;&nbsp;04/20/29 | 294815 |
| 150786 | Prime Security Services Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 5.6880 | &nbsp;&nbsp;10/15/30 | 150692 |
|  |  |  |  |  | 699437 |
|  | **CONSTRUCTION MATERIALS — 0.1%** |  |  |  |  |
| 127408 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 5.9660 | &nbsp;&nbsp;04/14/31 | 127637 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 195000 | Astoria Energy, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.4250 | &nbsp;&nbsp;06/23/32 | 195837 |
| 191569 | Kestrel Acquisition, LLC<sup>(b)</sup> | TSFR3M + 3.000% | 6.9340 | &nbsp;&nbsp;11/06/31 | 192031 |
| 90000 | Talen Energy Supply, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 6.1060 | &nbsp;&nbsp;10/09/32 | 90135 |
|  |  |  |  |  | 478003 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 202189 | Gates Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.0770 | &nbsp;&nbsp;06/04/31 | 202669 |
| 174126 | MX Holdings US, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;02/19/32 | 174453 |
| 198862 | Wec US Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5740 | &nbsp;&nbsp;01/27/31 | 198908 |
|  |  |  |  |  | 576030 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 237600 | Construction Partners, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8290 | &nbsp;&nbsp;10/29/31 | 238083 |
| 77095 | Cornerstone Generation, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 8.0540 | &nbsp;&nbsp;10/28/31 | 77786 |
| 20000 | Dycom Industries, Inc.<sup>(b)</sup> | TSFR1M + 1.750% | 5.4240 | &nbsp;&nbsp;01/20/33 | 20063 |
| 118800 | Frontdoor, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;12/16/31 | 119815 |
| 90000 | Green Infrastructure Partners, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4220 | &nbsp;&nbsp;09/18/32 | 90169 |
| 213925 | Red SPV, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.5620 | &nbsp;&nbsp;03/08/32 | 214460 |
|  |  |  |  |  | 760376 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 226550 | Univision Communications, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.9410 | &nbsp;&nbsp;01/31/29 | 226763 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 23409 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR1M + 1.000% | 4.3540 | &nbsp;&nbsp;04/02/26 | 18844 |
| 27189 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR1M + 1.000% | 5.3220 | &nbsp;&nbsp;04/02/26 | 26170 |
| 120326 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR3M + 3.400% | 8.3470 | &nbsp;&nbsp;08/02/28 | 2482 |
| 52259 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR3M + 4.400% | 8.5740 | &nbsp;&nbsp;08/02/28 | 2482 |
| 38092 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR3M + 8.150% | 12.4740 | &nbsp;&nbsp;08/02/28 | 19173 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **FOOD — 0.2% (Continued)** |  |  |  |  |
| 382610 | Froneri US, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 5.8770 | &nbsp;&nbsp;09/18/31 | $382449 |
|  |  |  |  |  | 451600 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 147015 | Phoenix Guarantor, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8270 | &nbsp;&nbsp;02/21/31 | 146982 |
| 183150 | Select Medical Corporation<sup>(b)</sup> | TSFR1M + 2.000% | 6.3270 | &nbsp;&nbsp;11/19/31 | 183227 |
|  |  |  |  |  | 330209 |
|  | **HOUSEHOLD PRODUCTS — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 89035 | Energizer Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3270 | &nbsp;&nbsp;03/13/32 | 89035 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 169575 | Resideo Funding, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3580 | &nbsp;&nbsp;08/09/32 | 169682 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.1%** |  |  |  |  |
| 186711 | Citadel Securities, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3270 | &nbsp;&nbsp;10/24/31 | 187203 |
|  | **INSURANCE — 0.1%** |  |  |  |  |
| 250000 | TIH Insurance Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.750% | 6.4220 | &nbsp;&nbsp;05/06/31 | 249766 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 48750 | Caesars Entertainment, Inc.<sup>(b)</sup> | TSFR3M + 2.250% | 6.5770 | &nbsp;&nbsp;02/06/30 | 48552 |
| 205000 | Delta 2 Lux Sarl<sup>(b)</sup> | TSFR1M + 2.000% | 6.2990 | &nbsp;&nbsp;09/10/31 | 205224 |
| 109725 | Entain Holdings Gibraltar Ltd.<sup>(b)</sup> | TSFR3M + 2.250% | 6.5690 | &nbsp;&nbsp;07/30/32 | 109666 |
| 191100 | Flutter Entertainment plc<sup>(b)</sup> | TSFR1M + 1.750% | 6.0490 | &nbsp;&nbsp;11/29/30 | 191148 |
| 124151 | Flutter Financing BV<sup>(b)</sup> | TSFR1M + 2.000% | 6.3530 | &nbsp;&nbsp;06/04/32 | 124098 |
| 302407 | Life Time, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3600 | &nbsp;&nbsp;11/05/31 | 303952 |
| 75000 | Light & Wonder International, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 5.6710 | &nbsp;&nbsp;04/16/29 | 75000 |
| 225000 | Live Nation Entertainment, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 5.7340 | &nbsp;&nbsp;10/19/32 | 225000 |
| 268590 | Playtika Holding Corporation<sup>(b)</sup> | TSFR1M + 2.865% | 7.9430 | &nbsp;&nbsp;03/05/28 | 261256 |
| 183205 | UFC Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.000% | 5.8680 | &nbsp;&nbsp;11/21/31 | 183811 |
|  |  |  |  |  | 1727707 |
|  | **MACHINERY — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 70000 | CompoSecure Holdings, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 5.9380 | &nbsp;&nbsp;01/10/33 | 69957 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.1%** |  |  |  |  |
| 215000 | Hopper Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 5.9380 | &nbsp;&nbsp;01/14/33 | $211894 |
| 204226 | Medline Borrower, L.P.<sup>(b)</sup> | TSFR1M + 1.750% | 5.4660 | &nbsp;&nbsp;10/25/30 | 205046 |
|  |  |  |  |  | 416940 |
|  | **OIL & GAS PRODUCERS — 0.5%** |  |  |  |  |
| 280000 | Blackfin Pipeline, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.1660 | &nbsp;&nbsp;09/29/32 | 282216 |
| 230000 | CQP Holdco, L.P.<sup>(b)</sup> | TSFR3M + 1.750% | 5.4000 | &nbsp;&nbsp;12/15/32 | 229378 |
| 109595 | Freeport LNG Investments LLLP<sup>(b)</sup> | TSFR3M + 3.250% | 7.5190 | &nbsp;&nbsp;12/21/28 | 109855 |
| 170000 | Freeport LNG Investments LLLP<sup>(b)</sup> | TSFR3M + 3.250% | 6.9180 | &nbsp;&nbsp;01/31/33 | 169681 |
| 259291 | GIP Pilot Acquisition Partners, L.P.<sup>(b)</sup> | TSFR3M + 2.000% | 6.2770 | &nbsp;&nbsp;10/04/30 | 259859 |
| 74438 | Hilcorp Energy I, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3140 | &nbsp;&nbsp;02/05/30 | 74624 |
| 204082 | Oryx Midstream Services Permian Basin, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.5750 | &nbsp;&nbsp;10/05/28 | 204436 |
| 73877 | WhiteWater DBR HoldCo, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.5490 | &nbsp;&nbsp;03/03/31 | 74210 |
| 375000 | WhiteWater Matterhorn Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.250% | 5.4020 | &nbsp;&nbsp;06/16/32 | 374120 |
|  |  |  |  |  | 1778379 |
|  | **PUBLISHING & BROADCASTING — 0.1%** |  |  |  |  |
| 383075 | Nexstar Media, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8120 | &nbsp;&nbsp;06/24/32 | 383393 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** |  |  |  |  |
| 171180 | Iron Mountain, Inc.<sup>(b)</sup> | TSFR1M + 2.100% | 6.3270 | &nbsp;&nbsp;01/31/31 | 170056 |
|  | **RETAIL - DISCRETIONARY — 0.1%** |  |  |  |  |
| 276511 | Belron Finance 2019, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 6.8610 | &nbsp;&nbsp;10/16/31 | 277754 |
| 93217 | Harbor Freight Tools USA, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.5770 | &nbsp;&nbsp;06/05/31 | 92249 |
|  |  |  |  |  | 370003 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 142757 | SS&C Technologies, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 7.3440 | &nbsp;&nbsp;05/09/31 | 142919 |
| 128498 | UKG, Inc.<sup>(b)</sup> | TSFR3M + 3.000% | 6.1670 | &nbsp;&nbsp;02/10/31 | 125580 |
|  |  |  |  |  | 268499 |
|  | **TECHNOLOGY SERVICES — 0.1%** |  |  |  |  |
| 147388 | Amentum Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;07/30/31 | 147572 |
| 253 | Neptune Bidco US, Inc.<sup>(b)</sup> | TSFR3M + 5.100% | 9.3300 | &nbsp;&nbsp;04/11/29 | 253 |
| 204820 | North American Bancard, LLC<sup>(b)</sup> | TSFR3M + 2.500% | 6.7990 | &nbsp;&nbsp;11/24/28 | 193920 |
| 160000 | Shift4 Payments, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 5.6870 | &nbsp;&nbsp;07/06/32 | 161166 |
|  |  |  |  |  | 502911 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 0.1%** |  |  |  |  |
| 273560 | Eagle Broadband Investments, LLC<sup>(b)</sup> | TSFR3M + 3.115% | 7.5610 | &nbsp;&nbsp;11/12/27 | $261764 |
|  | **TRANSPORTATION & LOGISTICS — 0.1%** |  |  |  |  |
| 158800 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR3M + 2.250% | 5.9180 | &nbsp;&nbsp;04/20/28 | 159131 |
| 258693 | Rand Parent, LLC<sup>(b)</sup> | TSFR3M + 3.000% | 6.6720 | &nbsp;&nbsp;03/18/30 | 259582 |
|  |  |  |  |  | 418713 |
|  | **TOTAL TERM LOANS (Cost $13,518,759)** |  |  |  | 13309540 |
|  | **U.S. GOVERNMENT & AGENCIES — 31.1%** |  |  |  |  |
|  | **AGENCY FIXED RATE — 14.6%** |  |  |  |  |
| 5083 | Fannie Mae Pool 735061 |  | 6.0000 | &nbsp;&nbsp;11/01/34 | 5302 |
| 7172 | Fannie Mae Pool 866009 |  | 6.0000 | &nbsp;&nbsp;03/01/36 | 7574 |
| 41243 | Fannie Mae Pool 938574 |  | 5.5000 | &nbsp;&nbsp;09/01/36 | 42945 |
| 20805 | Fannie Mae Pool 310041 |  | 6.5000 | &nbsp;&nbsp;05/01/37 | 22101 |
| 8097 | Fannie Mae Pool 962752 |  | 5.0000 | &nbsp;&nbsp;04/01/38 | 8305 |
| 11986 | Fannie Mae Pool 909175 |  | 5.5000 | &nbsp;&nbsp;04/01/38 | 12458 |
| 25582 | Fannie Mae Pool 909220 |  | 6.0000 | &nbsp;&nbsp;08/01/38 | 27120 |
| 37740 | Fannie Mae Pool AS7026 |  | 4.0000 | &nbsp;&nbsp;04/01/46 | 36775 |
| 60594 | Fannie Mae Pool BJ9260 |  | 4.0000 | &nbsp;&nbsp;04/01/48 | 58954 |
| 667404 | Fannie Mae Pool FS4991 |  | 3.0000 | &nbsp;&nbsp;03/01/52 | 593007 |
| 1161253 | Fannie Mae Pool FS8360 |  | 3.5000 | &nbsp;&nbsp;09/01/52 | 1076674 |
| 577675 | Fannie Mae Pool MA4805 |  | 4.5000 | &nbsp;&nbsp;11/01/52 | 568492 |
| 731787 | Fannie Mae Pool FS4438 |  | 5.0000 | &nbsp;&nbsp;11/01/52 | 734937 |
| 1096966 | Fannie Mae Pool MA4839 |  | 4.0000 | &nbsp;&nbsp;12/01/52 | 1049749 |
| 2083217 | Fannie Mae Pool FS7751 |  | 4.0000 | &nbsp;&nbsp;03/01/53 | 1999836 |
| 464097 | Fannie Mae Pool MA4980 |  | 6.0000 | &nbsp;&nbsp;04/01/53 | 478947 |
| 466218 | Fannie Mae Pool MA5072 |  | 5.5000 | &nbsp;&nbsp;06/01/53 | 473780 |
| 886580 | Fannie Mae Pool CB6857 |  | 4.5000 | &nbsp;&nbsp;08/01/53 | 874043 |
| 2260672 | Fannie Mae Pool FA1728 |  | 6.0000 | &nbsp;&nbsp;10/01/53 | 2324892 |
| 455060 | Fannie Mae Pool FS6679 |  | 6.0000 | &nbsp;&nbsp;12/01/53 | 468230 |
| 2241216 | Fannie Mae Pool MA5271 |  | 5.5000 | &nbsp;&nbsp;02/01/54 | 2276551 |
| 3245367 | Fannie Mae Pool FA2472 |  | 5.0000 | &nbsp;&nbsp;04/01/54 | 3256498 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 31.1% (Continued)** |  |  |  |
|  | **AGENCY FIXED RATE — 14.6% (Continued)** |  |  |  |
| 1703332 | Fannie Mae Pool MA5385 | 4.0000 | &nbsp;&nbsp;06/01/54 | $1629287 |
| 1089021 | Fannie Mae Pool FS8791 | 6.0000 | &nbsp;&nbsp;08/01/54 | 1115300 |
| 1456943 | Fannie Mae Pool FA0685 | 6.0000 | &nbsp;&nbsp;01/01/55 | 1495068 |
| 3592178 | Fannie Mae Pool FA1378 | 4.0000 | &nbsp;&nbsp;03/01/55 | 3445461 |
| 45537 | Freddie Mac Gold Pool G01980 | 5.0000 | &nbsp;&nbsp;12/01/35 | 46694 |
| 7671 | Freddie Mac Gold Pool G05888 | 5.5000 | &nbsp;&nbsp;10/01/39 | 7983 |
| 194675 | Freddie Mac Pool SB8269 | 6.0000 | &nbsp;&nbsp;10/01/38 | 201991 |
| 1884952 | Freddie Mac Pool SD2026 | 5.0000 | &nbsp;&nbsp;11/01/52 | 1892870 |
| 486979 | Freddie Mac Pool SD3238 | 5.5000 | &nbsp;&nbsp;12/01/52 | 495559 |
| 1639656 | Freddie Mac Pool SD8309 | 6.0000 | &nbsp;&nbsp;03/01/53 | 1690105 |
| 1046586 | Freddie Mac Pool SD5594 | 5.5000 | &nbsp;&nbsp;07/01/53 | 1065000 |
| 769652 | Freddie Mac Pool SD8343 | 6.0000 | &nbsp;&nbsp;07/01/53 | 792852 |
| 452061 | Freddie Mac Pool SD8350 | 6.0000 | &nbsp;&nbsp;08/01/53 | 465072 |
| 1790865 | Freddie Mac Pool SD5856 | 3.5000 | &nbsp;&nbsp;01/01/54 | 1660427 |
| 997233 | Freddie Mac Pool SD8409 | 6.0000 | &nbsp;&nbsp;03/01/54 | 1023408 |
| 2489620 | Freddie Mac Pool SD8418 | 4.5000 | &nbsp;&nbsp;04/01/54 | 2443090 |
| 1240728 | Freddie Mac Pool SL0627 | 6.0000 | &nbsp;&nbsp;10/01/54 | 1272986 |
| 7054869 | Freddie Mac Pool SD8492 | 5.0000 | &nbsp;&nbsp;01/01/55 | 7059930 |
| 1009199 | Freddie Mac Pool SD8494 | 5.5000 | &nbsp;&nbsp;01/01/55 | 1024381 |
| 2580144 | Freddie Mac Pool SL2922 | 5.5000 | &nbsp;&nbsp;10/01/55 | 2622541 |
|  |  |  |  | 47847175 |
|  | **U.S. TREASURY BONDS — 1.2%** |  |  |  |
| 2405000 | United States Treasury Bond | 1.2500 | &nbsp;&nbsp;05/15/50 | 1153132 |
| 5850000 | United States Treasury Bond | 1.3750 | &nbsp;&nbsp;08/15/50 | 2881125 |
|  |  |  |  | 4034257 |
|  | **U.S. TREASURY NOTES — 15.3%** |  |  |  |
| 775000 | United States Treasury Note | 4.3750 | &nbsp;&nbsp;08/15/26 | 778002 |
| 370000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;01/31/29 | 374141 |
| 3280000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;07/31/29 | 3316772 |
| 1055000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;03/31/30 | 1065962 |
| 1380000 | United States Treasury Note | 3.8750 | &nbsp;&nbsp;07/31/30 | 1386927 |
| 890000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;02/15/34 | 883342 |
| 1875000 | United States Treasury Note | 3.8750 | &nbsp;&nbsp;08/15/34 | 1838232 |
| 6300000 | United States Treasury Note | 4.6250 | &nbsp;&nbsp;02/15/35 | 6506965 |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 31.1% (Continued)** |  |  |  |
|  | **U.S. TREASURY NOTES — 15.3% (Continued)** |  |  |  |
| 5045000 | United States Treasury Note | 4.2500 | &nbsp;&nbsp;05/15/35 | $5061554 |
| 1135000 | United States Treasury Note | 1.8750 | &nbsp;&nbsp;11/15/51 | 627531 |
| 4100000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;11/15/52 | 3551945 |
| 1950000 | United States Treasury Note | 3.6250 | &nbsp;&nbsp;02/15/53 | 1576529 |
| 2610000 | United States Treasury Note | 3.6250 | &nbsp;&nbsp;05/15/53 | 2108391 |
| 4875000 | United States Treasury Note | 4.2500 | &nbsp;&nbsp;02/15/54 | 4400830 |
| 5770000 | United States Treasury Note | 4.6250 | &nbsp;&nbsp;05/15/54 | 5544722 |
| 365000 | United States Treasury Note | 4.2500 | &nbsp;&nbsp;08/15/54 | 329405 |
| 3310000 | United States Treasury Note | 4.5000 | &nbsp;&nbsp;11/15/54 | 3115020 |
| 6235000 | United States Treasury Note | 4.6250 | &nbsp;&nbsp;02/15/55 | 5991567 |
| 1775000 | United States Treasury Note | 4.7500 | &nbsp;&nbsp;05/15/55 | 1740748 |
|  |  |  |  | 50198585 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $105,347,828)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $105,347,828)** |  | 102080017 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 6.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 2.1%** |  |
| 6793257 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $6,793,257)<sup>(g),(h)</sup> | 6793257 |
|  | **MONEY MARKET FUNDS – 4.5%** |  |
| 14703221 | Fidelity Government Portfolio, Institutional, 3.57% (Cost $14,703,221)<sup>(h)</sup> | 14703221 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $21,496,478)** | 21496478 |
|  | **TOTAL INVESTMENTS – 101.8% (Cost $333,700,232)** | $333390327 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%** | (5739150) |
|  | **NET ASSETS - 100.0%** | $327651177 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(i)</sup>** | **Value and <br> Unrealized <br> Depreciation** |
| 70 | CBOT US Treasure Bond Futures | 03/23/2026 | $8058750 | $(4375) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description** | **Counterparty** | **Fixed Deal <br> (Pay)Rate** | **Implied <br> Credit <br> Spread <sup>(k)</sup>** | **Maturity <br> Date** | **Notional <br> Value<sup>(i)</sup>** | **Amortized <br> Upfront <br> Payments <br> Paid/ <br> (Received)** | **Fair Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX.NA.HY SERIES 45 &nbsp;&nbsp;&nbsp;Quarterly<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/2030 | $3445200 | $(293126) | $(308743) | $(15616) |
| **TOTAL** |  |  |  |  |  | **(293126)** | **(308743)** | **(15616)** |

---

<sup>(1)</sup> Buy Protection

---

| | |
|:---|:---|
| ABS | - Asset Backed Securities |
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRINDX | Secured Overnight Financing Rate Compounded |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 month |
| TSFR3M | Secured Overnight Financing Rate 3 month |
| US0001M | ICE LIBOR USD 1 Month |
| USISSO05 | 5Y SOFR Swap Rate |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is $119,307,095 or 36.4% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2026.

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

<sup>(d)</sup> 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.

<sup>(e)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $6,642,052 at January 31, 2026.

<sup>(f)</sup> Percentage rounds to less than 0.1%.

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

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

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

<sup>(j)</sup> 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.

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

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 0.2%** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.2%** |  |
| 7877 | Aimbridge Hospitality 3/25<sup>(a)</sup> | $401727 |
|  | **TOTAL COMMON STOCKS (Cost $531,697)** | 401727 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 5.2%** |  |  |  |  |
|  | **CLO — 5.2%** |  |  |  |  |
| 1500000 | Bain Capital Credit CLO 2021-1 Ltd. Series 1A ER<sup>(b),(c)</sup> | TSFR3M + 6.300% | 9.9680 | &nbsp;&nbsp;04/18/34 | 1429832 |
| 3000000 | Bain Capital Credit CLO 2021-7 Ltd. Series 7A ER<sup>(b),(c)</sup> | TSFR3M + 6.500% | 10.1690 | &nbsp;&nbsp;01/22/35 | 2839899 |
| 2250000 | BlueMountain CLO XXXII Ltd. Series 32A ER<sup>(b),(c)</sup> | TSFR3M + 6.600% | 10.2720 | &nbsp;&nbsp;10/15/34 | 2260451 |
| 3500000 | BlueMountain CLO XXXIII Ltd. Series 33A ER<sup>(b),(c)</sup> | TSFR3M + 6.930% | 10.5980 | &nbsp;&nbsp;10/20/38 | 3391860 |
| 1400000 | Sculptor CLO XXXVI LTD Series 36A D2<sup>(b),(c)</sup> | TSFR3M + 4.150% | 7.8160 | &nbsp;&nbsp;01/30/39 | 1401795 |
|  |  |  |  |  | 11323837 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $11,580,777)** | **TOTAL ASSET BACKED SECURITIES (Cost $11,580,777)** |  |  | 11323837 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.7%** |  |  |  |  |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 200000 | BioMarin Pharmaceutical, Inc.<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;02/15/34 | 200750 |
|  | **CABLE & SATELLITE — 0.8%** |  |  |  |  |
| 445000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.0000 | &nbsp;&nbsp;01/15/28 | 323505 |
| 492000 | Cable One, Inc.<sup>(b),(d)</sup> |  | 4.0000 | &nbsp;&nbsp;11/15/30 | 358453 |
| 600000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b),(d)</sup> |  | 4.2500 | &nbsp;&nbsp;01/15/34 | 507951 |
| 575000 | Sirius XM Radio, Inc.<sup>(b),(d)</sup> |  | 4.1250 | &nbsp;&nbsp;07/01/30 | 542597 |
|  |  |  |  |  | 1732506 |
|  | **CONTAINERS & PACKAGING — 0.2%** |  |  |  |  |
| 400000 | Iris Holding, Inc.<sup>(b),(d)</sup> |  | 10.0000 | &nbsp;&nbsp;12/15/28 | 362589 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |  |
| 515000 | Wayfair, Inc.<sup>(b)</sup> |  | 6.7500 | &nbsp;&nbsp;11/15/32 | 532672 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.7% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 0.5%** |  |  |  |  |
| 525000 | California Buyer Ltd. / Atlantica Sustainable<sup>(b)</sup> |  | 6.3750 | &nbsp;&nbsp;02/15/32 | $524139 |
| 525000 | NextEra Energy Operating Partners, L.P.<sup>(b),(d)</sup> |  | 7.2500 | &nbsp;&nbsp;01/15/29 | 541988 |
| 221000 | XPLR Infrastructure Operating Partners, L.P.<sup>(b)</sup> |  | 7.7500 | &nbsp;&nbsp;04/15/34 | 225302 |
|  |  |  |  |  | 1291429 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 490000 | Univision Communications, Inc.<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;07/31/31 | 510972 |
| 525000 | ViacomCBS, Inc.<sup>(e)</sup> | US0003M + 3.899% | 6.2500 | &nbsp;&nbsp;02/28/57 | 477553 |
|  |  |  |  |  | 988525 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 509000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b),(d)</sup> |  | 4.8750 | &nbsp;&nbsp;06/01/29 | 483562 |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 500000 | Venture Global Plaquemines Lng, LLC<sup>(b),(d)</sup> |  | 7.5000 | &nbsp;&nbsp;05/01/33 | 548373 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.2%** |  |  |  |  |
| 270000 | Tenet Healthcare Corporation<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;11/15/32 | 272799 |
| 145000 | Tenet Healthcare Corporation<sup>(b),(d)</sup> |  | 6.0000 | &nbsp;&nbsp;11/15/33 | 149284 |
|  |  |  |  |  | 422083 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.2%** |  |  |  |  |
| 500000 | VFH Parent, LLC / Valor Co-Issuer, Inc.<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;06/15/31 | 524058 |
|  | **LEISURE FACILITIES & SERVICES — 0.8%** |  |  |  |  |
| 490000 | Carnival Corporation<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;08/01/32 | 503888 |
| 582000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b)</sup> |  | 4.8750 | &nbsp;&nbsp;07/01/31 | 543335 |
| 520000 | Light & Wonder International, Inc.<sup>(b)</sup> |  | 6.2500 | &nbsp;&nbsp;10/01/33 | 526744 |
|  |  |  |  |  | 1573967 |
|  | **METALS & MINING — 0.2%** |  |  |  |  |
| 168000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 9.2500 | &nbsp;&nbsp;10/01/28 | 176626 |
| 336000 | Mineral Resources Ltd.<sup>(b),(d)</sup> |  | 8.5000 | &nbsp;&nbsp;05/01/30 | 348612 |
|  |  |  |  |  | 525238 |
|  | **OIL & GAS PRODUCERS — 2.7%** |  |  |  |  |
| 395000 | Civitas Resources, Inc.<sup>(b)</sup> |  | 8.6250 | &nbsp;&nbsp;11/01/30 | 418044 |
| 305000 | Crescent Energy Finance, LLC<sup>(b)</sup> |  | 7.3750 | &nbsp;&nbsp;01/15/33 | 295277 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.7% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 2.7% (Continued)** |  |  |  |  |
| 360000 | Crescent Energy Finance, LLC<sup>(b)</sup> |  | 8.3750 | &nbsp;&nbsp;01/15/34 | $363661 |
| 225000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(b)</sup> |  | 8.6250 | &nbsp;&nbsp;03/15/29 | 235260 |
| 146000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(b)</sup> |  | 7.3750 | &nbsp;&nbsp;06/30/33 | 150228 |
| 500000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.8750 | &nbsp;&nbsp;05/15/32 | 522056 |
| 400000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 6.0000 | &nbsp;&nbsp;02/01/31 | 386528 |
| 494000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | &nbsp;&nbsp;08/01/29 | 476549 |
| 535000 | Murphy Oil Corporation |  | 6.5000 | &nbsp;&nbsp;02/15/34 | 533439 |
| 545000 | Northern Oil & Gas, Inc.<sup>(b)</sup> |  | 7.8750 | &nbsp;&nbsp;10/15/33 | 550327 |
| 525000 | Sunoco, L.P.<sup>(b)</sup> |  | 5.8750 | &nbsp;&nbsp;03/15/34 | 526670 |
| 443000 | Venture Global LNG, Inc.<sup>(b),(d)</sup> |  | 8.3750 | &nbsp;&nbsp;06/01/31 | 453367 |
| 325000 | Vital Energy, Inc.<sup>(b)</sup> |  | 7.8750 | &nbsp;&nbsp;04/15/32 | 323456 |
| 383000 | Wildfire Intermediate Holdings, LLC<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;10/15/29 | 389209 |
|  |  |  |  |  | 5624071 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |  |  |  |
| 500000 | Service Properties Trust |  | 8.8750 | &nbsp;&nbsp;06/15/32 | 497420 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.3%** |  |  |  |  |
| 558000 | Kennedy-Wilson, Inc. |  | 4.7500 | &nbsp;&nbsp;03/01/29 | 546399 |
|  | **RETAIL - DISCRETIONARY — 0.5%** |  |  |  |  |
| 525000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(b),(d)</sup> |  | 8.2500 | &nbsp;&nbsp;01/15/30 | 543758 |
| 19000 | Hertz Corporation (The)<sup>(b),(d)</sup> |  | 4.6250 | &nbsp;&nbsp;12/01/26 | 17888 |
| 425000 | Hertz Corporation (The)<sup>(b),(d)</sup> |  | 12.6250 | &nbsp;&nbsp;07/15/29 | 428148 |
| 167000 | Kohl's Corporation |  | 5.1250 | &nbsp;&nbsp;05/01/31 | 143085 |
|  |  |  |  |  | 1132879 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 210000 | Cloud Software Group, Inc.<sup>(b)</sup> |  | 8.2500 | &nbsp;&nbsp;06/30/32 | 213772 |
|  | **SPECIALTY FINANCE — 0.8%** |  |  |  |  |
| 236000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.8750 | &nbsp;&nbsp;04/15/30 | 230988 |
| 500000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | &nbsp;&nbsp;11/01/29 | 437527 |
| 515000 | Credit Acceptance Corporation<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;03/15/30 | 516146 |
| 510000 | goeasy Ltd.<sup>(b)</sup> |  | 6.8750 | &nbsp;&nbsp;05/15/30 | 485546 |
|  |  |  |  |  | 1670207 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 10.7% (Continued)** | **CORPORATE BONDS — 10.7% (Continued)** |  |  | |
|  | **STEEL — 0.2%** |  |  |  |  |
| 485000 | Cleveland-Cliffs, Inc.<sup>(b),(d)</sup> |  | 7.3750 | &nbsp;&nbsp;05/01/33 | $506492 |
|  | **TECHNOLOGY HARDWARE — 0.3%** |  |  |  |  |
| 500000 | EquipmentShare.com, Inc.<sup>(b),(d)</sup> |  | 8.0000 | &nbsp;&nbsp;03/15/33 | 527905 |
| 196000 | Viasat, Inc.<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;05/30/31 | 190577 |
|  |  |  |  |  | 718482 |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |  |
| 380000 | ION Platform Finance US, Inc. / ION Platform<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;05/01/28 | 354956 |
| 475000 | ION Platform Finance US, Inc. / ION Platform<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;05/15/28 | 450852 |
| 545000 | Mobius Merger Sub, Inc.<sup>(b)</sup> |  | 9.0000 | &nbsp;&nbsp;06/01/30 | 322289 |
|  |  |  |  |  | 1128097 |
|  | **TELECOMMUNICATIONS — 0.6%** |  |  |  |  |
| 300000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;04/15/31 | 321446 |
| 200000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 7.0000 | &nbsp;&nbsp;04/15/32 | 205249 |
| 152000 | Rogers Communications, Inc.<sup>(e)</sup> | H15T5Y + 2.653% | 7.0000 | &nbsp;&nbsp;04/15/55 | 157668 |
| 353000 | Rogers Communications, Inc.<sup>(d),(e)</sup> | H15T5Y + 2.620% | 7.1250 | &nbsp;&nbsp;04/15/55 | 370821 |
| 350000 | Sable International Finance Ltd.<sup>(b)</sup> |  | 7.1250 | &nbsp;&nbsp;10/15/32 | 354128 |
|  |  |  |  |  | 1409312 |
|  | **TRANSPORTATION & LOGISTICS — 0.2%** |  |  |  |  |
| 514000 | Star Leasing Company, LLC<sup>(b)</sup> |  | 7.6250 | &nbsp;&nbsp;02/15/30 | 492126 |
|  | **TOTAL CORPORATE BONDS (Cost $23,112,508)** |  |  |  | 23125009 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.7%** |  |  |  |  |
| 1121373 | Endeavor Operating Company, LLC<sup>(c)</sup> | TSFR1M + 2.754% | 6.4220 | &nbsp;&nbsp;01/28/32 | 1123475 |
| 356606 | Planet US Buyer, LLC<sup>(c)</sup> | TSFR3M + 3.670% | 7.3300 | &nbsp;&nbsp;02/10/31 | 357409 |
|  |  |  |  |  | 1480884 |
|  | **AEROSPACE & DEFENSE — 0.7%** |  |  |  |  |
| 63443 | Kaman Corporation<sup>(c)</sup> | TSFR1M + 3.381% | 7.0490 | &nbsp;&nbsp;01/30/32 | 63491 |
| 671131 | Kaman Corporation<sup>(c)</sup> | TSFR1M + 3.415% | 7.0830 | &nbsp;&nbsp;01/30/32 | 671645 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.7% (Continued)** |  |  |  |  |
| 699597 | TransDigm Group, Inc.<sup>(c)</sup> | TSFR1M + 3.189% | 6.8570 | 08/13/32 | $699863 |
|  |  |  |  |  | 1434999 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.1%** |  |  |  |  |
| 480620 | Beach Acquisition Bidco, LLC<sup>(c)</sup> | TSFR1M + 3.640% | 7.3080 | &nbsp;&nbsp;06/28/32 | 482122 |
| 1999408 | Varsity Brands, Inc.<sup>(c)</sup> | TSFR1M + 3.004% | 6.6720 | &nbsp;&nbsp;08/26/31 | 2001908 |
|  |  |  |  |  | 2484030 |
|  | **ASSET MANAGEMENT — 3.6%** |  |  |  |  |
| 855045 | Clue Opco, LLC<sup>(c)</sup> | TSFR3M + 5.120% | 8.7800 | &nbsp;&nbsp;12/19/30 | 853736 |
| 387337 | Deep Blue Operating I, LLC<sup>(c)</sup> | TSFR1M + 3.305% | 6.9730 | &nbsp;&nbsp;09/17/32 | 389034 |
| 781413 | Dragon Buyer, Inc.<sup>(c)</sup> | TSFR1M + 3.631% | 7.2990 | &nbsp;&nbsp;09/24/31 | 771161 |
| 1474804 | Focus Financial Partners, LLC<sup>(c)</sup> | TSFR1M + 2.548% | 6.2160 | &nbsp;&nbsp;09/15/31 | 1468101 |
| 1482135 | Hightower Holding, LLC<sup>(c)</sup> | TSFR3M + 3.404% | 7.0640 | &nbsp;&nbsp;02/03/32 | 1480283 |
| 1867894 | Nexus Buyer, LLC<sup>(c)</sup> | TSFR1M + 3.548% | 7.2160 | &nbsp;&nbsp;07/31/31 | 1829097 |
| 1057545 | Osaic Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.927% | 6.5950 | &nbsp;&nbsp;07/19/32 | 1051205 |
|  |  |  |  |  | 7842617 |
|  | **AUTOMOTIVE — 1.6%** |  |  |  |  |
| 962707 | American Axle & Manufacturing, Inc.<sup>(c)</sup> | TSFR1M + 3.737% | 7.4050 | &nbsp;&nbsp;09/20/32 | 966317 |
| 1092934 | Clarios Global, L.P.<sup>(c)</sup> | TSFR1M + 3.409% | 7.0770 | &nbsp;&nbsp;01/14/32 | 1096005 |
| 2138954 | First Brands Group, LLC<sup>(c)</sup> | US0001M + 5.000% | 9.5700 | &nbsp;&nbsp;03/24/27 | 11946 |
| 725779 | First Brands Group, LLC<sup>(c)</sup> | TSFR1M + 5.902% | 9.5700 | &nbsp;&nbsp;03/30/27 | 4053 |
| 526111 | IXS Holdings, Inc.<sup>(c)</sup> | TSFR3M + 6.074% | 9.7340 | &nbsp;&nbsp;09/05/29 | 526935 |
| 882882 | PAI Holdco, Inc.<sup>(c)</sup> | US0001M + 5.041% | 8.2910 | &nbsp;&nbsp;10/28/27 | 769697 |
|  |  |  |  |  | 3374953 |
|  | **BEVERAGES — 0.4%** |  |  |  |  |
| 819389 | Pegasus Bidco BV<sup>(c)</sup> | TSFR3M + 3.102% | 6.7620 | &nbsp;&nbsp;07/12/29 | 822461 |
|  | **BIOTECH & PHARMA — 0.4%** |  |  |  |  |
| 495717 | Amneal Pharmaceuticals, LLC<sup>(c)</sup> | TSFR1M + 3.548% | 7.2160 | &nbsp;&nbsp;07/26/32 | 498195 |
| 280557 | BioMarin Pharmaceutical, Inc.<sup>(c)</sup> | TSFR1M + 1.759% | 5.4270 | &nbsp;&nbsp;01/29/33 | 281259 |
|  |  |  |  |  | 779454 |
|  | **CABLE & SATELLITE — 2.9%** |  |  |  |  |
| 2115854 | Altice Financing S.A.<sup>(c)</sup> | TSFR1M + 5.634% | 9.3020 | &nbsp;&nbsp;10/31/27 | 1622860 |
| 1500000 | Coral-US Co-Borrower, LLC<sup>(c)</sup> | TSFR1M + 3.838% | 7.5060 | &nbsp;&nbsp;01/30/32 | 1464480 |
| 493438 | CSC Holdings, LLC<sup>(c)</sup> | US0001M + 5.750% | 9.0000 | &nbsp;&nbsp;04/15/27 | 441751 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 2.9% (Continued)** |  |  |  |  |
| 870458 | Sunrise Financing Partnership<sup>(c)</sup> | TSFR1M + 3.125% | 6.7930 | &nbsp;&nbsp;02/17/32 | $869705 |
| 1980000 | Virgin Media Bristol, LLC<sup>(c)</sup> | US0001M + 3.250% | 7.6760 | &nbsp;&nbsp;01/10/29 | 1980376 |
|  |  |  |  |  | 6379172 |
|  | **CHEMICALS — 3.1%** |  |  |  |  |
| 1254732 | AIP RD Buyer Corporation<sup>(c)</sup> | TSFR1M + 3.989% | 7.6570 | &nbsp;&nbsp;12/23/30 | 1246501 |
| 892728 | Consolidated Energy Finance S.A.<sup>(c)</sup> | TSFR1M + 5.889% | 9.5570 | &nbsp;&nbsp;11/08/30 | 783092 |
| 953126 | Groupe Solmax, Inc.<sup>(c)</sup> | US0001M + 4.750% | 9.1910 | &nbsp;&nbsp;07/23/28 | 811425 |
| 1035497 | Iris Holding, Inc.<sup>(c)</sup> | TSFR1M + 5.462% | 9.1300 | &nbsp;&nbsp;06/15/28 | 1004759 |
| 1166914 | Nouryon Finance BV<sup>(c)</sup> | TSFR3M + 3.376% | 7.0360 | &nbsp;&nbsp;04/03/28 | 1168373 |
| 705775 | Solenis Holdings Ltd.<sup>(c)</sup> | TSFR3M + 3.639% | 7.2990 | &nbsp;&nbsp;06/23/31 | 697041 |
| 905574 | Windsor Holdings III, LLC<sup>(c)</sup> | TSFR1M + 2.798% | 6.4660 | &nbsp;&nbsp;08/01/30 | 908974 |
|  |  |  |  |  | 6620165 |
|  | **COMMERCIAL SUPPORT SERVICES — 4.7%** |  |  |  |  |
| 1197686 | Action Environmental Group, Inc. (The)<sup>(c)</sup> | TSFR3M + 3.900% | 7.5600 | &nbsp;&nbsp;10/24/30 | 1198441 |
| 1047154 | Allied Universal Holdco, LLC<sup>(c)</sup> | TSFR1M + 3.298% | 6.9660 | &nbsp;&nbsp;08/06/32 | 1050379 |
| 625968 | Creative Artists Agency, LLC<sup>(c)</sup> | TSFR1M + 2.512% | 6.1800 | &nbsp;&nbsp;10/01/31 | 626100 |
| 440488 | Fleet US Bidco, Inc.<sup>(c)</sup> | TSFR1M + 3.387% | 7.0550 | &nbsp;&nbsp;02/10/31 | 442140 |
| 1908925 | Garda World Security Corporation<sup>(c)</sup> | TSFR1M + 2.753% | 6.4210 | &nbsp;&nbsp;02/01/29 | 1908925 |
| 953944 | GFL Environmental Services, Inc./ON<sup>(c)</sup> | TSFR1M + 3.156% | 6.8240 | &nbsp;&nbsp;02/04/32 | 955537 |
| 601919 | Groundworks, LLC<sup>(c)</sup> | TSFR1M + 3.655% | 7.3230 | &nbsp;&nbsp;03/06/31 | 603517 |
| 669691 | PG Polaris BidCompany Sarl<sup>(c)</sup> | TSFR3M + 2.431% | 6.0910 | &nbsp;&nbsp;03/26/31 | 670589 |
| 36383 | Ryan, LLC<sup>(c)</sup> | TSFR1M + 4.159% | 7.8270 | &nbsp;&nbsp;11/14/30 | 35997 |
| 1353019 | Ryan, LLC<sup>(c)</sup> | TSFR1M + 3.823% | 7.4910 | &nbsp;&nbsp;11/05/32 | 1338643 |
| 560651 | Tidal Waste & Recycling Holdings, LLC<sup>(c)</sup> | TSFR1M + 4.131% | 7.7990 | &nbsp;&nbsp;10/06/31 | 564436 |
| 1088390 | WestJet Loyalty, L.P.<sup>(c)</sup> | TSFR1M + 3.254% | 6.9220 | &nbsp;&nbsp;02/01/31 | 1083965 |
|  |  |  |  |  | 10478669 |
|  | **CONSTRUCTION MATERIALS — 0.5%** |  |  |  |  |
| 256859 | MSOF Beacon, LLC<sup>(c)</sup> | TSFR3M + 2.632% | 6.2920 | &nbsp;&nbsp;12/09/32 | 257020 |
| 465347 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.909% | 6.5770 | &nbsp;&nbsp;03/26/29 | 466456 |
| 341162 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.909% | 6.5770 | &nbsp;&nbsp;01/31/32 | 341525 |
|  |  |  |  |  | 1065001 |
|  | **CONSUMER SERVICES — 1.6%** |  |  |  |  |
| 446910 | KUEHG Corporation<sup>(c)</sup> | TSFR3M + 2.762% | 6.4220 | &nbsp;&nbsp;06/12/30 | 422471 |
| 1167030 | Learning Care Group US No 2, Inc.<sup>(c)</sup> | TSFR3M + 4.199% | 7.8590 | &nbsp;&nbsp;08/11/28 | 886943 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **CONSUMER SERVICES — 1.6% (Continued)** |  |  |  |  |
| 651600 | Opal US, LLC<sup>(c)</sup> | TSFR6M + 3.071% | 6.6860 | &nbsp;&nbsp;04/23/32 | $652349 |
| 1063453 | Prometric Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.798% | 7.4660 | &nbsp;&nbsp;06/18/32 | 1066553 |
| 476140 | Spring Education Group, Inc.<sup>(c)</sup> | TSFR1M + 4.631% | 8.2990 | &nbsp;&nbsp;09/29/30 | 477543 |
|  |  |  |  |  | 3505859 |
|  | **CONTAINERS & PACKAGING — 2.5%** |  |  |  |  |
| 1115000 | Altium Packaging, LLC<sup>(c)</sup> | TSFR1M + 2.504% | 6.1720 | &nbsp;&nbsp;06/05/31 | 1066687 |
| 669051 | Berlin Packaging, LLC<sup>(c)</sup> | TSFR1M + 3.938% | 7.6060 | &nbsp;&nbsp;06/09/31 | 669165 |
| 968056 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.250% | 7.5020 | &nbsp;&nbsp;03/30/29 | 964832 |
| 278122 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.282% | 6.9500 | &nbsp;&nbsp;03/29/32 | 277081 |
| 445812 | Graham Packaging Company, Inc.<sup>(c)</sup> | TSFR1M + 2.257% | 5.9250 | &nbsp;&nbsp;01/14/33 | 445974 |
| 749364 | SupplyOne, Inc.<sup>(c)</sup> | TSFR1M + 4.159% | 7.8270 | &nbsp;&nbsp;03/27/31 | 751545 |
| 167582 | SupplyOne, Inc.<sup>(c)</sup> | TSFR1M + 3.864% | 7.5320 | &nbsp;&nbsp;04/21/31 | 168070 |
| 1188932 | Trident TPI Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.381% | 8.0490 | &nbsp;&nbsp;09/18/28 | 1124098 |
|  |  |  |  |  | 5467452 |
|  | **E-COMMERCE DISCRETIONARY — 0.5%** |  |  |  |  |
| 1022298 | CNT Holdings I Corporation<sup>(c)</sup> | TSFR3M + 3.120% | 6.7800 | &nbsp;&nbsp;11/08/32 | 1022513 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 1230933 | Showtime Acquisition, LLC<sup>(c)</sup> | TSFR1M + 5.406% | 9.0740 | &nbsp;&nbsp;08/13/31 | 1224779 |
| 635000 | Texas Competitive Electric Holdings Company, LLC <sup>(f),(j)</sup> |  |  | &nbsp;&nbsp;11/22/49 |  |
|  |  |  |  |  | 1224779 |
|  | **ELECTRICAL EQUIPMENT — 2.2%** |  |  |  |  |
| 649844 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.0610 | &nbsp;&nbsp;12/22/28 | 652586 |
| 179825 | Icebox Holdco III, Inc.<sup>(c)</sup> | TSFR3M + 6.878% | 10.5380 | &nbsp;&nbsp;12/22/32 | 182297 |
| 1014023 | Lsf12 Crown US Commercial Bidco, LLC<sup>(c)</sup> | TSFR1M + 3.007% | 6.6750 | &nbsp;&nbsp;12/02/31 | 1017191 |
| 677387 | Resilience Parent, LLC<sup>(c)</sup> | TSFR1M + 2.510% | 6.1780 | &nbsp;&nbsp;01/24/33 | 677387 |
| 1335914 | TK Elevator US Newco, Inc.<sup>(c)</sup> | TSFR1M + 3.569% | 7.2370 | &nbsp;&nbsp;04/30/30 | 1340844 |
| 801100 | Vantage Elevator Solutions<sup>(c)</sup> | US0001M + 4.331% | 7.5810 | &nbsp;&nbsp;11/10/28 | 807180 |
|  |  |  |  |  | 4677485 |
|  | **ENGINEERING & CONSTRUCTION — 1.8%** |  |  |  |  |
| 2018927 | Azuria Water Solutions, Inc.<sup>(c)</sup> | TSFR1M + 2.757% | 6.4250 | &nbsp;&nbsp;01/27/33 | 2011356 |
| 649701 | Green Infrastructure Partners, Inc.<sup>(c)</sup> | TSFR1M + 2.754% | 6.4220 | &nbsp;&nbsp;09/18/32 | 650922 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 1.8% (Continued)** | **ENGINEERING & CONSTRUCTION — 1.8% (Continued)** |  |  |  |
| 1271676 | Osmose Utilities Services, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.6910 | 06/17/28 | $1242669 |
|  |  |  |  |  | 3904947 |
|  | **ENTERTAINMENT CONTENT — 1.1%** |  |  |  |  |
| 1254140 | Univision Communications, Inc.<sup>(c)</sup> | TSFR1M + 4.881% | 8.5490 | &nbsp;&nbsp;06/10/29 | 1256649 |
| 1034421 | Versant Media Group, Inc.<sup>(c)</sup> | TSFR1M + 4.281% | 7.5370 | &nbsp;&nbsp;10/23/30 | 1035714 |
|  |  |  |  |  | 2292363 |
|  | **FOOD — 1.2%** |  |  |  |  |
| 1195619 | Flora Food Management US Corporation<sup>(c)</sup> | TSFR1M + 4.612% | 8.2800 | &nbsp;&nbsp;01/03/28 | 1186652 |
| 705342 | Froneri US, Inc.<sup>(c)</sup> | TSFR1M + 3.157% | 6.8250 | &nbsp;&nbsp;07/16/32 | 705394 |
| 843370 | HLF Financing Sarl, LLC<sup>(c)</sup> | TSFR1M + 7.409% | 11.0770 | &nbsp;&nbsp;04/05/29 | 854440 |
|  |  |  |  |  | 2746486 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.1%** |  |  |  |  |
| 1015450 | Bella Holding Company, LLC<sup>(c)</sup> | TSFR1M + 3.408% | 6.7160 | &nbsp;&nbsp;05/10/28 | 1016405 |
| 1184980 | Charlotte Buyer, Inc.<sup>(c)</sup> | TSFR1M + 4.896% | 8.5640 | &nbsp;&nbsp;02/11/28 | 1160357 |
| 942205 | Corgi BidCo, Inc.<sup>(c)</sup> | TSFR1M + 5.631% | 9.2990 | &nbsp;&nbsp;09/20/29 | 908724 |
| 7978 | Hanger, Inc.<sup>(c)</sup> | TSFR1M + 3.548% | 7.2160 | &nbsp;&nbsp;10/16/31 | 8007 |
| 1451799 | LifePoint Health, Inc.<sup>(c)</sup> | TSFR1M + 3.754% | 7.4220 | &nbsp;&nbsp;05/14/31 | 1453388 |
| 935193 | PAREXEL International Corporation<sup>(c)</sup> | TSFR1M + 2.798% | 6.4660 | &nbsp;&nbsp;12/09/31 | 936362 |
| 1203723 | Star Parent, Inc.<sup>(c)</sup> | TSFR1M + 4.004% | 7.6720 | &nbsp;&nbsp;09/19/30 | 1205872 |
|  |  |  |  |  | 6689115 |
|  | **HOME & OFFICE PRODUCTS — 0.9%** |  |  |  |  |
| 1000979 | AI Aqua Merger Sub, Inc.<sup>(c)</sup> | TSFR1M + 3.135% | 6.8030 | &nbsp;&nbsp;07/31/28 | 1002485 |
| 858849 | Weber-Stephen Products, LLC<sup>(c)</sup> | TSFR1M + 4.067% | 7.7350 | &nbsp;&nbsp;09/17/32 | 859833 |
|  |  |  |  |  | 1862318 |
|  | **HOME CONSTRUCTION — 0.2%** |  |  |  |  |
| 340537 | Chariot Buyer, LLC<sup>(c)</sup> | TSFR1M + 2.798% | 6.4660 | &nbsp;&nbsp;07/23/32 | 340711 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.2%** |  |  |  |  |
| 386968 | Crosby US Acquisition Corporation<sup>(c)</sup> | TSFR1M + 4.159% | 7.8270 | &nbsp;&nbsp;08/16/29 | 387723 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 1307390 | Gloves Buyer, Inc.<sup>(c)</sup> | TSFR1M + 4.659% | 8.3270 | &nbsp;&nbsp;01/20/32 | 1302762 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.1%** |  |  |  |  |
| 783078 | Ascensus Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.048% | 6.7160 | 08/02/28 | $781770 |
| 1037270 | Jane Street Group, LLC<sup>(c)</sup> | TSFR1M + 2.154% | 5.8220 | 12/11/31 | 1031047 |
| 560843 | Jump Financial, LLC<sup>(c)</sup> | TSFR3M + 4.154% | 7.8140 | 02/26/32 | 560843 |
|  |  |  |  |  | 2373660 |
|  | **INSURANCE — 4.0%** |  |  |  |  |
| 498062 | Acrisure, LLC<sup>(c)</sup> | TSFR1M + 3.298% | 6.9660 | &nbsp;&nbsp;06/07/32 | 498580 |
| 882272 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | TSFR1M + 2.548% | 6.2160 | &nbsp;&nbsp;09/19/31 | 880754 |
| 855000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.0810 | &nbsp;&nbsp;01/29/28 | 855603 |
| 365000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.0810 | &nbsp;&nbsp;01/14/29 | 365456 |
| 1994975 | Asurion, LLC<sup>(c)</sup> | TSFR1M + 4.906% | 8.5740 | &nbsp;&nbsp;09/19/30 | 1999963 |
| 1036964 | Asurion, LLC<sup>(c)</sup> | TSFR1M + 4.909% | 8.5770 | &nbsp;&nbsp;09/19/30 | 1040017 |
| 502656 | Broadstreet Partners Group, LLC<sup>(c)</sup> | TSFR1M + 2.760% | 6.4280 | &nbsp;&nbsp;06/16/31 | 500570 |
| 857175 | BroadStreet Partners, Inc.<sup>(c)</sup> | TSFR1M + 2.504% | 6.1720 | &nbsp;&nbsp;05/12/31 | 853617 |
| 527659 | Hyperion Refinance Sarl<sup>(c)</sup> | TSFR1M + 2.843% | 6.5110 | &nbsp;&nbsp;04/18/30 | 528264 |
| 243986 | Hyperion Refinance Sarl<sup>(c)</sup> | TSFR1M + 2.798% | 6.4660 | &nbsp;&nbsp;02/18/31 | 243969 |
| 1079932 | TIH Insurance Holdings, LLC<sup>(c)</sup> | TSFR3M + 2.762% | 6.4220 | &nbsp;&nbsp;05/06/31 | 1078922 |
|  |  |  |  |  | 8845715 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 592914 | Pug, LLC<sup>(c)</sup> | TSFR1M + 5.245% | 8.9130 | &nbsp;&nbsp;03/12/30 | 592359 |
|  | **LEISURE FACILITIES & SERVICES — 4.7%** |  |  |  |  |
| 160222 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | TSFR1M + 6.189% | 9.8570 | &nbsp;&nbsp;03/11/30 | 160021 |
| 87963 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | TSFR1M + 8.312% | 11.9800 | &nbsp;&nbsp;03/11/30 | 87853 |
| 943690 | BCPE Grill Parent, Inc.<sup>(c)</sup> | TSFR1M + 5.409% | 9.0770 | &nbsp;&nbsp;09/21/30 | 891112 |
| 692947 | Caesars Entertainment, Inc.<sup>(c)</sup> | TSFR3M + 2.262% | 5.9220 | &nbsp;&nbsp;02/06/31 | 689656 |
| 1210406 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 3.894% | 7.5620 | &nbsp;&nbsp;06/29/29 | 1130077 |
| 441706 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 3.894% | 7.5620 | &nbsp;&nbsp;09/29/31 | 395879 |
| 1108941 | GBT US III, LLC<sup>(c)</sup> | TSFR3M + 1.990% | 5.6500 | &nbsp;&nbsp;07/28/31 | 1105820 |
| 517993 | Herschend Entertainment Company, LLC<sup>(c)</sup> | TSFR1M + 3.907% | 7.5750 | &nbsp;&nbsp;05/17/32 | 520129 |
| 89576 | Herschend Entertainment Company, LLC<sup>(c)</sup> | TSFR1M + 2.506% | 6.1740 | &nbsp;&nbsp;05/27/32 | 89946 |
| 155750 | Light & Wonder International, Inc.<sup>(c)</sup> | TSFR1M + 2.003% | 5.6710 | &nbsp;&nbsp;04/16/29 | 155750 |
| 1378278 | Ontario Gaming GTA, L.P.<sup>(c)</sup> | TSFR1M + 4.881% | 8.5490 | &nbsp;&nbsp;07/20/30 | 1292348 |
| 765487 | Tortuga Resorts Ghd, LLC<sup>(c)</sup> | TSFR1M + 3.268% | 6.9360 | &nbsp;&nbsp;08/13/32 | 763573 |
| 1800781 | Voyager Parent, LLC<sup>(c)</sup> | TSFR1M + 4.281% | 7.9490 | &nbsp;&nbsp;07/01/32 | 1800898 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 4.7% (Continued)** |  |  |  |  |
| 1138128 | Whatabrands, LLC<sup>(c)</sup> | TSFR1M + 3.159% | 6.8270 | 08/03/28 | $1138481 |
|  |  |  |  |  | 10221543 |
|  | **LEISURE PRODUCTS — 0.4%** |  |  |  |  |
| 957166 | Recess Holdings, Inc.<sup>(c)</sup> | TSFR3M + 4.365% | 8.0250 | &nbsp;&nbsp;02/20/30 | 962402 |
|  | **MACHINERY — 1.3%** |  |  |  |  |
| 624024 | Alliance Laundry Systems, LLC<sup>(c)</sup> | TSFR3M + 3.417% | 7.0770 | &nbsp;&nbsp;08/19/31 | 625013 |
| 626811 | Madison IAQ, LLC<sup>(c)</sup> | TSFR3M + 2.977% | 6.6370 | &nbsp;&nbsp;05/06/32 | 628820 |
| 1608594 | STS Operating, Inc.<sup>(c)</sup> | TSFR1M + 4.759% | 8.4270 | &nbsp;&nbsp;03/17/31 | 1605586 |
|  |  |  |  |  | 2859419 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.3%** |  |  |  |  |
| 692429 | Sotera Health Holdings, LLC<sup>(c)</sup> | TSFR1M + 2.975% | 6.6430 | &nbsp;&nbsp;05/30/31 | 695677 |
|  | **OIL & GAS PRODUCERS — 2.5%** |  |  |  |  |
| 953558 | EG America, LLC<sup>(c)</sup> | TSFR3M + 3.662% | 7.3220 | &nbsp;&nbsp;02/07/28 | 954750 |
| 1009893 | EG America, LLC<sup>(c)</sup> | TSFR1M + 3.668% | 3.2500 | &nbsp;&nbsp;01/30/31 | 1007368 |
| 592500 | ITT Holdings, LLC<sup>(c)</sup> | TSFR1M + 2.006% | 5.6740 | &nbsp;&nbsp;10/11/30 | 593057 |
| 1023097 | M6 ETX Holdings II Midco, LLC<sup>(c)</sup> | TSFR1M + 2.864% | 6.5320 | &nbsp;&nbsp;04/01/32 | 1025440 |
| 1002758 | NGL Energy Operating, LLC<sup>(c)</sup> | TSFR1M + 4.409% | 8.0770 | &nbsp;&nbsp;02/03/31 | 1010419 |
| 992482 | Oryx Midstream Services Permian Basin, LLC<sup>(c)</sup> | TSFR1M + 2.927% | 6.5750 | &nbsp;&nbsp;10/05/28 | 994204 |
|  |  |  |  |  | 5585238 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.5%** |  |  |  |  |
| 1004567 | Goodnight Water Solutions Holdings, LLC<sup>(c)</sup> | TSFR1M + 4.648% | 8.3160 | &nbsp;&nbsp;06/04/29 | 999544 |
| 65 | Paragon Offshore Finance Company<sup>(c)</sup> | US0003M + % |  | &nbsp;&nbsp;07/15/22 |  |
|  |  |  |  |  | 999544 |
|  | **PUBLISHING & BROADCASTING — 0.2%** |  |  |  |  |
| 492340 | United Talent Agency, LLC<sup>(c)</sup> | TSFR1M + 3.104% | 6.7720 | &nbsp;&nbsp;06/10/32 | 493571 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |  |  |
| 901406 | Claros Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 5.259% | 8.9270 | &nbsp;&nbsp;08/09/26 | 901968 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4%** |  |  |  |  |
| 817778 | Greystar Real Estate Partners, LLC<sup>(c)</sup> | TSFR3M + 3.165% | 6.8250 | &nbsp;&nbsp;08/21/30 | 821867 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **REAL ESTATE SERVICES — 0.2%** |  |  |  |  |
| 502258 | Cushman & Wakefield US Borrower, LLC<sup>(c)</sup> | TSFR1M + 3.533% | 7.2010 | 01/31/30 | $506656 |
|  | **RETAIL - DISCRETIONARY — 8.5%** |  |  |  |  |
| 1089823 | Avis Budget Car Rental, LLC<sup>(c)</sup> | TSFR1M + 3.159% | 6.8270 | &nbsp;&nbsp;07/12/32 | 1089823 |
| 490711 | Belron Finance 2019, LLC<sup>(c)</sup> | TSFR1M + 3.193% | 6.8610 | &nbsp;&nbsp;10/16/31 | 492919 |
| 1575342 | Champions Financing, Inc.<sup>(c)</sup> | TSFR3M + 5.420% | 9.0800 | &nbsp;&nbsp;02/23/29 | 1471472 |
| 464666 | Gulfside Supply, Inc.<sup>(c)</sup> | TSFR1M + 3.631% | 7.2990 | &nbsp;&nbsp;05/29/31 | 451743 |
| 1247729 | Hertz Corporation (The)<sup>(c)</sup> | US0001M + 3.250% | 8.0410 | &nbsp;&nbsp;06/14/28 | 1066633 |
| 781237 | Highline Aftermarket Acquisition, LLC<sup>(c)</sup> | TSFR1M + 4.159% | 7.8270 | &nbsp;&nbsp;02/12/30 | 784659 |
| 1641890 | LBM Acquisition, LLC<sup>(c)</sup> | TSFR1M + 4.394% | 8.0620 | &nbsp;&nbsp;06/06/31 | 1584588 |
| 840022 | LS Group OpCompany Acquistion, LLC<sup>(c)</sup> | TSFR1M + 3.165% | 6.8330 | &nbsp;&nbsp;04/23/31 | 841601 |
| 1585676 | Mavis Tire Express Services Topco Corporation<sup>(c)</sup> | TSFR1M + 3.048% | 6.7160 | &nbsp;&nbsp;05/04/28 | 1587951 |
| 536963 | Park River Holdings, Inc.<sup>(c)</sup> | TSFR3M + 4.866% | 8.5260 | &nbsp;&nbsp;09/25/31 | 538139 |
| 380573 | Peer Holding III BV<sup>(c)</sup> | TSFR1M + 3.131% | 6.7990 | &nbsp;&nbsp;07/01/31 | 381001 |
| 1536383 | Petco Health & Wellness Company, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.1840 | &nbsp;&nbsp;02/25/28 | 1536006 |
| 1559853 | Petco Health & Wellness Company, Inc.<sup>(c)</sup> | TSFR1M + 4.256% | 7.9240 | &nbsp;&nbsp;01/22/31 | 1529491 |
| 1066258 | PetSmart, LLC<sup>(c)</sup> | TSFR1M + 4.066% | 7.7340 | &nbsp;&nbsp;08/09/32 | 1067191 |
| 1432387 | RVR Dealership Holdings, LLC<sup>(c)</sup> | TSFR1M + 4.141% | 7.8090 | &nbsp;&nbsp;02/08/28 | 1422654 |
| 1233856 | Specialty Building Products Holdings, LLC<sup>(c)</sup> | US0001M + 3.750% | 8.1770 | &nbsp;&nbsp;10/05/28 | 1176315 |
| 1178037 | White Cap Supply Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.909% | 7.5770 | &nbsp;&nbsp;10/31/29 | 1177406 |
|  |  |  |  |  | 18199592 |
|  | **SEMICONDUCTORS — 0.1%** |  |  |  |  |
| 110552 | MKS, Inc.<sup>(c)</sup> | TSFR1M + 1.75% | 5.4230 | &nbsp;&nbsp;01/28/33 | 110953 |
|  | **SOFTWARE — 6.6%** |  |  |  |  |
| 1604258 | AthenaHealth Group, Inc.<sup>(c)</sup> | TSFR1M + 3.409% | 7.0770 | &nbsp;&nbsp;02/15/29 | 1586378 |
| 930867 | BMC Software, Inc.<sup>(c)</sup> | TSFR1M + 3.154% | 6.8220 | &nbsp;&nbsp;07/30/31 | 898286 |
| 688642 | Boxer Parent Company, Inc.<sup>(c)</sup> | TSFR1M + 5.798% | 9.4660 | &nbsp;&nbsp;07/06/32 | 652489 |
| 994190 | Camelot US Acquisition, LLC<sup>(c)</sup> | TSFR1M + 3.409% | 7.0770 | &nbsp;&nbsp;01/31/31 | 919625 |
| 749131 | Cloud Software Group, Inc.<sup>(c)</sup> | TSFR3M + 3.262% | 6.9220 | &nbsp;&nbsp;03/24/31 | 728530 |
| 526164 | Cloud Software Group, Inc.<sup>(c)</sup> | TSFR3M + 3.262% | 6.9220 | &nbsp;&nbsp;08/09/32 | 511913 |
| 1129412 | Corel, Inc.<sup>(c)</sup> | TSFR3M + 5.773% | 9.4330 | &nbsp;&nbsp;07/02/26 | 1031300 |
| 579969 | Cotiviti, Inc.<sup>(c)</sup> | TSFR1M + 2.782% | 6.4500 | &nbsp;&nbsp;02/24/31 | 538287 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 6.6% (Continued)** |  |  |  |  |
| 424754 | Cotiviti, Inc.<sup>(c)</sup> | TSFR1M + 3.406% | 7.0740 | &nbsp;&nbsp;02/17/32 | $394171 |
| 600000 | Dcert Buyer, Inc.<sup>(c)</sup> | US0001M + 7.000% | 11.3270 | &nbsp;&nbsp;02/16/29 | 536499 |
| 627365 | Epicor Software Corporation<sup>(c)</sup> | TSFR1M + 3.409% | 7.0770 | &nbsp;&nbsp;05/23/31 | 624130 |
| 362884 | Ping Identity Holding Corporation<sup>(c)</sup> | TSFR1M + 2.923% | 6.5910 | &nbsp;&nbsp;10/29/32 | 360616 |
| 499242 | Project Alpha Intermediate Holding, Inc.<sup>(c)</sup> | TSFR1M + 3.254% | 6.9220 | &nbsp;&nbsp;10/28/30 | 465546 |
| 199304 | Project Alpha Intermediate Holding, Inc.<sup>(c)</sup> | TSFR1M + 5.639% | 9.3070 | &nbsp;&nbsp;11/22/32 | 159443 |
| 1120313 | Project Boost Purchaser, LLC<sup>(c)</sup> | TSFR1M + 3.240% | 6.9080 | &nbsp;&nbsp;07/16/31 | 1103307 |
| 891859 | Proofpoint, Inc.<sup>(c)</sup> | TSFR1M + 3.004% | 6.6720 | &nbsp;&nbsp;08/31/28 | 887123 |
| 1603596 | Rackspace Finance, LLC<sup>(c)</sup> | TSFR1M + 3.511% | 7.1790 | &nbsp;&nbsp;05/15/28 | 443194 |
| 1195112 | RealPage, Inc.<sup>(c)</sup> | US0001M + 3.250% | 6.9340 | &nbsp;&nbsp;02/18/28 | 1183591 |
| 829918 | Storable, Inc.<sup>(c)</sup> | TSFR1M + 3.298% | 6.9660 | &nbsp;&nbsp;04/17/31 | 813320 |
| 758968 | UKG, Inc.<sup>(c)</sup> | TSFR1M + 3.643% | 7.3110 | &nbsp;&nbsp;01/31/31 | 741732 |
|  |  |  |  |  | 14579480 |
|  | **SPECIALTY FINANCE — 2.7%** |  |  |  |  |
| 1171584 | Apex Group Treasury, LLC<sup>(c)</sup> | TSFR1M + 3.719% | 7.3870 | &nbsp;&nbsp;02/20/32 | 1085180 |
| 1109127 | Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | TSFR1M + 3.909% | 7.5770 | &nbsp;&nbsp;06/05/30 | 1111900 |
| 177330 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 3.185% | 6.8530 | &nbsp;&nbsp;05/09/29 | 177551 |
| 544489 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 2.514% | 6.1820 | &nbsp;&nbsp;12/10/30 | 544943 |
| 224641 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 2.504% | 6.1720 | &nbsp;&nbsp;11/19/32 | 224642 |
| 1384390 | CFC USA 2025, LLC<sup>(c)</sup> | TSFR1M + 3.493% | 7.1610 | &nbsp;&nbsp;05/31/32 | 1325554 |
| 1275953 | Orion US Finco<sup>(c)</sup> | TSFR1M + 3.482% | 7.1500 | &nbsp;&nbsp;05/20/32 | 1278219 |
|  |  |  |  |  | 5747989 |
|  | **TECHNOLOGY HARDWARE — 1.0%** |  |  |  |  |
| 1080082 | VeriFone Systems, Inc.<sup>(c)</sup> | TSFR1M + 6.543% | 10.2110 | &nbsp;&nbsp;08/21/28 | 1001776 |
| 1177361 | Viasat, Inc.<sup>(c)</sup> | SOFRRATE + 4.500% | 8.9410 | &nbsp;&nbsp;02/24/29 | 1177178 |
|  |  |  |  |  | 2178954 |
|  | **TECHNOLOGY SERVICES — 5.6%** |  |  |  |  |
| 609611 | Ahead DB Holdings, LLC<sup>(c)</sup> | TSFR1M + 2.504% | 6.1720 | &nbsp;&nbsp;02/03/31 | 601229 |
| 717949 | Ahead DB Holdings, LLC<sup>(c)</sup> | TSFR3M + 2.991% | 6.6510 | &nbsp;&nbsp;02/03/31 | 708077 |
| 364198 | Amazon Holdco, Inc.<sup>(c)</sup> | TSFR1M + 2.909% | 6.5770 | &nbsp;&nbsp;07/30/31 | 364653 |
| 643565 | Fortress Intermediate 3, Inc.<sup>(c)</sup> | TSFR1M + 3.007% | 6.6750 | &nbsp;&nbsp;06/27/31 | 633107 |
| 682600 | Indy US Holdco, LLC<sup>(c)</sup> | TSFR1M + 3.183% | 6.8510 | &nbsp;&nbsp;10/07/30 | 678334 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 81.9% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 5.6% (Continued)** |  |  |  |  |
| 1013000 | ION Platform Finance US, Inc.<sup>(c)</sup> | TSFR1M + 3.754% | 7.4220 | &nbsp;&nbsp;09/30/32 | $905794 |
| 846916 | MoneyGram International, Inc.<sup>(c)</sup> | TSFR1M + 5.405% | 9.0730 | &nbsp;&nbsp;06/03/30 | 503915 |
| 2702176 | Neptune Bidco US, Inc.<sup>(c)</sup> | TSFR1M + 5.662% | 9.3300 | &nbsp;&nbsp;04/11/29 | 2706121 |
| 2233445 | Neptune Bidco US, Inc.<sup>(c)</sup> | TSFR3M + 5.009% | 8.6690 | &nbsp;&nbsp;01/28/33 | 2205058 |
| 1145055 | Peraton Corporation<sup>(c)</sup> | US0001M + 3.750% | 8.1770 | &nbsp;&nbsp;02/24/28 | 1059891 |
| 1532226 | Trio Bidco, Inc.<sup>(c)</sup> | TSFR1M + 4.004% | 7.6720 | &nbsp;&nbsp;10/08/32 | 1518819 |
| 161287 | Trio Bidco, Inc.<sup>(c)</sup> | TSFR1M + 4.497% | 8.1650 | &nbsp;&nbsp;10/08/32 | 159876 |
|  |  |  |  |  | 12044874 |
|  | **TELECOMMUNICATIONS — 1.4%** |  |  |  |  |
| 820823 | Connect Finco S.A.RL<sup>(c)</sup> | TSFR1M + 5.159% | 8.8270 | &nbsp;&nbsp;09/28/29 | 819797 |
| 734444 | Iridium Satellite, LLC<sup>(c)</sup> | TSFR1M + 2.909% | 6.5770 | &nbsp;&nbsp;09/20/30 | 698772 |
| 1662536 | Zayo Group Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.105% | 7.7730 | &nbsp;&nbsp;03/11/30 | 1603076 |
|  |  |  |  |  | 3121645 |
|  | **TRANSPORTATION & LOGISTICS — 3.2%** |  |  |  |  |
| 362018 | AAdvantage Loyalty IP Ltd.<sup>(c)</sup> | TSFR1M + 3.250% | 6.9180 | &nbsp;&nbsp;05/28/32 | 363150 |
| 1048853 | American Airlines, Inc.<sup>(c)</sup> | TSFR1M + 2.839% | 6.5070 | &nbsp;&nbsp;06/04/29 | 1049183 |
| 1750048 | PAC Aviation International, Inc.<sup>(c)</sup> | TSFR1M + 3.716% | 7.3840 | &nbsp;&nbsp;10/09/30 | 1735837 |
| 934467 | PODS, LLC<sup>(c)</sup> | US0001M + 3.000% | 7.5410 | &nbsp;&nbsp;03/19/28 | 929795 |
| 1193671 | Stonepeak Nile Parent, LLC<sup>(c)</sup> | TSFR1M + 2.630% | 6.2980 | &nbsp;&nbsp;04/09/32 | 1193922 |
| 1161981 | Third Coast Infrastructure, LLC<sup>(c)</sup> | TSFR1M + 4.431% | 8.0990 | &nbsp;&nbsp;09/25/30 | 1166344 |
| 422500 | WestJet Loyalty, L.P.<sup>(c)</sup> | TSFR3M + 3.412% | 7.0720 | &nbsp;&nbsp;02/14/31 | 420783 |
|  |  |  |  |  | 6859014 |
|  | **WHOLESALE - DISCRETIONARY — 0.3%** |  |  |  |  |
| 765161 | Veritiv Operating Company<sup>(c)</sup> | TSFR3M + 4.639% | 8.2990 | &nbsp;&nbsp;12/02/30 | 750910 |
|  | **TOTAL TERM LOANS (Cost $181,983,678)** |  |  |  | 177639948 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration <br> Date** | **Exercise <br> Price** | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(g)</sup>** |  |  |  |
|  | **NON-LISTED RIGHT - 0.0% <sup>(g)</sup>** |  |  |  |
| 10588 | TRA Rights | 11/22/2049 | $— | 13500 |
|  | **TOTAL RIGHT (Cost $17,470)** |  |  | 13500 |

