NPORT-EX 2 dunham_nport.htm DUNHAM 1.31 NQ
DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 30.2%              
     AUTO LOAN — 7.1%              
 231,610   American Credit Acceptance Receivables Trust Series 2021-2 C(a)     0.9700  07/13/27  $227,226 
 220,000   American Credit Acceptance Receivables Trust Series 2022-1 D(a)     2.4600  03/13/28   204,221 
 230,000   AmeriCredit Automobile Receivables Trust Series 2020-3 C     1.0600  08/18/26   215,839 
 155,000   Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(a)     2.3600  03/20/26   146,667 
 140,000   Carmax Auto Owner Trust Series 2019-1 C     3.7400  01/15/25   139,866 
 317,000   CarNow Auto Receivables Trust Series 2023-1(a)     7.2400  09/15/26   317,000 
 130,794   Carvana Auto Receivables Trust Series 2019-3A D(a)     3.0400  04/15/25   129,277 
 225,000   Carvana Auto Receivables Trust Series 2021-P3 B     1.4200  08/10/27   188,431 
 96,655   Carvana Auto Receivables Trust Series 2021-N1 C     1.3000  01/10/28   89,778 
 116,564   Carvana Auto Receivables Trust Series 2021-N2 C     1.0700  03/10/28   107,301 
 225,000   CPS Auto Receivables Trust Series 2019-D E(a)     3.8600  10/15/25   219,556 
 66,778   Credito Real USA Auto Receivables Trust Series 2021-1A A(a)     1.3500  02/16/27   65,412 
 529,000   DT Auto Owner Trust Series 2023-1A(a)     5.1900  10/16/28   528,907 
 180,000   Flagship Credit Auto Trust Series 2020-4 C(a)     1.2800  02/16/27   172,437 
 180,000   Foursight Capital Automobile Receivables Trust Series 2022-1 B(a)     2.1500  05/17/27   168,680 
 315,000   Foursight Capital Automobile Receivables Trust     5.3900  12/15/27   314,937 
 432,000   GLS Auto Receivables Issuer Trust Series 2019-4A(a)     4.0900  08/17/26   419,984 
 345,000   Hertz Vehicle Financing III, LLC(a)     2.6300  06/25/26   315,681 
 76,396   LAD Auto Receivables Trust Series 2022-1A A(a)     5.2100  06/15/27   75,423 
 168,877   Lendbuzz Securitization Trust Series 2022-1A(a)     4.2200  05/17/27   162,300 
 140,000   OneMain Direct Auto Receivables Trust Series 2021-1A B(a)     1.2600  07/14/28   124,020 
 1,000,000   Santander Drive Auto Receivables Trust Series 2020-2 D     2.2200  09/15/26   977,598 
 275,000   Santander Drive Auto Receivables Trust Series 2021-3 C     0.9500  09/15/27   266,687 
 195,000   Santander Drive Auto Receivables Trust Series 2022-5 C     4.7400  10/15/28   192,845 
 124,335   United Auto Credit Securitization Trust Series 2021-1 C(a)     0.8400  06/10/26   123,670 
 422,000   United Auto Credit Securitization Trust Series 2023-1(a)     5.9100  07/10/28   421,587 
 146,000   Veros Auto Receivables Trust Series 2022-1(a)     4.3900  08/16/27   141,758 
 170,000   Westlake Automobile Receivables Trust Series 2020-3A C(a)     1.2400  11/17/25   165,976 
 345,000   Westlake Automobile Receivables Trust Series 2022-1A B(a)     2.7500  03/15/27   334,032 
 415,000   Westlake Automobile Receivables Trust Series 2023-1A(a)     5.7400  08/15/28   415,174 
                  7,372,270 
     CLO — 0.3%              
 350,000   GoldentTree Loan Management US CLO 1 Ltd.(a),(b)  US0003M + 1.070%  5.8780  01/20/33   345,860 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 30.2% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 11.1%              
 854,561   AJAX Mortgage Loan Trust Series 2021-A A1(a),(c)      1.0650  09/25/65  $749,041 
 110,382   Angel Oak Mortgage Trust Series 2020-R1 A2(a),(c)     1.2470  12/26/24   99,235 
 70,101   Angel Oak Mortgage Trust Series 2021-8 A1(a),(c)     1.8200  11/25/66   59,893 
 95,728   Arroyo Mortgage Trust Series 2019-1 A1(a),(c)     3.8050  01/25/49   90,058 
 105,526   Arroyo Mortgage Trust Series 2019-2 A1(a),(c)     3.3470  04/25/49   100,547 
 314,342   Bunker Hill Loan Depositary Trust Series 2019-2 A1(a),(d)     2.8790  07/25/49   296,015 
 36,996   Chase Mortgage Finance Corporation Series 2016-SH2 M2(a),(c)     3.7500  02/25/44   32,916 
 49,193   Chase Mortgage Finance Corporation Series 2016-SH1 M2(a),(c)     3.7500  04/25/45   42,106 
 124,314   CIM Trust Series 2021-NR4 A1(a),(d)     2.8160  10/25/61   116,264 
 70,233   COLT Funding, LLC Series 2021-3R A1(a),(c)     1.0510  12/25/64   61,355 
 1,574,589   COLT Mortgage Loan Trust Series 2022-4(a),(c)     4.3010  03/25/67   1,538,243 
 66,670   CSMC Series 2021-NQM1 A1(a),(c)     0.8090  05/25/65   57,051 
 148,980   CSMC Trust Series 2020-RPL4 A1(a),(c)     2.0000  01/25/60   132,804 
 24,225   CSMC Trust Series 2020-NQM1 A1(a),(d)     1.2080  05/25/65   22,287 
 386,614   Ellington Financial Mortgage Trust Series 2019-2 A3(a),(c)     3.0460  11/25/59   365,739 
 22,971   Flagstar Mortgage Trust Series 2017-1 1A3(a),(c)     3.5000  03/25/47   20,897 
 10,746   Galton Funding Mortgage Trust Series 2018-1 A23(a),(c)     3.5000  11/25/57   9,939 
 32,294   JP Morgan Mortgage Trust Series 2017-5 A1(a),(c)     3.2110  12/15/47   31,149 
 1,070,220   JP Morgan Mortgage Trust Series 2017-4(a),(c)     3.5000  11/25/48   994,838 
 220,000   LHOME Mortgage Trust Series 2021-RTL1 A1(a),(c)     2.0900  09/25/26   210,103 
 100,000   METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1(a),(c)     3.4300  04/25/55   90,899 
 38,801   METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A(a),(c)     3.7500  04/25/58   37,868 
 1,387,777   MFA Trust Series 2022-INV1(a),(d)     3.9070  04/25/66   1,337,728 
 199,632   Mill City Mortgage Loan Trust Series 2019-1 M2(a),(c)     3.5000  10/25/69   177,469 
 170,000   New Residential Mortgage Loan Trust Series 2022-RTL1 A1F(a)     4.3360  12/25/26   162,782 
 161,923   New Residential Mortgage Loan Trust Series 2014-3A AFX3(a),(c)     3.7500  11/25/54   151,451 
 159,544   New Residential Mortgage Loan Trust Series 2016-3A B1(a),(c)     4.0000  09/25/56   147,315 
 40,963   New Residential Mortgage Loan Trust Series 2016-4A A1(a),(c)     3.7500  11/25/56   38,084 
 321,718   New Residential Mortgage Loan Trust Series 2017-2A A3(a),(c)     4.0000  03/25/57   305,517 
 85,698   New Residential Mortgage Loan Trust Series 2018-1A A1A(a),(c)     4.0000  12/25/57   82,135 
 50,348   New Residential Mortgage Loan Trust Series 2021-NQ2R A1(a),(c)     0.9410  09/25/58   45,635 
 215,000   New Residential Mortgage Loan Trust Series 2019-RPL2 M2(a),(c)     3.7500  02/25/59   189,134 
 407,491   New Residential Mortgage Loan Trust Series 2020-1A A1B(a),(c)     3.5000  10/25/59   381,020 
 13,909   OBX Trust Series 2019-INV1 A3(a),(c)     4.5000  11/25/48   13,560 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 30.2% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 11.1% (Continued)              
 135,000   Palisades Mortgage Loan Trust Series 2021-RTL1 A1(a),(d)     2.8570  06/25/26  $127,734 
 184,998   PRET, LLC Series 2021-RN3 A1(a),(d)     1.8430  09/25/51   169,205 
 31,836   Provident Funding Mortgage Loan Trust Series 2019-1 A2(a),(c)     3.0000  12/25/49   27,808 
 171,723   PRPM, LLC Series 2021-2 A1(a),(c)     2.1150  03/25/26   163,307 
 58,952   RCKT Mortgage Trust Series 2020-1 A1(a),(c)     3.0000  02/25/50   51,499 
 99,356   RCO VI Mortgage, LLC Series 2022-1 A1(a),(d)     3.0000  01/25/27   94,141 
 67,772   Residential Mortgage Loan Trust Series 2020-1 A1(a),(c)     2.3760  02/25/24   65,137 
 10,575   Residential Mortgage Loan Trust Series 2019-2 A1(a),(c)     2.9130  05/25/59   10,332 
 164,234   SG Residential Mortgage Trust Series 2021-1 A3(a),(c)     1.5600  07/25/61   135,178 
 75,252   Starwood Mortgage Residential Trust Series 2020-1 A1(a),(c)     2.2750  02/25/50   72,679 
 24,360   Starwood Mortgage Residential Trust Series 2020-3 A1(a),(c)     1.4860  04/25/65   22,998 
 365,000   Towd Point Mortgage Trust Series 2021-1 A2(a),(c)     2.7500  11/25/61   300,803 
 144,877   Verus Securitization Trust Series 2019-INV2 A1(a),(c)     2.9130  07/25/59   140,764 
 100,000   Verus Securitization Trust Series 2019-4 M1(a),(c)     3.2070  11/25/59   86,631 
 24,733   Verus Securitization Trust Series 2020-1 A1(a),(d)     2.4170  01/25/60   23,581 
 46,255   Verus Securitization Trust Series 2021-2 A1(a),(c)     1.0310  02/25/66   40,297 
 1,850,000   Verus Securitization Trust Series 2023-1(a),(d)     5.8500  12/25/67   1,852,810 
 166,991   Wells Fargo Mortgage Backed Securities Series 2020-4 A1(a),(c)     3.0000  07/25/50   148,039 
                  11,724,020 
     CREDIT CARD — 0.3%              
 316,000   Mercury Financial Credit Card Master Trust Series 2023-1A CLASS A(a)     8.0400  09/20/27   315,964 
                    
     NON AGENCY CMBS — 2.2%              
 140,831   Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(a),(c)     2.0680  05/25/50   134,777 
 90,000   BPR Trust Series 2021-KEN A(a),(b)  US0001M + 1.250%  5.7090  02/15/29   88,025 
 160,000   BX Trust Series 2019-OC11 B(a)     3.6050  12/09/41   140,692 
 130,000   BX Trust Series 2019-OC11 D(a),(c)     4.0750  12/09/41   108,976 
 233,239   CHC Commercial Mortgage Trust Series 2019-CHC A(a),(b)  US0001M + 1.120%  5.5790  06/15/34   227,154 
 89,666   Citigroup Commercial Mortgage Trust Series 2015-GC27 A4     2.8780  02/10/48   86,050 
 150,000   COMM Mortgage Trust Series 2020-CBM(a)     3.0990  02/10/37   139,036 
 550,000   CSMC Series 2019-ICE4(a),(b)  US0001M + 0.980%  5.4390  05/15/36   547,808 
 305,000   GCT Commercial Mortgage Trust Series 2021-GCT A(a),(b)  US0001M + 0.800%  5.2590  02/15/23   285,734 
 185,000   Hilton USA Trust Series 2016-SFP B(a)     3.3230  11/05/35   176,739 
 382,500   KKR Industrial Portfolio Trust Series 2021-KDIP(a),(b)  US0001M + 1.000%  5.5930  12/15/37   369,203 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 30.2% (Continued)              
     NON AGENCY CMBS — 2.2% (Continued)              
 62,000   WFRBS Commercial Mortgage Trust Series 2014-C24 AS     3.9310  11/15/47  $59,202 
                  2,363,396 
     OTHER ABS — 6.9%              
 325,000   ACHV A.B.S TRUST Series 2023-1PL(a)     6.4200  03/18/30   325,250 
 230,000   American Homes 4 Rent Trust Series 2014-SFR2 C(a)     4.7050  10/17/36   224,746 
 220,000   American Homes 4 Rent Trust Series 2015-SFR2 C(a)     4.6910  10/17/45   214,273 
 175,000   AMSR Trust Series 2020-SFR1 B(a)     2.1200  04/17/37   161,540 
 250,000   AMSR Trust Series 2020-SFR2 C(a)     2.5330  07/17/37   230,021 
 100,000   AMSR Trust Series 2020-SFR2 D(a)     3.2820  07/17/37   92,640 
 65,408   Aqua Finance Trust Series 2019-A A(a)     3.1400  07/16/40   61,924 
 269,984   Aqua Finance Trust Series 2019-A C(a)     4.0100  07/16/40   250,277 
 270,000   Aqua Finance Trust Series 2020-AA B(a)     2.7900  07/17/46   235,111 
 215,632   BHG Securitization Trust Series 2021-A A(a)     1.4200  11/17/33   201,714 
 100,000   CCG Receivables Trust Series 2019-2 B(a)     2.5500  03/15/27   99,256 
 220,000   CCG Receivables Trust Series 2021-1 C(a)     0.8400  06/14/27   205,304 
 103,788   CF Hippolyta, LLC Series 2020-1 A1(a)     1.6900  07/15/60   93,830 
 341,100   CLI Funding VI, LLC Series 2020-1A A(a)     2.0800  09/18/45   302,429 
 152,829   Conn’s Receivables Funding, LLC Series 2021-A B(a)     2.8700  05/15/26   151,234 
 61,839   Corevest American Finance Trust Series 2020-1 A1(a)     1.8320  03/15/50   58,029 
 100,000   Corevest American Finance Trust Series 2019-3 C(a)     3.2650  10/15/52   86,179 
 193,055   Corevest American Finance Trust Series 2020-4 A(a)     1.1740  12/15/52   172,921 
 240,000   Dext A.B.S, LLC Series 2020-1 B(a)     1.9200  11/15/27   231,663 
 285,000   FirstKey Homes Trust Series 2021-SFR1 D(a)     2.1890  08/17/28   245,380 
 375,000   FirstKey Homes Trust Series 2020-SFR2 B(a)     1.5670  10/19/37   339,890 
 280,224   Foundation Finance Trust Series 2019-1A A(a)     3.8600  11/15/34   275,107 
 90,683   HIN Timeshare Trust Series 2020-A C(a)     3.4200  10/09/39   83,967 
 129,025   Jersey Mike’s Funding Series 2019-1A A2(a)     4.4330  02/15/50   119,385 
 63,651   MVW, LLC Series 2020-1A A(a)     1.7400  10/20/37   58,950 
 22,838   Octane Receivables Trust Series 2020-1A A(a)     1.7100  02/20/25   22,606 
 113,112   Oportun Funding, LLC Series 2022-1 A(a)     3.2500  06/15/29   110,834 
 41,959   Orange Lake Timeshare Trust Series 2019-A B(a)     3.3600  04/09/38   39,903 
 265,000   Progress Residential Series 2021-SFR3 D(a)     2.2880  05/17/26   229,949 
 201,000   Progress Residential Series 2021-SFR1 C(a)     1.5550  04/17/38   175,829 
 578,959   Progress Residential Trust Series 2020-SFR1 CLASS A(a)     1.7320  04/17/37   539,592 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 30.2% (Continued)              
     OTHER ABS — 6.9% (Continued)              
 550,000   Progress Residential Trust Series 2020-SFR2 E(a)     5.1150  06/17/37  $525,455 
 275,000   Purchasing Power Funding, LLC Series 2021-A A(a)     1.5700  10/15/25   268,704 
 265,000   Regional Management Issuance Trust Series 2021-1 A(a)     1.6800  03/17/31   242,052 
 53,648   Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(a)     2.3200  07/20/37   50,300 
 85,050   Taco Bell Funding, LLC Series 2016-1A A23(a)     4.9700  05/25/46   83,945 
 200,000   Tricon American Homes Trust Series 2020-SFR2 D(a)     2.2810  11/17/27   169,138 
 165,000   Tricon American Homes Trust Series 2019-SFR1 C(a)     3.1490  03/17/38   152,012 
 160,000   Tricon Residential Trust Series 2021-SFR1 B(a)     2.2440  07/17/38   143,095 
                  7,274,434 
     RESIDENTIAL MORTGAGE — 2.2%              
 86,407   Ajax Mortgage Loan Trust Series 2019-D A1(a),(d)     2.9560  09/25/65   81,717 
 148,880   Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1(a),(d)     2.2390  09/27/60   140,463 
 135,000   Towd Point Mortgage Trust Series 2016-4 B1(a),(c)     3.9070  07/25/56   126,838 
 115,000   Towd Point Mortgage Trust Series 2017-1 M1(a),(c)     3.7500  10/25/56   110,660 
 460,000   Towd Point Mortgage Trust Series 2017-4 A2(a),(c)     3.0000  06/25/57   420,975 
 160,000   Towd Point Mortgage Trust Series 2017-6 A2(a),(c)     3.0000  10/25/57   146,265 
 140,000   Towd Point Mortgage Trust Series 2018-6 A1B(a),(c)     3.7500  03/25/58   130,939 
 300,000   Towd Point Mortgage Trust Series 2018-6 A2(a),(c)     3.7500  03/25/58   268,445 
 97,100   Towd Point Mortgage Trust Series 2018-4 A1(a),(c)     3.0000  06/25/58   90,884 
 255,000   Towd Point Mortgage Trust Series 2019-2 A2(a),(c)     3.7500  12/25/58   231,864 
 235,000   Towd Point Mortgage Trust Series 2019-4 A2(a),(c)     3.2500  10/25/59   205,703 
 100,000   Towd Point Mortgage Trust Series 2020-1 M1(a),(c)     3.5000  01/25/60   82,791 
 93,546   VCAT Asset Securitization, LLC Series 2021-NPL3 A1(a),(d)     1.7430  05/25/51   87,415 
 54,425   VCAT, LLC Series 2021-NPL2 A1(a),(d)     2.1150  03/27/51   51,814 
 67,519   VOLT C, LLC Series 2021-NPL9 A1(a),(d)     1.9920  05/25/51   61,869 
 75,910   VOLT CVI, LLC Series 2021-NP12 A1(a),(d)     2.7340  12/26/51   71,036 
                  2,309,678 
     STUDENT LOANS — 0.1%              
 68,435   Commonbond Student Loan Trust Series 2020-1 A(a)     1.6900  10/25/51   61,456 
                    
     TOTAL ASSET BACKED SECURITIES (Cost $33,285,177)            31,767,078 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3%              
     AEROSPACE & DEFENSE — 0.7%              
 303,000   Boeing Company (The)     5.9300  05/01/60  $307,436 
 391,000   Huntington Ingalls Industries, Inc.     2.0430  08/16/28   330,375 
 85,000   TransDigm, Inc.     5.5000  11/15/27   81,189 
                  719,000 
     ASSET MANAGEMENT — 1.3%              
 92,000   Blackstone Private Credit Fund     2.6250  12/15/26   78,796 
 125,000   Blue Owl Finance, LLC(a)     3.1250  06/10/31   97,157 
 410,000   Charles Schwab Corporation (The)(b)  H15T10Y + 3.079%  4.0000  03/01/69   353,216 
 260,000   Citadel, L.P.(a)     4.8750  01/15/27   255,466 
 250,000   Drawbridge Special Opportunities Fund, L.P. /(a)     3.8750  02/15/26   230,469 
 220,000   Icahn Enterprises, L.P. / Icahn Enterprises     5.2500  05/15/27   204,952 
 128,000   OWL Rock Core Income Corporation     4.7000  02/08/27   117,057 
                  1,337,113 
     AUTOMOTIVE — 0.1%              
 106,000   Ford Motor Company(g)     3.2500  02/12/32   84,255 
 70,000   Ford Motor Company     4.7500  01/15/43   54,741 
                  138,996 
     BANKING — 5.0%              
 200,000   Banco Mercantil del Norte S.A.(a),(b)  H15T10Y + 5.034%  6.6250  01/24/70   176,861 
 1,200,000   Bank of America Corporation(b)  SOFRRATE + 1.320%  2.6870  04/22/32   1,011,360 
 390,000   Bank of America Corporation(b)  H15T5Y + 1.200%  2.4820  09/21/36   303,414 
 400,000   Barclays plc(b)  H15T1Y + 3.500%  7.4370  11/02/33   450,015 
 200,000   BBVA Bancomer S.A.(a),(b)  H15T5Y + 2.650%  5.1250  01/18/33   190,440 
 113,000   Citigroup, Inc.(b),(g)  SOFRRATE + 1.280%  5.4550  02/24/28   111,798 
 325,000   Citigroup, Inc. (b)  US0003M + 1.338%  3.9800  03/20/30   305,388 
 195,000   Citigroup, Inc. (b)  SOFRRATE + 2.338%  6.2700  11/17/33   211,838 
 175,000   JPMorgan Chase & Company(b)  SOFRRATE + 1.180%  5.3350  02/24/28   173,804 
 710,000   JPMorgan Chase & Company(b)  SOFRRATE + 1.065%  1.9530  02/04/32   569,637 
 240,000   JPMorgan Chase & Company(b)  SOFRRATE + 2.580%  5.7170  09/14/33   247,149 
 82,000   JPMorgan Chase & Company Series HH(b)  SOFRRATE + 3.125%  4.6000  08/01/68   76,926 
 205,000   Santander Holdings USA, Inc.     4.4000  07/13/27   199,239 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     BANKING — 5.0% (Continued)              
 200,000   Texas Capital Bancshares, Inc.(b)  H15T5Y + 3.150%  4.0000  05/06/31  $181,967 
 285,000   Toronto-Dominion Bank (The)(b)  H15T5Y + 4.075%  8.1250  10/31/82   303,169 
 225,000   Truist Financial Corporation(b)  H15T10Y + 4.349%  5.1000  03/01/69   219,400 
 68,000   US Bancorp(b)  SOFRRATE + 1.600%  4.8390  02/01/34   67,625 
 545,000   Wells Fargo & Company(b)  H15T5Y + 3.453%  3.9000  03/15/69   502,763 
                  5,302,793 
     BEVERAGES — 0.6%              
 265,000   Anheuser-Busch Companies, LLC / Anheuser-Busch     4.9000  02/01/46   257,973 
 335,000   Bacardi Ltd.(a)     4.7000  05/15/28   327,371 
 75,000   Central American Bottling Corp / CBC Bottling(a)     5.2500  04/27/29   72,134 
                  657,478 
     BIOTECH & PHARMA — 0.5%              
 40,000   Bausch Health Companies, Inc.(a)     5.7500  08/15/27   27,148 
 265,000   Mylan N.V.     3.9500  06/15/26   252,276 
 45,000   Par Pharmaceutical, Inc.(a)     7.5000  04/01/27   35,264 
 120,000   Teva Pharmaceutical Finance Netherlands III BV(g)     3.1500  10/01/26   107,652 
 681   Viatris, Inc.(a)     2.3000  06/22/27   600 
 150,000   Viatris, Inc.     2.3000  06/22/27   132,170 
                  555,110 
     CABLE & SATELLITE — 0.2%              
 14,000   CCO Holdings, LLC / CCO Holdings Capital(a)     6.3750  09/01/29   13,519 
 180,000   CCO Holdings, LLC / CCO Holdings Capital(a)     4.7500  03/01/30   157,907 
 45,000   CCO Holdings, LLC / CCO Holdings Capital(a),(g)     4.5000  08/15/30   38,527 
                  209,953 
     CHEMICALS — 1.0%              
 310,000   Albemarle Corporation     5.0500  06/01/32   306,060 
 80,000   Avient Corporation(a)     7.1250  08/01/30   80,694 
 235,000   Bayport Polymers, LLC(a)     5.1400  04/14/32   222,521 
 140,000   International Flavors & Fragrances, Inc.(a)     3.4680  12/01/50   103,070 
 410,000   Nutrition & Biosciences, Inc.(a)     2.3000  11/01/30   339,591 
                  1,051,936 
     COMMERCIAL SUPPORT SERVICES — 0.0%(e)              
 50,000   Aramark Services, Inc.(a)     6.3750  05/01/25   50,074 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     CONSUMER SERVICES — 0.0%(e)              
 60,000   Carriage Services, Inc.(a)     4.2500  05/15/29  $49,447 
                    
     DIVERSIFIED INDUSTRIALS — 0.3%              
 301,000   General Electric Company(b)  US0003M + 3.330%  8.0990  06/15/69   301,151 
                    
     ELECTRIC UTILITIES — 1.0%              
 235,000   Enel Finance International N.V.(a)     7.5000  10/14/32   264,444 
 403,000   Puget Energy, Inc.     2.3790  06/15/28   355,157 
 404,000   Southern Company (The)(b)  H15T5Y + 2.915%  3.7500  09/15/51   352,625 
 80,000   Vistra Corporation(a),(b)  H15T5Y + 6.930%  8.0000  04/15/70   78,525 
                  1,050,751 
     ENGINEERING & CONSTRUCTION — 0.4%              
 140,000   Global Infrastructure Solutions, Inc.(a)     7.5000  04/15/32   119,219 
 398,000   Sempra Infrastructure Partners, L.P.(a)     3.2500  01/15/32   331,137 
                  450,356 
     GAS & WATER UTILITIES — 0.2%              
 220,000   Brooklyn Union Gas Company (The)(a)     4.8660  08/05/32   213,321 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.8%              
 360,000   CVS Health Corporation     4.3000  03/25/28   353,182 
 220,000   HCA, Inc.     5.2500  06/15/49   200,203 
 400,000   Universal Health Services, Inc.     2.6500  01/15/32   322,272 
                  875,657 
     HOME CONSTRUCTION — 0.7%              
 105,000   Masco Corporation     2.0000  02/15/31   84,903 
 105,000   Masco Corporation     3.1250  02/15/51   71,142 
 47,000   MDC Holdings, Inc.     3.9660  08/06/61   28,215 
 395,000   PulteGroup, Inc.     6.3750  05/15/33   412,298 
                  596,558 
     HOUSEHOLD PRODUCTS — 0.3%              
 285,000   Church & Dwight Company, Inc.     5.0000  06/15/52   283,314 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     INDUSTRIAL INTERMEDIATE PROD — 0.0%(e)              
 5,000   Chart Industries, Inc.(a)     7.5000  01/01/30  $5,113 
                    
     INDUSTRIAL SUPPORT SERVICES — 0.8%              
 405,000   Ashtead Capital, Inc.(a)     5.5000  08/11/32   405,689 
 440,000   Ferguson Finance plc(a)     4.6500  04/20/32   417,103 
                  822,792 
     INSTITUTIONAL FINANCIAL SERVICES — 3.0%              
 210,000   Bank of New York Mellon Corporation (The)(b)  SOFRINDX + 2.074%  5.8340  10/25/33   227,005 
 265,000   Bank of New York Mellon Corporation (The)(b)  H15T5Y + 4.358%  4.7000  09/20/68   259,638 
 620,000   Brookfield Finance, Inc.     2.7240  04/15/31   520,659 
 250,000   Credit Suisse Group A.G.(a),(b)  SOFRRATE + 5.020%  9.0160  11/15/33   280,874 
 550,000   Goldman Sachs Group, Inc. (The)(b)  SOFRRATE + 1.090%  1.9920  01/27/32   439,479 
 290,000   Jefferies Group, LLC / Jefferies Group Capital     2.6250  10/15/31   237,695 
 475,000   Morgan Stanley(g)     3.1250  07/27/26   449,860 
 290,000   Morgan Stanley     6.3750  07/24/42   338,019 
 320,000   State Street Corporation(b)  SOFRRATE + 1.726%  4.1640  08/04/33   304,303 
 91,000   State Street Corporation(b)  SOFRRATE + 1.567%  4.8210  01/26/34   91,336 
                  3,148,868 
     INSURANCE — 1.9%              
 245,000   Allstate Corporation (The)(b)  US0003M + 2.938%  5.7500  08/15/53   241,742 
 185,000   Ascot Group Ltd.(a)     4.2500  12/15/30   162,462 
 170,000   Brighthouse Financial, Inc.     5.6250  05/15/30   169,972 
 266,000   Corebridge Financial, Inc.(a),(b)  H15T5Y + 3.846%  6.8750  12/15/52   263,601 
 175,000   Liberty Mutual Group, Inc.(a),(b)  H15T5Y + 3.315%  4.1250  12/15/51   150,017 
 168,000   Lincoln National Corporation(b)  US0003M + 2.040%  6.8480  04/20/67   127,260 
 265,000   MetLife, Inc.(b)  H15T5Y + 3.576%  3.8500  03/15/69   252,871 
 126,000   MetLife, Inc.(b)  US0003M + 2.959%  5.8750  09/15/66   125,685 
 385,000   Prudential Financial, Inc.(b)  US0003M + 3.920%  5.6250  06/15/43   383,544 
 104,000   Prudential Financial, Inc.(b)  H15T5Y + 3.162%  5.1250  03/01/52   97,159 
 53,000   Prudential Financial, Inc.(b)  H15T5Y + 3.234%  6.0000  09/01/52   52,781 
                  2,027,094 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     LEISURE FACILITIES & SERVICES — 0.1%              
 5,000   Caesars Entertainment, Inc.(a)     7.0000  02/15/30  $5,132 
 160,000   Station Casinos, LLC(a)     4.5000  02/15/28   144,243 
                  149,375 
     LEISURE PRODUCTS — 0.1%              
 166,000   Brunswick Corporation     2.4000  08/18/31   125,538 
                    
