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%.