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration <br> Date** | **Exercise <br> Price** | **Fair Value** |
|  | **WARRANT — 0.0%<sup>(g)</sup>** |  |  |  |
|  | **PUBLISHING & BROADCASTING - 0.0% <sup>(g)</sup>** |  |  |  |
| 14905 | iHeartMedia, Inc. | 05/02/2039 | $0.00 | $55894 |
|  | **TOTAL WARRANT (Cost $287,609)** |  |  | 55894 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 11.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.7%** |  |
| 5815617 | Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $5,815,617)<sup>(h),(i)</sup> | 5815617 |
|  | **MONEY MARKET FUND - 8.5%** |  |
| 18481869 | Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $18,481,869)<sup>(h)</sup> | 18481869 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $24,297,486)** | 24297486 |
|  | **TOTAL INVESTMENTS - 109.2% (Cost $241,811,225)** | $236857401 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%** | (19982312) |
|  | **NET ASSETS - 100.0%** | $216875089 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | One Month Term Secured Overnight Financing Rate |
| TSFR3M | Three Month Term Secured Overnight Financing Rate |
| TSFR6M | Six Month Term Secured Overnight Financing Rate |
| US0001M | ICE LIBOR USD 1 Month |
| US003M | ICE LIBOR USD 3 Month |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 31,200,405 or 14.4% of net assets. |
| <sup>(c)</sup> | 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. |
| <sup>(d)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $5,711,324 at January 31, 2026. |
| <sup>(e)</sup> | Variable rate security; the rate shown represents the rate on January 31, 2026. |
| <sup>(f)</sup> | Represents issuer in default on interest payments; non-income producing security. |
| <sup>(g)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(h)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(i)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $5,815,617 at January 31, 2026. |
| <sup>(j)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |  |
| 985000 | Focus Financial Partners, LLC<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;08/15/31 | $1009059 |
| 705000 | HA Sustainable Infrastructure Capital, Inc.<sup>(b)</sup> | H15T5Y + 4.301% | 8.0000 | &nbsp;&nbsp;06/01/56 | 739585 |
|  |  |  |  |  | 1748644 |
|  | **AUTOMOTIVE — 0.5%** |  |  |  |  |
| 670000 | American Axle & Manufacturing, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;10/15/32 | 684045 |
| 595000 | American Axle & Manufacturing, Inc.<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;10/15/33 | 612087 |
|  |  |  |  |  | 1296132 |
|  | **BIOTECH & PHARMA — 1.9%** |  |  |  |  |
| 1201000 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;02/15/34 | 1205504 |
| 964000 | Organon Finance 1, LLC<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;04/30/31 | 876033 |
| 1240000 | Perrigo Finance Unlimited Company<sup>(c)</sup> |  | 6.1250 | &nbsp;&nbsp;09/30/32 | 1220597 |
| 200000 | Teva Pharmaceutical Finance Netherlands II BV |  | 5.7500 | &nbsp;&nbsp;12/01/30 | 207228 |
| 900000 | Teva Pharmaceutical Finance Netherlands III BV |  | 6.0000 | &nbsp;&nbsp;12/01/32 | 942700 |
|  |  |  |  |  | 4452062 |
|  | **CABLE & SATELLITE — 5.1%** |  |  |  |  |
| 3325000 | Altice Financing S.A.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;01/15/28 | 2417197 |
| 1316000 | Cable One, Inc.<sup>(a),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;11/15/30 | 958788 |
| 378000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;02/01/28 | 376075 |
| 825000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.3750 | &nbsp;&nbsp;06/01/29 | 816105 |
| 210000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;09/01/29 | 212164 |
| 810000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a),(c)</sup> |  | 7.0000 | &nbsp;&nbsp;02/01/33 | 818449 |
| 1210000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a),(c)</sup> |  | 4.2500 | &nbsp;&nbsp;01/15/34 | 1024368 |
| 450000 | CSC Holdings, LLC<sup>(a)</sup> |  | 11.7500 | &nbsp;&nbsp;01/31/29 | 328622 |
| 1325000 | CSC Holdings, LLC<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;02/01/29 | 849793 |
| 540000 | CSC Holdings, LLC<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;12/01/30 | 328100 |
| 1215000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;07/15/28 | 1189161 |
| 320000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;09/01/31 | 292234 |
| 1575000 | UPC Broadband Finco BV<sup>(a)</sup> |  | 4.8750 | &nbsp;&nbsp;07/15/31 | 1510401 |
| 1105000 | Virgin Media Finance plc<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;07/15/30 | 966651 |
|  |  |  |  |  | 12088108 |
|  | **CHEMICALS — 1.7%** |  |  |  |  |
| 1500000 | Consolidated Energy Finance S.A.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;10/15/28 | 1239375 |
| 435000 | Methanex Corporation |  | 5.1250 | &nbsp;&nbsp;10/15/27 | 436413 |
| 63000 | Methanex Corporation |  | 5.2500 | &nbsp;&nbsp;12/15/29 | 63388 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 1.7% (Continued)** |  |  |  |  |
| 1230000 | Methanex US Operations, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;03/15/32 | $1269102 |
| 961000 | Minerals Technologies, Inc.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;07/01/28 | 956848 |
|  |  |  |  |  | 3965126 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.3%** |  |  |  |  |
| 1150000 | Clean Harbors, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;10/15/33 | 1175468 |
| 1190000 | Garda World Security Corporation<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;01/15/31 | 1221765 |
| 715000 | GFL Environmental Holdings US, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;02/01/34 | 717518 |
|  |  |  |  |  | 3114751 |
|  | **CONSTRUCTION MATERIALS — 0.5%** |  |  |  |  |
| 1349000 | Standard Industries, Inc.<sup>(a)</sup> |  | 3.3750 | &nbsp;&nbsp;01/15/31 | 1245480 |
|  | **CONTAINERS & PACKAGING — 2.3%** |  |  |  |  |
| 965000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;01/30/31 | 993635 |
| 1250000 | Clydesdale Acquisition Holdings, Inc.<sup>(a),(c)</sup> |  | 8.7500 | &nbsp;&nbsp;04/15/30 | 1249418 |
| 70000 | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;04/15/32 | 70462 |
| 529000 | Crown Americas, LLC |  | 5.2500 | &nbsp;&nbsp;04/01/30 | 540804 |
| 680000 | Crown Americas, LLC<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;06/01/33 | 695945 |
| 1319000 | Iris Holding, Inc.<sup>(a),(c)</sup> |  | 10.0000 | &nbsp;&nbsp;12/15/28 | 1195638 |
| 725000 | Silgan Holdings, Inc. |  | 4.1250 | &nbsp;&nbsp;02/01/28 | 719119 |
|  |  |  |  |  | 5465021 |
|  | **E-COMMERCE DISCRETIONARY — 0.5%** |  |  |  |  |
| 1190000 | Wayfair, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;11/15/32 | 1230835 |
|  | **ELECTRIC UTILITIES — 4.2%** |  |  |  |  |
| 841000 | California Buyer Ltd. / Atlantica Sustainable<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;02/15/32 | 839621 |
| 1260000 | Clearway Energy Operating, LLC<sup>(a)</sup> |  | 3.7500 | &nbsp;&nbsp;01/15/32 | 1163474 |
| 1871000 | NextEra Energy Operating Partners, L.P.<sup>(a),(c)</sup> |  | 7.2500 | &nbsp;&nbsp;01/15/29 | 1931541 |
| 2040000 | NRG Energy Inc<sup>(a)</sup> |  | 3.6250 | &nbsp;&nbsp;02/15/31 | 1911896 |
| 200000 | NRG Energy, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;01/15/34 | 201428 |
| 450000 | NRG Energy, Inc.<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;01/15/36 | 454914 |
| 607000 | Talen Energy Supply, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;02/01/34 | 615018 |
| 607000 | Talen Energy Supply, LLC<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;02/01/36 | 622790 |
| 1435000 | Vistra Operations Company, LLC<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;10/15/31 | 1518981 |
| 279000 | XPLR Infrastructure Operating Partners, L.P.<sup>(a),(c)</sup> |  | 8.3750 | &nbsp;&nbsp;01/15/31 | 293193 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 4.2% (Continued)** |  |  |  |  |
| 506000 | XPLR Infrastructure Operating Partners, L.P.<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;04/15/34 | $515849 |
|  |  |  |  |  | 10068705 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 762000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;03/15/33 | 793828 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |  |
| 1335000 | VM Consolidated, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;04/15/29 | 1313954 |
|  | **ENTERTAINMENT CONTENT — 2.3%** |  |  |  |  |
| 1175000 | Banijay Entertainment S.A.SU<sup>(a)</sup> |  | 8.1250 | &nbsp;&nbsp;05/01/29 | 1222989 |
| 874000 | Paramount Global<sup>(b)</sup> | H15T5Y + 3.999% | 6.3750 | &nbsp;&nbsp;03/30/62 | 821560 |
| 421000 | Univision Communications, Inc.<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;06/30/30 | 426750 |
| 1270000 | Univision Communications, Inc.<sup>(a)</sup> |  | 8.5000 | &nbsp;&nbsp;07/31/31 | 1324356 |
| 485000 | Univision Communications, Inc.<sup>(a)</sup> |  | 9.3750 | &nbsp;&nbsp;08/01/32 | 522431 |
| 508000 | ViacomCBS, Inc.<sup>(b)</sup> | US0003M + 3.899% | 6.2500 | &nbsp;&nbsp;02/28/57 | 462090 |
| 1165000 | Warnermedia Holdings, Inc.<sup>(c)</sup> |  | 5.0500 | &nbsp;&nbsp;03/15/42 | 825694 |
|  |  |  |  |  | 5605870 |
|  | **FOOD — 1.3%** |  |  |  |  |
| 1055000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(a)</sup> |  | 12.2500 | &nbsp;&nbsp;04/15/29 | 1135085 |
| 1873000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(a),(c)</sup> |  | 4.8750 | &nbsp;&nbsp;06/01/29 | 1779394 |
| 209000 | Land O'Lakes Capital Trust I<sup>(a)</sup> |  | 7.4500 | &nbsp;&nbsp;03/15/28 | 215957 |
|  |  |  |  |  | 3130436 |
|  | **GAS & WATER UTILITIES — 0.5%** |  |  |  |  |
| 369000 | Venture Global Plaquemines Lng, LLC<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;05/01/33 | 404699 |
| 681000 | Venture Global Plaquemines Lng, LLC<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;05/01/35 | 759738 |
|  |  |  |  |  | 1164437 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.5%** |  |  |  |  |
| 1223000 | Concentra Escrow Issuer Corporation<sup>(a),(c)</sup> |  | 6.8750 | &nbsp;&nbsp;07/15/32 | 1282208 |
| 1620000 | Tenet Healthcare Corporation<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;11/15/32 | 1636791 |
| 640000 | Tenet Healthcare Corporation<sup>(a),(c)</sup> |  | 6.0000 | &nbsp;&nbsp;11/15/33 | 658909 |
|  |  |  |  |  | 3577908 |
|  | **HOME CONSTRUCTION — 1.0%** |  |  |  |  |
| 1045000 | Ashton Woods USA, LLC / Ashton Woods Finance<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;08/01/33 | 1055231 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **HOME CONSTRUCTION — 1.0% (Continued)** |  |  |  |  |
| 889000 | Mattamy Group Corporation<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;03/01/30 | $868811 |
| 555000 | Mattamy Group Corporation<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;12/15/33 | 545740 |
|  |  |  |  |  | 2469782 |
|  | **HOUSEHOLD PRODUCTS — 0.6%** |  |  |  |  |
| 1535000 | Edgewell Personal Care Company<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;04/01/29 | 1470529 |
|  | **INDUSTRIAL SUPPORT SERVICES — 1.0%** |  |  |  |  |
| 1106000 | EquipmentShare.com, Inc.<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;05/15/32 | 1183416 |
| 299000 | Herc Holdings, Inc.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;06/15/30 | 313981 |
| 870000 | Herc Holdings, Inc.<sup>(a),(c)</sup> |  | 7.2500 | &nbsp;&nbsp;06/15/33 | 921057 |
|  |  |  |  |  | 2418454 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |  |  |
| 716000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;04/30/31 | 753034 |
| 371000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;11/01/32 | 377966 |
| 676000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;05/01/33 | 702796 |
| 1300000 | VFH Parent, LLC / Valor Co-Issuer, Inc.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;06/15/31 | 1362551 |
|  |  |  |  |  | 3196347 |
|  | **INSURANCE — 3.4%** |  |  |  |  |
| 1215000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;07/01/32 | 1246509 |
| 940000 | Alliant Holdings Intermediate, LLC / Alliant<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;10/01/31 | 966623 |
| 2165000 | Asurion, LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;12/31/32 | 2261397 |
| 716000 | Asurion, LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;02/01/34 | 723132 |
| 605000 | Baldwin Insurance Group Holdings, LLC / Baldwin<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;05/15/31 | 622428 |
| 1150000 | Howden UK Refinance plc / Howden UK Refinance 2<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/31 | 1190191 |
| 1200000 | Panther Escrow Issuer, LLC<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;06/01/31 | 1236735 |
|  |  |  |  |  | 8247015 |
|  | **INTERNET MEDIA & SERVICES — 0.9%** |  |  |  |  |
| 1264655 | GrubHub Holdings, Inc.<sup>(a),(c)</sup> |  | 13.0000 | &nbsp;&nbsp;07/31/30 | 1041237 |
| 588000 | Match Group Holdings II, LLC<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;08/01/30 | 555446 |
| 201000 | Match Group Holdings II, LLC<sup>(a)</sup> |  | 3.6250 | &nbsp;&nbsp;10/01/31 | 182211 |
| 495000 | Match Group Holdings II, LLC<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;09/15/33 | 497614 |
|  |  |  |  |  | 2276508 |
|  | **LEISURE FACILITIES & SERVICES — 7.6%** |  |  |  |  |
| 840000 | Brinker International, Inc.<sup>(a)</sup> |  | 8.2500 | &nbsp;&nbsp;07/15/30 | 890120 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 7.6% (Continued)** |  |  |  |  |
| 255000 | Carnival Corporation<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;08/01/32 | $262227 |
| 1380000 | Carnival Corporation<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;02/15/33 | 1420298 |
| 1155000 | Flutter Treasury DAC<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;06/04/31 | 1170186 |
| 513000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(a),(c)</sup> |  | 5.0000 | &nbsp;&nbsp;06/01/29 | 499068 |
| 1090000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(a)</sup> |  | 4.8750 | &nbsp;&nbsp;07/01/31 | 1017584 |
| 1190000 | Light & Wonder International, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;10/01/33 | 1205434 |
| 943000 | Melco Resorts Finance Ltd.<sup>(a)</sup> |  | 5.3750 | &nbsp;&nbsp;12/04/29 | 934144 |
| 936000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;02/15/29 | 1000775 |
| 72000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;01/15/31 | 72225 |
| 1265000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;02/01/32 | 1297083 |
| 30000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;09/15/33 | 30162 |
| 1250000 | Ontario Gaming GTA, L.P.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;08/01/30 | 1201297 |
| 1675000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;02/01/33 | 1727153 |
| 1160000 | SeaWorld Parks & Entertainment, Inc.<sup>(a),(c)</sup> |  | 5.2500 | &nbsp;&nbsp;08/15/29 | 1134618 |
| 1169000 | Station Casinos, LLC<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;03/15/32 | 1196522 |
| 715000 | Travel + Leisure Company<sup>(a),(c)</sup> |  | 4.5000 | &nbsp;&nbsp;12/01/29 | 697489 |
| 770000 | Travel + Leisure Company<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;09/01/33 | 778675 |
| 1365000 | Voyager Parent, LLC<sup>(a)</sup> |  | 9.2500 | &nbsp;&nbsp;07/01/32 | 1450605 |
|  |  |  |  |  | 17985665 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.0%** |  |  |  |  |
| 1215000 | Avantor Funding, Inc.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;11/01/29 | 1167453 |
| 1114000 | Insulet Corporation<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;04/01/33 | 1159939 |
| 807000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;04/01/29 | 790384 |
| 725000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;10/01/29 | 726729 |
| 1004000 | Sotera Health Holdings, LLC<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;06/01/31 | 1057561 |
|  |  |  |  |  | 4902066 |
|  | **METALS & MINING — 2.7%** |  |  |  |  |
| 1146000 | Capstone Copper Corporation<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;03/31/33 | 1188252 |
| 1103000 | FMG Resources August 2006 Pty Ltd.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;04/01/31 | 1066629 |
| 675000 | Hudbay Minerals, Inc.<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;04/01/29 | 681800 |
| 500000 | Mineral Resources Ltd.<sup>(a)</sup> |  | 9.2500 | &nbsp;&nbsp;10/01/28 | 525672 |
| 1424000 | Mineral Resources Ltd.<sup>(a),(c)</sup> |  | 8.5000 | &nbsp;&nbsp;05/01/30 | 1477451 |
| 227000 | Mineral Resources Ltd.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;04/01/31 | 238810 |
| 1140000 | Novelis Corporation<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;08/15/33 | 1162056 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 2.7% (Continued)** |  |  |  |  |
| 255000 | Warrior Met Coal, Inc.<sup>(a),(c)</sup> |  | 7.8750 | &nbsp;&nbsp;12/01/28 | $260505 |
|  |  |  |  |  | 6601175 |
|  | **OIL & GAS PRODUCERS — 12.7%** |  |  |  |  |
| 576000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;01/15/28 | 577476 |
| 485000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;11/01/30 | 513294 |
| 485000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 9.6250 | &nbsp;&nbsp;06/15/33 | 530643 |
| 1115000 | Comstock Resources, Inc.<sup>(a),(c)</sup> |  | 6.7500 | &nbsp;&nbsp;03/01/29 | 1122724 |
| 500000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 7.6250 | &nbsp;&nbsp;04/01/32 | 496240 |
| 77000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;01/15/33 | 74545 |
| 1195000 | DBR Land Holdings, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;12/01/30 | 1224875 |
| 360000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;03/15/29 | 376416 |
| 1296000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;06/30/33 | 1333533 |
| 1290000 | Excelerate Energy, L.P.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;05/15/30 | 1380138 |
| 899000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.8750 | &nbsp;&nbsp;04/15/30 | 946903 |
| 120000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.8750 | &nbsp;&nbsp;05/15/32 | 125293 |
| 880000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.0000 | &nbsp;&nbsp;05/15/33 | 918792 |
| 1322000 | Harvest Midstream I, L.P.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;09/01/28 | 1340863 |
| 625000 | Harvest Midstream I, L.P.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;05/15/32 | 653304 |
| 615000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(a),(c)</sup> |  | 5.7500 | &nbsp;&nbsp;02/01/29 | 615483 |
| 476000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;02/01/31 | 459968 |
| 1220000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(a),(c)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/35 | 1181140 |
| 1060000 | Howard Midstream Energy Partners, LLC<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;07/15/32 | 1118908 |
| 380000 | Howard Midstream Energy Partners, LLC<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;01/15/34 | 390219 |
| 1935000 | ITT Holdings, LLC<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;08/01/29 | 1866646 |
| 1185000 | Murphy Oil Corporation |  | 6.5000 | &nbsp;&nbsp;02/15/34 | 1181541 |
| 1185000 | Murphy Oil USA, Inc. |  | 4.7500 | &nbsp;&nbsp;09/15/29 | 1180074 |
| 833000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.1250 | &nbsp;&nbsp;02/15/29 | 864842 |
| 686000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;02/15/32 | 718261 |
| 1245000 | Northern Oil & Gas, Inc.<sup>(a)</sup> |  | 7.8750 | &nbsp;&nbsp;10/15/33 | 1257170 |
| 554000 | NuStar Logistics, L.P. |  | 6.3750 | &nbsp;&nbsp;10/01/30 | 580765 |
| 120000 | Sunoco, L.P.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;03/15/31 | 120779 |
| 390000 | Sunoco, L.P.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;05/01/32 | 413141 |
| 1215000 | Sunoco, L.P.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;03/15/34 | 1218865 |
| 114000 | Talos Production, Inc.<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;02/01/29 | 118851 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 12.7% (Continued)** |  |  |  |  |
| 805000 | Talos Production, Inc.<sup>(a),(c)</sup> |  | 9.3750 | &nbsp;&nbsp;02/01/31 | $853318 |
| 2287000 | Venture Global LNG, Inc.<sup>(a),(c)</sup> |  | 8.3750 | &nbsp;&nbsp;06/01/31 | 2340519 |
| 78000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;12/15/30 | 80320 |
| 392000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;06/15/34 | 406208 |
| 1210000 | Vital Energy, Inc.<sup>(a),(c)</sup> |  | 7.8750 | &nbsp;&nbsp;04/15/32 | 1204253 |
| 924000 | Wildfire Intermediate Holdings, LLC<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;10/15/29 | 938980 |
|  |  |  |  |  | 30725290 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.3%** |  |  |  |  |
| 1020000 | Archrock Partners, L.P. / Archrock Partners<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;09/01/32 | 1058048 |
| 415000 | Archrock Services, L.P. / Archrock Partners<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;02/01/34 | 415316 |
| 915000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/29 | 949647 |
| 262000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;10/01/33 | 268460 |
| 268000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;10/01/35 | 277083 |
| 1395000 | Valaris Ltd.<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;04/30/30 | 1458463 |
| 650000 | WBI Operating, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;10/15/30 | 655262 |
| 455000 | WBI Operating, LLC<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;10/15/33 | 459623 |
|  |  |  |  |  | 5541902 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 740000 | Belo Corporation |  | 7.7500 | &nbsp;&nbsp;06/01/27 | 770253 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.1%** |  |  |  |  |
| 1425000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(a),(c)</sup> |  | 3.7500 | &nbsp;&nbsp;09/15/30 | 1329801 |
| 51000 | Service Properties Trust<sup>(a),(e)</sup> |  |  | &nbsp;&nbsp;09/30/27 | 46229 |
| 95000 | Service Properties Trust |  | 8.3750 | &nbsp;&nbsp;06/15/29 | 96209 |
| 905000 | Service Properties Trust |  | 8.8750 | &nbsp;&nbsp;06/15/32 | 900330 |
|  |  |  |  |  | 2372569 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.9%** |  |  |  |  |
| 988000 | Greystar Real Estate Partners, LLC<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;09/01/30 | 1043329 |
| 1234000 | Kennedy-Wilson, Inc. |  | 4.7500 | &nbsp;&nbsp;03/01/29 | 1208345 |
|  |  |  |  |  | 2251674 |
|  | **REAL ESTATE SERVICES — 0.4%** |  |  |  |  |
| 1019000 | Cushman & Wakefield US Borrower, LLC<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;05/15/28 | 1025992 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **RENEWABLE ENERGY — 0.5%** |  |  |  |  |
| 407000 | Atlantica Sustainable Infrastructure plc<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;06/15/28 | $399658 |
| 554000 | EnerSys<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;12/15/27 | 551271 |
| 195000 | EnerSys<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;01/15/32 | 202157 |
|  |  |  |  |  | 1153086 |
|  | **RETAIL - CONSUMER STAPLES — 1.0%** |  |  |  |  |
| 506000 | Albertsons Companies Inc / Safeway Inc / New<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;02/15/28 | 506536 |
| 310000 | Albertsons Companies, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;03/31/31 | 310433 |
| 928000 | Albertsons Companies, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;03/31/34 | 913842 |
| 730000 | Albertsons Companies, Inc. / Safeway, Inc. / New<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;03/15/33 | 745466 |
|  |  |  |  |  | 2476277 |
|  | **RETAIL - DISCRETIONARY — 4.0%** |  |  |  |  |
| 500000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(a)</sup> |  | 8.2500 | &nbsp;&nbsp;01/15/30 | 517865 |
| 441000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;06/15/32 | 453723 |
| 1303000 | Champions Financing, Inc.<sup>(a),(c)</sup> |  | 8.7500 | &nbsp;&nbsp;02/15/29 | 1265009 |
| 208000 | Hertz Corporation (The)<sup>(a),(c)</sup> |  | 4.6250 | &nbsp;&nbsp;12/01/26 | 195828 |
| 770000 | Hertz Corporation (The)<sup>(a),(c)</sup> |  | 12.6250 | &nbsp;&nbsp;07/15/29 | 775704 |
| 591000 | Kohl's Corporation |  | 5.1250 | &nbsp;&nbsp;05/01/31 | 506365 |
| 901000 | LBM Acquisition, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;01/15/29 | 832642 |
| 695000 | LBM Acquisition, LLC<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;06/15/31 | 732794 |
| 365124 | Park River Holdings, Inc.<sup>(a),(c)</sup> |  | 8.7500 | &nbsp;&nbsp;12/31/30 | 364363 |
| 1170000 | Park River Holdings, Inc.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;03/15/31 | 1206292 |
| 785000 | Petco Health & Wellness Company, Inc.<sup>(a)</sup> |  | 8.2500 | &nbsp;&nbsp;02/01/31 | 789020 |
| 320000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;09/15/32 | 328326 |
| 750000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(a)</sup> |  | 10.0000 | &nbsp;&nbsp;09/15/33 | 780851 |
| 928000 | Queen MergerCo, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;04/30/32 | 957129 |
|  |  |  |  |  | 9705911 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 670000 | Amkor Technology, Inc.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;10/01/33 | 683939 |
| 745000 | Entegris Escrow Corporation<sup>(a),(c)</sup> |  | 5.9500 | &nbsp;&nbsp;06/15/30 | 760605 |
|  |  |  |  |  | 1444544 |
|  | **SOFTWARE — 2.0%** |  |  |  |  |
| 600000 | Capstone Borrower, Inc.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;06/15/30 | 571135 |
| 795000 | Cloud Software Group, Inc.<sup>(a),(c)</sup> |  | 6.6250 | &nbsp;&nbsp;08/15/33 | 762857 |
| 675000 | Gen Digital, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;04/01/33 | 677543 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.0% (Continued)** |  |  |  |  |
| 606000 | NortonLifeLock, Inc.<sup>(a),(c)</sup> |  | 7.1250 | &nbsp;&nbsp;09/30/30 | $621640 |
| 636000 | Open Text Corporation<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;12/01/29 | 590672 |
| 1132000 | Picard Midco, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;03/31/29 | 1127061 |
| 1503240 | Rackspace Finance, LLC<sup>(a),(c)</sup> |  | 3.5000 | &nbsp;&nbsp;05/15/28 | 398359 |
|  |  |  |  |  | 4749267 |
|  | **SPECIALTY FINANCE — 9.9%** |  |  |  |  |
| 536000 | Air Lease Corporation<sup>(b)</sup> | H15T5Y + 4.076% | 4.6500 | &nbsp;&nbsp;06/15/70 | 535516 |
| 1120000 | Air Lease Corporation<sup>(b)</sup> | H15T5Y + 3.149% | 4.1250 | &nbsp;&nbsp;12/15/73 | 1113596 |
| 1220000 | Aircastle Ltd.<sup>(a),(b)</sup> | H15T5Y + 4.410% | 5.2500 | &nbsp;&nbsp;09/15/71 | 1222488 |
| 1189000 | Ally Financial, Inc.<sup>(c)</sup> |  | 6.7000 | &nbsp;&nbsp;02/14/33 | 1240437 |
| 226000 | Ally Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.450% | 6.6460 | &nbsp;&nbsp;01/17/40 | 226183 |
| 1350000 | Arbor Realty SR, Inc.<sup>(a)</sup> |  | 7.8750 | &nbsp;&nbsp;07/15/30 | 1239214 |
| 1096000 | Blackstone Mortgage Trust, Inc.<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;12/01/29 | 1175353 |
| 1180000 | Bread Financial Holdings, Inc.<sup>(a),(c)</sup> |  | 6.7500 | &nbsp;&nbsp;05/15/31 | 1216205 |
| 660000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;04/15/28 | 659233 |
| 200000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;04/15/30 | 195753 |
| 1468000 | Cobra AcquisitionCo, LLC<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;11/01/29 | 1284579 |
| 600000 | Credit Acceptance Corporation<sup>(a)</sup> |  | 9.2500 | &nbsp;&nbsp;12/15/28 | 629914 |
| 910000 | Credit Acceptance Corporation<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;03/15/30 | 912025 |
| 436000 | FirstCash, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;09/01/28 | 432966 |
| 175000 | FirstCash, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;01/01/30 | 175953 |
| 680000 | FirstCash, Inc.<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;03/01/32 | 707737 |
| 328000 | goeasy Ltd.<sup>(a)</sup> |  | 7.6250 | &nbsp;&nbsp;07/01/29 | 325026 |
| 940000 | goeasy Ltd.<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;05/15/30 | 894928 |
| 540000 | goeasy Ltd.<sup>(a),(c)</sup> |  | 6.8750 | &nbsp;&nbsp;02/15/31 | 508037 |
| 302000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;02/01/27 | 300808 |
| 905000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;06/15/29 | 897959 |
| 1575000 | Pattern Energy Operations, L.P. / Pattern Energy<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;08/15/28 | 1564084 |
| 1105000 | Phoenix Aviation Capital Ltd.<sup>(a)</sup> |  | 9.2500 | &nbsp;&nbsp;07/15/30 | 1161577 |
| 1399000 | Planet Financial Group, LLC<sup>(a)</sup> |  | 10.5000 | &nbsp;&nbsp;12/15/29 | 1454833 |
| 1165000 | Rfna, L.P.<sup>(a),(c)</sup> |  | 7.8750 | &nbsp;&nbsp;02/15/30 | 1174418 |
| 1125000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;07/01/30 | 1172238 |
| 1015000 | Walker & Dunlop, Inc.<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;04/01/33 | 1041111 |
|  |  |  |  |  | 23462171 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **STEEL — 2.0%** |  |  |  |  |
| 1031000 | Allegheny Technologies, Inc. |  | 4.8750 | &nbsp;&nbsp;10/01/29 | $1030228 |
| 950000 | Cleveland-Cliffs, Inc.<sup>(a),(c)</sup> |  | 7.0000 | &nbsp;&nbsp;03/15/32 | 976082 |
| 565000 | Cleveland-Cliffs, Inc.<sup>(a),(c)</sup> |  | 7.3750 | &nbsp;&nbsp;05/01/33 | 590037 |
| 735000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 7.6250 | &nbsp;&nbsp;01/15/34 | 770377 |
| 95000 | Cleveland-Cliffs, Inc. |  | 6.2500 | &nbsp;&nbsp;10/01/40 | 83070 |
| 1177000 | Commercial Metals Company |  | 3.8750 | &nbsp;&nbsp;02/15/31 | 1118263 |
| 98000 | Commercial Metals Company<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;11/15/33 | 99678 |
| 197000 | Commercial Metals Company<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;12/15/35 | 201071 |
|  |  |  |  |  | 4868806 |
|  | **TECHNOLOGY HARDWARE — 1.8%** |  |  |  |  |
| 392000 | EquipmentShare.com, Inc.<sup>(a),(c)</sup> |  | 8.0000 | &nbsp;&nbsp;03/15/33 | 413878 |
| 1020000 | Imola Merger Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;05/15/29 | 1003902 |
| 248000 | NCR Corporation<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;04/15/29 | 244650 |
| 163000 | Seagate Data Storage Technology Pte Ltd.<sup>(a),(c)</sup> |  | 4.1250 | &nbsp;&nbsp;01/15/31 | 155451 |
| 550000 | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;12/01/34 | 562956 |
| 1230000 | TTM Technologies, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;03/01/29 | 1195993 |
| 877000 | Viasat, Inc.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;05/30/31 | 852734 |
|  |  |  |  |  | 4429564 |
|  | **TECHNOLOGY SERVICES — 3.6%** |  |  |  |  |
| 660000 | Block, Inc. |  | 6.5000 | &nbsp;&nbsp;05/15/32 | 684044 |
| 180000 | Block, Inc.<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;08/15/33 | 183891 |
| 480000 | ION Platform Finance US, Inc.<sup>(a),(c)</sup> |  | 7.8750 | &nbsp;&nbsp;09/30/32 | 421643 |
| 864000 | ION Platform Finance US, Inc. / ION Platform<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;05/01/28 | 807058 |
| 417000 | ION Platform Finance US, Inc. / ION Platform<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;05/15/28 | 395801 |
| 415000 | ION Platform Finance US, Inc. / ION Platform<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;05/30/29 | 400752 |
| 1470000 | Mobius Merger Sub, Inc.<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;06/01/30 | 869293 |
| 2120000 | Neptune Bidco US, Inc.<sup>(a)</sup> |  | 9.2900 | &nbsp;&nbsp;04/15/29 | 2178585 |
| 1149000 | Shift4 Payments, LLC / Shift4 Payments Finance<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;08/15/32 | 1172996 |
| 1289000 | WEX, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;03/15/33 | 1316459 |
|  |  |  |  |  | 8430522 |
|  | **TELECOMMUNICATIONS — 4.2%** |  |  |  |  |
| 632000 | Bell Telephone Company of Canada or Bell Canada<sup>(b)</sup> | H15T5Y + 2.390% | 6.8750 | &nbsp;&nbsp;09/15/55 | 655088 |
| 670000 | Bell Telephone Company of Canada or Bell Canada<sup>(b)</sup> | H15T5Y + 2.363% | 7.0000 | &nbsp;&nbsp;09/15/55 | 702961 |
| 1585000 | C&W Senior Finance Ltd.<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;01/15/33 | 1648095 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.0% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.2% (Continued)** | **TELECOMMUNICATIONS — 4.2% (Continued)** |  |  |  |
| 750000 | Connect Finco S.A.RL / Connect US Finco, LLC<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;09/15/29 | $796922 |
| 223000 | Iliad Holding S.A.SU<sup>(a)</sup> |  | 8.5000 | &nbsp;&nbsp;04/15/31 | 238941 |
| 2076000 | Iliad Holding S.A.SU<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;04/15/32 | 2130486 |
| 245000 | Rogers Communications, Inc.<sup>(b)</sup> | H15T5Y + 2.653% | 7.0000 | &nbsp;&nbsp;04/15/55 | 254136 |
| 867000 | Rogers Communications, Inc.<sup>(b),(c)</sup> | H15T5Y + 2.620% | 7.1250 | &nbsp;&nbsp;04/15/55 | 910770 |
| 254000 | Sable International Finance Ltd.<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;10/15/32 | 256996 |
| 939000 | Vmed O2 UK Financing I plc<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;04/15/32 | 966613 |
| 181802 | Zayo Group Holdings, Inc.<sup>(a)</sup> |  | 9.2500 | &nbsp;&nbsp;03/09/30 | 176920 |
| 1227054 | Zayo Group Holdings, Inc.<sup>(a),(c)</sup> |  | 13.7500 | &nbsp;&nbsp;09/09/30 | 1127749 |
|  |  |  |  |  | 9865677 |
|  | **TRANSPORTATION & LOGISTICS — 2.3%** |  |  |  |  |
| 575000 | Air Canada<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;08/15/26 | 573173 |
| 350000 | American Airlines, Inc.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/28 | 356550 |
| 1135000 | American Airlines, Inc.<sup>(a)</sup> |  | 8.5000 | &nbsp;&nbsp;05/15/29 | 1184876 |
| 1014000 | Star Leasing Company, LLC<sup>(a)</sup> |  | 7.6250 | &nbsp;&nbsp;02/15/30 | 970848 |
| 1115000 | Stonepeak Nile Parent, LLC<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;03/15/32 | 1178431 |
| 227000 | United Airlines Holdings, Inc. |  | 5.3750 | &nbsp;&nbsp;03/01/31 | 229598 |
| 271000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;04/15/26 | 270955 |
| 520000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;04/15/29 | 519768 |
|  |  |  |  |  | 5284199 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.3%** |  |  |  |  |
| 695000 | Performance Food Group, Inc.<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;08/01/29 | 680948 |
|  | **WHOLESALE - DISCRETIONARY — 0.5%** |  |  |  |  |
| 1060000 | Verde Purchaser, LLC<sup>(a)</sup> |  | 10.5000 | &nbsp;&nbsp;11/30/30 | 1136093 |
|  | **TOTAL CORPORATE BONDS (Cost $227,667,245)** | **TOTAL CORPORATE BONDS (Cost $227,667,245)** |  |  | 230203583 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 37086040 Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $37,086,040)<sup>(d),(f)</sup> | 37086040 |