     MACHINERY — 0.3%              
 315,000   Regal Rexnord Corporation(a)     6.4000  04/15/33   322,785 
                    
     MEDICAL EQUIPMENT & DEVICES — 1.3%              
 209,000   Bio-Rad Laboratories, Inc.     3.3000  03/15/27   197,539 
 179,000   Bio-Rad Laboratories, Inc.     3.7000  03/15/32   162,161 
 295,000   DENTSPLY SIRONA, Inc.     3.2500  06/01/30   258,456 
 295,000   GE Healthcare Holding, LLC(a)     5.8570  03/15/30   312,618 
 403,000   Illumina, Inc.     2.5500  03/23/31   333,050 
                  1,263,824 
     METALS & MINING — 1.0%              
 135,000   Alliance Resource Operating Partners, L.P. /(a)     7.5000  05/01/25   133,809 
 70,000   Cleveland-Cliffs, Inc.(a)     6.7500  03/15/26   71,135 
 140,000   FMG Resources August 2006 Pty Ltd.(a)     5.8750  04/15/30   136,665 
 365,000   Glencore Funding, LLC(a)     2.8500  04/27/31   312,317 
 345,000   Teck Resources Ltd.     6.1250  10/01/35   360,185 
                  1,014,111 
     OIL & GAS PRODUCERS — 3.4%              
 385,000   BP Capital Markets plc(b)  H15T5Y + 4.398%  4.8750  12/22/00   360,697 
 70,000   Chesapeake Escrow Issuer, LLC B(a)     5.5000  02/01/26   67,975 
 95,000   CrownRock, L.P. / CrownRock Finance, Inc.(a)     5.0000  05/01/29   88,319 
 125,000   DT Midstream, Inc.(a)     4.1250  06/15/29   111,458 
 205,000   Ecopetrol S.A.     8.8750  01/13/33   210,733 
 275,000   Enbridge, Inc.(b),(g)  H15T5Y + 4.418%  7.6250  01/15/83   283,061 
 175,000   Energy Transfer, L.P.(b)  H15T5Y + 5.694%  6.5000  11/15/69   164,567 
 125,000   EQM Midstream Partners, L.P.(a)     7.5000  06/01/30   125,099 
 425,000   Flex Intermediate Holdco, LLC(a)     3.3630  06/30/31   346,137 
 35,000   Genesis Energy, L.P. / Genesis Energy Finance     8.8750  04/15/30   35,656 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     OIL & GAS PRODUCERS — 3.4% (Continued)              
 165,000   HF Sinclair Corporation     5.8750  04/01/26  $166,138 
 260,000   Kinder Morgan, Inc.     7.7500  01/15/32   301,790 
 425,000   Lundin Energy Finance BV(a)     2.0000  07/15/26   384,753 
 105,000   Occidental Petroleum Corporation     6.1250  01/01/31   109,692 
 70,000   Parsley Energy, LLC / Parsley Finance Corporation(a)     4.1250  02/15/28   65,040 
 200,000   Pertamina Persero PT(a)     6.4500  05/30/44   209,542 
 185,000   Petroleos Mexicanos     7.6900  01/23/50   138,200 
 250,000   Reliance Industries Ltd.(a)     2.8750  01/12/32   207,402 
 65,000   Sabine Pass Liquefaction, LLC     4.2000  03/15/28   62,749 
 95,000   Venture Global Calcasieu Pass, LLC(a)     3.8750  08/15/29   84,691 
                  3,523,699 
     OIL & GAS SERVICES & EQUIPMENT — 0.1%              
 19,168   Transocean Guardian Ltd.(a)     5.8750  01/15/24   19,449 
 90,000   USA Compression Partners, L.P. / USA Compression     6.8750  04/01/26   88,209 
                  107,658 
     REAL ESTATE INVESTMENT TRUSTS — 1.8%              
 365,000   EPR Properties     4.7500  12/15/26   340,662 
 255,000   GLP Capital, L.P. / GLP Financing II, Inc.     5.7500  06/01/28   260,022 
 33,000   GLP Capital, L.P. / GLP Financing II, Inc.     3.2500  01/15/32   27,392 
 240,000   Iron Mountain, Inc.(a)     4.5000  02/15/31   205,973 
 25,000   MPT Operating Partnership, L.P. / MPT Finance     4.6250  08/01/29   19,469 
 125,000   MPT Operating Partnership, L.P. / MPT Finance     3.5000  03/15/31   87,672 
 170,000   Office Properties Income Trust     4.5000  02/01/25   157,528 
 240,000   Phillips Edison Grocery Center Operating     2.6250  11/15/31   184,052 
 105,000   Retail Opportunity Investments Partnership, L.P.     4.0000  12/15/24   100,893 
 225,000   Retail Properties of America, Inc.     4.7500  09/15/30   207,055 
 75,000   Service Properties Trust     4.9500  02/15/27   61,452 
 205,000   VICI Properties, L.P.     4.9500  02/15/30   198,382 
                  1,850,552 
     REAL ESTATE OWNERS & DEVELOPERS — 0.2%              
 275,000   Ontario Teachers’ Cadillac Fairview Properties(a)     2.5000  10/15/31   215,665 
                    
     RETAIL - DISCRETIONARY — 0.4%              
 175,000   BlueLinx Holdings, Inc.(a)     6.0000  11/15/29   155,361 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     RETAIL - DISCRETIONARY — 0.4% (Continued)              
 274,000   Dick’s Sporting Goods, Inc.     3.1500  01/15/32  $223,979 
                  379,340 
     SEMICONDUCTORS — 0.6%              
 281,000   Broadcom, Inc.     4.1500  11/15/30   261,829 
 372,000   Entegris Escrow Corporation(a)     4.7500  04/15/29   348,773 
                  610,602 
     SOFTWARE — 0.5%              
 90,000   Consensus Cloud Solutions, Inc.(a)     6.5000  10/15/28   84,388 
 395,000   Oracle Corporation     6.2500  11/09/32   429,587 
 75,000   Oracle Corporation     3.8500  04/01/60   53,938 
                  567,913 
     SPECIALTY FINANCE — 1.0%              
 235,000   Aviation Capital Group, LLC(a)     3.5000  11/01/27   210,258 
 210,000   Avolon Holdings Funding Ltd.(a)     4.3750  05/01/26   199,522 
 307,000   Capital One Financial Corporation(b)  SOFRRATE + 1.337%  2.3590  07/29/32   232,489 
 219,000   Discover Financial Services     6.7000  11/29/32   233,454 
 120,000   Ladder Capital Finance Holdings LLLP / Ladder(a)     4.2500  02/01/27   105,949 
 65,000   OneMain Finance Corporation     6.8750  03/15/25   64,575 
                  1,046,247 
     STEEL — 0.2%              
 245,000   ArcelorMittal S.A.     6.8000  11/29/32   257,158 
                    
     TECHNOLOGY HARDWARE — 1.1%              
 349,000   CDW, LLC / CDW Finance Corporation     3.5690  12/01/31   300,205 
 259,000   Dell International, LLC / EMC Corporation     8.1000  07/15/36   302,611 
 335,000   HP, Inc.     5.5000  01/15/33   328,370 
 80,000   Motorola Solutions, Inc.     4.6000  05/23/29   78,024 
 210,000   TD SYNNEX Corporation     2.3750  08/09/28   175,264 
                  1,184,474 
     TECHNOLOGY SERVICES — 1.0%              
 485,000   CoStar Group, Inc.(a)     2.8000  07/15/30   408,413 
 137,000   Kyndryl Holdings, Inc.     2.7000  10/15/28   110,130 
 545,000   Leidos, Inc.     2.3000  02/15/31   438,544 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 33.3% (Continued)              
     TECHNOLOGY SERVICES — 1.0% (Continued)              
 105,000   Science Applications International Corporation(a)     4.8750  04/01/28  $98,564 
                  1,055,651 
     TELECOMMUNICATIONS — 0.4%              
 160,000   Level 3 Financing, Inc.(a)     4.2500  07/01/28   127,002 
 270,000   Level 3 Financing, Inc.(a)     3.6250  01/15/29   201,286 
 112,500   Sprint Spectrum Company, LLC / Sprint Spectrum(a)     4.7380  03/20/25   111,603 
                  439,891 
     TOBACCO & CANNABIS — 0.4%              
 360,000   BAT Capital Corporation     7.7500  10/19/32   400,906 
                    
     TRANSPORTATION & LOGISTICS — 0.6%              
 430,887   Alaska Airlines 2020-1 Class A Pass Through Trust(a)     4.8000  08/15/27   419,416 
 212,787   Delta Air Lines 2015-1 Class AA Pass Through Trust     3.6250  07/30/27   198,271 
                  617,687 
     TOTAL CORPORATE BONDS (Cost $36,679,828)            34,979,951 
                    
     MUNICIPAL BONDS — 3.7%              
     CITY — 0.4%              
 340,000   City of Bristol VA     4.2100  01/01/42   309,158 
 145,000   City of San Antonio TX     1.9630  02/01/33   117,134 
                  426,292 
     GOVERNMENT LEASE — 0.1%              
 145,000   Texas Public Finance Authority     2.1400  02/01/35   112,687 
                    
     HOSPITALS — 0.1%              
 135,000   Idaho Health Facilities Authority     5.0200  03/01/48   129,682 
                    
     LOCAL AUTHORITY — 0.8%              
 320,000   San Diego County Regional Airport Authority     5.5940  07/01/43   320,256 
 600,000   State of Texas     3.2110  04/01/44   509,725 
 35,000   Texas Transportation Commission State Highway Fund     4.0000  10/01/33   33,730 
                  863,711 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 3.7% (Continued)              
     MISCELLANEOUS TAX — 0.8%              
 765,000   Metropolitan Transportation Authority     5.0000  11/15/45  $849,705 
                    
     SALES TAX — 0.0%(e)              
 20,000   Sales Tax Securitization Corporation     3.4110  01/01/43   15,775 
                    
     WATER AND SEWER — 1.5%              
 705,000   Broward County FL Water & Sewer Utility Revenue     4.0000  10/01/47   703,221 
 625,000   New York State Environmental Facilities     5.0000  06/15/51   700,731 
 160,000   Santa Clara Valley Water District     2.9670  06/01/50   117,014 
                  1,520,966 
     TOTAL MUNICIPAL BONDS (Cost $4,277,287)            3,918,818 
                    
     NON U.S. GOVERNMENT & AGENCIES — 1.4%              
     SOVEREIGN — 1.4%              
 200,000   Colombia Government International Bond     3.2500  04/22/32   147,972 
 300,000   Dominican Republic International Bond(a)     4.8750  09/23/32   256,257 
 200,000   Emirate of Dubai Government International Bonds     5.2500  01/30/43   193,608 
 250,000   Hungary Government International Bond(a)     6.2500  09/22/32   259,164 
 200,000   Mexico Government International Bond     2.6590  05/24/31   168,062 
 250,000   Mexico Government International Bond     6.3500  02/09/35   265,929 
 200,000   Serbia International Bond(a)     6.5000  09/26/33   200,745 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,519,174)            1,491,737 
                    
     TERM LOANS — 5.1%              
     AEROSPACE & DEFENSE — 0.1%              
 70,694   TransDigm, Inc.(b)  US0001M + 2.250%  6.9800  05/30/25   70,650 
                    
     AUTOMOTIVE — 0.1%              
 71,127   Cooper-Standard Automotive, Inc.(b)  US0002M + 2.000%  6.3840  11/02/23   70,266 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 5.1% (Continued)              
     BIOTECH & PHARMA — 0.1%              
 64,675   Perrigo Investments, LLC(b)  TSFR1M + 2.500%  6.9230  04/07/29  $64,918 
                    
     CABLE & SATELLITE — 0.5%              
 160,000   Cogeco Communications USA II, L.P.(b)  US0001M + 2.000%  6.0710  01/04/25   159,773 
 177,174   Directv Financing, LLC(b)  US0001M + 5.000%  9.3840  07/22/27   174,637 
 205,000   Virgin Media Bristol, LLC(b)  US0001M + 2.500%  2.6260  01/04/28   204,232 
                  538,642 
     CHEMICALS — 0.2%              
 230,487   INEOS US Finance, LLC(b)  TSFR1M + 3.750%  6.0710  11/08/27   230,714 
                    
     COMMERCIAL SUPPORT SERVICES — 0.5%              
 150,000   AlixPartners LLP(b)  US0001M + 2.750%  5.8650  01/28/28   149,959 
 210,000   Brightview Landscapes, LLC(b)  TSFR1M + 3.250%  0.0000  04/22/29   207,201 
 205,000   CHG Healthcare Services, Inc.(b)  US0001M + 3.500%  7.6340  09/30/28   203,963 
                  561,123 
     CONTAINERS & PACKAGING — 0.1%              
 69,807   Berry Global, Inc.(b)  US0001M + 1.750%  6.1520  07/01/26   69,760 
                    
     ELECTRIC UTILITIES — 0.2%              
 210,000   Astoria Energy, LLC(b)  US0001M + 3.500%  4.5000  12/10/27   209,137 
                    
     ELECTRICAL EQUIPMENT — 0.3%              
 270,063   Brookfield WEC Holdings, Inc.(b)  US0001M + 2.750%  7.1340  08/01/25   270,065 
                    
     FOOD — 0.3%              
 205,000   Froneri US, Inc.(b)  US0001M + 2.250%  6.6340  01/30/27   203,384 
 79,215   Hostess Brands, LLC(b)  US0001M + 2.250%  6.6340  08/03/25   79,363 
                  282,747 
     HEALTH CARE FACILITIES & SERVICES — 0.2%              
 54,295   Agiliti Health, Inc.(b)  US0003M + 2.750%  7.1250  10/18/25   54,363 
 71,596   Legacy LifePoint Health, LLC(b)  US0001M + 3.750%  8.1650  11/16/25   69,706 
 160,000   Milano Acquisition Corporation(b)  US0001M + 4.000%  8.7300  08/17/27   156,559 
                  280,628 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 5.1% (Continued)              
     INDUSTRIAL SUPPORT SERVICES — 0.1%              
 68,439   Resideo Funding, Inc.(b)  US0001M + 2.250%  6.8600  02/09/28  $68,610 
                    
     LEISURE FACILITIES & SERVICES — 0.5%              
 135,258   Caesars Resort Collection, LLC(b)  US0003M + 2.750%  7.1340  10/02/24   135,313 
 70,000   Hilton Worldwide Finance, LLC(b)  US0003M + 1.750%  6.3800  06/21/26   69,997 
 39,800   Scientific Games Corporation(b)  TSFR1M + 3.000%  7.5780  04/07/29   39,814 
 155,000   Scientific Games Holdings, L.P.(b)  SOFRRATE + 3.500%  8.1030  02/04/29   152,718 
 68,403   Station Casinos, LLC(b)  US0001M + 2.250%  6.6400  01/31/27   67,976 
 67,554   UFC Holdings, LLC(b)  US0001M + 2.750%  7.5700  04/29/26   67,301 
                  533,119 
     MACHINERY — 0.1%              
 71,084   Alliance Laundry Systems, LLC(b)  US0003M + 3.500%  8.3060  09/30/27   71,033 
 71,268   Standard Industries, Inc.(b)  US0006M + 2.500%  6.4250  08/06/28   71,339 
                  142,372 
     MEDICAL EQUIPMENT & DEVICES — 0.2%              
 215,000   Mozart Borrower, L.P.(b)  US0001M + 3.250%  7.6340  09/30/28   209,162 
                    
     OIL & GAS PRODUCERS — 0.2%              
 69,107   Freeport LNG Investments LLLP(b)  US0003M + 3.500%  8.3080  11/17/28   67,245 
 98,366   Oryx Midstream Services Permian Basin, LLC(b)  US0001M + 3.250%  7.9240  09/30/28   98,222 
 30,000   Whitewater Whistler Holdings, LLC(b)  TSFR1M + 3.250%  0.0000  01/25/30   30,000 
                  195,467 
     PUBLISHING & BROADCASTING — 0.0%(e)              
 37,394   Nexstar Broadcasting, Inc.(b)  US0001M + 2.500%  6.8840  06/20/26   37,457 
                    
     RETAIL - DISCRETIONARY — 0.1%              
 155,000   PetSmart, Inc.(b)  US0006M + 3.750%  8.1300  01/29/28   154,161 
                    
     SOFTWARE — 0.3%              
 111,830   Applied Systems, Inc.(b)  TSFR1M + 4.500%  9.0800  09/19/26   112,286 
 69,139   CCC Intelligent Solutions, Inc.(b)  US0003M + 2.250%  6.6340  09/17/28   69,087 
 55,000   Open Text Corporation(b)     0.0000  11/16/29   55,000 
 67,926   Sophia, L.P.(b)  US0003M + 3.250%  8.2300  10/07/27   67,053 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 5.1% (Continued)              
     SOFTWARE — 0.3% (Continued)              
 66,740   UKG, Inc.(b)  US0001M + 3.250%  8.0320  05/03/26  $65,764 
                  369,190 
     TECHNOLOGY HARDWARE — 0.1%              
 68,750   NCR Corporation(b)  US0001M + 2.500%  6.9200  08/08/26   68,578 
                    
     TECHNOLOGY SERVICES — 0.3%              
 58,532   Blackhawk Network Holdings, Inc.(b)  US0001M + 3.000%  7.5380  05/22/25   58,033 
 64,763   Dun & Bradstreet Corporation (The)(b)  US0001M + 3.250%  7.7670  02/08/26   64,734 
 69,052   NAB Holdings, LLC(b)  SOFRRATE + 3.000%  7.7300  11/18/28   68,605 
 56,893   Peraton Corporation(b)  US0001M + 3.750%  8.1340  02/24/28   56,694 
 68,990   Tenable, Inc.(b)  US0006M + 2.750%  7.1650  06/17/28   68,214 
                  316,280 
     TELECOMMUNICATIONS — 0.3%              
 205,000   Cincinnati Bell, Inc.(b)  SOFRRATE + 3.250%  3.7500  11/17/28   204,445 
 96,281   SBA Senior Finance II, LLC(b)  US0001M + 1.750%  6.1400  04/11/25   96,254 
                  300,699 
     TRANSPORTATION & LOGISTICS — 0.3%              
 24,582   Air Canada(b)  US0006M + 3.500%  8.1300  07/27/28   24,648 
 101,113   Brown Group Holding, LLC(b)  US0003M + 2.500%  6.8840  04/22/28   100,789 
 63,000   Mileage Plus Holdings, LLC(b)  US0003M + 5.250%  9.9960  06/25/27   65,792 
 73,321   PODS, LLC(b)  US0001M + 3.000%  7.3840  03/19/28   71,795 
 66,500   SkyMiles IP Ltd.(b)  US0003M + 3.750%  8.5580  09/16/27   68,886 
                  331,910 
     TOTAL TERM LOANS (Cost $5,364,454)            5,375,655 
                    
     U.S. GOVERNMENT & AGENCIES — 24.7%              
     AGENCY FIXED RATE — 2.7%              
 8,107   Fannie Mae Pool 735061     6.0000  11/01/34   8,487 
 10,652   Fannie Mae Pool 866009     6.0000  03/01/36   11,255 
 74,433   Fannie Mae Pool 938574     5.5000  09/01/36   77,808 
 26,299   Fannie Mae Pool 310041     6.5000  05/01/37   28,562 
 11,583   Fannie Mae Pool 962752     5.0000  04/01/38   11,980 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 24.7% (Continued)           
     AGENCY FIXED RATE — 2.7% (Continued)           
 15,006   Fannie Mae Pool 909175  5.5000  04/01/38  $15,765 
 56,228   Fannie Mae Pool 909220  6.0000  08/01/38   58,770 
 48,750   Fannie Mae Pool AS7026  4.0000  04/01/46   48,021 
 84,273   Fannie Mae Pool BJ9260  4.0000  04/01/48   82,647 
 79,274   Freddie Mac Gold Pool G01980  5.0000  12/01/35   81,821 
 11,109   Freddie Mac Gold Pool G05888  5.5000  10/01/39   11,680 
 2,369,378   Freddie Mac Pool SD2026  5.0000  11/01/52   2,377,567 
               2,814,363 
     U.S. TREASURY BONDS — 3.2%           
 1,040,000   United States Treasury Bond  2.8750  05/15/49   891,170 
 1,440,000   United States Treasury Bond  2.0000  02/15/50   1,020,600 
 2,500,000   United States Treasury Bond  1.3750  08/15/50   1,503,076 
               3,414,846 
     U.S. TREASURY NOTES — 18.8%           
 1,525,000   United States Treasury Note  3.8750  11/30/27   1,540,190 
 2,505,000   United States Treasury Note  2.6250  02/15/29   2,368,204 
 485,000   United States Treasury Note  0.8750  11/15/30   399,973 
 715,000   United States Treasury Note  1.6250  05/15/31   620,765 
 540,000   United States Treasury Note  2.8750  05/15/32   512,916 
 4,940,000   United States Treasury Note  4.1250  11/15/32   5,183,141 
 2,045,000   United States Treasury Note  1.8750  02/15/51   1,397,949 
 1,135,000   United States Treasury Note  1.8750  11/15/51   772,642 
 175,000   United States Treasury Note  2.2500  02/15/52   130,457 
 655,000   United States Treasury Note  2.8750  05/15/52   560,230 
 5,925,000   United States Treasury Note  4.0000  11/15/52   6,287,907 
               19,774,374 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $29,079,783)         26,003,583 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 3.8%     
     MONEY MARKET FUNDS - 3.0%     
 3,130,139   Fidelity Government Portfolio, CLASS I, 4.17% (Cost $3,130,139)(f)  $3,130,139 
           
     COLLATERAL FOR SECURITIES LOANED – 0.8%     
 858,008   Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $858,008) (f),(h)   858,008 
           
     TOTAL INVESTMENTS – 102.2% (Cost $114,193,850)  $107,524,969 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%   (2,291,621)
     NET ASSETS - 100.0%  $105,233,348 

 

LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S/A - Société Anonyme
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
H15T10Y US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
   
SOFRINDX Secured Overnight Financing Rate Compounded
   
SOFRRATE Secured Overnight Financing Rate
   
TSFR1M Secured Overnight Financing Rate 1 month
   
US0001M ICE LIBOR USD 1 Month
   
US0002M ICE LIBOR USD 2 Month
   
US0003M ICE LIBOR USD 3 Month
   
US0006M ICE LIBOR USD 6 Month

 

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2023 the total market value of 144A securities is 41,045,217 or 39.0% of net assets.
   
(b) Variable rate security; the rate shown represents the rate on January 31, 2023.
   
(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
   
(d) Step bond.  Coupon rate is fixed rate that changes on a specified date.  The rate shown is the current rate at January 31, 2023.
   
(e) Percentage rounds to less than 0.1%.
   
(f) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(g) All or a portion of these securities are on loan. Total loaned securities had a value of $844,491 at January 31, 2023.
   
(h) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023

 

Shares               Fair Value 
     COMMON STOCKS — 0.2%              
     METALS & MINING - 0.2%              
 23,114   Covia Holdings, LLC(a)           $312,039 
                    
     TOTAL COMMON STOCKS (Cost $183,467)            312,039 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 9.6%              
     CLO — 9.6%              
 1,500,000   Apidos CLO XX Series 2015-20A DR(b),(c)  US0003M + 5.700%  10.4920  07/16/31   1,289,148 
 1,540,000   Atrium IX Series 9A ER(b),(c)  US0003M + 6.450%  11.1860  05/28/30   1,366,262 
 2,900,000   Benefit Street Partners CLO II Ltd. Series 2013-IIA DR(b),(c)  US0003M + 6.550%  11.3420  07/15/29   2,580,426 
 2,000,000   Benefit Street Partners CLO III Ltd. Series 2013-IIIA DR(b),(c)  US0003M + 6.600%  11.4080  07/20/29   1,847,340 
 2,000,000   Benefit Street Partners Clo XII Ltd. Series 2017-12A D(b),(c)  US0003M + 6.410%  11.2020  10/15/30   1,842,252 
 250,000   CIFC Funding 2013-II Ltd. Series 2013-2A B2LR(b),(c)  US0003M + 6.520%  11.3120  10/18/30   212,107 
 275,000   CIFC Funding 2017-I Ltd. Series 2017-1A E(b),(c)  US0003M + 6.350%  11.1650  04/23/29   250,773 
 1,250,000   Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E(b),(c)  US0003M + 4.700%  9.5080  11/28/30   1,105,071 
 3,005,000   THL Credit Wind River 2014-2 CLO Ltd. Series 2014-2A ER(b),(c)  US0003M + 5.750%  10.5420  01/15/31   2,213,771 
 1,750,000   THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(b),(c)  US0003M + 6.750%  11.5420  04/15/31   1,443,628 
 700,000   TICP CLO I-2 Ltd. Series 2018-IA D(b),(c)  US0003M + 5.770%  10.5920  04/26/28   670,812 
                  14,821,590 
     TOTAL ASSET BACKED SECURITIES (Cost $16,660,567)            14,821,590 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.0%              
     CABLE & SATELLITE — 0.2%              
 500,000   CSC Holdings, LLC(b)     5.7500  01/15/30   316,888 
                    
     CHEMICALS — 0.3%              
 500,000   Consolidated Energy Finance S.A.(b)     5.6250  10/15/28   435,673 
                    
     COMMERCIAL SUPPORT SERVICES — 0.2%              
 450,000   Deluxe Corporation(b)     8.0000  06/01/29   386,054 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.0% (Continued)              
     CONSUMER SERVICES — 0.2%              
 437,000   PROG Holdings, Inc.(b)     6.0000  11/15/29  $370,932 
                    
     ELECTRIC UTILITIES — 0.3%              
 471,000   Calpine Corporation(b)     5.0000  02/01/31   403,553 
                    
     ENTERTAINMENT CONTENT — 0.2%              
 424,000   Paramount Global(d)  H15T5Y + 3.999%  6.3750  03/30/62   369,404 
                    
     FOOD — 0.2%              
 524,000   HLF Financing Sarl, LLC / Herbalife International,(b)     4.8750  06/01/29   385,304 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.3%              
 459,000   CHS/Community Health Systems, Inc.(b),(e)     5.6250  03/15/27   406,910 
                    
     LEISURE FACILITIES & SERVICES — 1.1%              
 440,000   Carnival Corporation(b),(e)     10.5000  06/01/30   424,063 
 439,000   CEC Entertainment Company, LLC(b)     6.7500  05/01/26   406,637 
 502,000   NCL Corporation Ltd.(b),(e)     7.7500  02/15/29   431,326 
 523,000   Royal Caribbean Cruises Ltd.(b)     5.5000  04/01/28   450,471 
                  1,712,497 
     OIL & GAS PRODUCERS — 1.6%              
 422,000   Genesis Energy, L.P. / Genesis Energy Finance(e)     8.0000  01/15/27   415,147 
 446,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)     5.7500  02/01/29   415,329 
 416,000   Howard Midstream Energy Partners, LLC(b)     6.7500  01/15/27   406,091 
 424,000   Independence Energy Finance, LLC(b)     7.2500  05/01/26   407,621 
 494,000   ITT Holdings, LLC(b),(e)     6.5000  08/01/29   429,307 
 450,000   Strathcona Resources Ltd.(b),(e)     6.8750  08/01/26   384,239 
                  2,457,734 
     REAL ESTATE INVESTMENT TRUSTS — 0.2%              
 514,000   Service Properties Trust(e)     4.3750  02/15/30   374,218 
                    
     REAL ESTATE OWNERS & DEVELOPERS — 0.3%              
 458,000   Kennedy-Wilson, Inc.     4.7500  03/01/29   385,363 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.0% (Continued)              
     RETAIL - DISCRETIONARY — 0.3%              
 474,000   Ken Garff Automotive, LLC(b)     4.8750  09/15/28  $406,884 
                    
     SPECIALTY FINANCE — 0.7%              
 505,000   Apollo Commercial Real Estate Finance, Inc.(b)     4.6250  06/15/29   414,908 
 216,000   Burford Capital Global Finance, LLC(b)     6.2500  04/15/28   195,773 
 236,000   Burford Capital Global Finance, LLC(b)     6.8750  04/15/30   212,863 
 500,000   Cobra AcquisitionCo, LLC(b)     6.3750  11/01/29   305,603 
                  1,129,147 
     TECHNOLOGY SERVICES — 0.3%              
 475,000   ION Trading Technologies Sarl(b)     5.7500  05/15/28   407,305 
                    
     TELECOMMUNICATIONS — 1.0%              
 500,000   Altice France S.A.(b)     5.5000  10/15/29   394,251 
 423,000   Hughes Satellite Systems Corporation     6.6250  08/01/26   409,661 
 464,000   Sable International Finance Ltd.(b),(e)     5.7500  09/07/27   444,882 
 550,000   Telesat Canada / Telesat, LLC(b)     4.8750  06/01/27   270,130 
                  1,518,924 
     TRANSPORTATION & LOGISTICS — 0.3%              
 372,000   American Airlines, Inc.(b),(e)     11.7500  07/15/25   414,592 
                    
     WHOLESALE - CONSUMER STAPLES — 0.3%              
 571,000   C&S Group Enterprises, LLC(b)     5.0000  12/15/28   440,389 
                    
     TOTAL CORPORATE BONDS (Cost $14,192,871)            12,321,771 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8%              
     AEROSPACE & DEFENSE — 1.2%              
 770,465   Dynasty Acquisition Company, Inc.(c)  US0001M + 3.500%  7.9230  04/08/26   757,756 
 738,111   Spirit AeroSystems, Inc.(c)  TSFR1M + 4.300%  8.8230  11/23/27   740,417 
 415,299   Standard Aero Ltd.(c)  US0001M + 3.500%  7.9230  04/08/26   408,449 
                  1,906,622 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     APPAREL & TEXTILE PRODUCTS — 0.5%              
 729,126   Birkenstock US BidCo, Inc.(c)  US0001M + 3.300%  7.6900  04/28/28  $728,328 
                    
     ASSET MANAGEMENT — 3.0%              
 1,183,897   Advisor Group Holdings, Inc.(c)  US0001M + 4.500%  8.8840  07/31/26   1,177,380 
 1,186,990   Hightower Holding, LLC(c)  US0001M + 4.430%  8.8150  04/21/28   1,158,799 
 1,184,733   Nexus Buyer, LLC(c)  US0001M + 3.750%  8.1340  11/08/26   1,164,847 
 1,197,776   NFP Corporation(c)  ICE LIBOR USD 1 Month + 3.250%  7.6340  02/04/27   1,177,192 
                  4,678,218 
     AUTOMOTIVE — 0.7%              
 1,193,520   Dexko Global, Inc.(c)  US0001M + 3.750%  8.4800  09/24/28   1,106,847 
                    
     BEVERAGES — 0.9%              
 1,349,494   Pegasus Bidco BV(c)  TSFR1M + 4.000%  8.5150  05/05/29   1,342,747 
                    
     BIOTECH & PHARMA — 0.5%              
 771,243   Curium Bidco Sarl(c)  US0001M + 4.250%  8.9800  09/10/27   772,207 
                    
     CABLE & SATELLITE — 1.5%              
 1,194,839   CSC Holdings, LLC(c)  ICE LIBOR USD 3 Month + 2.140%  6.5680  07/17/25   1,156,006 
 1,150,000   UPC Financing Partnership(c)  US0001M + 3.000%  7.3840  01/31/29   1,149,713 
                  2,305,719 
     CHEMICALS — 2.9%              
 700,000   ASP Unifrax Holdings, Inc.(c)  US0003M + 4.730%  3.9740  11/05/25   635,761 
 562,005   Diamond BC BV(c)  US0001M +4.380%  7.1650  09/15/28   557,040 
 1,401,947   Groupe Solmax, Inc.(c)  US0001M + 4.750%  9.4800  07/23/28   1,181,140 
 1,277,263   Iris Holding, Inc.(c)  TSFR1M + 4.420%  8.9440  06/15/28   1,152,730 
 1,185,800   NIC Acquisition Corporation(c)  ICE LIBOR USD 1 Month + 3.750%  8.4800  01/14/28   981,249 
                  4,507,920 
     COMMERCIAL SUPPORT SERVICES — 3.7%              
 777,937   Amentum Government Services Holdings, LLC(c)  SOFRRATE + 4.000%  7.5580  02/07/29   768,699 
 1,185,000   APX Group, Inc.(c)  US0001M + 2.500%  9.7500  07/01/28   1,175,970 
 560,000   CHG Healthcare Services, Inc.(c)  US0001M + 3.500%  7.6340  09/30/28   557,166 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     COMMERCIAL SUPPORT SERVICES — 3.7% (Continued)              
 1,121,462   Garda World Security Corporation(c)  US0001M + 4.250%  8.9300  10/30/26  $1,119,780 
 772,026   Prime Security Services Borrower, LLC(c)  US0001M + 2.750%  7.5170  09/23/26   772,508 
 1,184,962   Sotheby’s(c)  US0001M + 4.500%  9.3300  01/15/27   1,184,074 
                  5,578,197 
     CONSTRUCTION MATERIALS — 2.1%              
 1,132,109   Foley Products Company, LLC(c)  SOFRRATE + 4.750%  9.4800  02/10/29   1,115,840 
 884,538   Quikrete Holdings, Inc.(c)  US0001M + 3.000%  7.3840  06/11/28   882,627 
 1,183,471   US Silica Company(c)  US0003M + 4.000%  8.4380  05/01/25   1,182,732 
                  3,181,199 
     CONSUMER SERVICES — 0.7%              
 1,180,509   Mckissock Investment Holdings, LLC(c)  SOFRRATE + 5.000%  9.7850  03/04/29   1,145,094 
                    
     CONTAINERS & PACKAGING — 3.1%              
 750,132   Charter Next Generation, Inc.(c)  US0001M +4.730%  8.1340  12/01/27   746,981 
 1,184,281   Clydesdale Acquisition Holdings, Inc.(c)  TSFR1M + 4.250%  8.6980  03/30/29   1,165,380 
 1,275,254   LABL, Inc.(c)  US0001M + 5.000%  9.3840  10/22/28   1,247,129 
 1,190,375   Patriot Container Corporation(c)  ICE LIBOR USD 3 Month + 3.750%  8.1730  03/16/25   1,107,347 
 515,876   Trident TPI Holdings, Inc.(c)  US0001M + 4.000%  8.7300  07/29/28   507,307 
 73,423   Trident TPI Holdings, Inc.(c)  US0001M + 4.000%  8.7300  07/29/28   72,204 
                  4,846,348 
     E-COMMERCE DISCRETIONARY — 1.0%              
 1,043,440   CNT Holdings I Corporation(c)  ICE LIBOR USD 1 Month + 3.500%  8.1250  10/16/27   1,032,598 
 524,000   CNT Holdings I Corporation(c)  US0001M +6.990%  11.3750  11/06/28   506,095 
                  1,538,693 
     ELECTRIC UTILITIES — –%(f)              
 635,000   Texas Competitive Electric Holdings Company, LLC /(g)     —  11/22/49   — 
                    
     ELECTRICAL EQUIPMENT — 1.1%              
 490,564   Brookfield WEC Holdings, Inc.(c)  US0001M + 2.750%  7.1340  08/01/25   490,567 
 475,398   Brookfield WEC Holdings, Inc.(c)  TSFR1M + 3.550%  8.0730  08/01/25   476,501 
 554,454   Icebox Holdco III, Inc.(c)  US0001M + 3.750%  8.2300  12/14/28   535,049 
 115,642   Icebox Holdco III, Inc.(c)  US0001M +3.850%  8.2300  12/14/28   111,594 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     ELECTRICAL EQUIPMENT — 1.1% (Continued)              
 179,825   Icebox Holdco III, Inc.(c)  US0001M + 6.750%  11.4800  12/15/29  $160,943 
                  1,774,654 
     ENGINEERING & CONSTRUCTION — 1.4%              
 1,185,000   USIC Holdings, Inc.(c)  US0001M + 3.500%  7.8840  05/14/28   1,154,267 
 1,059,178   VM Consolidated, Inc.(c)  US0001M + 3.250%  7.6340  03/26/28   1,061,826 
                  2,216,093 
     ENTERTAINMENT CONTENT — 1.4%              
 1,187,661   NEP Group, Inc.(c)  US0003M + 3.250%  7.6340  10/20/25   1,073,051 
 1,118,850   Univision Communications, Inc.(c)  TSFR1M + 4.310%  8.8300  06/10/29   1,120,249 
                  2,193,300 
     HEALTH CARE FACILITIES & SERVICES — 5.3%              
 1,185,000   Bella Holding Company, LLC(c)  US0001M + 3.750%  8.1340  04/01/28   1,158,338 
 1,180,644   Corgi BidCo, Inc.(c)  TSFR1M + 5.060%  9.5800  09/20/29   1,130,957 
 1,194,339   Milano Acquisition Corporation(c)  US0001M + 4.000%  8.7300  08/17/27   1,168,661 
 1,202,106   Packaging Coordinators Midco, Inc.(c)  ICE LIBOR USD 1 Month + 3.750%  8.2300  09/25/27   1,182,037 
 1,325,361   Phoenix Newco, Inc.(c)  US0001M + 3.250%  7.6340  08/11/28   1,316,474 
 1,187,970   Radnet Management, Inc.(c)  US0001M + 3.000%  7.7350  04/23/28   1,178,846 
 1,367,290   Team Health Holdings, Inc.(c)  SOFRRATE + 5.250%  9.5730  02/17/27   1,139,978 
                  8,275,291 
     INDUSTRIAL INTERMEDIATE PROD — 0.4%              
 644,037   Crosby US Acquisition Corporation(c)  TSFR1M + 4.800%  9.3210  06/27/26   627,936 
                    
     INSTITUTIONAL FINANCIAL SERVICES — 0.8%              
 1,180,850   Aretec Group, Inc.(c)  US0003M + 4.250%  8.7730  10/01/25   1,169,750 
                    
     INSURANCE — 3.6%              
 578,157   Alliant Holdings Intermediate, LLC(c)  US0001M + 3.500%  8.0080  11/06/27   578,157 
 604,000   Alliant Holdings Intermediate, LLC(c)  US0001M + 4.500%  8.0080  11/12/27   604,000 
 757,086   Asurion, LLC(c)  ICE LIBOR USD 1 Month + 3.250%  7.6340  12/18/26   725,977 
 663,840   Asurion, LLC(c)  ICE LIBOR USD 1 Month + 3.250%  7.6340  07/28/27   628,849 
 355,000   Asurion, LLC(c)  US0001M + 5.250%  9.6340  01/29/28   297,934 
 365,000   Asurion, LLC(c)  US0001M + 5.250%  9.6340  01/14/29   307,058 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     INSURANCE — 3.6% (Continued)              
 1,184,887   HUB International Ltd.(c)  US0001M + 3.250%  8.0580  04/25/25  $1,185,522 
 62,020   HUB International Ltd.(c)  TSFR1M + 3.700%  8.2200  11/10/29   62,068 
 1,042,413   Sedgwick Claims Management Services, Inc.(c)  US0003M + 3.250%  7.6340  11/05/25   1,039,228 
 188,663   Sedgwick Claims Management Services, Inc.(c)  US0001M + 3.750%  8.1340  09/03/26   188,780 
                  5,617,573 
     LEISURE FACILITIES & SERVICES — 7.2%              
 1,743,485   Aimbridge Acquisition Company, Inc.(c)  US0003M + 3.750%  8.1340  02/01/26   1,614,170 
 1,299,499   AMC Entertainment Holdings, Inc.(c)  US0003M + 3.000%  7.4300  04/22/26   772,968 
 523,024   Carnival Corporation(c)  US0001M + 3.000%  7.3840  06/30/25   515,974 
 639,955   Carnival Corporation(c)  US0001M + 3.250%  7.6340  10/08/28   626,090 
 1,340,804   Dave & Buster’s, Inc.(c)  TSFR1M + 4.920%  9.4380  06/23/29   1,344,491 
 1,197,977   Fogo De Chao, Inc.(c)  US0003M + 4.250%  8.6340  04/05/25   1,152,681 
 2,548,030   Hornblower Sub, LLC(c)  US0001M + 4.500%  8.6700  04/27/25   1,727,896 
 867,816   Playa Resorts Holding BV(c)  TSFR1M + 4.210%  8.7280  11/22/28   863,164 
 1,322,453   William Morris Endeavor Entertainment, LLC(c)  US0003M + 2.750%  7.1400  05/29/25   1,317,262 
 1,452,225   Wok Holdings, Inc.(c)  US0003M + 6.250%  11.2350  03/01/26   1,268,882 
                  11,203,578 
     LEISURE PRODUCTS — 1.0%              
 1,578,360   Varsity Brands Holding Company, Inc.(c)  US0003M + 3.500%  7.8840  12/15/24   1,570,468 
                    
     MACHINERY — 1.3%              
 826,051   Alliance Laundry Systems, LLC(c)  US0001M + 3.500%  8.3060  09/30/27   825,452 
 724   Filtration Group Corporation(c)  ICE LIBOR USD 3 Month + 3.000%  6.7540  03/29/25   724 
 1,184,416   STS Operating, Inc.(c)  US0003M + 4.250%  8.6340  12/07/24   1,145,282 
                  1,971,458 
     MEDICAL EQUIPMENT & DEVICES — 1.0%              
 1,570,090   Mozart Borrower, L.P.(c)  US0001M + 3.250%  7.6340  09/30/28   1,527,454 
                    
     OIL & GAS PRODUCERS — 3.7%              
 1,551,228   CQP Holdco, L.P.(c)  US0001M + 3.750%  8.4800  06/04/28   1,555,983 
 785,558   EG America, LLC(c)  US0003M + 4.000%  8.7300  02/05/25   760,459 
 1,172,780   M6 ETX Holdings II Midco, LLC(c)  TSFR1M + 4.640%  9.1580  08/11/29   1,172,780 
 1,188,057   Medallion Midland Acquisition, L.P.(c)  US0001M + 3.750%  8.5920  10/14/28   1,189,726 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     OIL & GAS PRODUCERS — 3.7% (Continued)              
 974,753   TransMontaigne Operating Company, L.P.(c)  US0001M + 3.500%  8.0080  11/05/28  $973,227 
                  5,652,175 
     PUBLISHING & BROADCASTING — 0.8%              
 1,203,950   Sinclair Television Group, Inc.(c)  TSFR1M + 3.750%  8.1730  04/13/29   1,186,342 
                    
     REAL ESTATE INVESTMENT TRUSTS — 0.8%              
 1,188,000   Claros Mortgage Trust, Inc.(c)  US0001M + 4.500%  9.0780  08/09/26   1,180,575 
                    
     RETAIL - DISCRETIONARY — 3.2%              
 729,400   Hertz Corporation (The)(c)  US0001M + 3.250%  7.6300  06/14/28   727,784 
 139,557   Hertz Corporation (The)(c)  US0001M + 3.250%  7.6300  06/14/28   139,248 
 1,197,756   JP Intermediate B, LLC(c)  US0003M + 5.500%  9.9150  11/20/25   862,384 
 1,279,099   LBM Acquisition, LLC(c)  US0001M + 3.750%  7.1210  12/18/27   1,160,117 
 535,463   Petco Health & Wellness Company, Inc.(c)  US0001M + 3.250%  7.8350  02/25/28   530,807 
 512,200   PetSmart, Inc.(c)  US0003M + 3.750%  8.1300  01/29/28   509,426 
 1,191,062   Specialty Building Products Holdings, LLC(c)  US0001M + 3.750%  7.7670  10/05/28   1,144,992 
                  5,074,758 
     SEMICONDUCTORS — 0.0%(f)              
 57,359   Altar Bidco, Inc.(c)  SOFRRATE + 5.600%  10.5120  11/17/29   50,906 
                    
     SOFTWARE — 12.1%              
 706,560   Applied Systems, Inc.(c)  US0003M + 2.000%  6.6740  09/19/24   708,475 
 190,250   Applied Systems, Inc.(c)  US0001M + 5.500%  11.3300  09/19/25   190,667 
 186,142   athenahealth, Inc.(c)  SOFRRATE +3.310%  7.8210  01/27/29   176,912 
 1,090,818   athenahealth, Inc.(c)  SOFRRATE + 3.500%  8.0120  01/27/29   1,036,729 
 599,325   Barracuda Networks, Inc.(c)  ICE LIBOR USD 3 Month + 3.750%  8.5940  02/12/25   581,561 
 585,839   Barracuda Networks, Inc.(c)  TSFR1M + 4.070%  8.5940  05/17/29   568,475 
 1,158,119   Central Parent, Inc.(c)  TSFR1M + 4.560%  9.0800  06/09/29   1,157,215 
 1,810,103   Condor Merger Sub, Inc.(c)  SOFRRATE + 4.000%  8.1840  02/03/29   1,713,100 
 592,386   Dcert Buyer, Inc.(c)  US0003M + 4.000%  8.6960  08/08/26   586,418 
 600,000   Dcert Buyer, Inc.(c)  US0001M + 7.000%  11.6960  02/16/29   552,624 
 1,186,725   Epicor Software Corporation(c)  US0001M + 3.250%  7.6340  07/31/27   1,167,612 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     SOFTWARE — 12.1% (Continued)              
 1,780,769   Greeneden US Holdings II, LLC(c)  ICE LIBOR USD 1 Month + 4.000%  8.3840  10/08/27  $1,752,019 
 600,000   Helios Software Holdings, Inc.(c)  US0001M + 3.750%  8.4800  03/11/28   594,159 
 1,092,359   MedAssets Software Intermediate Holdings, Inc.(c)  US0001M + 4.000%  8.3840  11/19/28   995,412 
 121,719   MedAssets Software Intermediate Holdings, Inc.(c)  US0001M + 6.750%  11.1340  11/19/29   86,231 
 1,184,694   Project Boost Purchaser, LLC(c)  US0003M + 3.500%  7.8840  05/30/26   1,164,981 
 1,178,100   Proofpoint, Inc.(c)  US0001M + 3.250%  7.9850  06/10/28   1,157,206 
 1,086,869   RealPage, Inc.(c)  US0001M + 3.250%  7.3840  02/18/28   1,062,213 
 779,175   Sophia, L.P.(c)  US0003M + 3.250%  8.2300  09/23/27   769,162 
 267,002   Sophia, L.P.(c)  SOFRRATE + 4.250%  8.5730  10/07/27   264,109 
 1,187,755   Ultimate Software Group, Inc. (The)(c)  ICE LIBOR USD 3 Month + 3.750%  8.1340  04/08/26   1,178,027 
 1,328,329   Waystar Technologies, Inc.(c)  US0001M + 4.000%  8.3840  10/23/26   1,322,524 
                  18,785,831 
     SPECIALTY FINANCE — 0.4%              
 622,612   Apollo Commercial Real Estate Finance, Inc.(c)  US0001M + 3.500%  7.8890  03/11/28   597,707 
                    
     TECHNOLOGY HARDWARE — 1.5%              
 1,184,576   VeriFone Systems, Inc.(c)  ICE LIBOR USD 3 Month + 4.000%  8.3590  08/20/25   1,117,310 
 1,213,963   Viasat, Inc.(c)  SOFRRATE + 4.500%  9.0520  02/24/29   1,216,050 
                  2,333,360 
     TECHNOLOGY SERVICES — 4.4%              
 177,300   ION Trading Finance Ltd.(c)  US0001M + 4.750%  9.4800  03/26/28   172,180 
 1,140,000   MoneyGram International, Inc.(c)  US0001M + 4.500%  8.8840  07/21/26   1,139,288 
 1,215,637   MPH Acquisition Holdings, LLC(c)  US0001M + 4.250%  8.9850  08/17/28   1,096,730 
 1,185,320   Peraton Corporation(c)  US0001M + 3.750%  8.1340  02/24/28   1,181,172 
 1,169,081   Sitel Worldwide Corporation(c)  US0001M + 3.750%  8.1400  07/29/28   1,170,787 
 1,306,417   Travelport Finance Luxembourg Sarl(c)  US0003M + 5.000%  9.7300  05/29/26   841,332 
 1,162,101   Verscend Holding Corporation(c)  US0001M + 4.000%  8.3840  08/27/25   1,162,409 
                  6,763,898 
     TELECOMMUNICATIONS — 2.5%              
 615,875   Altice France S.A.(c)  ICE LIBOR USD 3 Month + 2.750%  7.1650  06/22/25   611,179 
 756,796   Altice France S.A.(c)  ICE LIBOR USD 3 Month + 3.688%  8.5170  01/09/26   730,308 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.8% (Continued)              
     TELECOMMUNICATIONS — 2.5% (Continued)              
 223,975   Altice France S.A.(c)  ICE LIBOR USD 3 Month + 4.000%  8.6500  01/31/26  $216,696 
 890,378   CCI Buyer, Inc.(c)  US0001M + 4.000%  8.5800  12/12/27   875,909 
 883,720   Connect Finco S.A.RL(c)  US0001M + 3.500%  7.8900  12/12/26   878,750 
 1,235   Intelsat Jackson Holdings S.A.     8.6250  01/02/24   — 
 1,201,429   Telesat, LLC(c)  US0001M + 2.750%  7.1700  12/06/26   561,668 
                  3,874,510 
     TRANSPORTATION & LOGISTICS — 3.3%              
 680,000   AAdvantage Loyalty IP Ltd.(c)  US0003M + 4.750%  9.5580  03/10/28   699,336 
 972,642   Air Canada(c)  US0001M + 3.500%  8.1300  07/27/28   975,244 
 1,184,593   Kenan Advantage Group, Inc. (The)(c)  US0001M + 3.750%  8.1340  03/24/26   1,173,979 
 692,663   United Airlines, Inc.(c)  US0001M + 3.750%  8.5680  04/14/28   693,954 
 1,475,227   WestJet Airlines Ltd.(c)  US0003M + 2.700%  7.5080  10/08/26   1,420,924 
                  4,963,437 
     WHOLESALE - DISCRETIONARY — 0.8%              
 1,187,692   Fastlane Parent Company, Inc.(c)  US0001M + 4.500%  8.8840  02/04/26   1,181,160 
                    
     TOTAL TERM LOANS (Cost $127,466,366)            123,430,353 
                    
Shares      Expiration Date  Exercise Price     Fair Value 
     RIGHT — 0.0%(f)              
     NON-LISTED RIGHT - 0.0% (f)              
 10,588   TRA Rights  1/22/2024  —      13,145 
                    
     TOTAL RIGHT (Cost $17,470)            13,145 
                    
Shares      Expiration Date  Exercise Price     Fair Value 
     WARRANT — 0.1%              
     PUBLISHING & BROADCASTING - 0.1%              
 14,905   iHeartMedia, Inc.  05/02/2039  $             0 .00      111,788 
                    
     TOTAL WARRANT (Cost $287,609)            111,788 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 3.1%     
     COLLATERAL FOR SECURITIES LOANED - 2.5%     
 3,769,535   Mount Vernon Liquid Assets Portfolio, LLC, 4.49% (Cost $3,769,535)(h)(i)  $3,769,535 
           
     MONEY MARKET FUND - 0.6%     
 995,161   Fidelity Government Portfolio, CLASS I, 4.17% (Cost $995,161)(h)   995,161 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $4,764,696)   4,764,696 
           
     TOTAL INVESTMENTS - 100.8% (Cost $163,573,046)  $155,775,382 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%   (1,253,791)
     NET ASSETS - 100.0%  $154,521,591 

 

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 TSFR1M
   
US0001M ICE LIBOR USD 1 Month
   
US0003M ICE LIBOR USD 3 Month

 

(a) Non-income producing security.
   
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2023 the total market value of 144A securities is 25,189,568 or 16.3% of net assets.
   
(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
   
(d) Variable rate security; the rate shown represents the rate on January 31, 2023.
   
(e) All or a portion of these securities are on loan. Total loaned securities had a value of $3,718,575 at January 31, 2023.
   
(f) Percentage rounds to less than 0.1%.
   
(g) Represents issuer in default on interest payments; non-income producing security.
   
(h) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(i) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023

 

Shares               Fair Value 
     COMMON STOCKS — 2.1%              
     OIL & GAS SERVICES & EQUIPMENT - 2.1%              
 50   Hi-Crush(a),(g)           $1,935,600 
                    
     TOTAL COMMON STOCKS (Cost $1,196,933)            1,935,600 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5%              
     AEROSPACE & DEFENSE — 1.6%              
 545,000   Moog, Inc.(b)     4.2500  12/15/27   507,240 
 493,000   Rolls-Royce plc(b)     5.7500  10/15/27   479,807 
 457,000   Spirit AeroSystems, Inc.(b)     7.5000  04/15/25   459,111 
                  1,446,158 
     ASSET MANAGEMENT —0.7%              
 415,000   AG Issuer, LLC(b)     6.2500  03/01/28   394,686 
 333,000   NFP Corporation(b)     4.8750  08/15/28   291,227 
                  685,913 
     AUTOMOTIVE — 1.7%              
 185,000   Ford Motor Company(c)     3.2500  02/12/32   147,049 
 404,000   Ford Motor Company     4.7500  01/15/43   315,935 
 211,000   Ford Motor Credit Co LLC     4.0000  11/13/30   183,664 
 205,000   Ford Motor Credit Company, LLC     4.9500  05/28/27   195,780 
 728,000   Ford Motor Credit Company, LLC     7.3500  11/04/27   765,309 
                  1,607,737 
     BIOTECH & PHARMA — 1.1%              
 372,000   Grifols Escrow Issuer S.A.(b)     4.7500  10/15/28   324,016 
 200,000   Organon Finance 1, LLC(b)     4.1250  04/30/28   181,860 
 589,000   Organon Finance 1, LLC(b)     5.1250  04/30/31   532,629 
                  1,038,505 
     CABLE & SATELLITE — 5.7%              
 1,290,000   Altice Financing S.A.(b),(c)     5.0000  01/15/28   1,096,918 
 555,000   Block Communications, Inc.(b)     4.8750  03/01/28   489,144 
 378,000   CCO Holdings, LLC / CCO Holdings Capital(b)     5.0000  02/01/28   353,211 
 825,000   CCO Holdings, LLC / CCO Holdings Capital(b)     5.3750  06/01/29   764,045 
 800,000   CCO Holdings, LLC / CCO Holdings Capital(b)     6.3750  09/01/29   772,500 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     CABLE & SATELLITE — 5.7% (Continued)              
 775,000   CSC Holdings, LLC(b)     5.7500  01/15/30  $491,176 
 680,000   CSC Holdings, LLC(b)     4.6250  12/01/30   402,878 
 610,000   Sirius XM Radio, Inc.(b)     4.0000  07/15/28   543,742 
 435,000   UPC Broadband Finco BV(b)     4.8750  07/15/31   383,302 
                  5,296,916 
     CHEMICALS —2.1%              
 604,000   Consolidated Energy Finance S.A.(b)     5.6250  10/15/28   526,292 
 480,000   Methanex Corporation     5.1250  10/15/27   457,795 
 531,000   Minerals Technologies, Inc.(b)     5.0000  07/01/28   486,131 
 614,000   Trinseo Materials Operating SCA / Trinseo(b),(c)     5.1250  04/01/29   443,244 
                  1,913,462 
     COMMERCIAL SUPPORT SERVICES — 5.0%              
 400,000   Allied Universal Holdco, LLC / Allied Universal(b)     4.6250  06/01/28   345,530 
 585,000   Brink’s Company (The)(b)     4.6250  10/15/27   546,479 
 87,000   Covanta Holding Corporation     5.0000  09/01/30   74,259 
 456,000   Covert Mergeco, Inc.(b)     4.8750  12/01/29   398,364 
 630,000   Deluxe Corporation(b)     8.0000  06/01/29   540,475 
 228,000   Garda World Security Corporation(b)     4.6250  02/15/27   207,805 
 56,000   Garda World Security Corporation(b)     9.5000  11/01/27   55,446 
 222,000   Garda World Security Corporation(b)     6.0000  06/01/29   185,608 
 612,000   Harsco Corporation(b)     5.7500  07/31/27   518,548 
 380,000   Korn Ferry(b)     4.6250  12/15/27   357,597 
 515,000   Prime Security Services Borrower, LLC / Prime(b)     5.7500  04/15/26   507,133 
 505,000   Sotheby’s(b)     7.3750  10/15/27   488,815 
 580,000   TriNet Group, Inc.(b)     3.5000  03/01/29   487,847 
                  4,713,906 
     CONSTRUCTION MATERIALS — 0.5%              
 328,000   Standard Industries, Inc.(b)     4.7500  01/15/28   307,669 
 199,000   Standard Industries, Inc.(b)     3.3750  01/15/31   158,322 
                  465,991 
     CONSUMER SERVICES —1.1%              
 600,000   PROG Holdings, Inc.(b)     6.0000  11/15/29   509,289 
 561,000   Rent-A-Center, Inc.(b),(c)     6.3750  02/15/29   477,529 
                  986,818 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     CONTAINERS & PACKAGING — 3.2%              
 414,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)     3.2500  09/01/28  $363,803 
 139,000   Ball Corporation     5.2500  07/01/25   138,477 
 199,000   Ball Corporation     2.8750  08/15/30   163,423 
 580,000   Clydesdale Acquisition Holdings, Inc.(b)     6.6250  04/15/29   572,633 
 479,000   Crown Americas, LLC     5.2500  04/01/30   458,536 
 507,000   LABL, Inc.(b)     5.8750  11/01/28   458,049 
 252,000   Mauser Packaging Solutions Holding Company(b)     7.8750  08/15/26   254,520 
 90,000   Sealed Air Corporation(b)     5.0000  04/15/29   85,396 
 465,000   Silgan Holdings, Inc.     4.1250  02/01/28   434,177 
                  2,929,014 
     ELECTRIC UTILITIES — 1.8%              
 453,000   Calpine Corporation(b)     5.0000  02/01/31   388,130 
 332,000   Calpine Corporation(b)     3.7500  03/01/31   277,236 
 165,000   Clearway Energy Operating, LLC(b)     3.7500  01/15/32   136,335 
 510,000   NRG Energy Inc(b)     3.6250  02/15/31   400,983 
 510,000   Vistra Operations Company, LLC(b)     5.0000  07/31/27   480,671 
                  1,683,355 
     ENGINEERING & CONSTRUCTION — 0.6%              
 557,000   VM Consolidated, Inc.(b)     5.5000  04/15/29   513,578 
                    