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.1% (Continued)** |  |
|  | **MONEY MARKET FUND - 3.6%** |  |
| 8612178 | First American Government Obligations Fund Class Z, 3.57% (Cost $8,612,178)<sup>(f)</sup> | $8612178 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $45,698,218)** | 45698218 |
|  | **TOTAL INVESTMENTS - 115.1% (Cost $273,365,463)** | $275901801 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.1)%** | (36238809) |
|  | **NET ASSETS - 100.0%** | $239662992 |

---

---

| | |
|:---|:---|
| 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 |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 206,025,645 or 86.0% of net assets. |
| <sup>(b)</sup> | Variable rate security; the rate shown represents the rate on January 31, 2026. |
| <sup>(c)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $36,350,221 at January 31, 2026. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $37,086,040 at January 31, 2026. |
| <sup>(e)</sup> | Zero coupon bond. |
| <sup>(f)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 0.0%<sup>(a)</sup>** |  |
|  | **Real Estate Owners & Developers - 0.0%<sup>(a)</sup>** |  |
| 600 | Country Garden Holdings Company Ltd. (Cost $32) | $23 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **ASSET BACKED SECURITIES — 0.0%<sup>(a)</sup>** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 4,466 EUR | Fondo de Titulizacion de Activos Santander Series 2 A<sup>(b)</sup> (Cost $4,745) | EUR003M + 0.150% | 2.1760 | &nbsp;&nbsp;01/18/49 | 5269 |
|  | **CONVERTIBLE BONDS — 0.4%** |  |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 0.4%** |  |  |  |  |
| 400,000 USD | HTA Group Ltd./Mauritius |  | 2.8750 | &nbsp;&nbsp;03/18/27 | 417860 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 167,345 USD | Country Garden Holdings Company Ltd.<sup>(c),(d)</sup> |  |  | &nbsp;&nbsp;12/31/31 | 18349 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $415,599)** | **TOTAL CONVERTIBLE BONDS (Cost $415,599)** |  |  | 436209 |
|  | **CORPORATE BONDS — 60.5%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.2%** |  |  |  |  |
| 200,000 EUR | Airbus S.E. |  | 2.3750 | &nbsp;&nbsp;04/07/32 | 230495 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.3%** |  |  |  |  |
| 200,000 EUR | Beach Acquisition Bidco, LLC<sup>(c)</sup> |  | 5.2500 | &nbsp;&nbsp;07/15/32 | 243439 |
| 120,000 EUR | Beach Acquisition Bidco, LLC |  | 5.2500 | &nbsp;&nbsp;07/15/32 | 146063 |
|  |  |  |  |  | 389502 |
|  | **ASSET MANAGEMENT — 1.3%** |  |  |  |  |
| 250,000 EUR | Blackrock, Inc. |  | 3.7500 | &nbsp;&nbsp;07/18/35 | 303802 |
| 335,000 USD | Brookfield Asset Management Ltd. |  | 5.7950 | &nbsp;&nbsp;04/24/35 | 349459 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 1.3% (Continued)** |  |  |  |  |
| 100,000 EUR | JAB Holdings BV |  | 1.0000 | &nbsp;&nbsp;12/20/27 | $115427 |
| 200,000 EUR | JAB Holdings BV |  | 2.5000 | &nbsp;&nbsp;06/25/29 | 234715 |
| 87,000 USD | MDGH GMTN RSC Ltd.<sup>(c)</sup> |  | 5.8750 | &nbsp;&nbsp;05/01/34 | 93764 |
| 400,000 USD | UBS Group A.G.<sup>(b),(c)</sup> | H15T1Y + 1.100% | 2.7460 | &nbsp;&nbsp;02/11/33 | 358917 |
|  |  |  |  |  | 1456084 |
|  | **AUTOMOTIVE — 1.4%** |  |  |  |  |
| 330,000 USD | Aptiv plc / Aptiv Global Financing DAC<sup>(b)</sup> | H15T5Y + 3.385% | 6.8750 | &nbsp;&nbsp;12/15/54 | 344842 |
| 325,000 USD | Hyundai Capital Services, Inc.<sup>(c)</sup> |  | 5.2500 | &nbsp;&nbsp;01/22/28 | 331408 |
| 300,000 EUR | Mercedes-Benz Group A.G. |  | 0.7500 | &nbsp;&nbsp;02/08/30 | 330131 |
| 250,000 EUR | Stellantis N.V. |  | 4.2500 | &nbsp;&nbsp;06/16/31 | 305337 |
| 300,000 EUR | Volkswagen International Finance N.V. |  | 1.8750 | &nbsp;&nbsp;03/30/27 | 353600 |
|  |  |  |  |  | 1665318 |
|  | **BANKING — 10.4%** |  |  |  |  |
| 200,000 USD | African Export-Import Bank (The) |  | 2.6340 | &nbsp;&nbsp;05/17/26 | 198521 |
| 128,000 USD | Akbank TAS<sup>(b),(c)</sup> | H15T5Y + 3.726% | 7.8750 | &nbsp;&nbsp;09/04/35 | 131630 |
| 330,000 USD | ASB Bank Ltd.<sup>(b),(c)</sup> | H15T5Y + 2.250% | 5.2840 | &nbsp;&nbsp;06/17/32 | 334106 |
| 340,000 USD | Australia & New Zealand Banking Group Ltd.<sup>(b),(c)</sup> | H15T10Y + 1.350% | 5.8160 | &nbsp;&nbsp;06/18/36 | 353718 |
| 300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. |  | 3.5000 | &nbsp;&nbsp;02/10/27 | 359599 |
| 349,000 USD | Banco Davivienda S.A.<sup>(b),(c)</sup> | H15T5Y + 4.588% | 8.1250 | &nbsp;&nbsp;07/02/35 | 364705 |
| 112,000 USD | Banco de Credito del Peru S.A.<sup>(b),(c)</sup> | H15T5Y + 2.486% | 6.4500 | &nbsp;&nbsp;07/30/35 | 116934 |
| 276,000 USD | Banco de Credito e Inversiones S.A.<sup>(b),(c)</sup> | H15T5Y + 3.767% | 7.5000 | &nbsp;&nbsp;12/15/73 | 294312 |
| 198,000 USD | Banco Mercantil del Norte S.A.<sup>(b),(c)</sup> | H15T10Y + 5.034% | 6.6250 | &nbsp;&nbsp;01/24/70 | 195705 |
| 226,000 USD | Banco Mercantil del Norte S.A.<sup>(b),(c)</sup> | H15T5Y + 4.643% | 5.8750 | &nbsp;&nbsp;11/24/71 | 225714 |
| 565,000 USD | Banco Mercantil del Norte S.A.<sup>(b),(c)</sup> | H15T5Y + 4.072% | 8.3750 | &nbsp;&nbsp;11/20/74 | 599040 |
| 300,000 EUR | Banco Santander S.A. |  | 4.8750 | &nbsp;&nbsp;10/18/31 | 386297 |
| 350,000 USD | Barclays PLC<sup>(b)</sup> | SOFRRATE + 1.910% | 5.3350 | &nbsp;&nbsp;09/10/35 | 355010 |
| 300,000 USD | BPCE S.A.<sup>(b),(c)</sup> | H15T1Y + 2.791% | 6.5080 | &nbsp;&nbsp;01/18/35 | 318557 |
| 2,000,000 EUR | Bundesschatzanweisungen |  | 2.2000 | &nbsp;&nbsp;03/11/27 | 2376752 |
| 300,000 EUR | CaixaBank S.A. |  | 4.2500 | &nbsp;&nbsp;09/06/30 | 376269 |
| 310,000 USD | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 3.650% | 7.0790 | &nbsp;&nbsp;02/10/34 | 340751 |
| 325,000 USD | HSBC Holdings PLC<sup>(b)</sup> | SOFRRATE + 1.290% | 5.2860 | &nbsp;&nbsp;11/19/30 | 335767 |
| 300,000 EUR | Intesa Sanpaolo SpA |  | 5.1250 | &nbsp;&nbsp;08/29/31 | 390811 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **BANKING — 10.4% (Continued)** |  |  |  |  |
| 440,000 USD | Mizuho Financial Group, Inc. |  | 2.5640 | &nbsp;&nbsp;09/13/31 | $394892 |
| 315,000 USD | NatWest Group PLC<sup>(b)</sup> | H15T5Y + 2.200% | 6.4750 | &nbsp;&nbsp;06/01/34 | 331717 |
| 236,000 USD | NBK Tier 1 Ltd.<sup>(b),(c)</sup> | CMTUSD6Y + 2.403% | 6.3750 | &nbsp;&nbsp;07/10/73 | 240609 |
| 200,000 USD | SAB AT1 Ltd.<sup>(b)</sup> | H15T5Y + 2.302% | 6.5000 | &nbsp;&nbsp;05/21/75 | 203496 |
| 310,000 USD | Societe Generale S.A.<sup>(b),(c)</sup> | H15T1Y + 2.950% | 6.6910 | &nbsp;&nbsp;01/10/34 | 338473 |
| 365,000 USD | Standard Chartered PLC<sup>(b),(c)</sup> | H15T5Y + 2.300% | 3.2650 | &nbsp;&nbsp;02/18/36 | 338739 |
| 330,000 USD | Toronto-Dominion Bank (The)<sup>(b)</sup> | H15T5Y + 4.075% | 8.1250 | &nbsp;&nbsp;10/31/82 | 345865 |
| 800,000 GBP | United Kingdom Gilt |  | 4.1250 | &nbsp;&nbsp;01/29/27 | 1098985 |
| 1,000,000 GBP | United Kingdom Gilt |  | 3.7500 | &nbsp;&nbsp;03/07/27 | 1368863 |
| 117,000 USD | Yapi ve Kredi Bankasi A/S<sup>(c)</sup> |  | 7.1250 | &nbsp;&nbsp;10/10/29 | 121451 |
|  |  |  |  |  | 12837288 |
|  | **BEVERAGES — 0.2%** |  |  |  |  |
| 245,000 EUR | Molson Coors Beverage Company |  | 3.8000 | &nbsp;&nbsp;06/15/32 | 296905 |
|  | **BIOTECH & PHARMA — 2.8%** |  |  |  |  |
| 490,000 EUR | Cheplapharm Arzneimittel GmbH |  | 7.5000 | &nbsp;&nbsp;05/15/30 | 603907 |
| 390,000 USD | EMD Finance, LLC<sup>(c)</sup> |  | 5.0000 | &nbsp;&nbsp;10/15/35 | 389285 |
| 370,000 EUR | Grifols S.A. |  | 3.8750 | &nbsp;&nbsp;10/15/28 | 434785 |
| 500,000 EUR | Organon & Company / Organon Foreign Debt Co-Issuer |  | 2.8750 | &nbsp;&nbsp;04/30/28 | 584690 |
| 340,000 EUR | Perrigo Finance Unlimited Company |  | 5.3750 | &nbsp;&nbsp;09/30/32 | 404144 |
| 525,000 USD | Royalty Pharma plc |  | 3.3000 | &nbsp;&nbsp;09/02/40 | 408751 |
| 300,000 EUR | Takeda Pharmaceutical Company Ltd. |  | 1.0000 | &nbsp;&nbsp;07/09/29 | 334816 |
| 200,000 EUR | Utah Acquisition Sub, Inc. |  | 3.1250 | &nbsp;&nbsp;11/22/28 | 238793 |
|  |  |  |  |  | 3399171 |
|  | **CABLE & SATELLITE — 1.4%** |  |  |  |  |
| 580,000 EUR | Altice Financing S.A. |  | 4.2500 | &nbsp;&nbsp;08/15/29 | 493479 |
| 475,000 EUR | United Group BV |  | 4.6250 | &nbsp;&nbsp;08/15/28 | 566824 |
| 400,000 GBP | Virgin Media Vendor Financing Notes III DAC |  | 4.8750 | &nbsp;&nbsp;07/15/28 | 548487 |
|  |  |  |  |  | 1608790 |
|  | **CHEMICALS — 2.6%** |  |  |  |  |
| 205,000 USD | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;01/31/30 | 87353 |
| 330,000 EUR | INEOS Finance PLC<sup>(c)</sup> |  | 7.2500 | &nbsp;&nbsp;03/31/31 | 327820 |
| 520,000 EUR | INEOS Quattro Finance 2 PLC |  | 8.5000 | &nbsp;&nbsp;03/15/29 | 505636 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 2.6% (Continued)** |  |  |  |  |
| 500,000 EUR | Maxam Prill Sarl<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;07/15/30 | $616176 |
| 402,000 USD | OCP S.A.<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;05/02/54 | 438761 |
| 344,000 USD | Orbia Advance Corp S.A.B. de C.V.<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;05/13/35 | 346666 |
| 321,000 USD | Sasol Financing USA, LLC |  | 4.3750 | &nbsp;&nbsp;09/18/26 | 319116 |
| 205,000 USD | Sasol Financing USA, LLC |  | 6.5000 | &nbsp;&nbsp;09/27/28 | 205134 |
| 200,000 USD | UPL Corporation Ltd. |  | 4.6250 | &nbsp;&nbsp;06/16/30 | 191175 |
|  |  |  |  |  | 3037837 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 35,000 USD | Sodexo, Inc.<sup>(c)</sup> |  | 5.1500 | &nbsp;&nbsp;08/15/30 | 35860 |
| 330,000 USD | Sodexo, Inc.<sup>(c)</sup> |  | 5.8000 | &nbsp;&nbsp;08/15/35 | 343821 |
|  |  |  |  |  | 379681 |
|  | **CONSTRUCTION MATERIALS — 0.6%** |  |  |  |  |
| 60,000 USD | Cemex S.A.B. de C.V.<sup>(b),(c)</sup> | H15T5Y + 4.534% | 5.1250 | &nbsp;&nbsp;09/08/69 | 59941 |
| 334,000 USD | Cemex S.A.B. de C.V.<sup>(b),(c)</sup> | H15T5Y + 0.250% | 7.2000 | &nbsp;&nbsp;09/10/73 | 350617 |
| 325,000 EUR | Holcim Finance Luxembourg S.A. |  | 0.5000 | &nbsp;&nbsp;09/03/30 | 345472 |
|  |  |  |  |  | 756030 |
|  | **CONSUMER SERVICES — 0.1%** |  |  |  |  |
| 64,000 USD | Amazon Conservation DAC<sup>(c)</sup> |  | 6.0340 | &nbsp;&nbsp;01/16/42 | 66010 |
|  | **CONTAINERS & PACKAGING — 1.0%** |  |  |  |  |
| 300,000 EUR | Amcor UK Finance PLC |  | 3.7500 | &nbsp;&nbsp;02/20/33 | 356220 |
| 320,000 EUR | Kleopatra Finco Sarl |  | 4.2500 | &nbsp;&nbsp;03/01/26 | 60721 |
| 390,000 USD | Smurfit Kappa Treasury ULC |  | 5.2000 | &nbsp;&nbsp;01/15/30 | 402092 |
| 310,000 EUR | Trivium Packaging Finance BV |  | 6.6250 | &nbsp;&nbsp;07/15/30 | 388736 |
|  |  |  |  |  | 1207769 |
|  | **ELECTRIC UTILITIES — 5.6%** |  |  |  |  |
| 260,000 USD | Adani Electricity Mumbai Ltd.<sup>(c)</sup> |  | 3.9490 | &nbsp;&nbsp;02/12/30 | 243721 |
| 219,051 USD | Adani Green Energy UP Ltd. / Prayatna Developers<sup>(c)</sup> |  | 6.7000 | &nbsp;&nbsp;03/12/42 | 211598 |
| 252,945 USD | Adani Renewable Energy RJ Ltd./Kodangal Solar<sup>(c)</sup> |  | 4.6250 | &nbsp;&nbsp;10/15/39 | 213945 |
| 208,000 USD | Adani Transmission Step-One Ltd.<sup>(c)</sup> |  | 4.0000 | &nbsp;&nbsp;08/03/26 | 206433 |
| 90,000 USD | ADM Elektrik Dagitim A/S<sup>(c)</sup> |  | 9.5000 | &nbsp;&nbsp;02/05/31 | 89771 |
| 162,000 USD | Aydem Yenilenebilir Enerji A/S<sup>(c)</sup> |  | 9.8750 | &nbsp;&nbsp;09/30/30 | 162734 |
| 315,000 USD | Capital Power US Holdings, Inc.<sup>(c)</sup> |  | 6.1890 | &nbsp;&nbsp;06/01/35 | 330457 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 5.6% (Continued)** |  |  |  |  |
| 43,000 USD | Comision Ejecutiva Hidroelectrica del Rio Lempa<sup>(c)</sup> |  | 8.6500 | &nbsp;&nbsp;01/24/33 | $45999 |
| 12,000 USD | Comision Federal de Electricidad<sup>(c)</sup> |  | 6.4500 | &nbsp;&nbsp;01/24/35 | 12257 |
| 285,000 EUR | E.ON S.E. |  | 3.5000 | &nbsp;&nbsp;03/25/32 | 344742 |
| 310,000 USD | Electricite de France S.A.<sup>(c)</sup> |  | 6.9000 | &nbsp;&nbsp;05/23/53 | 345466 |
| 205,000 USD | Enel Finance International N.V.<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;10/07/39 | 214472 |
| 125,000 USD | Enel Finance International N.V.<sup>(c)</sup> |  | 5.5000 | &nbsp;&nbsp;06/15/52 | 117633 |
| 200,000 EUR | Energo - Pro as |  | 6.4500 | &nbsp;&nbsp;04/15/31 | 236102 |
| 100,000 EUR | Energo-Pro A/S<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;05/27/30 | 126145 |
| 355,000 USD | Engie S.A.<sup>(c)</sup> |  | 5.6250 | &nbsp;&nbsp;04/10/34 | 371734 |
| 223,000 USD | Eskom Holdings SOC Ltd.<sup>(c)</sup> |  | 8.4500 | &nbsp;&nbsp;08/10/28 | 239231 |
| 216,000 USD | Generacion Mediterranea S.A. / Central Termica<sup>(c)</sup> |  | 11.0000 | &nbsp;&nbsp;11/01/31 | 162199 |
| 102,000 USD | Investment Energy Resources Ltd.<sup>(c)</sup> |  | 6.2500 | &nbsp;&nbsp;04/26/29 | 102830 |
| 226,548 USD | Minejesa Capital BV<sup>(c)</sup> |  | 4.6250 | &nbsp;&nbsp;08/10/30 | 226562 |
| 220,000 USD | Minejesa Capital BV<sup>(c)</sup> |  | 5.6250 | &nbsp;&nbsp;08/10/37 | 217387 |
| 289,690 USD | Mong Duong Finance Holdings BV<sup>(c)</sup> |  | 5.1250 | &nbsp;&nbsp;05/07/29 | 289241 |
| 490,800 USD | MSU Energy S.A.<sup>(c)</sup> |  | 9.7500 | &nbsp;&nbsp;12/05/30 | 489895 |
| 300,000 EUR | National Grid PLC |  | 0.1630 | &nbsp;&nbsp;01/20/28 | 340057 |
| 300,000 EUR | Naturgy Finance BV |  | 1.5000 | &nbsp;&nbsp;01/29/28 | 349116 |
| 300,000 EUR | Orsted A/S |  | 1.5000 | &nbsp;&nbsp;11/26/29 | 335215 |
| 8,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 3.3750 | &nbsp;&nbsp;02/05/30 | 7655 |
| 55,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 4.8750 | &nbsp;&nbsp;07/17/49 | 46209 |
| 31,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 4.0000 | &nbsp;&nbsp;06/30/50 | 22508 |
| 214,000 USD | Saavi Energia Sarl<sup>(c)</sup> |  | 8.8750 | &nbsp;&nbsp;02/10/35 | 231955 |
| 270,000 USD | YPF Energia Electrica S.A.<sup>(c)</sup> |  | 7.8750 | &nbsp;&nbsp;10/16/32 | 273733 |
| 148,000 USD | Zorlu Enerji Elektrik Uretim A/S<sup>(c)</sup> |  | 11.0000 | &nbsp;&nbsp;04/23/30 | 138266 |
|  |  |  |  |  | 6745268 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 200,000 EUR | TK Elevator Midco GmbH |  | 4.3750 | &nbsp;&nbsp;07/15/27 | 238120 |
|  | **ENGINEERING & CONSTRUCTION — 1.6%** |  |  |  |  |
| 420,000 USD | ATP Tower Holdings / Andean Telecom Partners Chile<sup>(c)</sup> |  | 7.8750 | &nbsp;&nbsp;02/03/30 | 433253 |
| 200,000 EUR | Cellnex Finance Company S.A. |  | 2.0000 | &nbsp;&nbsp;02/15/33 | 214082 |
| 405,000 USD | HTA Group Ltd./Mauritius<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;06/04/29 | 418792 |
| 190,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 6.2500 | &nbsp;&nbsp;11/29/28 | 189386 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 1.6% (Continued)** |  |  |  |  |
| 260,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 7.8750 | &nbsp;&nbsp;05/29/30 | $268242 |
| 320,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 8.2500 | &nbsp;&nbsp;11/29/31 | 334491 |
| 118,246 USD | IHS Netherlands Holdco BV<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;09/18/27 | 118561 |
|  |  |  |  |  | 1976807 |
|  | **ENTERTAINMENT CONTENT — 0.4%** |  |  |  |  |
| 260,000 GBP | Pinewood Finco PLC<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;03/27/30 | 360957 |
| 100,000 GBP | Pinewood Finco PLC |  | 6.0000 | &nbsp;&nbsp;03/27/30 | 138830 |
|  |  |  |  |  | 499787 |
|  | **FOOD — 1.0%** |  |  |  |  |
| 243,000 USD | Adecoagro S.A.<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;07/29/32 | 238040 |
| 300,000 EUR | Danone S.A. |  | 3.0710 | &nbsp;&nbsp;09/07/32 | 352081 |
| 400,000 EUR | Froneri Lux FinCompany S.A.RL<sup>(c)</sup> |  | 4.7500 | &nbsp;&nbsp;08/01/32 | 479006 |
| 104,000 USD | Minerva Luxembourg S.A.<sup>(c)</sup> |  | 4.3750 | &nbsp;&nbsp;03/18/31 | 97040 |
|  |  |  |  |  | 1166167 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.2%** |  |  |  |  |
| 250,000 USD | Eldorado Intl. Finance GmbH<sup>(c),(e)</sup> |  | 8.5000 | &nbsp;&nbsp;12/01/32 | 260525 |
|  | **INDUSTRIAL SUPPORT SERVICES — 1.2%** |  |  |  |  |
| 400,000 EUR | Albion Financing 1 S.A.RL / Aggreko Holdings, Inc. |  | 5.3750 | &nbsp;&nbsp;05/21/30 | 490575 |
| 320,000 USD | Ashtead Capital, Inc.<sup>(c)</sup> |  | 5.9500 | &nbsp;&nbsp;10/15/33 | 337701 |
| 100,000 EUR | Motability Operations Group PLC |  | 3.6250 | &nbsp;&nbsp;01/22/33 | 119248 |
| 200,000 GBP | Motability Operations Group PLC |  | 5.6250 | &nbsp;&nbsp;01/24/54 | 252505 |
| 239,000 USD | Vamos Europe S.A.<sup>(c)</sup> |  | 9.2000 | &nbsp;&nbsp;01/26/31 | 229679 |
|  |  |  |  |  | 1429708 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |  |
| 435,000 USD | Nomura Holdings, Inc. |  | 2.1720 | &nbsp;&nbsp;07/14/28 | 414919 |
|  | **INSURANCE — 1.6%** |  |  |  |  |
| 300,000 EUR | Allianz S.E.<sup>(b)</sup> | EUR003M + 3.350% | 3.0990 | &nbsp;&nbsp;07/06/47 | 357990 |
| 490,000 EUR | Ardonagh Finco Ltd. |  | 6.8750 | &nbsp;&nbsp;02/15/31 | 599472 |
| 300,000 EUR | Liberty Mutual Group, Inc. |  | 3.8750 | &nbsp;&nbsp;09/26/35 | 351997 |
| 280,000 USD | Nippon Life Insurance Company<sup>(b),(c)</sup> | H15T5Y + 2.954% | 6.2500 | &nbsp;&nbsp;09/13/53 | 296437 |
| 350,000 USD | Sumitomo Life Insurance Company<sup>(b),(c)</sup> | H15T5Y + 2.651% | 5.8750 | &nbsp;&nbsp;09/10/55 | 352338 |
|  |  |  |  |  | 1958234 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 0.7%** |  |  |  |  |
| 250,000 EUR | Booking Holdings, Inc. |  | 4.5000 | &nbsp;&nbsp;11/15/31 | $316349 |
| 232,000 USD | Prosus N.V.<sup>(c)</sup> |  | 3.0610 | &nbsp;&nbsp;07/13/31 | 212078 |
| 127,000 USD | Prosus N.V. |  | 3.0610 | &nbsp;&nbsp;07/13/31 | 116094 |
| 269,000 USD | Prosus N.V.<sup>(c)</sup> |  | 3.8320 | &nbsp;&nbsp;02/08/51 | 179272 |
|  |  |  |  |  | 823793 |
|  | **LEISURE FACILITIES & SERVICES — 1.7%** |  |  |  |  |
| 350,000 GBP | 888 Acquisitions Ltd.<sup>(c)</sup> |  | 10.7500 | &nbsp;&nbsp;05/15/30 | 434551 |
| 300,000 EUR | Flutter Treasury DAC |  | 4.0000 | &nbsp;&nbsp;06/04/31 | 355969 |
| 106,000 USD | Melco Resorts Finance Ltd.<sup>(c)</sup> |  | 5.7500 | &nbsp;&nbsp;07/21/28 | 106041 |
| 388,000 USD | Melco Resorts Finance Ltd. |  | 5.7500 | &nbsp;&nbsp;07/21/28 | 388151 |
| 59,000 USD | Melco Resorts Finance Ltd.<sup>(c)</sup> |  | 5.3750 | &nbsp;&nbsp;12/04/29 | 58446 |
| 200,000 USD | Melco Resorts Finance Ltd. |  | 5.3750 | &nbsp;&nbsp;12/04/29 | 198122 |
| 110,000 USD | Studio City Company Ltd. |  | 7.0000 | &nbsp;&nbsp;02/15/27 | 110061 |
| 384,000 USD | Studio City Finance Ltd.<sup>(c)</sup> |  | 5.0000 | &nbsp;&nbsp;01/15/29 | 372355 |
|  |  |  |  |  | 2023696 |
|  | **MACHINERY — 0.2%** |  |  |  |  |
| 250,000 EUR | Smiths Group PLC |  | 2.0000 | &nbsp;&nbsp;02/23/27 | 295140 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.8%** |  |  |  |  |
| 380,000 USD | 180 Medical, Inc.<sup>(c)</sup> |  | 5.3000 | &nbsp;&nbsp;10/08/35 | 377460 |
| 200,000 EUR | Medtronic Global Holdings SCA |  | 0.7500 | &nbsp;&nbsp;10/15/32 | 203660 |
| 370,000 USD | Smith & Nephew PLC |  | 5.4000 | &nbsp;&nbsp;03/20/34 | 381017 |
|  |  |  |  |  | 962137 |
|  | **METALS & MINING — 1.7%** |  |  |  |  |
| 43,000 USD | Corp Nacional del Cobre de Chile<sup>(c)</sup> |  | 6.3300 | &nbsp;&nbsp;01/13/35 | 45750 |
| 6,000 USD | Corp Nacional del Cobre de Chile<sup>(c)</sup> |  | 3.7000 | &nbsp;&nbsp;01/30/50 | 4233 |
| 181,000 USD | Freeport Indonesia PT |  | 5.3150 | &nbsp;&nbsp;04/14/32 | 184519 |
| 28,000 USD | Freeport Indonesia PT |  | 6.2000 | &nbsp;&nbsp;04/14/52 | 28552 |
| 300,000 EUR | Glencore Capital Finance DAC |  | 1.1250 | &nbsp;&nbsp;03/10/28 | 345500 |
| 26,000 USD | Indonesia Asahan Aluminium Persero PT<sup>(c)</sup> |  | 5.8000 | &nbsp;&nbsp;05/15/50 | 24968 |
| 509,210 USD | Samarco Mineracao S.A.<sup>(c)</sup> |  | 9.0000 | &nbsp;&nbsp;06/30/31 | 511522 |
| 109,000 USD | Vedanta Resources Finance II PLC<sup>(c)</sup> |  | 10.8750 | &nbsp;&nbsp;09/17/29 | 116822 |
| 317,000 USD | Vedanta Resources Finance II PLC<sup>(c)</sup> |  | 9.4750 | &nbsp;&nbsp;07/24/30 | 334668 |
| 268,000 USD | Volcan Cia Minera S.A.A<sup>(c)</sup> |  | 8.5000 | &nbsp;&nbsp;10/28/32 | 276750 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 1.7% (Continued)** |  |  |  |  |
| 235,000 USD | WE Soda Investments Holding PLC<sup>(c)</sup> |  | 9.5000 | &nbsp;&nbsp;10/06/28 | $243003 |
|  |  |  |  |  | 2116287 |
|  | **OIL & GAS PRODUCERS — 8.2%** |  |  |  |  |
| 426,000 USD | 3R Lux S.A.RL<sup>(c)</sup> |  | 9.7500 | &nbsp;&nbsp;02/05/31 | 444450 |
| 16,000 USD | Abu Dhabi Crude Oil Pipeline, LLC<sup>(c)</sup> |  | 3.6500 | &nbsp;&nbsp;11/02/29 | 15692 |
| 34,000 USD | Adnoc Murban Rsc Ltd.<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;09/11/34 | 33461 |
| 78,000 USD | AI Candelaria Spain S.A.<sup>(c)</sup> |  | 5.7500 | &nbsp;&nbsp;06/15/33 | 69771 |
| 687,000 USD | AI Candelaria Spain S.A. |  | 5.7500 | &nbsp;&nbsp;06/15/33 | 614525 |
| 260,000 USD | Azule Energy Finance PLC<sup>(c)</sup> |  | 8.1250 | &nbsp;&nbsp;01/23/30 | 263320 |
| 300,000 USD | Azule Energy Finance PLC<sup>(c)</sup> |  | 8.2500 | &nbsp;&nbsp;01/22/31 | 301480 |
| 335,000 USD | BP Capital Markets PLC<sup>(b)</sup> | H15T5Y + 4.398% | 4.8750 | &nbsp;&nbsp;12/22/00 | 332707 |
| 133,000 USD | Energean Israel Finance Ltd.<sup>(c)</sup> |  | 5.3750 | &nbsp;&nbsp;03/30/28 | 131776 |
| 365,000 USD | Energean Israel Finance Ltd.<sup>(c)</sup> |  | 5.8750 | &nbsp;&nbsp;03/30/31 | 355305 |
| 250,000 EUR | Eni SpA |  | 2.0000 | &nbsp;&nbsp;05/18/31 | 282770 |
| 390,000 USD | Geopark Ltd.<sup>(c)</sup> |  | 8.7500 | &nbsp;&nbsp;01/31/30 | 364314 |
| 344,000 USD | Gran Tierra Energy, Inc.<sup>(c),(e)</sup> |  | 9.5000 | &nbsp;&nbsp;10/15/29 | 275633 |
| 12,000 USD | Greensaif Pipelines Bidco Sarl<sup>(c)</sup> |  | 6.1290 | &nbsp;&nbsp;02/23/38 | 12640 |
| 350,000 USD | Harbour Energy PLC<sup>(c)</sup> |  | 6.3270 | &nbsp;&nbsp;04/01/35 | 358513 |
| 106,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 5.3750 | &nbsp;&nbsp;04/24/30 | 108731 |
| 25,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 5.7500 | &nbsp;&nbsp;04/19/47 | 23538 |
| 29,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 6.3750 | &nbsp;&nbsp;10/24/48 | 29173 |
| 300,000 USD | Kosmos Energy Gta Holdings<sup>(c)</sup> |  | 11.2500 | &nbsp;&nbsp;01/29/31 | 298238 |
| 298,000 USD | Kosmos Energy Ltd. |  | 7.7500 | &nbsp;&nbsp;05/01/27 | 287923 |
| 128,000 USD | Kosmos Energy Ltd. |  | 7.5000 | &nbsp;&nbsp;03/01/28 | 96828 |
| 56,000 USD | Kosmos Energy Ltd.<sup>(c)</sup> |  | 8.7500 | &nbsp;&nbsp;10/01/31 | 35381 |
| 383,000 USD | Leviathan Bond Ltd. |  | 6.5000 | &nbsp;&nbsp;06/30/27 | 387246 |
| 245,000 USD | Leviathan Bond Ltd.<sup>(c)</sup> |  | 6.7500 | &nbsp;&nbsp;06/30/30 | 251585 |
| 458,521 USD | MC Brazil Downstream Trading S.A.RL |  | 7.2500 | &nbsp;&nbsp;06/30/31 | 407263 |
| 100,000 USD | Medco Bell Pte Ltd. |  | 6.3750 | &nbsp;&nbsp;01/30/27 | 100178 |
| 286,000 USD | Medco Laurel Tree Pte Ltd.<sup>(c)</sup> |  | 6.9500 | &nbsp;&nbsp;11/12/28 | 287817 |
| 1,270,000 USD | PDVSA<sup>(f)</sup> |  | 9.0000 | &nbsp;&nbsp;11/17/21 | 450215 |
| 460,000 USD | Petroleos de Venezuela S.A.<sup>(f)</sup> |  |  | &nbsp;&nbsp;05/17/35 | 169050 |
| 121,000 USD | Petroleos del Peru S.A. |  | 4.7500 | &nbsp;&nbsp;06/19/32 | 91147 |
| 266,000 USD | Petroleos Mexicanos |  | 6.8400 | &nbsp;&nbsp;01/23/30 | 273016 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 8.2% (Continued)** |  |  |  |  |
| 273,000 USD | Petroleos Mexicanos |  | 5.9500 | &nbsp;&nbsp;01/28/31 | $266543 |
| 99,000 USD | Petroleos Mexicanos |  | 6.7000 | &nbsp;&nbsp;02/16/32 | 98886 |
| 435,000 USD | Petroleos Mexicanos |  | 6.3500 | &nbsp;&nbsp;02/12/48 | 345289 |
| 14,000 USD | Petronas Capital Ltd. |  | 2.4800 | &nbsp;&nbsp;01/28/32 | 12586 |
| 22,000 USD | Petronas Capital Ltd.<sup>(c)</sup> |  | 5.8480 | &nbsp;&nbsp;04/03/55 | 22975 |
| 12,000 USD | Saudi Arabian Oil Company<sup>(c)</sup> |  | 5.8750 | &nbsp;&nbsp;07/17/64 | 11445 |
| 175,000 USD | SierraCol Energy Andina, LLC/SierraCol Energy<sup>(c)</sup> |  | 9.0000 | &nbsp;&nbsp;11/14/30 | 175289 |
| 335,000 USD | South Bow USA Infrastructure Holdings, LLC |  | 5.5840 | &nbsp;&nbsp;10/01/34 | 338413 |
| 300,000 EUR | TotalEnergies Capital Canada Ltd. |  | 2.1250 | &nbsp;&nbsp;09/18/29 | 348060 |
| 277,000 USD | Trident Energy Finance PLC<sup>(c)</sup> |  | 12.5000 | &nbsp;&nbsp;11/30/29 | 288994 |
| 303,000 USD | Uzbekneftegaz JSC<sup>(c)</sup> |  | 8.7500 | &nbsp;&nbsp;05/07/30 | 328308 |
| 478,000 USD | YPF S.A.<sup>(c),(e)</sup> |  | 9.5000 | &nbsp;&nbsp;01/17/31 | 507565 |
|  |  |  |  |  | 9898039 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.1%** |  |  |  |  |
| 398,000 USD | FORESEA Holding S.A.<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;06/15/30 | 395699 |
| 372,694 USD | MV24 Capital BV<sup>(c)</sup> |  | 6.7480 | &nbsp;&nbsp;06/01/34 | 377414 |
| 320,000 USD | NewCompany Holding USD 20 Sarl<sup>(c)</sup> |  | 9.3750 | &nbsp;&nbsp;11/07/29 | 334848 |
| 403,750 USD | OHI Group S.A.<sup>(c)</sup> |  | 13.0000 | &nbsp;&nbsp;07/22/29 | 411824 |
| 610,177 USD | Poinsettia Finance Ltd. |  | 6.6250 | &nbsp;&nbsp;06/17/31 | 598486 |
| 413,039 USD | Yinson Boronia Production BV<sup>(c)</sup> |  | 8.9470 | &nbsp;&nbsp;07/31/42 | 459360 |
|  |  |  |  |  | 2577631 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 300,000 EUR | Bertelsmann S.E. & Company KGaA |  | 3.5000 | &nbsp;&nbsp;05/29/29 | 362610 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.6%** |  |  |  |  |
| 102,000 USD | Aldar Properties PJSC<sup>(b),(c)</sup> | H15T5Y + 2.018% | 5.8750 | &nbsp;&nbsp;04/14/56 | 100862 |
| 700,000 USD | China SCE Group Holdings Ltd.<sup>(f)</sup> |  | 7.0000 | &nbsp;&nbsp;05/02/25 | 27213 |
| 200,000 EUR | CPI Property Group S.A.<sup>(g)</sup> |  | 1.6250 | &nbsp;&nbsp;04/23/27 | 236979 |
| 100,000 EUR | CPI Property Group S.A.<sup>(b)</sup> | EUAMDB05 + 5.232% | 7.5000 | &nbsp;&nbsp;06/24/73 | 115887 |
| 300,000 USD | Longfor Group Holdings Ltd. |  | 3.8500 | &nbsp;&nbsp;01/13/32 | 233583 |
| 61,867 USD | Port Of Spain Waterfront Development |  | 7.8750 | &nbsp;&nbsp;02/19/40 | 62485 |
|  |  |  |  |  | 777009 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **REIT — 0.8%** |  |  |  |  |
| 200,000 EUR | Iron Mountain, Inc. |  | 4.7500 | &nbsp;&nbsp;01/15/34 | $231842 |
| 400,000 EUR | Iron Mountain, Inc.<sup>(c)</sup> |  | 4.7500 | &nbsp;&nbsp;01/15/34 | 463684 |
| 250,000 EUR | Prologis Euro Finance, LLC |  | 4.6250 | &nbsp;&nbsp;05/23/33 | 317021 |
|  |  |  |  |  | 1012547 |
|  | **RENEWABLE ENERGY — 0.3%** |  |  |  |  |
| 268,000 USD | FS Luxembourg Sarl<sup>(c),(e)</sup> |  | 8.8750 | &nbsp;&nbsp;02/12/31 | 284994 |
| 57,000 USD | Limak Yenilenebilir Enerji A/S<sup>(c)</sup> |  | 9.6250 | &nbsp;&nbsp;08/12/30 | 56673 |
|  |  |  |  |  | 341667 |
|  | **RETAIL - CONSUMER STAPLES — 0.8%** |  |  |  |  |
| 380,000 USD | Alimentation Couche-Tard, Inc.<sup>(c)</sup> |  | 5.0770 | &nbsp;&nbsp;09/29/35 | 382512 |
| 200,000 EUR | Carrefour S.A. |  | 4.3750 | &nbsp;&nbsp;11/14/31 | 250672 |
| 300,000 EUR | Tesco Corporate Treasury Services PLC |  | 3.3750 | &nbsp;&nbsp;05/06/32 | 357388 |
|  |  |  |  |  | 990572 |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |  |
| 346,000 USD | Movida Europe S.A.<sup>(c),(e)</sup> |  | 7.8500 | &nbsp;&nbsp;04/11/29 | 335780 |
|  | **SEMICONDUCTORS — 0.3%** |  |  |  |  |
| 335,000 USD | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 5.2500 | &nbsp;&nbsp;08/19/35 | 339746 |
|  | **SPECIALTY FINANCE — 0.6%** |  |  |  |  |
| 400,000 USD | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | &nbsp;&nbsp;01/30/32 | 370274 |
| 330,000 USD | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 5.1500 | &nbsp;&nbsp;01/15/30 | 336015 |
|  |  |  |  |  | 706289 |
|  | **STEEL — 0.9%** |  |  |  |  |
| 305,000 USD | ArcelorMittal S.A. <sup>(e)</sup> |  | 6.8000 | &nbsp;&nbsp;11/29/32 | 341948 |
| 384,000 USD | CSN Resources S.A.<sup>(c),(e)</sup> |  | 4.6250 | &nbsp;&nbsp;06/10/31 | 301617 |
| 490,000 USD | Metinvest BV<sup>(c)</sup> |  | 7.7500 | &nbsp;&nbsp;10/17/29 | 388348 |
|  |  |  |  |  | 1031913 |
|  | **TECHNOLOGY HARDWARE — 0.3%** |  |  |  |  |
| 385,000 USD | Flex Ltd. |  | 5.3750 | &nbsp;&nbsp;11/13/35 | 385052 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |  |  |  |
| 320,000 EUR | ION Platform Finance S.A.RL<sup>(c)</sup> |  | 7.8750 | &nbsp;&nbsp;05/01/29 | 369847 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 60.5% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 0.4% (Continued)** |  |  |  |  |
| 100,000 EUR | ION Platform Finance S.A.RL |  | 7.8750 | &nbsp;&nbsp;05/01/29 | $115577 |
|  |  |  |  |  | 485424 |
|  | **TELECOMMUNICATIONS — 2.7%** |  |  |  |  |
| 23,344 USD | Altice France Lux 3 / Altice Holdings 1 |  | 10.0000 | &nbsp;&nbsp;01/15/33 | 22589 |
| 148,460 EUR | Altice France S.A.<sup>(c)</sup> |  | 7.2500 | &nbsp;&nbsp;11/01/29 | 178402 |
| 300,000 EUR | Orange S.A. |  | 2.0000 | &nbsp;&nbsp;01/15/29 | 350707 |
| 380,000 EUR | SoftBank Group Corporation |  | 3.8750 | &nbsp;&nbsp;07/06/32 | 423252 |
| 200,000 EUR | SoftBank Group Corporation |  | 6.3750 | &nbsp;&nbsp;07/10/33 | 244968 |
| 377,000 USD | Telecom Argentina S.A.<sup>(c)</sup> |  | 9.2500 | &nbsp;&nbsp;05/28/33 | 398521 |
| 200,000 EUR | Telefonica Emisiones S.A. |  | 2.5920 | &nbsp;&nbsp;05/25/31 | 231928 |
| 400,000 EUR | Telefonica Europe BV<sup>(b)</sup> | EUAMDB08 + 3.121% | 5.7520 | &nbsp;&nbsp;04/15/73 | 507092 |
| 65,000 USD | Turk Telekomunikasyon A/S<sup>(c)</sup> |  | 6.9500 | &nbsp;&nbsp;10/07/32 | 66392 |
| 220,000 USD | Turkcell Iletisim Hizmetleri A/S<sup>(c)</sup> |  | 7.6500 | &nbsp;&nbsp;01/24/32 | 234200 |
| 261,829 USD | VF Ukraine PAT via VFU Funding plc<sup>(c)</sup> |  | 9.6250 | &nbsp;&nbsp;02/11/27 | 258556 |
| 345,000 USD | Vodafone Group PLC |  | 5.8750 | &nbsp;&nbsp;06/28/64 | 337177 |
|  |  |  |  |  | 3253784 |
|  | **TOBACCO & CANNABIS — 0.3%** |  |  |  |  |
| 340,000 USD | Imperial Brands Finance PLC<sup>(c)</sup> |  | 5.5000 | &nbsp;&nbsp;02/01/30 | 352993 |
|  | **TRANSPORTATION & LOGISTICS — 1.8%** |  |  |  |  |
| 241,000 USD | Adani Ports & Special Economic Zone Ltd.<sup>(c)</sup> |  | 3.1000 | &nbsp;&nbsp;02/02/31 | 216152 |
| 150,000 EUR | Autostrade per l'Italia SpA |  | 5.1250 | &nbsp;&nbsp;06/14/33 | 193499 |
| 88,000 USD | DP World PLC<sup>(c)</sup> |  | 4.7000 | &nbsp;&nbsp;09/30/49 | 75246 |
| 52,000 USD | Georgian Railway JSC<sup>(c)</sup> |  | 4.0000 | &nbsp;&nbsp;06/17/28 | 49771 |
| 416,000 USD | Grupo Aeromexico S.A.B. de C.V.<sup>(c),(e)</sup> |  | 8.6250 | &nbsp;&nbsp;11/15/31 | 430560 |
| 360,000 EUR | Heathrow Funding Ltd. |  | 1.8750 | &nbsp;&nbsp;07/12/32 | 391532 |
| 300,000 USD | Royal Capital BV<sup>(b)</sup> | H15T5Y + 7.396% | 5.0000 | &nbsp;&nbsp;05/05/71 | 299871 |
| 230,000 EUR | Transurban Finance Company Pty Ltd. |  | 4.1430 | &nbsp;&nbsp;04/17/35 | 281641 |
| 233,000 USD | Yinson Bergenia Production BV<sup>(c)</sup> |  | 8.4980 | &nbsp;&nbsp;01/31/45 | 253608 |
|  |  |  |  |  | 2191880 |
|  | **TRANSPORTATION EQUIPMENT — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 55,000 USD | Daimler Truck Finance North America, LLC<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;04/12/31 | 54865 |
|  | **TOTAL CORPORATE BONDS (Cost $72,252,532)** | **TOTAL CORPORATE BONDS (Cost $72,252,532)** | **TOTAL CORPORATE BONDS (Cost $72,252,532)** |  | 73339269 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2%** |  |  |  |
|  | **GOVERNMENT GUARANTEED — 0.0%<sup>(a)</sup>** |  |  |  |
| 11,000 USD | Magyar Export-Import Bank Zrt<sup>(c)</sup> | 6.1250 | &nbsp;&nbsp;12/04/27 | $11318 |
|  | **GOVERNMENT OWNED, NO GUARANTEE — 0.0%<sup>(a)</sup>** | **GOVERNMENT OWNED, NO GUARANTEE — 0.0%<sup>(a)</sup>** |  |  |