     ENTERTAINMENT CONTENT — 1.7%              
 445,000   Banijay Entertainment S.A.SU(b)     5.3750  03/01/25   429,977 
 354,000   Paramount Global(d)  H15T5Y + 3.999%  6.3750  03/30/62   308,417 
 735,000   Univision Communications, Inc.(b)     6.6250  06/01/27   721,230 
 131,000   Univision Communications, Inc.(b)     7.3750  06/30/30   128,634 
                  1,588,258 
     FOOD —1.6%              
 208,000   Herbalife Nutrition Ltd. / HLF Financing, Inc.(b)     7.8750  09/01/25   195,426 
 675,000   HLF Financing Sarl, LLC / Herbalife International,(b)     4.8750  06/01/29   496,335 
 209,000   Land O’Lakes Capital Trust I(b)     7.4500  03/15/28   206,388 
 321,000   Post Holdings, Inc.(b)     4.5000  09/15/31   276,810 
 381,000   Simmons Foods, Inc./Simmons Prepared Foods,(b)     4.6250  03/01/29   321,984 
                  1,496,943 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     FORESTRY, PAPER & WOOD PRODUCTS — 0.3%              
 456,000   Glatfelter Corporation(b)     4.7500  11/15/29  $319,791 
                    
                    
     GAS & WATER UTILITIES —0.6%              
 615,000   Ferrellgas Escrow, LLC / FG Operating Finance(b)     5.3750  04/01/26   566,371 
 30,000   Ferrellgas Escrow, LLC / FG Operating Finance(b)     5.8750  04/01/29   25,088 
                  591,459 
     HEALTH CARE FACILITIES & SERVICES — 3.4%              
 750,000   CHS/Community Health Systems, Inc.(b),(c)     5.6250  03/15/27   664,886 
 678,000   DaVita, Inc.(b),(c)     4.6250  06/01/30   571,466 
 597,000   HCA, Inc.     3.5000  09/01/30   534,219 
 530,000   Legacy LifePoint Health, LLC(b)     4.3750  02/15/27   464,529 
 695,000   Select Medical Corporation(b),(c)     6.2500  08/15/26   679,471 
 215,000   Tenet Healthcare Corporation     4.6250  07/15/24   212,320 
                  3,126,891 
     HOME CONSTRUCTION —1.0%              
 361,000   Mattamy Group Corporation(b)     5.2500  12/15/27   330,676 
 210,000   Mattamy Group Corporation(b)     4.6250  03/01/30   176,129 
 475,000   PGT Innovations, Inc.(b)     4.3750  10/01/29   410,483 
                  917,288 
     HOUSEHOLD PRODUCTS — 1.5%              
 456,000   Coty, Inc.(b)     5.0000  04/15/26   437,092 
 600,000   Edgewell Personal Care Company(b)     4.1250  04/01/29   526,746 
 461,000   Energizer Holdings, Inc.(b)     4.3750  03/31/29   399,620 
                  1,363,458 
     INSTITUTIONAL FINANCIAL SERVICES — 0.9%              
 550,000   Aretec Escrow Issuer, Inc.(b)     7.5000  04/01/29   483,881 
 414,000   LPL Holdings, Inc.(b)     4.0000  03/15/29   369,973 
                  853,854 
     INSURANCE — 0.4%              
 345,000   NMI Holdings, Inc.(b)     7.3750  06/01/25   350,796 
                    
     INTERNET MEDIA & SERVICES — 0.4%              
 459,000   GrubHub Holdings, Inc.(b)     5.5000  07/01/27   367,800 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     LEISURE FACILITIES & SERVICES — 7.3%              
 609,000   AMC Entertainment Holdings, Inc.(b)     7.5000  02/15/29  $357,209 
 506,000   Brinker International, Inc.(b)     5.0000  10/01/24   495,698 
 318,000   Caesars Entertainment, Inc.(b)     6.2500  07/01/25   316,858 
 122,000   Carnival Corporation(b),(c)     7.6250  03/01/26   111,177 
 1,163,000   Carnival Corporation(b)     5.7500  03/01/27   966,931 
 322,000   Carnival Corporation(b)     6.0000  05/01/29   254,784 
 195,000   Carnival Corporation(b)     10.5000  06/01/30   187,937 
 715,000   CEC Entertainment Company, LLC(b)     6.7500  05/01/26   662,290 
 295,000   Dave & Buster’s, Inc. B(b)     7.6250  11/01/25   300,177 
 211,000   Hilton Grand Vacations Borrower Escrow, LLC /(b)     5.0000  06/01/29   188,992 
 555,000   Hilton Grand Vacations Borrower Escrow, LLC /(b)     4.8750  07/01/31   481,931 
 710,000   NCL Corporation Ltd.(b)     3.6250  12/15/24   667,450 
 187,000   NCL Corporation Ltd.(b)     5.8750  03/15/26   163,305 
 243,000   NCL Corporation Ltd.(b),(c)     7.7500  02/15/29   208,789 
 603,000   Royal Caribbean Cruises Ltd.(b)     4.2500  07/01/26   523,950 
 126,000   Royal Caribbean Cruises Ltd.(b)     5.5000  04/01/28   108,526 
 445,000   SeaWorld Parks & Entertainment, Inc.(b)     8.7500  05/01/25   458,301 
 331,000   Wyndham Destinations, Inc.     5.7500  04/01/27   325,163 
                  6,779,468 
     MEDICAL EQUIPMENT & DEVICES — 0.9%              
 510,000   Embecta Corporation(b)     5.0000  02/15/30   421,458 
 482,000   Mozart Debt Merger Sub, Inc.(b)     3.8750  04/01/29   411,761 
                  833,219 
     METALS & MINING — 2.0%              
 397,000   FMG Resources August 2006 Pty Ltd.(b)     4.5000  09/15/27   379,665 
 555,000   Hudbay Minerals, Inc.(b)     6.1250  04/01/29   514,760 
 305,000   Mineral Resources Ltd.(b)     8.1250  05/01/27   307,690 
 180,000   Mineral Resources Ltd.(b),(c)     8.5000  05/01/30   186,203 
 480,000   Warrior Met Coal, Inc.(b)     7.8750  12/01/28   473,518 
                  1,861,836 
     OIL & GAS PRODUCERS —15.5%              
 576,000   Antero Midstream Partners, L.P. / Antero Midstream(b)     5.7500  01/15/28   551,546 
 487,000   Antero Resources Corporation(b)     5.3750  03/01/30   454,768 
 148,000   Apache Corporation     4.3750  10/15/28   137,124 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     OIL & GAS PRODUCERS —15.5% (Continued)              
 377,000   Apache Corporation     4.7500  04/15/43  $296,006 
 554,000   Buckeye Partners, L.P.(b)     4.5000  03/01/28   508,744 
 494,000   California Resources Corporation(b)     7.1250  02/01/26   480,860 
 480,000   Civitas Resources, Inc.(b)     5.0000  10/15/26   449,983 
 132,000   DCP Midstream Operating, L.P.(b)     6.7500  09/15/37   144,643 
 235,000   DCP Midstream Operating, L.P.     5.6000  04/01/44   233,237 
 498,000   Earthstone Energy Holdings, LLC(b),(c)     8.0000  04/15/27   486,237 
 605,000   eG Global Finance plc(b)     6.7500  02/07/25   561,688 
 286,000   EnLink Midstream, LLC(b)     6.5000  09/01/30   291,747 
 70,000   EQM Midstream Partners, L.P.(b)     7.5000  06/01/27   70,085 
 233,000   EQM Midstream Partners, L.P.     5.5000  07/15/28   215,215 
 264,000   EQM Midstream Partners, L.P.(b)     7.5000  06/01/30   264,210 
 54,000   Genesis Energy, L.P. / Genesis Energy Finance     6.2500  05/15/26   51,666 
 307,000   Genesis Energy, L.P. / Genesis Energy Finance(c)     8.0000  01/15/27   302,015 
 674,000   Genesis Energy, L.P. / Genesis Energy Finance     8.8750  04/15/30   686,631 
 677,000   Harvest Midstream I, L.P.(b)     7.5000  09/01/28   667,272 
 434,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)     5.7500  02/01/29   404,154 
 279,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)     6.0000  02/01/31   257,001 
 640,000   Holly Energy Partners, L.P. / Holly Energy Finance(b)     5.0000  02/01/28   596,954 
 550,000   Howard Midstream Energy Partners, LLC(b)     6.7500  01/15/27   536,899 
 509,000   Independence Energy Finance, LLC(b)     7.2500  05/01/26   489,337 
 695,000   ITT Holdings, LLC(b)     6.5000  08/01/29   603,984 
 405,000   Murphy Oil USA, Inc.     4.7500  09/15/29   371,095 
 650,000   NGL Energy Operating, LLC / NGL Energy Finance(b)     7.5000  02/01/26   614,837 
 425,000   NGL Energy Partners, L.P. / NGL Energy Finance(c)     6.1250  03/01/25   377,649 
 152,000   NuStar Logistics, L.P.     5.7500  10/01/25   150,581 
 379,000   NuStar Logistics, L.P.     6.3750  10/01/30   365,257 
 452,000   Oasis Petroleum, Inc.(b)     6.3750  06/01/26   445,769 
 503,000   Occidental Petroleum Corporation     6.3750  09/01/28   522,871 
 251,000   Occidental Petroleum Corporation     6.1250  01/01/31   262,217 
 192,000   Rockcliff Energy II, LLC(b)     5.5000  10/15/29   182,937 
 194,000   Southwestern Energy Company     5.3750  02/01/29   183,579 
 344,000   Southwestern Energy Company     5.3750  03/15/30   320,445 
 600,000   Strathcona Resources Ltd.(b),(c)     6.8750  08/01/26   512,319 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     OIL & GAS PRODUCERS —15.5% (Continued)              
 526,000   Venture Global Calcasieu Pass, LLC(b)     3.8750  08/15/29  $468,918 
                  14,520,480 
     OIL & GAS SERVICES & EQUIPMENT — 2.1%              
 491,000   Archrock Partners, L.P. / Archrock Partners(b)     6.8750  04/01/27   481,752 
 282,000   Nabors Industries Ltd.(b)     7.2500  01/15/26   272,951 
 434,000   Nabors Industries, Inc.(b)     7.3750  05/15/27   433,770 
 510,000   USA Compression Partners, L.P. / USA Compression     6.8750  04/01/26   499,845 
 337,000   Weatherford International Ltd.(b)     6.5000  09/15/28   335,679 
                  2,023,997 
     PUBLISHING & BROADCASTING —0.3%              
 332,000   Belo Corporation     7.7500  06/01/27   319,344 
                    
                    
     REAL ESTATE INVESTMENT TRUSTS — 1.4%              
 650,000   HAT Holdings I, LLC / HAT Holdings II, LLC(b)     3.3750  06/15/26   577,701 
 141,000   Service Properties Trust     5.2500  02/15/26   122,100 
 461,000   Service Properties Trust     4.7500  10/01/26   381,277 
 46,000   Service Properties Trust     5.5000  12/15/27   40,812 
 57,000   Service Properties Trust     3.9500  01/15/28   43,484 
 165,000   Service Properties Trust     4.9500  10/01/29   124,065 
                  1,289,439 
     REAL ESTATE OWNERS & DEVELOPERS — 0.5%              
 438,000   Kennedy-Wilson, Inc.(c)     4.7500  03/01/29   368,535 
 119,000   Kennedy-Wilson, Inc.     4.7500  02/01/30   97,803 
                  466,338 
     REAL ESTATE SERVICES — 0.6%              
 602,000   Cushman & Wakefield US Borrower, LLC(b)     6.7500  05/15/28   581,944 
                    
                    
     RENEWABLE ENERGY — 1.1%              
 558,000   AtlanticaSustainable Infrastructure plc (b)     4.1250  06/15/28   497,304 
 554,000   EnerSys(b)     4.3750  12/15/27   511,092 
                  1,008,396 
     RETAIL - CONSUMER STAPLES — 0.8%              
 440,000   Albertsons Companies Inc / Safeway Inc / New(b)     4.6250  01/15/27   417,785 
 331,000   Albertsons Companies Inc / Safeway Inc / New(b)     5.8750  02/15/28   323,918 
                  741,703 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
                    
     RETAIL - DISCRETIONARY — 2.2%              
 462,000   Carvana Company(b)     5.5000  04/15/27  $209,505 
 133,000   Carvana Company(b)     5.8750  10/01/28   58,906 
 230,000   Carvana Company(b)     4.8750  09/01/29   102,681 
 575,000   Ken Garff Automotive, LLC(b)     4.8750  09/15/28   493,583 
 650,000   LBM Acquisition, LLC(b)     6.2500  01/15/29   489,749 
 373,000   Metis Merger Sub, LLC(b)     6.5000  05/15/29   318,406 
 569,000   Park River Holdings, Inc.(b)     6.7500  08/01/29   404,718 
                  2,077,548 
     SEMICONDUCTORS — 0.9%              
 520,000   Entegris Escrow Corporation(b)     5.9500  06/15/30   499,995 
 354,000   ON Semiconductor Corporation(b)     3.8750  09/01/28   323,475 
                  823,470 
     SOFTWARE — 2.1%              
 335,000   Central Parent, Inc. / Central Merger Sub, Inc.(b)     7.2500  06/15/29   334,596 
 800,000   Condor Merger Sub, Inc.(b)     7.3750  02/15/30   668,251 
 200,000   Helios Software Holdings, Inc. / ION Corporate(b)     4.6250  05/01/28   161,003 
 164,000   NortonLifeLock, Inc.(b)     6.7500  09/30/27   166,296 
 321,000   NortonLifeLock, Inc.(b)     7.1250  09/30/30   326,398 
 595,000   Rackspace Technology Global, Inc.(b)     3.5000  02/15/28   361,457 
                  2,018,001 
     SPECIALTY FINANCE —7.4%              
 370,000   AerCap Global Aviation Trust(b),(c),(d)  US0003M + 4.300%  6.5000  06/15/45   362,173 
 555,000   Alliance Data Systems Corporation(b)     4.7500  12/15/24   504,456 
 625,000   Apollo Commercial Real Estate Finance, Inc.(b)     4.6250  06/15/29   513,501 
 660,000   Burford Capital Global Finance, LLC(b)     6.2500  04/15/28   598,194 
 831,000   Cobra AcquisitionCo, LLC(b)     6.3750  11/01/29   507,911 
 439,000   Curo Group Holdings Corporation(b)     7.5000  08/01/28   201,799 
 215,000   Enova International, Inc.(b)     8.5000  09/01/24   210,741 
 430,000   Enova International, Inc.(b)     8.5000  09/15/25   409,390 
 512,000   FirstCash, Inc.(b)     4.6250  09/01/28   458,039 
 202,000   FirstCash, Inc.(b)     5.6250  01/01/30   185,089 
 418,000   Genworth Mortgage Holdings, Inc.(b)     6.5000  08/15/25   412,539 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     SPECIALTY FINANCE —7.4% (Continued)              
 324,000   goeasy Ltd.(b)     4.3750  05/01/26  $289,604 
 682,000   Ladder Capital Finance Holdings LLLP / Ladder(b)     4.2500  02/01/27   602,144 
 483,000   LFS Topco, LLC(b)     5.8750  10/15/26   400,221 
 475,000   Pattern Energy Operations, L.P. / Pattern Energy(b)     4.5000  08/15/28   436,428 
 342,000   Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.(b)     3.6250  03/01/29   290,139 
 345,000   Starwood Property Trust, Inc.     4.7500  03/15/25   331,061 
 125,000   Starwood Property Trust, Inc.(b)     3.6250  07/15/26   112,343 
 80,000   Starwood Property Trust, Inc.(b)     4.3750  01/15/27   71,904 
                  6,897,676 
     STEEL — 1.1%              
 433,000   Allegheny Technologies, Inc.     4.8750  10/01/29   396,702 
 287,000   Cleveland-Cliffs, Inc.     6.2500  10/01/40   259,875 
 477,000   Commercial Metals Company     3.8750  02/15/31   413,263 
                  1,069,840 
     TECHNOLOGY HARDWARE —1.8%              
 585,000   Imola Merger Corporation(b)     4.7500  05/15/29   509,383 
 295,000   NCR Corporation(b)     5.1250  04/15/29   257,330 
 405,000   Seagate HDD Cayman     4.0910  06/01/29   359,944 
 605,000   TTM Technologies, Inc.(b)     4.0000  03/01/29   528,425 
                  1,655,082 
     TECHNOLOGY SERVICES — 2.1%              
 440,000   Ahead DB Holdings, LLC(b)     6.6250  05/01/28   372,374 
 880,000   ION Trading Technologies Sarl(b)     5.7500  05/15/28   754,586 
 566,000   MPH Acquisition Holdings, LLC(b),(c)     5.7500  11/01/28   413,486 
 520,000   Paysafe Finance plc / Paysafe Holdings US(b),(c)     4.0000  06/15/29   414,073 
                  1,954,519 
     TELECOMMUNICATIONS —3.9%              
 1,035,000   Altice France S.A.(b)     5.5000  10/15/29   816,099 
 625,000   Cogent Communications Group, Inc.(b)     7.0000  06/15/27   619,425 
 680,000   Connect Finco S.A.RL / Connect US Finco, LLC(b)     6.7500  10/01/26   651,086 
 535,000   Hughes Satellite Systems Corporation     6.6250  08/01/26   518,129 
 690,000   Iliad Holding S.A.SU(b)     7.0000  10/15/28   648,935 
 760,000   Telesat Canada / Telesat, LLC(b)     4.8750  06/01/27   373,270 
                  3,626,944 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 94.5% (Continued)              
     TRANSPORTATION & LOGISTICS — 2.5%              
 1,081,000   American Airlines, Inc.(b)     11.7500  07/15/25  $1,204,770 
 500,000   Cargo Aircraft Management, Inc.(b)     4.7500  02/01/28   453,083 
 271,000   United Airlines, Inc.(b)     4.3750  04/15/26   257,605 
 510,000   United Airlines, Inc.(b)     4.6250  04/15/29   466,260 
                  2,381,718 
     WHOLESALE - CONSUMER STAPLES —1.1%              
 963,000   C&S Group Enterprises, LLC(b)     5.0000  12/15/28   742,724 
 285,000   Performance Food Group, Inc.(b)     5.5000  10/15/27   274,667 
                  1,017,391 
     TOTAL CORPORATE BONDS (Cost $96,692,210)            88,206,244 
                    
Shares               Fair Value 
     SHORT-TERM INVESTMENTS — 9.7%              
     COLLATERAL FOR SECURITIES LOANED - 7.4%              
 6,910,943   Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,910,943)(e)(f)   6,910,943 
                    
     MONEY MARKET FUND - 2.3%              
 2,102,922   First American Government Obligations Fund, Class Z, 4.09% (Cost $2,102,922)(e)     2,102,922 
                    
     TOTAL SHORT-TERM INVESTMENTS (Cost $9,013,865)            9,013,865 
                    
     TOTAL INVESTMENTS - 106.3% (Cost $106,903,008)           $99,155,709 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (6.3)%            (5,896,484)
     NET ASSETS - 100.0%           $93,259,225 

 

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

 

(a) Non-income producing security.
   
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2023 the total market value of 144A securities is 74,739,894 or 80.1% of net assets.
   
(c) All or a portion of these securities are on loan. Total loaned securities had a value of $6,783,326 at January 31, 2023.  
   
(d) Variable rate security; the rate shown represents the rate on January 31, 2023.
   
(e) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(f) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
   
(g) Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.1% of net assets. The total value of this security is $1,935,600.

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   ASSET BACKED SECURITIES — 0.2%              
   RESIDENTIAL MORTGAGE — 0.2%              
44,384 EUR  Bankinter FTA Series 10 A2(b)  EUR003M + 0.160%  2.2230  06/21/43  $47,860 
17,096 EUR  Fondo de Titulizacion de Activos Santander Series 2 A(b)  EUR003M + 0.150%  2.4840  01/18/49   18,245 
   TOTAL ASSET BACKED SECURITIES (Cost $65,391)            66,105 
                  
   CORPORATE BONDS — 65.4%              
   ASSET MANAGEMENT — 0.7%              
300,000 EUR  JAB Holdings BV     1.0000  12/20/27   288,193 
                  
   AUTOMOTIVE — 4.1%              
300,000 EUR  Daimler A.G.     0.7500  02/08/30   275,216 
250,000 EUR  Ford Motor Credit Company, LLC     2.3300  11/25/25   255,766 
120,000 EUR  Grupo Antolin-Irausa S.A.     3.5000  04/30/28   93,998 
200,000 USD  Hyundai Capital America(a)     3.0000  02/10/27   184,113 
210,000 EUR  Jaguar Land Rover Automotive plc     5.8750  11/15/24   227,986 
325,000 USD  Nissan Motor Acceptance Company, LLC(a)     1.8500  09/16/26   280,516 
142,000 USD  Uzauto Motors AJ(a)     4.8500  05/04/26   123,151 
200,000 EUR  Volkswagen International Finance N.V.     1.8750  03/30/27   201,134 
100,000 EUR  ZF Finance GmbH     3.7500  09/21/28   96,260 
                1,738,140 
   BANKING — 6.0%              
250,000 EUR  AIB Group plc     2.2500  07/03/25   261,698 
300,000 EUR  Banco Bilbao Vizcaya Argentaria S.A.     3.5000  02/10/27   321,869 
467,000 USD  Banco Mercantil del Norte S.A.(a),(b)  H15T5Y + 4.967%  6.7500  09/27/68   458,057 
350,000 USD  Barclays plc     4.8360  05/09/28   337,780 
50,000 USD  BPCE S.A.(a),(b)  SOFRRATE + 2.100%  5.9750  01/18/27   50,605 
225,000 EUR  Cooperatieve Rabobank UA     1.3750  02/03/27   227,560 
250,000 USD  Danske Bank A/S(a),(b)  H15T1Y + 1.350%  1.6210  09/11/26   224,657 
250,000 USD  Deutsche Bank AG/New York NY(b)  SOFRRATE + 1.870%  2.1290  11/24/26   225,499 
100,000 USD  HSBC Holdings PLC(b)  SOFRRATE + 1.290%  1.5890  05/24/27   88,535 
250,000 EUR  Natwest Group plc(b)  EUR003M + 1.080%  1.7500  03/02/26   258,662 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   CORPORATE BONDS — 65.4% (Continued)              
   BANKING — 6.0% (Continued)              
150,000 USD  Standard Chartered plc(a),(b)  H15T5Y + 2.300%  3.2650  02/18/36  $120,498 
                2,575,420 
   BEVERAGES — 0.6%              
250,000 EUR  Diageo Capital BV     1.5000  06/08/29   245,778 
                  
   BIOTECH & PHARMA — 2.9%              
300,000 EUR  Bayer A.G.     1.3750  07/06/32   262,453 
200,000 USD  CSL Finance plc(a)     4.0500  04/27/29   193,509 
250,000 GBP  GlaxoSmithKline Capital plc     1.2500  10/12/28   264,470 
100,000 EUR  Grifols S.A.     2.2500  11/15/27   95,076 
300,000 EUR  Mylan N.V.     3.1250  11/22/28   307,116 
130,000 EUR  Nidda BondCompany GmbH     5.0000  09/30/25   132,487 
                1,255,111 
   CABLE & SATELLITE — 0.2%              
100,000 EUR  United Group BV     3.1250  02/15/26   93,988 
                  
   CHEMICALS — 1.9%              
469,000 USD  Braskem Idesa S.A.PI(a)     6.9900  02/20/32   348,505 
100,000 EUR  INEOS Quattro Finance 1 plc     3.7500  07/15/26   97,095 
190,000 EUR  INEOS Quattro Finance 1 plc(a)     3.7500  07/15/26   184,480 
200,000 EUR  Nobian Finance BV(a)     3.6250  07/15/26   188,532 
                818,612 
   CONSTRUCTION MATERIALS — 0.8%              
363,000 USD  Cemex S.A.B. de C.V.(a),(b)  H15T5Y + 4.534%  5.1250  09/08/69   335,285 
                  
   CONTAINERS & PACKAGING — 1.3%              
200,000 EUR  Ardagh Metal Packaging Finance USA, LLC / Ardagh     3.0000  09/01/29   169,858 
200,000 GBP  Ardagh Packaging Finance plc / Ardagh Holdings     4.7500  07/15/27   193,849 
200,000 EUR  Trivium Packaging Finance BV     3.7500  08/15/26   203,555 
                567,262 
   ELEC & GAS MARKETING & TRADING — 0.6%              
250,000 EUR  Orsted A/S     1.5000  11/26/29   240,682 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   CORPORATE BONDS — 65.5% (Continued)              
   ELECTRIC UTILITIES — 7.0%              
162,675 USD  Adani Renewable Energy RJ Ltd./Kodangal Solar(a)     4.6250  10/15/39  $116,488 
23,000 USD  Comision Federal de Electricidad(a)     4.6880  05/15/29   21,183 
250,000 USD  Electricite de France S.A.(a)     4.5000  09/21/28   244,153 
250,000 USD  Enel Finance International N.V.(a)     5.5000  06/15/52   237,645 
610,000 USD  Eskom Holdings SOC Ltd.(a)     6.7500  08/06/23   601,387 
145,000 USD  Eskom Holdings SOC Ltd.(a)     7.1250  02/11/25   139,552 
158,000 USD  Eskom Holdings SOC Ltd.(a)     8.4500  08/10/28   152,110 
301,780 USD  Greenko Dutch BV(a)     3.8500  03/29/26   270,933 
200,000 EUR  Iberdrola Finanzas S.A.     1.0000  03/07/25   207,803 
180,000 USD  Inkia Energy Ltd.(a)     5.8750  11/09/27   167,890 
250,000 EUR  innogy Finance BV     1.0000  04/13/25   258,793 
7,000 USD  Minejesa Capital BV(a)     5.6250  08/10/37   6,080 
250,000 EUR  National Grid plc     0.1630  01/20/28   228,700 
300,000 EUR  Naturgy Finance BV     1.5000  01/29/28   297,250 
8,000 USD  Perusahaan Perseroan Persero PT Perusahaan Listrik     3.3750  02/05/30   7,023 
33,000 USD  Star Energy Geothermal Darajat II / Star Energy(a)     4.8500  10/14/38   28,719 
                2,985,709 
   ELECTRICAL EQUIPMENT — 1.3%              
300,000 GBP  Siemens Financieringsmaatschappij N.V.     1.0000  02/20/25   348,134 
200,000 EUR  Vertical Midco GmbH     4.3750  07/15/27   197,372 
                545,506 
   ENGINEERING & CONSTRUCTION — 0.9%              
363,000 USD  IHS Holding Ltd.(a)     6.2500  11/29/28   298,455 
98,000 USD  IHS Netherlands Holdco BV(a)     8.0000  09/18/27   88,705 
                387,160 
   ENTERTAINMENT CONTENT — 0.5%              
185,000 EUR  Banijay Group S.A.S     6.5000  03/01/26   195,240 
                  
   FOOD — 0.2%              
33,000 USD  Adecoagro S.A.(a)     6.0000  09/21/27   31,653 
74,000 USD  Minerva Luxembourg S.A.(a)     4.3750  03/18/31   63,064 
                94,717 
   FORESTRY, PAPER & WOOD PRODUCTS — 0.2%              
100,000 EUR  WEPA Hygieneprodukte GmbH     2.8750  12/15/27   91,695 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   CORPORATE BONDS — 65.4% (Continued)              
   HEALTH CARE FACILITIES & SERVICES — 0.3%              
150,000 EUR  Catalent Pharma Solutions, Inc.     2.3750  03/01/28  $135,952 
                  
   HOUSEHOLD PRODUCTS — 0.4%              
100,000 EUR  Energizer Gamma Acquisition BV(a)     3.5000  06/30/29   89,199 
110,000 EUR  Energizer Gamma Acquisition BV     3.5000  06/30/29   98,118 
                187,317 
   INDUSTRIAL INTERMEDIATE PROD — 1.2%              
551,000 USD  HTA Group Ltd./Mauritius(a)     7.0000  12/18/25   520,562 
                  
   INDUSTRIAL SUPPORT SERVICES — 0.7%              
210,000 EUR  Loxam S.A.S     3.7500  07/15/26   214,446 
87,920 EUR  Techem Verwaltungsgesellschaft 674 mbH     6.0000  07/30/26   91,834 
                306,280 
   INSTITUTIONAL FINANCIAL SERVICES — 1.0%              
250,000 USD  Credit Suisse Group A.G.(a),(b)  SOFRRATE + 0.980%  1.3050  02/02/27   207,636 
150,000 USD  Nomura Holdings, Inc.     1.6530  07/14/26   133,299 
75,000 USD  Nomura Holdings, Inc.     2.1720  07/14/28   63,811 
                404,746 
   INSURANCE — 1.1%              
200,000 EUR  Allianz S.E.(b)  EUR003M + 3.350%  3.0990  07/06/47   205,468 
250,000 EUR  NN Group N.V.     1.6250  06/01/27   249,537 
                455,005 
   INTERNET MEDIA & SERVICES — 0.5%              
10,000 USD  Prosus N.V.(a)     3.0610  07/13/31   7,995 
273,000 USD  Prosus N.V.     3.0610  07/13/31   218,266 
                226,261 
   LEISURE FACILITIES & SERVICES — 2.3%              
215,000 EUR  Carnival Corporation     7.6250  03/01/26   211,710 
100,000 EUR  Gamma Bidco SpA(a)     5.1250  07/15/25   105,373 
100,000 EUR  Gamma Bidco SpA     6.2500  07/15/25   108,064 
133,000 USD  Melco Resorts Finance Ltd.     5.7500  07/21/28   119,907 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   CORPORATE BONDS — 65.4% (Continued)              
   LEISURE FACILITIES & SERVICES — 2.3% (Continued)              
140,000 GBP  Stonegate Pub Company Financing 2019 plc(a)     8.2500  07/31/25  $160,877 
200,000 USD  Studio City Company Ltd.     7.0000  02/15/27   192,968 
73,000 USD  Studio City Finance Ltd.(a)     6.0000  07/15/25   68,894 
                967,793 
   MACHINERY — 0.5%              
180,000 EUR  Renk A.G./Frankfurt am Main     5.7500  07/15/25   191,744 
                  
   MEDICAL EQUIPMENT & DEVICES — 0.6%              
300,000 EUR  Medtronic Global Holdings SCA     0.7500  10/15/32   255,777 
                  
   METALS & MINING — 1.4%              
10,000 USD  Corp Nacional del Cobre de Chile     3.0000  09/30/29   8,950 
71,000 USD  First Quantum Minerals Ltd.(a)     6.8750  03/01/26   68,649 
7,000 USD  Freeport Indonesia PT(a)     6.2000  04/14/52   6,493 
300,000 EUR  Glencore Capital Finance DAC     1.1250  03/10/28   278,956 
20,000 USD  Indika Energy Capital IV Pte Ltd.(a)     8.2500  10/22/25   20,088 
88,000 USD  Indika Energy Capital IV Pte Ltd.     8.2500  10/22/25   88,385 
26,000 USD  Indonesia Asahan Aluminium Persero PT(a)     5.8000  05/15/50   23,628 
63,000 USD  Vedanta Resources Finance II plc(a)     8.9500  03/11/25   50,652 
                545,801 
   OIL & GAS PRODUCERS — 10.2%              
78,000 USD  AI Candelaria Spain S.A.(a)     5.7500  06/15/33   60,844 
401,000 USD  AI Candelaria Spain S.A.     5.7500  06/15/33   312,802 
43,317 USD  AI Candelaria Spain SLU(a)     7.5000  12/15/28   41,274 
175,000 USD  Cenovus Energy, Inc.     6.7500  11/15/39   191,428 
350,000 USD  Ecopetrol S.A.     5.8750  05/28/45   250,791 
200,000 EUR  eG Global Finance plc     6.2500  10/30/25   195,154 
97,000 USD  Geopark Ltd.(a)     5.5000  01/17/27   86,218 
176,000 USD  Gran Tierra Energy International Holdings Ltd.(a)     6.2500  02/15/25   157,580 
42,000 USD  Gran Tierra Energy, Inc.(a)     7.7500  05/23/27   35,742 
200,000 USD  KazMunayGas National Company JSC     3.5000  04/14/33   152,392 
54,000 USD  KazMunayGas National Company JSC(a)     5.7500  04/19/47   43,092 
2,000 USD  KazMunayGas National Company JSC(a)     6.3750  10/24/48   1,720 
300,000 USD  Kosmos Energy Ltd.     7.7500  05/01/27   267,374 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   CORPORATE BONDS — 65.4% (Continued)              
   OIL & GAS PRODUCERS — 10.2% (Continued)              
318,863 USD  MC Brazil Downstream Trading S.A.RL     7.2500  06/30/31  $278,581 
100,000 USD  Petroleos del Peru S.A.     5.6250  06/19/47   66,832 
42,000 USD  Petroleos Mexicanos     6.5000  01/23/29   37,680 
296,000 USD  Petroleos Mexicanos     6.7000  02/16/32   245,666 
115,000 USD  Petroleos Mexicanos(a)     10.0000  02/07/33   112,355 
13,000 USD  Petroleos Mexicanos     6.6250  06/15/38   9,563 
386,000 USD  Petroleos Mexicanos     7.6900  01/23/50   288,352 
462,000 USD  SierraCol Energy Andina, LLC(a)     6.0000  06/15/28   381,752 
673,000 USD  Tullow Oil plc(a)     7.0000  03/01/25   479,262 
305,000 USD  Tullow Oil plc(a)     10.2500  05/15/26   263,468 
417,000 USD  YPF S.A.(a)     8.5000  07/28/25   383,392 
                4,343,314 
   OIL & GAS SERVICES & EQUIPMENT — 1.7%              
171,187 USD  Guara Norte Sarl(a)     5.1980  06/15/34   155,164 
634,095 USD  Poinsettia Finance Ltd.     6.6250  06/17/31   535,059 
                690,223 
   PUBLISHING & BROADCASTING — 0.6%              
250,000 EUR  Informa plc     2.1250  10/06/25   260,147 
                  
   REAL ESTATE OWNERS & DEVELOPERS — 4.7%              
636,000 USD  China SCE Group Holdings Ltd.     7.3750  04/09/24   400,668 
700,000 USD  China SCE Group Holdings Ltd.     7.0000  05/02/25   381,500 
330,000 USD  MAF Global Securities Ltd.(b)  H15T5Y + 3.539%  6.3750  09/20/70   326,700 
300,000 USD  Theta Capital Pte Ltd.     8.1250  01/22/25   262,650 
250,000 USD  Theta Capital Pte Ltd.     6.7500  10/31/26   191,875 
500,000 USD  Wanda Properties International Company Ltd.     7.2500  01/29/24   482,953 
                2,046,346 
   REIT — 0.7%              
400,000 USD  LMIRT Capital Pte Ltd.     7.2500  06/19/24   312,000 
                  
   RENEWABLE ENERGY — 1.1%              
439,000 USD  Aydem Yenilenebilir Enerji A/S(a)     7.7500  02/02/27   371,965 
80,000 USD  Investment Energy Resources Ltd.(a)     6.2500  04/26/29   76,460 
                448,425 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   CORPORATE BONDS — 65.4% (Continued)              
   RETAIL - CONSUMER STAPLES — 0.5%              
100,000 GBP  Bellis Acquisition Company plc(a)     3.2500  02/16/26  $102,015 
100,000 GBP  Bellis Finco plc(a)     4.0000  02/16/27   89,992 
                192,007 
   RETAIL - DISCRETIONARY — 0.3%              
120,000 EUR  Avis Budget Finance plc     4.7500  01/30/26   125,150 
                  
   SEMICONDUCTORS — 0.4%              
150,000 USD  TSMC Arizona Corporation     4.5000  04/22/52   148,959 
                  
   SPECIALTY FINANCE — 0.4%              
184,000 USD  Studio City Finance Ltd.(a)     6.5000  01/15/28   166,520 
                  
   STEEL — 1.0%              
870,000 USD  Metinvest BV(a)     7.7500  10/17/29   440,563 
                  
   TELECOMMUNICATIONS — 3.0%              
100,000 EUR  Altice France Holding S.A.(a)     8.0000  05/15/27   89,069 
100,000 EUR  Altice France S.A.(a)     2.1250  02/15/25   100,645 
262,000 USD  Digicel International Finance Ltd./Digicel(a)     8.7500  05/25/24   225,697 
40,500 USD  Millicom International Cellular S.A.(a)     5.1250  01/15/28   36,114 
270,000 USD  Network i2i Ltd.(b)  H15T5Y + 4.274%  5.6500  04/15/71   260,888 
300,000 EUR  Orange S.A.     2.0000  01/15/29   304,532 
210,000 EUR  SoftBank Group Corporation     2.8750  01/06/27   200,840 
250,000 USD  VF Ukraine PAT via VFU Funding plc(a)     6.2000  02/11/25   142,656 
                1,360,441 
   TRANSPORTATION & LOGISTICS — 1.6%              
200,000 EUR  Abertis Infraestructuras S.A.     2.3750  09/27/27   202,668 
6,000 USD  DP World plc(a)     4.7000  09/30/49   5,358 
343,000 USD  Gol Finance S.A.(a)     7.0000  01/31/25   177,404 
100,000 GBP  Heathrow Funding Ltd.     7.1250  02/14/24   124,898 
218,000 USD  Simpar Europe S.A.(a)     5.2000  01/26/31   159,468 
42,000 USD  Transnet SOC Ltd.(a)     8.2500  02/06/28   42,080 
                711,876 
   TOTAL CORPORATE BONDS (Cost $31,838,140)            27,901,707 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   NON U.S. GOVERNMENT & AGENCIES — 26.7%              
   GOVERNMENT GUARANTEED — 0.1%              
33,600 USD  Brazil Minas SPE via State of Minas Gerais(a)     5.3330  02/15/28  $32,973 
                  
   GOVERNMENT OWNED, NO GUARANTEE — 0.2%              
138,000 USD  Gabon Government International Bond(a)     7.0000  11/24/31   116,768 
                  
   LOCAL AUTHORITY — 0.6%              
150,000 CAD  Province of British Columbia Canada     3.2000  06/18/44   99,769 
250,000 CAD  Province of Ontario Canada     2.8000  06/02/48   152,010 
                251,779 
   NON U.S. TREASURY — 9.8%              
860,000 AUD  Australia Government Bond     1.2500  05/21/32   497,962 
35,000,000 CLP  Bonos de la Tesoreria de la Republica en pesos     4.5000  03/01/26   42,965 
550,000 CAD  Canadian Government Bond     2.2500  06/01/29   398,062 
382,300,000 COP  Colombian TES     6.0000  04/28/28   63,590 
1,686,000,000 IDR  Indonesia Treasury Bond     7.0000  09/15/30   114,595 
710,000,000 IDR  Indonesia Treasury Bond     8.2500  06/15/32   52,203 
76,000 EUR  Ireland Government Bond     5.4000  03/13/25   87,277 
50,000 EUR  Ireland Government Bond     0.9000  05/15/28   49,988 
130,000 EUR  Ireland Government Bond     1.3000  05/15/33   122,429 
240,000 EUR  Italy Buoni Poliennali Del Tesoro     4.5000  03/01/24   264,653 
750,000 EUR  Italy Buoni Poliennali Del Tesoro     2.8000  12/01/28   781,569 
640,000 EUR  Italy Buoni Poliennali Del Tesoro(a)     2.4500  09/01/33   591,805 
180,000 EUR  Italy Buoni Poliennali Del Tesoro     5.0000  08/01/39   210,232 
235,000 EUR  Italy Buoni Poliennali Del Tesoro     5.0000  09/01/40   275,372 
2,520,000 MXN  Mexican Bonos     7.7500  11/13/42   120,934 
250,000 RON  Romania Government Bond     5.0000  02/12/29   48,918 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)              
   NON U.S. TREASURY — 9.8% (Continued)              
150,000 RON  Romania Government Bond     3.6500  09/24/31  $25,720 
170,000 EUR  Spain Government Bond     4.2000  01/31/37   198,857 
250,000 EUR  Spain Government Bond     2.7000  10/31/48   230,396 
                4,177,527 
   SOVEREIGN — 15.6%              
202,000 USD  Angolan Government International Bond(a)     8.7500  04/14/32   187,473 
87,000 USD  Angolan Government International Bond(a)     9.1250  11/26/49   76,497 
176,000 USD  Argentine Republic Government International Bond(c)     0.5000  07/09/30   63,230 
588,000 USD  Argentine Republic Government International Bond(c)     1.5000  07/09/35   182,189 
200,000 EUR  Banque Centrale de Tunisie International Bond     5.6250  02/17/24   164,585 
100,000 EUR  Benin Government International Bond(a)     4.8750  01/19/32   86,064 
140,000 BRL  Brazilian Government International Bond     8.5000  01/05/24   26,621 
550,000 BRL  Brazilian Government International Bond     10.2500  01/10/28   100,540 
23,000 USD  Brazilian Government International Bond     4.6250  01/13/28   22,400 
82,000 USD  Brazilian Government International Bond     4.5000  05/30/29   77,822 
273,000 USD  Brazilian Government International Bond     4.7500  01/14/50   201,366 
25,000 USD  Chile Government International Bond     2.4500  01/31/31   21,406 
3,000 USD  Chile Government International Bond     2.5500  07/27/33   2,453 
4,000 USD  Chile Government International Bond     3.1000  05/07/41   3,034 
3,000 USD  Chile Government International Bond     4.3400  03/07/42   2,666 
100,000 EUR  Colombia Government International Bond     3.8750  03/22/26   104,855 
230,000 USD  Colombia Government International Bond     4.5000  03/15/29   203,568 
66,000 USD  Colombia Government International Bond     3.0000  01/30/30   51,551 
37,000 USD  Colombia Government International Bond     8.0000  04/20/33   37,947 
32,000 USD  Colombia Government International Bond     6.1250  01/18/41   26,404 
43,000 USD  Colombia Government International Bond     4.1250  02/22/42   27,825 
66,000 USD  Colombia Government International Bond     5.6250  02/26/44   50,549 
81,000 USD  Colombia Government International Bond     5.0000  06/15/45   57,058 
37,000 USD  Colombia Government International Bond     4.1250  05/15/51   22,989 
42,000 USD  Colombia Government International Bond     3.8750  02/15/61   24,343 
203,000 USD  Dominican Republic International Bond(a)     4.8750  09/23/32   173,401 
81,000 USD  Dominican Republic International Bond(a)     6.0000  02/22/33   74,912 
35,000 USD  Dominican Republic International Bond     5.3000  01/21/41   28,131 
82,000 USD  Dominican Republic International Bond(a)     7.4500  04/30/44   80,200 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)              
   SOVEREIGN — 15.6% (Continued)              
95,000 USD  Dominican Republic International Bond     6.4000  06/05/49  $81,218 
35,000 USD  Dominican Republic International Bond     5.8750  01/30/60   26,988 
45,000 USD  Dominican Republic International Bond(a)     5.8750  01/30/60   34,699 
52,074 USD  Ecuador Government International Bond(a),(d)     0.0000  07/31/30   22,381 
25,000 USD  Ecuador Government International Bond(c)     5.5000  07/31/30   16,718 
571,060 USD  Ecuador Government International Bond(a),(c)     2.5000  07/31/35   279,723 
223,000 USD  Ecuador Government International Bond(c)     2.5000  07/31/35   109,233 
23,000 USD  Ecuador Government International Bond(c)     1.5000  07/31/40   9,763 
147,000 USD  Ecuador Government International Bond(a),(c)     1.5000  07/31/40   62,397 
94,000 USD  Egypt Government International Bond(a)     5.2500  10/06/25   84,747 
200,000 EUR  Egypt Government International Bond(a)     6.3750  04/11/31   153,427 
186,000 USD  Egypt Government International Bond(a)     7.0530  01/15/32   140,160 
71,000 USD  Egypt Government International Bond(a)     8.8750  05/29/50   50,963 
45,000 USD  El Salvador Government International Bond     8.6250  02/28/29   24,279 
21,000 USD  El Salvador Government International Bond     8.2500  04/10/32   10,920 
62,000 USD  El Salvador Government International Bond     7.6250  02/01/41   29,677 
51,000 USD  El Salvador Government International Bond     9.5000  07/15/52   26,978 
71,000 USD  Ethiopia International Bond(a)     6.6250  12/11/24   48,423 
87,000 USD  Finance Department Government of Sharjah(a)     4.0000  07/28/50   57,533 
24,667 USD  Gabon Government International Bond(a)     6.3750  12/12/24   23,493 
194,000 USD  Ghana Government International Bond(a)     10.7500  10/14/30   136,175 
6,000 USD  Honduras Government International Bond     6.2500  01/19/27   5,317 
16,000 USD  Indonesia Government International Bond     4.5500  01/11/28   16,013 
3,000 USD  Indonesia Government International Bond     4.8500  01/11/33   3,035 
6,000 USD  Indonesia Government International Bond     4.2000  10/15/50   5,203 
223,000 EUR  Ivory Coast Government International Bond(a)     5.8750  10/17/31   204,809 
100,000 EUR  Ivory Coast Government International Bond     4.8750  01/30/32   85,618 
2,000 USD  Kazakhstan Government International Bond(a)     4.8750  10/14/44   1,825 
20,000 USD  Kazakhstan Government International Bond(a)     6.5000  07/21/45   21,293 
253,000 USD  Kenya Government International Bond(a)     8.0000  05/22/32   221,226 
509,000 USD  Lebanon Government International Bond(e)     6.1000  10/04/22   34,358 
66,000 USD  Lebanon Government International Bond(e)     6.3750  03/09/23   4,455 
395,000 USD  Lebanon Government International Bond(e)     8.2500  04/12/23   26,663 
72,000 USD  Lebanon Government International Bond(e)     6.4000  05/26/23   4,863 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)              
   SOVEREIGN — 15.6% (Continued)              
156,000 USD  Lebanon Government International Bond(e)     6.1500  06/19/23  $10,452 
56,000 USD  Lebanon Government International Bond(e)     6.7500  11/29/27   3,780 
81,000 USD  Lebanon Government International Bond(e)     6.8500  05/25/29   5,426 
175,000 USD  Lebanon Government International Bond(e)     6.6500  02/26/30   11,786 
17,000 USD  Mexico Government International Bond     4.7500  04/27/32   16,413 
32,000 USD  Mexico Government International Bond     4.8750  05/19/33   30,780 
23,000 USD  Mexico Government International Bond     3.7710  05/24/61   15,640 
25,000 USD  Mongolia Government International Bond(a)     8.6500  01/19/28   26,188 
200,000 USD  Mozambique International Bond(a),(c)     5.0000  09/15/31   161,152 
5,000 USD  Nigeria Government International Bond(a)     8.3750  03/24/29   4,180 
190,000 USD  Nigeria Government International Bond(a)     7.8750  02/16/32   143,919 
151,000 USD  Nigeria Government International Bond(a)     7.3750  09/28/33   108,181 
34,000 USD  Nigeria Government International Bond(a)     7.6250  11/28/47   22,201 
200,000 USD  Nigeria Government International Bond     7.6250  11/28/47   130,592 
8,000 USD  Oman Government International Bond(a)     6.0000  08/01/29   8,214 
246,000 USD  Pakistan Government International Bond(a),(h)     6.0000  04/08/26   107,625 
41,000 USD  Panama Government International Bond     2.2520  09/29/32   31,519 
48,000 USD  Papua New Guinea Government International Bond(a)     8.3750  10/04/28   44,143 
28,000 USD  Philippine Government International Bond     2.4570  05/05/30   24,331 
1,000 USD  Philippine Government International Bond     5.0000  07/17/33   1,017 
20,000 USD  Qatar Government International Bond(a)     3.7500  04/16/30   19,645 
13,000 USD  Qatar Government International Bond(a)     4.4000  04/16/50   12,316 
17,846 USD  Republic of Angola Via Avenir II BV(b)  US0006M + 7.500%  12.6380  07/01/23   18,002 
186,429 USD  Republic of Angola Via Avenir Issuer II Ireland     6.9270  02/19/27   178,971 
27,000 USD  Republic of Kenya Government International Bond(a)     6.8750  06/24/24   25,490 
18,000 USD  Republic of Poland Government International Bond     5.7500  11/16/32   19,497 
2,524,000 ZAR  Republic of South Africa Government Bond     8.5000  01/31/37   117,814 
21,000 USD  Republic of South Africa Government International     5.7500  09/30/49   16,076 
43,000 USD  Republic of South Africa Government International     7.3000  04/20/52   38,883 
2,000 USD  Romanian Government International Bond(a)     6.6250  02/17/28   2,077 
7,000 EUR  Romanian Government International Bond     3.6240  05/26/30   6,478 
29,000 EUR  Romanian Government International Bond(a)     2.1240  07/16/31   23,095 
2,000 EUR  Romanian Government International Bond     4.1250  03/11/39   1,632 
10,000 EUR  Romanian Government International Bond(a)     2.8750  04/13/42   6,520 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

Principal                
Amount ($)     Spread  Coupon Rate (%)  Maturity  Fair Value 
   NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)              
   SOVEREIGN — 15.6% (Continued)              
2,000 EUR  Romanian Government International Bond     2.8750  04/13/42  $1,304 
25,000 EUR  Romanian Government International Bond(a)     4.6250  04/03/49   20,389 
12,000 USD  Saudi Government International Bond(a)     5.5000  10/25/32   12,879 
35,000 USD  Saudi Government International Bond(a)     2.2500  02/02/33   28,709 
2,000 USD  Saudi Government International Bond(a)     4.6250  10/04/47   1,822 
111,000 EUR  Senegal Government International Bond(a)     4.7500  03/13/28   107,197 
544,000 USD  Turkey Government International Bond     9.8750  01/15/28   559,300 
53,000 USD  Turkey Government International Bond     5.7500  05/11/47   35,543 
56,000 USD  Ukraine Government International Bond(a)     7.7500  09/01/25   12,279 
272,000 USD  Ukraine Government International Bond(a)     7.7500  09/01/26   60,973 
139,000 USD  Ukraine Government International Bond(a)     7.3750  09/25/32   28,280 
1,900,000 UYU  Uruguay Government International Bond     8.2500  05/21/31   44,096 
14,000 USD  Zambia Government International Bond(a)     5.3750  01/20/23   6,563 
87,000 USD  Zambia Government International Bond(a)     8.9700  07/30/27   43,644 
                6,603,665 
   SUPRANATIONAL — 0.4%              
200,000 EUR  European Investment Bank     1.1250  09/15/36   171,437 
                  
   TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $12,958,535)            11,354,149 
                  
Shares                 
   SHORT-TERM INVESTMENTS — 4.6%              
   MONEY MARKET FUNDS - 4.4%              
1,859,362  Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,859,362)(f)   1,859,362 
   COLLATERAL FOR SECURITIES LOANED – 0.2%              
70,913  Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $70,913) (f),(i)   70,913 
                  
   TOTAL INVESTMENTS – 96.9% (Cost $46,792,341)           $41,252,236 
   OTHER ASSETS IN EXCESS OF LIABILITIES- 3.1%            1,306,830 
   NET ASSETS - 100.0%           $42,559,066 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

OPEN FUTURES CONTRACTS 
Number of         Notional   Value and Unrealized 
Contracts   Open Long Futures Contracts  Expiration  Amount(g)   Appreciation (Depreciation) 
 12   Eurex 10 Year Euro BUND Future  03/08/2023  $1,784,803   $(17,501)
 6   Eurex 30 Year Euro BUXL Future  03/08/2023   939,233    (101,584)
 21   Long Gilt Future  03/29/2023   2,705,644    (22,690)
 7   TSE Japanese 10 Year Bond Futures  03/13/2023   7,883,323    (66,075)
     TOTAL FUTURES CONTRACTS          $(207,850)

 

OPEN FUTURES CONTRACTS

Number of         Notional   Value and Unrealized 
Contracts   Open Short Futures Contracts  Expiration  Amount(g)   Appreciation (Depreciation) 
 60   CBOT 10 Year US Treasury Note  03/22/2023  $6,870,960   $(57,882)
 16   CBOT 5 Year US Treasury Note  03/31/2023   1,747,872    (18,497)
 4   CBOT US Long Bond Future  03/22/2023   519,500    (15,828)
 8   Euro-BTP Italian Bond Futures  03/08/2023   992,456    19,352 
     TOTAL FUTURES CONTRACTS          $(72,855)

 

CREDIT DEFAULT SWAP AGREEMENTS

Description and
Payment Frequency		  Payment
Frequency		  Counterparty  Fixed Deal
(Pay) Rate		  Implied
Credit
Spread		  Maturity Date  Notional Value   Fair Value   Amortized
Upfront
Payments
Paid/
(Received)		   Unrealized
Appreciation/
(Depreciation)		 
CDX.EM SERIES 38  To Buy
Monthly		  Citibank  1.00%  221  12/20/2027  $2,775,000.00    139,625    154,758    (11,818)
                                    
ITRAXX EUROPE
CROSSOVER SERIES 38		  To Buy
Monthly		  Citibank  5.00%  414  12/20/2027   1,400,000.00    (59,992)   (33,061)   (17,863)

 

Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Buy:                     
Euro  02/07/2023  Barclay   55,457   $60,304   $(169)
Mexican Peso  02/09/2023  Capstone Global Markets   1,960,000    103,972    1,011 
South African Rand  02/14/2023  JP Morgan Chase   630,000    36,182    (795)
Brazilian Real  03/02/2023  JP Morgan Chase   380,000    74,522    753 
Mexican Peso  03/06/2023  JP Morgan Chase   790,000    41,731    1,308 
Thailand Baht  03/07/2023  JP Morgan Chase   1,300,000    39,680    2,102 
Columbian Peso  03/22/2023  JP Morgan Chase   85,000,001    18,042    597 
Chilean Peso  04/19/2023  JP Morgan Chase   15,600,000    19,369    1,449 
Euro  04/28/2023  Capstone Global Markets   119,000    130,033    495 
Euro  04/28/2023  JP Morgan Chase   118,620    129,618    (226)
              $653,453   $6,525 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Sell:                     
Euro  02/07/2023  Barclay   4,442,873   $4,831,189   $(130,188)
Euro  02/07/2023  JP Morgan Chase   63,884    69,468    (468)
Euro  02/09/2023  Capstone Global Markets   480,000    522,015    (4,094)
Mexican Peso  02/09/2023  Capstone Global Markets   7,910,000    419,600    (5,462)
Mexican Peso  02/09/2023  JP Morgan Chase   3,950,000    209,535    (1,230)
South African Rand  02/14/2023  JP Morgan Chase   630,000    36,182    100 
Japanese Yen  02/17/2023  Capstone Global Markets   67,709,999    521,277    7,249 
Singapore Dollar  02/21/2023  Capstone Global Markets   380,000    289,357    (2,399)
Brazilian Real  03/02/2023  JP Morgan Chase   380,000    74,522    (3,154)
Thailand Baht  03/07/2023  JP Morgan Chase   1,300,000    39,680    (1,785)
Chilean Peso  04/19/2023  JP Morgan Chase   15,600,000    19,369    (619)
Australian Dollar  04/28/2023  Capstone Global Markets   713,200    505,035    (804)
British Pound  04/28/2023  Capstone Global Markets   864,200    1,067,315    (194)
Canadian Dollar  04/28/2023  Capstone Global Markets   880,700    662,376    (2,757)
Euro  04/28/2023  JP Morgan Chase   9,329,400    10,194,427    (4,443)
Japanese Yen  04/28/2023  Capstone Global Markets   38,143,600    296,546    461 
              $19,757,893   $(149,787)
                      
Total                  $(143,262)

 

            Local Currency   Local Currency             
      Settlement     Amount   Amount Purchased   U.S. Dollar Market    U.S. Dollar Market   Unrealized 
Foreign Currency  Date  Counterparty  Purchased Buy   Sell   Value Buy   Value Sell   Depreciation 
To Buy:  To Sell:                               
Euro  British Pound  4/28/2023  JP Morgan Chase   519,834    460,300    568,033    (568,486)  $(453)
             519,834    460,300   $568,033   $568,486   $(453)
                                   
Total                               $(453)

 

A/S - Anonim Sirketi
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S/A - Société Anonyme
   
CIT - Citibank
   
USB - US Bank

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

EUR003M Euribor 3 Month ACT/360
   
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
   
US0006M ICE LIBOR USD 6 Month
   
AUD Australian Dollar
   
BRL Brazilian Real
   
CAD Canadian Dollar
   
CLP Chilean Peso
   
COP Columbian Peso
   
EUR Euro
   
GBP British Pound
   
IDR Indonesia Rupiah
   
JPY Japanese Yen
   
MXN Mexican Peso
   
RON Romanian Leu
   
THB US Dollars
   
USD US Dollars
   
UYU Uruguayan Peso
   
ZAR South African Rand

 

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2023 the total market value of 144A securities is 14,918,888 or 35.1% of net assets.
   