| 22,000 USD | Export-Import Bank of India | 2.2500 | &nbsp;&nbsp;01/13/31 | 19787 |
| 27,000 USD | Export-Import Bank of India | 5.5000 | &nbsp;&nbsp;01/13/35 | 28067 |
| 50,000 USD | Gabon Government International Bond<sup>(c)</sup> | 7.0000 | &nbsp;&nbsp;11/24/31 | 41986 |
|  |  |  |  | 89840 |
|  | **LOCAL AUTHORITY — 0.3%** |  |  |  |
| 150,000 CAD | Province of British Columbia Canada | 3.2000 | &nbsp;&nbsp;06/18/44 | 92451 |
| 250,000 CAD | Province of Ontario Canada | 2.8000 | &nbsp;&nbsp;06/02/48 | 138892 |
| 83,574 USD | Provincia de Buenos Aires/Government Bonds<sup>(g)</sup> | 5.2500 | &nbsp;&nbsp;09/01/37 | 67800 |
|  |  |  |  | 299143 |
|  | **NON U.S. TREASURY — 14.3%** |  |  |  |
| 1,800,000 AUD | Australia Government Bond | 1.2500 | &nbsp;&nbsp;05/21/32 | 1031863 |
| 1,330,000 BRL | Brazil Notas do Tesouro Nacional Serie F | 10.0000 | &nbsp;&nbsp;01/01/29 | 239682 |
| 550,000 CAD | Canadian Government Bond | 2.2500 | &nbsp;&nbsp;06/01/29 | 397527 |
| 480,000,000 COP | Colombian TES | 7.2500 | &nbsp;&nbsp;10/18/34 | 94728 |
| 2,490,000 CZK | Czech Republic Government Bond | 1.7500 | &nbsp;&nbsp;06/23/32 | 106300 |
| 1,500,000 EUR | French Republic Government Bond OAT | 0.2500 | &nbsp;&nbsp;11/25/26 | 1753333 |
| 2,020,000 EUR | French Republic Government Bond OAT<sup>(c)</sup> | 3.5000 | &nbsp;&nbsp;11/25/33 | 2451590 |
| 20,400,000 HUF | Hungary Government Bond | 3.0000 | &nbsp;&nbsp;08/21/30 | 55707 |
| 2,410,000,000 IDR | Indonesia Treasury Bond | 7.0000 | &nbsp;&nbsp;02/15/33 | 148740 |
| 590,000,000 IDR | Indonesia Treasury Bond | 6.7500 | &nbsp;&nbsp;07/15/35 | 36104 |
| 50,000 EUR | Ireland Government Bond | 0.9000 | &nbsp;&nbsp;05/15/28 | 57745 |
| 130,000 EUR | Ireland Government Bond | 1.3000 | &nbsp;&nbsp;05/15/33 | 139663 |
| 750,000 EUR | Italy Buoni Poliennali Del Tesoro | 2.8000 | &nbsp;&nbsp;12/01/28 | 901601 |
| 640,000 EUR | Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | 2.4500 | &nbsp;&nbsp;09/01/33 | 726093 |
| 1,430,000 EUR | Italy Buoni Poliennali Del Tesoro | 4.2000 | &nbsp;&nbsp;03/01/34 | 1816901 |
| 900,000 EUR | Italy Buoni Poliennali Del Tesoro | 3.8500 | &nbsp;&nbsp;02/01/35 | 1111823 |
| 180,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | &nbsp;&nbsp;08/01/39 | 242429 |
| 235,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | &nbsp;&nbsp;09/01/40 | 316430 |
| 700,000 EUR | Kingdom of Belgium Government Bond<sup>(c)</sup> | 5.0000 | &nbsp;&nbsp;03/28/35 | 948005 |
| 290,000 MYR | Malaysia Government Bond | 4.8930 | &nbsp;&nbsp;06/08/38 | 81885 |
| 1,050,000 MXN | Mexican Bonos | 7.5000 | &nbsp;&nbsp;05/26/33 | 56786 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |
|  | **NON U.S. TREASURY — 14.3% (Continued)** |  |  |  |
| 2,770,000 MXN | Mexican Bonos | 7.7500 | &nbsp;&nbsp;11/13/42 | $138513 |
| 246,000 PEN | Peru Government Bond<sup>(c)</sup> | 7.3000 | &nbsp;&nbsp;08/12/33 | 83832 |
| 440,000 PLN | Republic of Poland Government Bond<sup>(d)</sup> |  | &nbsp;&nbsp;01/25/28 | 115756 |
| 260,000 PLN | Republic of Poland Government Bond | 1.7500 | &nbsp;&nbsp;04/25/32 | 62162 |
| 660,000 ZAR | Republic of South Africa Government Bond | 8.2500 | &nbsp;&nbsp;03/31/32 | 42052 |
| 860,000 EUR | Spain Government Bond | 2.5000 | &nbsp;&nbsp;05/31/27 | 1025268 |
| 380,000 EUR | Spain Government Bond<sup>(c)</sup> | 3.2500 | &nbsp;&nbsp;04/30/34 | 456910 |
| 1,000,000 EUR | Spain Government Bond<sup>(c)</sup> | 3.4500 | &nbsp;&nbsp;10/31/34 | 1216364 |
| 170,000 EUR | Spain Government Bond | 4.2000 | &nbsp;&nbsp;01/31/37 | 217365 |
| 250,000 EUR | Spain Government Bond | 2.7000 | &nbsp;&nbsp;10/31/48 | 242589 |
| 820,000 GBP | United Kingdom Gilt | 4.2500 | &nbsp;&nbsp;12/07/40 | 1038096 |
|  |  |  |  | 17353842 |
|  | **SOVEREIGN — 16.2%** |  |  |  |
| 130,000 USD | Angolan Government International Bond<sup>(c)</sup> | 8.0000 | &nbsp;&nbsp;11/26/29 | 127962 |
| 247,000 USD | Angolan Government International Bond<sup>(c)</sup> | 8.7500 | &nbsp;&nbsp;04/14/32 | 242304 |
| 30,000 USD | Angolan Government International Bond<sup>(c)</sup> | 9.8750 | &nbsp;&nbsp;10/15/35 | 30234 |
| 558,720 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 0.7500 | &nbsp;&nbsp;07/09/30 | 474074 |
| 245,000 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 3.5000 | &nbsp;&nbsp;07/09/41 | 177748 |
| 857,273 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 4.1250 | &nbsp;&nbsp;07/09/46 | 630523 |
| 46,000 USD | Benin Government International Bond<sup>(c)</sup> | 7.9600 | &nbsp;&nbsp;02/13/38 | 48157 |
| 26,000 USD | Bermuda Government International Bond<sup>(c)</sup> | 4.7500 | &nbsp;&nbsp;02/15/29 | 26228 |
| 77,000 USD | Bermuda Government International Bond | 3.3750 | &nbsp;&nbsp;08/20/50 | 53193 |
| 49,000 USD | Brazilian Government International Bond | 6.2500 | &nbsp;&nbsp;03/18/31 | 51352 |
| 574,000 USD | Brazilian Government International Bond | 6.0000 | &nbsp;&nbsp;10/20/33 | 581750 |
| 197,000 USD | Brazilian Government International Bond | 6.6250 | &nbsp;&nbsp;03/15/35 | 202762 |
| 21,000 USD | Brazilian Government International Bond | 4.7500 | &nbsp;&nbsp;01/14/50 | 15463 |
| 41,000 USD | Brazilian Government International Bond | 7.1250 | &nbsp;&nbsp;05/13/54 | 41166 |
| 223,000 USD | Brazilian Government International Bond | 7.2500 | &nbsp;&nbsp;01/12/56 | 223390 |
| 59,000 EUR | Bulgaria Government International Bond | 4.1250 | &nbsp;&nbsp;07/18/45 | 68134 |
| 5,000 USD | Chile Government International Bond | 2.7500 | &nbsp;&nbsp;01/31/27 | 4906 |
| 14,000 USD | Chile Government International Bond | 2.4500 | &nbsp;&nbsp;01/31/31 | 12806 |
| 127,000 USD | Chile Government International Bond | 4.3500 | &nbsp;&nbsp;04/13/31 | 126403 |
| 39,000 USD | Chile Government International Bond | 2.5500 | &nbsp;&nbsp;01/27/32 | 34952 |
| 73,000 USD | Chile Government International Bond | 4.9500 | &nbsp;&nbsp;01/05/36 | 73580 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |
|  | **SOVEREIGN — 16.2% (Continued)** |  |  |  |
| 8,000 USD | Chile Government International Bond | 5.6500 | &nbsp;&nbsp;01/13/37 | $8458 |
| 65,000 USD | Chile Government International Bond | 3.8600 | &nbsp;&nbsp;06/21/47 | 51994 |
| 286,000 USD | Colombia Government International Bond | 7.3750 | &nbsp;&nbsp;04/25/30 | 299957 |
| 122,000 USD | Colombia Government International Bond | 6.1250 | &nbsp;&nbsp;01/21/31 | 122031 |
| 188,000 USD | Colombia Government International Bond | 8.5000 | &nbsp;&nbsp;04/25/35 | 207214 |
| 329,000 USD | Colombia Government International Bond | 8.0000 | &nbsp;&nbsp;11/14/35 | 352523 |
| 169,000 USD | Colombia Government International Bond | 5.0000 | &nbsp;&nbsp;06/15/45 | 125246 |
| 275,000 USD | Colombia Government International Bond | 8.7500 | &nbsp;&nbsp;11/14/53 | 302403 |
| 185,000 USD | Costa Rica Government International Bond<sup>(c)</sup> | 7.3000 | &nbsp;&nbsp;11/13/54 | 206133 |
| 108,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 5.5000 | &nbsp;&nbsp;02/22/29 | 109728 |
| 39,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 4.5000 | &nbsp;&nbsp;01/30/30 | 38093 |
| 176,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 5.8750 | &nbsp;&nbsp;10/28/35 | 175468 |
| 178,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 6.6000 | &nbsp;&nbsp;06/01/36 | 186455 |
| 441,000 USD | Dominican Republic International Bond | 6.9500 | &nbsp;&nbsp;03/15/37 | 471429 |
| 29,000 USD | Dominican Republic International Bond | 6.9500 | &nbsp;&nbsp;03/15/37 | 31001 |
| 28,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 6.9500 | &nbsp;&nbsp;03/15/37 | 29932 |
| 25,000 USD | Dominican Republic International Bond | 5.3000 | &nbsp;&nbsp;01/21/41 | 22763 |
| 41,000 USD | Dominican Republic International Bond | 6.5000 | &nbsp;&nbsp;02/15/48 | 40877 |
| 8,000 USD | Eagle Funding Luxco Sarl<sup>(c)</sup> | 5.5000 | &nbsp;&nbsp;08/17/30 | 8136 |
| 363,000 USD | Ecuador Government International Bond<sup>(g)</sup> | 6.9000 | &nbsp;&nbsp;07/31/35 | 331781 |
| 200,000 USD | Ecuador Government International Bond<sup>(c)</sup> | 9.2500 | &nbsp;&nbsp;01/29/39 | 205500 |
| 89,000 USD | Ecuador Government International Bond<sup>(g)</sup> | 5.0000 | &nbsp;&nbsp;07/31/40 | 73648 |
| 52,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.6000 | &nbsp;&nbsp;03/01/29 | 54738 |
| 436,000 USD | Egypt Government International Bond<sup>(c)</sup> | 5.8750 | &nbsp;&nbsp;02/16/31 | 426300 |
| 179,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.9030 | &nbsp;&nbsp;02/21/48 | 162529 |
| 59,000 USD | Egypt Government International Bond<sup>(c)</sup> | 8.8750 | &nbsp;&nbsp;05/29/50 | 58578 |
| 181,000 USD | Egypt Government International Bond<sup>(c)</sup> | 8.7500 | &nbsp;&nbsp;09/30/51 | 177336 |
| 225,000 USD | Egypt Government International Bond | 7.5000 | &nbsp;&nbsp;02/16/61 | 191909 |
| 44,000 USD | El Salvador Government International Bond | 9.2500 | &nbsp;&nbsp;04/17/30 | 47795 |
| 9,000 USD | El Salvador Government International Bond | 7.6500 | &nbsp;&nbsp;06/15/35 | 9360 |
| 102,000 USD | El Salvador Government International Bond | 7.6250 | &nbsp;&nbsp;02/01/41 | 102255 |
| 27,000 USD | El Salvador Government International Bond | 7.6500 | &nbsp;&nbsp;06/15/35 | 28080 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |
|  | **SOVEREIGN — 16.2% (Continued)** |  |  |  |
| 277,000 USD | El Salvador Government International Bond | 7.1250 | &nbsp;&nbsp;&nbsp;01/20/50 | $255533 |
| 57,000 USD | Ethiopia International Bond<sup>(c)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;12/11/24 | 60420 |
| 53,000 USD | Gabon Government International Bond<sup>(c)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;02/06/31 | 45314 |
| 4,312 USD | Ghana Government International Bond<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;07/03/26 | 4219 |
| 1,600 USD | Ghana Government International Bond<sup>(c),(d)</sup> |  | &nbsp;&nbsp;&nbsp;07/03/26 | 1565 |
| 33,250 USD | Ghana Government International Bond<sup>(c),(g)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/03/29 | 32707 |
| 8,937 USD | Ghana Government International Bond<sup>(c),(d)</sup> |  | &nbsp;&nbsp;&nbsp;01/03/30 | 7826 |
| 73,572 USD | Ghana Government International Bond<sup>(g)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/03/35 | 67368 |
| 271,600 USD | Ghana Government International Bond<sup>(c),(g)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/03/35 | 248699 |
| 23,000 USD | Guatemala Government Bond<sup>(c)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;08/10/29 | 23253 |
| 154,000 USD | Guatemala Government Bond | 6.2500 | &nbsp;&nbsp;&nbsp;08/15/36 | 160778 |
| 254,000 USD | Guatemala Government Bond | 4.6500 | &nbsp;&nbsp;&nbsp;10/07/41 | 219853 |
| 75,000 USD | Guatemala Government Bond<sup>(c)</sup> | 6.8750 | &nbsp;&nbsp;&nbsp;08/15/55 | 80252 |
| 43,000 USD | Hazine Mustesarligi Varlik Kiralama A/S<sup>(c)</sup> | 8.5090 | &nbsp;&nbsp;&nbsp;01/14/29 | 47113 |
| 44,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.1250 | &nbsp;&nbsp;&nbsp;05/22/28 | 45670 |
| 35,000 USD | Hungary Government International Bond<sup>(c)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;06/16/29 | 35708 |
| 38,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.2500 | &nbsp;&nbsp;&nbsp;09/22/32 | 40399 |
| 29,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;09/26/35 | 29960 |
| 113,000 USD | Hungary Government International Bond<sup>(c)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;03/26/36 | 112476 |
| 34,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;09/25/52 | 36261 |
| 110,000 USD | Indonesia Government International Bond | 4.5500 | &nbsp;&nbsp;&nbsp;01/11/28 | 111183 |
| 53,000 USD | Indonesia Government International Bond | 2.1500 | &nbsp;&nbsp;&nbsp;07/28/31 | 47003 |
| 101,000 USD | Indonesia Government International Bond | 4.8500 | &nbsp;&nbsp;&nbsp;01/11/33 | 101509 |
| 39,000 USD | Indonesia Government International Bond | 4.9500 | &nbsp;&nbsp;&nbsp;02/21/36 | 38604 |
| 171,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 8.2500 | &nbsp;&nbsp;&nbsp;01/30/37 | 184999 |
| 117,000 EUR | Ivory Coast Government International Bond | 6.6250 | &nbsp;&nbsp;&nbsp;03/22/48 | 128729 |
| 23,000 USD | Kazakhstan Government International Bond<sup>(c)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;07/01/37 | 23409 |
| 20,000 USD | Kazakhstan Government International Bond<sup>(c)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;07/21/45 | 21742 |
| 12,000 USD | KSA Sukuk Ltd.<sup>(c)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;09/09/35 | 11975 |
| 225,000 USD | Kyrgyz Republic International Bond<sup>(c)</sup> | 7.7500 | &nbsp;&nbsp;&nbsp;06/03/30 | 234092 |
| 330,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 6.1000 | &nbsp;&nbsp;&nbsp;10/04/22 | 96636 |
| 369,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 8.2500 | &nbsp;&nbsp;&nbsp;04/12/23 | 110239 |
| 156,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 7.1500 | &nbsp;&nbsp;&nbsp;11/20/31 | 46388 |
| 385,000 MYR | Malaysia Government Bond | 2.6320 | &nbsp;&nbsp;&nbsp;04/15/31 | 94371 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |  |
|  | **SOVEREIGN — 16.2% (Continued)** |  |  |  |
| 16,000 USD | Malaysia Wakala Sukuk Bhd | 3.0750 | &nbsp;&nbsp;04/28/51 | $11430 |
| 85,000 USD | Mexico Government International Bond | 4.5000 | &nbsp;&nbsp;04/22/29 | 85123 |
| 81,000 USD | Mexico Government International Bond | 5.3750 | &nbsp;&nbsp;03/22/33 | 80155 |
| 32,000 USD | Mexico Government International Bond | 4.8750 | &nbsp;&nbsp;05/19/33 | 30675 |
| 8,000 USD | Mexico Government International Bond | 3.5000 | &nbsp;&nbsp;02/12/34 | 6916 |
| 44,000 USD | Mexico Government International Bond | 6.3500 | &nbsp;&nbsp;02/09/35 | 45868 |
| 96,000 USD | Mexico Government International Bond | 6.1250 | &nbsp;&nbsp;02/09/38 | 95755 |
| 98,000 USD | Mexico Government International Bond | 4.7500 | &nbsp;&nbsp;03/08/44 | 80394 |
| 6,000 USD | Mexico Government International Bond | 6.4000 | &nbsp;&nbsp;05/07/54 | 5749 |
| 34,000 USD | Mexico Government International Bond | 3.7710 | &nbsp;&nbsp;05/24/61 | 20834 |
| 106,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 6.1250 | &nbsp;&nbsp;09/28/28 | 107229 |
| 112,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 7.1430 | &nbsp;&nbsp;02/23/30 | 115813 |
| 204,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 9.6250 | &nbsp;&nbsp;06/09/31 | 231564 |
| 101,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 7.8750 | &nbsp;&nbsp;02/16/32 | 105321 |
| 135,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 10.3750 | &nbsp;&nbsp;12/09/34 | 159789 |
| 200,000 USD | Nigeria Government International Bond | 7.6250 | &nbsp;&nbsp;11/28/47 | 187660 |
| 111,000 USD | Oman Government International Bond<sup>(c)</sup> | 6.0000 | &nbsp;&nbsp;08/01/29 | 115852 |
| 86,000 USD | Oman Government International Bond<sup>(c)</sup> | 6.5000 | &nbsp;&nbsp;03/08/47 | 91048 |
| 20,000 USD | Oman Government International Bond<sup>(c)</sup> | 6.7500 | &nbsp;&nbsp;01/17/48 | 21630 |
| 238,000 USD | Pakistan Government International Bond<sup>(c)</sup> | 7.3750 | &nbsp;&nbsp;04/08/31 | 239853 |
| 13,000 USD | Panama Government International Bond | 3.8750 | &nbsp;&nbsp;03/17/28 | 12799 |
| 100,000 USD | Panama Government International Bond | 3.1600 | &nbsp;&nbsp;01/23/30 | 93975 |
| 64,000 USD | Panama Government International Bond | 2.2520 | &nbsp;&nbsp;09/29/32 | 52950 |
| 10,000 USD | Panama Government International Bond | 4.3000 | &nbsp;&nbsp;04/29/53 | 7358 |
| 137,000 USD | Panama Government International Bond | 3.8700 | &nbsp;&nbsp;07/23/60 | 89297 |
| 162,000 USD | Peruvian Government International Bond | 2.7830 | &nbsp;&nbsp;01/23/31 | 149890 |
| 111,000 USD | Peruvian Government International Bond | 3.0000 | &nbsp;&nbsp;01/15/34 | 96487 |
| 37,000 USD | Peruvian Government International Bond | 3.6000 | &nbsp;&nbsp;01/15/72 | 23420 |
| 28,000 USD | Philippine Government International Bond | 2.4570 | &nbsp;&nbsp;05/05/30 | 26085 |
| 2,000 USD | Philippine Government International Bond | 1.6480 | &nbsp;&nbsp;06/10/31 | 1746 |
| 2,000 USD | Philippine Government International Bond | 6.3750 | &nbsp;&nbsp;01/15/32 | 2207 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |  |
|  | **SOVEREIGN — 16.2% (Continued)** |  |  |  |
| 82,000 USD | Philippine Government International Bond | 5.0000 | &nbsp;&nbsp;07/17/33 | $83514 |
| 7,000 USD | Philippine Government International Bond | 5.0000 | &nbsp;&nbsp;01/13/37 | 6990 |
| 130,000 USD | Philippine Government International Bond | 2.9500 | &nbsp;&nbsp;05/05/45 | 90171 |
| 32,143 USD | Republic of Angola Via Avenir Issuer II Ireland | 6.9270 | &nbsp;&nbsp;02/19/27 | 31645 |
| 50,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 9.7500 | &nbsp;&nbsp;02/16/31 | 55331 |
| 92,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 7.8750 | &nbsp;&nbsp;10/09/33 | 92786 |
| 199,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 9.5000 | &nbsp;&nbsp;03/05/36 | 213739 |
| 2,000 USD | Republic of Poland Government International Bond | 5.7500 | &nbsp;&nbsp;11/16/32 | 2136 |
| 161,000 USD | Republic of Poland Government International Bond | 5.1250 | &nbsp;&nbsp;09/18/34 | 163725 |
| 69,000 USD | Republic of Poland Government International Bond | 5.5000 | &nbsp;&nbsp;04/04/53 | 65704 |
| 1,700,000 ZAR | Republic of South Africa Government Bond | 8.7500 | &nbsp;&nbsp;01/31/44 | 103675 |
| 71,000 USD | Republic of South Africa Government International | 5.8750 | &nbsp;&nbsp;06/22/30 | 73185 |
| 218,000 USD | Republic of South Africa Government International<sup>(c)</sup> | 7.1000 | &nbsp;&nbsp;11/19/36 | 231525 |
| 186,000 USD | Republic of South Africa Government International<sup>(c)</sup> | 6.1250 | &nbsp;&nbsp;12/11/37 | 180769 |
| 145,000 USD | Republic of South Africa Government International | 5.6500 | &nbsp;&nbsp;09/27/47 | 120262 |
| 51,000 USD | Republic of South Africa Government International | 5.7500 | &nbsp;&nbsp;09/30/49 | 42148 |
| 88,000 USD | Republic of South Africa Government International | 7.3000 | &nbsp;&nbsp;04/20/52 | 86998 |
| 184,000 USD | Republic of South Africa Government International<sup>(c)</sup> | 7.9500 | &nbsp;&nbsp;11/19/54 | 193672 |
| 1,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.6250 | &nbsp;&nbsp;02/17/28 | 1043 |
| 76,000 USD | Romanian Government International Bond<sup>(c)</sup> | 5.8750 | &nbsp;&nbsp;01/30/29 | 78544 |
| 5,000 USD | Romanian Government International Bond<sup>(c)</sup> | 7.1250 | &nbsp;&nbsp;01/17/33 | 5472 |
| 20,000 USD | Romanian Government International Bond | 7.1250 | &nbsp;&nbsp;01/17/33 | 21887 |
| 80,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.3750 | &nbsp;&nbsp;01/30/34 | 83480 |
| 19,000 EUR | Romanian Government International Bond | 6.2500 | &nbsp;&nbsp;09/10/34 | 24324 |
| 92,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.6250 | &nbsp;&nbsp;05/16/36 | 96435 |
| 51,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.5000 | &nbsp;&nbsp;04/17/30 | 51463 |
| 99,000 USD | Saudi Government International Bond<sup>(c)</sup> | 3.2500 | &nbsp;&nbsp;10/22/30 | 94469 |
| 22,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.3750 | &nbsp;&nbsp;01/13/31 | 22856 |
| 140,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.8750 | &nbsp;&nbsp;07/18/33 | 141009 |
| 144,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.8750 | &nbsp;&nbsp;01/12/36 | 142533 |
| 2,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.6250 | &nbsp;&nbsp;10/04/47 | 1707 |
| 120,000 USD | Senegal Government International Bond<sup>(c)</sup> | 6.2500 | &nbsp;&nbsp;05/23/33 | 69709 |
| 155,045 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.3500 | &nbsp;&nbsp;03/15/33 | 142466 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |  |
|  | **SOVEREIGN — 16.2% (Continued)** |  |  |  |
| 286,151 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.6000 | &nbsp;&nbsp;06/15/35 | $234969 |
| 131,305 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.6000 | &nbsp;&nbsp;02/15/38 | 130178 |
| 53,000 USD | Suriname Government International Bond<sup>(c)</sup> | 8.5000 | &nbsp;&nbsp;11/06/35 | 57172 |
| 220,000 USD | Trinidad & Tobago Government International Bond<sup>(c)</sup> | 6.4000 | &nbsp;&nbsp;06/26/34 | 221663 |
| 130,000 USD | Trinidad & Tobago Government International Bond<sup>(c)</sup> | 6.5000 | &nbsp;&nbsp;01/28/36 | 129350 |
| 75,000 USD | Turkey Government International Bond | 9.8750 | &nbsp;&nbsp;01/15/28 | 82073 |
| 38,000 USD | Turkey Government International Bond | 9.3750 | &nbsp;&nbsp;03/14/29 | 42423 |
| 41,000 USD | Turkey Government International Bond | 9.1250 | &nbsp;&nbsp;07/13/30 | 46520 |
| 75,000 USD | Turkey Government International Bond | 5.9500 | &nbsp;&nbsp;01/15/31 | 75145 |
| 207,000 USD | Turkey Government International Bond | 5.7500 | &nbsp;&nbsp;05/11/47 | 167000 |
| 101,000 USD | Turkiye Government International Bond | 7.1250 | &nbsp;&nbsp;07/17/32 | 105335 |
| 528,000 USD | Turkiye Government International Bond | 7.6250 | &nbsp;&nbsp;05/15/34 | 563678 |
| 104,000 USD | Turkiye Government International Bond | 6.5000 | &nbsp;&nbsp;01/03/35 | 103232 |
| 95,000 USD | Turkiye Government International Bond | 6.9500 | &nbsp;&nbsp;09/16/35 | 96356 |
| 345,000 USD | Turkiye Government International Bond<sup>(e)</sup> | 6.6250 | &nbsp;&nbsp;02/17/45 | 314586 |
| 13,076 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.5000 | &nbsp;&nbsp;02/01/29 | 10183 |
| 3,571 USD | Ukraine Government International Bond<sup>(g)</sup> |  | &nbsp;&nbsp;02/01/30 | 2267 |
| 13,970 USD | Ukraine Government International Bond<sup>(c),(g)</sup> |  | &nbsp;&nbsp;02/01/30 | 8867 |
| 361,800 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.0000 | &nbsp;&nbsp;02/01/32 | 289586 |
| 13,345 USD | Ukraine Government International Bond<sup>(g)</sup> |  | &nbsp;&nbsp;02/01/34 | 6552 |
| 127,088 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 4.5000 | &nbsp;&nbsp;02/01/34 | 80320 |
| 135,152 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.5000 | &nbsp;&nbsp;02/01/35 | 83794 |
| 233,000 USD | Ukraine Government International Bond<sup>(c),(g)</sup> |  | &nbsp;&nbsp;02/01/36 | 131296 |
| 31,269 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.5000 | &nbsp;&nbsp;02/01/36 | 19105 |
| 44,150 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 4.5000 | &nbsp;&nbsp;02/01/36 | 26976 |
| 71,000 USD | Uruguay Government International Bond | 4.3750 | &nbsp;&nbsp;01/23/31 | 71841 |
| 5,000 USD | Uruguay Government International Bond | 5.4420 | &nbsp;&nbsp;02/14/37 | 5167 |
| 94,000 USD | Uruguay Government International Bond | 5.1000 | &nbsp;&nbsp;06/18/50 | 87872 |
| 117,000 USD | Venezuela Government International Bond<sup>(f)</sup> | 6.0000 | &nbsp;&nbsp;12/09/20 | 38622 |
| 715,000 USD | Venezuela Government International Bond<sup>(f)</sup> | 11.7500 | &nbsp;&nbsp;10/21/26 | 318246 |
| 55,858 USD | Zambia Government International Bond<sup>(c),(g)</sup> | 5.7500 | &nbsp;&nbsp;06/30/33 | 54775 |
| 72,000 USD | Zambia Government International Bond<sup>(c)</sup> | 0.5000 | &nbsp;&nbsp;12/31/53 | 52167 |
|  |  |  |  | 19580550 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 31.2% (Continued)** |  |  |  |
|  | **SUPRANATIONAL — 0.4%** |  |  |  |
| 200,000 EUR | European Investment Bank | 1.1250 | &nbsp;&nbsp;09/15/36 | 195298 |
| 14,000,000 INR | Inter-American Development Bank | 7.3500 | &nbsp;&nbsp;10/06/30 | 154176 |
| 9,000,000 INR | International Bank for Reconstruction & Development | 6.7100 | &nbsp;&nbsp;01/21/35 | 94604 |
|  |  |  |  | 444078 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $37,212,779)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $37,212,779)** |  | 37778771 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **RIGHT — 0.0%<sup>(a)</sup>** |  |
|  | **BANKING - 0.0% <sup>(a)</sup>** |  |
| 97 | ALTICE FRANCE HLDG (Luxembourg) (Cost $1,194) | 1611 |
|  | **SHORT-TERM INVESTMENTS — 5.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.3%** |  |
| 2742283 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,742,283)<sup>(h),(i)</sup> | **2742283** |
|  | **MONEY MARKET FUNDS - 3.4%** |  |
| 4123560 | Fidelity Government Portfolio, Institutional, 3.57% (Cost $4,123,560)<sup>(h)</sup> | 4123560 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,865,843)** | 6865843 |
|  | **TOTAL INVESTMENTS - 97.8% (Cost $116,752,724)** | $118426995 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** | 2631321 |
|  | **NET ASSETS - 100.0%** | $121058316 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(j)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 70 | Eurex 10 Year Euro BUND Future | 03/09/2026 | $10640299 | $3845 |
| 31 | Eurex 30 Year Euro BUXL Future | 03/09/2026 | 4039706 | (77857) |
| 12 | French Government Bond Futures | 03/09/2026 | 1735247 | 8892 |
| 22 | Long Gilt Future | 03/30/2026 | 2734911 | (8) |
| 24 | TSE Japanese 10 Year Bond Futures | 03/16/2026 | $20409660 | $(264086) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $(329214) |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(j)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 168 | CBOT 10 Year US Treasury Note | 03/23/2026 | $18787125 | $161759 |
| 92 | CBOT 5 Year US Treasury Note | 04/01/2026 | 10021531 | 72599 |
| 4 | CBOT US Treasure Bond Futures | 03/23/2026 | 460500 | 8395 |
| 17 | Euro-BTP Italian Bond Futures | 03/09/2026 | 2441734 | (11084) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $231669 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description** | **Counterparty** | **Fixed Deal <br> (Pay)Rate** | **Implied <br> Credit <br> Spread<sup>(l)</sup>** | **Maturity<br> Date** | **Notional <br> Value<sup>(j)</sup>** | **Amortized <br> Upfront <br> Payments <br> Paid/ <br> (Received)** | **Fair Value** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| CDX.EM SERIES 44 &nbsp;&nbsp;&nbsp;Quarterly<sup>(1)</sup> | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;12/30/2030 | $5920000 | $120460 | $63913 | $(56547) |
| ITRAXX EUROPE CROSSOVER SERIES 44 &nbsp;&nbsp;&nbsp;Quarterly<sup>(1)</sup> | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;12/20/2030 | 1595000 | (180004) | (215301) | (35297) |
| &nbsp;&nbsp;**TOTAL** |  |  |  |  |  | $**(59544)** | $**(151388)** | $**(91844)** |

---

<sup>(1)</sup> Buy Protection

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FOREIGN CURRENCY CONTRACTS** | **FOREIGN CURRENCY CONTRACTS** | **FOREIGN CURRENCY CONTRACTS** | **FOREIGN CURRENCY CONTRACTS** | **FOREIGN CURRENCY CONTRACTS** | **FOREIGN CURRENCY CONTRACTS** |
| **Foreign Currency** | **Settlement <br> Date** | **Counterparty** | **Local Currency** | **U.S. Dollar <br> Value** | **Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Chilean Peso | 02/02/2026 | JP Morgan Chase | &nbsp;&nbsp;36000000 | $41197 | $2110 |
| Peruvian Sole | 02/09/2026 | JP Morgan Chase | &nbsp;&nbsp;230000 | 68235 | (449) |
| Turkish Lira | 02/17/2026 | CITI | &nbsp;&nbsp;1930000 | 43932 | 304 |
| Japanese Yen | 02/20/2026 | Capstone Global Markets | &nbsp;&nbsp;47240000 | 305657 | 7358 |
| Chilean Peso | 02/27/2026 | JP Morgan Chase | &nbsp;&nbsp;36000000 | 41189 | (722) |
| Thailand Baht | 03/16/2026 | CITI | &nbsp;&nbsp;4000000 | 126981 | (391) |
| USD | 03/20/2026 | JP Morgan Chase | &nbsp;&nbsp;680000 | 97941 | (7) |
| Euro | 04/10/2026 | Barclay | &nbsp;&nbsp;99000 | 117788 | 1107 |
| Euro | 04/10/2026 | Capstone Global Markets | &nbsp;&nbsp;75000 | 89233 | 1593 |
| Euro | 04/10/2026 | JP Morgan Chase | &nbsp;&nbsp;81000 | 96372 | 1301 |
|  |  |  |  | $1028525 | $12204 |
| **To Sell:** |  |  |  |  |  |
| Chilean Peso | 02/02/2026 | JP Morgan Chase | &nbsp;&nbsp;36000000 | $41197 | $714 |
| Euro | 02/05/2026 | Barclay | &nbsp;&nbsp;285222 | 338290 | (3290) |
| Euro | 02/05/2026 | Capstone Global Markets | &nbsp;&nbsp;50546 | 59950 | (950) |
| Euro | 02/05/2026 | JP Morgan Chase | &nbsp;&nbsp;10565011 | 12530768 | (114768) |
| Peruvian Sole | 02/09/2026 | JP Morgan Chase | &nbsp;&nbsp;230000 | 68235 | 108 |
| Japanese Yen | 02/20/2026 | Capstone Global Markets | &nbsp;&nbsp;47240000 | 305657 | 1955 |
| Peruvian Sole | 02/27/2026 | JP Morgan Chase | &nbsp;&nbsp;230000 | 68205 | 454 |
| Brazilian Real | 03/03/2026 | JP Morgan Chase | &nbsp;&nbsp;450000 | 85041 | (5102) |
| Euro | 03/06/2026 | Capstone Global Markets | &nbsp;&nbsp;500000 | 593797 | 5897 |
| Indian Rupee | 03/16/2026 | JP Morgan Chase | &nbsp;&nbsp;7900000 | 85820 | 1242 |
| CNH | 03/20/2026 | JP Morgan Chase | &nbsp;&nbsp;90000 | 12963 | 21 |
| Australian Dollar | 04/10/2026 | Barclay | &nbsp;&nbsp;1508000 | 1049978 | (35504) |
| British Pound | 04/10/2026 | Capstone Global Markets | &nbsp;&nbsp;3219900 | 4405504 | (63106) |
| Canadian Dollar | 04/10/2026 | Barclay | &nbsp;&nbsp;878200 | 646742 | (8322) |
| Euro | 04/10/2026 | Barclay | &nbsp;&nbsp;418000 | 497327 | (6876) |
| Euro | 04/10/2026 | Capstone Global Markets | &nbsp;&nbsp;25754600 | 30642278 | (403455) |
| Euro | 04/10/2026 | JP Morgan Chase | &nbsp;&nbsp;62000 | 73767 | (1091) |
| Japanese Yen | 04/10/2026 | JP Morgan Chase | &nbsp;&nbsp;43135500 | 280295 | (2772) |
|  |  |  |  | $51785814 | $(634845) |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026 (Unaudited)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Foreign Currency** | **Settlement <br> Date** | **Counterparty** | **Local Currency <br> Amount <br> Purchased Buy** | **Local Currency <br> Amount <br> Purchased <br> Sell** | **U.S. Dollar <br> Market <br> Value Buy** | **U.S. Dollar <br> Market <br> Value Sell** | **Unrealized <br> Appreciation/<br> (Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| Japanese Yen | Euro | 2/9/2026 | JP Morgan Chase | &nbsp;&nbsp;135371329 | &nbsp;&nbsp;740000 | 875126 | (877842) | $(2716) |
| Euro | Swiss Franc | 2/17/2026 | JP Morgan Chase | &nbsp;&nbsp;810000 | &nbsp;&nbsp;752768 | 961220 | (975193) | (13973) |
| Japanese Yen | Swiss Franc | 2/17/2026 | JP Morgan Chase | &nbsp;&nbsp;75296201 | &nbsp;&nbsp;380000 | 487073 | (492281) | (5208) |
| British Pound | Euro | 4/10/2026 | Barclay | &nbsp;&nbsp;413000 | &nbsp;&nbsp;472765 | 565071 | (562486) | 2585 |
| Euro | British Pound | 4/10/2026 | Barclay | &nbsp;&nbsp;1769487 | &nbsp;&nbsp;1540400 | 2105299 | (2107593) | (2294) |
| Euro | British Pound | 4/10/2026 | Capstone Global Markets | &nbsp;&nbsp;30308 | &nbsp;&nbsp;26400 | 36060 | (36120) | (60) |
|  |  |  |  | **213690325** | &nbsp;&nbsp;**3912333** | $**5029849** | $**5051515** | $**(21666)** |
| **Total** |  |  |  |  |  |  |  | $**(644306)** |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| NV | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| CITG | CITG |
| JPMT | JPMT |
| USB | US Bank |
| CMTUSD6Y | USD Constant Maturity 6 Year |
| EUAMDB05 | Euribor ICE SWAP Rate 5 Year |
| EUAMDB08 | Euribor ICE SWAP Rate 8 Year |
| EUR003M | Euribor 3 Month ACT/360 |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | US Dollars |
| CNH | US Dollars |
| COP | Columbian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND<br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026 (Unaudited)** |

---

---

| | |
|:---|:---|
| HUF | Hungarian Forints |
| IDR | Indonesia Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Sole |
| PLN | Polish Zloty |
| THB | US Dollars |
| TRY | US Dollars |
| USD | US Dollars |
| ZAR | South African Rand |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2026.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 47,210,638 or 39.0% of net assets.