(b) Variable rate security; the rate shown represents the rate on January 31, 2023.
   
(c) Step bond.  Coupon rate is fixed rate that changes on a specified date.  The rate shown is the current rate at January 31, 2023.
   
(d) Zero coupon bond.
   
(e) Represents issuer in default on interest payments; non-income producing security.
   
(f) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(g) 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.
   
(h) All or a portion of these securities are on loan. Total loaned securities had a value of $69,569 at January 31, 2023.
   
(i) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9%     
     AEROSPACE & DEFENSE - 3.0%     
 9,200   L3Harris Technologies, Inc.  $1,976,344 
 30,594   Raytheon Technologies Corporation   3,054,812 
         5,031,156 
     ASSET MANAGEMENT - 2.9%     
 3,093   BlackRock, Inc.   2,348,237 
 30,463   Charles Schwab Corporation (The)   2,358,445 
         4,706,682 
     AUTOMOTIVE - 0.9%     
 36,595   General Motors Company   1,438,915 
           
     BANKING - 7.6%     
 110,815   Bank of America Corporation   3,931,716 
 30,234   JPMorgan Chase & Company   4,231,551 
 38,265   Truist Financial Corporation   1,889,908 
 52,526   Wells Fargo & Company   2,461,894 
         12,515,069 
     BIOTECH & PHARMA - 5.8%     
 11,190   AbbVie, Inc.   1,653,323 
 36,040   Bristol-Myers Squibb Company   2,618,306 
 18,541   Johnson & Johnson   3,029,969 
 20,036   Merck & Company, Inc.   2,152,067 
         9,453,665 
     CHEMICALS - 3.2%     
 6,105   Air Products and Chemicals, Inc.   1,956,713 
 30,024   Corteva, Inc.   1,935,046 
 41,411   Huntsman Corporation   1,312,315 
         5,204,074 
     CONSTRUCTION MATERIALS - 2.1%     
 5,500   Martin Marietta Materials, Inc.   1,978,020 
 15,070   Owens Corning   1,456,516 
         3,434,536 
     CONSUMER SERVICES - 1.3%     
 29,067   Service Corp International   2,155,319 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     DIVERSIFIED INDUSTRIALS - 2.4%     
 17,023   Emerson Electric Company  $1,535,815 
 11,007   Honeywell International, Inc.   2,294,739 
         3,830,554 
     ELECTRIC UTILITIES - 4.2%     
 49,920   NextEra Energy, Inc.   3,725,530 
 44,025   Xcel Energy, Inc.   3,027,599 
         6,753,129 
     ELECTRICAL EQUIPMENT - 1.3%     
 29,179   Johnson Controls International plc   2,029,983 
           
     ENGINEERING & CONSTRUCTION - 1.6%     
 16,670   Quanta Services, Inc.   2,537,007 
           
     ENTERTAINMENT CONTENT - 2.6%     
 44,774   Fox Corporation, Class A   1,519,630 
 24,557   Walt Disney Company (The)(a)   2,664,189 
         4,183,819 
     FOOD - 2.5%     
 39,640   Mondelez International, Inc., Class A   2,594,043 
 21,859   Tyson Foods, Inc., Class A   1,437,229 
         4,031,272 
     HEALTH CARE FACILITIES & SERVICES - 4.4%     
 13,234   AmerisourceBergen Corporation   2,236,017 
 29,481   CVS Health Corporation   2,600,813 
 4,684   UnitedHealth Group, Inc.   2,338,206 
         7,175,036 
     HOUSEHOLD PRODUCTS - 1.5%     
 17,501   Procter & Gamble Company (The)   2,491,792 
           
     INDUSTRIAL REIT - 1.0%     
 12,981   Prologis, Inc.   1,678,184 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     INFRASTRUCTURE REIT - 1.4%     
 9,735   American Tower Corporation  $2,174,701 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.7%     
 46,625   Bank of New York Mellon Corporation (The)   2,357,826 
 18,518   Intercontinental Exchange, Inc.   1,991,611 
         4,349,437 
     INSURANCE - 6.4%     
 17,827   Allstate Corporation (The)   2,290,235 
 5,849   Berkshire Hathaway, Inc., Class B(a)   1,822,080 
 30,860   Hartford Financial Services Group, Inc. (The)   2,395,045 
 17,043   Prudential Financial, Inc.   1,788,492 
 10,467   Travelers Companies, Inc. (The)   2,000,453 
         10,296,305 
     INTERNET MEDIA & SERVICES - 3.5%     
 31,947   Alphabet, Inc., Class A(a)   3,157,641 
 15,776   Meta Platforms, Inc., Class A(a)   2,350,151 
         5,507,792 
     LEISURE FACILITIES & SERVICES - 1.2%     
 13,019   Darden Restaurants, Inc.   1,926,421 
           
     MACHINERY - 2.1%     
 5,976   Caterpillar, Inc.   1,507,685 
 5,894   Parker-Hannifin Corporation   1,921,444 
         3,429,129 
     MEDICAL EQUIPMENT & DEVICES - 5.5%     
 31,254   Abbott Laboratories   3,455,130 
 6,075   Stryker Corporation   1,541,896 
 6,767   Thermo Fisher Scientific, Inc.   3,859,423 
         8,856,449 
     OFFICE REIT - 0.5%     
 11,027   Boston Properties, Inc.   821,953 
           
     OIL & GAS PRODUCERS - 7.5%     
 25,157   ConocoPhillips   3,065,884 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     OIL & GAS PRODUCERS - 7.5% (Continued)     
 14,543   EOG Resources, Inc.  $1,923,312 
 47,374   Exxon Mobil Corporation   5,495,858 
 15,861   Phillips 66   1,590,382 
         12,075,436 
     OIL & GAS SERVICES & EQUIPMENT - 1.9%     
 54,492   Schlumberger Ltd   3,104,954 
           
     RESIDENTIAL REIT - 1.1%     
 25,605   Equity LifeStyle Properties, Inc.   1,837,927 
           
     RETAIL - CONSUMER STAPLES - 1.2%     
 11,389   Target Corporation   1,960,502 
           
     RETAIL - DISCRETIONARY - 1.3%     
 9,809   Lowe’s Companies, Inc.   2,042,724 
           
     SEMICONDUCTORS - 3.1%     
 3,129   Broadcom, Inc.   1,830,496 
 21,744   Micron Technology, Inc.   1,311,163 
 25,839   ON Semiconductor Corporation(a)   1,897,875 
         5,039,534 
     SOFTWARE - 1.2%     
 8,074   Microsoft Corporation   2,000,818 
           
     SPECIALTY FINANCE - 1.0%     
 8,890   American Express Company   1,555,128 
           
     TECHNOLOGY HARDWARE - 2.5%     
 34,570   Cisco Systems, Inc.   1,682,522 
 9,058   Motorola Solutions, Inc.   2,327,996 
         4,010,518 
     TECHNOLOGY SERVICES - 1.4%     
 27,489   PayPal Holdings, Inc.(a)   2,240,079 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     TELECOMMUNICATIONS - 1.3%     
 51,692   Verizon Communications, Inc.  $2,148,836 
           
     TRANSPORTATION & LOGISTICS - 2.8%     
 65,544   CSX Corporation   2,026,620 
 21,440   Knight-Swift Transportation Holdings, Inc.   1,267,104 
 33,709   Southwest Airlines Company   1,205,771 
         4,499,495 
           
     TOTAL COMMON STOCKS (Cost $112,697,309)   158,528,330 
           
     SHORT-TERM INVESTMENTS — 1.6%     
     MONEY MARKET FUNDS - 1.6%     
 2,584,600   STIT - Treasury Portfolio, Institutional Class, 4.28% (Cost $2,584,600)(b)   2,584,600 
           
     TOTAL INVESTMENTS - 99.5% (Cost $115,281,909)  $161,112,930 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%   746,775 
     NET ASSETS - 100.0%  $161,859,705 

 

LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
(a) Non-income producing security.
   
(b) Rate disclosed is the seven day effective yield as of January 31, 2023.

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.9%     
     AUTOMOTIVE - 1.3%     
 89,775   American Axle & Manufacturing Holdings, Inc.(a)  $796,304 
           
     BANKING - 18.5%     
 21,893   Amalgamated Financial Corporation   502,444 
 13,474   Banner Corporation   873,519 
 22,244   Central Pacific Financial Corporation   502,714 
 21,379   Customers Bancorp, Inc.(a)   649,280 
 42,443   Eastern Bankshares, Inc.   686,303 
 21,509   First Bancorp   857,134 
 13,757   First Financial Corporation   617,964 
 18,455   Hancock Whitney Corporation   950,064 
 18,832   Heartland Financial USA, Inc.   931,620 
 29,834   Heritage Financial Corporation   851,164 
 21,800   Independent Bank Corporation   483,306 
 27,548   PacWest Bancorp   761,978 
 23,289   Pathward Financial, Inc.   1,155,601 
 18,618   Peoples Bancorp, Inc.   552,396 
 8,672   UMB Financial Corporation   782,128 
         11,157,615 
     BIOTECH & PHARMA - 6.9%     
 19,283   Amphastar Pharmaceuticals, Inc.(a)   583,504 
 13,078   Anika Therapeutics, Inc.(a)   405,549 
 18,665   Chinook Therapeutics, Inc.(a)   471,665 
 10,331   Eagle Pharmaceuticals, Inc.(a)   350,634 
 16,900   Ideaya Biosciences, Inc.(a)   287,807 
 15,272   iTeos Therapeutics, Inc.(a)   319,185 
 14,994   Supernus Pharmaceuticals, Inc.(a)   614,904 
 23,817   Syndax Pharmaceuticals, Inc.(a)   683,547 
 14,900   Vir Biotechnology, Inc.(a)   440,295 
         4,157,090 
     CHEMICALS - 2.4%     
 16,774   AdvanSix, Inc.   725,308 
 11,228   Minerals Technologies, Inc.   779,784 
         1,505,092 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.9% (Continued)     
     CONTAINERS & PACKAGING - 1.1%     
 33,784   O-I Glass, Inc.(a)  $650,342 
           
     ELECTRIC UTILITIES - 2.5%     
 20,560   Avista Corporation   820,344 
 11,959   NorthWestern Corporation   679,271 
         1,499,615 
     ELECTRICAL EQUIPMENT - 0.9%     
 6,860   Belden, Inc.   556,277 
           
     FORESTRY, PAPER & WOOD PRODUCTS - 1.2%     
 10,720   Louisiana-Pacific Corporation   729,925 
           
     GAS & WATER UTILITIES - 2.7%     
 10,176   Northwest Natural Holding Company   510,225 
 5,932   ONE Gas, Inc.   488,560 
 8,679   SJW Group   671,841 
         1,670,626 
     HEALTH CARE FACILITIES & SERVICES - 2.3%     
 5,654   Addus HomeCare Corporation(a)   607,918 
 5,341   National HealthCare Corporation   318,003 
 24,967   Owens & Minor, Inc.(a)   492,849 
         1,418,770 
     HEALTH CARE REIT - 1.3%     
 56,590   Sabra Health Care REIT, Inc.   763,965 
           
     HOME CONSTRUCTION - 1.6%     
 8,773   Meritage Homes Corporation(a)   944,764 
           
     HOTEL REIT - 1.1%     
 39,678   Pebblebrook Hotel Trust   650,719 
           
     INDUSTRIAL INTERMEDIATE PROD - 2.6%     
 5,876   EnPro Industries, Inc.   711,407 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.9% (Continued)     
     INDUSTRIAL INTERMEDIATE PROD - 2.6% (Continued)     
 13,029   Mueller Industries, Inc.  $854,051 
         1,565,458 
     INSTITUTIONAL FINANCIAL SERVICES - 1.2%     
 5,322   Piper Sandler Cos   756,256 
           
     INSURANCE - 3.4%     
 11,773   American Equity Investment Life Holding Company   560,983 
 8,438   Axis Capital Holdings Ltd.   527,966 
 4,443   Hanover Insurance Group, Inc. (The)   597,939 
 1,348   National Western Life Group, Inc., Class A   373,126 
         2,060,014 
     INTERNET MEDIA & SERVICES - 0.8%     
 20,147   TripAdvisor, Inc.(a)   469,425 
           
     LEISURE FACILITIES & SERVICES - 1.8%     
 24,205   Bloomin’ Brands, Inc.   586,971 
 12,088   Travel + Leisure Company   512,169 
         1,099,140 
     LEISURE PRODUCTS - 1.0%     
 6,535   Thor Industries, Inc.   622,982 
           
     MACHINERY - 3.9%     
 5,450   Alamo Group, Inc.   852,761 
 5,054   Curtiss-Wright Corporation   837,953 
 14,960   Hillenbrand, Inc.   701,026 
         2,391,740 
     MEDICAL EQUIPMENT & DEVICES - 1.2%     
 22,755   Avanos Medical, Inc.(a)   697,213 
           
     METALS & MINING - 1.0%     
 3,706   Encore Wire Corporation   598,260 
           
     MORTGAGE FINANCE - 2.0%     
 55,323   Ladder Capital Corporation   619,617 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.9% (Continued)     
     MORTGAGE FINANCE - 2.0% (Continued)     
 46,121   Ready Capital Corporation  $610,181 
         1,229,798 
     MULTI ASSET CLASS REIT - 2.5%     
 54,237   Armada Hoffler Properties, Inc.   687,725 
 55,865   Global Net Lease, Inc.   835,182 
         1,522,907 
     OIL & GAS PRODUCERS - 2.9%     
 9,463   Callon Petroleum Company(a)   402,651 
 19,915   PBF Energy, Inc., Class A   836,230 
 18,785   SilverBow Resources, Inc.(a)   493,482 
         1,732,363 
     OIL & GAS SERVICES & EQUIPMENT - 2.5%     
 41,021   Liberty Oilfield Services, Inc., Class A   649,362 
 89,733   RPC, Inc.   890,152 
         1,539,514 
     PUBLISHING & BROADCASTING - 1.1%     
 33,920   Sinclair Broadcast Group, Inc., Class A   699,769 
           
     RETAIL - CONSUMER STAPLES - 1.5%     
 9,318   Ingles Markets, Inc., Class A   885,210 
           
     RETAIL - DISCRETIONARY - 4.0%     
 12,079   Academy Sports & Outdoors, Inc.   705,655 
 26,589   Ethan Allen Interiors, Inc.   764,168 
 31,324   Sally Beauty Holdings, Inc.(a)   488,028 
 6,015   Signet Jewelers Ltd.   462,012 
         2,419,863 
     RETAIL REIT - 4.3%     
 45,110   Acadia Realty Trust   700,558 
 40,768   Essential Properties Realty Trust, Inc.   1,038,769 
 19,586   Spirit Realty Capital, Inc.   859,434 
         2,598,761 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.9% (Continued)     
     SEMICONDUCTORS - 1.4%     
 9,569   Diodes, Inc.(a)  $853,459 
           
     SPECIALTY FINANCE - 1.9%     
 11,753   Essent Group Ltd.   517,485 
 13,352   Mr Cooper Group, Inc.(a)   614,058 
         1,131,543 
     SPECIALTY REIT - 0.7%     
 10,316   EPR Properties   438,224 
           
     TECHNOLOGY HARDWARE - 2.0%     
 38,207   Knowles Corporation(a)   734,721 
 15,774   NetScout Systems, Inc.(a)   506,345 
         1,241,066 
     TECHNOLOGY SERVICES - 3.6%     
 33,479   Green Dot Corporation, Class A(a)   605,300 
 35,935   LiveRamp Holdings, Inc.(a)   961,621 
 5,859   Science Applications International Corporation   608,047 
         2,174,968 
     TELECOMMUNICATIONS - 0.9%     
 28,381   EchoStar Corporation, Class A(a)   531,009 
           
     TIMBER REIT - 1.4%     
 17,243   PotlatchDeltic Corporation   844,045 
           
     TRANSPORTATION & LOGISTICS - 4.5%     
 7,724   ArcBest Corporation   644,568 
 10,723   Matson, Inc.   709,005 
 8,796   Ryder System, Inc.   830,431 
 25,719   SkyWest, Inc.(a)   533,926 
         2,717,930 
     WHOLESALE - CONSUMER STAPLES - 1.0%     
 16,707   Andersons, Inc. (The)   614,483 
           
     TOTAL COMMON STOCKS (Cost $52,047,775)   59,936,504 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 0.2%     
     MONEY MARKET FUNDS - 0.2%     
 109,126   STIT - Treasury Portfolio, Institutional Class, 4.28% (Cost $109,126)(b)  $109,126 
           
     TOTAL INVESTMENTS - 99.1% (Cost $52,156,901)  $60,045,630 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%   542,312 
     NET ASSETS - 100.0%  $60,587,942 
           
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
(a) Non-income producing security.
   
(b) Rate disclosed is the seven day effective yield as of January 31, 2023.

 

 

DUNHAM FOCUSED LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 99.8%     
     ASSET MANAGEMENT - 2.9%     
 54,836   Blackstone, Inc.(a)  $5,262,063 
           
     E-COMMERCE DISCRETIONARY - 8.8%     
 109,292   Amazon.com, Inc.(b)   11,271,284 
 4,095   MercadoLibre, Inc.(b)   4,839,021 
         16,110,305 
     INTERNET MEDIA & SERVICES - 2.5%     
 13,135   Netflix, Inc.(b)   4,647,951 
           
     LEISURE FACILITIES & SERVICES - 3.3%     
 3,706   Chipotle Mexican Grill, Inc.(b)   6,101,484 
           
     MEDICAL EQUIPMENT & DEVICES - 13.6%     
 12,150   Align Technology, Inc.(b)   3,277,220 
 57,728   DexCom, Inc.(b)   6,182,092 
 52,820   Edwards Lifesciences Corporation(b)   4,051,294 
 17,908   Insulet Corporation(a),(b)   5,145,327 
 25,718   Intuitive Surgical, Inc.(b)   6,318,654 
         24,974,587 
     RETAIL - DISCRETIONARY - 5.7%     
 15,286   Lululemon Athletica, Inc.(b)   4,690,968 
 25,619   Tractor Supply Company(a)   5,840,875 
         10,531,843 
     SEMICONDUCTORS - 16.7%     
 39,703   Advanced Micro Devices, Inc.(b)   2,983,680 
 10,179   ASML Holding N.V. - ADR   6,726,690 
 63,080   Marvell Technology, Inc.   2,721,902 
 62,448   NVIDIA Corporation   12,200,466 
 44,672   QUALCOMM, Inc.   5,950,757 
         30,583,495 
     SOFTWARE - 25.1%     
 17,403   Adobe, Inc.(b)   6,445,027 
 55,138   Microsoft Corporation   13,663,749 
 5,689   Palo Alto Networks, Inc.(a),(b)   902,503 

 

 

DUNHAM FOCUSED LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 99.8% (Continued)     
     SOFTWARE - 25.1% (Continued)     
 41,585   Salesforce, Inc.(b)  $6,985,032 
 27,166   ServiceNow, Inc.(b)   12,364,062 
 34,913   Veeva Systems, Inc., Class A(b)   5,954,412 
         46,314,785 
     TECHNOLOGY HARDWARE - 5.1%     
 65,250   Apple, Inc.   9,414,923 
           
     TECHNOLOGY SERVICES - 16.1%     
 41,113   Block, Inc., Class A(b)   3,359,754 
 38,989   Mastercard, Inc., Class A   14,449,323 
 33,230   PayPal Holdings, Inc.(a),(b)   2,707,913 
 39,233   Visa, Inc., Class A(a)   9,031,829 
         29,548,819 
           
     TOTAL COMMON STOCKS (Cost $124,044,864)   183,490,255 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 12.1%     
     COLLATERAL FOR SECURITIES LOANED - 11.8%     
 21,767,694   Mount Vernon Liquid Assets Portfolio, LLC, , 4.54% (Cost $21,767,694)(c)(d)   21,767,694 
           
     MONEY MARKET FUND - 0.3%     
 518,867   STIT - Treasury Obligations Portfolio, Institutional Class , 4.28% (Cost $518,867)(c)   518,867 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost$22,286,561)   22,286,561 
           
     TOTAL INVESTMENTS - 111.9% (Cost $146,331,425)  $205,776,816 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (11.9)%   (21,893,870)
     NET ASSETS - 100.0%  $183,882,946 

 

ADR - American Depositary Receipt
   
ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company
   
(a) All or a portion of these securities are on loan. Total loaned securities had a value of $21,549,071 at January 31, 2023.
   
(b) Non-income producing security.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of thevalue of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.0%     
     ADVERTISING & MARKETING - 0.8%     
 13,038   Trade Desk, Inc. (The), Class A(a)  $661,027 
           
     AEROSPACE & DEFENSE - 1.8%     
 20,372   Hexcel Corporation   1,437,856 
           
     APPAREL & TEXTILE PRODUCTS - 2.0%     
 5,054   Crocs, Inc.(a),(b)   615,426 
 2,287   Deckers Outdoor Corporation(a)   977,646 
         1,593,072 
     BANKING - 2.0%     
 19,333   First Merchants Corporation   824,359 
 23,584   Seacoast Banking Corp of Florida(b)   757,282 
         1,581,641 
     BIOTECH & PHARMA - 8.6%     
 42,586   Alector, Inc.(a)   375,609 
 31,892   Anavex Life Sciences Corporation(a),(b)   346,666 
 8,103   Apellis Pharmaceuticals, Inc.(a),(b)   427,271 
 18,580   Halozyme Therapeutics, Inc.(a),(b)   961,886 
 7,227   Immunocore Holdings plc - ADR(a)   442,798 
 15,043   Intra-Cellular Therapies, Inc.(a)   720,861 
 24,132   IVERIC bio, Inc.(a)   557,449 
 29,428   Maravai LifeSciences Holdings, Inc.(a)   431,414 
 113,992   MaxCyte, Inc.(a)   665,713 
 53,060   Point Biopharma Global, Inc.(a)   424,480 
 40,355   Roivant Sciences Ltd.(a)   334,947 
 42,391   TG Therapeutics, Inc.(a)   645,615 
 12,356   Vaxcyte, Inc.(a)   560,345 
         6,895,054 
     COMMERCIAL SUPPORT SERVICES - 0.9%     
 4,696   FTI Consulting, Inc.(a)   749,106 
           
     ELECTRICAL EQUIPMENT - 3.4%     
 21,398   Bloom Energy Corporation, Class A(a)   533,452 
 19,867   BWX Technologies, Inc.   1,209,106 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.0% (Continued)     
     ELECTRICAL EQUIPMENT - 3.4% (Continued)     
 17,436   Itron, Inc.(a)  $1,002,047 
         2,744,605 
     ENGINEERING & CONSTRUCTION - 5.5%     
 9,255   Exponent, Inc.   949,008 
 9,772   MasTec, Inc.(a)   959,904 
 21,206   Montrose Environmental Group, Inc.(a)   1,148,517 
 25,732   WillScotMobile Mini Holdings Corporation (a)   1,246,972 
         4,304,401 
     FOOD - 1.0%     
 66,000   Krispy Kreme, Inc.   805,200 
           
     HEALTH CARE FACILITIES & SERVICES - 6.1%     
 8,718   Amedisys, Inc.(a)   842,682 
 25,065   Option Care Health, Inc.(a)   723,627 
 13,089   Progyny, Inc.(a),(b)   450,131 
 48,874   RadNet, Inc.(a)   1,028,797 
 46,066   SI-BONE, Inc.(a)   784,504 
 30,476   Surgery Partners, Inc.(a),(b)   1,011,803 
         4,841,544 
     HOUSEHOLD PRODUCTS - 3.0%     
 89,438   Coty, Inc., Class A(a)   890,802 
 7,677   elf Beauty, Inc.(a)   441,811 
 8,678   Inter Parfums, Inc.(b)   1,025,914 
         2,358,527 
     INDUSTRIAL SUPPORT SERVICES - 0.7%     
 3,453   SiteOne Landscape Supply, Inc.(a),(b)   523,164 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.7%     
 6,252   Evercore, Inc., Class A   811,572 
 8,439   Houlihan Lokey, Inc.   836,052 
 6,796   Tradeweb Markets, Inc., Class A   506,574 
         2,154,198 
     INTERNET MEDIA & SERVICES - 1.9%     
 99,249   Eventbrite, Inc., Class A(a),(b)   882,323 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.0% (Continued)     
     INTERNET MEDIA & SERVICES - 1.9% (Continued)     
 22,340   Pinterest, Inc., Class A(a),(b)  $587,319 
         1,469,642 
     LEISURE FACILITIES & SERVICES - 7.3%     
 21,278   Dave & Buster’s Entertainment, Inc.(a)   922,401 
 12,912   Dutch Bros, Inc.(a),(b)   492,076 
 8,170   Kura Sushi USA, Inc.(a)   507,684 
 42,154   OneSpaWorld Holdings Ltd.(a),(b)   443,039 
 12,094   Papa John’s International, Inc.(b)   1,084,710 
 6,708   Planet Fitness, Inc., Class A(a)   567,832 
 9,954   Texas Roadhouse, Inc.(b)   999,680 
 5,444   Wingstop, Inc.(b)   862,711 
         5,880,133 
     LEISURE PRODUCTS - 2.1%     
 5,123   Axon Enterprise, Inc.(a)   1,001,240 
 5,416   Fox Factory Holding Corporation(a)   639,575 
         1,640,815 
     MACHINERY - 3.2%     
 23,412   Flowserve Corporation   805,841 
 5,728   Lindsay Corporation   897,119 
 6,433   MSA Safety, Inc.   877,397 
         2,580,357 
     MEDICAL EQUIPMENT & DEVICES - 7.7%     
 107,098   Adaptive Biotechnologies Corporation(a)   992,799 
 65,895   Alphatec Holdings, Inc.(a),(b)   857,953 
 17,351   BioLifeSolutions, Inc. (a)   406,707 
 105,787   Cerus Corporation(a)   332,171 
 6,152   DexCom, Inc.(a)   658,818 
 10,454   Inari Medical, Inc.(a)   596,401 
 2,407   Insulet Corporation(a),(b)   691,579 
 3,908   RepligenCorporation (a),(b)   724,152 
 16,780   Silk Road Medical, Inc.(a)   912,161 
         6,172,741 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.0% (Continued)     
     OIL & GAS PRODUCERS - 0.9%     
 4,816   Cheniere Energy, Inc.  $735,837 
           
     OIL & GAS SERVICES & EQUIPMENT - 1.1%     
 61,175   TechnipFMC plc(a),(b)   849,721 
           
     RENEWABLE ENERGY - 1.9%     
 22,602   Shoals Technologies Group, Inc.(a),(b)   630,370 
 2,724   SolarEdge Technologies, Inc.(a)   869,309 
         1,499,679 
     RETAIL - CONSUMER STAPLES - 1.8%     
 4,890   Five Below, Inc.(a)   963,966 
 8,207   Ollie’s Bargain Outlet Holdings, Inc.(a),(b)   449,415 
         1,413,381 
     RETAIL - DISCRETIONARY - 1.0%     
 12,844   Freshpet, Inc.(a),(b)   813,411 
           
     SEMICONDUCTORS - 8.6%     
 11,818   Aehr Test Systems(a),(b)   413,157 
 23,902   Allegro MicroSystems, Inc.(a)   912,339 
 6,100   Axcelis Technologies, Inc.(a)   670,695 
 9,282   Azenta, Inc.(a),(b)   518,864 
 11,110   Lattice Semiconductor Corporation(a)   842,027 
 12,323   Onto Innovation, Inc.(a)   969,203 
 6,862   Power Integrations, Inc.(b)   590,750 
 4,726   Silicon Laboratories, Inc.(a),(b)   741,557 
 3,355   SiTime Corporation(a)   386,597 
 11,315   Wolfspeed, Inc.(a)   871,368 
         6,916,557 
     SOFTWARE - 13.6%     
 7,644   Alteryx, Inc., Class A(a)   424,166 
 6,690   Appfolio, Inc., Class A(a)   751,488 
 32,714   BigCommerce Holdings, Inc.(a)   401,074 
 5,887   Blackline, Inc.(a)   422,687 
 15,765   Calix, Inc.(a)   829,870 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.0% (Continued)     
     SOFTWARE - 13.6% (Continued)     
 8,513   Crowdstrike Holdings, Inc., Class A(a)  $901,527 
 35,037   DoubleVerify Holdings, Inc.(a),(b)   952,656 
 27,133   Doximity, Inc.(a),(b)   956,980 
 6,153   Duolingo, Inc.(a)   587,550 
 21,405   Dynatrace, Inc.(a)   822,594 
 12,067   Five9, Inc.(a)   950,638 
 22,933   Jamf Holding Corporation(a)   455,679 
 31,696   JFrog Ltd.(a),(b)   814,904 
 5,356   Omnicell, Inc.(a)   297,097 
 20,906   Privia Health Group, Inc.(a)   565,298 
 7,142   Sprout Social, Inc., Class A(a)   456,874 
 11,560   ZoomInfo Technologies, Inc., Class A(a),(b)   326,339 
         10,917,421 
     TECHNOLOGY HARDWARE - 1.1%     
 6,635   Fabrinet(a),(b)   873,564 
           
     TECHNOLOGY SERVICES - 6.1%     
 4,900   Globant S.A.(a)   794,682 
 18,407   MAXIMUS, Inc.   1,377,764 
 1,797   MSCI, Inc.   955,213 
 12,551   Shift4 Payments, Inc.(a),(b)   803,766 
 11,637   WNS Holdings Ltd. - ADR(a)   986,003 
         4,917,428 
     TRANSPORTATION & LOGISTICS - 0.6%     
 18,007   Air Transport Services Group, Inc.(a)   509,778 
           
     WHOLESALE - CONSUMER STAPLES - 0.6%     
 17,085   Grocery Outlet Holding Corporation(a)   519,213 
           
     TOTAL COMMON STOCKS (Cost $68,240,395)   78,359,073 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 23.9%     
     COLLATERAL FOR SECURITIES LOANED - 21.6%     
 17,281,108   Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $17,281,108)(c)(d)  $17,281,108 
           
     MONEY MARKET FUND - 2.3%     
 1,860,649   Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,860,649)(c)   1,860,649 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost$19,141,757)   19,141,757 
           
     TOTAL INVESTMENTS - 121.9% (Cost $87,382,152)  $97,500,830 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (21.9)%   (17,497,299)
     NET ASSETS - 100.0%  $80,003,531 
           
ADR - American Depositary Receipt
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
MSCI - Morgan Stanley Capital International
   
PLC - Public Limited Company
   
S/A - Société Anonyme
   
(a) Non-income producing security.
   
(b) All or a portion of these securities are on loan. Total loaned securities had a value of $17,266,416 at January 31, 2023.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     CLOSED END FUNDS — 0.9%     
     MIXED ALLOCATION - 0.9%     
 136,545   Vietnam Enterprise Investments Ltd.(a)  $1,065,011 
           
     TOTAL CLOSED END FUNDS (Cost $861,698)   1,065,011 
           
     COMMON STOCKS — 99.6%     
     APPAREL & TEXTILE PRODUCTS - 1.2%     
 112,200   Shenzhou International Group Holdings Ltd.(b)   1,413,130 
           
     ASSET MANAGEMENT - 0.6%     
 198,400   East Money Information Company Ltd.   665,111 
           
     AUTOMOTIVE - 1.6%     
 2,137   LG Energy Solution Ltd.(a)   908,075 
 82,500   NIO, Inc. - ADR(a)   995,775 
         1,903,850 
     BANKING - 11.2%     
 167,748   Banco Bradesco S.A. - ADR   468,017 
 2,100,500   Bank Central Asia Tbk P.T.   1,190,147 
 207,400   Bank for Foreign Trade of Vietnam JSC(a)   812,796 
 2,938,000   CTBC Financial Holding Company Ltd.   2,243,403 
 265,895   FirstRand Ltd.(b)   988,243 
 11,900   HDFC Bank Ltd. - ADR   801,584 
 36,900   ICICI Bank Ltd. - ADR   768,627 
 210,148   Itau Unibanco Holding S.A. - ADR   1,046,537 
 51,974   KB Financial Group, Inc.   2,366,236 
 2,077,000   Public Bank Bhd   2,069,302 
 152,825   Qatar National Bank QPSC(b)   757,813 
         13,512,705 
     BEVERAGES - 3.3%     
 19,800   Heineken Malaysia Bhd   130,080 
 4,300   Kweichow Moutai Company Ltd.   1,179,446 
 184,836   Varun Beverages Ltd.   2,601,062 
         3,910,588 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 99.6% (Continued)     
     CHEMICALS - 1.8%     
 2,404   LG Chem Ltd.  $1,355,483 
 7,577   Sociedad Quimica y Minera de Chile S.A. - ADR   739,061 
         2,094,544 
     CONSTRUCTION MATERIALS - 0.7%     
 952,000   China National Building Material Company Ltd., H Shares   873,592 
           
     CONSUMER SERVICES - 1.7%     
 1,278,000   China Education Group Holdings Ltd.   2,029,515 
           
     E-COMMERCE DISCRETIONARY - 9.4%     
 470,841   Alibaba Group Holding Ltd.(a),(b)   6,474,015 
 50,046   JD.com, Inc.   1,486,167 
 149,040   Meituan(a),(b)   3,332,218 
         11,292,400 
     ELECTRIC UTILITIES - 0.0%(c)     
 77,040   ACEN Corporation   9,896 
           
     ELECTRICAL EQUIPMENT - 0.7%     
 207,024   NARI Technology Company Ltd.   811,617 
           
     ENGINEERING & CONSTRUCTION - 1.7%     
 50,826   Larsen & Toubro Ltd.   1,325,749 
 25,748   Mytilineos S.A.   666,056 
         1,991,805 
     ENTERTAINMENT CONTENT - 2.0%     
 136,990   NetEase, Inc.   2,430,710 
           
     FOOD - 1.1%     
 5,540,200   Monde Nissin Corporation   1,340,756 
           
     HEALTH CARE FACILITIES & SERVICES - 3.0%     
 84,600   Hangzhou Tigermed Consulting Company Ltd.   1,109,855 
 452,096   Max Healthcare Institute Ltd.(a)   2,451,614 
         3,561,469 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 99.6% (Continued)     
     HOME & OFFICE PRODUCTS - 1.4%     
 452,200   Haier Smart Home Company Ltd., H Shares(b)  $1,667,917 
           
     INSURANCE - 4.2%     
 252,200   AIA Group Ltd.(b)   2,852,044 
 131,480   Prudential plc   2,184,465 
         5,036,509 
     INTERNET MEDIA & SERVICES - 6.0%     
 6,993   Naspers Ltd., N Shares(b)   1,352,408 
 119,900   Tencent Holdings Ltd.(b)   5,843,119 
         7,195,527 
     LEISURE FACILITIES & SERVICES - 3.7%     
 182,930   Jollibee Foods Corporation   796,955 
 1,016,335   Lemon Tree Hotels Ltd.(a)   955,787 
 1,052,400   Minor International PCL - ADR(a)   1,071,742 
 108,538   OPAP S.A.   1,629,655 
         4,454,139 
     MACHINERY - 2.1%     
 127,500   Jiangsu Hengli Hydraulic Company Ltd.   1,238,347 
 485,326   Sany Heavy Industry Company Ltd., Class A   1,263,102 
         2,501,449 
     MEDICAL EQUIPMENT & DEVICES - 1.4%     
 35,200   Shenzhen Mindray Bio-Medical Electronics Company   1,741,056 
           
     OIL & GAS PRODUCERS - 2.0%     
 376,189   Gazprom PJSC(b)   — 
 89,100   Petroleo Brasileiro S.A. - ADR   1,033,560 
 259,210   PTT Exploration & Production PCL   1,360,639 
         2,394,199 
     REAL ESTATE OWNERS & DEVELOPERS - 0.9%     
 667,729   Indiabulls Real Estate Ltd.(a)   593,148 
 230,490   Vinhomes JSC(b)   500,296 
         1,093,444 
     RENEWABLE ENERGY - 3.6%     
 32,500   Contemporary Amperex Technology Company Ltd.   2,255,366 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 99.6% (Continued)     
     RENEWABLE ENERGY - 3.6% (Continued)     
 285,250   LONGi Green Energy Technology Company Ltd., Class A  $2,045,690 
         4,301,056 
     RETAIL - CONSUMER STAPLES - 2.9%     
 8,512   Magnit PJSC(a),(b)   — 
 189,000   President Chain Store Corporation   1,700,114 
 472,337   Wal-Mart de Mexico S.A.B. de C.V.   1,844,998 
         3,545,112 
     RETAIL - DISCRETIONARY - 2.5%     
 1,828,200   Home Product Center PCL   799,948 
 226,500   Li Ning Company Ltd.   2,239,303 
         3,039,251 
     SEMICONDUCTORS - 9.9%     
 17,000   eMemory Technology, Inc.   930,812 
 72,196   MediaTek, Inc.   1,741,947 
 478,608   Taiwan Semiconductor Manufacturing Company Ltd.   8,434,381 
 9,700   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   899,481 
         12,006,621 
     SPECIALTY FINANCE - 3.1%     
 115,498   Housing Development Finance Corp Ltd.   3,725,540 
           
     TECHNOLOGY HARDWARE - 7.5%     
 80,099   Accton Technology Corporation   653,699 
 127,000   E Ink Holdings, Inc.   735,948 
 155,547   Samsung Electronics Company Ltd.   7,678,158 
         9,067,805 
     TECHNOLOGY SERVICES - 2.5%     
 401,028   Shanghai Baosight Software Company Ltd.   2,976,792 
           
     TELECOMMUNICATIONS - 2.8%     
 148,450   Bharti Airtel Ltd.   1,401,578 
 7,762,700   Telekomunikasi Indonesia Persero Tbk P.T.   2,002,929 
         3,404,507 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value 
     COMMON STOCKS — 99.6% (Continued)             
     TRANSPORTATION & LOGISTICS - 2.5%             
 185,172   Container Corp Of India Ltd.          $1,428,939 
 185,376   Spring Airlines Company Ltd.(a)           1,658,849 
                 3,087,788 
     WHOLESALE - CONSUMER STAPLES - 0.6%             
 407,136   Devyani International Ltd.(a)           772,526 
                   
     TOTAL COMMON STOCKS (Cost $111,223,313)          $119,852,926 
                   
        Expiration
Date		  Exercise
Price		      
     WARRANT — 0.0%(c)             
     LEISURE FACILITIES & SERVICES - 0.0% (c)             
 26,977   Minor International PCL (Thailand)  07/31/2023  $21.60    9,405 
 42,772   Minor International PCL (Thailand)  05/08/2023   28.00    6,545 
 38,762   Minor International PCL (Thailand)  02/16/2024   31.00    4,524 
     TOTAL WARRANT (Cost $5,303)           20,474 
                   
     SHORT-TERM INVESTMENTS — 0.2%             
     MONEY MARKET FUNDS - 0.2%             
 232,672   First American Government Obligations Fund, Class X, 4.13% (Cost $232,672)(d)           232,672 
                   
     TOTAL INVESTMENTS - 100.3% (Cost $112,322,986)          $120,728,282 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%           (304,053)
     NET ASSETS - 100.0%          $120,424,229 
                   
ADR - American Depositary Receipt
   
LTD - Limited Company
   
PJSC - Public Joint-Stock Company
   
PLC - Public Limited Company
   
PT - Perseroan Terbatas
   
S/A - Société Anonyme
   
USB US Bank
   
(a) Non-income producing security.
   
(b) 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 are $0.
   
(c) Percentage rounds to less than 0.1%.
   
(d) Rate disclosed is the seven day effective yield as of January 31, 2023.

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7%     
     ASSET MANAGEMENT - 0.2%     
 11,931   Investor A.B.  $231,816 
           
     AUTOMOTIVE - 7.5%     
 5,000   Aisin Seiki Company Ltd.   145,908 
 23,857   Bayerische Motoren Werke A.G.   2,430,017 
 10,835   Continental A.G.   760,729 
 4,244   Hyundai Mobis Company Ltd.   708,925 
 5,604   Hyundai Motor Company   379,456 
 1,761   Kia Motors Corporation   95,848 
 17,169   Mercedes-Benz Group A.G.   1,277,492 
 77,900   Nissan Motor Company Ltd.   279,948 
 99,253   Stellantis N.V.   1,560,241 
 26,400   Subaru Corporation   433,885 
 37,700   Sumitomo Electric Industries Ltd.   453,104 
 11,130   Volkswagen A.G.   1,543,520 
         10,069,073 
     BANKING - 12.5%     
 167,000   Agricultural Bank of China Ltd., H Shares   60,114 
 1,559,658   Akbank T.A.S.   1,412,848 
 30,481   Banco Bilbao Vizcaya Argentaria S.A.   215,296 
 83,934   Banco Santander S.A.   293,324 
 43,009   Bank Leumi Le-Israel BM   380,071 
 279,200   Bank of Beijing Company Ltd., Class A   175,920 
 22,068   Bank of China Ltd. - ADR   209,425 
 3,575,000   Bank of China Ltd., H Shares   1,360,998 
 540,300   Bank of Communications Company Ltd.   388,459 
 1,150,000   Bank of Communications Company Ltd., H Shares   710,878 
 453,900   Bank of Shanghai Company Ltd., Class A   403,121 
 31,712   BNK Financial Group, Inc.   182,763 
 5,821   BNP Paribas S.A.   399,769 
 864,000   China Construction Bank Corporation, H Shares   559,309 
 350,500   China Minsheng Banking Corp Ltd., H Shares   131,055 
 117,900   China Zheshang Bank Company Ltd.(b)   51,753 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     BANKING - 12.5% (Continued)     
 272,000   Chongqing Rural Commercial Bank Company Ltd., H Shares  $98,268 
 27,662   Commercial International Bank Egypt S.A.E - ADR   44,702 
 694,354   Haci Omer Sabanci Holding A/S   1,443,865 
 10,225   Hana Financial Group, Inc.   405,809 
 83,660   Industrial & Commercial Bank of China Ltd. - ADR   893,489 
 1,449,000   Industrial & Commercial Bank of China Ltd., H Shares   775,167 
 55,600   Industrial Bank Company Ltd.   145,570 
 12,641   KB Financial Group, Inc.   575,511 
 449,900   Mebuki Financial Group, Inc.   1,172,150 
 22,772   Nordea Bank Abp   266,440 
 121,567   Quinenco S.A.   422,956 
 775,890   Sberbank of Russia PJSC - ADR(a),(b)   — 
 2,831   Shinhan Financial Group Company Ltd.   95,634 
 36,156   Skandinaviska Enskilda Banken A.B.   437,646 
 58,951   Svenska Handelsbanken A.B., A Shares   614,669 
 6,000   Swedbank A.B., A Shares   115,405 
 529,219   Turkiye Garanti Bankasi A/S   678,578 
 119,320   Turkiye Is Bankasi A/S   69,191 
 21,414   UniCredit SpA   418,211 
 1,284,860,000   VTB Bank PJSC(a),(b)   — 
 2,410,939   Yapi ve Kredi Bankasi A/S   1,168,855 
         16,777,219 
     BEVERAGES - 0.1%     
 1,857   Anheuser-Busch InBev S.A./NV - ADR   111,959 
           
     BIOTECH & PHARMA - 7.5%     
 12,451   Bayer A.G.   774,958 
 58,236   GSK plc - ADR   2,053,401 
 22,561   Novartis A.G. - ADR   2,044,478 
 6,834   Novartis A.G.   617,876 
 2,500   Otsuka Holdings Company Ltd.   80,218 
 14,376   Roche Holding A.G.   4,487,908 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     BIOTECH & PHARMA - 7.5% (Continued)     
 19,700   Shandong Buchang Pharmaceuticals Company Ltd.  $56,071 
         10,114,910 
     CHEMICALS - 2.6%     
 16,656   Evonik Industries A.G.   370,213 
 8,100   Kaneka Corporation   212,705 
 82,016   Lianhe Chemical Technology Company Ltd.   213,488 
 31,500   Mitsubishi Chemical Group Corporation   176,797 
 3,200   Nitto Denko Corporation   206,883 
 10,128   PhosAgro PJSC(a),(b)   — 
 14,171   Sasol Ltd.   257,516 
 6,800   Shin-Etsu Chemical Company Ltd.   1,002,685 
 72,200   Toray Industries, Inc.   443,693 
 6,700   Tosoh Corporation   87,677 
 23,289   Yara International ASA - ADR   515,921 
         3,487,578 
     COMMERCIAL SUPPORT SERVICES - 0.6%     
 12,994   Randstad N.V.   832,837 
           
     CONSTRUCTION MATERIALS - 0.0%(c)     
 1,100   AGC, Inc.   40,538 
 0   Turkiye Sise ve Cam Fabrikalari A/S   1 
         40,539 
     DIVERSIFIED INDUSTRIALS - 0.6%     
 18,900   Mitsubishi Heavy Industries Ltd.   741,222 
           
     ELECTRIC UTILITIES - 0.6%     
 1,075   CEZ A/S   43,653 
 15,700   Chubu Electric Power Company, Inc.   169,141 
 19,994   Engie S.A.   283,892 
 52,622   Origin Energy Ltd.   279,407 
         776,093 
     ELECTRICAL EQUIPMENT - 1.3%     
 27,498   ABB Ltd.   957,392 
 12,986   Kone OYJ, Class B   708,157 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     ELECTRICAL EQUIPMENT - 1.3% (Continued)     
 7,600   Mitsubishi Electric Corporation  $83,775 
         1,749,324 
     ENGINEERING & CONSTRUCTION - 1.4%     
 1,198,200   China State Construction Engineering Corp Ltd.   985,115 
 1   Enka Insaat ve Sanayi A/S   1 
 1,666,800   Metallurgical Corp of China Ltd., Class A   833,958 
         1,819,074 
     FOOD - 0.3%     
 741,000   WH Group Ltd.   456,396 
           
     HOME & OFFICE PRODUCTS - 0.0%(c)     
 1   Arcelik A/S   6 
           
     INDUSTRIAL INTERMEDIATE PROD - 0.0%(c)     
 51,000   China International Marine Containers Group   55,028 
           
     INDUSTRIAL SUPPORT SERVICES - 0.2%     
 13,200   Sumitomo Corporation   236,988 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.8%     
 3,396   Deutsche Boerse A.G.   607,646 
 254,000   Haitong Securities Company Ltd.   175,231 
 110,420   Mirae Asset Daewoo Company Ltd.   331,058 
 329,400   Nomura Holdings, Inc.   1,314,853 
         2,428,788 
     INSURANCE - 7.6%     
 231,585   China Life Insurance Company Ltd., H Shares   426,333 
 5,700   COFCO Capital Holdings Company Ltd.   6,365 
 6,500   Dai-ichi Life Holdings, Inc.   152,540 
 7,097   Hyundai Marine & Fire Insurance Company Ltd.   178,501 
 74,000   Japan Post Holdings Company Ltd.   649,815 
 50,800   MS&AD Insurance Group Holdings, Inc.   1,629,682 
 4,367   Muenchener Rueckversicherungs-Gesellschaft A.G. in   1,577,284 
 22,464   NN Group N.V.   975,950 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     INSURANCE - 7.6% (Continued)     
 1,360,200   People’s Insurance Company Group of China Ltd.  $1,039,607 
 2,312,000   People’s Insurance Company Group of China Ltd., H Shares   779,503 
 3,712   Samsung Fire & Marine Insurance Company Ltd.   611,454 
 3,206   Samsung Fire & Marine Insurance Company Ltd. - Pfd.   405,291 
 28,200   Sompo Holdings, Inc.   1,214,230 
 5,130   Swiss Re A.G.   537,185 
         10,183,740 
     LEISURE FACILITIES & SERVICES - 0.5%     
 727,500   Fosun International Ltd.   675,505 
           
     MACHINERY - 1.8%     
 1,374   Accelleron Industries A.G.,(b)   32,454 
 4,000   Keyence Corporation   1,841,858 
 29,300   Yokogawa Electric Corporation   514,603 
         2,388,915 
     MEDICAL EQUIPMENT & DEVICES - 0.5%     
 2,800   Hoya Corporation   307,985 
 6,700   Shimadzu Corporation   205,941 
 13,130   Smith & Nephew plc   181,323 
         695,249 
     METALS & MINING - 7.7%     
 8,021   Anglo American plc - ADR   172,853 
 33,742   Anglo American PLC   1,455,250 
 213,900   China Shenhua Energy Company Ltd.   901,471 
 16,500   China Shenhua Energy Company Ltd., H Shares   51,363 
 133,302   Glencore plc   892,674 
 170,800   Jiangxi Copper Company Ltd.   494,473 
 150,518   Jiangxi Copper Company Ltd.   435,756 
 306,600   Jinneng Holding Shanxi Coal Industry Company Ltd.   585,145 
 3,785   MMC Norilsk Nickel PJSC(a),(b)   — 
 16,735   Rio Tinto Ltd.   1,501,788 
 4,296   Rio Tinto plc   336,369 
 27,277   Rio Tinto plc - ADR   2,164,430 
 27,683   South32 Ltd.   88,835 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     METALS & MINING - 7.7% (Continued)     
 1,900   Sumitomo Metal Mining Company Ltd.  $77,162 
 60,260   Vale S.A. - ADR   1,125,657 
         10,283,226 
     OIL & GAS PRODUCERS - 16.2%     
 1,615   Aker BP ASA   49,201 
 92,846   BP plc - ADR   3,363,810 
 115,255   BP plc   696,143 
 991,900   China Petroleum & Chemical Corporation   665,488 
 1,294,000   China Petroleum & Chemical Corporation, H Shares   698,783 
 3,353   Ecopetrol S.A. - ADR   38,191 
 17,700   ENEOS Holdings, Inc.   63,383 
 25,103   Eni SpA - ADR   775,683 
 13,665   Eni SpA   210,266 
 2,334   Equinor ASA - ADR   71,024 
 6,389   Equinor ASA   194,737 
 87,530   Gazprom PJSC - ADR(a),(b)   — 
 247,390   Gazprom PJSC(a),(b)   — 
 330,596   Guanghui Energy Company Ltd.   502,641 
 58,300   Idemitsu Kosan Company Ltd.   1,457,847 
 37,200   Inpex Corporation   408,863 
 486,725   KOC Holding A/S   1,983,955 
 24,250   LUKOIL PJSC(a),(b)   — 
 9,813   MOL Hungarian Oil & Gas plc   73,378 
 22,511   Motor Oil Hellas Corinth Refineries S.A.   550,081 
 9,000   OMV A.G.   450,781 
 2,085,400   PetroChina Company Ltd.   1,604,065 
 1,184,100   PetroChina Company Ltd., H Shares   633,491 
 126,800   Petroleo Brasileiro S.A.   736,727 
 334,600   Petroleo Brasileiro S.A.-PR   1,725,870 
 21,279   Petroleo Brasileiro S.A. - ADR   246,836 
 3,417   Petroleo Brasileiro S.A.-A - ADR   35,263 
 62,521   Polski Koncern Naftowy ORLEN S.A.   939,367 
 13,600   PTT Exploration & Production PCL   71,389 
 9,462   Repsol S.A.   155,420 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     OIL & GAS PRODUCERS - 16.2% (Continued)     
 117,940   Rosneft Oil Company PJSC(a),(b)  $— 
 47,944   Shell plc   1,406,013 
 6,830   Tatneft PJSC(a),(b)   — 
 32,242   TotalEnergies S.E.   1,993,088 
         21,801,784 
     OIL & GAS SERVICES & EQUIPMENT - 0.9%     
 1,256,700   CNOOC Energy Technology & Services Ltd.   595,983 
 2,292,000   Sinopec Oilfield Service Corporation-H(b)   178,644 
 1,411,200   Sinopec Oilfield Service Corporation-A(b)   450,509 
         1,225,136 
     RETAIL - CONSUMER STAPLES - 1.6%     
 9,055   Carrefour S.A.   172,223 
 66,193   Cencosud S.A.   118,891 
 40,756   CK Hutchison Holdings Ltd. - ADR   257,027 
 62,866   Woolworths Group Ltd.   1,606,732 
         2,154,873 
     RETAIL - DISCRETIONARY - 0.7%     
 16,800   Jardine Matheson Holdings Ltd.   890,736 
           
     SEMICONDUCTORS - 5.9%     
 5,524   ASML Holding N.V.   3,654,688 
 1,400   ASML Holding N.V. - ADR   925,176 
 16,000   Novatek Microelectronics Corporation   190,266 
 4,157   SK Hynix, Inc.   300,436 
 55,000   Taiwan Semiconductor Manufacturing Company Ltd.   969,250 
 17,758   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   1,646,699 
         7,686,515 
     SOFTWARE - 0.6%     
 6,857   SAP S.E.   812,773 
           
     SPECIALTY FINANCE - 1.0%     
 49,600   ORIX Corporation   872,297 
 20,481   Samsung Card Company Ltd.   504,516 
         1,376,813 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     STEEL - 1.7%     
 30,573   ArcelorMittal S.A.  $948,399 
 268,000   Maanshan Iron & Steel Company Ltd.-H   65,441 
 680,700   Maanshan Iron & Steel Company Ltd.-A   297,956 
 45,500   Nippon Steel Corporation   947,267 
         2,259,063 
     TECHNOLOGY HARDWARE - 2.6%     
 10,100   Brother Industries Ltd.   156,909 
 12,000   Canon, Inc.   266,363 
 103,000   Chicony Electronics Company Ltd.   298,299 
 5,400   FUJIFILM Holdings Corporation   285,834 
 2,200   Kyocera Corporation   114,185 
 32,015   Nokia OYJ   151,789 
 35,476   Nokia OYJ - ADR   168,866 
 25,050   Samsung Electronics Company Ltd.   1,246,512 
 19,632   Samsung Electronics Company Ltd.-Pref   880,097 
         3,568,854 
     TECHNOLOGY SERVICES - 1.3%     
 7,000   Fujitsu Ltd.   996,862 
 13,825   RELX plc - ADR   410,741 
 3,279   Wolters Kluwer N.V.   357,462 
         1,765,065 
     TELECOMMUNICATIONS - 4.9%     
 1,162,200   China United Network Communications Ltd.   901,546 
 137,923   Deutsche Telekom A.G.   3,072,545 
 15,625   Proximus S.A.DP   160,100 
 42,446   Tele2 A.B., B Shares   366,543 
 154,974   Telefonica S.A.   588,708 
 57,706   Telenor ASA   604,170 
 344,559   Telia Company A.B.   889,767 
         6,583,379 
     TOBACCO & CANNABIS - 0.1%     
 2,681   British American Tobacco plc - ADR   103,192 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 98.7% (Continued)     
     TRANSPORTATION & LOGISTICS - 4.9%     
 34   AP Moller - Maersk A/S - Series B  $73,964 
 211   AP Moller - Maersk A/S - Series A   449,655 
 102,500   China Merchants Energy Shipping Company Ltd.   97,291 
 3,536   Deutsche Post A.G.   152,238 
 56,800   Evergreen Marine Corp Taiwan Ltd.   289,781 
 20,000   Mitsui OSK Lines Ltd.   496,478 
 8,500   Nippon Express Holdings Company Ltd.   493,381 
 21,300   Nippon Yusen KK   506,808 
 2,374,600   TangShan Port Group Company Ltd.   1,003,453 
 417,526   Turk Hava Yollari AO(b)   3,060,440 
         6,623,489 
     WHOLESALE - CONSUMER STAPLES - 0.3%     
 29,500   Marubeni Corporation   361,998 
           
     WHOLESALE - DISCRETIONARY - 0.7%     
 21,700   Toyota Tsusho Corporation   919,016 
           
     TOTAL COMMON STOCKS (Cost $128,431,726)   132,288,171 
           
     EXCHANGE-TRADED FUNDS — 0.9%     
     EQUITY - 0.9%     
 13,599   Global X MSCI Argentina ETF   552,527 
 7,553   iShares MSCI EAFE ETF   540,417 
 3,411   iShares MSCI Eurozone ETF   151,244 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $1,005,909)   1,244,188 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 0.1%     
     MONEY MARKET FUNDS - 0.1%     
 151,493   Fidelity Government Portfolio, CLASS I, 4.17% (Cost $151,493)(d)  $151,493 
           
     TOTAL INVESTMENTS - 99.7% (Cost $129,589,128)  $133,683,852 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%   357,027 
     NET ASSETS - 100.0%  $134,040,879 
           
ADR - American Depositary Receipt
   
A/S - Anonim Sirketi
   
EAFE - Europe, Australasia and Far East
   
ETF - Exchange-Traded Fund
   
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
   
(a) 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 are $0.
   