<sup>(d)</sup> Zero coupon bond.

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

<sup>(f)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(g)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2026.

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

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

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

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

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

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **AEROSPACE & DEFENSE - 5.3%** |  |
| 10825 | Boeing Company (The)<sup>(a)</sup> | $2530019 |
| 9359 | L3Harris Technologies, Inc.<sup>(b)</sup> | 3208733 |
| 27230 | RTX Corporation | 5471324 |
|  |  | 11210076 |
|  | **ASSET MANAGEMENT - 1.8%** |  |
| 3464 | Blackrock, Inc. | 3876008 |
|  | **AUTOMOTIVE - 1.3%** |  |
| 32351 | General Motors Company<sup>(b)</sup> | 2717484 |
|  | **BANKING - 8.1%** |  |
| 82750 | Bank of America Corporation | 4402300 |
| 24675 | JPMorgan Chase & Company | 7547836 |
| 17097 | Truist Financial Corporation | 879128 |
| 46433 | Wells Fargo & Company | 4201722 |
|  |  | 17030986 |
|  | **BEVERAGES - 0.9%** |  |
| 11959 | PepsiCo, Inc. | 1837261 |
|  | **BIOTECH & PHARMA - 5.2%** |  |
| 9549 | AbbVie, Inc. | 2129522 |
| 5509 | Amgen, Inc. | 1883417 |
| 24733 | Gilead Sciences, Inc. | 3510850 |
| 31331 | Merck & Company, Inc. | 3454869 |
|  |  | 10978658 |
|  | **CHEMICALS – 2.9%** |  |
| 22306 | DuPont de Nemours, Inc. | 979680 |
| 9096 | Linde PLC | 4156598 |
| 11153 | Qnity Electronics, Inc. | 1072696 |
|  |  | 6208974 |
|  | **CONSTRUCTION MATERIALS - 1.8%** |  |
| 4323 | Martin Marietta Materials, Inc. | 2818379 |
| 8753 | Owens Corning<sup>(b)</sup> | 1048960 |
|  |  | 3867339 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **CONSUMER SERVICES - 0.6%** |  |
| 14796 | Service Corp International | $1190042 |
|  | **DIVERSIFIED INDUSTRIALS - 2.3%** |  |
| 5211 | Parker-Hannifin Corporation | 4876662 |
|  | **E-COMMERCE DISCRETIONARY - 2.7%** |  |
| 23484 | Amazon.com, Inc.<sup>(a)</sup> | 5619721 |
|  | **ELECTRIC UTILITIES - 2.8%** |  |
| 20529 | Duke Energy Corporation | 2491194 |
| 39106 | NextEra Energy, Inc. | 3437418 |
|  |  | 5928612 |
|  | **ELECTRICAL EQUIPMENT – 4.9%** |  |
| 2390 | GE Vernova, Inc. | 1736024 |
| 26646 | Johnson Controls International PLC | 3177802 |
| 26791 | Otis Worldwide Corporation | 2288487 |
| 7435 | Rockwell Automation, Inc. | 3134968 |
|  |  | 10337281 |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 5704 | Quanta Services, Inc.<sup>(b)</sup> | 2707290 |
|  | **ENTERTAINMENT CONTENT - 3.2%** |  |
| 39583 | Fox Corporation, Class A | 2880851 |
| 34304 | Walt Disney Company (The) | 3869491 |
|  |  | 6750342 |
|  | **FOOD - 1.1%** |  |
| 38536 | Mondelez International, Inc., Class A | 2253200 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.5%** |  |
| 8016 | Cencora, Inc. | 2879508 |
| 7993 | UnitedHealth Group, Inc. | 2293431 |
|  |  | 5172939 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 1.2%** |  |
| 17923 | Procter & Gamble Company (The) | $2720174 |
|  | **INDUSTRIAL REIT - 0.7%** |  |
| 11475 | Prologis, Inc. | 1498176 |
|  | **INFRASTRUCTURE REIT - 0.9%** |  |
| 10266 | American Tower Corporation, Class A | 1840489 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.9%** |  |
| 16949 | Bank of New York Mellon Corporation (The) | 2032524 |
| 3735 | Goldman Sachs Group, Inc. (The) | 3493756 |
| 15969 | Intercontinental Exchange, Inc.<sup>(b)</sup> | 2775093 |
|  |  | 8301373 |
|  | **INSURANCE – 5.3%** |  |
| 7774 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3735641 |
| 23807 | Hartford Insurance Group, Inc. (The) | 3215373 |
| 11482 | Prudential Financial, Inc. | 1275765 |
| 10602 | Travelers Companies, Inc. (The) | 3016375 |
|  |  | 11243154 |
|  | **INTERNET MEDIA & SERVICES - 5.3%** |  |
| 25299 | Alphabet, Inc., Class A | 8551061 |
| 3732 | Meta Platforms, Inc., Class A | 2673978 |
|  |  | 11225039 |
|  | **LEISURE FACILITIES & SERVICES - 1.0%** |  |
| 10170 | Darden Restaurants, Inc.<sup>(b)</sup> | 2027390 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.8%** |  |
| 32204 | Abbott Laboratories | 3519897 |
| 9732 | Becton Dickinson and Company<sup>(b)</sup> | 1980267 |
| 4453 | Stryker Corporation | 1645651 |
| 5139 | Thermo Fisher Scientific, Inc. | 2973477 |
|  |  | 10119292 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **METALS & MINING - 1.1%** |  |
| 39742 | Freeport-McMoRan, Inc. | $2393661 |
|  | **OIL & GAS PRODUCERS – 5.0%** |  |
| 24947 | ConocoPhillips | 2600226 |
| 15924 | EOG Resources, Inc. | 1785558 |
| 12649 | Expand Energy Corporation | 1421874 |
| 32809 | Exxon Mobil Corporation | 4639192 |
|  |  | 10446850 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.2%** |  |
| 51344 | SLB Ltd. | 2484023 |
|  | **RESIDENTIAL REIT - 0.7%** |  |
| 22634 | Equity LifeStyle Properties, Inc. | 1429790 |
|  | **RETAIL - DISCRETIONARY - 2.9%** |  |
| 13044 | Lowe's Companies, Inc. | 3483531 |
| 17383 | TJX Companies, Inc. (The) | 2604147 |
|  |  | 6087678 |
|  | **SELF-STORAGE REIT - 0.8%** |  |
| 6297 | Public Storage | 1739168 |
|  | **SEMICONDUCTORS – 4.1%** |  |
| 6597 | Broadcom, Inc. | 2185586 |
| 13815 | Micron Technology, Inc. | 5731568 |
| 13076 | ON Semiconductor Corporation<sup>(a)</sup> | 783122 |
|  |  | 8700276 |
|  | **SOFTWARE - 1.2%** |  |
| 4789 | Microsoft Corporation | 2060659 |
| 3380 | Oracle Corporation | 556280 |
|  |  | 2616939 |
|  | **SPECIALTY FINANCE - 1.1%** |  |
| 6815 | American Express Company | 2400039 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 3.1%** |  |
| 54701 | Cisco Systems, Inc. | $4284182 |
| 5694 | Motorola Solutions, Inc. | 2292063 |
|  |  | 6576245 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 4127 | S&P Global, Inc. | 2178189 |
|  | **TELECOMMUNICATIONS – 1.0%** |  |
| 45051 | Verizon Communications, Inc. | 2005671 |
|  | **TRANSPORTATION & LOGISTICS - 3.1%** |  |
| 76507 | CSX Corporation | 2888904 |
| 42419 | Delta Air Lines, Inc. | 2794988 |
| 15460 | Knight-Swift Transportation Holdings, Inc. | 851846 |
|  |  | 6535738 |
|  | **TOTAL COMMON STOCKS (Cost $118,679,239)** | 207132229 |
|  | **SHORT-TERM INVESTMENTS — 8.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 6.4%** |  |
| 13518743 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $13,518,743)<sup>(c),(d)</sup> | $13518743 |
|  | **MONEY MARKET FUNDS – 1.8%** |  |
| 3825381 | Invesco Treasury Portfolio, Institutional Class, 3.58% (Cost $3,825,381)<sup>(c)</sup> | 3825381 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,344,124)** | 17344124 |
|  | **TOTAL INVESTMENTS – 106.4% (Cost $136,023,363)** | $224476353 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (6.4)%** | (13535199) |
|  | **NET ASSETS - 100.0%** | $210941154 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $13,092,973 at January 31, 2026. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $13,518,743 at January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 23236 | AerSale Corporation<sup>(a)</sup> | $174038 |
| 11451 | Ituran Location and Control Ltd. | 511058 |
| 4735 | TAT Technologies Ltd.<sup>(a)</sup> | 240917 |
|  |  | 926013 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 71786 | Brilliant Earth Group, Inc. | 111986 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 19050 | Compass Diversified Holdings | 125159 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 9084 | Fox Factory Holding Corporation<sup>(a)</sup> | 167146 |
| 177844 | Holley, Inc.<sup>(a)</sup> | 684699 |
| 18854 | Motorcar Parts of America, Inc.<sup>(a)</sup> | 234355 |
|  |  | 1086200 |
|  | **BANKING - 12.7%** |  |
| 23348 | Capital Bancorp, Inc. | 717251 |
| 12764 | Capital City Bank Group, Inc. | 533025 |
| 15494 | Central Pacific Financial Corporation | 504640 |
| 16733 | Dime Community Bancshares, Inc. | 569257 |
| 15836 | Enterprise Financial Services Corporation | 908194 |
| 3255 | Esquire Financial Holdings, Inc. | 347081 |
| 25028 | First BanCorp | 553619 |
| 5698 | HomeTrust Bancshares, Inc. | 245698 |
| 28813 | Horizon Bancorp, Inc. | 507685 |
| 11929 | Independent Bank Corporation | 419304 |
| 15589 | National Bank Holdings Corporation, Class A | 626366 |
| 7668 | Northeast Bank<sup>(b)</sup> | 883583 |
| 44345 | Northpointe Bancshares, Inc. | 764508 |
| 20685 | OceanFirst Financial Corporation | 387844 |
| 11528 | OFG Bancorp | 464578 |
| 19970 | Peapack-Gladstone Financial Corporation<sup>(b)</sup> | 633448 |
| 1782 | Popular, Inc. | 237950 |
| 13050 | Prosperity Bancshares, Inc. | 900580 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **BANKING - 12.7% (Continued)** |  |
| 12707 | Webster Financial Corporation<sup>(b)</sup> | $835739 |
| 22337 | WesBanco, Inc. | 788273 |
|  |  | 11828623 |
|  | **BIOTECH & PHARMA - 2.3%** |  |
| 94270 | Cytek Biosciences Inc<sup>(a)</sup> | 471350 |
| 4636 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 332448 |
| 36073 | Innoviva, Inc.<sup>(a)</sup> | 721460 |
| 8153 | PTC Therapeutics, Inc.<sup>(a)</sup> | 615796 |
|  |  | 2141054 |
|  | **CHEMICALS - 2.9%** |  |
| 9574 | Ashland, Inc. | 585546 |
| 26972 | Huntsman Corporation<sup>(b)</sup> | 291837 |
| 6348 | Ingevity Corporation<sup>(a)</sup> | 417635 |
| 23165 | Koppers Holdings, Inc. | 682440 |
| 55149 | Kronos Worldwide, Inc. | 289532 |
| 54527 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 423130 |
|  |  | 2690120 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.5%** |  |
| 13426 | ABM Industries, Inc. | 618132 |
| 62890 | ADT, Inc. | 503120 |
| 27609 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 588072 |
| 8822 | ASGN, Inc.<sup>(a)</sup> | 459538 |
| 50663 | Cross Country Healthcare, Inc.<sup>(a)</sup> | 472179 |
| 36842 | Public Policy Holding Company, Inc.<sup>(a)</sup> | 451315 |
| 75230 | TrueBlue, Inc.<sup>(a)</sup> | 403233 |
| 10570 | V2X, Inc.<sup>(a)</sup> | 727532 |
|  |  | 4223121 |
|  | **CONSUMER SERVICES - 0.7%** |  |
| 29376 | Legacy Education, Inc.<sup>(a)</sup> | 296110 |
| 15154 | Matthews International Corporation, Class A | 398399 |
|  |  | 694509 |
|  | **CONTAINERS & PACKAGING - 1.0%** |  |
| 90607 | Ranpak Holdings Corporation<sup>(a)</sup> | 456659 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 1.0% (Continued)** |  |
| 9010 | Sonoco Products Company<sup>(b)</sup> | $432480 |
|  |  | 889139 |
|  | **ELECTRIC UTILITIES - 2.2%** |  |
| 8145 | Black Hills Corporation | 594422 |
| 3150 | IDACORP, Inc.<sup>(b)</sup> | 418289 |
| 10614 | Portland General Electric Company<sup>(b)</sup> | 533354 |
| 10685 | Unitil Corporation | 543973 |
|  |  | 2090038 |
|  | **ELECTRICAL EQUIPMENT - 2.6%** |  |
| 4913 | Allient, Inc. | 299742 |
| 1121 | Generac Holdings, Inc.<sup>(a)</sup> | 188373 |
| 1855 | Littelfuse, Inc.<sup>(b)</sup> | 600575 |
| 5596 | Mesa Laboratories, Inc. | 440741 |
| 6970 | Ralliant Corporation | 369201 |
| 86905 | Stoneridge, Inc.<sup>(a)</sup> | 571835 |
|  |  | 2470467 |
|  | **ENGINEERING & CONSTRUCTION - 2.9%** |  |
| 4254 | Arcosa, Inc. | 486955 |
| 17989 | Bowman Consulting Group Ltd.<sup>(a)</sup> | 626557 |
| 7636 | Cardinal Infrastructure Group, Inc.<sup>(a)</sup> | 192351 |
| 2514 | MYR Group, Inc.<sup>(a)</sup> | 628601 |
| 24455 | Orion Group Holdings, Inc.<sup>(a)</sup> | 298840 |
| 6398 | Tutor Perini Corporation<sup>(b)</sup> | 504738 |
|  |  | 2738042 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 95682 | Reservoir Media, Inc.<sup>(a)</sup> | 722399 |
|  | **FOOD - 0.5%** |  |
| 3246 | Post Holdings, Inc.<sup>(a)</sup> | 332098 |
| 3964 | Vital Farms, Inc.<sup>(a)</sup> | 112776 |
|  |  | 444874 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.6%** |  |
| 2813 | Louisiana-Pacific Corporation | 235561 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.6% (Continued)** |  |
| 3222 | UFP Industries, Inc. | $332768 |
|  |  | 568329 |
|  | **GAS & WATER UTILITIES - 2.1%** |  |
| 32509 | BKV Corporation<sup>(a)</sup> | 967142 |
| 16152 | RGC Resources, Inc. | 350660 |
| 7271 | Spire, Inc. | 614327 |
|  |  | 1932129 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 8211 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 110356 |
| 58178 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 488695 |
| 44137 | Joint Corporation (The)<sup>(a)</sup> | 431660 |
| 18262 | Option Care Health, Inc.<sup>(a)</sup> | 620908 |
| 15597 | Park Dental Partners, Inc.<sup>(a)</sup> | 254387 |
|  |  | 1906006 |
|  | **HOME CONSTRUCTION - 0.3%** |  |
| 4015 | Century Communities, Inc. | 252865 |
|  | **HOUSEHOLD PRODUCTS - 0.2%** |  |
| 90146 | Olaplex Holdings, Inc.<sup>(a),(b)</sup> | 142431 |
|  | **INDUSTRIAL - 0.7%** |  |
| 51734 | BrightView Holdings, Inc.<sup>(a)</sup> | 691166 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.5%** |  |
| 2205 | Gibraltar Industries, Inc.<sup>(a)</sup> | 113028 |
| 3951 | Timken Company (The) | 368194 |
|  |  | 481222 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.9%** |  |
| 73735 | Custom Truck One Source, Inc.<sup>(a)</sup> | 466005 |
| 21463 | Hudson Technologies, Inc.<sup>(a)</sup> | 153890 |
| 53047 | NPK International, Inc.<sup>(a)</sup> | 732579 |
| 26335 | Titan Machinery, Inc.<sup>(a)</sup> | 428470 |
|  |  | 1780944 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **INDUSTRIALS - 0.5%** |  |
| 50096 | Hillman Solutions Corporation<sup>(a)</sup> | $469400 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 92093 | BGC Group, Inc., Class A | 838967 |
| 26300 | Perella Weinberg Partners<sup>(b)</sup> | 586753 |
|  |  | 1425720 |
|  | **INSURANCE - 3.4%** |  |
| 32778 | American Integrity Insurance Group, Inc.<sup>(a)</sup> | 612621 |
| 25560 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 627754 |
| 15813 | CNO Financial Group, Inc. | 664936 |
| 2110 | Hanover Insurance Group, Inc. (The) | 367435 |
| 1716 | Primerica, Inc. | 451377 |
| 13769 | Slide Insurance Holdings, Inc.<sup>(a)</sup> | 237240 |
| 13995 | Tiptree, Inc. | 250231 |
|  |  | 3211594 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 5467 | Cargurus, Inc.<sup>(a)</sup> | 177131 |
| 18430 | Cars.com, Inc.<sup>(a)</sup> | 209365 |
| 12612 | IAC, Inc.<sup>(a)</sup> | 466013 |
| 32922 | Strata Critical Medical, Inc.<sup>(a),(b)</sup> | 160659 |
|  |  | 1013168 |
|  | **LEISURE FACILITIES & SERVICES - 0.3%** |  |
| 5359 | Dave & Buster's Entertainment, Inc.<sup>(a),(b)</sup> | 100588 |
| 13271 | First Watch Restaurant Group, Inc.<sup>(a),(b)</sup> | 212204 |
|  |  | 312792 |
|  | **LEISURE PRODUCTS - 0.4%** |  |
| 108129 | Clarus Corporation | 414134 |
|  | **MACHINERY - 1.7%** |  |
| 5204 | CECO Environmental Corporation<sup>(a)</sup> | 350906 |
| 6732 | Helios Technologies, Inc. | 436099 |
| 22582 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 291759 |
| 3141 | Regal Rexnord Corporation | 507272 |
|  |  | 1586036 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES – 2.9%** |  |
| 41235 | CareDx, Inc.<sup>(a)</sup> | $847379 |
| 26354 | Carlsmed, Inc.<sup>(a),(b)</sup> | 327317 |
| 3803 | Haemonetics Corporation<sup>(a)</sup> | 253508 |
| 31157 | Orthofix Medical, Inc.<sup>(a)</sup> | 412207 |
| 8397 | Teleflex, Inc. | 876395 |
|  |  | 2716806 |
|  | **METALS & MINING - 3.1%** |  |
| 3237 | Alcoa Corporation | 183894 |
| 46119 | Capstone Copper Corporation<sup>(a)</sup> | 511105 |
| 5224 | Century Aluminum Company<sup>(a)</sup> | 236804 |
| 17902 | Constellium S.E.<sup>(a)</sup> | 402258 |
| 109633 | Ferroglobe PLC | 520758 |
| 8615 | Hallador Energy Company<sup>(a)</sup> | 159291 |
| 46915 | Taseko Mines Ltd.<sup>(a)</sup> | 357492 |
| 5423 | Warrior Met Coal, Inc. | 484274 |
|  |  | 2855876 |
|  | **MULTI ASSET CLASS REIT - 0.6%** |  |
| 30491 | Broadstone Net Lease, Inc. | 564388 |
|  | **OIL & GAS PRODUCERS - 1.3%** |  |
| 5630 | Antero Resources Corporation<sup>(a)</sup> | 204763 |
| 39226 | Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 622908 |
| 14748 | SM Energy Company<sup>(b)</sup> | 287144 |
| 2982 | Viper Energy, Inc., Class A | 126258 |
|  |  | 1241073 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 4.5%** |  |
| 25299 | Atlas Energy Solutions, Inc.<sup>(b)</sup> | 295239 |
| 15407 | Expro Group Holdings N.V.<sup>(a)</sup> | 246666 |
| 7001 | Kodiak Gas Services, Inc. | 294112 |
| 17867 | Liberty Energy, Inc., Class A | 440422 |
| 40810 | Matrix Service Company<sup>(a)</sup> | 584399 |
| 37829 | National Energy Services Reunited Corporation<sup>(a)</sup> | 744474 |
| 12114 | Natural Gas Services Group, Inc. | 419629 |
| 15722 | Select Water Solutions, Inc., Class A | 190079 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 4.5% (Continued)** |  |
| 38669 | TETRA Technologies, Inc.<sup>(a)</sup> | $440827 |
| 11902 | Thermon Group Holdings, Inc.<sup>(a)</sup> | 538566 |
|  |  | 4194413 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.5%** |  |
| 22404 | Legacy Housing Corporation<sup>(a)</sup> | 464883 |
|  | **REAL ESTATE SERVICES - 0.7%** |  |
| 19970 | Newmark Group, Inc., Class A | 356065 |
| 78692 | Real Brokerage, Inc. (The)<sup>(a)</sup> | 278570 |
|  |  | 634635 |
|  | **RESIDENTIAL REIT - 1.1%** |  |
| 7652 | Centerspace | 491794 |
| 31619 | UMH Properties, Inc. | 494205 |
|  |  | 985999 |
|  | **RETAIL - DISCRETIONARY - 2.6%** |  |
| 7271 | Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 399978 |
| 5276 | Advance Auto Parts, Inc. <sup>(b)</sup> | 253301 |
| 55299 | Driven Brands Holdings, Inc.<sup>(a),(b)</sup> | 859899 |
| 771 | FirstCash Holdings, Inc. | 131456 |
| 27941 | National Vision Holdings, Inc.<sup>(a),(b)</sup> | 736245 |
|  |  | 2380879 |
|  | **RETAIL REIT - 2.8%** |  |
| 30732 | Brixmor Property Group, Inc. | 823311 |
| 25374 | CTO Realty Growth, Inc. | 450896 |
| 24828 | Getty Realty Corporation | 741364 |
| 31038 | NETSTREIT Corporation<sup>(b)</sup> | 584756 |
|  |  | 2600327 |
|  | **SELF-STORAGE REIT - 0.2%** |  |
| 6979 | National Storage Affiliates Trust | 222002 |
|  | **SEMICONDUCTORS - 3.2%** |  |
| 20497 | Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 452984 |
| 5781 | Diodes, Inc.<sup>(a)</sup> | 342177 |
| 2743 | Onto Innovation, Inc.<sup>(a)</sup> | 554223 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 3.2% (Continued)** |  |
| 4483 | Semtech Corporation<sup>(a)</sup> | $357519 |
| 5761 | Silicon Motion Technology Corporation - ADR | 685156 |
| 12890 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | 563036 |
|  |  | 2955095 |
|  | **SOFTWARE - 3.0%** |  |
| 27924 | Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 596457 |
| 242324 | Kaltura, Inc.<sup>(a)</sup> | 394988 |
| 25186 | Phreesia, Inc.<sup>(a)</sup> | 338248 |
| 32670 | Teradata Corporation<sup>(a)</sup> | 931748 |
| 45742 | Upland Software, Inc.<sup>(a)</sup> | 60837 |
| 154887 | VTEX<sup>(a)</sup> | 486345 |
|  |  | 2808623 |
|  | **SPECIALTY FINANCE - 1.4%** |  |
| 11848 | EZCORP, Inc., Class A<sup>(a)</sup> | 254140 |
| 2739 | Federal Agricultural Mortgage Corporation, Class C | 463712 |
| 11602 | SLM Corporation | 314994 |
| 4432 | Stewart Information Services Corporation | 298850 |
|  |  | 1331696 |
|  | **STEEL - 2.9%** |  |
| 85955 | Algoma Steel Group, Inc. | 359292 |
| 7093 | Commercial Metals Company | 545239 |
| 32019 | Metallus, Inc.<sup>(a)</sup> | 638779 |
| 7193 | Northwest Pipe Company<sup>(a)</sup> | 485168 |
| 47962 | thyssenkrupp A.G. | 642185 |
|  |  | 2670663 |
|  | **TECHNOLOGY HARDWARE - 1.7%** |  |
| 13276 | Crane NXT Company<sup>(b)</sup> | 670703 |
| 60450 | NCR Voyix Corporation<sup>(a)</sup> | 599664 |
| 25874 | RADCOM Ltd.<sup>(a)</sup> | 324460 |
|  |  | 1594827 |
|  | **TECHNOLOGY SERVICES - 0.9%** |  |
| 6533 | MAXIMUS, Inc. | 616977 |
| 34985 | Priority Technology Holdings, Inc.<sup>(a)</sup> | 206761 |
|  |  | 823738 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 0.5%** |  |
| 149627 | 8x8, Inc.<sup>(a)</sup> | $248381 |
| 20405 | Ooma, Inc.<sup>(a),(b)</sup> | 239759 |
|  |  | 488140 |
|  | **TRANSPORTATION & LOGISTICS - 9.3%** |  |
| 1246 | Allegiant Travel Company<sup>(a),(b)</sup> | 110433 |
| 64486 | Ardmore Shipping Corporation | 833158 |
| 32785 | Covenant Logistics Group, Inc., Class A | 806510 |
| 36555 | DHT Holdings, Inc. | 523833 |
| 34730 | Frontier Group Holdings, Inc.<sup>(a),(b)</sup> | 161147 |
| 10977 | GXO Logistics, Inc.<sup>(a)</sup> | 621188 |
| 9564 | Hub Group, Inc., Class A | 455055 |
| 12437 | Knight-Swift Transportation Holdings, Inc. | 685279 |
| 48413 | Marten Transport Ltd. | 595480 |
| 70494 | Proficient Auto Logistics, Inc.<sup>(a),(b)</sup> | 710580 |
| 107063 | Radiant Logistics, Inc.<sup>(a)</sup> | 720534 |
| 9898 | Scorpio Tankers, Inc. | 629711 |
| 25563 | Star Bulk Carriers Corporation | 586671 |
| 40892 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 717246 |
| 7659 | Teekay Tankers Ltd., Class A | 494159 |
|  |  | 8650984 |
|  | **TOTAL COMMON STOCKS (Cost $72,705,941)** | 89554727 |
|  | **SHORT-TERM INVESTMENTS — 13.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 9.4%** |  |
| 8718283 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $8,718,283)<sup>(c),(d)</sup> | $8718283 |
|  | **MONEY MARKET FUNDS - 4.2%** |  |
| 3889443 | Fidelity Government Portfolio, Institutional, 3.57% (Cost $3,889,443)<sup>(c)</sup> | 3889443 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $12,607,726)** | 12607726 |
|  | **TOTAL INVESTMENTS – 109.6% (Cost $85,313,667)** | $102162453 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.6)%** | (8929597) |
|  | **NET ASSETS - 100.0%** | $93232856 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $8,445,767 at January 31, 2026. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $8,718,283 at January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **AEROSPACE & DEFENSE - 4.1%** |  |
| 6703 | Axon Enterprise, Inc.<sup>(a)</sup> | $3241437 |
| 23686 | Howmet Aerospace, Inc.<sup>(b)</sup> | 4928583 |
|  |  | 8170020 |
|  | **ASSET MANAGEMENT - 2.7%** |  |
| 54188 | Robinhood Markets, Inc., Class A<sup>(a),(b)</sup> | 5390623 |
|  | **BIOTECH & PHARMA - 3.8%** |  |
| 7356 | Eli Lilly & Company | 7629275 |
|  | **E-COMMERCE DISCRETIONARY - 11.9%** |  |
| 72877 | Amazon.com, Inc.<sup>(a)</sup> | 17439466 |
| 2892 | MercadoLibre, Inc.<sup>(a)</sup> | 6211409 |
|  |  | 23650875 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 21417 | Amphenol Corporation, Class A | 3085761 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.1%** |  |
| 10845 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 2111955 |
|  | **INTERNET MEDIA & SERVICES - 16.6%** |  |
| 21668 | Alphabet, Inc., Class C | 7335268 |
| 20821 | Meta Platforms, Inc., Class A | 14918247 |
| 76208 | Netflix, Inc.<sup>(a)</sup> | 6362606 |
| 56629 | Uber Technologies, Inc.<sup>(a)</sup> | 4533151 |
|  |  | 33149272 |
|  | **MEDICAL EQUIPMENT & DEVICES - 6.6%** |  |
| 38661 | Dexcom, Inc.<sup>(a)</sup> | 2823799 |
| 10513 | Insulet Corporation<sup>(a)</sup> | 2689331 |
| 14919 | Intuitive Surgical, Inc.<sup>(a)</sup> | 7522459 |
|  |  | 13035589 |
|  | **SEMICONDUCTORS - 13.1%** |  |
| 28002 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 6628913 |
| 6331 | Broadcom, Inc. | 2097460 |

---

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.1% (Continued)** |  |
| 91309 | NVIDIA Corporation | $17451890 |
|  |  | 26178263 |
|  | **SOFTWARE - 26.4%** |  |
| 15076 | Cadence Design Systems, Inc.<sup>(a)</sup> | 4467923 |
| 13639 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 6020323 |
| 5598 | Intuit, Inc. | 2792954 |
| 30181 | Microsoft Corporation | 12986582 |
| 18026 | Oracle Corporation | 2966719 |
| 23439 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 3435923 |
| 26302 | Palo Alto Networks, Inc.<sup>(a)</sup> | 4654665 |
| 77088 | ServiceNow, Inc.<sup>(a)</sup> | 9020067 |
| 49018 | Shopify, Inc., Class A<sup>(a)</sup> | 6432632 |
|  |  | 52777788 |
|  | **TECHNOLOGY HARDWARE - 4.0%** |  |
| 38134 | Arista Networks, Inc.<sup>(a)</sup> | 5405114 |
| 19873 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 2489689 |
|  |  | 7894803 |
|  | **TECHNOLOGY SERVICES - 6.1%** |  |
| 22618 | Mastercard, Inc., Class A | 12186352 |
|  | **TOTAL COMMON STOCKS (Cost $110,283,403)** | 195260576 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.1%** |  |
| 2257828 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,257,828)<sup>(c), (d)</sup> | 2257828 |