(b) Non-income producing security.
   
(c) Percentage rounds to less than 0.1%.
   
(d) Rate disclosed is the seven day effective yield as of January 31, 2023.

 

 

DUNHAM DYNAMIC MACRO FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares            Fair Value 
     EXCHANGE-TRADED FUNDS 60.1%           
     COMMODITY - 4.9%           
 70,267   iShares GSCI Commodity Dynamic        $1,982,935 
                 
     EQUITY - 45.1%           
 15,917   iShares Currency Hedged MSCI Germany ETF         481,489 
 43,843   SPDR S&P 500 ETF Trust         17,821,302 
               18,302,791 
     FIXED INCOME - 10.1%           
 53,863   iShares iBoxx $ High Yield Corporate Bond ETF         4,111,363 
                 
                 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $22,112,683)   24,397,089 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     U.S. GOVERNMENT & AGENCIES 30.2%           
     U.S. TREASURY BILLS 30.2%           
 7,919,000   United States Treasury Bill(a)  4.47  05/18/23   7,813,811 
 4,528,000   United States Treasury Bill(a)  4.47  06/15/23   4,452,058 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,266,841)         12,265,869 
                 
Shares               
     SHORT-TERM INVESTMENTS 9.7%           
     MONEY MARKET FUNDS - 9.7%           
 3,960,700   Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.14% (Cost $3,960,700)(b)   3,960,700 
                 
     TOTAL INVESTMENTS - 100.0% (Cost $38,340,224)  $40,623,658 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%   1,569 
     NET ASSETS - 100.0%  $40,625,227 

 

ETF - Exchange-Traded Fund
   
MSCI - Morgan Stanley Capital International
   
SPDR - Standard & Poor’s Depositary Receipt
   
(a) Zero coupon bond.
   
(b) Rate disclosed is the seven day effective yield as of January 31, 2023.

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares               Fair Value 
     COMMON STOCK —0.0% (a)        
     TELECOMMUNICATION - 0.0%(a)        
 10,000   NII Holdings, Inc. 144A(b),(c)     $5,700 
                    
     TOTAL COMMON STOCK (Cost $57,730)      5,700 
                    
Shares         Coupon Rate
(%)		  Maturity  Fair Value 
     PREFERRED STOCKS —0.8%           
                    
     REAL ESTATE SERVICES — 0.8%           
 2,000   UIRC-GSA International, LLC 144A(c)  –      1,980,000 
                    
     TOTAL PREFERRED STOCKS (Cost $2,000,000)         1,980,000 
                    
Principal
Amount ($)		      Spread  Coupon
Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 49.7%              
     ASSET MANAGEMENT —1.5%              
 1,255,000   Blackstone Secured Lending Fund     3.6250  01/15/26   1,169,573 
 2,780,000   PennantPark Investment Corporation     4.0000  11/01/26   2,380,811 
                  3,550,384 
     AUTOMOTIVE — 1.6%              
 1,885,000   Ford Motor Credit Company, LLC     3.3700  11/17/23   1,852,489 
 2,065,000   Hyundai Capital America(c)     1.0000  09/17/24   1,928,644 
                  3,781,133 
     BANKING —16.0%              
 2,510,000   Bank of America Corporation(d)  SOFRRATE + 0.670%  1.8430  02/04/25   2,422,567 
 7,265,000   BPCE S.A.(c),(d)  SOFRRATE + 2.100%  5.9750  01/18/27   7,352,923 
 1,210,000   Danske Bank A/S(c),(d)  H15T1Y + 2.100%  6.4660  01/09/26   1,227,874 
 3,545,000   HSBC Holdings plc(e)  SOFRRATE + 1.430%  5.6500  03/10/26   3,542,424 
 2,005,000   JPMorgan Chase & Company(e)  ICE LIBOR USD 3 Month + 0.550%  4.9900  02/01/27   1,869,752 
 3,505,000   KeyCorp Capital II(f)     6.8750  03/17/29   3,648,924 
 3,550,000   NatWest Group plc(d),(f)  H15T1Y + 2.850%  7.4720  11/10/26   3,754,380 
 4,110,000   Societe Generale S.A.(c)     7.3670  01/10/53   4,438,929 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 49.7% (Continued)              
     BANKING —16.0% (Continued)              
 4,735,000   Synchrony Bank     5.4000  08/22/25  $4,715,718 
 5,145,000   Wells Fargo & Company(d),(e)  US0003M + 0.500%  5.2920  01/15/27   4,864,761 
 795,000   Wells Fargo & Company     5.9500  12/01/86   835,434 
                  38,673,686 
     CHEMICALS —2.1%              
 4,970,000   Celanese US Holdings, LLC     5.9000  07/05/24   4,998,395 
                    
     CONSUMER SERVICES —1.8%              
 2,300,000   Grand Canyon University     4.1250  10/01/24   2,190,750 
 2,300,000   Grand Canyon University     5.1250  10/01/28   2,182,907 
                  4,373,657 
     ELECTRIC UTILITIES — 4.3%              
 3,310,000   American Electric Power Company, Inc.     2.0310  03/15/24   3,198,481 
 2,785,000   Pacific Gas and Electric Company     1.7000  11/15/23   2,713,062 
 4,397,000   Vistra Operations Company, LLC(c)     4.8750  05/13/24   4,345,071 
                  10,256,614 
     ENTERTAINMENT CONTENT — 1.5%              
 3,545,000   Magallanes, Inc.(c),(e)  SOFRINDX + 1.780%  6.0750  03/15/24   3,556,275 
                    
     FOOD —3.1%              
 7,250,000   JBS USA LUX S.A. / JBS USA Food Company / JBS USA(c)     6.5000  12/01/52   7,386,671 
                    
     INSTITUTIONAL FINANCIAL SERVICES — 5.0%              
 3,515,000   Credit Suisse Group A.G.(c),(d)  SOFRRATE + 3.340%  6.3730  07/15/26   3,412,382 
 1,825,000   Credit Suisse Group A.G.(c),(d)  SOFRRATE + 3.920%  6.5370  08/12/33   1,747,023 
 3,825,000   Credit Suisse Group A.G.(c),(d)  USSW5 + 4.598%  7.5000  06/11/70   3,643,301 
 1,155,000   Goldman Sachs Capital I     6.3450  02/15/34   1,242,654 
 2,050,000   Goldman Sachs Group, Inc. (The)(e)  SOFRRATE + 0.490%  4.7940  10/21/24   2,040,994 
                  12,086,354 
     INSURANCE —2.3%              
 2,155,000   Mutual of Omaha Insurance Company(c),(d)  ICE LIBOR USD 3 Month + 2.640%  4.2970  07/15/54   2,067,947 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 49.7% (Continued)              
     INSURANCE —2.3% (Continued)              
 2,285,000   Ohio National Financial Services, Inc.(c)     5.8000  01/24/30  $2,173,755 
 1,000,000   Pacific Life Insurance Company(c)     9.2500  06/15/39   1,387,413 
                  5,629,115 
     LEISURE FACILITIES & SERVICES — 0.7%              
 1,600,000   Mohegan Tribal Gaming Authority(c)     13.2500  12/15/27   1,691,888 
                    
                    
     METALS & MINING — 0.4%              
 1,110,000   Freeport-McMoRan, Inc.     4.1250  03/01/28   1,054,039 
                    
                    
     OIL & GAS PRODUCERS —5.0%              
 2,135,000   Earthstone Energy Holdings, LLC(c),(f)     8.0000  04/15/27   2,084,571 
 2,525,000   EnergeanIsrael Finance Ltd.     5.8750  03/30/31   2,288,281 
 1,000,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(c)     6.0000  04/15/30   930,855 
 2,485,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(c),(f)     6.2500  04/15/32   2,296,481 
 845,000   Rockcliff Energy II, LLC(c),(f)     5.5000  10/15/29   805,113 
 2,230,000   Saudi Arabian Oil Company(c)     1.2500  11/24/23   2,160,665 
 1,725,000   Tullow Oil plc(c)     10.2500  05/15/26   1,490,107 
                  12,056,073 
     OIL & GAS SERVICES & EQUIPMENT —0.4%              
 1,056,798   Transocean Sentry Ltd.(c)     5.3750  05/15/23   1,049,532 
                    
                    
     SPECIALTY FINANCE — 2.9%              
 5,150,000   AerCap Ireland Capital DAC / AerCap Global     1.1500  10/29/23   4,998,794 
 1,195,000   Antares Holdings, L.P.(c)     6.0000  08/15/23   1,191,971 
 1,335,000   Finance of America Funding, LLC(c)     7.8750  11/15/25   822,054 
                  7,012,819 
     TELECOMMUNICATIONS —1.1%              
 2,250,000   HC2 Holdings, Inc.(c)     8.5000  02/01/26   1,701,489 
 930,000   Sprint Spectrum Company, LLC / Sprint Spectrum(c)     5.1520  03/20/28   927,907 
                  2,629,396 
     TOTAL CORPORATE BONDS (Cost $123,500,470)            119,786,031 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 1.2%              
     FOOD —0.8%              
 1,975,000   Del Monte Foods, Inc.(e)  SOFRRATE - –%  5.5000  02/15/29  $1,963,475 
                    
     LEISURE FACILITIES & SERVICES — 0.4%              
 1,900,000   Lucky Bucks, LLC(e)  US0001M - –%  6.2500  07/20/27   980,201 
                    
     TOTAL TERM LOANS (Cost $3,823,582)            2,943,676 
                    
Principal         Coupon
Rate		        
Amount ($)         (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 35.5%              
     U.S. TREASURY BILLS —31.2%              
 24,270,000   United States Treasury Bill(g)     –  02/23/23   24,204,160 
 29,305,000   United States Treasury Bill     –  03/23/23   29,123,380 
 9,775,000   United States Treasury Bill(g)     –  04/20/23   9,679,151 
 4,750,000   United States Treasury Note     3.5000  01/31/28   4,720,684 
 3,580,000   United States Treasury Note     3.5000  01/31/30   3,560,422 
 4,515,000   United States Treasury Note     3.0000  08/15/52   3,965,087 
                  75,252,884 
     UNITED STATES TREASURY NOTES —4.3%              
 9,835,000   United States Treasury Note     4.1250  11/15/32   10,319,066 
                    
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $85,303,666)            85,571,950 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 20.8%     
     COLLATERAL FOR SECURITIES LOANED - 2.9%     
 6,971,223   Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,971,223)(h)(j)  $6,971,223 
           
     MONEY MARKET FUND - 17.9%     
 43,218,142   First American Government Obligations Fund, Class X, 4.13% (Cost $43,218,142)(h)   43,218,142 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost$50,189,365)   50,189,365 
           
     TOTAL INVESTMENTS - 108.0% (Cost $264,874,813)  $260,476,722 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)%   (19,328,382)
     NET ASSETS - 100.0%  $241,148,340 
                       
OPEN FUTURES CONTRACTS 
Number of
Contracts		   Open Short Futures Contracts  Expiration  Notional
Amount(i)		   Value and
Unrealized
Depreciation		 
 77   CBOT 10 Year US Treasury Note  03/22/2023  $8,817,732   $(110,464)
 59   CBOT 5 Year US Treasury Note  03/31/2023   6,445,278    (53,766)
 24   CBOT US Long Bond Future  03/22/2023   3,117,000    (85,593)
 79   CME Ultra Long Term US Treasury Bond Future  03/22/2023   11,198,250    (471,609)
 118   Ultra 10-Year US Treasury Note Futures  03/22/2023   14,301,954    (259,954)
     TOTAL FUTURES CONTRACTS          $(981,386)

 

CREDIT DEFAULT SWAP AGREEMENTS
Description and
Payment Frequency		  Payment
Frequency		  Counterparty  Fixed Deal
(Pay) Rate		  Implied
Credit Spred		  Maturity
Date		  Notional
Value		   Fair
Value(m)		   Amortized
Upfront
Payments Paid/
(Received)		   Unrealized
Appreciation/
(Depreciation)		 
CDX.NA.HY SERIES 39  To Buy Monthly  HSBC Securities  5.00%  428.12  12/20/2027  $17,000,000    (449,922)   638,230    (1,088,152)
CDX.NA.IG SERIES 39  To Buy Monthly  HSBC Securities  1.00%  71.38  12/20/2027   41,000,000    (507,278)  ($1,705)   (455,573)
DARDEN RESTAURANTS INC  To Buy Monthly  Barclays  1.00%  —  6/20/2027   7,000,000    (112,692)   (20,423)   (92,269)
DR HORTON INC  To Buy Monthly  Barclays  1.00%  —  12/20/2027   3,500,000    (39,035)   66,323    (105,358)
UNITED STATES STEEL CORP VERIZON  To Buy Monthly  Barclays  5.00%  —  12/20/2027   2,800,000    (80,093)   (76,953)   (3,140)
COMMUNICATIONS INC  To Buy Monthly  Barclays  1.00%  —  6/20/2027   7,000,000    36,943    3,675    33,268 
TOTAL                      $(1,152,077)  $559,147   $(1,711,224)

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
TOTAL RETURN SWAPS
Description Frequency Counterparty Notional Value Variable Rate
Premium Paid		 Premium Paid Maturity Date Unrealized
Depreciation
Markit I Boxx US Dollar Liquid High Yield Index At Maturity Barclays $14,000,000 1D S0FRRATE $53,919 12/20/2022 $ (268,129)

 

LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
PLC - Public Limited Company
   
S/A - Société Anonyme
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
SOFRINDX SOFR Secured Overnight Financing Rate Index
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
US0001M ICE LIBOR USD 1 Month
   
US0003M ICE LIBOR USD 3 Month
   
USSW5 USD SWAP SEMI 30/360 5YR
   
(a) Percentage rounds to less than 0.1%.
   
(b) Non-income producing security.
   
(c) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 63,806,541 or 26.5% of net assets.
   
(d) Variable rate security; the rate shown represents the rate on January 31, 2023.
   
(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
   
(f) All or a portion of these securities are on loan. Total loaned securities had a value of $6,847,055 at January 31, 2023.
   
(g) Zero coupon bond.
   
(h) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(i) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
   
(j) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. 

 

 


DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     CLOSED END FUND — 3.8%     
     EQUITY - 3.8%     
 2,468,782   Altaba, Inc.  $8,023,542 
           
     TOTAL CLOSED END FUND(Cost $22,837,384)   8,023,542 
           
Shares      Fair Value 
     COMMON STOCKS — 85.9%     
     AEROSPACE & DEFENSE - 4.8%     
 76,972   972 Aerojet Rocketdyne Holdings, Inc.(a)   4,304,274 
 43,432   432 HEICO Corporation, Class A   5,805,990 
         10,110,264 
     ASSET MANAGEMENT - 0.0%(b)     
 469,792   9,792 Pershing Square Tontine Holdings Ltd.(a)   46,979 
           
     BANKING - 4.0%     
 135,815   5,815 First Horizon Corporation   3,358,705 
 284,478   4,478 Umpqua Holdings Corporation   5,177,500 
         8,536,205 
     BIOTECH & PHARMA - 2.0%     
 38,755   755 Horizon Therapeutics plc(a)   4,252,199 
           
     CABLE & SATELLITE - 13.2%     
 124,540   4,540 Liberty Broadband Corporation - Series C(a)   11,181,201 
 450,785   0,785 Liberty Global plc, Class A(a)   9,777,527 
 234,659   4,659 Shaw Communications, Inc., Class B   6,984,319 
         27,943,047 
     ELECTRIC UTILITIES - 5.3%     
 228,633   8,633 PNM Resources, Inc.   11,312,761 
           
     ENTERTAINMENT CONTENT - 9.9%     
 210,500   0,500 Activision Blizzard, Inc.   16,117,984 
 146,513   6,513 Fox Corporation - Class B, CLASS B   4,644,462 
         20,762,446 

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 85.9% (Continued)     
     FORESTRY, PAPER & WOOD PRODUCTS - 4.4%     
 434,036   Resolute Forest Products, Inc.(a)  $9,422,922 
           
     INSTITUTIONAL FINANCIAL SERVICES - 4.2%     
 229,788   Cowen, Inc., Class A(c)   8,934,158 
           
     MACHINERY - 1.5%     
 67,616   Evoqua Water Technologies Corporation(a)   3,280,052 
           
     MEDICAL EQUIPMENT & DEVICES - 0.0%(b)     
 34,956   ABIOMED, Inc. - CVR(a)   61,173 
           
     OIL & GAS PRODUCERS - 0.0%(b)     
 84,102   Columbia Pipeline Group, Inc.(a)   — 
           
     PUBLISHING & BROADCASTING - 5.9%     
 42,533   Liberty Media Corp-Liberty Formula One - Series A(a)   2,708,501 
 487,538   TEGNA, Inc.   9,716,632 
         12,425,133 
     RETAIL - CONSUMER STAPLES - 3.0%     
 303,600   Albertsons Companies, Inc., Class A   6,436,320 
           
     RETAIL - DISCRETIONARY - 0.3%     
 73,705   Sportsman’s Warehouse Holdings, Inc.(a)   695,038 
           
     RETAIL REIT - 4.2%     
 277,182   STORE Capital Corporation   8,928,031 
           
     SEMICONDUCTORS - 5.7%     
 133,696   Silicon Motion Technology Corporation - ADR   8,569,914 
 85,976   Tower Semiconductor Ltd.(a)   3,592,936 
         12,162,850 
     SOFTWARE - 13.9%     
 230,095   1Life Healthcare, Inc.(a),(c)   3,679,219 
 138,044   Black Knight, Inc.(a)   8,364,086 

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value 
     COMMON STOCKS — 85.9% (Continued)             
     SOFTWARE - 13.9% (Continued)             
 14,100   Coupa Software, Inc.(a)          $1,126,872 
 150,746   ForgeRock, Inc.(a),(c)           2,993,816 
 233,253   Signify Health, Inc.(a),(c)           6,638,380 
 53,889   VMware, Inc., Class A(a)           6,599,786 
                 29,402,159 
     TELECOMMUNICATIONS - 0.0%(b)             
 205,893   NII Holdings, Inc. 144A(a),(d), (i)           72,063 
                   
     TRANSPORTATION & LOGISTICS - 0.0%(b)             
 1,025   American Airlines Group, Inc.(a)           16,544 
                   
     WHOLESALE - DISCRETIONARY - 3.6%             
 182,940   IAA, Inc.(a),(c)           7,634,086 
                   
                   
     TOTAL COMMON STOCKS (Cost $183,853,102)           182,434,430 
                   
Shares      Expiration
Date		  Exercise
Price		   Fair Value 
     RIGHT — 0.0%(b)             
     NON-LISTED RIGHT - 0.0% (b)             
 51,066   Zogenix, Inc. CVR (i)  12/31/2023  $20    63,833 
                   
     TOTAL RIGHT (Cost $28,086)           63,833 
                   
     SHORT-TERM INVESTMENTS — 14.6%             
     COLLATERAL FOR SECURITIES LOANED - 5.6%             
 11,958,665   Mount Vernon Liquid Assets Portfolio, LLC, , 4.49% (Cost $11,958,665)(e)(h)           11,958,665 
                   
     MONEY MARKET FUND - 9.0%             
 19,084,638   Fidelity Government Portfolio, CLASS I, 4.17% (Cost $19,084,638)(e)           19,084,638 
                   
     TOTAL SHORT-TERM INVESTMENTS (Cost$31,043,303)           31,043,303 

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
         
     TOTAL INVESTMENTS - 104.3% (Cost $237,761,875)  $221,565,108 
     SECURITIES SOLD SHORT - (24.8)% (Proceeds - $50,249,544)   (52,617,393)
     CALL OPTIONS WRITTEN - (0.9)% (Proceeds - $1,800,368)   (1,872,795)
     OTHER ASSETS IN EXCESS OF LIABILITIES - 21.4%   45,440,896
     NET ASSETS - 100.0%  $212,515,816 
                                   
Contracts(f)                      
       Broker/  Expiration  Exercise   Notional     
       Counterparty  Date  Price   Value   Fair Value 
     WRITTEN EQUITY OPTIONS - (0.9)%                     
     CALL OPTIONS WRITTEN- (0.9)%                     
 560   Activision Blizzard, Inc.  MS  01/19/2024  $78   $4,287,920   $562,800 
 3,036   Albertsons Companies, Inc.  MS  07/21/2023   21    6,436,320    343,068 
 965   Black Knight, Inc.  MS  04/21/2023   60    5,846,935    767,175 
 174   VMware, Inc.  MS  01/19/2024   120    2,130,978    199,752 
     TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,800,368)             1,872,795 
                           
     TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,800,368)            $1,872,795 
                           
ADR American Depositary Receipt
   
LLC Limited Liability Company
   
LTD Limited Company
   
PLC Public Limited Company
   
REIT Real Estate Investment Trust
   
MS Morgan Stanley
   
(a) Non-income producing security.
   
(b) Percentage rounds to less than 0.1%.
   
(c) All or a portion of these securities are on loan. Total loaned securities had a value of $11,754,920 at January 31, 2023.
   
(d) 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, 2023 the total market value of 144A securities is 72,063 or 0.0% of net assets.
   
(e) Rate disclosed is the seven day effective yield as of January 31, 2023.
   
(f) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
   
(h) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
   
(i) Level 3 securities fair value under procedures established by the Board of Trustees, represents 3.84% of net assets. The total value of these securities is $8,154,438.

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — (24.8)%     
     AEROSPACE & DEFENSE - (2.8)%     
 (35,017)  HEICO Corporation  $(5,986,156)
           
     BANKING - (2.4)%     
 (169,493)  Columbia Banking System, Inc.   (5,239,029)
 (3)  New York Community Bancorp, Inc.   (30)
         (5,239,059)
     CABLE & SATELLITE - (10.0)%     
 (30,016)  Charter Communications, Inc., Class A   (11,535,450)
 (426,272)  Liberty Global plc - Series C   (9,527,179)
         (21,062,629)
     ENTERTAINMENT CONTENT - (2.2)%     
 (137,015)  Fox Corporation, Class A   (4,650,289)
           
     INDUSTRIAL SUPPORT SERVICES - (2.7)%     
 (96,082)  Ritchie Bros Auctioneers, Inc.   (5,810,080)
           
     MACHINERY - (1.5)%     
 (32,456)  Xylem, Inc.   (3,375,748)
           
     PUBLISHING & BROADCASTING - (1.4)%     
 (38,018)  Liberty Media Corp-Liberty Formula One - Series C   (2,691,674)
           
     SEMICONDUCTORS - (1.8)%     
 (4,535)  Broadcom, Inc.   (2,653,020)
 (27,882)  MaxLinear, Inc.   (1,148,738)
         (3,801,758)
           
     TOTAL SECURITIES SOLD SHORT - (Proceeds - $50,249,544)  $(52,617,393)

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023 (Unaudited) (Continued)
 
Foreign Currency  Settlement
Date		  Counterparty  Local
Currency		   U.S. Dollar
Value		   Unrealized
Appreciation/
(Depreciation)		 
To Buy:                     
Canadian Dollar  02/01/2023  JP Morgan   1,633,298   $1,227,600   $7,064 
Canadian Dollar  02/07/2023  JP Morgan   4,750,246    3,570,430    60,802 
              $4,798,030   $67,866 
                      
To Sell:                     
Canadian Dollar  02/01/2023  JP Morgan   16,238   $12,205   $(18)
Canadian Dollar  02/07/2023  JP Morgan   14,253,937    10,713,696    (151,580)
              $10,725,901   $(151,598)
                      
Total                  $(83,732)

 

 

DUNHAM REAL ESTATE STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.0%     
     ASSET MANAGEMENT - 1.7%     
 428,525   FTAI Infrastructure, LLC  $1,418,418 
           
     DATA CENTER REIT - 7.6%     
 18,378   Digital Realty Trust, Inc.   2,106,486 
 5,541   Equinix, Inc.,(b)   4,089,978 
         6,196,464 
     FOOD - 1.4%     
 290,600   Cadiz, Inc.(a),(b)   1,162,400 
           
     GAMING REITS - 1.0%     
 14,600   Gaming and Leisure Properties, Inc.(b)   781,976 
           
     HEALTH CARE REIT - 1.2%     
 35,766   Healthpeak Properties, Inc.   982,850 
           
     INDUSTRIAL REIT - 13.8%     
 55,637   Prologis, Inc.   7,192,752 
 46,770   Rexford Industrial Realty, Inc.   2,968,492 
 19,315   Terreno Realty Corporation(b)   1,244,465 
         11,405,709 
     INFRASTRUCTURE REIT - 15.6%     
 28,153   American Tower Corporation   6,289,099 
 25,776   Crown Castle, Inc.   3,817,683 
 8,971   SBA Communications Corporation, A   2,669,142 
         12,775,924 
     INTERNET MEDIA & SERVICES - 2.1%     
 15,443   Airbnb, Inc., CLASS A(a),(b)   1,715,872 
           
     LEISURE FACILITIES & SERVICES - 5.0%     
 33,910   Caesars Entertainment, Inc.(a),(b)   1,765,354 
 41,514   MGM Resorts International (b)   1,719,095 
 6,331   Wynn Resorts Ltd.(a),(b)   656,145 
         4,140,594 

 

 

DUNHAM REAL ESTATE STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.0% (Continued)     
     OFFICE REIT - 4.0%     
 20,531   Alexandria Real Estate Equities, Inc.(b)  $3,300,153 
           
     REAL ESTATE INVESTMENT TRUSTS - 0.5%     
 12,700   Americold Realty Trust, Inc.   398,907 
           
     REAL ESTATE OWNERS & DEVELOPERS - 2.2%     
 1,151,103   WeWork, Inc.(a),(b)   1,830,254 
           
     REAL ESTATE SERVICES - 1.9%     
 18,000   CBRE Group, Inc., Class A(a),(b)   1,539,180 
           
     RESIDENTIAL REIT - 14.4%     
 84,541   American Homes 4 Rent, Class A   2,898,911 
 3,098   AvalonBay Communities, Inc.   549,709 
 4,423   Camden Property Trust   544,958 
 18,425   Equity LifeStyleProperties, Inc. (b)   1,322,547 
 77,204   Invitation Homes, Inc.(b)   2,509,130 
 3,283   Mid-America Apartment Communities, Inc.   547,342 
 18,307   Sun Communities, Inc.   2,871,636 
 12,516   UDR, Inc.   533,056 
         11,777,289 
     SELF-STORAGE REIT - 9.4%     
 9,089   Extra Space Storage, Inc.(b)   1,434,517 
 15,056   Life Storage, Inc.(b)   1,626,650 
 41,025   National Storage Affiliates Trust (b)   1,673,820 
 9,900   Public Storage   3,012,966 
         7,747,953 
     SELF-STORAGE REITS - 0.8%     
 13,855   CubeSmart   634,420 
           
     SPECIALTY FINANCE - 3.4%     
 124,330   FTAI Aviation Ltd.   2,780,019 

 

 

DUNHAM REAL ESTATE STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.0% (Continued)     
     SPECIALTY REITS - 3.6%     
 18,300   Iron Mountain, Inc.(b)  $998,814 
 111,441   NewLakeCapital Partners, Inc.   1,992,565 
         2,991,379 
     TECHNOLOGY SERVICES - 2.2%     
 23,200   CoStar Group, Inc.(a),(b)   1,807,280 
           
     TELECOMMUNICATIONS - 5.2%     
 281,936   DigitalBridge Group, Inc.(b)   4,172,652 
           
     TOTAL COMMON STOCKS (Cost $74,569,766)   79,559,693 
           
Shares      Fair Value 
     REITS — 2.5%     
     REITS - 2.5%     
 59,228   VICI Properties, Inc.(b)   2,024,413 
           
     TOTAL REITS (Cost$1,961,879)   2,024,413 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 34.4%     
     COLLATERAL FOR SECURITIES LOANED - 33.9%     
 27,797,463   Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $27,797,463)(c)   27,797,463 
           
     MONEY MARKET FUND - 0.5%     
 428,577   Fidelity Government Portfolio, CLASS I, 4.17% (Cost $428,577)(c)   428,577 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost$28,226,040)   28,226,040 
           
     TOTAL INVESTMENTS - 133.9% (Cost $104,757,685)  $109,810,146 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (33.9)%   (27,780,818)
     NET ASSETS - 100.0%  $82,029,328 

 

LLC - Limited Liability Company
   
LTD - Limited Company
   
REIT - Real Estate Investment Trust
   
(a) Non-income producing security.
   
(b) All or a portion of these securities are on loan. Total loaned securities had a value of $27,837,736 at January 31, 2023.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2022.
   
  The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.