---

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.3% (Continued)** |  |
|  | **MONEY MARKET FUND - 2.2%** |  |
| 4331203 | STIT - Treasury Obligations Portfolio, 3.56% (Cost $4,331,202) <sup>(d)</sup> | $4331202 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,589,030)** | 6589030 |
|  | **TOTAL INVESTMENTS - 101.2% (Cost $116,872,433)** | $201849606 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%** | (2437170) |
|  | **NET ASSETS - 100.0%** | $199412436 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $2,200,584 at January 31, 2026. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,257,828 at January 31, 2026 |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **AEROSPACE & DEFENSE - 4.4%** |  |
| 5111 | ATI, Inc.<sup>(a)</sup> | $614853 |
| 15459 | Hexcel Corporation<sup>(c)</sup> | 1280160 |
| 2014 | Huntington Ingalls Industries, Inc. | 846907 |
| 9927 | Mercury Systems, Inc.<sup>(a)</sup> | 931947 |
|  |  | 3673867 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.1%** |  |
| 14074 | Birkenstock Holding plc<sup>(a)</sup> | 531434 |
| 33414 | Canada Goose Holdings, Inc.<sup>(a),(c)</sup> | 406314 |
|  |  | 937748 |
|  | **BANKING - 3.8%** |  |
| 58413 | Fulton Financial Corporation<sup>(c)</sup> | 1206229 |
| 19636 | Glacier Bancorp, Inc.<sup>(c)</sup> | 995152 |
| 27621 | Seacoast Banking Corporation of Florida | 923646 |
|  |  | 3125027 |
|  | **BEVERAGES - 1.0%** |  |
| 15051 | Vita Coco Company, Inc. (The)<sup>(a)</sup> | 802971 |
|  | **BIOTECH & PHARMA - 3.8%** |  |
| 5813 | Arcellx, Inc.<sup>(a),(c)</sup> | 397086 |
| 11424 | Cogent Biosciences, Inc.<sup>(a),(c)</sup> | 410236 |
| 5629 | GRAIL, Inc.<sup>(a)</sup> | 550629 |
| 15316 | Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 393928 |
| 39759 | Roivant Sciences Ltd.<sup>(a)</sup> | 859589 |
| 5419 | Structure Therapeutics, Inc. - ADR<sup>(a)</sup> | 479311 |
|  |  | 3090779 |
|  | **CHEMICALS - 0.5%** |  |
| 4679 | Sensient Technologies Corporation | 442259 |
|  | **CONSTRUCTION MATERIALS - 1.4%** |  |
| 7172 | Advanced Drainage Systems, Inc.<sup>(c)</sup> | 1090431 |
|  | **CONSUMER SERVICES - 1.1%** |  |
| 33293 | Universal Technical Institute, Inc.<sup>(a)</sup> | 926544 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 0.4%** |  |
| 10032 | Global-e Online Ltd.<sup>(a)</sup> | $366670 |
|  | **ELECTRICAL EQUIPMENT - 11.3%** |  |
| 4413 | Advanced Energy Industries, Inc. | 1126903 |
| 7079 | Belden, Inc. | 831853 |
| 5106 | BWX Technologies, Inc. | 1048926 |
| 5773 | Camtek Ltd.<sup>(a),(c)</sup> | 845918 |
| 5203 | ESCO Technologies, Inc. | 1187168 |
| 76089 | Mirion Technologies, Inc.<sup>(a)</sup> | 1890050 |
| 3422 | Modine Manufacturing Company<sup>(a)</sup> | 631907 |
| 14404 | nLight, Inc.<sup>(a)</sup> | 656966 |
| 2464 | Powell Industries, Inc. | 1093006 |
|  |  | 9312697 |
|  | **ENGINEERING & CONSTRUCTION - 3.4%** |  |
| 1687 | Comfort Systems USA, Inc. | 1926723 |
| 1380 | Installed Building Products, Inc.<sup>(c)</sup> | 397633 |
| 1292 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 462420 |
|  |  | 2786776 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.4%** |  |
| 6009 | Addus HomeCare Corporation<sup>(a)</sup> | 621811 |
| 11692 | RadNet, Inc.<sup>(a)</sup> | 819610 |
| 33970 | Surgery Partners, Inc.<sup>(a),(c)</sup> | 504794 |
|  |  | 1946215 |
|  | **HOME CONSTRUCTION - 3.4%** |  |
| 2217 | Cavco Industries, Inc.<sup>(a)</sup> | 1090809 |
| 17138 | Century Communities, Inc. | 1079351 |
| 7237 | Champion Homes, Inc.<sup>(a)</sup> | 567236 |
|  |  | 2737396 |
|  | **HOUSEHOLD PRODUCTS - 1.6%** |  |
| 4254 | elf Beauty, Inc.<sup>(a)</sup> | 361547 |
| 9814 | Interparfums, Inc. | 957552 |
|  |  | 1319099 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.8%** |  |
| 7637 | AZZ, Inc. | 949202 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.8% (Continued)** |  |
| 1992 | Valmont Industries, Inc. | $887556 |
| 8715 | Xometry, Inc., Class A<sup>(a),(c)</sup> | 497888 |
|  |  | 2334646 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.6%** |  |
| 3341 | Applied Industrial Technologies, Inc. | 870030 |
| 7647 | Herc Holdings, Inc. | 1096121 |
| 6752 | SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 969182 |
|  |  | 2935333 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 5.1%** |  |
| 2534 | Evercore, Inc., Class A | 895186 |
| 4765 | Houlihan Lokey, Inc. | 802045 |
| 13733 | Moelis & Company, Class A | 984244 |
| 28834 | Perella Weinberg Partners<sup>(c)</sup> | 643287 |
| 8285 | Tradeweb Markets, Inc., Class A | 853935 |
|  |  | 4178697 |
|  | **LEISURE FACILITIES & SERVICES - 3.1%** |  |
| 64030 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 1067381 |
| 40772 | OneSpaWorld Holdings Ltd. | 801170 |
| 3957 | Shake Shack, Inc., Class A<sup>(a),(c)</sup> | 350471 |
| 1870 | Texas Roadhouse, Inc. | 336338 |
|  |  | 2555360 |
|  | **MACHINERY - 3.4%** |  |
| 15704 | CECO Environmental Corporation<sup>(a)</sup> | 1058921 |
| 12942 | Flowserve Corporation | 1011417 |
| 4257 | MSA Safety, Inc. | 754128 |
|  |  | 2824466 |
|  | **MEDICAL EQUIPMENT & DEVICES - 7.4%** |  |
| 26061 | Adaptive Biotechnologies Corporation<sup>(a),(c)</sup> | 482129 |
| 25063 | Alphatec Holdings, Inc.<sup>(a)</sup> | 371684 |
| 89417 | AngioDynamics, Inc.<sup>(a)</sup> | 926359 |
| 11720 | Establishment Labs Holdings, Inc.<sup>(a),(c)</sup> | 798718 |
| 3342 | Glaukos Corporation<sup>(a)</sup> | 398968 |
| 3756 | Guardant Health, Inc.<sup>(a)</sup> | 428334 |
| 16148 | Omnicell, Inc.<sup>(a)</sup> | 783178 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 7.4% (Continued)** |  |
| 57455 | Quanterix Corporation<sup>(a)</sup> | $364265 |
| 5477 | Repligen Corporation<sup>(a)</sup> | 818099 |
| 46465 | SI-BONE, Inc.<sup>(a)</sup> | 770390 |
|  |  | 6142124 |
|  | **METALS & MINING - 1.1%** |  |
| 1554 | Centrus Energy Corporation, Class A<sup>(a),(c)</sup> | 432447 |
| 8353 | MP Materials Corporation<sup>(a),(c)</sup> | 490906 |
|  |  | 923353 |
|  | **OIL & GAS PRODUCERS - 0.4%** |  |
| 1441 | Cheniere Energy, Inc. | 304800 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |
| 21440 | Kodiak Gas Services, Inc. | 900694 |
|  | **RENEWABLE ENERGY - 1.4%** |  |
| 23145 | Fluence Energy, Inc.<sup>(a),(c)</sup> | 712173 |
| 46862 | Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 442377 |
|  |  | 1154550 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 5990 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 660757 |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 3746 | Boot Barn Holdings, Inc.<sup>(a),(c)</sup> | 668586 |
| 34897 | National Vision Holdings, Inc.<sup>(a)</sup> | 919536 |
|  |  | 1588122 |
|  | **SEMICONDUCTORS - 8.5%** |  |
| 14523 | Aehr Test Systems<sup>(a)</sup> | 372370 |
| 24245 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 894883 |
| 12130 | FormFactor, Inc.<sup>(a)</sup> | 855044 |
| 9728 | Lattice Semiconductor Corporation<sup>(a)</sup> | 783299 |
| 454 | Monolithic Power Systems, Inc. | 510364 |
| 6429 | Onto Innovation, Inc.<sup>(a)</sup> | 1298978 |
| 5462 | Semtech Corporation<sup>(a)</sup> | 435595 |
| 1406 | SiTime Corporation<sup>(a)</sup> | 510533 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **SEMICONDUCTORS - 8.5% (Continued)** |  |
| 9936 | SkyWater Technology, Inc.<sup>(a)</sup> | $314574 |
| 7354 | Tower Semiconductor Ltd.<sup>(a)</sup> | 990804 |
|  |  | 6966444 |
|  | **SOFTWARE - 11.6%** |  |
| 58969 | Alignment Healthcare, Inc.<sup>(a)</sup> | 1328571 |
| 10101 | BILL Holdings, Inc.<sup>(a)</sup> | 436060 |
| 10574 | CommVault Systems, Inc.<sup>(a)</sup> | 906192 |
| 14931 | DigitalOcean Holdings, Inc.<sup>(a),(c)</sup> | 824938 |
| 12870 | Dynatrace, Inc.<sup>(a)</sup> | 490218 |
| 15287 | JFrog Ltd.<sup>(a)</sup> | 837728 |
| 2565 | MongoDB, Inc.<sup>(a)</sup> | 952461 |
| 11115 | Oddity Tech Ltd., Class A<sup>(a),(c)</sup> | 365017 |
| 17941 | Privia Health Group, Inc.<sup>(a)</sup> | 416590 |
| 7994 | Procore Technologies, Inc.<sup>(a)</sup> | 451581 |
| 11415 | Q2 Holdings, Inc.<sup>(a)</sup> | 699169 |
| 27504 | UiPath, Inc., Class A<sup>(a),(c)</sup> | 346275 |
| 26331 | Vertex, Inc., Class A<sup>(a)</sup> | 488440 |
| 11173 | Wix.com Ltd.<sup>(a)</sup> | 970263 |
|  |  | 9513503 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 2040 | Fabrinet<sup>(a)</sup> | 998458 |
| 27031 | IMAX Corporation<sup>(a)</sup> | 943652 |
| 1518 | Teledyne Technologies Incorporated<sup>(a)</sup> | 941615 |
| 13150 | Velo3D, Inc.<sup>(a)</sup> | 173186 |
|  |  | 3056911 |
|  | **TECHNOLOGY SERVICES - 1.6%** |  |
| 29421 | Core Scientific, Inc.<sup>(a)</sup> | 529283 |
| 5744 | Figure Technology Solutions, Inc.<sup>(a),(c)</sup> | 326719 |
| 6937 | Globant SA<sup>(a),(c)</sup> | 463947 |
|  |  | 1319949 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.1%** |  |
| 2614 | Saia, Inc.<sup>(a),(c)</sup> | $875350 |
|  | **TOTAL COMMON STOCKS (Cost $58,612,430)** | 80793538 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 17.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 16.2%** |  |
| 13350674 | Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $13,350,674)<sup>(b),(d)</sup> | 13350674 |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 1380383 | Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $1,380,383)<sup>(b)</sup> | 1380383 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,731,057)** | 14731057 |
|  | **TOTAL INVESTMENTS - 116.1% (Cost $73,343,487)** | $95524595 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (16.1)%** | (13251076) |
|  | **NET ASSETS - 100.0%** | $82273519 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(c)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $12,813,439 at January 31, 2026. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $13,350,674 at January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 1.0%** |  |
|  | **MIXED ALLOCATION - 1.0%** |  |
| 128764 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> | $1425072 |
|  | **TOTAL CLOSED END FUNDS (Cost $803,103)** | 1425072 |
|  | **COMMON STOCKS — 97.2%** |  |
|  | **AEROSPACE & DEFENSE - 2.8%** |  |
| 411681 | Bharat Electronics Ltd. | 2017817 |
| 2420 | Hanwha Aerospace Company Ltd. | 2163364 |
|  |  | 4181181 |
|  | **ASSET MANAGEMENT - 3.6%** |  |
| 107157 | 360 ONE WAM Ltd. | 1326181 |
| 14000 | Futu Holdings Ltd. - ADR<sup>(a)</sup> | 2275980 |
| 4446 | SK Square Company Ltd.<sup>(a)</sup> | 1728349 |
|  |  | 5330510 |
|  | **BANKING - 14.5%** |  |
| 302802 | Abu Dhabi Islamic Bank PJSC | 2008228 |
| 155750 | Bank of the Philippine Islands | 327783 |
| 31589 | Bank Polska Kasa Opieki S.A. | 1921234 |
| 253214 | BDO Unibank, Inc. | 579962 |
| 191468 | Commercial International Bank - Egypt (CIB) | 545745 |
| 4640 | Credicorp Ltd. <sup>(b)</sup> | 1655691 |
| 389450 | FirstRand Ltd. | 2221291 |
| 367818 | Haci Omer Sabanci Holding A/S | 925469 |
| 82178 | HDFC Bank Ltd. - ADR | 2660923 |
| 94184 | HDFC Bank Ltd. | 955427 |
| 25161 | KB Financial Group, Inc. | 2338754 |
| 10089 | OTP Bank Nyrt | 1269569 |
| 1909900 | Public Bank Bhd | 2361284 |
| 64071 | Saudi National Bank (The) | 766317 |
| 45632 | Woori Financial Group, Inc. | 947964 |
|  |  | 21485641 |
|  | **BEVERAGES - 0.4%** |  |
| 19800 | Heineken Malaysia Bhd | 120080 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **BEVERAGES - 0.4% (Continued)** |  |
| 90548 | Varun Beverages Ltd. | $465329 |
|  |  | 585409 |
|  | **E-COMMERCE DISCRETIONARY - 4.1%** |  |
| 286541 | Alibaba Group Holding Ltd. | 6095708 |
|  | **ENGINEERING & CONSTRUCTION - 4.8%** |  |
| 826900 | Gamuda Bhd | 929972 |
| 292023 | Indus Towers Ltd.<sup>(a)</sup> | 1421179 |
| 37915 | Larsen & Toubro Ltd. | 1627573 |
| 14740 | Samsung C&T Corporation | 3051357 |
|  |  | 7030081 |
|  | **GAS & WATER UTILITIES - 1.1%** |  |
| 4016 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 107860 |
| 54184 | Cia de Saneamento Basico do Estado de Sao Paulo <sup>(b)</sup> | 1453929 |
|  |  | 1561789 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3%** |  |
| 178124 | Max Healthcare Institute Ltd. | 1860882 |
|  | **HOME CONSTRUCTION - 0.8%** |  |
| 624748 | Talaat Moustafa Group | 1150840 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 65700 | Mao Geping Cosmetics Company Ltd. <sup>(c)</sup> | 728652 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.3%** |  |
| 14673 | Metlen Energy & Metals plc<sup>(a)</sup> | 799110 |
| 127400 | Neway Valve Suzhou Company Ltd. | 1109037 |
|  |  | 1908147 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.2%** |  |
| 158800 | Banco BTG Pactual S.A. | 1804195 |
| 26000 | Hong Kong Exchanges & Clearing Ltd. | 1433398 |
|  |  | 3237593 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **INSURANCE - 1.6%** |  |
| 201400 | AIA Group Ltd. | $2323631 |
|  | **INTERNET MEDIA & SERVICES - 6.1%** |  |
| 22939 | Naspers Ltd. | 1404398 |
| 83400 | Tencent Holdings Ltd. | 6410226 |
| 69500 | Tencent Music Entertainment Group - ADR | 1166210 |
|  |  | 8980834 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 377479 | Lemon Tree Hotels Ltd. <sup>(a),(c)</sup> | 532289 |
| 59942 | OPAP S.A. | 1208508 |
|  |  | 1740797 |
|  | **MACHINERY - 0.8%** |  |
| 790000 | Sany Heavy Equipment International Holdings | 1213660 |
|  | **METALS & MINING - 7.6%** |  |
| 26900 | Aura Minerals, Inc. | 1713261 |
| 2670000 | CGN Mining Company Ltd. | 1742574 |
| 277200 | Chifeng Jilong Gold Mining Company Ltd. | 1320726 |
| 29320 | Gold Fields Ltd. | 1449962 |
| 264200 | Grupo Mexico S.A.B. de C.V., Class B | 2915681 |
| 388000 | Zijin Mining Group Company Ltd., H Shares | 2023025 |
|  |  | 11165229 |
|  | **OIL & GAS PRODUCERS - 2.3%** |  |
| 376189 | Gazprom PJSC<sup>(a),(d),(e)</sup> |  |
| 1028000 | PetroChina Company Ltd., H Shares | 1221213 |
| 77700 | Petroleo Brasileiro S.A. - ADR | 1191918 |
| 17800 | Vista Energy S.A.B. de C.V. - ADR<sup>(a)</sup> | 1076722 |
|  |  | 3489853 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.8%** |  |
| 233500 | Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 1325559 |
| 325015 | Emaar Properties PJSC | 1329537 |
|  |  | 2655096 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **RENEWABLE ENERGY - 1.5%** |  |
| 41700 | Contemporary Amperex Technology Company Ltd. | $2103184 |
|  | **RETAIL - CONSUMER STAPLES - 0.0%<sup>(f)</sup>** |  |
| 8512 | Magnit PJSC<sup>(a),(d),(e)</sup> |  |
|  | **RETAIL - DISCRETIONARY - 0.6%** |  |
| 162 | LPP S.A. | 894675 |
|  | **SEMICONDUCTORS - 20.5%** |  |
| 241000 | ASE Technology Holding Company Ltd. | 2231598 |
| 49000 | MediaTek, Inc. | 2707131 |
| 9402 | SK Hynix, Inc. | 5829774 |
| 356608 | Taiwan Semiconductor Manufacturing Company Ltd. | 19639716 |
|  |  | 30408219 |
|  | **TECHNOLOGY HARDWARE - 11.5%** |  |
| 99099 | Accton Technology Corporation | 3450897 |
| 50000 | Asia Vital Components Co., Ltd. | 2262495 |
| 75000 | Delta Electronics, Inc. | 2850672 |
| 76414 | Samsung Electronics Company Ltd. | 8383403 |
|  |  | 16947467 |
|  | **TECHNOLOGY SERVICES - 0.9%** |  |
| 71800 | Infosys Ltd. – ADR <sup>(b)</sup> | 1262244 |
|  | **TELECOMMUNICATIONS - 1.7%** |  |
| 107547 | Bharti Airtel Ltd. | 2314082 |
| 17100 | Vnet Group, Inc. - ADR<sup>(a),(b)</sup> | 180063 |
|  |  | 2494145 |
|  | **TRANSPORTATION EQUIPMENT - 1.7%** |  |
| 12076 | Eicher Motors Ltd. | 938957 |
| 3789 | HD Hyundai Heavy Industries Company Ltd. | 1497700 |
|  |  | 2436657 |
|  | **TOTAL COMMON STOCKS (Cost $88,181,414)** | 143272124 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PREFERRED STOCKS — 1.6%** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.2%** |  |
| 47566 | Cyrela Brazil Realty S.A. Empreendimentos e<sup>(a)</sup> | $254476 |
|  | **TECHNOLOGY HARDWARE — 1.4%** |  |
| 25479 | Samsung Electronics Company Ltd. | 2049545 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,274,517)** | 2304021 |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.7%** |  |
| 2697675 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,697,675) <sup>(g),(h)</sup> | 2697675 |
|  | **MONEY MARKET FUNDS - 0.7%** |  |
| 896575 | First American Government Obligations Fund, Class X, 3.61% (Cost 896,575)<sup>(g)</sup> | 896575 |
|  | **TOTAL SHORT-TERM INVESTMENTS (COST $3,594,250)** | 3594250 |
|  | **TOTAL INVESTMENTS - 102.2% (Cost $93,853,284)** | $150595467 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%** | (3290275) |
|  | **NET ASSETS - 100.0%** | $147305192 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $2,570,281 at January 31, 2026. |
| <sup>(c)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 1,260,941 or 0.9% of net assets. |
| <sup>(d)</sup> | Illiquid security. |
| <sup>(e)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
| <sup>(f)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(g)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(h)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,697,675 at January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4%** |  |
|  | **AEROSPACE & DEFENSE - 2.7%** |  |
| 11318 | Airbus S.E. | $2592586 |
| 190 | Dassault Aviation S.A. | 72270 |
| 130 | Elbit Systems Ltd. | 91670 |
| 1800 | Embraer S.A. | 33140 |
| 2185 | Leonardo SpA | 146091 |
| 3645 | MTU Aero Engines A.G. | 1512785 |
| 39911 | Rolls-Royce Holdings PLC | 667189 |
| 1968 | Safran S.A. | 703510 |
| 3800 | Singapore Technologies Engineering Ltd. | 29211 |
|  |  | 5848452 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.2%** |  |
| 817 | Adidas A.G. | 144931 |
| 58400 | Lao Feng Xiang Company Ltd., B Shares | 201831 |
|  |  | 346762 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 324 | Futu Holdings Ltd. - ADR<sup>(a)</sup> | 52673 |
| 25896 | Investor A.B., B Shares | 998479 |
| 458 | SK Square Company Ltd.<sup>(a)</sup> | 178044 |
| 26090 | UBS Group A.G. | 1233367 |
| 92176 | XP, Inc., Class A | 1798354 |
|  |  | 4260917 |
|  | **AUTOMOTIVE - 2.2%** |  |
| 48000 | Denso Corporation | 665980 |
| 4244 | Hyundai Mobis Company Ltd. | 1316891 |
| 1761 | Kia Corporation | 186079 |
| 45510 | Magna International, Inc. | 2327381 |
| 4752 | Mercedes-Benz Group A.G. | 324939 |
|  |  | 4821270 |
|  | **BANKING - 16.3%** |  |
| 2920 | ABN AMRO Bank N.V. <sup>(c)</sup> | 107638 |
| 26809 | Abu Dhabi Commercial Bank PJSC | 111201 |
| 89854 | Abu Dhabi Islamic Bank PJSC | 595925 |
| 143000 | Agricultural Bank of China Ltd., H Shares | 99973 |
| 17316 | AIB Group plc | 193660 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **BANKING - 16.3% (Continued)** |  |
| 7988 | Al Rajhi Bank | $228108 |
| 27239 | Alpha Bank S.A. | 130459 |
| 7148 | Banca Monte dei Paschi di Siena SpA | 74190 |
| 30481 | Banco Bilbao Vizcaya Argentaria S.A. | 774117 |
| 5277 | Banco BPM SpA | 79139 |
| 4860 | Banco de Chile - ADR | 212042 |
| 24156 | Banco de Sabadell S.A. | 94807 |
| 72800 | Banco do Brasil S.A. | 347813 |
| 6089 | Banco Santander Chile - ADR | 214455 |
| 85730 | Banco Santander S.A. | 1095168 |
| 6714 | Bank Hapoalim BM | 165966 |
| 8455 | Bank Leumi Le-Israel BM | 203236 |
| 4202000 | Bank of China Ltd., H Shares | 2509346 |
| 229387 | Bank of Ireland Group PLC | 4662956 |
| 3358 | Bankinter S.A. | 57350 |
| 131942 | Barclays PLC - ADR | 1931100 |
| 31712 | BNK Financial Group, Inc. | 362892 |
| 42074 | BNP Paribas S.A. | 4551905 |
| 325500 | BOC Hong Kong Holdings Ltd. | 1714067 |
| 20483 | CaixaBank S.A. | 270518 |
| 475 | Capitec Bank Holdings Ltd. | 127530 |
| 443000 | China Construction Bank Corporation, H Shares | 447307 |
| 116000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | 86568 |
| 339 | Credicorp Ltd. | 120965 |
| 3867 | Danske Bank A/S | 197018 |
| 74926 | Emirates NBD Bank PJSC | 634499 |
| 1178 | Erste Group Bank A.G. | 153229 |
| 7170 | Eurobank S.A. | 35058 |
| 6555 | FinecoBank Banca Fineco SpA | 173864 |
| 20336 | First Abu Dhabi Bank PJSC | 102995 |
| 75796 | Grupo Cibest S.A. | 1712321 |
| 12700 | Grupo Financiero Banorte SAB de CV | 143201 |
| 1 | Haci Omer Sabanci Holding A/S | 1 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **BANKING - 16.3% (Continued)** |  |
| 10225 | Hana Financial Group, Inc. | $705538 |
| 753100 | Huaxia Bank Company Ltd. | 686862 |
| 1266000 | Industrial & Commercial Bank of China Ltd., H Shares | 1050135 |
| 26445 | ING Groep N.V. | 780288 |
| 110337 | Intesa Sanpaolo SpA | 781520 |
| 6727 | Israel Discount Bank Ltd., Class A | 79247 |
| 33887 | Itau Unibanco Holding S.A. | 269813 |
| 8000 | Japan Post Bank Company Ltd. | 142137 |
| 5000 | Kasikornbank PCL | 29782 |
| 12641 | KB Financial Group, Inc. | 1175000 |
| 115200 | Krung Thai Bank PCL | 103095 |
| 676503 | Lloyds Banking Group PLC <sup>(b)</sup> | 2450507 |
| 700 | Mizrahi Tefahot Bank Ltd. | 54756 |
| 4952 | National Bank of Greece S.A. | 87470 |
| 1218 | OTP Bank Nyrt | 153269 |
| 4500 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 117052 |
| 17423 | Qatar National Bank QPSC | 94901 |
| 923 | Santander Bank Polska S.A. | 144808 |
| 775890 | Sberbank of Russia PJSC <sup>(a),(d),(e)</sup> |  |
| 24500 | SCB X PCL | 105183 |
| 2831 | Shinhan Financial Group Company Ltd. | 164309 |
| 3214 | Societe Generale S.A. | 281786 |
| 74392 | Turkiye Garanti Bankasi A/S | 276086 |
| 1 | Turkiye Is Bankasi A/S |  |
| 7650 | UniCredit SpA | 667009 |
| 256972 | VTB Bank PJSC <sup>(a),(d),(e)</sup> |  |
| 2347 | Woori Financial Group, Inc. | 48757 |
|  |  | 35171898 |
|  | **BEVERAGES - 0.2%** |  |
| 17500 | Kirin Holdings Company Ltd. | 272073 |
| 13600 | Yakult Honsha Company Ltd. | 219769 |
|  |  | 491842 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **BIOTECH & PHARMA - 4.5%** |  |
| 82600 | Astellas Pharma, Inc. | $1148943 |
| 29734 | AstraZeneca PLC - ADR | 2916732 |
| 18700 | Daiichi Sankyo Company Ltd. | 342573 |
| 5298 | Galderma Group A.G. <sup>(c)</sup> | 987606 |
| 3025 | Genmab A/S – ADR <sup>(a),(b)</sup> | 184015 |
| 4500 | Innovent Biologics, Inc. <sup>(a),(c)</sup> | 46710 |
| 100000 | Livzon Pharmaceutical Group, Inc. | 376336 |
| 5502 | Novartis A.G. - ADR | 818037 |
| 5300 | Otsuka Holdings Company Ltd. | 317298 |
| 3600 | Roche Holding A.G. – ADR <sup>(b)</sup> | 204300 |
| 16700 | Shenzhen Salubris Pharmaceuticals Company Ltd. | 112702 |
| 3700 | Shionogi & Company Ltd. | 76179 |
| 48000 | Sino Biopharmaceutical Ltd. | 40728 |
| 50700 | Takeda Pharmaceutical Company Ltd. | 1725791 |
| 580 | UCB S.A. | 176832 |
|  |  | 9474782 |
|  | **CHEMICALS - 2.4%** |  |
| 6600 | Asahi Kasei Corporation | 64026 |
| 412169 | Fertiglobe plc | 304268 |
| 267000 | Formosa Chemicals & Fibre Corporation | 355989 |
| 22300 | Hangzhou Oxygen Plant Group Co | 99962 |
| 401700 | Hengli Petrochemical Company Ltd. | 1507431 |
| 29800 | Hubei Xingfa Chemicals Group Company Ltd. | 173928 |
| 178600 | Luxi Chemical Group Company Ltd. | 502361 |
| 120400 | Ningxia Baofeng Energy Group Company Ltd. | 411442 |
| 2773 | Nutrien Ltd. <sup>(b)</sup> | 191032 |
| 10128 | PhosAgro PJSC <sup>(a),(d),(e)</sup> |  |
| 300000 | Rongsheng Petrochemical Company Ltd. | 636384 |
| 76700 | Satellite Chemical Company Ltd. | 268564 |
| 11400 | Shin-Etsu Chemical Company Ltd. | 374879 |
| 61800 | Yunnan Yuntianhua Company Ltd., Class A | 339532 |
|  |  | 5229798 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.4%** |  |
| 7938 | Brambles Ltd. | 123233 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.4% (Continued)** |  |
| 618 | Eurofins Scientific S.E. | $50018 |
| 10500 | Recruit Holdings Company Ltd. | 553067 |
|  |  | 726318 |
|  | **CONSTRUCTION MATERIALS - 0.9%** |  |
| 3200 | AGC, Inc. | 118077 |
| 85663 | Cemex S.A.B. de C.V. - ADR | 1069074 |
| 207900 | Huaxin Cement Company Ltd., Class A | 747691 |
|  |  | 1934842 |
|  | **CONTAINERS & PACKAGING - 0.3%** |  |
| 9363 | CCL Industries, Inc., Class B | 564271 |
|  | **DIVERSIFIED INDUSTRIALS - 0.0%<sup>(f)</sup>** |  |
| 1408 | Alfa Laval A.B. | 81549 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 1935 | Sea Ltd. - ADR<sup>(a)</sup> | 225408 |
|  | **ELECTRIC UTILITIES - 0.6%** |  |
| 3600 | Chubu Electric Power Company, Inc. | 52302 |
| 5000 | Kansai Electric Power Company, Inc. (The) | 79774 |
| 13283 | Korea Electric Power Corporation – ADR <sup>(b)</sup> | 296787 |
| 276800 | Tokyo Electric Power Company Holdings, Inc.<sup>(a)</sup> | 1039733 |
|  |  | 1468596 |
|  | **ELECTRICAL EQUIPMENT - 3.4%** |  |
| 46644 | ABB Ltd. | 4008989 |
| 7000 | Chroma ATE, Inc. | 214081 |
| 1400 | Daikin Industries Ltd. | 167760 |
| 28600 | Delta Electronics Thailand PCL | 184549 |
| 52700 | Guangzhou Shiyuan Electronic Technology Company | 299504 |
| 126 | HD Hyundai Electric Company Ltd. | 76659 |
| 1760 | Kone OYJ, Class B | 126547 |
| 38297 | NARI Technology Company Ltd. | 138466 |
| 1433 | Prysmian SpA | 169817 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 3.4% (Continued)** |  |
| 2676 | Riyadh Cables Group Company | $93138 |
| 4269 | Siemens Energy A.G. | 727726 |
| 264600 | TBEA Company Ltd. | 1029452 |
|  |  | 7236688 |
|  | **ENGINEERING & CONSTRUCTION - 0.2%** |  |
| 867 | ACS Actividades de Construccion y Servicios S.A. | 97324 |
| 2476 | Cellnex Telecom S.A. <sup>(c)</sup> | 76622 |
| 1 | Enka Insaat ve Sanayi A/S | 2 |
| 1941 | Ferrovial S.E. | 131172 |
| 7700 | Keppel Corp Ltd. | 66237 |
|  |  | 371357 |
|  | **ENTERTAINMENT CONTENT - 1.5%** |  |
| 5800 | Bandai Namco Holdings, Inc. | 150501 |
| 7600 | Capcom Company Ltd. | 193713 |
| 123256 | Giant Network Group Company Ltd. | 778822 |
| 3800 | Konami Group Corporation | 554882 |
| 13500 | NetEase, Inc. | 350053 |
| 30400 | Nexon Company Ltd. | 727287 |
| 9200 | Toho Company Ltd. | 468257 |
|  |  | 3223515 |
|  | **FOOD - 0.8%** |  |
| 1350500 | WH Group Ltd. <sup>(c)</sup> | 1593707 |
|  | **GAS & WATER UTILITIES - 0.1%** |  |
| 1800 | Osaka Gas Company Ltd. | 67576 |
| 1700 | Tokyo Gas Company Ltd. | 75421 |
|  |  | 142997 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 33802 | Asymchem Laboratories Tianjin Company Ltd. | 481440 |
| 6776 | Fresenius Medical Care A.G. & Company KGaA | 305205 |
| 12625 | Lonza Group A.G. - ADR | 2039010 |
| 116372 | WuXi AppTec Co., Ltd. <sup>(c)</sup> | 1596167 |
| 16500 | Wuxi Biologics Cayman, Inc. <sup>(a),(c)</sup> | 78083 |
|  |  | 4499905 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 0.1%** |  |
| 1 | Arcelik A/S <sup>(a)</sup> | $3 |
| 24200 | Haier Smart Home Company Ltd., H Shares | 79780 |
| 48000 | Hisense Home Appliances Group Company Ltd., H Shares | 141018 |
|  |  | 220801 |
|  | **HOME CONSTRUCTION - 0.0%<sup>(f)</sup>** |  |
| 25 | Hyosung Heavy Industries Corporation<sup>(a)</sup> | 44529 |
|  | **HOUSEHOLD PRODUCTS - 0.1%** |  |
| 8000 | Kao Corporation | 320016 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.5%** |  |
| 906000 | China International Marine Containers Group | 1080695 |
| 106 | VAT Group A.G. <sup>(c)</sup> | 68551 |
|  |  | 1149246 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.3%** |  |
| 99497 | Han's Laser Technology Industry Group Company Ltd. | 690098 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.8%** |  |
| 30000 | B3 S.A. - Brasil Bolsa Balcao | 92283 |
| 27800 | China Galaxy Securities Company Ltd. | 60035 |
| 22800 | Hong Kong Exchanges & Clearing Ltd. | 1256980 |
| 5200 | Japan Exchange Group, Inc. | 56743 |
| 4005 | London Stock Exchange Group plc – ADR <sup>(a),(b)</sup> | 112340 |
| 16300 | Nomura Holdings, Inc. | 147714 |
|  |  | 1726095 |
|  | **INSURANCE - 5.2%** |  |
| 6653 | Aegon Ltd. | 52283 |
| 181400 | AIA Group Ltd. | 2092883 |
| 1953 | Allianz S.E. | 860390 |
| 23994 | Aviva PLC | 209175 |
| 39000 | China Life Insurance Company Ltd., H Shares | 173558 |
| 13600 | China Pacific Insurance Group Company Ltd., H Shares | 68500 |
| 830000 | China Reinsurance Group Corporation <sup>(c)</sup> | 187054 |
| 12290 | Generali | 501572 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **INSURANCE - 5.2% (Continued)** |  |
| 7097 | Hyundai Marine & Fire Insurance Company Ltd.<sup>(a)</sup> | $137408 |
| 14300 | Japan Post Holdings Company Ltd. | 172067 |
| 11900 | MS&AD Insurance Group Holdings, Inc. | 303179 |
| 35287 | NN Group N.V. | 2798540 |
| 2312000 | People's Insurance Company Group of China Ltd., H Shares | 2010340 |
| 1143 | Phoenix Holdings Ltd. (The) | 55474 |
| 18000 | PICC Property & Casualty Company Ltd., H Shares | 37263 |
| 3318 | Powszechny Zaklad Ubezpieczen S.A. | 65288 |
| 1238 | Samsung Fire & Marine Insurance Company Ltd. | 427919 |
| 31900 | Sompo Holdings, Inc. | 1100042 |
|  |  | 11252935 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 1712 | Kakao Corporation | 72264 |
| 748 | NAVER Corporation | 141197 |
| 18600 | Tencent Holdings Ltd. | 1429619 |
|  |  | 1643080 |
|  | **LEISURE FACILITIES & SERVICES - 0.5%** |  |
| 2945 | Aristocrat Leisure Ltd. | 109419 |
| 10000 | Galaxy Entertainment Group Ltd. | 50807 |
| 5808 | InterContinental Hotels Group PLC – ADR <sup>(b)</sup> | 797090 |
| 5400 | Oriental Land Company Ltd. | 94533 |
|  |  | 1051849 |
|  | **MACHINERY - 1.2%** |  |
| 7700 | FANUC Corporation | 309186 |
| 6459 | GEA Group AG | 462074 |
| 1000 | Keyence Corporation | 366856 |
| 17800 | Sany Heavy Industry Co.,Ltd, Class A | 56132 |
| 200 | SMC Corporation | 77753 |
| 7000 | Techtronic Industries Company Ltd. | 95560 |
| 17634 | Wartsila OYJ Abp | 715250 |
| 327600 | XCMG Construction Machinery Company Ltd. | 506089 |
|  |  | 2588900 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.2%** |  |
| 2836 | Alcon, Inc. <sup>(b)</sup> | 229622 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.2% (Continued)** |  |
| 43800 | FUJIFILM Holdings Corporation | $874905 |
| 11700 | Hoya Corporation | 1962719 |
| 4944 | Sonova Holding A.G. | 1353178 |
| 27400 | Terumo Corporation | 358422 |
|  |  | 4778846 |
|  | **METALS & MINING - 7.8%** |  |
| 3145 | Agnico Eagle Mines Ltd. | 599123 |
| 34311 | Alamos Gold, Inc., Class A <sup>(b)</sup> | 1269817 |
| 3238 | Anglo American plc | 150138 |
| 18257 | Anglogold Ashanti plc | 1692868 |
| 1612 | Antofagasta plc | 80467 |
| 371400 | Baiyin Nonferrous Group Company Ltd. | 703630 |
| 10799 | Barrick Mining Corporation | 493621 |
| 5916 | Cia de Minas Buenaventura S.A.A - ADR | 202683 |
| 837 | Endeavour Mining plc | 47640 |
| 9404 | Evolution Mining Ltd. | 90319 |
| 4368 | First Quantum Minerals Ltd.<sup>(a)</sup> | 123473 |
| 13368 | Franco-Nevada Corporation <sup>(b)</sup> | 3132923 |
| 11875 | Gold Fields Ltd. | 587254 |
| 13922 | Grupo Mexico S.A.B. de C.V., Class B | 153642 |
| 700 | Industrias Penoles S.A.B. de C.V. | 40583 |
| 3500 | JX Advanced Metals Corporation |  |
| 8114 | Kinross Gold Corporation | 255523 |
| 8070 | Lundin Mining Corporation | 203583 |
| 378500 | MMC Norilsk Nickel PJSC <sup>(a),(d),(e)</sup> |  |
| 78400 | Nanshan Aluminium International Holdings Ltd. | 643461 |
| 6021 | Northern Star Resources Ltd. | 110698 |
| 2713 | Pan American Silver Corporation | 148130 |
| 4082 | Rio Tinto Ltd. | 425330 |
| 6797 | Sibanye Stillwater Ltd. - ADR<sup>(a)</sup> | 114733 |
| 9619 | Teck Resources Ltd., Class B | 516261 |
| 10000 | Toyota Tsusho Corporation | 364188 |
| 11000 | Vale S.A. | 175920 |
| 359900 | Western Mining Company Ltd. | 1812167 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **METALS & MINING - 7.8% (Continued)** |  |
| 11469 | Wheaton Precious Metals Corporation <sup>(b)</sup> | $1512417 |
| 79453 | Zhejiang Huayou Cobalt Company Ltd., Class A | 815384 |
| 92300 | Zhongjin Gold Corp Ltd. | 466537 |
| 54000 | Zijin Mining Group Company Ltd. | 281555 |
|  |  | 17214068 |
|  | **OIL & GAS PRODUCERS - 1.8%** |  |
| 80970 | BP PLC | 513393 |
| 1214000 | China Petroleum & Chemical Corporation, H Shares | 835474 |
| 15200 | ENEOS Holdings, Inc. | 128467 |
| 4213 | Equinor ASA | 113243 |
| 334920 | Gazprom PJSC – ADR <sup>(a),(d),(e)</sup> |  |
| 5300 | Inpex Corporation | 118741 |
| 24250 | LUKOIL PJSC <sup>(a),(d),(e)</sup> |  |
| 2192 | ORLEN S.A. | 66622 |
| 1184100 | PetroChina Company Ltd., H Shares | 1406653 |
| 54000 | PTT PCL | 58135 |
| 4541 | Repsol S.A. | 89509 |
| 117940 | Rosneft Oil Company PJSC <sup>(a),(d),(e)</sup> |  |
| 5302 | Saudi Aramco Base Oil Company | 147798 |
| 6867 | Suncor Energy, Inc. | 363745 |
| 6830 | Tatneft PJSC <sup>(a),(d),(e)</sup> |  |
|  |  | 3841780 |
|  | **PUBLISHING & BROADCASTING - 0.0%<sup>(f)</sup>** |  |
| 7110 | Informa PLC | 85802 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.6%** |  |
| 55000 | CK Asset Holdings Ltd. | 322195 |
| 33223 | Emaar Properties PJSC | 135905 |
| 2400 | Hongkong Land Holdings Ltd. | 20376 |
| 7500 | Sun Hung Kai Properties Ltd. | 120441 |
| 204000 | Wharf Real Estate Investment Company Ltd. | 708234 |
|  |  | 1307151 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 1491 | FirstService Corporation | $231493 |
|  | **RENEWABLE ENERGY - 0.7%** |  |
| 371000 | Goldwind Science & Technology Company Ltd. | 692740 |
| 100100 | Hengdian Group DMEGC Magnetics Company Ltd. | 290770 |
| 5304 | Vestas Wind Systems A/S | 160773 |
| 111000 | Zhejiang Chint Electrics Company Ltd. | 466641 |
|  |  | 1610924 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 13500 | CK Hutchison Holdings Ltd. | 108854 |
| 1643 | Dollarama, Inc. | 221419 |
| 9000 | Pan Pacific International Holdings Corporation | 53284 |
| 6459 | Woolworths Group Ltd. | 138628 |
|  |  | 522185 |
|  | **RETAIL - DISCRETIONARY - 1.6%** |  |
| 3600 | Fast Retailing Company Ltd. | 1373501 |
| 64176 | H & M Hennes & Mauritz A.B., Class B | 1285052 |
| 5896 | Industria de Diseno Textil S.A. | 383850 |
| 300 | Jardine Matheson Holdings Ltd. | 21831 |
| 2800 | Ryohin Keikaku Company Ltd. | 55845 |
| 6267 | Wesfarmers Ltd. | 361562 |
|  |  | 3481641 |
|  | **SEMICONDUCTORS - 13.1%** |  |
| 8810 | Advantest Corporation | 1457242 |
| 230 | ASM International N.V. | 193261 |
| 2987 | ASML Holding N.V. | 4285275 |
| 5000 | Hon Precision, Inc. | 593411 |
| 6972 | Infineon Technologies A.G. | 340984 |
| 40400 | Kioxia Holdings Corporation <sup>(a)</sup> | 5526099 |
| 12500 | Lasertec Corporation | 2871681 |
| 7000 | MediaTek, Inc. | 386733 |
| 11773 | Piotech, Inc. | 596328 |
| 3018 | Silicon Motion Technology Corporation - ADR | 358931 |
| 2672 | SK Hynix, Inc. | 1656792 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.1% (Continued)** |  |
| 168000 | Taiwan Semiconductor Manufacturing Company Ltd. | $9252378 |
| 2500 | Tokyo Electron Ltd. | 666139 |
|  |  | 28185254 |
|  | **SOFTWARE - 1.6%** |  |
| 272 | CyberArk Software Ltd.<sup>(a)</sup> | 117186 |
| 3652 | Dassault Systemes S.E. | 100499 |
| 2408 | Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 179913 |
| 1427 | Neste OYJ | 36487 |
| 6500 | Obic Company Ltd. | 180658 |
| 5200 | Oracle Corp Japan | 351854 |
| 16738 | Sage Group plc (The) | 684431 |
| 4707 | SAP S.E. | 940793 |
| 5082 | Shopify, Inc., Class A<sup>(a)</sup> | 666875 |
| 2800 | TIS, Inc. | 81475 |
| 1785 | Wix.com Ltd.<sup>(a),(b)</sup> | 155009 |
| 814 | Xero Ltd.<sup>(a)</sup> | 53055 |
|  |  | 3548235 |
|  | **SPECIALTY FINANCE - 0.5%** |  |
| 7300 | ORIX Corporation | 222468 |
| 20481 | Samsung Card Company Ltd. | 801814 |
|  |  | 1024282 |
|  | **TECHNOLOGY HARDWARE - 7.1%** |  |
| 3000 | Accton Technology Corporation | 104468 |
| 70790 | Anker Innovations Technology Company Ltd. | 1014185 |
| 10100 | Brother Industries Ltd. | 205912 |
| 18800 | Canon, Inc. | 572244 |
| 659 | Celestica, Inc.<sup>(a)</sup> | 185185 |
| 12000 | Delta Electronics, Inc. | 456108 |
| 1400 | Fujikura Ltd. | 175959 |
| 154808 | Hisense Visual Technology Company Ltd. | 553358 |
| 211000 | Hon Hai Precision Industry Company Ltd. | 1452658 |
| 1133307 | IRICO Display Devices Company Ltd.<sup>(a)</sup> | 1096418 |
| 5600 | Kyocera Corporation | 84015 |
| 121659 | LG Display Company Ltd. - ADR<sup>(a)</sup> | 482986 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 7.1% (Continued)** |  |
| 538 | LG Electronics, Inc. | $36632 |
| 449 | LG Innotek Company Ltd. | 75713 |
| 6662 | Logitech International S.A. <sup>(b)</sup> | 571866 |
| 44812 | Luxshare Precision Industry Company Ltd. | 332169 |
| 6200 | Nintendo Company Ltd. | 383934 |
| 23761 | Nokia OYJ | 153121 |
| 44016 | Samsung Electronics Company Ltd. | 4963867 |
| 3400 | Shenzhen Longsys Electronics Company Ltd.<sup>(a)</sup> | 162972 |
| 16100 | Suzhou Dongshan Precision Manufacturing Company | 179503 |
| 36500 | TDK Corporation | 470962 |
| 14277 | Telefonaktiebolaget LM Ericsson, Class B | 154613 |
| 16400 | Universal Scientific Industrial Shanghai Company | 79761 |
| 7000 | Wiwynn Corporation | 781491 |
| 111600 | Zhejiang Crystal-Optech Company Ltd. | 382495 |
| 55000 | Zhen Ding Technology Holding Ltd. | 337582 |
|  |  | 15450177 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 1234 | CGI, Inc. | 105853 |
| 4480 | Experian PLC | 169678 |
| 18100 | Nomura Research Institute Ltd. | 550602 |
| 32700 | Otsuka Corp. | 648317 |
| 5922 | RELX PLC | 211628 |
| 1157 | Wolters Kluwer N.V. | 108702 |
|  |  | 1794780 |
|  | **TELECOMMUNICATIONS - 2.0%** |  |
| 5300 | Advanced Info Service PCL | 58621 |
| 31975 | BT Group PLC | 84047 |
| 28576 | Deutsche Telekom A.G. | 959454 |
| 45000 | KDDI Corporation | 759769 |
| 745700 | Maxis Bhd | 723878 |
| 585800 | NTT, Inc. | 588651 |
| 11809 | Rogers Communications Inc, Class B | 445776 |
| 47500 | Singapore Telecommunications Ltd. | 171399 |
| 21700 | Telefonica Brasil S.A. | 153966 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 2.0% (Continued)** |  |
| 17151 | Telstra Group Ltd. | $58273 |
| 245517 | Vodafone Group plc | 361578 |
|  |  | 4365412 |
|  | **TOBACCO & CANNABIS - 0.0%<sup>(f)</sup>** |  |
| 361 | KT&G Corporation | 38331 |
|  | **TRANSPORTATION & LOGISTICS - 2.7%** |  |
| 24800 | Airports of Thailand Public Co., Ltd. | 39484 |
| 21600 | ANA Holdings, Inc. | 419357 |
| 15349 | Canadian National Railway Company <sup>(b)</sup> | 1476880 |
| 30500 | Central Japan Railway Company | 850881 |
| 770200 | China Southern Airlines Company Ltd.<sup>(a)</sup> | 797832 |
| 10700 | East Japan Railway Company | 268612 |
| 18200 | Hankyu Hanshin Holdings, Inc. | 508193 |
| 58730 | International Container Terminal Services, Inc. | 642835 |
| 6650 | Poste Italiane SpA <sup>(c)</sup> | 175239 |
| 42000 | Tokyu Corporation | 473702 |
| 15743 | Transurban Group | 152295 |
| 1 | Turk Hava Yollari AO | 7 |
|  |  | 5805317 |
|  | **TRANSPORTATION EQUIPMENT - 2.7%** |  |
| 225714 | China CSSC Holdings Ltd. | 1088995 |
| 2259 | HD Hyundai Heavy Industries Company Ltd. | 892928 |
| 7161 | HD Korea Shipbuilding & Offshore Engineering Company | 2036960 |
| 2520 | Kongsberg Gruppen ASA | 86567 |
| 530000 | Weichai Power Company Ltd., H Shares | 1808029 |
|  |  | 5913479 |
|  | **WHOLESALE - DISCRETIONARY - 0.6%** |  |
| 298500 | CITIC Metal Company Ltd. | 636012 |
| 21400 | Pop Mart International Group Ltd. <sup>(c)</sup> | 611748 |
|  |  | 1247760 |
|  | **TOTAL COMMON STOCKS (Cost $155,263,135)** | 208849340 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.5%** |  |
|  | **EQUITY - 0.5%** |  |
| 11617 | iShares Core MSCI EAFE ETF (Cost $1,042,003) | $1092579 |
|  | **PREFERRED STOCKS — 2.4%** |  |
|  | **AUTOMOTIVE — 0.1%** |  |
| 2443 | Volkswagen A.G. | 296500 |
|  | **BANKING — 0.6%** |  |
| 27900 | Banco Bradesco S.A. | 112716 |
| 44474 | Grupo Cibest S.A. | 910300 |
| 30076 | Itau Unibanco Holding S.A. | 258624 |
|  |  | 1281640 |
|  | **BIOTECH & PHARMA — 0.1%** |  |
| 22988 | Grifols S.A. | 213180 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.6%** |  |
| 110420 | Mirae Asset Securities Company Ltd. | 1217378 |
|  | **INSURANCE — 0.3%** |  |
| 2556 | Samsung Fire & Marine Insurance Company Ltd. | 660990 |
|  | **TECHNOLOGY HARDWARE — 0.7%** |  |
| 19632 | Samsung Electronics Company Ltd. | 1579209 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,832,305)** | 5248897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **Warrants – 0.00% <sup>(f)</sup>** |  |  |  |
|  | **Software – 0.00% <sup>(f)</sup>** |  |  |  |
| 108 | Constellation Software Inc (Canada) (cost $0) | 04/02/2040 | $0.00 | $— |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 3.8** |  |
| 8186694 | **Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $8,186,694)<sup>(g),(h)</sup>** | 8186694 |
|  | **MONEY MARKET FUNDS - 0.1%** |  |
| 315066 | Fidelity Government Portfolio, Institutional, 3.57% (Cost $315,066)<sup>(g)</sup> | 315066 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $8,501,760) | 8501760 |
|  | **TOTAL INVESTMENTS – 103.2% (Cost $167,639,203)** | $223692576 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS- (3.2%)** | (6854127) |
|  | **NET ASSETS - 100.0%** | $216838449 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| TAS | - Turkish Accounting Standards |
| USB | - US Bank |

---

<sup>(a)</sup> Non-income producing security.

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

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026, the total market value of 144A securities is 5,529,125 or 2.5% of net assets.

<sup>(d)</sup> Illiquid Security

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

<sup>(f)</sup> Percentage rounds to less than 0.1%.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

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

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 20.8%** |  |
|  | **COMMODITY - 17.0%** |  |
| 601900 | iShares GSCI Commodity Dynamic Roll Strategy ETF <sup>(a)</sup> | $16506566 |
|  | **EQUITY - 3.8%** |  |
| 34100 | Franklin FTSE Japan ETF <sup>(a)</sup> | 1247378 |
| 100 | Franklin FTSE United Kingdom ETF | 3537 |
| 6000 | Invesco Nasdaq 100 ETF | 1536300 |
| 400 | SPDR EURO STOXX 50 ETF <sup>(a)</sup> | 26720 |
| 1230 | SPDR S&P 500 ETF | 851123 |
|  |  | 3665058 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,570,581)** | 20171624 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **CORPORATE BONDS — 16.1%** |  |  |  |
|  | **BANKING — 1.5%** |  |  |  |
| 1500000 | Oesterreichische Kontrollbank A.G. | 0.5000 | &nbsp;&nbsp;02/02/26 | 1500000 |
|  | **BIOTECH & PHARMA — 1.8%** |  |  |  |
| 1750000 | Bristol-Myers Squibb Company | 6.8000 | &nbsp;&nbsp;11/15/26 | 1785695 |
|  | **E-COMMERCE DISCRETIONARY — 3.1%** |  |  |  |
| 3000000 | Amazon.com, Inc. | 3.1500 | &nbsp;&nbsp;08/22/27 | 2980419 |
|  | **GOVERNMENT GUARANTEED — 2.0%** |  |  |  |
| 2000000 | Nederlandse Financierings-Maatschappij voor | 0.8750 | &nbsp;&nbsp;06/15/26 | 1980122 |
|  | **LOCAL AUTHORITY — 1.3%** |  |  |  |
| 1300000 | Province of Manitoba Canada | 2.1250 | &nbsp;&nbsp;06/22/26 | 1291328 |
|  | **SPECIALTY FINANCE — 2.1%** |  |  |  |
| 2000000 | Korea Housing Finance Corporation<sup>(b)</sup> | 5.3750 | &nbsp;&nbsp;11/15/26 | 2023402 |
|  | **SUPRANATIONAL — 0.3%** |  |  |  |
| 247000 | International Bank for Reconstruction & Development | 4.7500 | &nbsp;&nbsp;04/10/26 | 247431 |

---

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TECHNOLOGY HARDWARE — 3.2%** |  |  |  |
| 2000000 | Apple, Inc. | 3.3500 | &nbsp;&nbsp;02/09/27 | $1994233 |
| 1000000 | Cisco Systems, Inc. | 2.5000 | &nbsp;&nbsp;09/20/26 | 992311 |
|  |  |  |  | 2986544 |
|  | **TECHNOLOGY SERVICES — 0.8%** |  |  |  |
| 750000 | IBM International Capital Pte Ltd. | 4.7000 | &nbsp;&nbsp;02/05/26 | 750052 |
|  | **TOTAL CORPORATE BONDS (Cost $15,542,495)** |  |  | 15544993 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 11.8%** |  |  |  |
|  | **LOCAL AUTHORITY — 5.1%** |  |  |  |
| 3000000 | Province of British Columbia Canada | 2.2500 | &nbsp;&nbsp;06/02/26 | 2984328 |
| 2000000 | Province of Ontario Canada | 2.5000 | &nbsp;&nbsp;04/27/26 | 1993939 |
|  |  |  |  | 4978267 |
|  | **SUPRANATIONAL — 6.7%** |  |  |  |
| 2000000 | Asian Development Bank | 1.0000 | &nbsp;&nbsp;04/14/26 | 1988929 |
| 1500000 | Asian Development Bank | 2.6250 | &nbsp;&nbsp;01/12/27 | 1484018 |
| 3000000 | Central American Bank for Economic Integration | 5.0000 | &nbsp;&nbsp;02/09/26 | 3000437 |
|  |  |  |  | 6473384 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $11,443,168)** |  |  | 11451651 |
|  | **U.S. GOVERNMENT & AGENCIES — 34.3%** |  |  |  |
|  | **U.S. TREASURY NOTES — 34.3%** |  |  |  |
| 3500000 | United States Treasury Note | 0.5000 | &nbsp;&nbsp;02/28/26 | 3491873 |
| 4000000 | United States Treasury Note | 2.2500 | &nbsp;&nbsp;03/31/26 | 3991094 |
| 2000000 | United States Treasury Note | 3.7500 | &nbsp;&nbsp;04/15/26 | 2000361 |
| 4000000 | United States Treasury Note | 0.7500 | &nbsp;&nbsp;04/30/26 | 3972737 |

---

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 34.3% (Continued)** |  |  |  |
|  | **U.S. TREASURY NOTES — 34.3% (Continued)** |  |  |  |
| 4000000 | United States Treasury Note | 1.6250 | &nbsp;&nbsp;05/15/26 | $3977466 |
| 3500000 | United States Treasury Note | 0.7500 | &nbsp;&nbsp;08/31/26 | 3443154 |
| 3000000 | United States Treasury Note | 0.8750 | &nbsp;&nbsp;09/30/26 | 2947001 |
| 3500000 | United States Treasury Note | 1.1250 | &nbsp;&nbsp;10/31/26 | 3436380 |
| 3000000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;11/30/26 | 2943660 |
| 3000000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;12/31/26 | 2938621 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $33,094,882)** |  |  | 33142347 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 13.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.1%** |  |
| 2017537 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $2,017,537)<sup>(c),(d)</sup> | 2017537 |
|  | **MONEY MARKET FUNDS - 11.6%** |  |
| 11280055 | MSILF Government Portfolio, Institutional Class, 3.62% (Cost $11,280,055)<sup>(c)</sup> | 11280055 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $13,297,592)** | 13297592 |
|  | **TOTAL INVESTMENTS – 96.7% (Cost $90,948,718)** | $93608207 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.3%** | 3173315 |
|  | **NET ASSETS - 100.0%** | $96781522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(d)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 1 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | $348288 | $2675 |
| 29 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 4408124 | (13264) |
| 14 | Eurex EURO STOXX 50 Future | 03/23/2026 | 988070 | (9851) |
| 30 | Euro BONO Futures on long-term Spanish government | 03/09/2026 | 4380811 | 7348 |
| 61 | Euro-BTP Italian Bond Futures | 03/09/2026 | 8761516 | 35095 |
| 61 | French Government Bond Futures | 03/09/2026 | 8820837 | 59012 |
| 7 | FTSE 100 Index Future | 03/23/2026 | 975992 | 1970 |
| 71 | Long Gilt Future | 03/30/2026 | 8826302 | (29396) |
| 4 | TSE TOPIX (Tokyo Price Index) Future | 03/13/2026 | 924516 | (9979) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $43610 |

---

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 14 | CBOT 10 Year US Treasury Note | 03/23/2026 | $1565594 | $(656) |
| 1 | CME E-Mini NASDAQ 100 Index Future | 03/23/2026 | 513400 | 7685 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $7029 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $1,950,587 at January 31, 2026. |
| <sup>(b)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 2,023,402 or 2.1% of net assets. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $2,017,537 at January 31, 2026. |
| <sup>(e)</sup> | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 0.0%<sup>(a)</sup>** |  |
|  | **TELECOMMUNICATIONS - 0.0%<sup>(a)</sup>** |  |
| 10000 | NII Holdings, Inc. 144A<sup>(b),(c),(l)</sup> | $5700 |
|  | **TOTAL COMMON STOCKS (Cost $57,730)** | 5700 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS — 0.7%** |  |  |  |  |
|  | **BANKING — 0.7%** |  |  |  |  |
| 85570 | Citigroup, Inc.<sup>(b)</sup> |  |  |  | 2146951 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,139,250)** |  |  |  | 2146951 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 34.4%** | **CORPORATE BONDS — 34.4%** |  |  |  |
|  | **ASSET MANAGEMENT — 2.7%** |  |  |  |  |
| 2450000 | CI Financial Corporation<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;05/30/29 | 2609254 |
| 3695000 | Drawbridge Special Opportunities Fund, L.P. /<sup>(c)</sup> |  | 5.9500 | &nbsp;&nbsp;09/17/30 | 3527242 |
| 2465000 | UBS Group A.G.<sup>(c),(d)</sup> | USISSO05 + 3.321% | 7.0000 | &nbsp;&nbsp;07/08/74 | 2501006 |
|  |  |  |  |  | 8637502 |
|  | **AUTOMOTIVE — 1.5%** |  |  |  |  |
| 2429000 | Ford Motor Credit Company, LLC |  | 6.9500 | &nbsp;&nbsp;06/10/26 | 2447880 |
| 2195000 | General Motors Company |  | 5.3500 | &nbsp;&nbsp;04/15/28 | 2251082 |
|  |  |  |  |  | 4698962 |
|  | **BANKING — 3.5%** |  |  |  |  |
| 3590000 | Barclays plc<sup>(d),(f)</sup> | USISSO05 + 3.686% | 7.6250 | &nbsp;&nbsp;09/15/73 | 3870791 |
| 2005000 | JPMorgan Chase & Company<sup>(e)</sup> | US0003M + 0.550% | 4.6700 | &nbsp;&nbsp;02/01/27 | 1999953 |
| 4615000 | Societe Generale S.A.<sup>(c)</sup> |  | 5.2500 | &nbsp;&nbsp;02/19/27 | 4670378 |
| 795000 | Wells Fargo & Company |  | 5.9500 | &nbsp;&nbsp;12/01/86 | 837915 |
|  |  |  |  |  | 11379037 |
|  | **CHEMICALS — 1.2%** |  |  |  |  |
| 3615000 | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;01/31/30 | 1540388 |
| 85000 | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;10/15/34 | 34425 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 34.4% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 1.2% (Continued)** |  |  |  |  |
| 2520000 | FMC Corporation<sup>(d),(f)</sup> | H15T5Y + 4.366% | 8.4500 | 11/01/55 | $2022816 |
|  |  |  |  |  | 3597629 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 725000 | RR Donnelley & Sons Company<sup>(c)</sup> |  | 9.5000 | &nbsp;&nbsp;08/01/29 | 755069 |
|  | **CONSUMER SERVICES — 0.7%** |  |  |  |  |
| 2300000 | Grand Canyon University |  | 5.1250 | &nbsp;&nbsp;10/01/28 | 2305805 |
|  | **E-COMMERCE DISCRETIONARY — 1.4%** |  |  |  |  |
| 1900000 | Rakuten Group, Inc.<sup>(c)</sup> |  | 11.2500 | &nbsp;&nbsp;02/15/27 | 2025710 |
| 2010000 | Rakuten Group, Inc.<sup>(c)</sup> |  | 9.7500 | &nbsp;&nbsp;04/15/29 | 2253827 |
|  |  |  |  |  | 4279537 |
|  | **ELECTRIC UTILITIES — 2.6%** |  |  |  |  |
| 2895000 | Dominion Energy, Inc.<sup>(d)</sup> | H15T5Y + 2.207% | 6.6250 | &nbsp;&nbsp;05/15/55 | 2977762 |
| 5075000 | Vistra Operations Company, LLC<sup>(c)</sup> |  | 4.3000 | &nbsp;&nbsp;10/15/28 | 5078020 |
|  |  |  |  |  | 8055782 |
|  | **ENGINEERING & CONSTRUCTION — 0.8%** |  |  |  |  |
| 2345000 | IHS Holding Ltd.<sup>(c)</sup> |  | 5.6250 | &nbsp;&nbsp;11/29/26 | 2337619 |
|  | **ENTERTAINMENT CONTENT — 2.0%** |  |  |  |  |
| 2700000 | Discovery Communications, LLC |  | 3.9500 | &nbsp;&nbsp;03/20/28 | 2654263 |
| 2064000 | Paramount Global |  | 7.8750 | &nbsp;&nbsp;07/30/30 | 2219713 |
| 1560000 | Paramount Global |  | 6.8750 | &nbsp;&nbsp;04/30/36 | 1524461 |
|  |  |  |  |  | 6398437 |
|  | **FOOD — 0.4%** |  |  |  |  |
| 1205000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | &nbsp;&nbsp;12/01/52 | 1255707 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.8%** |  |  |  |  |
| 2950000 | Centene Corporation |  | 3.0000 | &nbsp;&nbsp;10/15/30 | 2644082 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.7%** |  |  |  |  |
| 4185000 | Credit Suisse Group A.G.<sup>(c)</sup> | USSW5 + 4.598% | 7.5000 | &nbsp;&nbsp;06/11/70 | 1046250 |
| 2485000 | Goldman Sachs Capital I |  | 6.3450 | &nbsp;&nbsp;02/15/34 | 2653521 |
| 3315000 | Jefferies Financial Group, Inc. |  | 5.5000 | &nbsp;&nbsp;02/15/36 | 3276618 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 34.4% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.7% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 2.7% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 2.7% (Continued)** |  |  |
| **1735000** | State Street Corporation<sup>(e)</sup> | TSFR3M + 1.262% | 4.9850 | 06/15/47 | $1569434 |
|  |  |  |  |  | 8545823 |
|  | **INSURANCE — 2.2%** |  |  |  |  |
| 385000 | Farmers Exchange Capital<sup>(c)</sup> |  | 7.0500 | &nbsp;&nbsp;07/15/28 | 403382 |
| 1130000 | Farmers Insurance Exchange<sup>(c),(d)</sup> | H15T10Y + 3.864% | 7.0000 | &nbsp;&nbsp;10/15/64 | 1155580 |
| 3835000 | Ohio National Financial Services, Inc.<sup>(c)</sup> |  | 6.8000 | &nbsp;&nbsp;01/24/30 | 3916926 |
| 1000000 | Pacific Life Insurance Company<sup>(c)</sup> |  | 9.2500 | &nbsp;&nbsp;06/15/39 | 1354161 |
|  |  |  |  |  | 6830049 |
|  | **LEISURE FACILITIES & SERVICES — 1.9%** |  |  |  |  |
| 2199000 | Flutter Treasury DAC<sup>(c)</sup> |  | 6.3750 | &nbsp;&nbsp;04/29/29 | 2268834 |
| 3100000 | Resorts World Las Vegas, LLC / RWLV Capital, Inc.<sup>(c),(f)</sup> |  | 4.6250 | &nbsp;&nbsp;04/06/31 | 2658913 |
| 1000000 | Voyager Parent, LLC<sup>(c)</sup> |  | 9.2500 | &nbsp;&nbsp;07/01/32 | 1062714 |
|  |  |  |  |  | 5990461 |
|  | **METALS & MINING — 0.9%** |  |  |  |  |
| 1445000 | First Quantum Minerals Ltd.<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;03/01/33 | 1553720 |
| 1340000 | First Quantum Minerals Ltd.<sup>(c)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/34 | 1408647 |
|  |  |  |  |  | 2962367 |
|  | **OIL & GAS PRODUCERS — 2.1%** |  |  |  |  |
| 3000000 | Hess Corporation |  | 6.0000 | &nbsp;&nbsp;01/15/40 | 3242696 |
| 3075000 | Venture Global LNG, Inc.<sup>(c),(f)</sup> |  | 9.8750 | &nbsp;&nbsp;02/01/32 | 3253239 |
|  |  |  |  |  | 6495935 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** |  |  |  |  |
| 2700000 | Scentre Group Trust 2<sup>(c),(d)</sup> | H15T5Y + 4.685% | 5.1250 | &nbsp;&nbsp;09/24/80 | 2719734 |
|  | **SEMICONDUCTORS — 0.8%** |  |  |  |  |
| 2375000 | Foundry JV Holdco, LLC<sup>(c)</sup> |  | 6.1000 | &nbsp;&nbsp;01/24/36 | 2504494 |
|  | **SOFTWARE — 0.7%** |  |  |  |  |
| 1585000 | Oracle Corporation <sup>(f)</sup> |  | 4.4500 | &nbsp;&nbsp;09/26/30 | 1547528 |
| 845000 | Oracle Corporation |  | 5.9500 | &nbsp;&nbsp;09/26/55 | 746988 |
|  |  |  |  |  | 2294516 |
|  | **SPECIALTY FINANCE — 2.4%** |  |  |  |  |
| 2930000 | AerCap Ireland Capital DAC / AerCap Global<sup>(d)</sup> | H15T5Y + 2.441% | 6.5000 | &nbsp;&nbsp;01/31/56 | 3014237 |
| 2010000 | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL<sup>(d)</sup> | H15T5Y + 2.720% | 6.9500 | &nbsp;&nbsp;03/10/55 | 2106016 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 34.4% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 2.4% (Continued)** |  |  |  |  |
| **2320000** | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 4.9500 | 01/15/28 | $2349347 |
|  |  |  |  |  | 7469600 |
|  | **TELECOMMUNICATIONS — 2.0%** |  |  |  |  |
| 828000 | Frontier Communications Corporation<sup>(c)</sup> |  | 6.7500 | &nbsp;&nbsp;05/01/29 | 832056 |
| 4857000 | Frontier Communications Holdings, LLC<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;01/15/30 | 4904253 |
| 418500 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(c)</sup> |  | 5.1520 | &nbsp;&nbsp;03/20/28 | 421789 |
|  |  |  |  |  | 6158098 |
|  | **TOTAL CORPORATE BONDS (Cost $110,254,654)** |  |  |  | 108316245 |
| **Principal<br> Amount ($)** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 0.8%** |  |  |  |  |
|  | **HIGHER EDUCATION — 0.8%** |  |  |  |  |
| 2405000 | Maricopa County Industrial Development Authority<sup>(c)</sup> |  | 7.3750 | &nbsp;&nbsp;10/01/29 | 2564842 |
|  | **TOTAL MUNICIPAL BONDS (Cost $2,405,000)** |  |  |  | 2564842 |
| **Principal<br> Amount ($)** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 62.7%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 62.7%** |  |  |  |  |
| 43554000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;02/12/26 | 43510547 |
| 45002000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;04/09/26 | 44706410 |
| 44623000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;05/05/26 | 44216602 |
| 45271000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;06/11/26 | 44699171 |
| 7468000 | United States Treasury Note |  | 3.6250 | &nbsp;&nbsp;12/31/30 | 7412573 |
| 5925000 | United States Treasury Note |  | 4.0000 | &nbsp;&nbsp;11/15/35 | 5811592 |
| 7530000 | United States Treasury Note <sup>(o),(p)</sup> |  | 4.7500 | &nbsp;&nbsp;08/15/55 | 7387048 |
|  |  |  |  |  | 197743943 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $198,002,660)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $198,002,660)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $198,002,660)** |  | 197743943 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 5.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 3.6%** |  |
| 11257365 | Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $11,257,365)<sup>(h)</sup> | $11257365 |
|  | **MONEY MARKET FUND - 1.9%** |  |
| 6083563 | First American Government Obligations Fund, Class X, 3.61% (Cost $6,083,563)<sup>(i)</sup> | 6083563 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,340,928)** | 17340928 |
|  | **TOTAL INVESTMENTS – 104.1% (Cost $318,942,857)** | $328118609 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%** | (12943366) |
|  | **NET ASSETS - 100.0%** | $315175243 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(j)</sup>** | **Value and <br> Unrealized <br> Appreciation** |
| 31 | CBOT 10 Year US Treasury Note | 03/23/2026 | $3466672 | $46258 |
| 139 | CBOT 5 Year US Treasury Note | 04/01/2026 | 15141226 | 114203 |
| 56 | CBOT US Treasure Bond Futures | 03/23/2026 | 6447000 | 128839 |
| 125 | Ultra 10-Year US Treasury Note Futures | 03/23/2026 | 14269531 | 226925 |
| 41 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | 4814938 | 146007 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $662232 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description and Payment Frequency** | **Counterparty** | **Fixed Deal <br> (Pay) Rate** | **Implied<br> Credit<br> Spread (m)** | **Maturity <br> Date** | **Notional <br> Value** | **Fair Value<sup>(n)</sup>** | **Amortized <br> Upfront<br> Payments Paid/<br> (Received)** | **Unrealized <br> Appreciation<br> (Depreciation)** |
| CDX.NA.IG SERIES 45 Quarterly<sup>(1)</sup> | HSBC Securities | 5.00% | 296.24 | 12/20/2030 | $17000000 | (1504073) | (1441696) | $(62377) |
| CDX.NA.IG SERIES 45 Quarterly<sup>(1)</sup> | HSBC Securities | 1.00% | 49.40 | 12/20/2030 | 41000000 | (969614) | (994754) | $25140 |
| DARDEN RESTAURANTS INC Quarterly<sup>(1)</sup> | Barclays | 1.00% | 18.00 | 6/20/2027 | 7000000 | (85805) | (6433) | $(79372) |
| ORACLE CORPORATION<sup>(k)</sup> Quarterly<sup>(2)</sup> | Barclays | 1.00% | 156.00 | 12/20/2030 | (10000000) | (232630) | 185210 | $(417840) |
| LENNAR CORPORATION<sup>(k)</sup> Quarterly<sup>(2)</sup> | Barclays | 5.00% | 62.00 | 12/20/2029 | (5000000) | 821971 | 768274 | $53697 |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC<sup>(k)</sup> Quarterly<sup>(2)</sup> | Barclays | 1.00% | 51.00 | 6/20/2030 | (7000000) | 146118 | 114877 | $31241 |
| SEMPRA ENERGY Quarterly<sup>(1)</sup> | Barclays | 1.00% | 32.00 | 6/20/2030 | 7000000 | (203023) | (179814) | $(23209) |
| THE CAMPBELLS COMPANY Quarterly<sup>(1)</sup> | Barclays | 1.00% | 64.00 | 12/20/2030 | 10000000 | (170612) | (221317) | $50705 |
| TOLL BROTHERS INC. Quarterly<sup>(1)</sup> | Barclays | 1.00% | 58.00 | 12/20/2029 | 5000000 | (82126) | (46887) | $(35239) |
| VERIZON COMMUNICATIONS INC<sup>(k)</sup> Quarterly<sup>(2)</sup> | Barclays | 1.00% | 29.00 | 6/20/2027 | (7000000) | 75438 | 1158 | $74280 |
| **TOTAL** |  |  |  |  |  | (2204356) | (1821382) | (382974) |

---

(1) Buy
Protection

(2) Sell
Protection

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF FUTURES CONTRACTS** |
| **January 31, 2026 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Description** | **Frequency** | **Counterparty** | **Notional <br> Value** | **Variable <br> Rate <br> Premium <br> Received** | **Maturity <br> Date** | **Unrealized <br> Depreciation** |
| Markit IBoxx US Dollar Liquid High Yield Index | At Maturity | Goldman Sachs | $14000000 | US0001M | 3/20/2026 | $(103597) |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |
| TSFR3M | Secured Overnight Financing Rate 3 month |
| USISSO05 | 5Y SOFR Swap Rate |
| USSW5 | USD SWAP SEMI 30/360 5YR |
| <sup>(a)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 63,717,519 or 20.2% of net assets. |
| <sup>(d)</sup> | Variable rate security; the rate shown represents the rate on January 31, 2026. |
| <sup>(e)</sup> | 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. |
| <sup>(f)</sup> | All or a portion of these securities are on loan. The total loaned securities had a value of $11,042,142 at January 31, 2026. |
| <sup>(g)</sup> | Zero coupon bond. |
| <sup>(h)</sup> | Security was purchased with the cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $11,257,365 at January 31, 2026. |
| <sup>(i)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |
| <sup>(j)</sup> | 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. |
| <sup>(k)</sup> | If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value obligation or underlying securities comprising of the referenced obligation or underlying securities comprising of the referenced index. |
| <sup>(l)</sup> | 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. |
| <sup>(m)</sup> | Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of January 31, 2026, will serve as an indicator of payment/performance risk and represent the likelihood of risk of default for the credit derivative. |
| <sup>(n)</sup> | 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. |
| <sup>(0)</sup> | All or portion of security held as collateral for Futures at January 31, 2026. Collateral for futures had a market value of $1,403,664 at January 31, 2026. |
| <sup>(p)</sup> | All or portion of security held as collateral for Swaps at January 31, 2026. Collateral for swaps had a market value of $1,900,654 at January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 1.2%** |  |
|  | **EQUITY - 1.2%** |  |
| 2468782 | Altaba, Inc.<sup>(h)</sup> | $3209417 |
|  | **TOTAL CLOSED END FUND (Cost $22,837,384)** | 3209417 |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.5%** |  |
|  | **ASSET MANAGEMENT - 4.0%** |  |
| 227036 | Janus Henderson Group PLC | 10927243 |
|  | **BANKING - 4.9%** |  |
| 148965 | Comerica, Inc. | 13208727 |
|  | **BEVERAGES - 3.9%** |  |
| 280057 | JDE Peet's N.V. | 10502137 |
|  | **BIOTECH & PHARMA - 1.5%** |  |
| 56181 | Avidity Biosciences, Inc.<sup>(a)</sup> | 4077055 |
|  | **CABLE & SATELLITE - 2.4%** |  |
| 136069 | Liberty Broadband Corporation - Series C<sup>(a)</sup> | 6546280 |
|  | **ELECTRIC UTILITIES - 8.0%** |  |
| 163051 | Northwestern Energy Group, Inc.<sup>(f)</sup> | 11064641 |
| 181652 | TXNM Energy, Inc. | 10702936 |
|  |  | 21767577 |
|  | **ENTERTAINMENT CONTENT - 9.2%** |  |
| 26621 | Electronic Arts, Inc. | 5428554 |
| 142543 | Fox Corporation, Class B | 9346545 |
| 372805 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 10267050 |
|  |  | 25042149 |
|  | **GAS & WATER UTILITIES - 1.6%** |  |
| 113044 | Essential Utilities, Inc. | 4384977 |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.5% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 3.1%** |  |
| 487729 | Kenvue, Inc.<sup>(f)</sup> | $8486485 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.5%** |  |
| 32785 | Chart Industries, Inc.<sup>(a)</sup> | 6797642 |
|  | **MEDICAL EQUIPMENT & DEVICES - 6.5%** |  |
| 79253 | Exact Sciences Corporation<sup>(a)</sup> | 8110752 |
| 125394 | Hologic, Inc.<sup>(a)</sup> | 9395772 |
|  |  | 17506524 |
|  | **METALS & MINING - 3.1%** |  |
| 850148 | New Gold, Inc.<sup>(a)</sup> | 8526984 |
|  | **OIL & GAS PRODUCERS - 4.2%** |  |
| 84102 | Columbia Pipeline Group, Inc.<sup>(a),(h)</sup> |  |
| 840000 | NuVista Energy Ltd.<sup>(a)</sup> | 11499159 |
|  |  | 11499159 |
|  | **PUBLISHING & BROADCASTING - 1.7%** |  |
| 167755 | News Corporation, Class A | 4534418 |
|  | **SOFTWARE - 8.4%** |  |
| 133546 | Confluent, Inc., Class A<sup>(a)</sup> | 4078495 |
| 19749 | CyberArk Software Ltd.<sup>(a)</sup> | 8508461 |
| 97407 | Dayforce, Inc.<sup>(a)</sup> | 6747383 |
| 144526 | Onestream, Inc.<sup>(a)</sup> | 3412259 |
|  |  | 22746598 |
|  | **SPECIALTY FINANCE - 3.4%** |  |
| 144219 | Air Lease Corporation<sup>(f)</sup> | 9320874 |
|  | **TELECOMMUNICATIONS - 0.0%<sup>(b)</sup>** |  |
| 205893 | NII Holdings, Inc. 144A<sup>(a),(c),(h)</sup> | 72063 |
|  | **TRANSPORTATION & LOGISTICS - 1.5%** |  |
| 1025 | American Airlines Group, Inc.<sup>(a)</sup> | 13633 |
| 101283 | American Airlines Group, Inc. Escrow Security<sup>(a),(h)</sup> |  |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.5% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.5% (Continued)** |  |
| 13890 | Norfolk Southern Corporation | $4045323 |
|  |  | 4058956 |
|  | **TRANSPORTATION EQUIPMENT - 3.6%** |  |
| 151656 | REV Group, Inc. | 9690818 |
|  | **TOTAL COMMON STOCKS (Cost $195,890,782)** | 199696666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **RIGHT — 0.3%** |  |  |  |
|  | **ASSET MANAGEMENT - 0.0% <sup>(b)</sup>** |  |  |  |
| 117447 | Pershing Square Sparc Holdings Ltd<sup>(h)</sup> | 9/29/2034 | $— | 35234 |
|  | **BIOTECH & PHARMA - 0.0% <sup>(b)</sup>** |  |  |  |
| 47455 | Novo Nordisk A/S<sup>(h)</sup> |  |  | 23728 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.3%** |  |  |  |
| 532221 | Resolute Forest Products, Inc. - CVR<sup>(h)</sup> |  | $6.25 | 798332 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0% <sup>(b)</sup>** |  |  |  |
| 34956 | ABIOMED, Inc. - CVR<sup>(h)</sup> | 12/31/2034 | $35.00 | 55929 |
|  | **TOTAL RIGHT (Cost $874,632)** |  |  | 913223 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 5245140 Mount Vernon Liquid Assets Portfolio, 3.72% (Cost $5,245,140)<sup>(d),(g)</sup> | 5245140 |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 14.0% (Continued)** |  |
|  | **MONEY MARKET FUND - 12.1%** |  |
| 32794843 | Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $32,794,843)<sup>(d)</sup> | $32794843 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $38,039,983)** | 38039983 |
|  | **TOTAL INVESTMENTS - 89.0% (Cost $257,642,781)** | $241859289 |
|  | **CALL OPTIONS WRITTEN - (0.1)% (Premiums received - $387,597)** | (247185) |
|  | **TOTAL SECURITIES SOLD SHORT – (34.2)% (Proceeds - $88,199,412)** | (93239057) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 45.3%** | 122952322 |
|  | **NET ASSETS - 100.0%** | $271325369 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(e)</sup>** |  | **Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.1)%** | **WRITTEN EQUITY OPTIONS - (0.1)%** |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.1)%** | **CALL OPTIONS WRITTEN- (0.1)%** |  |  |  |  |
| 1831 | Warner Bros Discovery, Inc. | Morgan Stanley | 06/18/2026 | $29 | $5042574 | $247185 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $387,597) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $387,597) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $387,597) |  |  |  |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $387,597) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $387,597) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $387,597) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $387,597) |  | $247185 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

 <sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 72,063 or 0.0% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

<sup>(e)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

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

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

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

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (34.2)%** |  |
|  | **BANKING - (5.2)%** |  |
| (278016) | Fifth Third Bancorp | $(13961964) |
|  | **CABLE & SATELLITE - (2.4)%** |  |
| (32119) | Charter Communications, Inc., Class A | (6620369) |
|  | **ELECTRIC UTILITIES - (4.3)%** |  |
| (159619) | Black Hills Corporation | (11648995) |
|  | **ENTERTAINMENT CONTENT - (3.4)%** |  |
| (128465) | Fox Corporation, Class A | (9349683) |
|  | **GAS & WATER UTILITIES - (1.6)%** |  |
| (34480) | American Water Works Company, Inc. | (4452403) |
|  | **HOUSEHOLD PRODUCTS - (2.6)%** |  |
| (71332) | Kimberly-Clark Corporation | (7132487) |
|  | **INSURANCE - (0.4)%** |  |
| (15932) | Brighthouse Financial, Inc. | (1020604) |
|  | **MACHINERY - (3.1)%** |  |
| (148760) | Terex Corporation | (8479320) |
|  | **METALS & MINING - (3.1)%** |  |
| (421590) | Coeur Mining, Inc. | (8617299) |
|  | **OIL & GAS PRODUCERS - (2.3)%** |  |
| (144300) | Ovintiv, Inc. | (6272721) |
|  | **PUBLISHING & BROADCASTING - (1.8)%** |  |
| (151985) | News Corporation, Class B | (4726734) |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (34.2)% (Continued)** |  |
|  | **SOFTWARE - (2.8)%** |  |
| (43459) | Palo Alto Networks, Inc. | $(7690939) |
|  | **TRANSPORTATION & LOGISTICS - (1.2)%** |  |
| (13890) | Union Pacific Corporation | (3265539) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $88,199,412)** | $(93239057) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local <br> Currency** | **U.S. Dollar <br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Canadian Dollar | 02/13/2026 | Morgan Stanley FX | 5048680 | $3709285 | $102405 |
| Japanese Yen | 02/17/2026 | Morgan Stanley FX | 1404807964 | 9087363 | 53228 |
|  |  |  |  | $**12796648** | $**155633** |
| **To Sell:** |  |  |  |  |  |
| Euro | 02/12/2026 | Morgan Stanley FX | 8919815 | $10582731 | $(209805) |
| Canadian Dollar | 02/13/2026 | Morgan Stanley FX | 12608680 | 9263645 | (232751) |
| Hong Kong Dollar | 02/13/2026 | Morgan Stanley FX | 63572320 | 8140246 | 49077 |
| Japanese Yen | 02/17/2026 | Morgan Stanley FX | 1404807967 | 9087364 | 71633 |
|  |  |  |  | $**37073986** | $**(321846)** |
| **Total** |  |  |  |  | $**(166213)** |

---

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **DATA CENTER REIT - 8.3%** |  |
| 11994 | Digital Realty Trust, Inc. | $1990404 |
| 4227 | Equinix, Inc. | 3470071 |
|  |  | 5460475 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.2%** |  |
| 47283 | Chartwell Retirement Residences | 702146 |
|  | **HEALTH CARE REIT - 16.5%** |  |
| 63450 | American Healthcare REIT, Inc. | 2976440 |
| 15069 | National Health Investors, Inc. | 1237466 |
| 35661 | Welltower, Inc.<sup>(a),(b)</sup> | 6717105 |
|  |  | 10931011 |
|  | **HOTEL REIT - 1.1%** |  |
| 83558 | Sunstone Hotel Investors, Inc. | 732804 |
|  | **INDUSTRIAL REIT - 16.0%** |  |
| 34753 | First Industrial Realty Trust, Inc. | 2016717 |
| 6829 | Goodman Group<sup>(a)</sup> | 146149 |
| 22335 | LXP Industrial Trust | 1106699 |
| 43888 | Prologis, Inc.<sup>(a)</sup> | 5730017 |
| 685133 | Tritax Big Box REIT plc | 1549684 |
|  |  | 10549266 |
|  | **MULTI ASSET CLASS REIT - 4.6%** |  |
| 20943 | FrontView REIT, Inc. | 343675 |
| 446104 | LondonMetric Property plc | 1220238 |
| 98004 | Veris Residential, Inc. | 1488681 |
|  |  | 3052594 |
|  | **OFFICE REIT - 5.4%** |  |
| 14450 | Hudson Pacific Properties, Inc. | 124559 |
| 571 | Japan Excellent, Inc. | 551955 |
| 1291 | Nippon Building Fund, Inc. | 1197054 |
| 37651 | SL Green Realty Corporation<sup>(a),(b)</sup> | 1686012 |
|  |  | 3559580 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 4.2%** |  |
| 25546 | Iron Mountain, Inc. | 2353553 |

---

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **REAL ESTATE INVESTMENT TRUSTS - 4.2% (Continued)** |  |
| 114250 | Stockland<sup>(a)</sup> | $428865 |
|  |  | 2782418 |
|  | **RESIDENTIAL REIT - 11.1%** |  |
| 11574 | Aedifica S.A. | 1017804 |
| 12754 | Equity Residential | 794829 |
| 133922 | Independence Realty Trust, Inc. | 2236497 |
| 2285 | Mitsui Fudosan Accommodations Fund, Inc. | 2041945 |
| 33469 | UDR, Inc. | 1243373 |
|  |  | 7334448 |
|  | **RETAIL REIT - 22.7%** |  |
| 30557 | Agree Realty Corporation<sup>(a)</sup> | 2207132 |
| 430152 | CapitaLand Integrated Commercial Trust<sup>(a)</sup> | 808099 |
| 62579 | Curbline Properties Corporation<sup>(b)</sup> | 1517541 |
| 45242 | Essential Properties Realty Trust, Inc. | 1373547 |
| 9031 | Kimco Realty Corporation<sup>(a),(b)</sup> | 190373 |
| 1749500 | Lendlease Global Commercial REIT | 880113 |
| 112522 | Link REIT<sup>(a)</sup> | 517372 |
| 42739 | NETSTREIT Corporation<sup>(a),(b)</sup> | 805203 |
| 11720 | Regency Centers Corporation | 854036 |
| 17176 | Simon Property Group, Inc. | 3285941 |
| 13592 | Unibail-Rodamco-Westfield | 1499118 |
| 635139 | Vicinity Centres<sup>(a)</sup> | 1088127 |
|  |  | 15026602 |
|  | **SELF-STORAGE REIT - 4.1%** |  |
| 57028 | National Storage Affiliates Trust | 1814061 |
| 28546 | Smartstop Self Storage REIT, Inc. <sup>(b)</sup> | 897486 |
|  |  | 2711547 |
|  | **SELF-STORAGE REITS - 2.1%** |  |
| 37188 | CubeSmart | 1395666 |
|  | **SPECIALTY REIT - 0.3%** |  |
| 3650 | EPR Properties<sup>(a)</sup> | 197976 |

---

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 45700 | NEXTDC Ltd. | $423932 |
|  | **TOTAL COMMON STOCKS (Cost $59,015,977)** | 64860465 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 8.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 6.3%** |  |
| 4163210 | Mount Vernon Liquid Assets Portfolio, LLC, 3.72% (Cost $4,163,210)<sup>(c),(d)</sup> | 4163210 |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 1139366 | Fidelity Investments Money Market Funds, Class I, 3.57% (Cost $1,139,366)<sup>(c)</sup> | 1139366 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,302,576)** | 5302576 |
|  | **TOTAL INVESTMENTS - 106.2% (Cost $64,318,553)** | $70163041 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%** | (4120441) |
|  | **NET ASSETS - 100.0%** | $66042600 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $4,101,092 at January 31, 2026. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $4,163,210 at January 31, 2026. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. |

---

---

| |
|:---|
| **DUNHAM U.S. ENHANCED MARKET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 26.8%** |  |  |  |
|  | **U.S. TREASURY BILLS — 15.3%** |  |  |  |
| 20000000 | United States Treasury Bill<sup>(a),(b)</sup> | 3.3891 | &nbsp;&nbsp;03/03/26 | $19941632 |
|  | **U.S. TREASURY NOTES — 11.5%** |  |  |  |
| 16000000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;09/30/28 | 15061563 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $35,059,463)** |  |  | 35003195 |

---

---

| | |
|:---|:---|
| **Shares** | |
| 41949500 Fidelity Government Portfolio, Institutional, 3.57% (Cost $41,949,500)<sup>(c)</sup> | 41949500 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts<sup>(d)</sup> |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** |  |
|  | **FLEX OPTIONS PURCHASED - 41.1%** | **FLEX OPTIONS PURCHASED - 41.1%** |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 41.1%** | **CALL OPTIONS PURCHASED - 41.1%** |  |  |  |  |
| 100 | S&P 500 INDEX | Societe Generale | 06/11/2029 | $5450 | $54500000 | 23171861 |
| 150 | S&P 500 INDEX | Societe Generale | 01/31/2030 | 6100 | 91500000 | 30400781 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) |  |  | 53572642 |
|  | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) |  |  | 53572642 |
|  | **TOTAL INVESTMENTS – 100.0% (Cost $112,252,384)** | **TOTAL INVESTMENTS – 100.0% (Cost $112,252,384)** | **TOTAL INVESTMENTS – 100.0% (Cost $112,252,384)** |  |  | $130525337 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%<sup>(e)</sup>** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%<sup>(e)</sup>** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%<sup>(e)</sup>** |  |  | 52737 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $130578074 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(f)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 115 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | $12860234 | $(168907) |
| 235 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | 48995664 | (97273) |
| 460 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 50107657 | (384259) |
| 30 | CBOT US Treasure Bond Future | 03/23/2026 | 3453750 | (62109) |

---

---

| |
|:---|
| **DUNHAM U.S. ENHANCED MARKET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(f)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 32 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | $11145200 | $139698 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $(572850) |

---

 <sup>(a)</sup> Zero coupon bond.

<sup>(b)</sup> A portion is held as collateral for futures.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(e)</sup> Percentage rounds to less than 0.1%.

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Dunham Funds

- **b. Investment Company Act file number:** 811-22153

- **c. CIK number of Registrant:** 0001420040

- **d. LEI of Registrant:** 549300FI2C3SP4YCHL80

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6256 Greenwich Dr

  - **City:** SAN DIEGO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92122

  - **Telephone number:** 858-964-0500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Dunham Floating Rate Bond Fund

- **b. EDGAR series identifier (if any):** S000042248

- **c. LEI of Series:** 549300UGWNBB21ENNS29

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $234745641.50

**Total Liabilities:** $17870552.68

**Net Assets:** $216875088.82

**Cash Not Reported:** $20825.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 854.90666500 | **30-Year:** 150.97932400

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 70.94656300 | **1-Year:** 10251.17990700 | **5-Year:** 56699.93302900 | **10-Year:** 13873.45528600 | **30-Year:** 321.09581500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131123 | 0.05%                | 0.24%                | 0.10%                |
| Class ID C000131124 | 0.02%                | 0.19%                | -0.05%               |
| Class ID C000131125 | 0.07%                | 0.26%                | 0.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-94788.12               | $-1049000.80                               |
| Month 2  | $20299.91                | $-905214.40                                |
| Month 3  | $-702646.73              | $-512059.43                                |

### Schedule of Portfolio Investments

| Name                                                                                   | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Altice Financing S.A.                                                                  | ALTICE 5 01/15/28                    | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    445000 | PA      | $323504.72    | 0.15%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc.                                    | CAR 8 1/4 01/15/30                   | CUSIP: 053773BJ5<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |    525000 | PA      | $543758.25    | 0.25%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: —       |
| BAIN CAPITAL CREDIT CLO 2021-7 LTD                                                     | BCC 2021-7A ER                       | CUSIP: 05682JAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2839899.00   | 1.31%             | 2035-01-22      | Floating      | 10.17%                | Yes           | 2                  | On Loan: No      |
| Bain Capital Credit Clo 2021-1 Ltd.                                                    | BCC 2021-1A ER                       | CUSIP: 05684MAE3<br>LEI: 254900DHB4WS9ZL4ED63 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1429831.50   | 0.66%             | 2034-04-18      | Floating      | 9.97%                 | Yes           | 2                  | On Loan: No      |
| Biomarin Pharmaceutical Inc.                                                           | BMRN 5 1/2 02/15/34                  | CUSIP: 09061GAL5<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200750.00    | 0.09%             | 2034-02-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| BLUEMOUNTAIN CLO XXXIII LTD                                                            | BLUEM 2021-33A ER                    | CUSIP: 09631AAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3391860.50   | 1.56%             | 2038-10-20      | Floating      | 10.60%                | Yes           | 2                  | On Loan: No      |
| Bluemountain Clo XXXII Ltd.                                                            | BLUEM 2021-32A ER                    | CUSIP: 09631FAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2260451.25   | 1.04%             | 2034-10-15      | Floating      | 10.27%                | Yes           | 2                  | On Loan: No      |
| Burford Capital Global Finance LLC                                                     | BURLN 6 7/8 04/15/30                 | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    236000 | PA      | $230988.36    | 0.11%             | 2030-04-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                          | CHTR 4 1/4 01/15/34                  | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $507951.24    | 0.23%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: —       |
| Cable One Inc                                                                          | CABO 4 11/15/30                      | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    492000 | PA      | $358452.65    | 0.17%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: —       |
| Atlantica Sustainable Infrastructure Group PLC                                         | AY 6 3/8 02/15/32                    | CUSIP: 13005HAA8<br>LEI: 254900V5SMQ1UP1CLC26 | Long             | DBT              | CORP              | GB        |    525000 | PA      | $524139.26    | 0.24%             | 2032-02-15      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Carnival Corporation                                                                   | CCL 5 3/4 08/01/32                   | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    490000 | PA      | $503887.58    | 0.23%             | 2032-08-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Civitas Resources Inc                                                                  | CIVI 8 5/8 11/01/30                  | CUSIP: 17888HAC7<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    395000 | PA      | $418043.80    | 0.19%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                   | CLF 7 3/8 05/01/33                   | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    485000 | PA      | $506491.81    | 0.23%             | 2033-05-01      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: —       |
| Cloud Software Group Inc.                                                              | TIBX 8 1/4 06/30/32                  | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    210000 | PA      | $213771.60    | 0.10%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| Cobra Acquisitionco LLC                                                                | EXETFI 6 3/8 11/01/29                | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $437526.95    | 0.20%             | 2029-11-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Credit Acceptance Corporation of Michigan                                              | CACC 6 5/8 03/15/30                  | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $516145.88    | 0.24%             | 2030-03-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Delek Logistics Partners LP/ Delek Logistics Finance Corp.                             | DKL 8 5/8 03/15/29                   | CUSIP: 24665FAD4<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235260.23    | 0.11%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Delek Logistics Partners LP/ Delek Logistics Finance Corp.                             | DKL 7 3/8 06/30/33                   | CUSIP: 24665FAE2<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |    146000 | PA      | $150228.31    | 0.07%             | 2033-06-30      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Equipmentshare Com Inc.                                                                | EQMSRM 8 03/15/33                    | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527905.50    | 0.24%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: —       |
| Fidelity Colchester Street Trust                                                       | FID-MM GOVT-I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  18481869 | PA      | $18481868.75  | 8.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                                       | GEL 7 7/8 05/15/32                   | CUSIP: 37185LAQ5<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522056.00    | 0.24%             | 2032-05-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| GoEasy Limited                                                                         | GSYCN 6 7/8 05/15/30                 | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    510000 | PA      | $485546.06    | 0.22%             | 2030-05-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| HLF Financing SaRL LLC and Herbalife International Inc.                                | HLF 4 7/8 06/01/29                   | CUSIP: 40390DAC9<br>LEI: ST81INWBFR1E54KGC135 | Long             | DBT              | CORP              | US        |    509000 | PA      | $483561.71    | 0.22%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: —       |
| Hertz Corp.                                                                            | HTZ 4 5/8 12/01/26                   | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     19000 | PA      | $17888.13     | 0.01%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: —       |
| Hertz Corp.                                                                            | HTZ 12 5/8 07/15/29                  | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    425000 | PA      | $428148.40    | 0.20%             | 2029-07-15      | Fixed         | 12.62%                | Yes           | 2                  | On Loan: —       |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                                | HILCRP 6 02/01/31                    | CUSIP: 431318AV6<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386528.00    | 0.18%             | 2031-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow Inc | HGVLLC 4 7/8 07/01/31                | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    582000 | PA      | $543333.96    | 0.25%             | 2031-07-01      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| Maya S.A.S.                                                                            | ILDFP 8 1/2 04/15/31                 | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $321445.80    | 0.15%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Maya S.A.S.                                                                            | ILDFP 7 04/15/32                     | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $205249.26    | 0.09%             | 2032-04-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| ITT Holdings LLC                                                                       | INTMAT 6 1/2 08/01/29                | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    494000 | PA      | $476549.10    | 0.22%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| iHeartMedia Inc                                                                        | IHEARTMEDIA-CW39                     | CUSIP: 45174J145<br>LEI: N/A                  | Long             | DO               | CORP              | US        |     14905 | NS      | $55893.75     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Crescent Energy Finance LLC                                                            | CRGYFN 7 3/8 01/15/33                | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    305000 | PA      | $295276.54    | 0.14%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Crescent Energy Finance LLC                                                            | CRGYFN 8 3/8 01/15/34                | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    360000 | PA      | $363661.20    | 0.17%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| ION Platform Finance S.a r.l. / ION Platform Finance US Inc.                           | IONPLA 5 3/4 05/15/28                | CUSIP: 46206AAA0<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | LU        |    475000 | PA      | $450852.09    | 0.21%             | 2028-05-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| ION Platform Finance S.a r.l. / ION Platform Finance US Inc.                           | IONPLA 4 5/8 05/01/28                | CUSIP: 46206AAC6<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | LU        |    380000 | PA      | $354956.25    | 0.16%             | 2028-05-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Iris Escrow Issuer Corp                                                                | ITPCN 10 12/15/28                    | CUSIP: 462914AA0<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $362589.32    | 0.17%             | 2028-12-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: —       |
| Kennedy Wilson Inc                                                                     | KW 4 3/4 03/01/29                    | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    558000 | PA      | $546398.96    | 0.25%             | 2029-03-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Kohl's Corp.                                                                           | KSS 3 3/8 05/01/31                   | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    167000 | PA      | $143084.60    | 0.07%             | 2031-05-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Crescent Energy Finance LLC                                                            | VTLE 7 7/8 04/15/32                  | CUSIP: 516806AK2<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    325000 | PA      | $323456.37    | 0.15%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Light & Wonder International Inc.                                                      | LNW 6 1/4 10/01/33                   | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    520000 | PA      | $526744.40    | 0.24%             | 2033-10-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Mineral Resources Ltd.                                                                 | MINAU 8 1/2 05/01/30                 | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    336000 | PA      | $348612.12    | 0.16%             | 2030-05-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: —       |
| Mineral Resources Ltd.                                                                 | MINAU 9 1/4 10/01/28                 | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    168000 | PA      | $176625.64    | 0.08%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| MoneyGram International Inc.                                                           | MGI 9 06/01/30                       | CUSIP: 606950AA1<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |    545000 | PA      | $322288.97    | 0.15%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| Murphy Oil Corporation                                                                 | MUR 6 1/2 02/15/34                   | CUSIP: 626717AQ5<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    535000 | PA      | $533438.50    | 0.25%             | 2034-02-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                                              | NEP 7 1/4 01/15/29                   | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    525000 | PA      | $541987.95    | 0.25%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: —       |
| Northern Oil And Gas, Inc.                                                             | NOG 7 7/8 10/15/33                   | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    545000 | PA      | $550327.38    | 0.25%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Rogers Communications Inc.                                                             | RCICN 7 04/15/55                     | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    152000 | PA      | $157667.93    | 0.07%             | 2055-04-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Rogers Communications Inc.                                                             | RCICN 7 1/8 04/15/55                 | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    353000 | PA      | $370820.87    | 0.17%             | 2055-04-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: —       |
| Sable International Finance Limited                                                    | CWCLN 7 1/8 10/15/32                 | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $354127.90    | 0.16%             | 2032-10-15      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| SCULPTOR CLO XXXVI LTD                                                                 | SCUL 36A D2                          | CUSIP: 81125KAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $1401794.80   | 0.65%             | 2039-01-30      | Floating      | 7.82%                 | Yes           | 2                  | On Loan: No      |
| Service Properties Trust                                                               | SVC 8 7/8 06/15/32                   | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497420.15    | 0.23%             | 2032-06-15      | Fixed         | 8.88%                 | No            | 2                  | On Loan: No      |
| Sirius Xm Radio Inc                                                                    | SIRI 4 1/8 07/01/30                  | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    575000 | PA      | $542597.31    | 0.25%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: —       |
| Star Leasing Co LLC                                                                    | TRAILR 7 5/8 02/15/30                | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |    514000 | PA      | $492126.32    | 0.23%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| Sunoco LP                                                                              | SUN 5 7/8 03/15/34                   | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    525000 | PA      | $526670.03    | 0.24%             | 2034-03-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Tenet Healthcare Corporation                                                           | THC 6 11/15/33                       | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    145000 | PA      | $149284.03    | 0.07%             | 2033-11-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: —       |
| Tenet Healthcare Corporation                                                           | THC 5 1/2 11/15/32                   | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272798.55    | 0.13%             | 2032-11-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| TEXAS COMPETITIVE/TCEH                                                                 | TXU 11 1/2 10/01/20                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    635000 | PA      | $0.00         | 0.00%             | 2049-11-22      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Univision Communications Inc.                                                          | UVN 8 1/2 07/31/31                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    490000 | PA      | $510972.00    | 0.24%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| VFH Parent LLC & Valor Co-Issuer Inc.                                                  | VIRT 7 1/2 06/15/31                  | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $524058.00    | 0.24%             | 2031-06-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                     | VEGLPL 7 1/2 05/01/33                | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $548373.00    | 0.25%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: —       |
| Venture Global LNG Inc.                                                                | VENLNG 8 3/8 06/01/31                | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    443000 | PA      | $453366.64    | 0.21%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: —       |
| ViaSat, Inc.                                                                           | VSAT 7 1/2 05/30/31                  | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    196000 | PA      | $190576.88    | 0.09%             | 2031-05-30      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Paramount Global                                                                       | VIAC 6 1/4 02/28/57                  | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    525000 | PA      | $477553.13    | 0.22%             | 2057-02-28      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Wayfair LLC                                                                            | W 6 3/4 11/15/32                     | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    515000 | PA      | $532672.23    | 0.25%             | 2032-11-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| WildFire Intermediate Holdings LLC                                                     | WILDFI 7 1/2 10/15/29                | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    383000 | PA      | $389209.20    | 0.18%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                                              | XIFR 7 3/4 04/15/34                  | CUSIP: 98379YAA0<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    221000 | PA      | $225301.55    | 0.10%             | 2034-04-15      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                    | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                                                                    | PGN TL B 1LD                         | CUSIP: G6903KAB9<br>LEI: N/A                  | Long             | LON              | CORP              | N/A       |        65 | PA      | $0.00         | 0.00%             | 2022-07-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Corel Corp                                                                             | CRECN TL B 1L USD                    | CUSIP: 21871LAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1129412 | PA      | $1031299.75   | 0.48%             | 2026-07-02      | Variable      | 9.43%                 | No            | 2                  | On Loan: No      |
| CSC Holdings (Cablevision/Altice USA)                                                  | CSCHLD TL B5 1L                      | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    493438 | PA      | $441750.64    | 0.20%             | 2027-04-15      | Variable      | 9.00%                 | No            | 2                  | On Loan: No      |
| Virgin Media                                                                           | VMED TL Q 1L USD                     | CUSIP: G9368PBE3<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   1980000 | PA      | $1980376.20   | 0.91%             | 2029-01-10      | Variable      | 7.68%                 | No            | 2                  | On Loan: No      |
| Asurion                                                                                | ASUCOR TL B3 2L USD                  | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    855000 | PA      | $855602.78    | 0.39%             | 2028-01-29      | Variable      | 9.08%                 | No            | 2                  | On Loan: No      |
| Peraton (fka Magnolia)                                                                 | PERCOR TL B 1L USD                   | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |   1145055 | PA      | $1059891.39   | 0.49%             | 2028-02-24      | Variable      | 8.18%                 | No            | 2                  | On Loan: No      |
| RealPage                                                                               | RP TL B 1L USD                       | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |   1195112 | PA      | $1183591.57   | 0.55%             | 2028-02-18      | Variable      | 6.93%                 | No            | 2                  | On Loan: No      |
| DigiCert                                                                               | DIGICT TL 2L USD                     | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |    600000 | PA      | $536499.00    | 0.25%             | 2029-02-16      | Variable      | 11.33%                | No            | 2                  | On Loan: No      |
| Petco Animal Supplies                                                                  | WOOF TL B 1L USD                     | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |   1536383 | PA      | $1536006.40   | 0.71%             | 2028-02-25      | Variable      | 7.18%                 | No            | 2                  | On Loan: No      |
| PODS                                                                                   | PODLLC TL B 1L USD                   | CUSIP: 73044EAB0<br>LEI: 984500EC4ZCD5U1SDF04 | Long             | LON              | CORP              | US        |    934467 | PA      | $929795.02    | 0.43%             | 2028-03-19      | Variable      | 7.54%                 | No            | 2                  | On Loan: No      |
| First Brands (Trico Group)                                                             | TRICGR TL B 1L USD                   | CUSIP: 31935HAD9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |   2138954 | PA      | $11946.06     | 0.01%             | 2027-03-24      | Variable      | 9.57%                 | No            | 2                  | On Loan: No      |
| Parts Authority                                                                        | PAIHOL TL 1L USD                     | CUSIP: 69315JAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    882882 | PA      | $769696.65    | 0.35%             | 2027-10-28      | Variable      | 8.29%                 | No            | 2                  | On Loan: No      |
| Osmose Utilities Services                                                              | OSMOSE TL 1L USD                     | CUSIP: 68835HAH3<br>LEI: 549300FSLVHLFZ3S0D82 | Long             | LON              | CORP              | US        |   1271676 | PA      | $1242668.68   | 0.57%             | 2028-06-17      | Variable      | 7.69%                 | No            | 2                  | On Loan: No      |
| Hertz                                                                                  | HTZ TL B-EXIT 1L USD                 | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |   1042082 | PA      | $890833.79    | 0.41%             | 2028-06-14      | Variable      | 8.04%                 | No            | 2                  | On Loan: No      |
| Hertz Corp.                                                                            | HTZ TL C-EXIT 1L USD                 | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    205647 | PA      | $175799.01    | 0.08%             | 2028-06-14      | Variable      | 8.04%                 | No            | 2                  | On Loan: No      |
| Solmax                                                                                 | GROUSL TL 1L USD                     | CUSIP: C4127PAB7<br>LEI: 549300UUEKZ3HF9FNI46 | Long             | LON              | CORP              | US        |    953126 | PA      | $811424.61    | 0.37%             | 2028-07-23      | Variable      | 9.19%                 | No            | 2                  | On Loan: No      |
| Asurion                                                                                | ASUCOR TL B4 2L USD                  | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    365000 | PA      | $365456.25    | 0.17%             | 2029-01-14      | Variable      | 9.08%                 | No            | 2                  | On Loan: No      |
| Specialty Building Products                                                            | SBPLLC TL B 1L USD                   | CUSIP: 84748EAF7<br>LEI: 549300ICFD46O3KMJC06 | Long             | LON              | CORP              | US        |   1233856 | PA      | $1176315.05   | 0.54%             | 2028-10-05      | Variable      | 8.18%                 | No            | 2                  | On Loan: No      |
| Vantage Elevator Solutions                                                             | VNTELV TL 1L USD                     | CUSIP: 92643PAB0<br>LEI: 549300G9TEUHGC81N056 | Long             | LON              | CORP              | US        |    801100 | PA      | $807180.31    | 0.37%             | 2028-11-10      | Variable      | 7.58%                 | No            | 2                  | On Loan: No      |
| Claros Mortgage Trust                                                                  | CMTGTL TL B 1L USD                   | CUSIP: 18269PAC6<br>LEI: 549300Z9LU2CZ3K30C16 | Long             | LON              | CORP              | US        |    901406 | PA      | $901969.06    | 0.42%             | 2026-08-09      | Variable      | 8.93%                 | No            | 2                  | On Loan: No      |
| DiversiTech                                                                            | DIVTEC TL B 1L USD                   | CUSIP: N/A<br>LEI: 254900DLB65AKI8CQ466       | Long             | LON              | CORP              | US        |    649844 | PA      | $652586.33    | 0.30%             | 2028-12-22      | Variable      | 8.06%                 | No            | 2                  | On Loan: No      |
| RV Retailer                                                                            | RVRETL TL B 1L USD                   | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1432387 | PA      | $1422654.28   | 0.66%             | 2028-02-08      | Variable      | 7.81%                 | No            | 2                  | On Loan: No      |
| ViaSat                                                                                 | VSAT TL B 1L USD                     | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |   1177361 | PA      | $1177178.25   | 0.54%             | 2029-02-24      | Variable      | 8.94%                 | No            | 2                  | On Loan: No      |
| Novolex                                                                                | NOVHOL TL 1L USD                     | CUSIP: 18972FAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    968056 | PA      | $964832.09    | 0.44%             | 2029-03-30      | Variable      | 7.50%                 | No            | 2                  | On Loan: No      |
| Intertape Polymer                                                                      | ITPCN TL 1L USD                      | CUSIP: 46271BAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1035497 | PA      | $1004758.71   | 0.46%             | 2028-06-15      | Variable      | 9.13%                 | No            | 2                  | On Loan: No      |
| Univision Communications/Televisa                                                      | UVN TL B 1L USD                      | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |   1254140 | PA      | $1256648.57   | 0.58%             | 2029-06-10      | Variable      | 8.55%                 | No            | 2                  | On Loan: No      |
| Covetrus Inc                                                                           | CORBID TL 1L USD                     | CUSIP: 22304EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    942205 | PA      | $908723.99    | 0.42%             | 2029-09-20      | Variable      | 9.30%                 | No            | 2                  | On Loan: No      |
| Nielsen                                                                                | NLSN TL B 1L USD                     | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   2702176 | PA      | $2706121.23   | 1.25%             | 2029-04-11      | Variable      | 9.33%                 | No            | 2                  | On Loan: No      |
| Altice International                                                                   | ALTICE TL B 1L USD                   | CUSIP: L0178UAM8<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | LON              | CORP              | US        |   2115854 | PA      | $1622860.08   | 0.75%             | 2027-10-31      | Variable      | 9.30%                 | No            | 2                  | On Loan: No      |
| First Brands (Trico Group)                                                             | TRICGR TL 1L USD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    725779 | PA      | $4053.48      | 0.00%             | 2027-03-30      | Variable      | 9.57%                 | No            | 2                  | On Loan: No      |
| One Toronto Gaming                                                                     | ONGAME TL B 1L USD                   | CUSIP: C6907UAB7<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | US        |   1378278 | PA      | $1292349.00   | 0.60%             | 2030-07-20      | Variable      | 8.55%                 | No            | 2                  | On Loan: No      |
| Fogo de Chao                                                                           | FOGO TL B 1L USD                     | CUSIP: 05553QAB8<br>LEI: 549300MOPGNZTXUHVM05 | Long             | LON              | CORP              | US        |    943690 | PA      | $891111.84    | 0.41%             | 2030-09-21      | Variable      | 9.08%                 | No            | 2                  | On Loan: No      |
| Syneos Health fka INC Research/inVentiv Health                                         | SYNH TL B 1L USD                     | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   1203723 | PA      | $1205872.08   | 0.56%             | 2030-09-19      | Variable      | 7.67%                 | No            | 2                  | On Loan: No      |
| Forward Air                                                                            | FWRD TL B 1L USD                     | CUSIP: 18948EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    855045 | PA      | $853736.31    | 0.39%             | 2030-12-19      | Variable      | 8.78%                 | No            | 2                  | On Loan: No      |
| Spring Education Group                                                                 | SSHGRO TL 1L USD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    476140 | PA      | $477542.61    | 0.22%             | 2030-09-29      | Variable      | 8.30%                 | No            | 2                  | On Loan: No      |
| Dave & Buster's Entertainment                                                          | PLAY TL B 1L USD                     | CUSIP: 23833EAX2<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |   1210406 | PA      | $1130077.29   | 0.52%             | 2029-06-29      | Variable      | 7.56%                 | No            | 2                  | On Loan: No      |
| UKG                                                                                    | ULTI TL B 1L USD                     | CUSIP: N/A<br>LEI: 529900FKHWSTQ1GXK240       | Long             | LON              | CORP              | US        |    758968 | PA      | $741731.97    | 0.34%             | 2031-01-31      | Variable      | 7.31%                 | No            | 2                  | On Loan: No      |
| Clarivate Analytics (Thomson Reuters IP&S)                                             | CCC TL B 1L USD                      | CUSIP: L2000AAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    994190 | PA      | $919625.33    | 0.42%             | 2031-01-31      | Variable      | 7.08%                 | No            | 2                  | On Loan: No      |
| WestJet Airlines                                                                       | WJACN TL B 1L USD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1088390 | PA      | $1083965.34   | 0.50%             | 2031-02-01      | Variable      | 6.92%                 | No            | 2                  | On Loan: No      |
| Crash Champions                                                                        | CRASHC TL B 1L USD                   | CUSIP: 15870MAC0<br>LEI: 391200ZDD75EGEUJ7625 | Long             | LON              | CORP              | US        |   1575342 | PA      | $1471471.52   | 0.68%             | 2029-02-23      | Variable      | 9.08%                 | No            | 2                  | On Loan: No      |
| Consolidated Energy                                                                    | CONSEN TL B 1L USD                   | CUSIP: L1957LAE1<br>LEI: 549300PUNIS0USNSL750 | Long             | LON              | CORP              | US        |    892728 | PA      | $783092.45    | 0.36%             | 2030-11-08      | Variable      | 9.56%                 | No            | 2                  | On Loan: No      |
| Cotiviti Inc                                                                           | VCVHHO TL B 1L USD                   | CUSIP: 22164MAE7<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    579969 | PA      | $538286.66    | 0.25%             | 2031-02-24      | Variable      | 6.45%                 | No            | 2                  | On Loan: No      |
| Groundworks Cos                                                                        | GRWORK TL B 1L USD                   | CUSIP: 39954EAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    601919 | PA      | $603516.70    | 0.28%             | 2031-03-06      | Variable      | 7.32%                 | No            | 2                  | On Loan: No      |
| Stubhub (Viagogo)                                                                      | PUGLLC TL B 1L USD                   | CUSIP: 74530DAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    592914 | PA      | $592359.40    | 0.27%             | 2030-03-12      | Variable      | 8.91%                 | No            | 2                  | On Loan: No      |
| SunSource Holdings                                                                     | STSOPE TL 1L USD                     | CUSIP: 12508KAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1608594 | PA      | $1605586.35   | 0.74%             | 2031-03-17      | Variable      | 8.43%                 | No            | 2                  | On Loan: No      |
| Inmarsat                                                                               | IMASF TL B 1L USD                    | CUSIP: L2000DAH7<br>LEI: 9845009357089S8JD619 | Long             | LON              | CORP              | US        |    820823 | PA      | $819796.75    | 0.38%             | 2029-09-28      | Variable      | 8.83%                 | No            | 2                  | On Loan: No      |
| Rackspace Technology Global Incorporated                                               | RAX TL B 1L USD                      | CUSIP: 75008UAC1<br>LEI: 549300QTYCKLMFSE8I97 | Long             | LON              | CORP              | US        |   1603596 | PA      | $443193.86    | 0.20%             | 2028-05-15      | Variable      | 7.18%                 | No            | 2                  | On Loan: No      |
| Quikrete                                                                               | QUIKHO TL B 1L USD                   | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    465347 | PA      | $466456.40    | 0.22%             | 2029-03-26      | Variable      | 6.58%                 | No            | 2                  | On Loan: No      |
| SupplyOne                                                                              | SUPONE TL B 1L USD                   | CUSIP: 86859CAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    749364 | PA      | $751545.00    | 0.35%             | 2031-03-27      | Variable      | 7.83%                 | No            | 2                  | On Loan: No      |
| Herbalife                                                                              | HLF TL B 1L USD                      | CUSIP: 40421YAG7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | LON              | CORP              | US        |    843370 | PA      | $854439.66    | 0.39%             | 2029-04-05      | Variable      | 11.08%                | No            | 2                  | On Loan: No      |
| BroadStreet Partners                                                                   | BROPAR TL B4 1L USD                  | CUSIP: 11132VAY5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    857175 | PA      | $853617.26    | 0.39%             | 2031-05-12      | Variable      | 6.17%                 | No            | 2                  | On Loan: No      |
| Epicor                                                                                 | EGLPT TL 1L USD                      | CUSIP: N/A<br>LEI: JGNXVGGGXR4O1L5I7S73       | Long             | LON              | CORP              | US        |    627365 | PA      | $624130.49    | 0.29%             | 2031-05-23      | Variable      | 7.08%                 | No            | 2                  | On Loan: No      |
| MoneyGram International                                                                | MGI TL B 1L USD                      | CUSIP: 60935QAT3<br>LEI: 5299002DLX0Q04KC4156 | Long             | LON              | CORP              | US        |    846916 | PA      | $503914.80    | 0.23%             | 2030-06-03      | Variable      | 9.07%                 | No            | 2                  | On Loan: No      |
| Gulfeagle Supply                                                                       | GULSUP TL B 1L USD                   | CUSIP: 40273UAE9<br>LEI: 5493009BEGVKVXE2HW08 | Long             | LON              | CORP              | US        |    464666 | PA      | $451743.20    | 0.21%             | 2031-05-29      | Variable      | 7.30%                 | No            | 2                  | On Loan: No      |
| Learning Care Group                                                                    | LCGI TL B 1L USD                     | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |   1167030 | PA      | $886943.15    | 0.41%             | 2028-08-11      | Variable      | 7.86%                 | No            | 2                  | On Loan: No      |
| Ryan LLC                                                                               | RYNLLC TL 1L USD                     | CUSIP: 78350LAZ8<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |     36383 | PA      | $35997.32     | 0.02%             | 2030-11-14      | Variable      | 7.83%                 | No            | 2                  | On Loan: No      |
| US LBM                                                                                 | USLBMH TL B 1L USD                   | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |   1641890 | PA      | $1584587.98   | 0.73%             | 2031-06-06      | Variable      | 8.06%                 | No            | 2                  | On Loan: No      |
| Iridium Satellite                                                                      | IRDM TL B4 1L USD                    | CUSIP: 46269KAT1<br>LEI: 549300U620NVQ4J1CT96 | Long             | LON              | CORP              | US        |    734444 | PA      | $698772.35    | 0.32%             | 2030-09-20      | Variable      | 6.58%                 | No            | 2                  | On Loan: No      |
| Altium Packaging (fka Consolidated Container Company)                                  | CONCON TL B 1L USD                   | CUSIP: 20902CAX8<br>LEI: 549300FG8OPBIML5F686 | Long             | LON              | CORP              | US        |   1115000 | PA      | $1066687.05   | 0.49%             | 2031-06-05      | Variable      | 6.17%                 | No            | 2                  | On Loan: No      |
| White Cap                                                                              | WHTCAP TL B 1L USD                   | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |   1178037 | PA      | $1177406.30   | 0.54%             | 2029-10-31      | Variable      | 7.58%                 | No            | 2                  | On Loan: No      |
| Veritiv Corp                                                                           | VRTV TL B 1L USD                     | CUSIP: 92338TAB2<br>LEI: 2549004HFEKMUGBG3Z35 | Long             | LON              | CORP              | US        |    765161 | PA      | $750909.53    | 0.35%             | 2030-12-02      | Variable      | 8.30%                 | No            | 2                  | On Loan: No      |
| BMC Software                                                                           | BMC TL 2L USD                        | CUSIP: 05988HAL1<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    688642 | PA      | $652488.66    | 0.30%             | 2032-07-06      | Variable      | 9.47%                 | No            | 2                  | On Loan: No      |
| NGL Energy Operating                                                                   | NGL TL B 1L USD                      | CUSIP: N/A<br>LEI: 5493008CQD36WWZJ3O79       | Long             | LON              | CORP              | US        |   1002758 | PA      | $1010419.39   | 0.47%             | 2031-02-03      | Variable      | 8.08%                 | No            | 2                  | On Loan: No      |
| Amentum (AECOM management business)                                                    | AECMAN TL B 1L USD                   | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    364198 | PA      | $364652.84    | 0.17%             | 2031-07-30      | Variable      | 6.58%                 | No            | 2                  | On Loan: No      |
| World Choice Investments                                                               | SHOACQ TL B 1L USD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1230933 | PA      | $1224778.68   | 0.56%             | 2031-08-13      | Variable      | 9.07%                 | No            | 2                  | On Loan: No      |
| Argus Media                                                                            | ARGMED TL B 1L USD                   | CUSIP: 33902UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    440488 | PA      | $442140.16    | 0.20%             | 2031-02-10      | Variable      | 7.06%                 | No            | 2                  | On Loan: No      |
| LifePoint Health                                                                       | RGCARE TL B 1L USD                   | CUSIP: 75915TAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1451799 | PA      | $1453388.65   | 0.67%             | 2031-05-14      | Variable      | 7.42%                 | No            | 2                  | On Loan: No      |
| Asurion                                                                                | ASUCOR TL B12 1L USD                 | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1036964 | PA      | $1040017.42   | 0.48%             | 2030-09-19      | Variable      | 8.58%                 | No            | 2                  | On Loan: No      |
| Candescent (NCR Voyix Digital Banking)                                                 | DRABUY TL 1L USD                     | CUSIP: 26143FAD1<br>LEI: 2549006V6EIUFGF2Y127 | Long             | LON              | CORP              | US        |    781413 | PA      | $771160.63    | 0.36%             | 2031-09-24      | Variable      | 7.30%                 | No            | 2                  | On Loan: No      |
| Kito Crosby (fka Crosby Worldwide)                                                     | CROSBY TL B 1L USD                   | CUSIP: 22739PAP1<br>LEI: 549300V5HSWHDNVOWE35 | Long             | LON              | CORP              | US        |    386968 | PA      | $387723.04    | 0.18%             | 2029-08-16      | Variable      | 7.83%                 | No            | 2                  | On Loan: No      |
| Dave & Buster's Entertainment                                                          | PLAY TL B 1L USD                     | CUSIP: 23833EAY0<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |    441706 | PA      | $395878.65    | 0.18%             | 2031-09-29      | Variable      | 7.56%                 | No            | 2                  | On Loan: No      |
| Coastal Waste & Recycling                                                              | TIWARE TL B 1L USD                   | CUSIP: 88636PAK7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    560651 | PA      | $564435.60    | 0.26%             | 2031-10-06      | Variable      | 7.80%                 | No            | 2                  | On Loan: No      |
| Starfruit Finco B V / Starfruit Us Holdco Llc                                          | SPCHEM TL B 1L USD                   | CUSIP: N8232NAM9<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |   1166914 | PA      | $1168372.59   | 0.54%             | 2028-04-03      | Variable      | 7.04%                 | No            | 2                  | On Loan: No      |
| Hanger Inc                                                                             | HGR TL DD 1L USD                     | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |      7978 | PA      | $8007.40      | 0.00%             | 2031-10-16      | Variable      | 7.22%                 | No            | 2                  | On Loan: No      |
| Tekni-Plex                                                                             | TEKNI TL B7 1L USD                   | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |   1188932 | PA      | $1124099.12   | 0.52%             | 2028-09-18      | Variable      | 8.05%                 | No            | 2                  | On Loan: No      |
| Qlik Technologies                                                                      | QLIK TL 2L USD                       | CUSIP: 74339DAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199304 | PA      | $159442.81    | 0.07%             | 2032-11-22      | Variable      | 9.31%                 | No            | 2                  | On Loan: No      |
| Caesars Entertainment Inc                                                              | CZR TL B1 1L USD                     | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    692947 | PA      | $689655.62    | 0.32%             | 2031-02-06      | Variable      | 5.92%                 | No            | 2                  | On Loan: No      |
| WestJet Airlines                                                                       | WJACN TL B 1L USD                    | CUSIP: C9763HAB3<br>LEI: 254900S0P9L0H01TY665 | Long             | LON              | CORP              | US        |    422500 | PA      | $420782.54    | 0.19%             | 2031-02-14      | Variable      | 7.07%                 | No            | 2                  | On Loan: No      |
| Qlik Technologies                                                                      | QLIK TL B 1L USD                     | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    499242 | PA      | $465545.89    | 0.21%             | 2030-10-28      | Variable      | 6.92%                 | No            | 2                  | On Loan: No      |
| Wood Mackenzie                                                                         | WMCOGB TL B 1L USD                   | CUSIP: N/A<br>LEI: 254900ZE51SEX2EFFH74       | Long             | LON              | CORP              | US        |    356606 | PA      | $357408.85    | 0.16%             | 2031-02-10      | Variable      | 7.33%                 | No            | 2                  | On Loan: No      |
| Culligan International                                                                 | CULLHO TL B 1L USD                   | CUSIP: 00132UAQ7<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   1000979 | PA      | $1002485.22   | 0.46%             | 2028-07-31      | Variable      | 6.80%                 | No            | 2                  | On Loan: No      |
| Truist Insurance Holdings                                                              | TIHLLC TL B 1L USD                   | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1079932 | PA      | $1078921.77   | 0.50%             | 2031-05-06      | Variable      | 6.42%                 | No            | 2                  | On Loan: No      |
| Jane Street Group                                                                      | JANEST TL B 1L USD                   | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |   1037270 | PA      | $1031046.72   | 0.48%             | 2031-12-11      | Variable      | 5.82%                 | No            | 2                  | On Loan: No      |
| Whataburger                                                                            | WHABRA TL B 1L USD                   | CUSIP: 96244UAJ6<br>LEI: 254900HMMX4HTWIP0085 | Long             | LON              | CORP              | US        |   1138128 | PA      | $1138480.64   | 0.52%             | 2028-08-03      | Variable      | 6.83%                 | No            | 2                  | On Loan: No      |
| Ascensus                                                                               | ASCENS TL B 1L USD                   | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    783078 | PA      | $781770.03    | 0.36%             | 2028-08-02      | Variable      | 6.72%                 | No            | 2                  | On Loan: No      |
| Solenis                                                                                | SOLEIN TL B6 1L USD                  | CUSIP: 68163YAJ4<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |    705775 | PA      | $697040.85    | 0.32%             | 2031-06-23      | Variable      | 7.30%                 | No            | 2                  | On Loan: No      |
| American Airlines                                                                      | AAL TL B 1L USD                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1048853 | PA      | $1049183.03   | 0.48%             | 2029-06-04      | Variable      | 6.51%                 | No            | 2                  | On Loan: No      |
| Novolex                                                                                | NOVHOL TL B 1L USD                   | CUSIP: 18972FAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    278122 | PA      | $277080.54    | 0.13%             | 2032-03-29      | Variable      | 6.95%                 | No            | 2                  | On Loan: No      |
| Protective Industrial Products                                                         | PROINP TL B 1L USD                   | CUSIP: 37987UAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1307390 | PA      | $1302762.17   | 0.60%             | 2032-01-20      | Variable      | 8.33%                 | No            | 2                  | On Loan: No      |
| Clarios (Power Solutions)                                                              | POWSOL TL B 1L USD                   | CUSIP: C8000CAP8<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   1092934 | PA      | $1096004.81   | 0.51%             | 2032-01-14      | Variable      | 7.08%                 | No            | 2                  | On Loan: No      |
| Oryx Southern Delaware Holdings                                                        | ORYSOU TL B 1L USD                   | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    992482 | PA      | $994203.96    | 0.46%             | 2028-10-05      | Variable      | 6.57%                 | No            | 2                  | On Loan: No      |
| Playcore                                                                               | RECESS TL B 1L USD                   | CUSIP: 72811HAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    957166 | PA      | $962401.62    | 0.44%             | 2030-02-20      | Variable      | 8.03%                 | No            | 2                  | On Loan: No      |
| Alliance Laundry Systems                                                               | ALH TL B 1L USD                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    624024 | PA      | $625013.35    | 0.29%             | 2031-08-19      | Variable      | 7.08%                 | No            | 2                  | On Loan: No      |
| Ahead DB Holdings                                                                      | AHEDBB TL B4 1L USD                  | CUSIP: 00866HAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    609611 | PA      | $601228.54    | 0.28%             | 2031-02-03      | Variable      | 6.17%                 | No            | 2                  | On Loan: No      |
| Mavis Tire Express                                                                     | EOCGRO TL B 1L USD                   | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |   1585676 | PA      | $1587951.27   | 0.73%             | 2028-05-04      | Variable      | 6.72%                 | No            | 2                  | On Loan: No      |
| Les Schwab Tire Centers                                                                | LESSCH TL B1 1L USD                  | CUSIP: 50220KAD6<br>LEI: 549300GJM1TKHPYFPF83 | Long             | LON              | CORP              | US        |    840022 | PA      | $841601.06    | 0.39%             | 2031-04-23      | Variable      | 6.83%                 | No            | 2                  | On Loan: No      |
| Endeavor                                                                               | EDR TL B 1L USD                      | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1121373 | PA      | $1123475.24   | 0.52%             | 2032-01-28      | Variable      | 6.42%                 | No            | 2                  | On Loan: No      |
| IntraFi Network (fka Promontory Interfinancial Network)                                | NEXBUY TL B 1L USD                   | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   1867894 | PA      | $1829097.61   | 0.84%             | 2031-07-31      | Variable      | 7.22%                 | No            | 2                  | On Loan: No      |
| Cable & Wireless                                                                       | CWCLN TL B7 1L USD                   | CUSIP: G7739PAN0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1500000 | PA      | $1464480.00   | 0.68%             | 2032-01-30      | Variable      | 7.51%                 | No            | 2                  | On Loan: No      |
| BMC Software                                                                           | BMC TL B 1L USD                      | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    930867 | PA      | $898286.29    | 0.41%             | 2031-07-30      | Variable      | 6.82%                 | No            | 2                  | On Loan: No      |
| MedRisk                                                                                | MEDRSK TL 1L USD                     | CUSIP: 54317EAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1015450 | PA      | $1016404.53   | 0.47%             | 2028-05-10      | Variable      | 6.72%                 | No            | 2                  | On Loan: No      |
| Kaman Corporation                                                                      | KAMN TL B-DD 1L USD                  | CUSIP: 48354VAN2<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |     63443 | PA      | $63491.37     | 0.03%             | 2032-01-30      | Variable      | 7.05%                 | No            | 2                  | On Loan: No      |
| Arxis                                                                                  | KAMN TL B 1L USD                     | CUSIP: 48354VAM4<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |    671131 | PA      | $671644.66    | 0.31%             | 2032-01-30      | Variable      | 7.08%                 | No            | 2                  | On Loan: No      |
| athenahealth                                                                           | ATHENA TL B 1L USD                   | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |   1604258 | PA      | $1586378.54   | 0.73%             | 2029-02-15      | Variable      | 7.08%                 | No            | 2                  | On Loan: No      |
| Focus Financial                                                                        | FOCS TL B8 1L USD                    | CUSIP: N/A<br>LEI: 5493007L0E0VKRC2CP39       | Long             | LON              | CORP              | US        |   1474804 | PA      | $1468101.03   | 0.68%             | 2031-09-15      | Variable      | 6.22%                 | No            | 2                  | On Loan: No      |
| Quikrete                                                                               | QUIKHO TL B 1L USD                   | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    341162 | PA      | $341525.49    | 0.16%             | 2032-01-31      | Variable      | 6.58%                 | No            | 2                  | On Loan: No      |
| 1-800 Contacts                                                                         | CTAC TL B 1L USD                     | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |   1022298 | PA      | $1022512.92   | 0.47%             | 2032-11-08      | Variable      | 6.78%                 | No            | 2                  | On Loan: No      |
| GFL Environmental Services business                                                    | GFLCN TL B 1L USD                    | CUSIP: 36257SAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    953944 | PA      | $955536.79    | 0.44%             | 2032-02-04      | Variable      | 6.82%                 | No            | 2                  | On Loan: No      |
| Sunrise UPC                                                                            | SUNN TL AAA 1L USD                   | CUSIP: N9000DAK3<br>LEI: 213800DXWIS9KORQ3X94 | Long             | LON              | CORP              | US        |    870458 | PA      | $869705.48    | 0.40%             | 2032-02-17      | Variable      | 6.79%                 | No            | 2                  | On Loan: No      |
| Gentiva (KAH Hospice)                                                                  | KND TL B 1L USD                      | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1184980 | PA      | $1160356.50   | 0.54%             | 2028-02-11      | Variable      | 8.56%                 | No            | 2                  | On Loan: No      |
| Flora Food (fka Upfield)                                                               | SIGHCO TL B10 1L USD                 | CUSIP: N/A<br>LEI: 254900RAPCKVT00GAO59       | Long             | LON              | CORP              | US        |   1195619 | PA      | $1186651.55   | 0.55%             | 2028-01-03      | Variable      | 8.28%                 | No            | 2                  | On Loan: No      |
| Highline Warren (Highline Aftermarket)                                                 | DYKAUT TL B 1L USD                   | CUSIP: 43110HAF6<br>LEI: 254900Q5W6G5KG3GHJ04 | Long             | LON              | CORP              | US        |    781237 | PA      | $784658.83    | 0.36%             | 2030-02-12      | Variable      | 7.83%                 | No            | 2                  | On Loan: No      |
| Cotiviti Inc                                                                           | VCVHHO TL 1L USD                     | CUSIP: 22164MAF4<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    424754 | PA      | $394171.36    | 0.18%             | 2032-02-17      | Variable      | 7.07%                 | No            | 2                  | On Loan: No      |
| Apex Group                                                                             | APEGRP TL B 1L USD                   | CUSIP: G0472CAK1<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |   1171584 | PA      | $1085179.75   | 0.50%             | 2032-02-20      | Variable      | 7.39%                 | No            | 2                  | On Loan: No      |
| Univar                                                                                 | UNVR TL B 1L USD                     | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |    905574 | PA      | $908974.18    | 0.42%             | 2030-08-01      | Variable      | 6.47%                 | No            | 2                  | On Loan: No      |
| TK Elevator (fka Thyssenkrupp Elevator)                                                | THYELE TL B 1L USD                   | CUSIP: D9000BAJ1<br>LEI: 254900K869UN2ZWVB351 | Long             | LON              | CORP              | US        |   1335914 | PA      | $1340843.14   | 0.62%             | 2030-04-30      | Variable      | 7.24%                 | No            | 2                  | On Loan: No      |
| American Axle                                                                          | AXL TL C 1L USD                      | CUSIP: 02406MAW7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |    962707 | PA      | $966317.47    | 0.45%             | 2032-09-20      | Variable      | 7.40%                 | No            | 2                  | On Loan: No      |
| Storable                                                                               | STRBLE TL 1L USD                     | CUSIP: 86210LAD0<br>LEI: 2549000AWFN27KOH3F59 | Long             | LON              | CORP              | US        |    829918 | PA      | $813319.62    | 0.38%             | 2031-04-17      | Variable      | 6.97%                 | No            | 2                  | On Loan: No      |
| Action Nederland B.V.                                                                  | ACTINA TL B5B 1L USD                 | CUSIP: N6872NAN6<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | US        |    380572 | PA      | $381000.64    | 0.18%             | 2031-07-01      | Variable      | 6.80%                 | No            | 2                  | On Loan: No      |
| AVALARA INC                                                                            | AIMBRI TL 1L USD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    160222 | PA      | $160021.23    | 0.07%             | 2030-03-11      | Variable      | 9.86%                 | No            | 2                  | On Loan: No      |
| AVALARA INC                                                                            | AIMBRI TL 1L USD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     87963 | PA      | $87852.69     | 0.04%             | 2030-03-11      | Variable      | 11.98%                | No            | 2                  | On Loan: No      |
| Herschend Family Entertainment                                                         | HERFAM TL 1L USD                     | CUSIP: 42778EAG6<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |    517993 | PA      | $520129.45    | 0.24%             | 2032-05-17      | Variable      | 7.57%                 | No            | 2                  | On Loan: No      |
| VeriFone                                                                               | PAY TL 1L USD                        | CUSIP: 92346NAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1080082 | PA      | $1001776.13   | 0.46%             | 2028-08-21      | Variable      | 10.21%                | No            | 2                  | On Loan: No      |
| OSTTRA                                                                                 | OSTTRA TL B 1L USD                   | CUSIP: 68631KAB5<br>LEI: 984500FF08A0VDFA6976 | Long             | LON              | CORP              | US        |   1275953 | PA      | $1278218.28   | 0.59%             | 2032-05-20      | Variable      | 7.15%                 | No            | 2                  | On Loan: No      |
| American Airlines                                                                      | AAL TL B 1L USD                      | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    362018 | PA      | $363149.68    | 0.17%             | 2032-05-28      | Variable      | 6.92%                 | No            | 2                  | On Loan: No      |
| CFC Group                                                                              | CFCGRP TL B 1L USD                   | CUSIP: 12531JAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1384390 | PA      | $1325553.34   | 0.61%             | 2032-05-31      | Variable      | 7.16%                 | No            | 2                  | On Loan: No      |
| Apollo Commercial Real Estate Finance                                                  | ARI TL B 1L USD                      | CUSIP: 03768DAE7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | LON              | CORP              | US        |   1109127 | PA      | $1111900.17   | 0.51%             | 2030-06-05      | Variable      | 7.58%                 | No            | 2                  | On Loan: No      |
| Asurion                                                                                | ASUCOR TL B13 1L USD                 | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1994975 | PA      | $1999962.44   | 0.92%             | 2030-09-19      | Variable      | 8.57%                 | No            | 2                  | On Loan: No      |
| Acrisure                                                                               | ACRISU TL B 1L USD                   | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    498062 | PA      | $498580.06    | 0.23%             | 2032-06-07      | Variable      | 6.97%                 | No            | 2                  | On Loan: No      |
| SupplyOne                                                                              | SUPONE TL B 1L USD                   | CUSIP: 86859CAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    167582 | PA      | $168069.64    | 0.08%             | 2031-04-21      | Floating      | 7.53%                 | No            | 2                  | On Loan: No      |
| Prometric                                                                              | PROMET TL B 1L USD                   | CUSIP: 80358TAG1<br>LEI: 54930034OH1XQT27TX40 | Long             | LON              | CORP              | US        |   1063453 | PA      | $1066553.12   | 0.49%             | 2032-06-18      | Variable      | 7.47%                 | No            | 2                  | On Loan: No      |
| Proofpoint                                                                             | PFPT TL B 1L USD                     | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    891859 | PA      | $887122.92    | 0.41%             | 2028-08-31      | Variable      | 6.67%                 | No            | 2                  | On Loan: No      |
| Beach Acquisition Bidco LLC                                                            | SKX TL B 1L USD                      | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    480620 | PA      | $482122.12    | 0.22%             | 2032-06-28      | Variable      | 7.31%                 | No            | 2                  | On Loan: No      |
| Osaic                                                                                  | ADVGRO TL 1L USD                     | CUSIP: 68773JAG5<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |   1057545 | PA      | $1051204.99   | 0.48%             | 2032-07-19      | Variable      | 6.60%                 | No            | 2                  | On Loan: No      |
| KinderCare                                                                             | KNOLEA TL B 1L USD                   | CUSIP: 50118YAH2<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    446910 | PA      | $422470.60    | 0.19%             | 2030-06-12      | Variable      | 6.42%                 | No            | 2                  | On Loan: No      |
| Presidio                                                                               | PSDO TL B 1L USD                     | CUSIP: 34966LAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    643565 | PA      | $633107.22    | 0.29%             | 2031-06-27      | Variable      | 6.67%                 | No            | 2                  | On Loan: No      |
| BroadStreet Partners                                                                   | BROPAR TL B4 1L USD                  | CUSIP: 11132VAX7<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    502656 | PA      | $500570.47    | 0.23%             | 2031-06-16      | Variable      | 6.43%                 | No            | 2                  | On Loan: No      |
| Avis Budget                                                                            | CAR TL B 1L USD                      | CUSIP: 05377JAU6<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |   1089823 | PA      | $1089822.59   | 0.50%             | 2032-07-12      | Variable      | 6.83%                 | No            | 2                  | On Loan: No      |
| Froneri                                                                                | ICECR TL B6 1L USD                   | CUSIP: G3679YAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    705342 | PA      | $705394.48    | 0.33%             | 2032-07-16      | Variable      | 6.82%                 | No            | 2                  | On Loan: No      |
| Cushman & Wakefield                                                                    | CWK TL B3 1L USD                     | CUSIP: 23340DAW2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    502258 | PA      | $506655.63    | 0.23%             | 2030-01-31      | Variable      | 7.20%                 | No            | 2                  | On Loan: No      |
| EG Group                                                                               | OPTFIN TL B 1L USD                   | CUSIP: N2820EAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    953558 | PA      | $954750.06    | 0.44%             | 2028-02-07      | Variable      | 7.32%                 | No            | 2                  | On Loan: No      |
| Chamberlain Group                                                                      | CHAGRO TL B 1L USD                   | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    340537 | PA      | $340710.70    | 0.16%             | 2032-07-23      | Variable      | 6.47%                 | No            | 2                  | On Loan: No      |
| JD Power (fka Autodata)                                                                | AUTDAT TL B 1L USD                   | CUSIP: N/A<br>LEI: 254900SVSL94NTLSDY26       | Long             | LON              | CORP              | US        |   1120313 | PA      | $1103307.13   | 0.51%             | 2031-07-16      | Variable      | 6.91%                 | No            | 2                  | On Loan: No      |
| Belron                                                                                 | BELRON TL B 1L USD                   | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    490711 | PA      | $492919.45    | 0.23%             | 2031-10-16      | Variable      | 6.86%                 | No            | 2                  | On Loan: No      |
| Creative Artists                                                                       | CREART TL B 1L USD                   | CUSIP: 22526WAU2<br>LEI: 5493008FV5TCFL3KHH96 | Long             | LON              | CORP              | US        |    625968 | PA      | $626099.65    | 0.29%             | 2031-10-01      | Variable      | 6.18%                 | No            | 2                  | On Loan: No      |
| RelaDyne                                                                               | RELDYN TL B1 1L USD                  | CUSIP: N/A<br>LEI: 5493000EBDLH9PYWBS30       | Long             | LON              | CORP              | US        |   1254732 | PA      | $1246501.04   | 0.57%             | 2030-12-23      | Variable      | 7.66%                 | No            | 2                  | On Loan: No      |
| Amneal Pharmaceuticals                                                                 | AMNPHA TL B 1L USD                   | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    495717 | PA      | $498195.39    | 0.23%             | 2032-07-26      | Variable      | 7.22%                 | No            | 2                  | On Loan: No      |
| Greystar Real Estate Partners                                                          | GRSTAR TL B2 1L USD                  | CUSIP: 39806LAJ6<br>LEI: 254900HGC806SXAS4M46 | Long             | LON              | CORP              | US        |    817778 | PA      | $821866.51    | 0.38%             | 2030-08-21      | Variable      | 6.83%                 | No            | 2                  | On Loan: No      |
| Interstate Waste Services                                                              | ACTENV TL B 1L USD                   | CUSIP: 00507JAN6<br>LEI: 549300BB30QUQC86W666 | Long             | LON              | CORP              | US        |   1197686 | PA      | $1198440.68   | 0.55%             | 2030-10-24      | Variable      | 7.56%                 | No            | 2                  | On Loan: No      |
| Berlin Packaging                                                                       | BERPAC TL B7 1L USD                  | CUSIP: 08511LBD9<br>LEI: 549300L1HNHO6QOXHH42 | Long             | LON              | CORP              | US        |    669051 | PA      | $669164.62    | 0.31%             | 2031-06-09      | Variable      | 7.61%                 | No            | 2                  | On Loan: No      |
| Goodnight Midstream                                                                    | GNWSOL TL B 1L USD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1004567 | PA      | $999544.14    | 0.46%             | 2029-06-04      | Variable      | 8.32%                 | No            | 2                  | On Loan: No      |
| Ahead DB Holdings                                                                      | AHEDBB TL B5 1L USD                  | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |    717949 | PA      | $708076.93    | 0.33%             | 2031-02-03      | Variable      | 6.65%                 | No            | 2                  | On Loan: No      |
| Alliant Holdings                                                                       | ALIANT TL B 1L USD                   | CUSIP: 01881UAN5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |    882272 | PA      | $880754.03    | 0.41%             | 2031-09-19      | Variable      | 6.22%                 | No            | 2                  | On Loan: No      |
| Blackstone Mortgage Trust                                                              | BXMT TL B4 1L USD                    | CUSIP: 09259GAJ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    177330 | PA      | $177551.32    | 0.08%             | 2029-05-09      | Variable      | 6.85%                 | No            | 2                  | On Loan: No      |
| HighTower                                                                              | HIGTOW TL B 1L USD                   | CUSIP: 43117LAP8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1482135 | PA      | $1480282.71   | 0.68%             | 2032-02-03      | Variable      | 7.06%                 | No            | 2                  | On Loan: No      |
| Third Coast Midstream                                                                  | LIGHTH TL B 1L USD                   | CUSIP: 88412KAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1161981 | PA      | $1166344.47   | 0.54%             | 2030-09-25      | Variable      | 8.10%                 | No            | 2                  | On Loan: No      |
| Jump Financial                                                                         | JMPFIN TL B 1L USD                   | CUSIP: 48138UAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    560843 | PA      | $560843.46    | 0.26%             | 2032-02-26      | Variable      | 7.81%                 | No            | 2                  | On Loan: No      |
| Howden Group Holdings (fka Hyperion)                                                   | HYPINS TL B 1L USD                   | CUSIP: G4712JBB7<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | US        |    243986 | PA      | $243969.34    | 0.11%             | 2031-02-18      | Variable      | 6.47%                 | No            | 2                  | On Loan: No      |
| Allied Universal                                                                       | UNSEAM TL B 1L USD                   | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   1047154 | PA      | $1050379.22   | 0.48%             | 2032-08-06      | Variable      | 6.97%                 | No            | 2                  | On Loan: No      |
| NielsenIQ/Global Connect                                                               | INDYUS TL B 1L USD                   | CUSIP: 45674PAS3<br>LEI: 254900QPZS54FU2J9C09 | Long             | LON              | CORP              | US        |    682600 | PA      | $678333.76    | 0.31%             | 2030-10-07      | Variable      | 6.85%                 | No            | 2                  | On Loan: No      |
| Tortuga Resorts (Turquoise)                                                            | TORTRE TL B 1L USD                   | CUSIP: 89776TAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    765487 | PA      | $763573.42    | 0.35%             | 2032-08-13      | Variable      | 6.94%                 | No            | 2                  | On Loan: No      |
| PetSmart                                                                               | PETM TL B 1L USD                     | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |   1066258 | PA      | $1067191.41   | 0.49%             | 2032-08-09      | Variable      | 7.73%                 | No            | 2                  | On Loan: No      |
| Cloud Software Group (Citrix/TIBCO)                                                    | TIBX TL B 1L USD                     | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    526164 | PA      | $511913.04    | 0.24%             | 2032-08-09      | Variable      | 6.92%                 | No            | 2                  | On Loan: No      |
| Cloud Software Group (Citrix/TIBCO)                                                    | TIBX TL B2 1L USD                    | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    749131 | PA      | $728529.54    | 0.34%             | 2031-03-24      | Variable      | 6.92%                 | No            | 2                  | On Loan: No      |
| IXS (Innovative XCessories & Services)                                                 | INNXCE TL 1L USD                     | CUSIP: 45074HAC2<br>LEI: 254900I3GPHU9VH9Z454 | Long             | LON              | CORP              | US        |    526111 | PA      | $526934.82    | 0.24%             | 2029-09-05      | Variable      | 9.73%                 | No            | 2                  | On Loan: No      |
| TransDigm                                                                              | TDG TL M 1L USD                      | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    699597 | PA      | $699862.92    | 0.32%             | 2032-08-13      | Variable      | 6.86%                 | No            | 2                  | On Loan: No      |
| DiversiTech                                                                            | DIVTEC TL B 2L USD                   | CUSIP: N/A<br>LEI: 254900DLB65AKI8CQ466       | Long             | LON              | CORP              | US        |    179825 | PA      | $182297.15    | 0.08%             | 2032-12-22      | Variable      | 10.54%                | No            | 2                  | On Loan: No      |
| Deep Blue Operating                                                                    | DEEBLU TL B 1L USD                   | CUSIP: 24369TAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    387337 | PA      | $389033.51    | 0.18%             | 2032-09-17      | Variable      | 6.97%                 | No            | 2                  | On Loan: No      |
| Weber Blackstone                                                                       | WEBSTP TL B 1L USD                   | CUSIP: 94767KAR2<br>LEI: 549300XU8TJBBGLK8V26 | Long             | LON              | CORP              | US        |    858849 | PA      | $859832.70    | 0.40%             | 2032-09-17      | Variable      | 7.74%                 | No            | 2                  | On Loan: No      |
| Refresco                                                                               | REFRLN TL B 1L USD                   | CUSIP: N6872PAL5<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | US        |    819389 | PA      | $822461.44    | 0.38%             | 2029-07-12      | Variable      | 6.76%                 | No            | 2                  | On Loan: No      |
| Varsity Brands                                                                         | VARBRA TL B 1L USD                   | CUSIP: 92227QAG1<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |   1999408 | PA      | $2001907.58   | 0.92%             | 2031-08-26      | Variable      | 6.67%                 | No            | 2                  | On Loan: No      |
| Sotera Health (fka Sterigenics Nordin)                                                 | STENOR TL B 1L USD                   | CUSIP: 83600VAH4<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    692429 | PA      | $695676.67    | 0.32%             | 2031-05-30      | Variable      | 6.64%                 | No            | 2                  | On Loan: No      |
| Green Infrastructure Partners                                                          | GEISTP TL B 1L USD                   | CUSIP: 39306DAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    649701 | PA      | $650922.26    | 0.30%             | 2032-09-18      | Variable      | 6.42%                 | No            | 2                  | On Loan: No      |
| M6 Midstream                                                                           | METXHO TL B 1L USD                   | CUSIP: 55285DAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1023097 | PA      | $1025439.43   | 0.47%             | 2032-04-01      | Variable      | 6.53%                 | No            | 2                  | On Loan: No      |
| Air Transport                                                                          | ATSG TL B 1L USD                     | CUSIP: 86184XAD6<br>LEI: 254900TJV3VAFZD0GU41 | Long             | LON              | CORP              | US        |   1193671 | PA      | $1193921.54   | 0.55%             | 2032-04-09      | Variable      | 6.30%                 | No            | 2                  | On Loan: No      |
| ION Platform                                                                           | IONPLA TL B 1L USD                   | CUSIP: 46206RAC9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | LON              | CORP              | US        |   1013000 | PA      | $905794.21    | 0.42%             | 2032-09-30      | Variable      | 7.42%                 | No            | 2                  | On Loan: No      |
| PrimeSource                                                                            | PRIMBP TL B 1L USD                   | CUSIP: 70082HAE6<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |    536963 | PA      | $538139.22    | 0.25%             | 2031-09-25      | Variable      | 8.53%                 | No            | 2                  | On Loan: No      |
| Zayo Group Holdings Inc                                                                | ZAYO TL 1L USD                       | CUSIP: 98919XAH4<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |   1662536 | PA      | $1603075.54   | 0.74%             | 2030-03-11      | Variable      | 7.77%                 | No            | 2                  | On Loan: No      |
| Trace3                                                                                 | TRAINC TL B-DD 1L USD                | CUSIP: 89668VAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    161287 | PA      | $159875.69    | 0.07%             | 2032-10-08      | Variable      | 8.17%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                    | TRAINC TL B 1L USD                   | CUSIP: 89668VAC1<br>LEI: N/A                  | Long             | LON              | CORP              | N/A       |   1532226 | PA      | $1518819.07   | 0.70%             | 2032-10-08      | Variable      | 7.67%                 | No            | 2                  | On Loan: No      |
| Phoenix Aviation Capital                                                               | PACDAC TL B 1L USD                   | CUSIP: 69450PAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1750048 | PA      | $1735837.64   | 0.80%             | 2030-10-09      | Variable      | 7.38%                 | No            | 2                  | On Loan: No      |
| Opella (Sanofi consumer healthcare)                                                    | OPALBD TL B 1L USD                   | CUSIP: F7000QAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    651600 | PA      | $652349.27    | 0.30%             | 2032-04-23      | Variable      | 6.69%                 | No            | 2                  | On Loan: No      |
| Madison Air                                                                            | MADIAQ TL B 1L USD                   | CUSIP: 55759VAE8<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    626811 | PA      | $628819.75    | 0.29%             | 2032-05-06      | Variable      | 6.64%                 | No            | 2                  | On Loan: No      |
| Versant Media Group                                                                    | VSNT TL B 1L USD                     | CUSIP: 92528PAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1034421 | PA      | $1035714.08   | 0.48%             | 2030-10-23      | Variable      | 7.54%                 | No            | 2                  | On Loan: No      |
| Ping Identity                                                                          | PING TL 1L USD                       | CUSIP: 72342MAB3<br>LEI: 254900DJEBSADAC6R313 | Long             | LON              | CORP              | US        |    362884 | PA      | $360615.95    | 0.17%             | 2032-10-29      | Variable      | 6.59%                 | No            | 2                  | On Loan: No      |
| Ryan LLC                                                                               | RYNLLC TL 1L USD                     | CUSIP: 78350LBD6<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |   1353019 | PA      | $1338643.12   | 0.62%             | 2032-11-05      | Variable      | 7.49%                 | No            | 2                  | On Loan: No      |
| ROSEN Group                                                                            | ROSGRP TL B 1L USD                   | CUSIP: 91728NAD1<br>LEI: 254900XMCCB3IEZ2A005 | Long             | LON              | CORP              | US        |    669691 | PA      | $670588.59    | 0.31%             | 2031-03-26      | Variable      | 6.09%                 | No            | 2                  | On Loan: No      |
| Blackstone Mortgage Trust                                                              | BXMT TL B 1L USD                     | CUSIP: 09259GAK9<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |    224641 | PA      | $224642.47    | 0.10%             | 2032-11-19      | Variable      | 6.17%                 | No            | 2                  | On Loan: No      |
| United Talent Agency                                                                   | UNITAL TL B 1L USD                   | CUSIP: 91301QAP2<br>LEI: 549300KV6GJJDTHIOU76 | Long             | LON              | CORP              | US        |    492340 | PA      | $493571.19    | 0.23%             | 2032-06-10      | Variable      | 6.77%                 | No            | 2                  | On Loan: No      |
| Howden Group Holdings (fka Hyperion)                                                   | HYPINS TL B 1L USD                   | CUSIP: G4712JBD3<br>LEI: 213800OOZO37Y7YL2O58 | Long             | LON              | CORP              | US        |    527659 | PA      | $528263.66    | 0.24%             | 2030-04-18      | Variable      | 6.51%                 | No            | 2                  | On Loan: No      |
| Parexel                                                                                | PRXL TL B 1L USD                     | CUSIP: 71911KAF1<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    935193 | PA      | $936362.11    | 0.43%             | 2031-12-09      | Variable      | 6.47%                 | No            | 2                  | On Loan: No      |
| Potters Industries                                                                     | POTBOR TL B 1L USD                   | CUSIP: 62477VAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    256859 | PA      | $257019.52    | 0.12%             | 2032-12-09      | Variable      | 6.29%                 | No            | 2                  | On Loan: No      |
| IGTs Gaming & Digital business/Everi                                                   | EVRI TL B 1L USD                     | CUSIP: 92921HAD7<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |   1800781 | PA      | $1800898.54   | 0.83%             | 2032-07-01      | Variable      | 7.95%                 | No            | 2                  | On Loan: No      |
| Kidde Global Services                                                                  | LSFCRO TL B 1L USD                   | CUSIP: 50221UAE1<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |   1014023 | PA      | $1017191.44   | 0.47%             | 2031-12-02      | Variable      | 6.68%                 | No            | 2                  | On Loan: No      |
| Blackstone Mortgage Trust                                                              | BXMT TL B 1L USD                     | CUSIP: 09259GAL7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |    544489 | PA      | $544943.48    | 0.25%             | 2030-12-10      | Variable      | 6.18%                 | No            | 2                  | On Loan: No      |
| Graham Packaging                                                                       | GRMPAC TL B 1L USD                   | CUSIP: N/A<br>LEI: 549300YS0ZFT826HIK72       | Long             | LON              | CORP              | US        |    445812 | PA      | $445974.36    | 0.21%             | 2033-01-14      | Variable      | 5.92%                 | No            | 2                  | On Loan: No      |
| Petco Animal Supplies                                                                  | WOOF TL B 1L USD                     | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |   1559853 | PA      | $1529490.71   | 0.71%             | 2031-01-22      | Variable      | 7.92%                 | No            | 2                  | On Loan: No      |
| American Express Global Business Travel                                                | GBTG TL B 1L USD                     | CUSIP: 36154HAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1108941 | PA      | $1105819.82   | 0.51%             | 2031-07-28      | Variable      | 5.65%                 | No            | 2                  | On Loan: No      |
| BROADSTREET PARTNERS INC                                                               | INTMAT TL B 1L USD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    592500 | PA      | $593056.95    | 0.27%             | 2030-10-11      | Variable      | 5.67%                 | No            | 2                  | On Loan: No      |
| Herschend Family Entertainment                                                         | HERFAM TL 1L USD                     | CUSIP: 42778EAH4<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |     89576 | PA      | $89945.50     | 0.04%             | 2032-05-27      | Variable      | 6.17%                 | No            | 2                  | On Loan: No      |
| Light & Wonder (Scientific Games)                                                      | LNW TL B 1L USD                      | CUSIP: 80875AAY7<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    155750 | PA      | $155749.50    | 0.07%             | 2029-04-16      | Variable      | 5.67%                 | No            | 2                  | On Loan: No      |
| Garda World Security                                                                   | GWCN TL B 1L USD                     | CUSIP: C4000KAH7<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | US        |   1908925 | PA      | $1908924.55   | 0.88%             | 2029-02-01      | Variable      | 6.42%                 | No            | 2                  | On Loan: No      |
| MacLean Power Systems                                                                  | RESPAR TL B 1L USD                   | CUSIP: 75908HAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    677387 | PA      | $677387.10    | 0.31%             | 2033-01-24      | Variable      | 6.18%                 | No            | 2                  | On Loan: No      |
| Azuria Water Solutions Inc.                                                            | AEGN TL B-DD 1L USD                  | CUSIP: N/A<br>LEI: 549300AG3DVJURRIT691       | Long             | LON              | CORP              | US        |    118760 | PA      | $118315.09    | 0.05%             | 2033-01-27      | Variable      | 6.43%                 | No            | 2                  | On Loan: No      |
| Azuria Water Solutions (fka Aegion Corporation)                                        | AEGN TL B 1L USD                     | CUSIP: N/A<br>LEI: 549300AG3DVJURRIT691       | Long             | LON              | CORP              | US        |   1900167 | PA      | $1893041.37   | 0.87%             | 2033-01-27      | Variable      | 6.43%                 | No            | 2                  | On Loan: No      |
| MKS Instruments                                                                        | MKSI TL B 1L USD                     | CUSIP: 55314NBB9<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |    110552 | PA      | $110952.52    | 0.05%             | 2033-01-28      | Variable      | 5.42%                 | No            | 2                  | On Loan: No      |
| Nielsen                                                                                | NLSN TL B 1L USD                     | CUSIP: 64069JAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2233445 | PA      | $2205058.23   | 1.02%             | 2033-01-28      | Variable      | 8.67%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                    | OPTFIN TL B 1L USD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1009893 | PA      | $1007368.07   | 0.46%             | 2031-01-30      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                    | BMRN TL B 1L USD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    280557 | PA      | $281258.79    | 0.13%             | 2033-01-29      | Variable      | 5.43%                 | No            | 2                  | On Loan: No      |
| TRA RIGHTS - (TXU)                                                                     | TRA RIGHTS - (TXU)                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10588 | NS      | $13499.70     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| CLYDESDALE ACQUISITION                                                                 | Aimbridge Hospitality                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7877 | NS      | $401727.00    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** Dunham Funds

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer