DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.1%
		AUTO LOAN — 6.5%
	100,756	American Credit Acceptance Receivables Trust Series 2021-2 C(a)		0.9700	07/13/27	$	99,722
	220,000	American Credit Acceptance Receivables Trust Series 2022-1 D(a)		2.4600	03/13/28		207,302
	230,000	AmeriCredit Automobile Receivables Trust Series 2020-3 C		1.0600	08/18/26		217,629
	155,000	Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(a)		2.3600	03/20/26		147,219
	611,000	Avis Budget Rental Car Funding AESOP, LLC Series 2023-3A A(a)		5.4400	02/22/28		601,969
	317,000	CarNow Auto Receivables Trust Series 2023-1A C(a)		7.2400	09/15/26		314,133
	43,710	Carvana Auto Receivables Trust Series 2019-3A D(a)		3.0400	04/15/25		43,511
	225,000	Carvana Auto Receivables Trust Series 2021-P3 B		1.4200	08/10/27		193,849
	78,215	Carvana Auto Receivables Trust Series 2021-N1 C		1.3000	01/10/28		73,113
	95,297	Carvana Auto Receivables Trust Series 2021-N2 C		1.0700	03/10/28		87,981
	225,000	CPS Auto Receivables Trust Series 2019-D E(a)		3.8600	10/15/25		221,126
	31,306	Credito Real USA Auto Receivables Trust Series 2021-1A A(a)		1.3500	02/16/27		30,939
	529,000	DT Auto Owner Trust Series 2023-1A B(a)		5.1900	10/16/28		522,102
	195,000	DT Auto Owner Trust Series 2023-3A C(a)		6.4000	05/15/29		195,137
	310,000	FHF Trust Series 2023-1A A2(a)		6.5700	06/15/28		306,596
	180,000	Flagship Credit Auto Trust Series 2020-4 C(a)		1.2800	02/16/27		173,914
	180,000	Foursight Capital Automobile Receivables Trust Series 2022-1 B(a)		2.1500	05/17/27		169,954
	315,000	Foursight Capital Automobile Receivables Trust Series 2023-1 A3(a)		5.3900	12/15/27		309,953
	432,000	GLS Auto Receivables Issuer Trust Series 2019-4A D(a)		4.0900	08/17/26		421,098
	345,000	Hertz Vehicle Financing III, LLC Series 2022-1A C(a)		2.6300	06/25/26		317,442
	319,227	LAD Auto Receivables Trust Series 2022-1A A(a)		5.2100	06/15/27		315,851
	129,553	Lendbuzz Securitization Trust Series 2022-1A A(a)		4.2200	05/17/27		125,826
	255,655	Lobel Financial Corporation Series 1 A(a)		6.9700	07/15/26		254,346
	140,000	OneMain Direct Auto Receivables Trust Series 2021-1A B(a)		1.2600	07/14/28		126,845
	698,250	Santander Drive Auto Receivables Trust Series 2020-2 D		2.2200	09/15/26		686,178
	242,484	Santander Drive Auto Receivables Trust Series 2021-3 C		0.9500	09/15/27		238,598
	370,000	Santander Drive Auto Receivables Trust Series 2023-1 B		4.9800	02/15/28		363,522
	195,000	Santander Drive Auto Receivables Trust Series 2022-5 C		4.7400	10/15/28		190,101
	422,000	United Auto Credit Securitization Trust Series 2023-1 B(a)		5.9100	07/10/28		418,457
	146,000	Veros Auto Receivables Trust Series 2022-1 B(a)		4.3900	08/16/27		142,540
	90,500	Westlake Automobile Receivables Trust Series 2020-3A C(a)		1.2400	11/17/25		89,547
	345,000	Westlake Automobile Receivables Trust Series 2022-1A B(a)		2.7500	03/15/27		336,320
	415,000	Westlake Automobile Receivables Trust Series 2023-1A C(a)		5.7400	08/15/28		409,918
							8,352,738

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.1% (Continued)
		CLO — 0.3%
	350,000	GoldentTree Loan Management US CLO 1 Ltd. Series 2021-9A A(a),(b)	TSFR3M + 1.332%	6.6580	01/20/33	$	348,339
		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5%
	794,046	AJAX Mortgage Loan Trust Series 2021-A A1(a),(c)		1.0650	09/25/65		678,096
	98,217	Angel Oak Mortgage Trust Series 2020-R1 A2(a),(c)		1.2470	12/26/24		88,135
	66,039	Angel Oak Mortgage Trust Series 2021-8 A1(a),(c)		1.8200	11/25/66		55,484
	120,451	Angel Oak Mortgage Trust Series 2022-5 A1(a),(d)		4.5000	05/25/67		115,664
	300,000	Arm Master Trust, LLC Series 2023-T1 A(a)		6.5620	02/17/25		299,201
	89,945	Arroyo Mortgage Trust Series 2019-1 A1(a),(c)		3.8050	01/25/49		84,563
	94,583	Arroyo Mortgage Trust Series 2019-2 A1(a),(c)		3.3470	04/25/49		88,201
	290,561	Bunker Hill Loan Depositary Trust Series 2019-2 A1(a),(d)		2.8790	07/25/49		272,756
	34,766	Chase Mortgage Finance Corporation Series 2016-SH2 M2(a),(c)		3.7500	02/25/44		31,006
	45,309	Chase Mortgage Finance Corporation Series 2016-SH1 M2(a),(c)		3.7500	04/25/45		40,651
	383,436	CIM TRUST Series 2022-R2 A1(a),(c)		3.7500	12/25/61		351,965
	63,579	COLT Funding, LLC Series 2021-3R A1(a),(c)		1.0510	12/25/64		54,910
	1,493,665	COLT Mortgage Loan Trust Series 2022-4 A1(a),(c)		4.3010	03/25/67		1,425,785
	301,210	COLT Mortgage Loan Trust Series 2022-5 A1(a),(c)		4.5500	04/25/67		292,277
	60,342	CSMC Series 2021-NQM1 A1(a),(c)		0.8090	05/25/65		50,931
	140,791	CSMC Trust Series 2020-RPL4 A1(a),(c)		2.0000	01/25/60		121,486
	22,714	CSMC Trust Series 2020-NQM1 A1(a),(d)		1.2080	05/25/65		20,442
	276,902	Deephaven Residential Mortgage Trust Series 2022-1 A1(a),(c)		2.2050	01/25/67		243,944
	358,974	Ellington Financial Mortgage Trust Series 2019-2 A3(a),(c)		3.0460	11/25/59		329,981
	22,133	Flagstar Mortgage Trust Series 2017-1 1A3(a),(c)		3.5000	03/25/47		19,715
	9,034	Galton Funding Mortgage Trust Series 2018-1 A23(a),(c)		3.5000	11/25/57		8,100
	25,312	JP Morgan Mortgage Trust Series 2017-5 A1(a),(c)		3.3650	12/15/47		24,921
	961,314	JP Morgan Mortgage Trust Series 2017-4 A3(a),(c)		3.5000	11/25/48		881,442
	95,759	LHOME Mortgage Trust Series 2021-RTL1 A1(a),(c)		2.0900	09/25/26		94,789
	100,000	METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1(a),(c)		3.4450	04/25/55		85,641
	33,909	METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A(a),(c)		3.7500	04/25/58		32,467
	1,314,482	MFA Trust Series 2022-INV1 A1(a),(d)		3.9070	04/25/66		1,237,925
	743,913	MFA Trust Series 2022-NQM2 A1(a),(d)		4.0000	05/25/67		702,205
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2(a),(c)		3.5000	10/25/69		172,119
	170,000	New Residential Mortgage Loan Trust Series 2022-RTL1 A1F(a)		4.3360	12/25/26		163,468
	149,528	New Residential Mortgage Loan Trust Series 2014-3A AFX3(a),(c)		3.7500	11/25/54		137,219

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5% (Continued)
	151,147	New Residential Mortgage Loan Trust Series 2016-3A B1(a),(c)		4.0000	09/25/56	$	139,278
	37,783	New Residential Mortgage Loan Trust Series 2016-4A A1(a),(c)		3.7500	11/25/56		34,632
	295,975	New Residential Mortgage Loan Trust Series 2017-2A A3(a),(c)		4.0000	03/25/57		277,395
	511,494	New Residential Mortgage Loan Trust Series 2018-1A A1A(a),(c)		4.0000	12/25/57		482,744
	43,968	New Residential Mortgage Loan Trust Series 2021-NQ2R A1(a),(c)		0.9410	09/25/58		39,355
	215,000	New Residential Mortgage Loan Trust Series 2019-RPL2 M2(a),(c)		3.7500	02/25/59		182,740
	738,150	New Residential Mortgage Loan Trust Series 2022-NQM2 A1(a),(c)		3.0790	03/27/62		658,117
	12,417	OBX Trust Series 2019-INV1 A3(a),(c)		4.5000	11/25/48		11,812
	135,000	Palisades Mortgage Loan Trust Series 2021-RTL1 A1(a),(d)		2.8570	06/25/26		129,993
	171,252	PRET, LLC Series 2021-RN3 A1(a),(d)		1.8430	09/25/51		156,460
	30,474	Provident Funding Mortgage Loan Trust Series 2019-1 A2(a),(c)		3.0000	12/25/49		25,958
	149,241	PRPM, LLC Series 2021-2 A1(a),(c)		2.1150	03/25/26		141,757
	655,000	RCKT Mortgage Trust Series 2023-CES1 A1A(a),(c)		6.5150	06/25/43		654,897
	56,579	RCKT Mortgage Trust Series 2020-1 A1(a),(c)		3.0000	02/25/50		48,072
	51,387	Residential Mortgage Loan Trust Series 2020-1 A1(a),(c)		2.3760	02/25/24		48,856
	6,090	Residential Mortgage Loan Trust Series 2019-2 A1(a),(c)		2.9130	05/25/59		6,010
	159,287	SG Residential Mortgage Trust Series 2021-1 A3(a),(c)		1.5600	07/25/61		123,352
	67,045	Starwood Mortgage Residential Trust Series 2020-1 A1(a),(c)		2.2750	02/25/50		62,319
	21,820	Starwood Mortgage Residential Trust Series 2020-3 A1(a),(c)		1.4860	04/25/65		20,243
	725,000	Towd Point Mortgage Trust Series 2017-1 A2(a),(c)		3.5000	10/25/56		698,530
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1(a),(b)	TSFR1M + 1.714%	7.0120	05/25/58		260,713
	365,000	Towd Point Mortgage Trust Series 2021-1 A2(a),(c)		2.7500	11/25/61		290,034
	118,820	Verus Securitization Trust Series 2019-INV2 A1(a),(c)		3.8000	07/25/59		115,177
	100,000	Verus Securitization Trust Series 2019-4 M1(a),(c)		3.2070	11/25/59		88,671
	21,927	Verus Securitization Trust Series 2020-1 A1(a),(d)		2.4170	01/25/60		21,215
	43,238	Verus Securitization Trust Series 2021-2 A1(a),(c)		1.0310	02/25/66		36,473
	1,711,849	Verus Securitization Trust Series 2023-1 A1(a),(d)		5.8500	12/25/67		1,693,549
	160,618	Wells Fargo Mortgage Backed Securities Series 2020-4 A1(a),(c)		3.0000	07/25/50		136,464
							14,790,305
		CREDIT CARD — 0.6%
	400,000	Discover Card Execution Note Trust Series A2 A		4.9300	06/15/28		399,003
	316,000	Mercury Financial Credit Card Master Trust Series 2023-1A A(a)		8.0400	09/20/27		319,385
							718,388

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.1% (Continued)
		NON AGENCY CMBS — 3.2%
	123,514	Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(a),(c)		2.0680	05/25/50	$	112,305
	280,000	BBCMS 2018-TALL Mortgage Trust(a),(b)	TSFR1M + 0.919%	6.1410	03/15/37		255,677
	310,000	Benchmark Mortgage Trust Series 2023-B38 A2		5.6260	04/15/56		304,222
	90,000	BPR Trust Series 2021-KEN A(a),(b)	TSFR1M + 1.364%	6.5860	02/15/29		88,597
	510,000	BPR Trust Series 2022-OANA A(a),(b)	TSFR1M + 1.898%	7.1200	04/15/37		499,683
	445,000	BX Trust Series 2019-OC11 B(a)		3.6050	12/09/41		384,574
	410,000	BX Trust Series 2019-OC11 D(a),(c)		4.0750	12/09/41		343,385
	150,000	COMM Mortgage Trust Series 2020-CBM B(a)		3.0990	02/10/37		139,628
	548,635	CSMC Series 2019-ICE4 A(a),(b)	TSFR1M + 1.027%	6.2490	05/15/36		547,216
	201,773	Extended Stay America Trust Series 2021-ESH C(a),(b)	TSFR1M + 1.814%	7.0360	07/15/38		197,671
	305,000	GCT Commercial Mortgage Trust Series 2021-GCT A(a),(b)	TSFR1M + 0.914%	6.1360	02/15/38		253,139
	185,000	Hilton USA Trust Series 2016-SFP B(a)		3.3230	11/05/35		163,927
	382,500	KKR Industrial Portfolio Trust Series 2021-KDIP C(a),(b)	TSFR1M + 1.114%	6.3360	12/15/37		372,656
	325,000	MIRA Trust Series 2023-Mile A(a)		6.7550	06/06/28		323,939
	62,000	WFRBS Commercial Mortgage Trust Series 2014-C24 AS		3.9310	11/15/47		59,105
							4,045,724
		OTHER ABS — 8.4%
	102,070	ACHV A.B.S TRUST Series 2023-1PL A(a)		6.4200	03/18/30		102,065
	1,556,728	American Homes 4 Rent Series 2015-SFR1 A(a)		3.4670	04/17/52		1,493,758
	230,000	American Homes 4 Rent Trust Series 2014-SFR2 C(a)		4.7050	10/17/36		225,002
	220,000	American Homes 4 Rent Trust Series 2015-SFR2 C(a)		4.6910	10/17/45		214,291
	175,000	AMSR Trust Series 2020-SFR1 B(a)		2.1200	04/17/37		162,667
	250,000	AMSR Trust Series 2020-SFR2 C(a)		2.5330	07/17/37		231,427
	100,000	AMSR Trust Series 2020-SFR2 D(a)		3.2820	07/17/37		93,408
	390,000	Amur Equipment Finance Receivables XII, LLC Series 1A A2(a)		6.0900	12/20/29		389,866
	279,442	Aqua Finance Trust Series 2017-A A(a)		3.7200	11/15/35		276,368
	61,077	Aqua Finance Trust Series 2019-A A(a)		3.1400	07/16/40		57,113
	236,423	Aqua Finance Trust Series 2019-A C(a)		4.0100	07/16/40		208,617
	270,000	Aqua Finance Trust Series 2020-AA B(a)		2.7900	07/17/46		235,250
	176,200	BHG Securitization Trust Series 2021-1A A(a)		1.4200	11/17/33		164,745
	220,000	CCG Receivables Trust Series 2021-1 C(a)		0.8400	06/14/27		207,291
	103,437	CF Hippolyta, LLC Series 2020-1 A1(a)		1.6900	07/15/60		93,253
	318,825	CLI Funding VI, LLC Series 2020-1A A(a)		2.0800	09/18/45		277,784
	54,146	Corevest American Finance Trust Series 2020-1 A1(a)		1.8320	03/15/50		51,367

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.1% (Continued)
		OTHER ABS — 8.4% (Continued)
	100,000	Corevest American Finance Trust Series 2019-3 C(a)		3.2650	10/15/52	$	84,998
	174,829	Corevest American Finance Trust Series 2020-4 A(a)		1.1740	12/15/52		158,075
	240,000	Dext A.B.S, LLC Series 2020-1 B(a)		1.9200	11/15/27		236,750
	429,000	Dext A.B.S, LLC Series 2023-1 A2(a)		5.9900	03/15/32		423,349
	285,000	FirstKey Homes Trust Series 2021-SFR1 D(a)		2.1890	08/17/28		246,902
	375,000	FirstKey Homes Trust Series 2020-SFR2 B(a)		1.5670	10/19/37		339,130
	174,110	Foundation Finance Trust Series 2019-1A A(a)		3.8600	11/15/34		171,329
	79,497	HIN Timeshare Trust Series 2020-A C(a)		3.4200	10/09/39		72,843
	129,025	Jersey Mike’s Funding Series 2019-1A A2(a)		4.4330	02/15/50		119,001
	1,080,000	Kubota Credit Owner Trust Series 2023-1A A2(a)		5.4000	02/17/26		1,075,761
	53,052	MVW, LLC Series 2020-1A A(a)		1.7400	10/20/37		48,701
	350,869	MVW, LLC Series 2023-1A B(a)		5.4200	10/20/40		343,146
	3,024	Octane Receivables Trust Series 2020-1A A(a)		1.7100	02/20/25		3,017
	265,000	Octane Receivables Trust Series 2023-1A C(a)		6.3700	09/20/29		260,859
	52,796	Oportun Funding, LLC Series 2022-1 A(a)		3.2500	06/15/29		52,144
	34,686	Orange Lake Timeshare Trust Series 2019-A B(a)		3.3600	04/09/38		33,140
	265,000	Progress Residential Series 2021-SFR3 D(a)		2.2880	05/17/26		233,838
	201,000	Progress Residential Series 2021-SFR1 C(a)		1.5550	04/17/38		176,838
	577,415	Progress Residential Trust Series 2020-SFR1 A(a)		1.7320	04/17/37		537,261
	550,000	Progress Residential Trust Series 2020-SFR2 E(a)		5.1150	06/17/37		530,691
	130,801	Purchasing Power Funding, LLC Series 2021-A A(a)		1.5700	10/15/25		129,374
	265,000	Regional Management Issuance Trust Series 2021-1 A(a)		1.6800	03/17/31		248,240
	42,581	Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(a)		2.3200	07/20/37		39,887
	320,000	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B(a)		6.2800	04/20/40		323,984
	84,600	Taco Bell Funding, LLC Series 2016-1A A23(a)		4.9700	05/25/46		81,657
	200,000	Tricon American Homes Trust Series 2020-SFR2 D(a)		2.2810	11/17/27		170,505
	165,000	Tricon American Homes Trust Series 2019-SFR1 C(a)		3.1490	03/17/38		152,581
	160,000	Tricon Residential Trust Series 2021-SFR1 B(a)		2.2440	07/17/38		143,029
							10,921,302
		RESIDENTIAL MORTGAGE — 1.6%
	79,302	Ajax Mortgage Loan Trust Series 2019-D A1(a),(d)		2.9560	09/25/65		73,207
	126,151	Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1(a),(d)		2.2390	09/27/60		119,708
	135,000	Towd Point Mortgage Trust Series 2016-4 B1(a),(c)		3.9620	07/25/56		123,908
	115,000	Towd Point Mortgage Trust Series 2017-1 M1(a),(c)		3.7500	10/25/56		108,109

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.1% (Continued)
		RESIDENTIAL MORTGAGE — 1.6% (Continued)
	460,000	Towd Point Mortgage Trust Series 2017-4 A2(a),(c)		3.0000	06/25/57	$	408,569
	160,000	Towd Point Mortgage Trust Series 2017-6 A2(a),(c)		3.0000	10/25/57		144,430
	140,000	Towd Point Mortgage Trust Series 2018-6 A1B(a),(c)		3.7500	03/25/58		128,720
	300,000	Towd Point Mortgage Trust Series 2018-6 A2(a),(c)		3.7500	03/25/58		262,583
	255,000	Towd Point Mortgage Trust Series 2019-2 A2(a),(c)		3.7500	12/25/58		221,526
	235,000	Towd Point Mortgage Trust Series 2019-4 A2(a),(c)		3.2500	10/25/59		201,707
	100,000	Towd Point Mortgage Trust Series 2020-1 M1(a),(c)		3.5000	01/25/60		82,070
	82,773	VCAT Asset Securitization, LLC Series 2021-NPL3 A1(a),(d)		1.7430	05/25/51		77,208
	47,323	VCAT, LLC Series 2021-NPL2 A1(a),(d)		2.1150	03/27/51		45,005
							1,996,750
		STUDENT LOANS — 0.0%(e)
	61,054	Commonbond Student Loan Trust Series 2020-1 A(a)		1.6900	10/25/51		54,113
		TOTAL ASSET BACKED SECURITIES (Cost $42,945,704)					41,227,659
		CORPORATE BONDS — 33.2%
		AEROSPACE & DEFENSE — 0.7%
	200,000	Boeing Company (The)		5.8050	05/01/50		201,127
	303,000	Boeing Company (The)		5.9300	05/01/60		302,252
	226,000	Huntington Ingalls Industries, Inc.		2.0430	08/16/28		191,381
	85,000	TransDigm, Inc.		5.5000	11/15/27		80,719
							775,479
		ASSET MANAGEMENT — 1.2%
	157,000	Blackstone Private Credit Fund		2.6250	12/15/26		134,781
	330,000	Blue Owl Finance, LLC(a)		3.1250	06/10/31		252,327
	305,000	Charles Schwab Corporation (The)(b)	H15T10Y + 3.079%	4.0000	03/01/69		239,282
	255,000	Citadel, L.P.(a)		4.8750	01/15/27		248,735
	250,000	Drawbridge Special Opportunities Fund, L.P. /(a)		3.8750	02/15/26		222,870
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises		5.2500	05/15/27		194,120
	128,000	OWL Rock Core Income Corporation		4.7000	02/08/27		116,596
	164,000	United Airlines Class A Pass Through Trust Series 2023-1 Class A		5.8000	07/15/36		167,235
							1,575,946

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		AUTOMOTIVE — 0.3%
	25,000	Clarios Global, L.P. / Clarios US Finance Company(a)		6.7500	05/15/28	$	25,132
	106,000	Ford Motor Company		3.2500	02/12/32		83,859
	70,000	Ford Motor Company		4.7500	01/15/43		54,835
	200,000	Ford Motor Credit Company, LLC(f)		6.8000	05/12/28		202,035
							365,861
		BANKING — 5.0%
	200,000	Banco Mercantil del Norte S.A.(a),(b)	H15T10Y + 5.034%	6.6250	01/24/70		160,500
	1,200,000	Bank of America Corporation(b)	SOFRRATE + 1.320%	2.6870	04/22/32		993,847
	390,000	Bank of America Corporation(b),(f)	H15T5Y + 1.200%	2.4820	09/21/36		298,911
	400,000	Barclays plc(b),(f)	H15T1Y + 3.500%	7.4370	11/02/33		436,085
	200,000	BBVA Bancomer S.A.(a),(b)	H15T5Y + 2.650%	5.1250	01/18/33		174,150
	113,000	Citigroup, Inc.(b)	SOFRRATE + 1.280%	6.3830	02/24/28		113,071
	325,000	Citigroup, Inc.(b)	US0003M + 1.338%	3.9800	03/20/30		301,369
	460,000	Citigroup, Inc.(b),(f)	SOFRRATE + 2.338%	6.2700	11/17/33		487,341
	229,000	Citigroup, Inc.(b)	SOFRRATE + 2.661%	6.1740	05/25/34		232,394
	250,000	Citizens Bank NA		2.2500	04/28/25		231,530
	250,000	Fifth Third Bancorp(b),(f)	SOFRRATE + 1.660%	4.3370	04/25/33		225,249
	280,000	Huntington Bancshares, Inc.		2.5500	02/04/30		230,459
	175,000	JPMorgan Chase & Company(b)	SOFRRATE + 1.180%	6.2760	02/24/28		175,775
	710,000	JPMorgan Chase & Company	SOFRRATE + 1.065%	1.9530	02/04/32		565,187
	420,000	JPMorgan Chase & Company(b),(f)	SOFRRATE + 2.580%	5.7170	09/14/33		426,363
	82,000	JPMorgan Chase & Company Series HH(b)	SOFRRATE + 3.125%	4.6000	08/01/68		77,695
	200,000	Texas Capital Bancshares, Inc.(b)	H15T5Y + 3.150%	4.0000	05/06/31		160,035
	285,000	Toronto-Dominion Bank (The)(b)	H15T5Y + 4.075%	8.1250	10/31/82		293,493
	285,000	Truist Financial Corporation(b)	H15T10Y + 4.349%	5.1000	03/01/69		256,842
	280,000	Wells Fargo & Company(b)	SOFRRATE + 2.100%	4.8970	07/25/33		268,196
	330,000	Wells Fargo & Company Series BB(b)	H15T5Y + 3.453%	3.9000	03/15/69		296,942
							6,405,434

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		BEVERAGES — 0.4%
	185,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.9000	02/01/46	$	175,128
	270,000	Bacardi Ltd. / Bacardi-Martini BV(a)		5.4000	06/15/33		267,567
	75,000	Central American Bottling Corp / CBC Bottling(a)		5.2500	04/27/29		69,257
							511,952
		BIOTECH & PHARMA — 1.1%
	383,000	Amgen, Inc.		5.2500	03/02/33		382,187
	93,000	Amgen, Inc.(f)		5.6500	03/02/53		93,164
	40,000	Bausch Health Companies, Inc.(a)		5.7500	08/15/27		25,764
	200,000	Cheplapharm Arzneimittel GmbH(a)		5.5000	01/15/28		182,426
	265,000	Mylan N.V.		3.9500	06/15/26		251,530
	45,000	Par Pharmaceutical, Inc.(a)		7.5000	04/01/27		33,069
	155,000	Royalty Pharma plc		2.1500	09/02/31		121,177
	195,000	Royalty Pharma plc		3.3500	09/02/51		124,406
	120,000	Teva Pharmaceutical Finance Netherlands III BV(f)		3.1500	10/01/26		108,690
	681	Viatris, Inc.(a)		2.3000	06/22/27		598
	150,000	Viatris, Inc.		2.3000	06/22/27		131,824
							1,454,835
		CABLE & SATELLITE — 0.2%
	14,000	CCO Holdings, LLC / CCO Holdings Capital(a),(f)		6.3750	09/01/29		13,398
	180,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.7500	03/01/30		156,207
	45,000	CCO Holdings, LLC / CCO Holdings Capital(a),(f)		4.5000	08/15/30		38,116
							207,721
		CHEMICALS — 0.2%
	235,000	Bayport Polymers, LLC(a)		5.1400	04/14/32		208,521
		COMMERCIAL SUPPORT SERVICES — 0.0%(e)
	50,000	Aramark Services, Inc.(a),(f)		6.3750	05/01/25		50,043
		CONSTRUCTION MATERIALS — 0.0%(e)
	30,000	Knife River Holding Company(a)		7.7500	05/01/31		30,628
		DIVERSIFIED INDUSTRIALS — 0.2%
	313,000	General Electric Company(b)	US0003M + 3.330%	8.8820	06/15/69		314,361

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		ELECTRIC UTILITIES — 2.2%
	355,000	CMS Energy Corporation(b)	H15T5Y + 4.116%	4.7500	06/01/50	$	312,871
	250,000	Electricite de France S.A.(a),(f)		6.9000	05/23/53		263,265
	235,000	Enel Finance International N.V.(a)		7.5000	10/14/32		262,105
	540,000	Exelon Corporation		5.6000	03/15/53		539,068
	188,000	National Rural Utilities Cooperative Finance(b)	US0003M + 2.910%	4.7500	04/30/43		183,041
	384,000	NRG Energy, Inc.(a)		7.0000	03/15/33		383,709
	403,000	Puget Energy, Inc.		2.3790	06/15/28		347,534
	404,000	Southern Company (The)(b)	H15T5Y + 2.915%	3.7500	09/15/51		349,584
	245,000	Vistra Corporation(a),(b),(f)	H15T5Y + 6.930%	8.0000	04/15/70		234,673
							2,875,850
		ENGINEERING & CONSTRUCTION — 0.3%
	140,000	Global Infrastructure Solutions, Inc.(a)		7.5000	04/15/32		118,584
	398,000	Sempra Infrastructure Partners, L.P.(a)		3.2500	01/15/32		322,602
							441,186
		FOOD — 0.2%
	300,000	Pilgrim’s Pride Corporation		6.2500	07/01/33		298,397
		GAS & WATER UTILITIES — 0.4%
	260,000	Brooklyn Union Gas Company (The)(a)		4.8660	08/05/32		242,869
	255,000	KeySpan Gas East Corporation(a)		5.9940	03/06/33		255,694
							498,563
		HEALTH CARE FACILITIES & SERVICES — 1.5%
	225,000	AdaptHealth, LLC(a)		5.1250	03/01/30		186,388
	290,000	Catalent Pharma Solutions, Inc.(a),(f)		3.5000	04/01/30		243,136
	318,000	CVS Health Corporation(f)		5.8750	06/01/53		322,913
	185,000	HCA, Inc.(f)		5.5000	06/01/33		183,896
	345,000	HCA, Inc.		5.2500	06/15/49		310,311
	200,000	IQVIA, Inc.(a)		5.7000	05/15/28		199,026
	540,000	Universal Health Services, Inc.		2.6500	01/15/32		424,053
							1,869,723
		HOME & OFFICE PRODUCTS — 0.2%
	196,000	Newell Brands, Inc.(f)		6.3750	09/15/27		193,305

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		HOME CONSTRUCTION — 0.5%
	440,000	MDC Holdings, Inc.		3.9660	08/06/61	$	265,280
	395,000	PulteGroup, Inc.		6.3750	05/15/33		414,960
							680,240
		HOUSEHOLD PRODUCTS — 0.3%
	370,000	Church & Dwight Company, Inc.		5.0000	06/15/52		357,313
		INDUSTRIAL SUPPORT SERVICES — 0.7%
	405,000	Ashtead Capital, Inc.(a)		5.5000	08/11/32		391,807
	440,000	Ferguson Finance plc(a)		4.6500	04/20/32		414,309
							806,116
		INSTITUTIONAL FINANCIAL SERVICES — 2.6%
	115,000	Bank of New York Mellon Corporation (The)(b)	SOFRINDX + 2.074%	5.8340	10/25/33		119,042
	265,000	Bank of New York Mellon Corporation (The)(b)	H15T5Y + 4.358%	4.7000	09/20/68		259,377
	620,000	Brookfield Finance, Inc.		2.7240	04/15/31		513,012
	550,000	Goldman Sachs Group, Inc. (The)(b)	SOFRRATE + 1.090%	1.9920	01/27/32		433,198
	310,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36		325,481
	475,000	Morgan Stanley		3.1250	07/27/26		446,450
	395,000	Morgan Stanley		6.3750	07/24/42		442,734
	169,000	Northern Trust Corporation(b)	US0003M + 1.131%	3.3750	05/08/32		152,289
	435,000	State Street Corporation(b)	SOFRRATE + 1.726%	4.1640	08/04/33		401,860
	216,000	State Street Corporation(b)	SOFRRATE + 1.567%	4.8210	01/26/34		207,762
							3,301,205
		INSURANCE — 1.5%
	300,000	Allstate Corporation (The)(b)	US0003M + 2.938%	5.7500	08/15/53		298,596
	185,000	Ascot Group Ltd.(a)		4.2500	12/15/30		141,860
	391,000	Corebridge Financial, Inc.(b)	H15T5Y + 3.846%	6.8750	12/15/52		381,649
	118,000	Global Atlantic Fin Company(a)		7.9500	06/15/33		118,254
	175,000	Liberty Mutual Group, Inc.(a),(b)	H15T5Y + 3.315%	4.1250	12/15/51		140,234
	168,000	Lincoln National Corporation(b)	US0003M + 2.040%	7.6280	04/20/67		115,080
	265,000	MetLife, Inc.(b)	H15T5Y + 3.576%	3.8500	03/15/69		248,282
	126,000	MetLife, Inc.(b),(f)	US0003M + 2.959%	5.8750	09/15/66		123,450
	104,000	Prudential Financial, Inc.(b),(f)	H15T5Y + 3.162%	5.1250	03/01/52		94,872

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		INSURANCE — 1.5% (Continued)
	53,000	Prudential Financial, Inc.(b),(f)	H15T5Y + 3.234%	6.0000	09/01/52	$	50,927
	210,000	Prudential Financial, Inc.(b)	H15T5Y + 2.848%	6.7500	03/01/53		212,369
							1,925,573
		LEISURE FACILITIES & SERVICES — 0.3%
	150,000	Churchill Downs, Inc.(a)		6.7500	05/01/31		146,797
	145,000	Hilton Domestic Operating Company, Inc.(a)		3.6250	02/15/32		121,810
	160,000	Station Casinos, LLC(a)		4.5000	02/15/28		144,137
							412,744
		MACHINERY — 0.3%
	430,000	Regal Rexnord Corporation(a)		6.4000	04/15/33		428,855
		MEDICAL EQUIPMENT & DEVICES — 1.2%
	209,000	Bio-Rad Laboratories, Inc.		3.3000	03/15/27		196,008
	179,000	Bio-Rad Laboratories, Inc.		3.7000	03/15/32		157,262
	415,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30		359,461
	195,000	GE HealthCare Technologies, Inc.		5.8570	03/15/30		200,112
	468,000	Illumina, Inc.		2.5500	03/23/31		380,840
	350,000	Zimmer Biomet Holdings, Inc.		3.5500	03/20/30		306,375
							1,600,058
		METALS & MINING — 0.6%
	115,000	Alliance Resource Operating Partners, L.P. /(a)		7.5000	05/01/25		114,904
	140,000	FMG Resources August 2006 Pty Ltd.(a)		5.8750	04/15/30		134,426
	295,000	Glencore Funding, LLC(a)		2.8500	04/27/31		242,807
	345,000	Teck Resources Ltd.		6.1250	10/01/35		348,346
							840,483
		OIL & GAS PRODUCERS — 2.7%
	385,000	BP Capital Markets plc(b)	H15T5Y + 4.398%	4.8750	12/22/00		356,058
	160,000	CITGO Petroleum Corporation(a)		7.0000	06/15/25		158,244
	130,000	Civitas Resources, Inc.(a)		8.7500	07/01/31		134,713
	95,000	CrownRock, L.P. / CrownRock Finance, Inc.(a)		5.0000	05/01/29		89,442
	125,000	DT Midstream, Inc.(a),(f)		4.1250	06/15/29		110,949
	205,000	Ecopetrol S.A.		8.8750	01/13/33		210,465
	275,000	Enbridge, Inc.(b)	H15T5Y + 4.418%	7.6250	01/15/83		278,556
	175,000	Energy Transfer, L.P.(b)	H15T5Y + 5.694%	6.5000	11/15/69		158,932

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		OIL & GAS PRODUCERS — 2.7% (Continued)
	425,000	Flex Intermediate Holdco, LLC(a)		3.3630	06/30/31	$	339,497
	135,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		134,814
	320,000	Kinder Morgan, Inc.		7.7500	01/15/32		364,442
	286,000	Lundin Energy Finance BV(a)		2.0000	07/15/26		256,734
	225,000	Occidental Petroleum Corporation(f)		6.1250	01/01/31		230,456
	200,000	Pertamina Persero PT(a)		6.4500	05/30/44		210,288
	185,000	Petroleos Mexicanos		7.6900	01/23/50		128,607
	250,000	Reliance Industries Ltd.(a)		2.8750	01/12/32		207,698
	95,000	Venture Global Calcasieu Pass, LLC(a)		3.8750	08/15/29		82,346
							3,452,241
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	102,000	Enerflex Ltd.(a)		9.0000	10/15/27		102,751
	90,000	USA Compression Partners, L.P. / USA Compression		6.8750	04/01/26		89,274
							192,025
		REAL ESTATE INVESTMENT TRUSTS — 1.5%
	310,000	EPR Properties		4.7500	12/15/26		284,714
	255,000	GLP Capital, L.P. / GLP Financing II, Inc.		5.7500	06/01/28		249,804
	108,000	GLP Capital, L.P. / GLP Financing II, Inc.		3.2500	01/15/32		88,389
	25,000	MPT Operating Partnership, L.P. / MPT Finance(f)		4.6250	08/01/29		19,882
	125,000	MPT Operating Partnership, L.P. / MPT Finance		3.5000	03/15/31		90,165
	170,000	Office Properties Income Trust(f)		4.5000	02/01/25		148,963
	240,000	Phillips Edison Grocery Center Operating		2.6250	11/15/31		179,859
	105,000	Retail Opportunity Investments Partnership, L.P.		4.0000	12/15/24		100,820
	225,000	Retail Properties of America, Inc.		4.7500	09/15/30		205,915
	75,000	Service Properties Trust		4.9500	02/15/27		64,392
	205,000	VICI Properties, L.P.		4.9500	02/15/30		194,121
	165,000	VICI Properties, L.P.		5.1250	05/15/32		155,466
	150,000	VICI Properties, L.P. / VICI Note Company, Inc.(a)		4.1250	08/15/30		133,146
							1,915,636
		REAL ESTATE OWNERS & DEVELOPERS — 0.2%
	275,000	Ontario Teachers’ Cadillac Fairview Properties(a)		2.5000	10/15/31		216,197
		RETAIL - DISCRETIONARY — 0.1%
	175,000	BlueLinx Holdings, Inc.(a)		6.0000	11/15/29		155,916

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		SEMICONDUCTORS — 0.2%
	271,000	Broadcom, Inc.		4.1500	11/15/30	$	249,150
		SOFTWARE — 0.5%
	155,000	Concentrix Corporation		6.6500	08/02/26		154,797
	90,000	Consensus Cloud Solutions, Inc.(a),(f)		6.5000	10/15/28		77,885
	215,000	Oracle Corporation		6.2500	11/09/32		227,300
	188,000	Oracle Corporation		5.5500	02/06/53		179,790
	75,000	Oracle Corporation		3.8500	04/01/60		52,287
							692,059
		SPECIALTY FINANCE — 1.7%
	355,000	American Express Company(b)	SOFRRATE + 1.930%	5.6250	07/28/34		354,373
	235,000	Aviation Capital Group, LLC(a)		3.5000	11/01/27		211,198
	210,000	Avolon Holdings Funding Ltd.(a)		4.3750	05/01/26		197,465
	472,000	Capital One Financial Corporation(b)	SOFRRATE + 1.337%	2.3590	07/29/32		342,431
	209,000	Discover Financial Services		6.7000	11/29/32		214,184
	290,000	First American Financial Corporation		4.0000	05/15/30		253,817
	120,000	Ladder Capital Finance Holdings LLLP / Ladder(a)		4.2500	02/01/27		108,073
	235,000	OneMain Finance Corporation		6.8750	03/15/25		234,464
	150,000	Synchrony Financial		4.8750	06/13/25		145,006
	67,000	Synchrony Financial		3.7000	08/04/26		61,373
							2,122,384
		STEEL — 0.2%
	245,000	ArcelorMittal S.A.		6.8000	11/29/32		253,103
		TECHNOLOGY HARDWARE — 0.5%
	349,000	CDW, LLC / CDW Finance Corporation		3.5690	12/01/31		295,559
	304,000	Dell International, LLC / EMC Corporation		8.1000	07/15/36		353,804
							649,363
		TECHNOLOGY SERVICES — 1.4%
	140,000	Booz Allen Hamilton, Inc.(a)		3.8750	09/01/28		127,251
	275,000	Booz Allen Hamilton, Inc.(a)		4.0000	07/01/29		248,469

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 33.2% (Continued)
		TECHNOLOGY SERVICES — 1.4% (Continued)
	485,000	CoStar Group, Inc.(a)		2.8000	07/15/30	$	405,708
	137,000	Kyndryl Holdings, Inc.		2.7000	10/15/28		112,629
	545,000	Leidos, Inc.		2.3000	02/15/31		436,235
	171,000	MSCI, Inc.(a)		3.6250	09/01/30		149,820
	245,000	Science Applications International Corporation(a)		4.8750	04/01/28		230,578
							1,710,690
		TELECOMMUNICATIONS — 1.2%
	320,000	AT&T, Inc.(f)		5.4000	02/15/34		315,109
	160,000	Level 3 Financing, Inc.(a)		4.2500	07/01/28		113,407
	270,000	Level 3 Financing, Inc.(a)		3.6250	01/15/29		178,408
	205,000	Sprint Capital Corporation		8.7500	03/15/32		247,508
	87,500	Sprint Spectrum Company, LLC / Sprint Spectrum(a)		4.7380	03/20/25		86,547
	254,000	T-Mobile USA, Inc.(f)		5.0500	07/15/33		248,435
	360,000	Vodafone Group plc(f)		5.6250	02/10/53		349,218
							1,538,632
		TOBACCO & CANNABIS — 0.3%
	355,000	BAT Capital Corporation		7.7500	10/19/32		394,163
		TRANSPORTATION & LOGISTICS — 0.5%
	410,859	Alaska Airlines Class A Pass Through Trust Series 2021-1(a)		4.8000	08/15/27		398,964
	319,867	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		301,960
							700,924
		TOTAL CORPORATE BONDS (Cost $44,608,564)					42,672,875
		MUNICIPAL BONDS — 2.7%
		CITY — 0.3%
	340,000	City of Bristol VA		4.2100	01/01/42		294,678
	145,000	City of San Antonio TX		1.9630	02/01/33		114,687
							409,365
		GOVERNMENT LEASE — 0.1%
	145,000	Texas Public Finance Authority		2.1400	02/01/35		110,713

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		MUNICIPAL BONDS — 2.7% (Continued)
		HOSPITALS — 0.1%
	135,000	Idaho Health Facilities Authority	5.0200	03/01/48	$	122,399
		LOCAL AUTHORITY — 0.6%
	310,000	San Diego County Regional Airport Authority	5.5940	07/01/43		293,112
	600,000	State of Texas	3.2110	04/01/44		482,232
	35,000	Texas Transportation Commission State Highway Fund	4.0000	10/01/33		32,975
						808,319
		MISCELLANEOUS TAX — 0.7%
	765,000	Metropolitan Transportation Authority	5.0000	11/15/45		839,154
		SALES TAX — 0.0%(e)
	20,000	Sales Tax Securitization Corporation	3.4110	01/01/43		15,455
		WATER AND SEWER — 0.9%
	705,000	Broward County FL Water & Sewer Utility Revenue	4.0000	10/01/47		692,672
	315,000	New York State Environmental Facilities	5.0000	06/15/51		344,167
	160,000	Santa Clara Valley Water District	2.9670	06/01/50		109,270
						1,146,109
		TOTAL MUNICIPAL BONDS (Cost $3,903,449)				3,451,514
		NON U.S. GOVERNMENT & AGENCIES — 1.5%
		SOVEREIGN — 1.5%
	200,000	Brazilian Government International Bond	6.0000	10/20/33		198,624
	515,000	Dominican Republic International Bond(a)	4.8750	09/23/32		447,926
	200,000	Emirate of Dubai Government International Bonds	5.2500	01/30/43		189,341
	250,000	Hungary Government International Bond(a)	6.2500	09/22/32		257,312
	200,000	Mexico Government International Bond	2.6590	05/24/31		166,828
	450,000	Mexico Government International Bond	6.3500	02/09/35		473,396
	200,000	Serbia International Bond(a)	6.5000	09/26/33		200,976
						1,934,403
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,961,991)				1,934,403

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.3%
		AEROSPACE & DEFENSE — 0.2%
	195,123	TransDigm, Inc.(b)	TSFR1M + 3.250%	8.4920	08/10/28	$	195,534
		ASSET MANAGEMENT — 0.0%(e)
	35,000	FinCompany I, LLC(b)	TSFR1M + 3.000%	8.2640	06/27/29		34,965
		AUTOMOTIVE — 0.2%
	215,000	Clarios Global, L.P.(b)	TSFR1M + 3.750%	8.8520	04/20/30		215,242
		BIOTECH & PHARMA — 0.0%(e)
	64,350	Perrigo Investments, LLC(b)	TSFR1M + 2.500%	7.4520	04/07/29		64,109
		CABLE & SATELLITE — 0.3%
	226,630	Directv Financing, LLC(b)	TSFR1M + 5.000%	10.2170	07/22/27		225,568
	205,000	Virgin Media Bristol, LLC(b)	TSFR1M + 2.500%	7.8360	01/04/28		199,965
							425,533
		CHEMICALS — 0.5%
	229,911	INEOS US Finance, LLC(b)	TSFR1M + 3.750%	8.9520	11/08/27		228,451
	249,342	Trinseo Materials Operating SCA(b)	TSFR1M + 2.000%	7.5380	09/06/24		244,724
	165,000	Windsor Holdings III, LLC(b)	TSFR3M + 4.500%	0.0000	06/22/30		164,725
							637,900
		COMMERCIAL SUPPORT SERVICES — 0.5%
	214,071	AlixPartners LLP(b)	TSFR1M + 2.750%	7.7170	01/28/28		214,031
	268,794	Brightview Landscapes, LLC(b)	TSFR1M + 3.250%	8.2950	04/22/29		268,010
	233,886	CHG Healthcare Services, Inc.(b)	US0001M + 3.250%	8.4430	09/30/28		233,712
							715,753
		CONTAINERS & PACKAGING — 0.2%
	239,776	Berry Global, Inc.(b)	TSFR3M + 1.750%	7.2930	07/01/26		239,879
		ELECTRIC UTILITIES — 0.2%
	208,255	Astoria Energy, LLC(b)	TSFR1M + 3.500%	8.6930	12/10/27		207,890
		ELECTRICAL EQUIPMENT — 0.1%
	268,685	Brookfield WEC Holdings, Inc.(b)	TSFR1M + 2.750%	7.9430	08/01/25		268,638

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.3% (Continued)
		ENGINEERING & CONSTRUCTION — 0.2%
	200,000	Pike Corporation(b)	TSFR1M + 3.000%	3.1300	12/21/27	$	200,011
		ENTERTAINMENT CONTENT — 0.2%
	249,364	Univision Communications, Inc.(b)	US0001M + 3.250%	8.4430	03/24/26		248,494
		FOOD — 0.5%
	174,561	Del Monte Foods, Inc.(b)	TSFR1M + 4.250%	9.4390	05/16/29		169,507
	268,782	Froneri US, Inc.(b)	TSFR1M + 2.250%	7.4520	01/30/27		268,004
	172,025	Hostess Brands, LLC(b)	TSFR1M + 2.500%	7.7420	06/21/30		172,132
							609,643
		HEALTH CARE FACILITIES & SERVICES — 0.3%
	114,154	Agiliti Health, Inc.(b)	TSFR1M + 3.000%	8.2470	05/01/30		114,083
	71,596	Legacy LifePoint Health, LLC(b)	TSFR3M + 3.750%	9.0230	11/16/25		70,768
	159,184	Milano Acquisition Corporation(b)	TSFR3M + 4.000%	9.3420	08/17/27		156,835
							341,686
		INDUSTRIAL SUPPORT SERVICES — 0.1%
	68,091	Resideo Funding, Inc.(b)	TSFR1M + 2.250%	7.6000	02/09/28		68,006
		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	91,000	Citadel Securities, L.P.(b)	TSFR1M + 2.500%	7.9060	07/26/30		90,388
		INTERNET MEDIA & SERVICES — 0.2%
	253,725	Uber Technologies, Inc.(b)	TSFR1M + 2.750%	7.9990	03/03/30		254,161
		LEISURE FACILITIES & SERVICES — 0.5%
	59,850	Caesars Entertainment, Inc.(b)	TSFR1M + 3.250%	8.4520	01/26/30		59,962
	20,000	Entain Holdings Gibraltar Ltd.(b)	TSFR6M + 3.500%	8.6840	10/31/29		20,020
	70,000	Hilton Worldwide Finance, LLC(b)	TSFR3M + 1.750%	6.9390	06/21/26		70,032
	40,000	Ontario Gaming GTA, L.P.(b)	TSFR1M + 4.250%	9.4440	07/20/30		40,050
	39,600	Scientific Games Corporation(b)	SOFRRATE + 3.000%	8.3020	04/07/29		39,597
	154,223	Scientific Games Holdings, L.P.(b)	SOFRRATE + 3.500%	8.7680	02/04/29		152,547
	68,047	Station Casinos, LLC(b)	TSFR1M + 2.250%	7.4500	01/31/27		67,903
	251,136	UFC Holdings, LLC(b)	TSFR1M + 2.750%	8.0500	04/29/26		251,170
							701,281

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.3% (Continued)
		MACHINERY — 0.2%
	70,718	Alliance Laundry Systems, LLC(b)	TSFR3M + 3.500%	8.9010	09/30/27	$	70,700
	124,683	Filtration Group Corporation(b)	TSFR1M + 3.500%	8.7170	10/19/28		124,622
	70,703	Standard Industries, Inc.(b)	TSFR1M + 2.500%	7.9060	08/06/28		70,924
							266,246
		MEDICAL EQUIPMENT & DEVICES — 0.2%
	213,917	Mozart Borrower, L.P.(b)	TSFR1M + 3.250%	8.4670	09/30/28		212,009
		METALS & MINING — 0.0%(e)
	35,000	Arsenal AIC Parent, LLC(b)	TSFR1M + 4.500%	9.7460	07/27/30		35,018
		OIL & GAS PRODUCERS — 0.1%
	68,756	Freeport LNG Investments LLLP(b)	US0003M + 3.500%	0.3370	11/17/28		68,058
	97,860	Oryx Midstream Services Permian Basin, LLC(b)	TSFR1M + 3.250%	8.5050	09/30/28		98,062
							166,120
		PUBLISHING & BROADCASTING — 0.0%(e)
	37,394	Nexstar Broadcasting, Inc.(b)	TSFR1M + 2.500%	7.7170	06/20/26		37,438
		RETAIL - DISCRETIONARY — 0.1%
	153,823	PetSmart, Inc.(b)	TSFR1M + 3.750%	8.9520	01/29/28		153,960
		SOFTWARE — 0.5%
	221,276	Applied Systems, Inc.(b)	TSFR1M + 4.500%	9.7420	09/19/26		222,020
	133,625	CCC Intelligent Solutions, Inc.(b)	TSFR1M + 2.500%	7.4670	09/17/28		133,541
	185,000	Central Parent, Inc.(b)	TSFR3M + 4.500%	9.4920	06/09/29		185,298
	54,725	Open Text Corporation(b)	TSFR1M + 2.750%	8.7020	01/31/30		54,879
	67,582	Sophia, L.P.(b)	US0003M + 3.250%	9.0380	10/07/27		67,329
	66,403	UKG, Inc.(b)	TSFR3M + 3.250%	8.6180	05/03/26		66,139
							729,206
		TECHNOLOGY HARDWARE — 0.1%
	68,475	NCR Corporation(b)	TSFR1M + 2.500%	7.7800	08/08/26		68,440

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 6.3% (Continued)
		TECHNOLOGY SERVICES — 0.4%
	123,225	Blackhawk Network Holdings, Inc.(b)	TSFR3M + 3.000%	8.2640	05/22/25	$	122,571
	64,423	Dun & Bradstreet Corporation (The)(b)	TSFR1M + 2.750%	8.4160	02/08/26		64,433
	68,703	NAB Holdings, LLC(b)	SOFRRATE + 3.000%	8.3920	11/18/28		68,686
	245,613	Peraton Corporation(b)	TSFR1M + 3.750%	8.9520	02/24/28		244,135
							499,825
		TELECOMMUNICATIONS — 0.2%
	203,965	Cincinnati Bell, Inc.(b)	SOFRRATE + 3.250%	8.4520	11/17/28		195,132
		TRANSPORTATION & LOGISTICS — 0.2%
	100,565	Brown Group Holding, LLC(b)	TSFR1M + 2.500%	7.7020	04/22/28		99,842
	56,000	Mileage Plus Holdings, LLC(b)	US0003M + 5.250%	10.7640	06/25/27		58,485
	59,500	SkyMiles IP Ltd.(b)	TSFR1M + 3.750%	9.0760	09/16/27		61,944
							220,271
		TOTAL TERM LOANS (Cost $8,073,697)					8,102,778
		U.S. GOVERNMENT & AGENCIES — 21.7%
		AGENCY FIXED RATE — 3.8%
	7,605	Fannie Mae Pool 735061		6.0000	11/01/34		7,876
	9,819	Fannie Mae Pool 866009		6.0000	03/01/36		10,169
	65,682	Fannie Mae Pool 938574		5.5000	09/01/36		67,114
	24,330	Fannie Mae Pool 310041		6.5000	05/01/37		25,940
	11,237	Fannie Mae Pool 962752		5.0000	04/01/38		11,289
	14,087	Fannie Mae Pool 909175		5.5000	04/01/38		14,405
	55,040	Fannie Mae Pool 909220		6.0000	08/01/38		56,502
	45,610	Fannie Mae Pool AS7026		4.0000	04/01/46		43,344
	79,086	Fannie Mae Pool BJ9260		4.0000	04/01/48		75,050
	915,008	Fannie Mae Pool FS4438		5.0000	11/01/52		894,989
	606,722	Fannie Mae Pool MA5072		5.5000	06/01/53		602,951
	73,063	Freddie Mac Gold Pool G01980		5.0000	12/01/35		73,488
	10,699	Freddie Mac Gold Pool G05888		5.5000	10/01/39		10,957
	2,319,931	Freddie Mac Pool SD2026		5.0000	11/01/52		2,268,716

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 21.7% (Continued)
		AGENCY FIXED RATE — 3.8% (Continued)
	651,037	Freddie Mac Pool SD3238	5.5000	12/01/52	$	647,619
						4,810,409
		AGENCY MBS OTHER — 0.5%
	694,886	Fannie Mae Pool MA4805	4.5000	11/01/52		665,708
		U.S. TREASURY BONDS — 2.5%
	1,040,000	United States Treasury Bond	2.8750	05/15/49		834,031
	1,440,000	United States Treasury Bond	2.0000	02/15/50		956,503
	2,500,000	United States Treasury Bond	1.3750	08/15/50		1,406,153
						3,196,687
		U.S. TREASURY NOTES — 14.9%
	925,000	United States Treasury Note	3.8750	11/30/27		910,366
	1,210,000	United States Treasury Note	2.6250	02/15/29		1,117,879
	485,000	United States Treasury Note	0.8750	11/15/30		390,596
	715,000	United States Treasury Note	1.6250	05/15/31		603,351
	540,000	United States Treasury Note	2.8750	05/15/32		495,872
	1,865,000	United States Treasury Note	4.1250	11/15/32		1,885,398
	2,045,000	United States Treasury Note	1.8750	02/15/51		1,310,637
	1,135,000	United States Treasury Note	1.8750	11/15/51		724,937
	310,000	United States Treasury Note	2.8750	05/15/52		249,150
	5,925,000	United States Treasury Note	4.0000	11/15/52		5,909,726
	3,405,000	United States Treasury Note	3.6250	02/15/53		3,170,108
	2,530,000	United States Treasury Note	3.6250	05/15/53		2,358,830
						19,126,850
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $31,858,526)				27,799,654
Shares
		SHORT-TERM INVESTMENTS — 6.9%
		COLLATERAL FOR SECURITIES LOANED - 4.1%
	5,186,298	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $5,186,298)(g)(h)				5,186,298
		MONEY MARKET FUNDS - 2.8%
	3,647,928	Fidelity Government Portfolio, CLASS I, 5.03% (Cost $3,647,928)(g)				3,647,928
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,834,226)				8,834,226

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

	Fair Value
TOTAL INVESTMENTS - 104.4% (Cost $142,186,157)	$	134,023,109
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.4)%		(5,666,405	)
NET ASSETS - 100.0%	$	128,356,704

LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
S/A	- Société Anonyme
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRINDX	Secured Overnight Financing Rate Compounded
SOFRRATE	United States SOFR Secured Overnight Financing Rate
TSFR1M	Secured Overnight Financing Rate 1 month
TSFR3M	Secured Overnight Financing Rate 3 month
TSFR6M	Secured Overnight Financing Rate 6 month
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month

^(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 51,463,825 or 40.1% of net assets.

^(b) Variable rate security; the rate shown represents the rate on July 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 July 31, 2023.

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

^(f) All or a portion of these securities are on loan. Total loaned securities had a value of $5,092,138 at July 31, 2023.

^(g) Rate disclosed is the seven day effective yield as of July 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)

July 31, 2023

Shares						Fair Value
		COMMON STOCKS — 0.2%
		METALS & MINING - 0.2%
	23,114	Covia Holdings, LLC(a)				$	304,342
		TOTAL COMMON STOCKS (Cost $183,467)					304,342
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 10.6%
		CLO — 10.6%
	1,500,000	Apidos CLO XX Series 2015-20A DR(b),(c)	US0003M + 5.700%	11.2700	07/16/31		1,329,185
	1,540,000	Atrium IX Series 9A ER(b),(c)	US0003M + 6.450%	11.9130	05/28/30		1,422,590
	2,900,000	Benefit Street Partners CLO II Ltd. Series 2013-IIA DR(b),(c)	US0003M + 6.550%	12.1200	07/15/29		2,562,651
	2,000,000	Benefit Street Partners CLO III Ltd. Series 2013-IIIA DR(b),(c)	US0003M + 6.600%	12.1880	07/20/29		1,875,124
	2,000,000	Benefit Street Partners Clo XII Ltd. Series 2017-12A D(b),(c)	US0003M + 6.410%	11.9800	10/15/30		1,872,246
	250,000	CIFC Funding 2013-II Ltd. Series 2013-2A B2LR(b),(c)	US0003M + 6.520%	12.0920	10/18/30		216,662
	275,000	CIFC Funding 2017-I Ltd. Series 2017-1A E(b),(c)	US0003M + 6.350%	11.9450	04/23/29		260,662
	1,250,000	Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E(b),(c)	US0003M + 4.700%	10.2880	11/28/30		1,138,629
	1,750,000	THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(b),(c)	US0003M + 6.750%	12.3200	04/15/31		1,409,289
	1,000,000	VERDE CLO Ltd. Series 1A AR(b),(c)	US0003M + 1.100%	6.6700	04/15/32		990,890
							13,077,928
		TOTAL ASSET BACKED SECURITIES (Cost$14,149,829)					13,077,928
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 8.6%
		CABLE & SATELLITE — 0.2%
	500,000	CSC Holdings, LLC(b)		5.7500	01/15/30		259,466
		CHEMICALS — 0.3%
	500,000	Consolidated Energy Finance S.A.(b)		5.6250	10/15/28		432,165
		COMMERCIAL SUPPORT SERVICES — 0.3%
	450,000	Deluxe Corporation(b),(d)		8.0000	06/01/29		378,486
		ELECTRIC UTILITIES — 0.3%
	471,000	Calpine Corporation(b)		5.0000	02/01/31		397,138

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 8.6% (Continued)
		ENTERTAINMENT CONTENT — 0.3%
	424,000	Paramount Global(e)	H15T5Y + 3.999%	6.3750	03/30/62	$	349,948
		FOOD — 0.3%
	524,000	HLF Financing Sarl, LLC / Herbalife International,(b),(d)		4.8750	06/01/29		398,869
		HEALTH CARE FACILITIES & SERVICES — 0.3%
	459,000	CHS/Community Health Systems, Inc.(b),(d)		5.6250	03/15/27		409,194
		LEISURE FACILITIES & SERVICES — 1.1%
	440,000	Carnival Corporation(b),(d)		10.5000	06/01/30		465,994
	439,000	CEC Entertainment Company, LLC(b)		6.7500	05/01/26		422,548
	502,000	NCL Corporation Ltd.(b),(d)		7.7500	02/15/29		481,268
							1,369,810
		OIL & GAS PRODUCERS — 2.0%
	95,000	Civitas Resources, Inc.(b)		8.3750	07/01/28		97,832
	225,000	Civitas Resources, Inc.(b)		8.7500	07/01/31		233,156
	422,000	Genesis Energy, L.P. / Genesis Energy Finance(d)		8.0000	01/15/27		415,337
	416,000	Howard Midstream Energy Partners, LLC(b)		6.7500	01/15/27		401,629
	424,000	Independence Energy Finance, LLC(b)		7.2500	05/01/26		418,253
	494,000	ITT Holdings, LLC(b)		6.5000	08/01/29		423,126
	450,000	Strathcona Resources Ltd.(b),(d)		6.8750	08/01/26		395,458
							2,384,791
		REAL ESTATE INVESTMENT TRUSTS — 0.3%
	514,000	Service Properties Trust		4.3750	02/15/30		383,171
		REAL ESTATE OWNERS & DEVELOPERS — 0.3%
	458,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		371,671
		REAL ESTATE SERVICES — 0.2%
	300,000	Cushman & Wakefield US Borrower, LLC(b)		6.7500	05/15/28		275,331

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 8.6% (Continued)
		SOFTWARE — 0.3%
	380,000	Helios Software Holdings, Inc. / ION Corporate(b)		4.6250	05/01/28	$	330,861
		SPECIALTY FINANCE — 0.8%
	505,000	Apollo Commercial Real Estate Finance, Inc.(b)		4.6250	06/15/29		405,173
	236,000	Burford Capital Global Finance, LLC(b)		6.8750	04/15/30		215,490
	500,000	Cobra AcquisitionCo, LLC(b)		6.3750	11/01/29		340,540
							961,203
		TECHNOLOGY SERVICES — 0.3%
	475,000	ION Trading Technologies Sarl(b)		5.7500	05/15/28		414,485
		TELECOMMUNICATIONS — 0.9%
	500,000	Altice France S.A.(b)		5.5000	10/15/29		355,633
	464,000	Sable International Finance Ltd.(b)		5.7500	09/07/27		431,947
	550,000	Telesat Canada / Telesat, LLC(b),(d)		4.8750	06/01/27		324,530
							1,112,110
		WHOLESALE -CONSUMER STAPLES — 0.4%
	571,000	C&S Group Enterprises, LLC(b)		5.0000	12/15/28		443,125
		TOTAL CORPORATE BONDS (Cost $12,266,124)					10,671,824
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8%
		AEROSPACE & DEFENSE — 1.5%
	766,483	Dynasty Acquisition Company, Inc.(c)	US0001M + 3.500%	8.7020	04/08/26		766,300
	733,772	Spirit AeroSystems, Inc.(c)	TSFR1M + 4.228%	9.5450	11/23/27		735,973
	412,088	Standard Aero Ltd.(c)	US0001M + 3.500%	8.7020	04/08/26		411,989
							1,914,262
		APPAREL & TEXTILE PRODUCTS — 0.6%
	683,600	Birkenstock US BidCo, Inc.(c)	US0001M + 3.161%	8.5930	04/28/28		684,113
		ASSET MANAGEMENT — 2.4%
	1,177,795	Advisor Group Holdings, Inc.(c)	US0001M + 4.500%	9.6930	07/31/26		1,180,433
	680,980	Hightower Holding, LLC(c)	US0001M + 3.718%	9.1500	04/21/28		669,703

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8% (Continued)
		ASSET MANAGEMENT — 2.4% (Continued)
	1,093,387	Nexus Buyer, LLC(c)	US0001M + 3.750%	8.9520	11/08/26	$	1,064,516
	42	NFP Corporation(c)	ICE LIBOR USD 1 Month + 3.035%	8.4670	02/04/27		41
							2,914,693
		BEVERAGES — 1.1%
	1,342,747	Pegasus Bidco BV(c)	TSFR1M + 4.019%	9.3360	05/05/29		1,343,586
		BIOTECH & PHARMA — 0.6%
	767,358	Curium Bidco Sarl(c)	US0001M + 4.250%	9.7880	09/10/27		768,317
		CABLE & SATELLITE — 1.4%
	1,188,865	CSC Holdings, LLC(c)	ICE LIBOR USD 3 Month + 0.318%	9.7220	07/17/25		1,096,133
	650,000	UPC Financing Partnership(c)	US0001M + 3.000%	8.2610	01/31/29		635,213
							1,731,346
		CHEMICALS — 1.5%
	1,394,830	Groupe Solmax, Inc.(c)	US0001M + 4.750%	9.9670	07/23/28		1,324,914
	521,645	Windsor Holdings III, LLC(c)	TSFR3M + 5.365%	5.3650	06/22/30		520,776
							1,845,690
		COMMERCIAL SUPPORT SERVICES — 4.2%
	774,027	Amentum Government Services Holdings, LLC(c)	SOFRRATE + 4.000%	9.2220	02/07/29		750,807
	1,179,000	APX Group, Inc.(c)	US0001M + 2.500%	10.5000	07/01/28		1,179,277
	987,277	Creative Artists Agency, LLC(c)	TSFR1M + 3.285%	8.6020	11/16/28		984,015
	1,121,462	Garda World Security Corporation(c)	US0001M + 4.250%	9.6410	10/30/26		1,121,961
	1,178,947	Sotheby’s(c)	US0001M + 4.500%	10.0700	01/15/27		1,154,631
							5,190,691
		CONSTRUCTION MATERIALS — 2.2%
	1,093,915	Foley Products Company, LLC(c)	SOFRRATE + 4.750%	10.1420	02/10/29		1,087,078
	881,331	Quikrete Holdings, Inc.(c)	US0001M + 3.000%	8.2170	06/11/28		883,350
	750,051	US Silica Company(c)	TSFR1M + 4.581%	9.9520	03/17/30		751,270
							2,721,698
		CONSUMER SERVICES — 1.5%
	729,447	KUEHG Corporation(c)	TSFR1M + 4.924%	10.2420	05/31/30		727,036

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8% (Continued)
		CONSUMER SERVICES — 1.5% (Continued)
	1,174,565	Mckissock Investment Holdings, LLC(c)	SOFRRATE + 5.000%	10.4480	03/04/29	$	1,144,467
							1,871,503
		CONTAINERS & PACKAGING — 2.9%
	1,178,330	Clydesdale Acquisition Holdings, Inc.(c)	TSFR1M + 4.250%	9.3770	03/30/29		1,169,180
	1,268,814	LABL, Inc.(c)	US0001M + 5.000%	10.2020	10/22/28		1,264,297
	656,519	Patriot Container Corporation(c)	ICE LIBOR USD 3 Month + 3.750%	8.9520	03/16/25		622,393
	584,942	Trident TPI Holdings, Inc.(c)	US0001M + 4.000%	9.5380	09/17/28		582,123
							3,637,993
		E-COMMERCE DISCRETIONARY — 1.3%
	1,038,130	CNT Holdings I Corporation(c)	ICE LIBOR USD 1 Month + 3.500%	8.8000	10/16/27		1,037,013
	524,000	CNT Holdings I Corporation(c)	US0001M + 6.617%%	12.0490	11/06/28		517,888
							1,554,901
		ELECTRIC UTILITIES — %(f)
	635,000	Texas Competitive Electric Holdings Company, LLC /(g)		—	11/22/49		—
		ELECTRICAL EQUIPMENT — 0.7%
	666,723	Icebox Holdco III, Inc.(c)	US0001M + 3.750%	9.0920	12/22/28		656,235
	179,825	Icebox Holdco III, Inc.(c)	US0001M + 6.750%	12.2530	12/15/29		158,246
							814,481
		ENGINEERING & CONSTRUCTION — 0.9%
	1,179,000	USIC Holdings, Inc.(c)	US0001M + 3.500%	8.6930	05/14/28		1,141,844
		ENTERTAINMENT CONTENT — 1.3%
	592,939	NEP Group, Inc.(c)	US0003M + 3.250%	8.4670	10/20/25		550,063
	1,114,724	Univision Communications, Inc.(c)	TSFR1M + 4.174%	9.4920	06/10/29		1,115,772
							1,665,835
		HEALTH CARE FACILITIES & SERVICES — 4.6%
	1,179,000	Bella Holding Company, LLC(c)	US0001M + 3.750%	8.9520	04/01/28		1,163,207
	1,177,692	Corgi BidCo, Inc.(c)	TSFR1M + 4.924%	10.2420	09/20/29		1,140,466
	1,188,246	Milano Acquisition Corporation(c)	US0001M + 4.000%	9.3420	08/17/27		1,170,720
	995,321	Phoenix Newco, Inc.(c)	US0001M + 3.250%	8.4670	08/11/28		992,469
	324,136	Team Health Holdings, Inc.(c)	US0003M + 2.277%	7.9040	01/12/24		286,949

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 4.6% (Continued)
	1,359,581	Team Health Holdings, Inc.(c)	SOFRRATE + 5.250%	10.3520	02/17/27	$	940,048
							5,693,859
		INDUSTRIAL INTERMEDIATE PROD — 0.5%
	642,427	Crosby US Acquisition Corporation(c)	TSFR1M + 4.974%	10.2910	06/27/26		641,226
		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	1,174,699	Aretec Group, Inc.(c)	US0003M + 4.250%	9.4520	10/01/25		1,176,785
		INSURANCE — 3.8%
	574,658	Alliant Holdings Intermediate, LLC(c)	US0001M + 3.488%	8.9200	11/06/27		573,896
	454,754	Asurion, LLC(c)	ICE LIBOR USD 1 Month + 3.250%	8.7880	12/18/26		443,785
	660,462	Asurion, LLC(c)	ICE LIBOR USD 1 Month + 3.250%	8.7880	07/28/27		633,115
	355,000	Asurion, LLC(c)	US0001M + 5.250%	10.4670	01/29/28		316,964
	365,000	Asurion, LLC(c)	US0001M + 5.250%	10.4670	01/14/29		320,629
	550,435	BroadStreet Partners, Inc.(c)	TSFR1M + 3.795%	9.1130	01/26/29		549,403
	551,874	HUB International Ltd.(c)	TSFR1M + 4.082%	9.4000	06/08/30		554,821
	1,227,511	Sedgwick Claims Management Services, Inc.(c)	TSFR1M + 3.535%	8.8520	02/17/28		1,224,860
							4,617,473
		LEISURE FACILITIES & SERVICES — 6.4%
	1,321,055	Aimbridge Acquisition Company, Inc.(c)	US0003M + 3.750%	8.9430	02/01/26		1,286,588
	636,723	Carnival Corporation(c)	US0001M + 3.250%	8.4670	10/08/28		635,729
	1,334,083	Dave & Buster’s, Inc.(c)	TSFR1M + 3.682%	9.0000	06/29/29		1,335,751
	746,444	Fogo De Chao, Inc.(c)	US0003M + 4.250%	9.7260	04/05/25		736,983
	2,534,655	Hornblower Sub, LLC(c)	US0001M + 4.500%	10.2310	04/27/25		1,313,788
	399,952	Ontario Gaming GTA, L.P.(c)	TSFR1M + 4.126%	9.4440	07/20/30		400,452
	863,477	Playa Resorts Holding BV(c)	TSFR1M + 4.154%	9.4720	11/22/28		862,980
	1,444,681	Wok Holdings, Inc.(c)	US0003M + 6.250%	11.4430	03/01/26		1,381,932
							7,954,203
		LEISURE PRODUCTS — 1.2%
	1,570,468	Varsity Brands Holding Company, Inc.(c)	US0003M + 3.500%	10.2170	12/15/24		1,529,903

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8% (Continued)
		MACHINERY — 1.6% (Continued)
	819,642	Alliance Laundry Systems, LLC(c)	US0001M + 3.500%	8.9010	09/30/27	$	819,438
	1,178,182	STS Operating, Inc.(c)	US0003M + 4.250%	9.4520	12/07/24		1,177,445
							1,996,883
		MEDICAL EQUIPMENT & DEVICES — 1.7%
	1,562,180	Mozart Borrower, L.P.(c)	US0001M + 3.250%	8.4670	09/30/28		1,548,246
	504,384	Sotera Health Holdings, LLC(c)	TSFR1M + 3.498%	8.8160	12/11/26		505,014
							2,053,260
		METALS & MINING — 0.5%
	600,166	Arsenal AIC Parent, LLC(c)	TSFR1M + 4.374%	9.7460	07/27/30		600,478
		OIL & GAS PRODUCERS — 4.0%
	1,543,354	CQP Holdco, L.P.(c)	US0001M + 3.750%	8.6930	06/04/28		1,545,283
	781,437	EG America, LLC(c)	US0003M + 4.000%	9.1640	02/05/25		779,851
	329,000	EG America, LLC(c)	TSFR1M + 5.295%	10.6130	02/07/28		317,485
	1,166,901	M6 ETX Holdings II Midco, LLC(c)	TSFR1M + 4.573%	9.8910	08/11/29		1,164,194
	1,182,056	Medallion Midland Acquisition, L.P.(c)	US0001M + 3.750%	9.2530	10/14/28		1,179,692
							4,986,505
		OIL & GAS SERVICES & EQUIPMENT — %(f)
	1,140	Paragon Offshore Finance Company(c)	ICE LIBOR USD 3 Month + 5.627%	0.0001	07/15/22		—
		PUBLISHING & BROADCASTING — 0.6%
	1,002,208	Sinclair Television Group, Inc.(c)	TSFR1M + 3.750%	8.9520	04/13/29		738,708
		REAL ESTATE INVESTMENT TRUSTS — 0.9%
	1,181,910	Claros Mortgage Trust, Inc.(c)	US0001M + 4.500%	9.8550	08/09/26		1,140,543
		RETAIL -DISCRETIONARY — 3.7%
	725,697	Hertz Corporation (The)(c)	US0001M + 3.250%	8.4670	06/14/28		726,201
	139,557	Hertz Corporation (The)(c)	US0001M + 3.250%	8.4670	06/14/28		139,654
	1,047,798	JP Intermediate B, LLC(c)	US0003M + 5.500%	10.7730	11/20/25		419,119
	1,272,600	LBM Acquisition, LLC(c)	US0001M + 3.750%	8.9520	12/18/27		1,236,809
	1,017,791	Park River Holdings, Inc.(c)	ICE LIBOR USD 1 Month + 3.351%	8.7830	01/22/28		984,840
	516,227	Petco Health & Wellness Company, Inc.(c)	US0001M + 3.250%	8.7530	02/25/28		515,210

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8% (Continued)
		RETAIL -DISCRETIONARY — 3.7% (Continued)
	509,600	PetSmart, Inc.(c)	US0003M + 3.750%	8.9520	01/29/28	$	510,054
							4,531,887
		SOFTWARE — 11.4%
	704,794	Applied Systems, Inc.(c)	US0003M + 2.000%	9.7420	09/19/24		707,162
	190,250	Applied Systems, Inc.(c)	US0001M + 5.500%	11.9920	09/19/25		191,043
	139,606	athenahealth, Inc.(c)	SOFRRATE + 3.279%	8.5890	01/27/29		135,838
	1,133,556	athenahealth, Inc.(c)	SOFRRATE + 3.500%	8.8050	01/27/29		1,102,956
	1,179,239	Barracuda Networks, Inc.(c)	TSFR1M + 4.174%	9.5450	08/15/29		1,161,090
	1,152,328	Central Parent, Inc.(c)	TSFR1M + 4.120%	9.4920	06/09/29		1,154,183
	1,801,007	Condor Merger Sub, Inc.(c)	SOFRRATE + 4.000%	8.9630	02/03/29		1,747,616
	589,340	Dcert Buyer, Inc.(c)	US0003M + 4.000%	9.2640	08/08/26		587,867
	600,000	Dcert Buyer, Inc.(c)	US0001M + 7.000%	12.2640	02/16/29		561,939
	1,180,654	Epicor Software Corporation(c)	US0001M + 3.250%	8.4670	07/31/27		1,174,633
	771,707	Greeneden US Holdings II, LLC(c)	ICE LIBOR USD 1 Month + 4.000%	9.1930	10/08/27		771,854
	211,661	Helios Software Holdings, Inc.(c)	US0001M + 3.750%	9.1420	03/11/28		207,930
	121,719	MedAssets Software Intermediate Holdings, Inc.(c)	US0001M + 6.750%	11.9430	11/19/29		73,107
	1,172,150	Proofpoint, Inc.(c)	US0001M + 3.250%	8.4670	06/10/28		1,156,619
	1,081,366	RealPage, Inc.(c)	US0001M + 3.250%	8.2170	02/18/28		1,064,242
	775,229	Sophia, L.P.(c)	US0003M + 3.250%	9.0380	09/23/27		772,322
	265,660	Sophia, L.P.(c)	SOFRRATE + 4.250%	9.3520	10/07/27		265,246
	1,178,571	Ultimate Software Group, Inc. (The)(c)	ICE LIBOR USD 3 Month + 3.750%	8.8950	04/08/26		1,178,577
							14,014,224
		SPECIALTY FINANCE — 1.1%
	619,443	Apollo Commercial Real Estate Finance, Inc.(c)	US0001M + 3.500%	8.7170	03/11/28		585,374
	878,000	Fly Funding II Sarl(c)	US0003M + 1.463%	7.0900	08/09/25		837,063
							1,422,437
		TECHNOLOGY HARDWARE — 1.8%
	1,178,406	VeriFone Systems, Inc.(c)	ICE LIBOR USD 3 Month + 4.000%	9.4760	08/20/25		1,118,667
	1,207,862	Viasat, Inc.(c)	SOFRRATE + 4.500%	9.6020	02/24/29		1,166,215
							2,284,882

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 79.8% (Continued)
		TECHNOLOGY SERVICES — 3.7%
	176,400	ION Trading Finance Ltd.(c)	US0001M + 4.750%	10.0920	03/26/28	$	172,778
	463,315	MoneyGram International, Inc.(c)	TSFR1M + 5.405%	10.7770	06/01/30		419,474
	1,209,482	MPH Acquisition Holdings, LLC(c)	US0001M + 4.250%	9.7260	08/17/28		1,142,205
	1,179,176	Peraton Corporation(c)	US0001M + 3.750%	8.9520	02/24/28		1,172,082
	1,163,161	Sitel Worldwide Corporation(c)	US0001M + 3.750%	8.9500	07/29/28		1,154,583
	584,121	Verscend Holding Corporation(c)	US0001M + 4.000%	9.2170	08/27/25		584,547
							4,645,669
		TELECOMMUNICATIONS — 2.4%
	1,590,447	Altice France S.A.(c)	ICE LIBOR USD 3 Month + 3.688%	10.8080	01/09/26		1,317,590
	887,614	CCI Buyer, Inc.(c)	US0001M + 4.000%	9.2420	12/12/27		870,603
	1,201,429	Telesat, LLC(c)	US0001M + 2.750%	8.0300	12/06/26		738,987
							2,927,180
		TRANSPORTATION & LOGISTICS — 4.0%
	646,000	AAdvantage Loyalty IP Ltd.(c)	US0003M + 4.750%	10.3380	03/10/28		669,954
	967,754	Air Canada(c)	US0001M + 3.500%	8.8390	07/27/28		969,482
	1,178,550	Kenan Advantage Group, Inc. (The)(c)	US0001M + 3.750%	9.4770	03/24/26		1,179,391
	548,497	United Airlines, Inc.(c)	US0001M + 3.750%	9.3770	04/14/28		550,211
	1,466,898	WestJet Airlines Ltd.(c)	US0003M + 2.624%	8.2510	10/08/26		1,437,259
							4,806,297
		WHOLESALE - DISCRETIONARY — 0.9%
	1,178,462	Fastlane Parent Company, Inc.(c)	US0001M + 4.500%	9.6930	02/04/26		1,176,499
		TOTAL TERM LOANS (Cost $101,843,853)					98,739,854
Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.0%(f)
		NON-LISTED RIGHT - 0.0% (f)
	10,588	TRA Rights	11/22/2024	$            0.00			11,822
		TOTAL RIGHT (Cost$17,470)					11,822

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Expiration Date	Exercise Price		Fair Value
		WARRANT — 0.0%(f)
		PUBLISHING & BROADCASTING - 0.0% (f)
	14,905	iHeartMedia, Inc.	05/02/2039	$	0.00	$	48,441
		TOTAL WARRANT (Cost $287,609)					48,441
Shares						Fair Value
		SHORT-TERM INVESTMENTS — 4.2%
		COLLATERAL FOR SECURITIES LOANED - 2.3%
	2,940,820	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (h)(i)					2,940,820
		MONEY MARKET FUND - 1.9%
	2,314,179	Fidelity Government Portfolio, CLASS I, 5.03% (h)					2,314,179
		TOTAL SHORT-TERM INVESTMENTS (Cost$5,254,999)					5,254,999
		TOTAL INVESTMENTS - 103.4% (Cost $134,003,351)				$	128,109,210
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.4)%					(4,166,565	)
		NET ASSETS - 100.0%				$	123,942,645

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
TSFR3M	TSFR3M
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 July 31, 2023 the total market value of 144A securities is 22,229,625 or 17.9% 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) All or a portion of these securities are on loan. Total loaned securities had a value of $2,884,956 at July 31, 2023.

^(e) Variable rate security; the rate shown represents the rate on July 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 July 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)

July 31, 2023

Shares					Fair Value
		COMMON STOCKS — 2.0%
		OIL & GAS SERVICES & EQUIPMENT -2.0%
	50	Hi-Crush(a)(g)			$	2,387,700
		TOTAL COMMON STOCKS (Cost $1,196,933)				2,387,700
Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7%
		AEROSPACE & DEFENSE — 1.0%
	493,000	Rolls-Royce plc(b)	5.7500	10/15/27		486,448
	732,000	Spirit AeroSystems, Inc.(b),(c)	7.5000	04/15/25		732,457
						1,218,905
		ASSET MANAGEMENT — 0.9%
	415,000	AG Issuer, LLC(b)	6.2500	03/01/28		400,688
	683,000	NFP Corporation(b)	4.8750	08/15/28		614,891
						1,015,579
		AUTOMOTIVE — 1.7%
	185,000	Ford Motor Company	3.2500	02/12/32		146,358
	404,000	Ford Motor Company	4.7500	01/15/43		316,479
	461,000	Ford Motor Credit Co LLC	4.0000	11/13/30		396,431
	440,000	Ford Motor Credit Company, LLC	4.9500	05/28/27		417,876
	728,000	Ford Motor Credit Company, LLC	7.3500	11/04/27		747,797
						2,024,941
		BIOTECH & PHARMA — 1.3%
	200,000	Organon Finance 1, LLC(b)	4.1250	04/30/28		179,438
	589,000	Organon Finance 1, LLC(b),(c)	5.1250	04/30/31		499,844
	200,000	Teva Pharmaceutical Finance Netherlands III BV	5.1250	05/09/29		183,434
	625,000	Teva Pharmaceutical Finance Netherlands III BV	7.8750	09/15/29		651,308
						1,514,024
		CABLE & SATELLITE — 5.7%
	1,290,000	Altice Financing S.A.(b),(c)	5.0000	01/15/28		998,903
	555,000	Block Communications, Inc.(b),(c)	4.8750	03/01/28		465,294
	710,000	Cable One, Inc.(b),(c)	4.0000	11/15/30		562,036
	378,000	CCO Holdings, LLC / CCO Holdings Capital(b)	5.0000	02/01/28		349,677
	825,000	CCO Holdings, LLC / CCO Holdings Capital(b),(c)	5.3750	06/01/29		754,697

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		CABLE & SATELLITE — 5.7% (Continued)
	1,180,000	CCO Holdings, LLC / CCO Holdings Capital(b),(c)	6.3750	09/01/29	$	1,129,251
	775,000	CSC Holdings, LLC(b)	5.7500	01/15/30		402,172
	1,045,000	CSC Holdings, LLC(b)	4.6250	12/01/30		526,050
	1,290,000	Sirius XM Radio, Inc.(b)	4.0000	07/15/28		1,123,614
	435,000	UPC Broadband Finco BV(b)	4.8750	07/15/31		365,723
						6,677,417
		CHEMICALS — 2.7%
	854,000	Consolidated Energy Finance S.A.(b)	5.6250	10/15/28		738,137
	670,000	Methanex Corporation	5.1250	10/15/27		632,801
	531,000	Minerals Technologies, Inc.(b)	5.0000	07/01/28		491,266
	525,000	Olympus Water US Holding Corporation(b)	9.7500	11/15/28		508,594
	596,000	Trinseo Materials Operating SCA / Trinseo(b)	5.1250	04/01/29		351,020
	463,000	Windsor Holdings III, LLC(b),(c)	8.5000	06/15/30		465,894
						3,187,712
		COMMERCIAL SUPPORT SERVICES — 4.4%
	400,000	Allied Universal Holdco, LLC / Allied Universal(b)	4.6250	06/01/28		340,428
	312,000	Covanta Holding Corporation	5.0000	09/01/30		270,559
	456,000	Covert Mergeco, Inc.(b)	4.8750	12/01/29		403,130
	630,000	Deluxe Corporation(b),(c)	8.0000	06/01/29		529,880
	505,000	Garda World Security Corporation(b)	9.5000	11/01/27		494,930
	222,000	Garda World Security Corporation(b)	6.0000	06/01/29		184,981
	980,000	Harsco Corporation(b)	5.7500	07/31/27		847,652
	380,000	Korn Ferry(b)	4.6250	12/15/27		357,665
	515,000	Prime Security Services Borrower, LLC / Prime(b)	5.7500	04/15/26		505,474
	505,000	Sotheby’s(b)	7.3750	10/15/27		447,958
	350,000	Sotheby’s/Bidfair Holdings, Inc.(b)	5.8750	06/01/29		271,880
	580,000	TriNet Group, Inc.(b),(c)	3.5000	03/01/29		507,285
						5,161,822
		CONSTRUCTION MATERIALS — 0.8%
	328,000	Standard Industries, Inc.(b)	4.7500	01/15/28		305,932
	724,000	Standard Industries, Inc.(b)	3.3750	01/15/31		585,403
						891,335
		CONSUMER SERVICES — 1.1%
	600,000	PROG Holdings, Inc.(b)	6.0000	11/15/29		543,678

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		CONSUMER SERVICES — 1.1% (Continued)
	801,000	Rent-A-Center, Inc.(b)		6.3750	02/15/29	$	735,675
							1,279,353
		CONTAINERS & PACKAGING — 2.7%
	764,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)		3.2500	09/01/28		660,869
	139,000	Ball Corporation		5.2500	07/01/25		137,900
	199,000	Ball Corporation		2.8750	08/15/30		164,232
	600,000	Clydesdale Acquisition Holdings, Inc.(b)		6.6250	04/15/29		574,674
	479,000	Crown Americas, LLC(c)		5.2500	04/01/30		457,445
	507,000	LABL, Inc.(b)		5.8750	11/01/28		462,957
	33,000	LABL, Inc.(b)		9.5000	11/01/28		33,866
	382,000	Mauser Packaging Solutions Holding Company(b),(c)		7.8750	08/15/26		380,181
	465,000	Silgan Holdings, Inc.		4.1250	02/01/28		423,006
							3,295,130
		ELECTRIC UTILITIES — 2.5%
	703,000	Calpine Corporation(b)		5.0000	02/01/31		592,755
	332,000	Calpine Corporation(b)		3.7500	03/01/31		272,438
	670,000	Clearway Energy Operating, LLC(b)		3.7500	01/15/32		548,234
	365,000	NextEra Energy Operating Partners, L.P.(b)		4.5000	09/15/27		—
	510,000	NRG Energy Inc(b),(c)		3.6250	02/15/31		400,709
	555,000	NRG Energy, Inc.(b)		5.2500	06/15/29		501,392
	685,000	Vistra Operations Company, LLC(b)		5.0000	07/31/27		647,778
							2,963,306
		ENGINEERING & CONSTRUCTION — 0.4%
	557,000	VM Consolidated, Inc.(b)		5.5000	04/15/29		511,663
		ENTERTAINMENT CONTENT — 1.7%
	445,000	Banijay Entertainment S.A.SU(b),(c)		5.3750	03/01/25		435,390
	604,000	Paramount Global(d)	H15T5Y + 3.999%	6.3750	03/30/62		498,511
	735,000	Univision Communications, Inc.(b)		6.6250	06/01/27		716,448
	421,000	Univision Communications, Inc.(b)		7.3750	06/30/30		410,146
							2,060,495
		FOOD — 1.8%
	208,000	Herbalife Nutrition Ltd. / HLF Financing, Inc.(b)		7.8750	09/01/25		197,755
	925,000	HLF Financing Sarl, LLC / Herbalife International,(b),(c)		4.8750	06/01/29		704,111

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		FOOD — 1.8% (Continued)
	209,000	Land O’Lakes Capital Trust I(b)	7.4500	03/15/28	$	197,505
	656,000	Post Holdings, Inc.(b),(c)	4.5000	09/15/31		558,415
	686,000	Simmons Foods, Inc./Simmons Prepared Foods,(b)	4.6250	03/01/29		573,482
						2,231,268
		FORESTRY, PAPER & WOOD PRODUCTS — 0.3%
	456,000	Glatfelter Corporation(b)	4.7500	11/15/29		315,275
		GAS & WATER UTILITIES — 0.5%
	615,000	Ferrellgas Escrow, LLC / FG Operating Finance(b)	5.3750	04/01/26		579,551
	30,000	Ferrellgas Escrow, LLC / FG Operating Finance(b)	5.8750	04/01/29		25,837
						605,388
		HEALTH CARE FACILITIES & SERVICES — 3.4%
	1,065,000	CHS/Community Health Systems, Inc.(b)	5.6250	03/15/27		949,436
	983,000	DaVita, Inc.(b),(c)	4.6250	06/01/30		838,009
	597,000	HCA, Inc.	3.5000	09/01/30		524,772
	530,000	Legacy LifePoint Health, LLC(b)	4.3750	02/15/27		457,777
	575,000	Molina Healthcare Inc 3.875% 11/15/2030(b),(c)	3.8750	11/15/30		492,307
	695,000	Select Medical Corporation(b),(c)	6.2500	08/15/26		689,686
						3,951,987
		HOME CONSTRUCTION — 0.8%
	361,000	Mattamy Group Corporation(b)	5.2500	12/15/27		341,697
	210,000	Mattamy Group Corporation(b)	4.6250	03/01/30		183,735
	475,000	PGT Innovations, Inc.(b),(c)	4.3750	10/01/29		441,160
						966,592
		HOUSEHOLD PRODUCTS — 0.8%
	456,000	Coty, Inc.(b)	5.0000	04/15/26		439,952
	600,000	Edgewell Personal Care Company(b),(c)	4.1250	04/01/29		525,435
						965,387
		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	550,000	Aretec Escrow Issuer, Inc.(b)	7.5000	04/01/29		497,604
	689,000	LPL Holdings, Inc.(b)	4.0000	03/15/29		618,210
						1,115,814
		INSURANCE — 1.1%
	544,000	Jones Deslauriers Insurance Management, Inc.(b)	8.5000	03/15/30		555,380

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		INSURANCE — 1.1% (Continued)
	345,000	NMI Holdings, Inc.(b)	7.3750	06/01/25	$	348,722
	450,000	Ryan Specialty Group, LLC(b)	4.3750	02/01/30		398,672
						1,302,774
		INTERNET MEDIA & SERVICES — 0.5%
	879,000	GrubHub Holdings, Inc.(b)	5.5000	07/01/27		623,062
		LEISURE FACILITIES & SERVICES — 8.0%
	510,000	AMC Entertainment Holdings, Inc.(b)	7.5000	02/15/29		352,512
	506,000	Brinker International, Inc.(b)	5.0000	10/01/24		498,157
	643,000	Caesars Entertainment, Inc.(b)	6.2500	07/01/25		640,113
	1,297,000	Carnival Corporation(b),(c)	5.7500	03/01/27		1,200,995
	322,000	Carnival Corporation(b)	6.0000	05/01/29		289,734
	470,000	Carnival Corporation(b),(c)	10.5000	06/01/30		497,766
	715,000	CEC Entertainment Company, LLC(b)	6.7500	05/01/26		688,204
	295,000	Dave & Buster’s, Inc. B(b)	7.6250	11/01/25		298,327
	211,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)	5.0000	06/01/29		188,802
	555,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)	4.8750	07/01/31		474,916
	435,000	Melco Resorts Finance Ltd.(b)	5.3750	12/04/29		372,065
	710,000	NCL Corporation Ltd.(b)	3.6250	12/15/24		682,464
	187,000	NCL Corporation Ltd.(b)	5.8750	03/15/26		177,124
	243,000	NCL Corporation Ltd.(b),(c)	7.7500	02/15/29		232,965
	415,000	Ontario Gaming GTA, L.P.(b)	8.0000	08/01/30		419,524
	603,000	Royal Caribbean Cruises Ltd.(b)	4.2500	07/01/26		561,095
	126,000	Royal Caribbean Cruises Ltd.(b)	5.5000	04/01/28		118,871
	200,000	Sands China Ltd.	4.8750	06/18/30		182,540
	445,000	SeaWorld Parks & Entertainment, Inc.(b)	8.7500	05/01/25		452,481
	610,000	SeaWorld Parks & Entertainment, Inc.(b)	5.2500	08/15/29		549,549
	556,000	Wyndham Destinations, Inc.	6.0000	04/01/27		539,900
						9,418,104
		MEDICAL EQUIPMENT & DEVICES — 0.7%
	482,000	Mozart Debt Merger Sub, Inc.(b)	3.8750	04/01/29		422,452
	505,000	Mozart Debt Merger Sub, Inc.(b),(c)	5.2500	10/01/29		446,667
						869,119

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		METALS & MINING — 2.2% (Continued)
	697,000	FMG Resources August 2006 Pty Ltd.(b),(c)	4.5000	09/15/27	$	652,424
	555,000	Hudbay Minerals, Inc.(b),(c)	6.1250	04/01/29		532,239
	305,000	Mineral Resources Ltd.(b)	8.1250	05/01/27		305,651
	530,000	Mineral Resources Ltd.(b)	8.5000	05/01/30		536,220
	505,000	Warrior Met Coal, Inc.(b)	7.8750	12/01/28		510,741
						2,537,275
		OIL & GAS PRODUCERS — 15.0%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream(b)	5.7500	01/15/28		554,386
	340,000	Antero Resources Corporation(b),(c)	5.3750	03/01/30		317,334
	148,000	Apache Corporation	4.3750	10/15/28		136,482
	652,000	Apache Corporation	4.7500	04/15/43		511,090
	290,000	Buckeye Partners, L.P.(b)	4.5000	03/01/28		262,199
	415,000	Civitas Resources, Inc.(b)	5.0000	10/15/26		392,071
	195,000	Civitas Resources, Inc.(b)	8.3750	07/01/28		200,813
	445,000	Civitas Resources, Inc.(b)	8.7500	07/01/31		461,131
	61,000	Comstock Resources, Inc.(b)	6.7500	03/01/29		56,965
	282,000	Comstock Resources, Inc.(b)	5.8750	01/15/30		249,877
	84,000	Crescent Energy Finance, LLC(b)	9.2500	02/15/28		85,520
	132,000	DCP Midstream Operating, L.P.(b)	6.7500	09/15/37		140,839
	235,000	DCP Midstream Operating, L.P.	5.6000	04/01/44		223,352
	498,000	Earthstone Energy Holdings, LLC(b)	8.0000	04/15/27		493,278
	291,000	Earthstone Energy Holdings, LLC(b),(c)	9.8750	07/15/31		300,584
	775,000	eG Global Finance plc(b)	6.7500	02/07/25		761,868
	45,000	EQM Midstream Partners, L.P.(b)	7.5000	06/01/27		45,711
	80,000	EQM Midstream Partners, L.P.	5.5000	07/15/28		77,054
	222,000	EQM Midstream Partners, L.P.(b)	7.5000	06/01/30		229,109
	54,000	Genesis Energy, L.P. / Genesis Energy Finance	6.2500	05/15/26		51,570
	507,000	Genesis Energy, L.P. / Genesis Energy Finance	8.0000	01/15/27		498,995
	674,000	Genesis Energy, L.P. / Genesis Energy Finance	8.8750	04/15/30		673,074
	902,000	Harvest Midstream I, L.P.(b)	7.5000	09/01/28		887,284
	659,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)	5.7500	02/01/29		610,168
	279,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)	6.0000	02/01/31		253,732
	865,000	Holly Energy Partners, L.P. / Holly Energy Finance(b)	5.0000	02/01/28		809,896
	904,000	Howard Midstream Energy Partners, LLC(b)	6.7500	01/15/27		872,771

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		OIL & GAS PRODUCERS — 15.0% (Continued)
	282,000	Howard Midstream Energy Partners, LLC(b)	8.8750	07/15/28	$	288,627
	769,000	Independence Energy Finance, LLC(b)	7.2500	05/01/26		758,576
	980,000	ITT Holdings, LLC(b)	6.5000	08/01/29		839,402
	610,000	Murphy Oil USA, Inc.	4.7500	09/15/29		559,956
	650,000	NGL Energy Operating, LLC / NGL Energy Finance(b)	7.5000	02/01/26		644,619
	425,000	NGL Energy Partners, L.P. / NGL Energy Finance(c)	6.1250	03/01/25		416,513
	152,000	NuStar Logistics, L.P.	5.7500	10/01/25		149,477
	379,000	NuStar Logistics, L.P.	6.3750	10/01/30		365,602
	301,000	Oasis Petroleum, Inc.(b)	6.3750	06/01/26		299,001
	503,000	Occidental Petroleum Corporation(c)	6.3750	09/01/28		516,910
	476,000	Occidental Petroleum Corporation	6.1250	01/01/31		487,543
	372,000	Rockcliff Energy II, LLC(b)	5.5000	10/15/29		341,015
	335,000	Southwestern Energy Company	5.3750	03/15/30		313,784
	855,000	Strathcona Resources Ltd.(b),(c)	6.8750	08/01/26		751,371
	831,000	Venture Global Calcasieu Pass, LLC(b)	3.8750	08/15/29		720,309
						17,609,858
		OIL & GAS SERVICES & EQUIPMENT — 1.7%
	491,000	Archrock Partners, L.P. / Archrock Partners(b)	6.8750	04/01/27		479,160
	434,000	Nabors Industries, Inc.(b)	7.3750	05/15/27		424,882
	510,000	USA Compression Partners, L.P. / USA Compression	6.8750	04/01/26		505,886
	635,000	Valaris Ltd.(b)	8.3750	04/30/30		651,446
						2,061,374
		PUBLISHING & BROADCASTING — 0.5%
	577,000	Belo Corporation	7.7500	06/01/27		570,150
		REAL ESTATE INVESTMENT TRUSTS — 1.4%
	905,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b)	3.3750	06/15/26		819,578
	141,000	Service Properties Trust	5.2500	02/15/26		128,902
	461,000	Service Properties Trust	4.7500	10/01/26		404,095
	46,000	Service Properties Trust	5.5000	12/15/27		40,414
	385,000	Service Properties Trust	4.9500	10/01/29		296,884
						1,689,873
		REAL ESTATE OWNERS & DEVELOPERS — 0.6%
	713,000	Kennedy-Wilson, Inc.	4.7500	03/01/29		578,606

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS — 0.6% (Continued)
	119,000	Kennedy-Wilson, Inc.	4.7500	02/01/30	$	92,982
						671,588
		REAL ESTATE SERVICES — 0.7%
	844,000	Cushman & Wakefield US Borrower, LLC(b)	6.7500	05/15/28		774,598
		RENEWABLE ENERGY — 0.9%
	558,000	AtlanticaSustainable Infrastructure plc (b),(c)	4.1250	06/15/28		505,858
	554,000	EnerSys(b)	4.3750	12/15/27		514,367
						1,020,225
		RETAIL -CONSUMER STAPLES — 0.8%
	440,000	Albertsons Companies Inc / Safeway Inc / New(b)	4.6250	01/15/27		417,524
	506,000	Albertsons Companies Inc / Safeway Inc / New(b)	5.8750	02/15/28		493,185
						910,709
		RETAIL -DISCRETIONARY — 2.2%
	567,000	Ken Garff Automotive, LLC(b)	4.8750	09/15/28		497,270
	975,000	LBM Acquisition, LLC(b)	6.2500	01/15/29		842,035
	364,000	Metis Merger Sub, LLC(b)	6.5000	05/15/29		309,618
	569,000	Park River Holdings, Inc.(b)	6.7500	08/01/29		461,729
	524,000	Specialty Building Products Holdings, LLC / SBP(b)	6.3750	09/30/26		499,165
						2,609,817
		SEMICONDUCTORS — 0.4%
	520,000	Entegris Escrow Corporation(b)	5.9500	06/15/30		498,244
		SOFTWARE — 3.0%
	740,000	Capstone Borrower, Inc.(b)	8.0000	06/15/30		733,273
	335,000	Central Parent, Inc. / Central Merger Sub, Inc.(b)	7.2500	06/15/29		331,959
	800,000	Condor Merger Sub, Inc.(b)	7.3750	02/15/30		692,155
	600,000	Helios Software Holdings, Inc. / ION Corporate(b)	4.6250	05/01/28		522,412
	164,000	NortonLifeLock, Inc.(b)	6.7500	09/30/27		164,059
	321,000	NortonLifeLock, Inc.(b),(c)	7.1250	09/30/30		323,772
	34,000	Open Text Corporation(b)	3.8750	02/15/28		30,276
	436,000	Open Text Corporation(b)	3.8750	12/01/29		369,232
	890,000	Rackspace Technology Global, Inc.(b)	3.5000	02/15/28		399,130
						3,566,268

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		SPECIALTY FINANCE — 7.9%
	780,000	AerCap Global Aviation Trust(b),(d)	US0003M + 4.300%	6.5000	06/15/45	$	762,442
	555,000	Alliance Data Systems Corporation(b)		4.7500	12/15/24		542,992
	845,000	Apollo Commercial Real Estate Finance, Inc.(b)		4.6250	06/15/29		677,963
	420,000	Avolon Holdings Funding Ltd.(b)		6.3750	05/04/28		417,974
	660,000	Burford Capital Global Finance, LLC(b)		6.2500	04/15/28		611,140
	831,000	Cobra AcquisitionCo, LLC(b)		6.3750	11/01/29		565,977
	505,000	Curo Group Holdings Corporation(b)		7.5000	08/01/28		115,611
	215,000	Enova International, Inc.(b)		8.5000	09/01/24		213,927
	430,000	Enova International, Inc.(b),(c)		8.5000	09/15/25		424,109
	512,000	FirstCash, Inc.(b)		4.6250	09/01/28		457,413
	202,000	FirstCash, Inc.(b)		5.6250	01/01/30		186,625
	903,000	Genworth Mortgage Holdings, Inc.(b)		6.5000	08/15/25		894,919
	324,000	goeasy Ltd.(b)		4.3750	05/01/26		296,613
	682,000	Ladder Capital Finance Holdings LLLP / Ladder(b)		4.2500	02/01/27		614,216
	483,000	LFS Topco, LLC(b)		5.8750	10/15/26		431,824
	685,000	OneMainFinance Corporation		5.3750	11/15/29		594,287
	690,000	Pattern Energy Operations, L.P. / Pattern Energy(b)		4.5000	08/15/28		627,573
	345,000	Starwood Property Trust, Inc.		4.7500	03/15/25		333,349
	125,000	Starwood Property Trust, Inc.(b)		3.6250	07/15/26		111,021
	439,000	Starwood Property Trust, Inc.(b),(c)		4.3750	01/15/27		390,062
							9,270,037
		STEEL — 0.9%
	433,000	Allegheny Technologies, Inc.		4.8750	10/01/29		395,611
	287,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		244,426
	477,000	Commercial Metals Company		3.8750	02/15/31		414,547
							1,054,584
		TECHNOLOGY HARDWARE — 1.4%
	585,000	Imola Merger Corporation(b)		4.7500	05/15/29		515,028
	295,000	NCR Corporation(b)		5.1250	04/15/29		264,067
	350,000	Seagate HDD Cayman		4.0910	06/01/29		307,929
	605,000	TTM Technologies, Inc.(b),(c)		4.0000	03/01/29		514,079
							1,601,103
		TECHNOLOGY SERVICES — 2.0%
	204,000	Acuris Finance US, Inc. / Acuris Finance S.A.RL(b)		5.0000	05/01/28		162,265

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 94.7% (Continued)
		TECHNOLOGY SERVICES — 2.0% (Continued)
	955,000	Ahead DB Holdings, LLC(b)	6.6250	05/01/28	$	824,991
	880,000	ION Trading Technologies Sarl(b)	5.7500	05/15/28		767,888
	665,000	Mobius Merger Sub, Inc.(b)	9.0000	06/01/30		600,123
						2,355,267
		TELECOMMUNICATIONS — 3.5%
	1,585,000	Altice France S.A.(b)	5.5000	10/15/29		1,127,356
	625,000	Cogent Communications Group, Inc.(b)	7.0000	06/15/27		603,800
	880,000	Connect Finco S.A.RL / Connect US Finco, LLC(b)	6.7500	10/01/26		843,865
	535,000	Hughes Satellite Systems Corporation	6.6250	08/01/26		483,651
	690,000	Iliad Holding S.A.SU(b)	7.0000	10/15/28		648,432
	760,000	TelesatCanada / Telesat, LLC (b),(c)	4.8750	06/01/27		448,441
						4,155,545
		TRANSPORTATION & LOGISTICS — 2.8%
	550,000	Air Canada(b)	3.8750	08/15/26		510,885
	600,000	American Airlines, Inc.(b)	11.7500	07/15/25		660,161
	725,000	American Airlines, Inc.(b)	7.2500	02/15/28		720,704
	775,000	Cargo Aircraft Management, Inc.(b),(c)	4.7500	02/01/28		690,050
	271,000	United Airlines, Inc.(b)	4.3750	04/15/26		256,907
	510,000	United Airlines, Inc.(b)	4.6250	04/15/29		461,814
						3,300,521
		WHOLESALE - CONSUMER STAPLES — 1.1%
	1,258,000	C&S Group Enterprises, LLC(b)	5.0000	12/15/28		976,272
	285,000	Performance Food Group, Inc.(b)	5.5000	10/15/27		276,221
						1,252,493
		TOTAL CORPORATE BONDS (Cost $118,961,705)				111,675,981
Shares					Fair Value
		SHORT-TERM INVESTMENTS — 21.9%
		COLLATERAL FOR SECURITIES LOANED - 17.9%
	21,180,497	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (e)(f)				21,180,497

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 21.9% (Continued)
		MONEY MARKET FUND - 4.0%
	4,668,395	First American Government Obligations Fund, Class Z, 5.01%(e)	$	4,668,395
		TOTAL SHORT-TERM INVESTMENTS (Cost $25,848,892)		25,848,892
		TOTAL INVESTMENTS - 118.6% (Cost $146,007,530)	$	139,912,573
		LIABILITIES IN EXCESS OF OTHER ASSETS - (18.6)%		(21,922,157	)
		NET ASSETS - 100.0%	$	117,990,416

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 July 31, 2023 the total market value of 144A securities is 94,611,511 or 80.2% of net assets.

^(c) All or a portion of these securities are on loan. Total loaned securities had a value of $20,750,812 at July 31, 2023.

^(d) Variable rate security; the rate shown represents the rate on July 31, 2023.

^(e) Rate disclosed is the seven day effective yield as of July 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 2.0% of net assets. The total value of this security is $2,387,700.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 0.1%
		RESIDENTIAL MORTGAGE — 0.1%
	38,626 EUR	Bankinter FTA Series 10 A2(b)	EUR003M + 0.160%	3.7110	06/21/43	$	42,460
	14,337 EUR	Fondo de Titulizacion de Activos Santander Series 2 A(b)	EUR003M + 0.150%	3.8100	01/18/49		15,515
		TOTAL ASSET BACKED SECURITIES (Cost $56,344)					57,975
		CORPORATE BONDS — 63.5%
		ASSET MANAGEMENT — 1.2%
	200,000 USD	Huarong Finance II Company Ltd.		4.8750	11/22/26		179,000
	300,000 EUR	JAB Holdings BV		1.0000	12/20/27		290,923
	275,000 USD	UBS Group A.G.(a),(b)	H15T1Y + 0.850%	1.4940	08/10/27		241,176
							711,099
		AUTOMOTIVE — 3.2%
	150,000 EUR	Clarios Global, L.P. / Clarios US Finance Company		4.3750	05/15/26		160,626
	300,000 EUR	Daimler A.G.		0.7500	02/08/30		278,178
	150,000 EUR	Ford Motor Credit Company, LLC		2.3300	11/25/25		156,895
	210,000 EUR	Grupo Antolin-Irausa S.A.		3.3750	04/30/26		195,774
	120,000 EUR	Grupo Antolin-Irausa S.A.		3.5000	04/30/28		98,844
	200,000 USD	Hyundai Capital America(a)		3.0000	02/10/27		183,473
	325,000 USD	Nissan Motor Acceptance Company, LLC(a)		1.8500	09/16/26		283,021
	169,000 USD	Uzauto Motors AJ(a)		4.8500	05/04/26		148,010
	200,000 EUR	Volkswagen International Finance N.V.		1.8750	03/30/27		204,055
	100,000 EUR	ZF Finance GmbH		3.7500	09/21/28		102,128
							1,811,004
		BANKING — 6.9%
	250,000 EUR	AIB Group PLC		2.2500	07/03/25		266,366
	300,000 EUR	Banco Bilbao Vizcaya Argentaria S.A.		3.5000	02/10/27		324,620
	622,000 USD	Banco Mercantil del Norte S.A.(a),(b)	H15T5Y + 4.967%	6.7500	09/27/68		611,767
	167,000 USD	Banco Mercantil del Norte S.A.(a),(b)	H15T5Y + 4.643%	5.8750	11/24/71		144,171
	200,000 USD	Banco Santander S.A.(b)	H15T1Y + 2.000%	4.1750	03/24/28		188,399
	350,000 USD	Barclays PLC		4.8360	05/09/28		325,720
	175,000 USD	BBVA Bancomer S.A.(a),(b)	H15T5Y + 2.650%	5.1250	01/18/33		152,381
	50,000 USD	BPCE S.A.(a),(b)	SOFRRATE + 2.100%	5.9750	01/18/27		49,825

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		BANKING — 6.9% (Continued)
	225,000 EUR	Cooperatieve Rabobank UA		1.3750	02/03/27	$	230,351
	250,000 USD	Danske Bank A/S(a),(b)	H15T1Y + 1.350%	1.6210	09/11/26		226,218
	250,000 USD	Deutsche Bank AG/New York NY(b)	SOFRRATE + 1.870%	2.1290	11/24/26		226,592
	100,000 USD	HSBC Holdings PLC(b)	SOFRRATE + 1.290%	1.5890	05/24/27		88,965
	240,000 USD	HSBC Holdings PLC(b)	SOFRRATE + 1.187%	2.8040	05/24/32		194,909
	250,000 EUR	Natwest Group PLC(b)	EUR003M + 1.080%	1.7500	03/02/26		262,817
	300,000 USD	Societe Generale S.A.(a),(b)	H15T1Y + 1.300%	2.8890	06/09/32		236,823
	150,000 USD	Standard Chartered PLC(a),(b)	H15T1Y + 2.580%	6.2960	07/06/34		152,812
	150,000 USD	Standard Chartered PLC(a),(b)	H15T5Y + 2.300%	3.2650	02/18/36		118,961
							3,801,697
		BEVERAGES — 1.6%
	250,000 EUR	Anheuser-Busch InBev S.A./NV		1.1500	01/22/27		255,017
	200,000 USD	Bacardi Ltd. / Bacardi-Martini BV(a)		5.2500	01/15/29		198,336
	250,000 EUR	Diageo Capital BV		1.5000	06/08/29		248,438
	110,000 EUR	Primo Water Holdings, Inc.		3.8750	10/31/28		106,957
							808,748
		BIOTECH & PHARMA — 2.3%
	300,000 EUR	Bayer A.G.		1.3750	07/06/32		264,656
	200,000 USD	CSL Finance PLC(a)		4.0500	04/27/29		190,712
	250,000 GBP	GlaxoSmithKline Capital PLC		1.2500	10/12/28		264,347
	110,000 EUR	Grifols S.A.		3.2000	05/01/25		117,417
	100,000 EUR	Grifols S.A.		2.2500	11/15/27		99,766
	300,000 EUR	Mylan N.V.		3.1250	11/22/28		309,982
							1,246,880
		CABLE & SATELLITE — 0.5%
	300,000 EUR	United Group BV		3.1250	02/15/26		290,789
		CHEMICALS — 2.2%
	375,000 USD	Braskem Idesa S.A.PI(a)		6.9900	02/20/32		242,013
	100,000 EUR	INEOS Quattro Finance 1 PLC		3.7500	07/15/26		95,179
	190,000 EUR	INEOS Quattro Finance 1 PLC(a)		3.7500	07/15/26		180,839
	200,000 EUR	Nobian Finance BV(a)		3.6250	07/15/26		189,457

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		CHEMICALS — 2.2% (Continued)
	135,000 USD	OCP S.A.(a)		5.1250	06/23/51	$	102,548
	166,000 USD	Sasol Financing USA, LLC		4.3750	09/18/26		150,222
	132,000 USD	Sasol Financing USA, LLC(a)		8.7500	05/03/29		132,148
	150,000 EUR	Synthomer PLC		3.8750	07/01/25		149,303
							1,241,709
		CONSTRUCTION MATERIALS — 0.8%
	123,000 USD	Cemex S.A.B. de C.V.(a),(b)	H15T5Y + 4.907%	9.1250	03/14/28		128,327
	363,000 USD	Cemex S.A.B. de C.V.(a),(b)	H15T5Y + 4.534%	5.1250	09/08/69		335,793
							464,120
		CONTAINERS & PACKAGING — 1.3%
	200,000 EUR	Ardagh Metal Packaging Finance USA, LLC / Ardagh		3.0000	09/01/29		167,793
	200,000 GBP	Ardagh Packaging Finance plc / Ardagh Holdings		4.7500	07/15/27		208,316
	150,000 EUR	Canpack S.A. / Canpack US, LLC		2.3750	11/01/27		141,398
	200,000 EUR	Trivium Packaging Finance BV		3.7500	08/15/26		203,275
							720,782
		ELEC & GAS MARKETING & TRADING — 0.5%
	250,000 EUR	Orsted A/S		1.5000	11/26/29		243,177
		ELECTRIC UTILITIES — 6.9%
	200,000 USD	Adani Electricity Mumbai Ltd.		3.9490	02/12/30		150,297
	200,000 USD	Adani Green Energy Ltd.		4.3750	09/08/24		186,705
	160,200 USD	Adani Renewable Energy RJ Ltd./Kodangal Solar(a)		4.6250	10/15/39		118,997
	144,000 USD	Adani Transmission Step-One Ltd.(a)		4.0000	08/03/26		127,329
	23,000 USD	Comision Federal de Electricidad(a)		4.6880	05/15/29		20,999
	250,000 USD	Electricite de France S.A.(a)		4.5000	09/21/28		238,810
	250,000 USD	Enel Finance International N.V.(a)		5.5000	06/15/52		227,800
	285,000 USD	Eskom Holdings SOC Ltd.(a)		7.1250	02/11/25		283,729
	189,000 USD	Eskom Holdings SOC Ltd.(a)		8.4500	08/10/28		187,254
	297,040 USD	Greenko Dutch BV(a)		3.8500	03/29/26		271,049
	200,000 EUR	Iberdrola Finanzas S.A.		1.0000	03/07/25		210,836
	250,000 EUR	innogy Finance BV		1.0000	04/13/25		263,396
	300,000 USD	Minejesa Capital BV(a)		4.6250	08/10/30		275,625
	7,000 USD	Minejesa Capital BV(a)		5.6250	08/10/37		5,814
	400,000 USD	Mong Duong Finance Holdings BV(a)		5.1250	05/07/29		361,989

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		ELECTRIC UTILITIES — 6.9% (Continued)
	188,000 USD	MSU Energy S.A. / UGEN S.A. / UENSA S.A.(a)		6.8750	02/01/25	$	135,562
	500,000 EUR	National Grid PLC		0.1630	01/20/28		466,504
	300,000 EUR	Naturgy Finance BV		1.5000	01/29/28		302,050
	8,000 USD	Perusahaan Perseroan Persero PT Perusahaan Listrik		3.3750	02/05/30		7,086
	33,000 USD	Star Energy Geothermal Darajat II / Star Energy(a)		4.8500	10/14/38		29,543
							3,871,374
		ELECTRICAL EQUIPMENT — 1.2%
	300,000 GBP	Siemens Financieringsmaatschappij N.V.		1.0000	02/20/25		359,915
	108,900 EUR	TK Elevator Holdco GmbH		6.6250	07/15/28		104,987
	200,000 EUR	Vertical Midco GmbH		4.3750	07/15/27		200,940
							665,842
		ENGINEERING & CONSTRUCTION — 1.3%
	397,000 USD	ATP Tower Holdings, LLC / Andean Tower Partners(a)		4.0500	04/27/26		350,549
	363,000 USD	IHS Holding Ltd.(a)		6.2500	11/29/28		300,695
	98,000 USD	IHS Netherlands Holdco BV(a)		8.0000	09/18/27		89,692
							740,936
		ENTERTAINMENT CONTENT — 1.1%
	185,000 EUR	Banijay Group S.A.S		6.5000	03/01/26		201,395
	320,000 GBP	Pinewood Finance Company Ltd.		3.2500	09/30/25		379,893
							581,288
		FOOD — 0.1%
	96,000 USD	Minerva Luxembourg S.A.(a)		4.3750	03/18/31		78,411
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	250,000 EUR	Catalent Pharma Solutions, Inc.		2.3750	03/01/28		232,174
		HOUSEHOLD PRODUCTS — 1.0%
	100,000 EUR	Energizer Gamma Acquisition BV(a)		3.5000	06/30/29		90,348
	210,000 EUR	Energizer Gamma Acquisition BV		3.5000	06/30/29		189,732
	300,000 EUR	Unilever Finance Netherlands BV		1.7500	03/25/30		298,131
							578,211
		INDUSTRIAL INTERMEDIATE PROD — 0.6%
	376,000 USD	HTA Group Ltd./Mauritius(a)		7.0000	12/18/25		359,873

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		INDUSTRIAL SUPPORT SERVICES — 0.8%
	97,323 EUR	Loxam S.A.S		6.0000	04/15/25	$	106,411
	210,000 EUR	Loxam S.A.S		3.7500	07/15/26		219,508
	87,920 EUR	Techem Verwaltungsgesellschaft 674 mbH		6.0000	07/30/26		95,656
							421,575
		INSTITUTIONAL FINANCIAL SERVICES — 0.5%
	150,000 USD	Nomura Holdings, Inc.		1.6530	07/14/26		132,872
	175,000 USD	Nomura Holdings, Inc.		2.1720	07/14/28		147,512
							280,384
		INSURANCE — 0.9%
	200,000 EUR	Allianz S.E.(b)	EUR003M + 3.350%	3.0990	07/06/47		207,133
	250,000 EUR	NN Group N.V.		1.6250	06/01/27		254,615
							461,748
		INTERNET MEDIA & SERVICES — 0.8%
	385,000 USD	Prosus N.V.(a)		3.0610	07/13/31		302,255
	200,000 USD	Prosus N.V.		3.0610	07/13/31		157,015
							459,270
		LEISURE FACILITIES & SERVICES — 1.8%
	215,000 EUR	Carnival Corporation		7.6250	03/01/26		233,937
	133,000 USD	Melco Resorts Finance Ltd.		5.7500	07/21/28		119,051
	103,000 USD	Sands China Ltd.		5.9000	08/08/28		100,323
	10,000 USD	Sands China Ltd.		4.8750	06/18/30		9,127
	142,000 USD	Sands China Ltd.(c)		3.7500	08/08/31		119,234
	140,000 GBP	Stonegate Pub Company Financing 2019 PLC(a)		8.2500	07/31/25		168,710
	200,000 USD	Studio City Company Ltd.		7.0000	02/15/27		190,293
	73,000 USD	Studio City Finance Ltd.(a)		6.0000	07/15/25		69,143
							1,009,818
		MACHINERY — 0.4%
	180,000 EUR	Renk A.G./Frankfurt am Main		5.7500	07/15/25		197,405
		MEDICAL EQUIPMENT & DEVICES — 0.5%
	300,000 EUR	Medtronic Global Holdings SCA		0.7500	10/15/32		258,972
		METALS & MINING — 1.0%
	10,000 USD	Corp Nacional del Cobre de Chile		3.0000	09/30/29		8,817

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		METALS & MINING — 1.0% (Continued)
	7,000 USD	Freeport Indonesia PT(a)		6.2000	04/14/52	$	6,550
	300,000 EUR	Glencore Capital Finance DAC		1.1250	03/10/28		287,624
	132,000 USD	Indika Energy Capital III Pte Ltd.(c)		5.8750	11/09/27		129,141
	20,000 USD	Indika Energy Capital IV Pte Ltd.(a)		8.2500	10/22/25		19,961
	88,000 USD	Indika Energy Capital IV Pte Ltd.		8.2500	10/22/25		87,827
	26,000 USD	Indonesia Asahan Aluminium Persero PT(a)		5.8000	05/15/50		23,453
							563,373
		OIL & GAS PRODUCERS — 11.0%
	59,000 USD	Abu Dhabi Crude Oil Pipeline, LLC(a)		3.6500	11/02/29		55,840
	78,000 USD	AI Candelaria Spain S.A.(a)		5.7500	06/15/33		59,471
	652,000 USD	AI Candelaria Spain S.A.		5.7500	06/15/33		497,120
	40,633 USD	AI Candelaria Spain SLU(a)		7.5000	12/15/28		37,950
	350,000 USD	Ecopetrol S.A.		5.8750	05/28/45		252,312
	184,943 EUR	eG Global Finance PLC		6.2500	10/30/25		197,272
	250,000 USD	Enbridge, Inc.		2.5000	02/14/25		238,583
	160,000 USD	Energean Israel Finance Ltd.		4.8750	03/30/26		149,740
	250,000 EUR	Exxon Mobil Corporation		0.5240	06/26/28		238,495
	271,000 USD	Geopark Ltd.(a)		5.5000	01/17/27		233,103
	543,000 USD	Gran Tierra Energy International Holdings Ltd.(a)		6.2500	02/15/25		472,672
	87,000 USD	Gran Tierra Energy, Inc.(a)		7.7500	05/23/27		69,357
	46,000 USD	Gran Tierra Energy, Inc.		7.7500	05/23/27		36,672
	400,000 USD	KazMunayGas National Company JSC		3.5000	04/14/33		317,299
	54,000 USD	KazMunayGas National Company JSC(a)		5.7500	04/19/47		45,575
	2,000 USD	KazMunayGas National Company JSC(a)		6.3750	10/24/48		1,777
	486,000 USD	Kosmos Energy Ltd.		7.7500	05/01/27		447,417
	89,000 USD	Leviathan Bond Ltd.		6.1250	06/30/25		87,443
	56,000 USD	Leviathan Bond Ltd.		6.5000	06/30/27		54,320
	79,233 USD	MC Brazil Downstream Trading S.A.RL(a)		7.2500	06/30/31		51,878
	318,863 USD	MC Brazil Downstream Trading S.A.RL		7.2500	06/30/31		207,126
	76,000 USD	Petroleos del Peru S.A.		4.7500	06/19/32		58,153
	63,000 USD	Petroleos Mexicanos		6.5000	03/13/27		56,300
	270,000 USD	Petroleos Mexicanos		5.3500	02/12/28		221,902
	53,000 USD	Petroleos Mexicanos		6.8400	01/23/30		42,773
	240,000 USD	Petroleos Mexicanos		6.7000	02/16/32		184,990

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		OIL & GAS PRODUCERS — 11.0% (Continued)
	27,000 USD	Petroleos Mexicanos(a)		10.0000	02/07/33	$	25,171
	13,000 USD	Petroleos Mexicanos		6.6250	06/15/38		8,852
	42,000 USD	Petroleos Mexicanos		6.9500	01/28/60		26,883
	753,000 USD	SierraCol Energy Andina, LLC(a)		6.0000	06/15/28		594,513
	673,000 USD	Tullow Oil PLC(a)		7.0000	03/01/25		431,609
	305,000 USD	Tullow Oil PLC(a)		10.2500	05/15/26		248,331
	267,000 USD	YPF S.A.(a)		8.5000	07/28/25		249,766
							5,900,665
		OIL & GAS SERVICES & EQUIPMENT — 2.1%
	252,014 USD	Guara Norte Sarl(a)		5.1980	06/15/34		225,112
	469,890 USD	MV24 Capital BV(a)		6.7480	06/01/34		434,457
	613,305 USD	Poinsettia Finance Ltd.		6.6250	06/17/31		510,254
							1,169,823
		PUBLISHING & BROADCASTING — 0.5%
	250,000 EUR	Informa PLC		2.1250	10/06/25		263,784
		REAL ESTATE OWNERS & DEVELOPERS — 2.1%
	236,000 USD	China SCE Group Holdings Ltd.		7.3750	04/09/24		48,380
	700,000 USD	China SCE Group Holdings Ltd.		7.0000	05/02/25		84,000
	200,000 USD	Country Garden Holdings Company Ltd.		4.8000	08/06/30		29,475
	200,000 USD	Longfor Group Holdings Ltd.		3.9500	09/16/29		145,022
	330,000 USD	MAF Global Securities Ltd.(b)	H15T5Y + 3.539%	6.3750	09/20/70		322,433
	300,000 USD	Theta Capital Pte Ltd.		8.1250	01/22/25		252,060
	250,000 USD	Theta Capital Pte Ltd.		6.7500	10/31/26		179,750
							1,061,120
		REIT — 0.2%
	200,000 USD	LMIRT Capital Pte Ltd.		7.2500	06/19/24		131,000
		RENEWABLE ENERGY — 0.9%
	439,000 USD	Aydem Yenilenebilir Enerji A/S(a)		7.7500	02/02/27		388,647
	102,000 USD	Investment Energy Resources Ltd.(a)		6.2500	04/26/29		95,702
							484,349
		RETAIL - CONSUMER STAPLES — 0.4%
	100,000 GBP	Bellis Acquisition Company PLC(a)		3.2500	02/16/26		110,586

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		RETAIL - CONSUMER STAPLES — 0.4% (Continued)
	100,000 GBP	Bellis Finco PLC(a)		4.0000	02/16/27	$	99,654
							210,240
		RETAIL - DISCRETIONARY — 0.3%
	120,000 EUR	Avis Budget Finance PLC		4.7500	01/30/26		130,378
		SPECIALTY FINANCE — 0.3%
	184,000 USD	Studio City Finance Ltd.(a)		6.5000	01/15/28		156,590
		STEEL — 0.9%
	870,000 USD	Metinvest BV(a)		7.7500	10/17/29		526,350
		TECHNOLOGY SERVICES — 0.6%
	338,000 USD	Sixsigma Networks Mexico S.A. de CV(a)		7.5000	05/02/25		308,476
		TELECOMMUNICATIONS — 3.3%
	100,000 EUR	Altice France Holding S.A.(a)		8.0000	05/15/27		43,435
	100,000 EUR	Altice France S.A.(a)		2.1250	02/15/25		97,046
	100,000 EUR	Altice France S.A.		2.1250	02/15/25		97,046
	192,000 USD	Digicel International Finance Ltd./Digicel(a)		8.7500	05/25/24		174,536
	16,200 USD	Millicom International Cellular S.A.(a)		5.1250	01/15/28		14,536
	270,000 USD	Network i2i Ltd.(b)	H15T5Y + 4.274%	5.6500	04/15/71		265,680
	300,000 EUR	Orange S.A.		2.0000	01/15/29		307,486
	210,000 EUR	SoftBank Group Corporation		2.8750	01/06/27		210,885
	200,000 EUR	Telefonica Emisiones S.A.		2.5920	05/25/31		205,558
	250,000 USD	VF Ukraine PAT via VFU Funding plc(a)		6.2000	02/11/25		187,500
	220,000 GBP	Vmed O2 UK Financing I PLC		4.0000	01/31/29		231,102
							1,834,810
		TOBACCO & CANNABIS — 0.2%
	130,000 USD	BAT Capital Corporation		6.3430	08/02/30		130,673
		TRANSPORTATION & LOGISTICS — 0.9%
	200,000 EUR	Abertis Infraestructuras S.A.		2.3750	09/27/27		207,347
	6,000 USD	DP World PLC(a)		4.7000	09/30/49		5,138
	208,000 USD	Grupo Aeromexico S.A.B. de C.V.(a)		8.5000	03/17/27		188,593

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 63.5% (Continued)
		TRANSPORTATION & LOGISTICS — 0.9% (Continued)
	100,000 GBP	Heathrow Funding Ltd.		7.1250	02/14/24	$	128,625
							529,703
		TOTAL CORPORATE BONDS (Cost $38,729,628)					34,938,620
		NON U.S. GOVERNMENT & AGENCIES — 25.9%
		GOVERNMENT GUARANTEED — 0.1%
	28,000 USD	Brazil Minas SPE via State of Minas Gerais(a)		5.3330	02/15/28		27,540
		LOCAL AUTHORITY — 0.6%
	150,000 CAD	Province of British Columbia Canada		3.2000	06/18/44		95,964
	250,000 CAD	Province of Ontario Canada		2.8000	06/02/48		146,481
	296,000 USD	Provincia de Buenos Aires/Government Bonds(d)		5.2500	09/01/37		115,810
							358,255
		NON U.S. TREASURY — 7.7%
	860,000 AUD	Australia Government Bond		1.2500	05/21/32		459,489
	370,000 BRL	Brazil Notas do Tesouro Nacional Serie F		0.0000	01/01/31		76,263
	550,000 CAD	Canadian Government Bond		2.2500	06/01/29		387,112
	115,200,000 COP	Colombian TES		7.5000	08/26/26		27,611
	382,300,000 COP	Colombian TES		6.0000	04/28/28		83,555
	2,150,000 CZK	Czech Republic Government Bond		2.4000	09/17/25		93,771
	1,480,000,000 IDR	Indonesia Treasury Bond		8.7500	05/15/31		112,974
	612,000,000 IDR	Indonesia Treasury Bond		8.2500	05/15/36		46,764
	76,000 EUR	Ireland Government Bond		5.4000	03/13/25		86,525
	50,000 EUR	Ireland Government Bond		0.9000	05/15/28		50,385
	130,000 EUR	Ireland Government Bond		1.3000	05/15/33		123,480
	240,000 EUR	Italy Buoni Poliennali Del Tesoro		4.5000	03/01/24		265,044
	750,000 EUR	Italy Buoni Poliennali Del Tesoro		2.8000	12/01/28		793,307
	640,000 EUR	Italy Buoni Poliennali Del Tesoro(a)		2.4500	09/01/33		613,742
	180,000 EUR	Italy Buoni Poliennali Del Tesoro		5.0000	08/01/39		213,255
	235,000 EUR	Italy Buoni Poliennali Del Tesoro		5.0000	09/01/40		279,128
	1,280,000 MXN	Mexican Bonos		7.7500	05/29/31		71,812

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		NON U.S. TREASURY — 7.7% (Continued)
	1,700,000 MXN	Mexican Bonos	7.7500	11/13/42	$	90,683
	170,000 EUR	Spain Government Bond	4.2000	01/31/37		197,244
	250,000 EUR	Spain Government Bond	2.7000	10/31/48		222,382
	360,000 THB	Thailand Government Bond	2.8750	12/17/28		10,767
	1,720,000 THB	Thailand Government Bond	1.5850	12/17/35		44,454
						4,349,747
		SOVEREIGN — 17.1%
	72,000 USD	Angolan Government International Bond(a)	8.2500	05/09/28		66,501
	102,000 USD	Angolan Government International Bond(a)	8.7500	04/14/32		89,820
	51,000 USD	Angolan Government International Bond(a)	9.1250	11/26/49		41,404
	478,000 USD	Argentine Republic Government International Bond(d)	0.7500	07/09/30		165,941
	95,000 USD	Argentine Republic Government International Bond(d)	3.6250	07/09/35		29,874
	200,000 USD	Bahrain Government International Bond	6.7500	09/20/29		201,792
	112,000 USD	Bahrain Government International Bond(a)	5.6250	09/30/31		105,439
	60,000 USD	Bahrain Government International Bond(a)	5.2500	01/25/33		53,955
	277,000 USD	Bahrain Government International Bond(a)	5.6250	05/18/34		249,556
	100,000 EUR	Banque Centrale de Tunisie International Bond	5.6250	02/17/24		94,518
	100,000 EUR	Banque Centrale de Tunisie International Bond(a)	6.3750	07/15/26		68,259
	3,000 USD	Bermuda Government International Bond(a)	4.7500	02/15/29		2,943
	550,000 BRL	Brazilian Government International Bond	10.2500	01/10/28		114,511
	82,000 USD	Brazilian Government International Bond	4.5000	05/30/29		78,187
	110,000 USD	Brazilian Government International Bond	6.0000	10/20/33		109,243
	301,000 USD	Brazilian Government International Bond	4.7500	01/14/50		231,533
	5,000 USD	Chile Government International Bond	2.7500	01/31/27		4,652
	8,000 USD	Chile Government International Bond	2.4500	01/31/31		6,861
	4,000 USD	Chile Government International Bond	3.1000	05/07/41		3,002
	3,000 USD	Chile Government International Bond	4.3400	03/07/42		2,659
	5,000 USD	Chile Government International Bond	3.8600	06/21/47		4,093
	100,000 EUR	Colombia Government International Bond	3.8750	03/22/26		105,899
	139,000 USD	Colombia Government International Bond	4.5000	03/15/29		124,489
	66,000 USD	Colombia Government International Bond	3.0000	01/30/30		53,100
	32,000 USD	Colombia Government International Bond	6.1250	01/18/41		27,342
	173,000 USD	Colombia Government International Bond	4.1250	02/22/42		116,617
	66,000 USD	Colombia Government International Bond(c)	5.6250	02/26/44		51,717

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 17.1% (Continued)
	238,000 USD	Colombia Government International Bond	5.0000	06/15/45	$	172,151
	33,000 USD	Colombia Government International Bond	5.2000	05/15/49		24,084
	37,000 USD	Colombia Government International Bond	4.1250	05/15/51		23,404
	126,000 USD	Costa Rica Government International Bond(a)	6.5500	04/03/34		127,890
	46,000 USD	Dominican Republic International Bond	5.5000	02/22/29		43,794
	65,000 USD	Dominican Republic International Bond	4.8750	09/23/32		56,534
	236,000 USD	Dominican Republic International Bond(a)	4.8750	09/23/32		205,262
	133,000 USD	Dominican Republic International Bond(a)	6.0000	02/22/33		125,385
	82,000 USD	Dominican Republic International Bond(a)	7.4500	04/30/44		82,288
	142,000 USD	Dominican Republic International Bond	5.8750	01/30/60		112,889
	45,000 USD	Dominican Republic International Bond(a)	5.8750	01/30/60		35,775
	170,000 USD	Ecuador Government International Bond(a),(d)	6.0000	07/31/30		81,444
	560,000 USD	Ecuador Government International Bond(d)	6.0000	07/31/30		268,287
	34,500 USD	Ecuador Government International Bond(d)	3.5000	07/31/35		12,032
	5,000 USD	Egypt Government International Bond(a)	5.8750	06/11/25		4,372
	178,000 EUR	Egypt Government International Bond(a)	4.7500	04/16/26		149,261
	187,000 USD	Egypt Government International Bond(a)	5.8000	09/30/27		137,354
	200,000 EUR	Egypt Government International Bond(a)	6.3750	04/11/31		132,679
	173,000 USD	Egypt Government International Bond(a)	7.0530	01/15/32		110,582
	186,000 USD	El Salvador Government International Bond	6.3750	01/18/27		138,912
	51,000 USD	El Salvador Government International Bond	9.5000	07/15/52		35,576
	193,000 USD	Ethiopia International Bond(a)	6.6250	12/11/24		133,664
	30,000 USD	Export-Import Bank of India	5.5000	01/18/33		29,880
	24,667 USD	Gabon Government International Bond(a)	6.3750	12/12/24		24,098
	11,000 USD	Ghana Government International Bond(a)	6.3750	02/11/27		5,055
	225,000 USD	Ghana Government International Bond(a)	10.7500	10/14/30		160,813
	92,000 USD	Ghana Government International Bond(a)	8.6250	04/07/34		42,320
	18,000 USD	Ghana Government International Bond(a)	8.9500	03/26/51		8,106
	333,000 USD	Guatemala Government Bond(c)	6.1250	06/01/50		309,799
	6,000 USD	Hungary Government International Bond(a)	6.1250	05/22/28		6,117
	30,000 USD	Hungary Government International Bond(a)	6.2500	09/22/32		30,878
	14,000 USD	Indonesia Government International Bond	4.5500	01/11/28		13,845
	9,000 USD	Indonesia Government International Bond	4.8500	01/11/33		9,002
	6,000 USD	Indonesia Government International Bond	4.2000	10/15/50		5,204

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 17.1% (Continued)
	140,625 USD	Iraq International Bond	5.8000	01/15/28	$	130,958
	223,000 EUR	Ivory Coast Government International Bond(a)	5.8750	10/17/31		213,211
	100,000 EUR	Ivory Coast Government International Bond	4.8750	01/30/32		89,501
	99,000 USD	Jordan Government International Bond(a)	7.5000	01/13/29		100,983
	2,000 USD	Kazakhstan Government International Bond(a)	4.8750	10/14/44		1,829
	20,000 USD	Kazakhstan Government International Bond(a)	6.5000	07/21/45		21,472
	166,000 USD	Kenya Government International Bond(a)	8.0000	05/22/32		143,774
	509,000 USD	Lebanon Government International Bond(e)(i)	6.1000	10/04/22		38,144
	66,000 USD	Lebanon Government International Bond(e)(i)	6.3750	03/09/23		4,946
	395,000 USD	Lebanon Government International Bond(e)(i)	8.2500	04/12/23		29,331
	72,000 USD	Lebanon Government International Bond(e)(i)	6.4000	05/26/23		5,406
	156,000 USD	Lebanon Government International Bond(e)(i)	6.1500	06/19/23		11,700
	175,000 USD	Lebanon Government International Bond(e)(i)	6.6500	02/26/30		13,104
	11,000 USD	Magyar Export-Import Bank Zrt(a)	6.1250	12/04/27		11,023
	11,000 USD	Mexico Government International Bond	4.7500	04/27/32		10,531
	32,000 USD	Mexico Government International Bond	4.8750	05/19/33		30,709
	1,000 USD	Mexico Government International Bond	6.3380	05/04/53		1,022
	19,000 USD	Mexico Government International Bond	3.7710	05/24/61		12,995
	25,000 USD	Mongolia Government International Bond(a)	8.6500	01/19/28		25,690
	200,000 USD	Mozambique International Bond(a),(d)	5.0000	09/15/31		158,320
	135,000 USD	Nigeria Government International Bond(a)	6.1250	09/28/28		117,055
	23,000 USD	Nigeria Government International Bond(a)	8.3750	03/24/29		21,648
	124,000 USD	Nigeria Government International Bond(a)	7.8750	02/16/32		108,655
	120,000 USD	Nigeria Government International Bond(a)	7.3750	09/28/33		99,645
	200,000 USD	Nigeria Government International Bond	7.6250	11/28/47		150,214
	8,000 USD	Oman Government International Bond(a)	6.0000	08/01/29		8,098
	277,000 USD	Pakistan Government International Bond(a)	6.0000	04/08/26		151,310
	25,000 USD	Panama Government International Bond	2.2520	09/29/32		19,296
	16,000 USD	Panama Government International Bond	4.5000	04/01/56		12,068
	48,000 USD	Papua New Guinea Government International Bond(a)	8.3750	10/04/28		44,844
	54,000 USD	Paraguay Government International Bond(a)	5.8500	08/21/33		54,230
	2,000 USD	Peruvian Government International Bond	2.3920	01/23/26		1,864
	27,000 USD	Peruvian Government International Bond	2.7830	01/23/31		22,959
	1,000 USD	Peruvian Government International Bond	3.0000	01/15/34		822

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 17.1% (Continued)
	28,000 USD	Philippine Government International Bond	2.4570	05/05/30	$	24,140
	3,000 USD	Philippine Government International Bond	5.0000	07/17/33		3,042
	4,000 USD	Philippine Government International Bond	2.9500	05/05/45		2,870
	1,000 USD	Philippine Government International Bond	4.2000	03/29/47		870
	16,000 USD	Qatar Government International Bond(a)	3.7500	04/16/30		15,381
	10,000 USD	Qatar Government International Bond(a)	4.4000	04/16/50		9,066
	165,714 USD	Republic of Angola Via Avenir Issuer II Ireland	6.9270	02/19/27		155,771
	132,000 USD	Republic of Kenya Government International Bond(a)	6.8750	06/24/24		126,361
	6,000 USD	Republic of Poland Government International Bond	5.7500	11/16/32		6,346
	9,000 USD	Republic of Poland Government International Bond	4.8750	10/04/33		8,909
	3,642,000 ZAR	Republic of South Africa Government Bond	8.5000	01/31/37		158,152
	46,000 USD	Republic of South Africa Government International	4.3000	10/12/28		41,706
	99,000 USD	Republic of South Africa Government International	5.8750	04/20/32		91,024
	72,000 USD	Republic of South Africa Government International	6.3000	06/22/48		58,334
	21,000 USD	Republic of South Africa Government International	5.7500	09/30/49		15,785
	64,000 USD	Republic of South Africa Government International	7.3000	04/20/52		57,112
	8,000 EUR	Romanian Government International Bond	2.3750	04/19/27		8,129
	1,000 USD	Romanian Government International Bond(a)	6.6250	02/17/28		1,039
	48,000 USD	Romanian Government International Bond(a)	7.1250	01/17/33		51,713
	2,000 EUR	Romanian Government International Bond	4.1250	03/11/39		1,774
	13,000 USD	Saudi Government International Bond(a)	5.5000	10/25/32		13,676
	35,000 USD	Saudi Government International Bond(a)	2.2500	02/02/33		28,204
	9,000 USD	Saudi Government International Bond(a)	4.8750	07/18/33		9,015
	2,000 USD	Saudi Government International Bond(a)	4.6250	10/04/47		1,758
	100,000 EUR	Senegal Government International Bond(a)	5.3750	06/08/37		78,170
	200,000 USD	Sri Lanka Government International Bond(a)	7.8500	03/14/29		90,707
	332,000 USD	Turkey Government International Bond	9.8750	01/15/28		353,854
	57,000 USD	Turkey Government International Bond	9.3750	03/14/29		59,850
	43,000 USD	Turkey Government International Bond	9.3750	03/14/29		45,150
	107,000 USD	Turkey Government International Bond	9.1250	07/13/30		111,591
	536,000 USD	Turkey Government International Bond	5.7500	05/11/47		395,528
	56,000 USD	Ukraine Government International Bond(a)(i)	7.7500	09/01/25		17,745
	369,000 USD	Ukraine Government International Bond(a)(i)	7.7500	09/01/26		117,290
	136,000 USD	Ukraine Government International Bond(i)	0.0000	09/01/27		43,095

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 17.1% (Continued)
	139,000 USD	Ukraine Government International Bond(a)(i)	7.3750	09/25/32	$	41,881
	2,000 USD	Uruguay Government International Bond	4.3750	01/23/31		1,959
	1,900,000 UYU	Uruguay Government International Bond	8.2500	05/21/31		47,996
	1,000 USD	Uruguay Government International Bond	5.1000	06/18/50		995
	79,000 USD	Zambia Government International Bond(a)(i)	5.3750	09/20/23		42,027
	87,000 USD	Zambia Government International Bond(a)	8.9700	07/30/27		50,469
						9,318,484
		SUPRANATIONAL — 0.4%
	4,500,000 INR	European Bank for Reconstruction & Development	6.3000	10/26/27		53,185
	200,000 EUR	European Investment Bank	1.1250	09/15/36		170,895
						224,080
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $15,466,949)				14,278,106
Shares
		SHORT-TERM INVESTMENTS — 8.2%
		COLLATERAL FOR SECURITIES LOANED - 0.9%
	488,025	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $488,025)(f)(h)				488,025
		MONEY MARKET FUNDS - 7.3%
	4,043,453	Fidelity Government Portfolio, CLASS I, 5.03% (Cost $4,043,453)(f)				4,043,453
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,531,478)				4,531,478
		TOTAL INVESTMENTS - 97.7% (Cost $58,784,399)			$	53,806,179
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3%				1,251,498
		NET ASSETS - 100.0%			$	55,057,677

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(g)		Value and Unrealized Appreciation (Depreciation)
	44	Eurex 10 Year Euro BUND Future	09/07/2023	$	6,435,012	$	(52,306	)
	6	Eurex 30 Year Euro BUXL Future	09/07/2023		887,926		(24,301	)
	25	Long Gilt Future	09/27/2023		3,084,451		7,852
	7	TSE Japanese 10 Year Bond Futures	09/12/2023		7,222,937		(63,131	)
	4	Ultra U.S. Treasury Bond Futures	09/20/2023		528,875		(6,375	)
		TOTAL FUTURES CONTRACTS				$	(138,261	)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(g)		Value and Unrealized Appreciation (Depreciation)
	39	CBOT 10 Year US Treasury Note	09/20/2023	$	4,344,844	$	62,208
	16	CBOT 5 Year US Treasury Note	09/29/2023		1,709,125		39,875
	4	CBOT US Treasure Bond Futures	09/20/2023		497,750		12,125
	13	Euro-BTP Italian Bond Futures	09/07/2023		1,658,236		(5,467	)
		TOTAL FUTURES CONTRACTS				$	108,741

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 39	To Buy Monthly	Citibank	1.00%	191	6/20/2028	$	2,775,000.00		101,950			163,527			(61,577	)
ITRAXX EUROPE CROSSOVER SERIES 39	To Sell Monthly	Citibank	5.00%	379	6/20/2028		2,575,000.00		(150,170	)		(75,327	)		(74,843	)
TOTAL								$	(48,220	)	$	88,200		$	(136,420	)

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Euro	08/04/2023	JP Morgan Chase		73,203	$	80,505	$	505
Thailand Baht	08/11/2023	JP Morgan Chase		1,875,000		54,841		1,331
Swiss Franc	08/14/2023	Capstone Global Markets		230,000		264,100		343
Mexican Peso	08/24/2023	Capstone Global Markets		4,340,000		258,049		3,958
Mexican Peso	08/28/2023	JP Morgan Chase		2,110,000		125,356		822
Australian Dollar	08/31/2023	Capstone Global Markets		400,000		268,959		(2,394	)
Japanese Yen	08/31/2023	Capstone Global Markets		31,770,000		224,445		(568	)
Brazilian Real	09/05/2023	JP Morgan Chase		257,000		53,999		966
Euro	10/20/2023	JP Morgan Chase		253		280		(1	)
					$	1,330,534	$	4,962
To Sell:
Euro	08/02/2023	JP Morgan Chase		253	$	279	$	1
Euro	08/04/2023	JP Morgan Chase		5,726,821		6,298,045		(42,046	)
Swiss Franc	08/14/2023	Capstone Global Markets		460,000		528,200		4,675
Singapore Dollar	08/18/2023	Capstone Global Markets		360,000		270,971		1,882
Mexican Peso	08/24/2023	JP Morgan Chase		4,340,000		258,049		(839	)
Mexican Peso	08/28/2023	Capstone Global Markets		2,110,000		125,356		(158	)
Singapore Dollar	08/28/2023	Capstone Global Markets		370,000		278,645		820
Brazilian Real	09/05/2023	JP Morgan Chase		362,000		76,062		(1,098	)
Australian Dollar	10/20/2023	JP Morgan Chase		693,900		467,319		7,160

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Sell: (continued)
British Pound	10/20/2023	Capstone Global Markets		1,051,500	$	1,349,838	$	24,143
Canadian Dollar	10/20/2023	JP Morgan Chase		863,100		655,268		504
Euro	10/20/2023	JP Morgan Chase		10,456,600		11,543,760		260,961
Japanese Yen	10/20/2023	Capstone Global Markets		50,762,000		361,334		9,984
					$	22,213,126	$	265,989
Total							$	270,951

						Local Currency
		Settlement		Local Currency Amount		Amount Purchased		U.S. Dollar Market		U.S. Dollar Market			Unrealized Appreciation/
Foreign Currency		Date	Counterparty	Purchased Buy		Sell		Value Buy		Value Sell			(Depreciation)
To Buy:	To Sell:
Euro	British Pound	8/7/2023	JP Morgan Chase		220,000		189,206		241,983		(242,844	)	$	(861	)
Euro	British Pound	8/24/2023	JP Morgan Chase		220,000		189,219		242,207		(242,882	)		(675	)
Japanese Yen	Euro	8/28/2023	Capstone Global Markets		59,002,124		380,000		416,613		(418,448	)		(1,835	)
Japanese Yen	Euro	8/28/2023	JP Morgan Chase		58,890,751		380,000		415,827		(418,448	)		(2,621	)
Euro	British Pound	10/20/2023	Capstone Global Markets		10,908		9,500		12,042		(12,195	)		(153	)
Euro	British Pound	10/20/2023	JP Morgan Chase		1,106,752		955,300		1,221,819		(1,226,344	)		(4,525	)
					119,450,535		2,103,225	$	2,550,491	$	2,561,161		$	(10,670	)
Total													$	(10,670	)

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	- Societe Anonyme
SA de CV	- Sociedad Anonima de Capital Variable
EUR003M	Euribor 3 Month
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRRATE	United States SOFR Secured Overnight Financing Rate

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Columbian Peso
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
IDR	Indonesia Rupiah
INR	Indian Rupee
MXN	Mexican Peso
THB	Thailand Baht
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 July 31, 2023 the total market value of 144A securities is 18,925,113 or 34.4% of net assets.

^(b) Variable rate security; the rate shown represents the rate on July 31, 2023.

^(c) All or a portion of these securities are on loan. Total loaned securities had a value of $476,349 at July 31, 2023.

^(d) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2023.

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

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

⁽ⁱ⁾ Non-income producing security.

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0%
		AEROSPACE & DEFENSE - 2.9%
	10,055	L3Harris Technologies, Inc.	$	1,905,322
	29,252	Raytheon Technologies Corporation		2,572,128
				4,477,450
		ASSET MANAGEMENT - 1.8%
	3,721	BlackRock, Inc.		2,749,261
		AUTOMOTIVE - 0.9%
	34,752	General Motors Company		1,333,434
		BANKING - 6.5%
	88,894	Bank of America Corporation		2,844,608
	28,712	JPMorgan Chase & Company		4,535,348
	18,362	Truist Financial Corporation		609,986
	49,881	Wells Fargo & Company		2,302,507
				10,292,449
		BIOTECH & PHARMA - 6.0%
	10,626	AbbVie, Inc.		1,589,437
	37,454	Bristol-Myers Squibb Company		2,329,264
	12,843	Johnson & Johnson		2,151,588
	30,918	Merck & Company, Inc.		3,297,405
				9,367,694
		CHEMICALS - 3.3%
	7,072	Air Products and Chemicals, Inc.		2,159,293
	31,958	Corteva, Inc.		1,803,390
	39,328	Huntsman Corporation		1,170,795
				5,133,478
		CONSTRUCTION MATERIALS - 2.3%
	5,223	Martin Marietta Materials, Inc.		2,331,861
	9,405	Owens Corning		1,316,606
				3,648,467
		CONSUMER SERVICES - 1.2%
	27,605	Service Corp International(a)		1,839,873

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.7%
	13,614	Honeywell International, Inc.	$	2,642,886
		ELECTRIC UTILITIES - 4.2%
	20,832	Duke Energy Corporation		1,950,292
	47,407	NextEra Energy, Inc.		3,474,933
	18,944	Xcel Energy, Inc.		1,188,357
				6,613,582
		ELECTRICAL EQUIPMENT - 1.4%
	31,556	Johnson Controls International PLC		2,194,720
		ENGINEERING & CONSTRUCTION - 1.7%
	12,985	Quanta Services, Inc.		2,618,036
		ENTERTAINMENT CONTENT - 2.5%
	42,521	Fox Corporation, Class A		1,422,327
	28,388	Walt Disney Company (The)(b)		2,523,409
				3,945,736
		FOOD - 2.8%
	41,395	Mondelez International, Inc., Class A		3,068,610
	20,757	Tyson Foods, Inc., Class A		1,156,580
				4,225,190
		HEALTH CARE FACILITIES & SERVICES - 4.3%
	12,568	AmerisourceBergen Corporation		2,348,959
	27,998	CVS Health Corporation		2,091,171
	4,448	UnitedHealth Group, Inc.		2,252,334
				6,692,464
		HOUSEHOLD PRODUCTS - 1.9%
	19,255	Procter & Gamble Company (The)		3,009,557
		INDUSTRIAL REIT - 1.0%
	12,328	Prologis, Inc.		1,537,918

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		INFRASTRUCTURE REIT - 1.1%
	9,246	American Tower Corporation, A	$	1,759,606
		INSTITUTIONAL FINANCIAL SERVICES - 2.2%
	26,740	Bank of New York Mellon Corporation (The)		1,212,926
	19,815	Intercontinental Exchange, Inc.		2,274,762
				3,487,688
		INSURANCE - 5.8%
	16,690	Allstate Corporation (The)		1,880,629
	5,555	Berkshire Hathaway, Inc., Class B(b)		1,955,138
	29,306	Hartford Financial Services Group, Inc. (The)		2,106,515
	12,037	Prudential Financial, Inc.(a)		1,161,450
	11,391	Travelers Companies, Inc. (The)		1,966,201
				9,069,933
		INTERNET MEDIA & SERVICES - 2.9%
	15,880	Alphabet, Inc., Class A(b)		2,107,594
	8,029	Meta Platforms, Inc., Class A(b)		2,558,039
				4,665,633
		LEISURE FACILITIES & SERVICES - 1.2%
	10,929	Darden Restaurants, Inc.		1,846,127
		MACHINERY - 2.4%
	5,675	Caterpillar, Inc.		1,504,840
	5,600	Parker-Hannifin Corporation		2,296,056
				3,800,896
		MEDICAL EQUIPMENT & DEVICES - 6.2%
	34,595	Abbott Laboratories		3,851,461
	59,148	Avantor, Inc.(b)		1,216,674
	5,809	Stryker Corporation		1,646,329
	5,522	Thermo Fisher Scientific, Inc.		3,029,701
				9,744,165
		OIL & GAS PRODUCERS - 7.4%
	23,890	ConocoPhillips		2,812,331
	17,106	EOG Resources, Inc.		2,267,058
	46,527	Exxon Mobil Corporation		4,989,556

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		OIL & GAS PRODUCERS - 7.4% (Continued)
	13,299	Phillips 66	$	1,483,503
				11,552,448
		OIL & GAS SERVICES & EQUIPMENT - 1.7%
	46,012	Schlumberger Ltd.		2,684,340
		RESIDENTIAL REIT - 1.1%
	24,315	Equity LifeStyle Properties, Inc.(a)		1,730,742
		RETAIL - CONSUMER STAPLES - 0.9%
	10,814	Target Corporation		1,475,787
		RETAIL - DISCRETIONARY - 1.5%
	10,558	Lowe’s Companies, Inc.		2,473,423
		SELF-STORAGE REIT - 1.2%
	6,766	Public Storage(a)		1,906,320
		SEMICONDUCTORS - 3.9%
	2,142	Broadcom, Inc.		1,924,908
	24,197	Micron Technology, Inc.		1,727,424
	22,206	ON Semiconductor Corporation(b)		2,392,696
				6,045,028
		SOFTWARE - 2.9%
	5,947	Microsoft Corporation		1,997,716
	22,096	Oracle Corporation		2,590,314
				4,588,030
		SPECIALTY FINANCE - 0.9%
	8,441	American Express Company		1,425,516
		TECHNOLOGY HARDWARE - 1.6%
	8,604	Motorola Solutions, Inc.		2,466,165
		TECHNOLOGY SERVICES - 2.8%
	26,104	PayPal Holdings, Inc.(b)		1,979,205

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		TECHNOLOGY SERVICES - 2.8% (Continued)
	6,140	S&P Global, Inc.	$	2,422,292
				4,401,497
		TELECOMMUNICATIONS - 1.1%
	48,395	Verizon Communications, Inc.(a)		1,649,302
		TRANSPORTATION & LOGISTICS - 2.8%
	71,369	CSX Corporation		2,378,014
	16,609	Knight-Swift Transportation Holdings, Inc.(a)		1,008,997
	32,069	Southwest Airlines Company		1,095,477
				4,482,488
		TOTAL COMMON STOCKS (Cost $108,268,724)		153,577,329
		SHORT-TERM INVESTMENTS — 5.1%
		COLLATERAL FOR SECURITIES LOANED - 3.1%
	4,864,437	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $4,864,437)(c)(d)		4,864,437
		MONEY MARKET FUNDS - 2.0%
	3,193,249	Invesco Treasury Portfolio Inst., 5.07% (Cost $3,193,249)(c)		3,193,249
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,057,686)		8,057,686
		TOTAL INVESTMENTS - 103.1% (Cost $116,326,410)	$	161,635,015
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.1)%		(4,806,279	)
		NET ASSETS - 100.0%	$	156,828,736

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

(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $4,768,068 at July 31, 2023.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2023.
(d)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5%
		APPAREL & TEXTILE PRODUCTS - 1.2%
	7,640	Oxford Industries, Inc.(a)	$	823,974
		ASSET MANAGEMENT - 1.0%
	20,900	Victory Capital Holdings, Inc.(a)		693,044
		AUTOMOTIVE - 1.4%
	100,777	American Axle & Manufacturing Holdings, Inc.(b)		952,343
		BANKING - 15.4%
	28,181	Amalgamated Financial Corporation		562,493
	14,134	Banner Corporation(a)		672,920
	27,001	Berkshire Hills Bancorp, Inc.		615,893
	31,216	Central Pacific Financial Corporation		569,380
	18,700	Enterprise Financial Services Corporation		766,700
	14,409	First Financial Corporation		550,568
	19,898	Hancock Whitney Corporation(a)		875,711
	38,021	Hanmi Financial Corporation		722,399
	19,574	Heartland Financial USA, Inc.		672,171
	31,118	Heritage Financial Corporation(a)		583,774
	23,735	Independent Bank Corporation		490,365
	62,620	Old National Bancorp		1,066,418
	48,490	Old Second Bancorp, Inc.		775,355
	14,233	Pathward Financial, Inc.(a)		739,547
	22,659	Peoples Bancorp, Inc.		638,304
	19,242	TrustCompany Bank Corp NY		584,764
				10,886,762
		BIOTECH & PHARMA - 6.6%
	8,200	ANI Pharmaceuticals, Inc.(b)		430,910
	27,249	Anika Therapeutics, Inc.(b)		635,719
	16,000	Arcturus Therapeutics Holdings, Inc.(a),(b)		559,360
	61,000	Assertio Holdings, Inc.(a),(b)		347,090
	27,298	Bridgebio Pharma, Inc.(a),(b)		955,704
	17,073	Eagle Pharmaceuticals, Inc.(b)		354,435
	27,435	Ideaya Biosciences, Inc.(b)		613,447

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BIOTECH & PHARMA - 6.6% (Continued)
	48,771	Liquidia Technologies, Inc.(a),(b)	$	376,512
	23,514	Vir Biotechnology, Inc.(a),(b)		331,077
				4,604,254
		CHEMICALS - 2.7%
	24,651	AdvanSix, Inc.(a)		988,753
	14,284	Minerals Technologies, Inc.		876,323
				1,865,076
		COMMERCIAL SUPPORT SERVICES - 1.6%
	11,850	Huron Consulting Group, Inc.(b)		1,120,655
		CONTAINERS & PACKAGING - 1.4%
	43,025	O-I Glass, Inc.(b)		987,854
		ELECTRIC UTILITIES - 2.5%
	24,781	Avista Corporation(a)		957,538
	17,639	Portland General Electric Company(a)		840,851
				1,798,389
		ELECTRICAL EQUIPMENT - 0.9%
	6,600	Belden, Inc.		637,824
		FOOD - 1.0%
	25,717	Fresh Del Monte Produce, Inc.		683,558
		FORESTRY, PAPER & WOOD PRODUCTS - 1.3%
	11,973	Louisiana-Pacific Corporation		911,504
		GAS & WATER UTILITIES - 2.2%
	11,030	ONE Gas, Inc.(a)		872,804
	9,124	SJW Group(a)		642,877
				1,515,681
		HEALTH CARE FACILITIES & SERVICES - 1.9%
	51,902	AdaptHealth Corporation(b)		713,133
	20,300	Select Medical Holdings Corporation(a)		609,203
				1,322,336

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		HEALTH CARE REIT - 1.2%
	39,802	CareTrust REIT, Inc.(a)	$	827,484
		HOME CONSTRUCTION - 2.6%
	7,650	M/I Homes, Inc.(b)		765,000
	7,304	Meritage Homes Corporation		1,087,931
				1,852,931
		HOTEL REIT - 1.0%
	81,259	DiamondRock Hospitality Company(a)		690,702
		INDUSTRIAL INTERMEDIATE PROD - 3.2%
	7,680	EnPro Industries, Inc.		1,065,830
	14,493	Mueller Industries, Inc.(a)		1,174,803
				2,240,633
		INDUSTRIAL REIT - 1.2%
	36,744	Plymouth Industrial REIT, Inc.		836,661
		INSTITUTIONAL FINANCIAL SERVICES - 1.2%
	6,450	Evercore, Inc., Class A		871,137
		INSURANCE - 1.1%
	13,544	Axis Capital Holdings Ltd.		746,545
		INTERNET MEDIA & SERVICES - 0.9%
	35,287	TripAdvisor, Inc.(a),(b)		658,103
		LEISURE FACILITIES & SERVICES - 1.0%
	26,831	Bloomin’ Brands, Inc.(a)		720,949
		MACHINERY - 2.4%
	16,315	Columbus McKinnon Corporation		690,777
	18,747	Hillenbrand, Inc.		973,719
				1,664,496

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 0.9%
	27,118	Avanos Medical, Inc.(b)	$	663,577
		METALS & MINING - 0.8%
	3,334	Encore Wire Corporation(a)		569,080
		MORTGAGE FINANCE - 2.1%
	71,544	Ladder Capital Corporation		786,268
	60,187	Ready Capital Corporation(a)		696,364
				1,482,632
		OFFICE REIT - 1.3%
	38,427	Cousins Properties, Inc.(a)		938,772
		OIL & GAS PRODUCERS - 7.0%
	13,748	Callon Petroleum Company(a),(b)		516,375
	34,400	CNX Resources Corporation(a),(b)		701,760
	51,100	Earthstone Energy, Inc., Class A(a),(b)		816,578
	7,400	Gulfport Energy Corporation(a),(b)		758,130
	10,400	Par Pacific Holdings, Inc.(b)		327,392
	21,979	PBF Energy, Inc., Class A		1,042,684
	22,196	SilverBow Resources, Inc.(a),(b)		794,839
				4,957,758
		OIL & GAS SERVICES & EQUIPMENT - 2.2%
	44,618	Liberty Oilfield Services, Inc., Class A		734,858
	97,524	RPC, Inc.(a)		811,400
				1,546,258
		REAL ESTATE OWNERS & DEVELOPERS - 0.8%
	6,600	Howard Hughes Corporation (The)(b)		557,238
		RESIDENTIAL REIT - 0.7%
	8,321	Centerspace		516,984
		RETAIL - CONSUMER STAPLES - 1.3%
	11,333	Ingles Markets, Inc., Class A		961,038

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		RETAIL - DISCRETIONARY - 5.3%
	12,901	Academy Sports & Outdoors, Inc.(a)	$	771,351
	3,220	Asbury Automotive Group, Inc.(a),(b)		726,432
	32,854	Ethan Allen Interiors, Inc.(a)		1,033,915
	42,458	Sally Beauty Holdings, Inc.(a),(b)		508,222
	8,405	Signet Jewelers Ltd.(a)		676,518
				3,716,438
		RETAIL REIT - 3.9%
	50,057	Acadia Realty Trust		786,395
	43,751	Essential Properties Realty Trust, Inc.		1,074,086
	21,513	Spirit Realty Capital, Inc.(a)		867,619
				2,728,100
		SEMICONDUCTORS - 2.7%
	11,561	Diodes, Inc.(b)		1,092,399
	19,690	Ultra Clean Holdings, Inc.(b)		750,189
				1,842,588
		SOFTWARE - 1.2%
	81,125	SolarWinds Corporation(b)		855,058
		SPECIALTY FINANCE - 2.5%
	15,625	Essent Group Ltd.		775,000
	17,179	Mr Cooper Group, Inc.(b)		995,867
				1,770,867
		SPECIALTY REIT - 0.6%
	10,192	EPR Properties(a)		454,971
		TECHNOLOGY SERVICES - 1.6%
	40,056	LiveRamp Holdings, Inc.(b)		1,143,198
		TELECOMMUNICATIONS - 1.0%
	34,092	EchoStar Corporation, Class A(a),(b)		662,407
		TRANSPORTATION & LOGISTICS - 6.0%
	8,760	ArcBest Corporation		1,018,963
	12,316	Matson, Inc.(a)		1,151,053

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		TRANSPORTATION & LOGISTICS - 6.0% (Continued)
	10,759	Ryder System, Inc.	$	1,099,032
	21,811	SkyWest, Inc.(a),(b)		959,466
				4,228,514
		WHOLESALE - DISCRETIONARY - 0.7%
	3,600	Veritiv Corporation(a)		504,468
		TOTAL COMMON STOCKS (Cost $61,713,200)		70,012,841
		SHORT-TERM INVESTMENTS — 33.7%
		COLLATERAL FOR SECURITIES LOANED - 33.2%
	23,312,163	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $23,312,163)(c)(d)		23,312,163
		MONEY MARKET FUNDS – 0.5%
	352,395	Invesco Treasury Portfolio Inst., 5.07% (Cost $352,395)(c)		352,395
		TOTAL SHORT-TERM INVESTMENTS (Cost $23,664,558)		23,664,558
		TOTAL INVESTMENTS – 133.2% (Cost $85,377,758)	$	93,677,399
		LIABILITIES IN EXCESS OF OTHER ASSETS - (33.2)%		(23,323,528	)
		NET ASSETS - 100.0%	$	70,353,871

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

(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $22,870,332 at July 31, 2023.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2023.
(d)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.5%
		ADVERTISING & MARKETING - 1.6%
	29,319	Trade Desk, Inc. (The), Class A(a),(b)	$	2,675,652
		ASSET MANAGEMENT - 2.4%
	37,017	Blackstone, Inc.(b)		3,879,011
		E-COMMERCE DISCRETIONARY - 8.6%
	80,561	Amazon.com, Inc.(a)		10,769,394
	2,764	MercadoLibre, Inc.(a),(b)		3,421,970
				14,191,364
		INTERNET MEDIA & SERVICES - 2.4%
	8,867	Netflix, Inc.(a)		3,892,347
		LEISURE FACILITIES & SERVICES - 3.1%
	2,552	Chipotle Mexican Grill, Inc.(a)		5,007,739
		MEDICAL EQUIPMENT & DEVICES - 12.2%
	8,202	Align Technology, Inc.(a)		3,099,454
	38,970	DexCom, Inc.(a)		4,854,103
	35,657	Edwards Lifesciences Corporation(a)		2,926,370
	12,089	Insulet Corporation(a)		3,345,631
	17,361	Intuitive Surgical, Inc.(a)		5,631,908
				19,857,466
		RETAIL - DISCRETIONARY - 4.8%
	10,319	Lululemon Athletica, Inc.(a)		3,906,051
	17,294	Tractor Supply Company(b)		3,873,683
				7,779,734
		SEMICONDUCTORS - 15.4%
	32,782	Advanced Micro Devices, Inc.(a)		3,750,261
	6,865	ASML Holding N.V. - ADR		4,918,155
	42,583	Marvell Technology, Inc.		2,773,431
	29,273	NVIDIA Corporation		13,678,980
				25,120,827
		SOFTWARE - 31.0%
	11,906	Adobe, Inc.(a)		6,502,700

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.5% (Continued)
		SOFTWARE -31.0% (Continued)
	7,177	Cadence Design Systems, Inc.(a)	$	1,679,490
	6,155	Intuit, Inc.		3,149,514
	37,792	Microsoft Corporation		12,695,088
	10,689	Palo Alto Networks, Inc.(a),(b)		2,671,822
	28,791	Salesforce, Inc.(a)		6,478,263
	18,692	ServiceNow, Inc.(a)		10,897,436
	8,360	Snowflake, Inc.(a)		1,485,656
	23,885	Veeva Systems, Inc., Class A(a)		4,877,795
				50,437,764
		TECHNOLOGY HARDWARE -5.4%
	45,060	Apple, Inc.		8,852,037
		TECHNOLOGY SERVICES - 11.6%
	27,754	Block, Inc., Class A(a)		2,235,030
	26,320	Mastercard, Inc., Class A		10,377,449
	26,485	Visa, Inc., Class A(b)		6,296,279
				18,908,758
		TOTAL COMMON STOCKS (Cost $68,800,775)		160,602,699
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.7%
		COLLATERAL FOR SECURITIES LOANED -13.1%
	21,398,714	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (c)(d)		21,398,714
		MONEY MARKET FUND -1.6%
	2,562,505	STIT -Treasury Obligations Portfolio, 5.08% (c)		2,562,505
		TOTAL SHORT-TERM INVESTMENTS (Cost$23,961,219)		23,961,219
		TOTAL INVESTMENTS -113.2% (Cost $92,761,994)	$	184,563,918
		LIABILITIES IN EXCESS OF OTHER ASSETS -(13.2)%		(21,528,373	)
		NET ASSETS -100.0%	$	163,035,545

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

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $21,080,505 at July 31, 2023.
(c)	Rate disclosed is the seven day effective yield as of July 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 SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.3%
		ADVERTISING & MARKETING - 1.1%
	8,445	Trade Desk, Inc. (The), Class A(a),(b)	$	770,691
		AEROSPACE & DEFENSE - 1.6%
	15,670	Hexcel Corporation		1,107,556
		BANKING - 0.5%
	13,538	Seacoast Banking Corp of Florida(b)		334,524
		BEVERAGES - 0.8%
	19,799	Vita Coco Company, Inc. (The)(a),(b)		523,090
		BIOTECH & PHARMA - 8.0%
	12,642	Akero Therapeutics, Inc.(a),(b)		548,663
	10,613	Denali Therapeutics, Inc.(a)		301,728
	11,773	Halozyme Therapeutics, Inc.(a),(b)		505,768
	5,389	Immunocore Holdings plc - ADR(a),(b)		355,566
	11,502	Intra-Cellular Therapies, Inc.(a),(b)		711,284
	25,242	Maravai LifeSciences Holdings, Inc.(a)		285,487
	71,021	Point Biopharma Global, Inc.(a)		634,928
	4,968	Prothena Corp plc(a)		342,146
	52,263	Roivant Sciences Ltd.(a),(b)		626,111
	19,044	TG Therapeutics, Inc.(a)		394,020
	16,804	Vaxcyte, Inc.(a),(b)		807,599
				5,513,300
		COMMERCIAL SUPPORT SERVICES - 2.0%
	4,066	AMN Healthcare Services, Inc.(a),(b)		435,672
	5,314	FTI Consulting, Inc.(a)		930,800
				1,366,472
		CONSTRUCTION MATERIALS - 0.5%
	2,734	Advanced Drainage Systems, Inc.		333,521
		E-COMMERCE DISCRETIONARY - 1.1%
	16,933	Global-e Online Ltd.(a),(b)		762,832

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		ELECTRICAL EQUIPMENT - 3.0%
	24,686	Bloom Energy Corporation, Class A(a),(b)	$	440,892
	15,292	BWX Technologies, Inc.		1,055,148
	7,015	Itron, Inc.(a)		551,870
				2,047,910
		ENGINEERING & CONSTRUCTION - 3.1%
	7,107	Exponent, Inc.		636,645
	5,219	Installed Building Products, Inc.		772,516
	14,900	WillScot Mobile Mini Holdings Corporation(a)		714,455
				2,123,616
		ENTERTAINMENT CONTENT - 1.2%
	43,035	IMAX Corporation(a)		792,274
		FOOD - 0.8%
	37,169	Krispy Kreme, Inc.(b)		572,403
		HEALTH CARE FACILITIES & SERVICES - 6.5%
	8,168	Amedisys, Inc.(a)		741,981
	20,872	Option Care Health, Inc.(a)		705,056
	10,902	Progyny, Inc.(a)		455,268
	24,201	RadNet, Inc.(a)		800,569
	31,649	SI-BONE, Inc.(a)		815,278
	23,015	Surgery Partners, Inc.(a),(b)		889,070
				4,407,222
		HOME CONSTRUCTION - 1.0%
	20,885	AZEK Company, Inc. (The)(a)		651,612
		HOUSEHOLD PRODUCTS - 1.4%
	3,096	elf Beauty, Inc.(a)		361,365
	3,795	Inter Parfums, Inc.		567,580
				928,945
		INDUSTRIAL SUPPORT SERVICES - 2.7%
	5,129	Applied Industrial Technologies, Inc.		743,654
	4,570	Herc Holdings, Inc.		611,603

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 2.7% (Continued)
	2,932	SiteOne Landscape Supply, Inc.(a),(b)	$	498,440
				1,853,697
		INSTITUTIONAL FINANCIAL SERVICES - 3.6%
	6,336	Evercore, Inc., Class A		855,740
	8,047	Houlihan Lokey, Inc.		803,493
	9,592	Tradeweb Markets, Inc., Class A		784,530
				2,443,763
		INTERNET MEDIA & SERVICES - 0.9%
	6,131	Roku, Inc.(a)		590,231
		LEISURE FACILITIES & SERVICES - 6.2%
	16,337	Dave & Buster’s Entertainment, Inc.(a)		748,235
	66,575	Lindblad Expeditions Holdings, Inc.(a)		786,916
	62,705	OneSpaWorld Holdings Ltd.(a)		805,445
	8,618	Papa John’s International, Inc.(b)		712,709
	5,878	Texas Roadhouse, Inc.(b)		655,691
	3,309	Wingstop, Inc.		557,831
				4,266,827
		LEISURE PRODUCTS - 1.3%
	2,293	Axon Enterprise, Inc.(a)		426,337
	4,242	Fox Factory Holding Corporation(a),(b)		474,680
				901,017
		MACHINERY - 3.5%
	25,486	Flowserve Corporation		962,352
	4,314	Lindsay Corporation		571,734
	4,939	MSA Safety, Inc.		819,874
				2,353,960
		MEDICAL EQUIPMENT & DEVICES - 6.9%
	64,045	Adaptive Biotechnologies Corporation(a)		540,540
	42,073	Alphatec Holdings, Inc.(a)		743,430
	14,517	BioLife Solutions, Inc.(a)		288,598
	4,723	DexCom, Inc.(a)		588,297
	6,019	Inari Medical, Inc.(a),(b)		343,504
	1,849	Insulet Corporation(a)		511,711

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 6.9% (Continued)
	5,453	Repligen Corporation(a),(b)	$	935,516
	15,755	Silk Road Medical, Inc.(a)		359,844
	1,049	West Pharmaceutical Services, Inc.		386,074
				4,697,514
		OIL & GAS PRODUCERS - 0.9%
	3,697	Cheniere Energy, Inc.		598,396
		OIL & GAS SERVICES & EQUIPMENT - 1.3%
	46,969	TechnipFMC plc(a),(b)		861,411
		RENEWABLE ENERGY - 2.7%
	28,122	Array Technologies, Inc.(a)		535,724
	31,749	Shoals Technologies Group, Inc., Class A(a)		824,205
	2,065	SolarEdge Technologies, Inc.(a)		498,615
				1,858,544
		RETAIL - CONSUMER STAPLES - 2.4%
	3,748	Five Below, Inc.(a)		780,858
	12,011	Ollie’s Bargain Outlet Holdings, Inc.(a),(b)		875,362
				1,656,220
		RETAIL - DISCRETIONARY - 2.0%
	5,908	Floor & Decor Holdings, Inc., Class A(a),(b)		678,534
	8,872	Freshpet, Inc.(a),(b)		652,447
				1,330,981
		SEMICONDUCTORS - 6.9%
	8,258	Aehr Test Systems(a),(b)		430,737
	4,021	Axcelis Technologies, Inc.(a)		806,130
	7,795	Lattice Semiconductor Corporation(a)		708,877
	584	Monolithic Power Systems, Inc.		326,742
	6,150	Onto Innovation, Inc.(a)		764,568
	7,776	Power Integrations, Inc.(b)		755,361
	3,628	Silicon Laboratories, Inc.(a)		541,080
	3,505	SiTime Corporation(a),(b)		452,180
				4,785,675

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		SOFTWARE - 17.2%
	3,619	Appfolio, Inc., Class A(a)	$	653,555
	11,721	Blackline, Inc.(a)		680,756
	22,674	Calix, Inc.(a)		1,022,824
	12,376	Confluent, Inc., Class A(a),(b)		427,467
	4,807	Crowdstrike Holdings, Inc., Class A(a)		777,100
	18,239	DoubleVerify Holdings, Inc.(a),(b)		767,862
	20,207	Doximity, Inc.(a),(b)		721,996
	2,432	Duolingo, Inc.(a)		377,422
	5,765	Five9, Inc.(a),(b)		505,879
	18,499	Gitlab, Inc.(a)		918,105
	17,972	JFrog Ltd.(a)		552,998
	970	MongoDB, Inc.(a),(b)		410,698
	27,054	Privia Health Group, Inc.(a),(b)		755,348
	9,634	Procore Technologies, Inc.(a)		730,739
	16,901	Smartsheet, Inc., Class A(a)		750,404
	48,812	Sprinklr, Inc., Class A(a)		685,320
	2,064	Veeva Systems, Inc., Class A(a)		421,510
	29,967	Vertex, Inc., CLASS A(a)		622,115
				11,782,098
		TECHNOLOGY HARDWARE - 1.0%
	5,459	Fabrinet(a)		674,951
		TECHNOLOGY SERVICES - 6.2%
	1,955	ExlService Holdings, Inc.(a)		275,557
	4,823	Globant S.A.(a),(b)		842,723
	10,000	LiveRamp Holdings, Inc.(a)		285,400
	14,033	MAXIMUS, Inc.		1,175,404
	1,151	MSCI, Inc.		630,840
	5,420	Shift4 Payments, Inc.(a),(b)		373,926
	8,722	WNS Holdings Ltd. - ADR(a)		602,778
				4,186,628
		TOTAL COMMON STOCKS (Cost $51,958,312)		67,077,881

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 25.8%
		COLLATERAL FOR SECURITIES LOANED - 23.8%
	16,270,652	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (c) (d)	$	16,270,652
		MONEY MARKET FUND - 2.0%
	1,331,937	Fidelity Government Portfolio, CLASS I, 5.03% (c)		1,331,937
		TOTAL SHORT-TERM INVESTMENTS (Cost$17,602,589)		17,602,589
		TOTAL INVESTMENTS - 124.1% (Cost $69,560,901)	$	84,680,470
		LIABILITIES IN EXCESS OF OTHER ASSETS - (24.1)%		(16,441,586	)
		NET ASSETS - 100.0%	$	68,238,884

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 $16,071,166 at July 31, 2023.
(c)	Rate disclosed is the seven day effective yield as of July 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 EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		CLOSED END FUNDS — 1.0%
		MIXED ALLOCATION - 1.0%
	136,545	Vietnam Enterprise Investments Ltd.(a) TOTAL CLOSED END FUNDS (Cost $861,698)	$	1,146,762
		COMMON STOCKS — 98.0%
		ASSET MANAGEMENT - 0.8%
	400,280	East Money Information Company Ltd.		903,409
		AUTOMOTIVE - 2.8%
	18,400	BYD Company Ltd.		702,541
	5,961	Hyundai Mobis Company Ltd.		1,087,032
	12,297	Kia Motors Corporation		796,498
	85,277	Sona Blw Precision Forgings Ltd.		591,837
				3,177,908
		BANKING - 11.9%
	167,748	Banco Bradesco S.A. - ADR(c)		592,150
	1,777,700	Bank Central Asia Tbk P.T.		1,076,489
	34,417	Bank Polska Kasa Opieki S.A.		1,016,579
	235,265	FirstRand Ltd.		957,266
	11,900	HDFC Bank Ltd. - ADR		812,532
	194,036	HDFC Bank Ltd.		3,896,633
	1,496,000	Industrial & Commercial Bank of China Ltd., H Shares		730,539
	210,148	Itau Unibanco Holding S.A. - ADR		1,262,989
	1,620,700	Public Bank Bhd		1,498,829
	117,820	Qatar National Bank QPSC		549,426
	388,400	SCB X PCL		1,277,782
				13,671,214
		BEVERAGES - 4.1%
	19,800	Heineken Malaysia Bhd		114,761
	4,300	Kweichow Moutai Company Ltd.		1,135,208
	348,514	Varun Beverages Ltd.		3,411,447
				4,661,416

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		BIOTECH & PHARMA - 0.5%
	720,000	CSPC Pharmaceutical Group Ltd.	$	601,399
		CHEMICALS - 2.2%
	3,906	LG Chem Ltd.		1,983,101
	7,577	Sociedad Quimica y Minera de Chile S.A. - ADR(c)		558,349
				2,541,450
		CONSUMER SERVICES - 0.8%
	946,000	China Education Group Holdings Ltd.		875,636
		E-COMMERCE DISCRETIONARY - 5.5%
	314,341	Alibaba Group Holding Ltd.(a),		4,017,091
	121,940	Meituan(a),		2,327,852
				6,344,943
		ELECTRIC UTILITIES - 1.0%
	77,040	ACEN Corporation(a)		7,347
	290,486	Shenzhen Envicool Technology Company Ltd.		1,156,104
				1,163,451
		ELECTRICAL EQUIPMENT - 1.8%
	374,628	NARI Technology Company Ltd.		1,276,154
	105,267	Zhejiang Supcon Technology Company Ltd.		798,036
				2,074,190
		ENGINEERING & CONSTRUCTION - 2.8%
	69,518	Larsen & Toubro Ltd.		2,268,953
	21,907	Mytilineos S.A.		911,781
				3,180,734
		ENTERTAINMENT CONTENT - 2.4%
	125,090	NetEase, Inc.		2,724,505
		FOOD - 0.6%
	4,480,700	Monde Nissin Corporation		669,595
		HEALTH CARE FACILITIES & SERVICES - 3.2%
	113,400	Hangzhou Tigermed Consulting Company Ltd.		737,238

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 3.2% (Continued)
	408,910	Max Healthcare Institute Ltd.(a)	$	2,960,514
				3,697,752
		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	45,900	Hong Kong Exchanges & Clearing Ltd.		1,935,240
		INSURANCE - 3.0%
	185,600	AIA Group Ltd.		1,856,882
	113,170	Prudential PLC		1,571,639
				3,428,521
		INTERNET MEDIA & SERVICES - 9.1%
	70,700	KE Holdings, Inc., Institutional Class - ADR(a)		1,231,594
	4,266	Naspers Ltd., N Shares		838,422
	143,000	Tencent Holdings Ltd.		6,572,453
	42,100	Trip.com Group Ltd. - ADR(a),(c)		1,727,784
				10,370,253
		LEISURE FACILITIES & SERVICES - 4.1%
	182,930	Jollibee Foods Corporation		852,376
	896,757	Lemon Tree Hotels Ltd.(a)		1,009,987
	1,052,400	Minor International PCL		1,015,530
	104,298	OPAP S.A.		1,834,558
				4,712,451
		MACHINERY - 1.1%
	70,200	Jiangsu Hengli Hydraulic Company Ltd.		705,279
	235,026	Sany Heavy Industry Company Ltd., Class A		584,820
				1,290,099
		MEDICAL EQUIPMENT & DEVICES - 1.3%
	35,200	Shenzhen Mindray Bio-Medical Electronics Company		1,461,099
		OIL & GAS PRODUCERS - 1.9%
	376,189	Gazprom PJSC(b)		—
	89,100	Petroleo Brasileiro S.A. - ADR		1,307,988
	198,010	PTT Exploration & Production PCL		924,760
				2,232,748

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS - 1.0%
	667,729	Indiabulls Real Estate Ltd.(a)	$	562,922
	230,490	Vinhomes JSC(a),		613,006
				1,175,928
		RENEWABLE ENERGY - 1.0%
	34,920	Contemporary Amperex Technology Company Ltd.		1,164,471
		RETAIL - CONSUMER STAPLES - 1.7%
	8,512	Magnit PJSC(b)		—
	472,337	Wal-Mart de Mexico S.A.B. de C.V.		1,967,554
				1,967,554
		RETAIL - DISCRETIONARY - 0.6%
	1,598,700	Home Product Center PCL		663,798
		SEMICONDUCTORS - 12.1%
	22,000	Alchip Technologies Ltd.		1,397,141
	13,000	eMemory Technology, Inc.		768,610
	11,000	Global Unichip Corporation		574,044
	26,047	SK Hynix, Inc.		2,517,565
	451,608	Taiwan Semiconductor Manufacturing Company Ltd.		8,136,448
	5,300	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		525,495
				13,919,303
		TECHNOLOGY HARDWARE - 11.6%
	62,099	Accton Technology Corporation		755,911
	194,000	Delta Electronics, Inc.		2,259,560
	268,000	E Ink Holdings, Inc.		1,917,685
	133,855	Samsung Electronics Company Ltd.		7,314,515
	177,000	Unimicron Technology Corporation		1,042,602
				13,290,273
		TECHNOLOGY SERVICES - 1.7%
	285,033	Shanghai Baosight Software Company Ltd.		1,918,323
		TELECOMMUNICATIONS - 2.6%
	148,450	Bharti Airtel Ltd.		1,608,185

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares						Fair Value
		COMMON STOCKS — 98.0% (Continued)
		TELECOMMUNICATIONS - 2.6% (Continued)
	5,577,900	Telekomunikasi Indonesia Persero Tbk P.T.				$	1,374,078
							2,982,263
		TRANSPORTATION & LOGISTICS - 2.6%
	159,503	Container Corp Of India Ltd.					1,349,043
	185,376	Spring Airlines Company Ltd.(a)					1,589,387
							2,938,430
		WHOLESALE - CONSUMER STAPLES - 0.5%
	245,734	Devyani International Ltd.(a)					577,856
		TOTAL COMMON STOCKS (Cost $100,861,799)					112,316,212
		PREFERRED STOCKS — 1.6%
		TECHNOLOGY HARDWARE — 1.6%
	40,616	Samsung Electronics Company Ltd. TOTAL PREFERRED STOCKS (Cost $1,985,575)					1,825,781
			Expiration Date		Exercise Price
		WARRANT — 0.0%(d)
		LEISURE FACILITIES & SERVICES - 0.0% (d)
	38,762	Minor International PCL (Thailand)	02/16/2024	$	31.00		3,381
		TOTAL WARRANT (Cost $2,109)					3,381
		SHORT-TERM INVESTMENTS — 1.8%
		COLLATERAL FOR SECURITIES LOANED - 1.0%
	1,159,721	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $1,159,721)(e) (f)					1,159,721

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.8%(Continued)
		MONEY MARKET FUNDS -0.8%
	892,878	First American Government Obligations Fund, Class X, 5.05%(Cost $892,878)(e)	$	892,878
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,052,599)		2,052,599
		TOTAL INVESTMENTS – 102.4% (Cost $105,763,780)	$	117,344,735
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.4)%		(2,794,612	)
		NET ASSETS - 100.0%	$	114,550,123

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

(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)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,107,351 at July 31, 2023.
(d)	Percentage rounds to less than 0.1%.
(e)	Rate disclosed is the seven day effective yield as of July 31, 2023.
(f)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5%
		AUTOMOTIVE - 8.5%
	5,000	Aisin Corporation	$	162,471
	23,857	Bayerische Motoren Werke A.G.		2,909,693
	3,364	Bayerische Motoren Werke A.G.		377,992
	10,835	Continental A.G.		865,162
	9,100	Honda Motor Company Ltd.		290,113
	4,244	Hyundai Mobis Company Ltd.		773,924
	753	Hyundai Motor Company		115,549
	1,761	Kia Motors Corporation		114,063
	17,169	Mercedes-Benz Group A.G.		1,371,324
	77,900	Nissan Motor Company Ltd.		343,151
	99,253	Stellantis N.V.		2,036,743
	26,400	Subaru Corporation		500,361
	37,700	Sumitomo Electric Industries Ltd.		483,375
	6,600	Suzuki Motor Corporation		265,085
	34,900	Zhejiang Cfmoto Power Company Ltd.		731,138
				11,340,144
		BANKING - 11.4%
	167,000	Agricultural Bank of China Ltd., H Shares		60,746
	1,559,658	Akbank T.A.S.		1,618,242
	30,481	Banco Bilbao Vizcaya Argentaria S.A.		241,632
	85,730	Banco Santander S.A.		347,442
	6,714	Bank Hapoalim BM		59,637
	43,009	Bank Leumi Le-Israel BM		343,311
	279,200	Bank of Beijing Company Ltd., Class A		182,534
	14,968	Bank of China Ltd. - ADR		138,454
	3,575,000	Bank of China Ltd., H Shares		1,325,962
	1,150,000	Bank of Communications Company Ltd., H Shares		694,751
	6,913	Barclays plc - ADR		55,235
	31,712	BNK Financial Group, Inc.		167,857
	5,821	BNP Paribas S.A.		383,926
	1,240,000	China Construction Bank Corporation, H Shares		722,746
	350,500	China Minsheng Banking Corp Ltd., H Shares		133,598
	272,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		100,619

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		BANKING - 11.4% (Continued)
	27,662	Commercial International Bank Egypt S.A.E	$	33,305
	1,861	Erste Group Bank A.G.		70,346
	694,354	Haci Omer Sabanci Holding A/S		1,484,924
	10,225	Hana Financial Group, Inc.		314,469
	59,435	Industrial & Commercial Bank of China Ltd. - ADR		577,851
	1,449,000	Industrial & Commercial Bank of China Ltd., H Shares		707,588
	26,400	Industrial Bank Company Ltd.		61,643
	12,641	KB Financial Group, Inc.		505,295
	357,800	Mebuki Financial Group, Inc.		950,539
	121,567	Quinenco S.A.		423,169
	775,890	Sberbank of Russia PJSC(a)(b)		—
	2,831	Shinhan Financial Group Company Ltd.		77,765
	36,156	Skandinaviska Enskilda Banken A.B.		438,283
	6,000	Swedbank A.B., A Shares		110,048
	529,219	Turkiye Garanti Bankasi A/S		863,028
	119,320	Turkiye Is Bankasi A/S		66,976
	21,414	UniCredit SpA		542,270
	1,284,860,000	VTB Bank PJSC(a)(b)		—
	2,410,939	Yapi ve Kredi Bankasi A/S		1,274,064
				15,078,255
		BEVERAGES - 0.1%
	1,857	Anheuser-Busch InBev S.A./NV - ADR(c)		106,406
		BIOTECH & PHARMA - 5.4%
	12,451	Bayer A.G.		728,261
	1,100	Eisai Company Ltd.		69,401
	58,236	GSK plc - ADR		2,071,455
	2,500	Otsuka Holdings Company Ltd.		91,916
	13,679	Roche Holding A.G.		4,240,901
				7,201,934
		CHEMICALS - 1.6%
	8,100	Kaneka Corporation		238,649
	3,200	Nitto Denko Corporation		227,549
	10,128	PhosAgro PJSC(a)(b)		—

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		CHEMICALS - 1.6% (Continued)
	34,000	Shin-Etsu Chemical Company Ltd.	$	1,120,094
	72,200	Toray Industries, Inc.		404,266
	6,408	Yara International ASA - ADR		131,236
				2,121,794
		COMMERCIAL SUPPORT SERVICES - 0.2%
	3,824	Randstad N.V.		224,057
		CONSTRUCTION MATERIALS - 0.0%(d)
	1,100	AGC, Inc.		39,745
	0	Turkiye Sise ve Cam Fabrikalari A/S		1
				39,746
		DIVERSIFIED INDUSTRIALS - 0.7%
	18,900	Mitsubishi Heavy Industries Ltd.		896,667
		E-COMMERCE DISCRETIONARY - 0.4%
	4,705	Alibaba Group Holding Ltd. - ADR(b),(c)		480,663
		ELECTRIC UTILITIES - 0.5%
	1,200	Chubu Electric Power Company, Inc.		15,033
	19,994	Engie S.A.		328,045
	52,622	Origin Energy Ltd.		299,551
				642,629
		ELECTRICAL EQUIPMENT - 0.5%
	7,240	ABB Ltd.		290,503
	82,976	Hefei Meiya Optoelectronic Technology, Inc.		306,717
	7,600	Mitsubishi Electric Corporation		109,674
				706,894
		ENGINEERING & CONSTRUCTION - 1.5%
	1,198,200	China State Construction Engineering Corp Ltd.		1,026,542
	1	Enka Insaat ve Sanayi A/S		1
	1,666,800	Metallurgical Corp of China Ltd., Class A		978,497
				2,005,040
		ENTERTAINMENT CONTENT - 1.0%
	215,400	37 Interactive Entertainment Network Technology		811,590

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		ENTERTAINMENT CONTENT - 1.0% (Continued)
	21,900	Bandai Namco Holdings, Inc.	$	495,464
				1,307,054
		FOOD - 0.3%
	741,000	WH Group Ltd.		404,431
		HOME & OFFICE PRODUCTS - 0.0%(d)
	1	Arcelik A/S(b)		6
		INDUSTRIAL INTERMEDIATE PROD - 0.0%(d)
	1,134	China International Marine Containers Group		1,174
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	13,200	Sumitomo Corporation		283,170
		INSTITUTIONAL FINANCIAL SERVICES - 1.5%
	3,396	Deutsche Boerse A.G.		650,753
	14,800	Haitong Securities Company Ltd.		10,355
	329,400	Nomura Holdings, Inc.		1,362,681
				2,023,789
		INSURANCE - 7.1%
	231,585	China Life Insurance Company Ltd., H Shares		406,574
	6,500	Dai-ichi Life Holdings, Inc.		132,802
	7,097	Hyundai Marine & Fire Insurance Company Ltd.		159,027
	74,000	Japan Post Holdings Company Ltd.		540,376
	28,900	MS&AD Insurance Group Holdings, Inc.		1,074,857
	4,367	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen		1,644,128
	23,705	NN Group N.V.		908,834
	1,375,300	People’s Insurance Company Group of China Ltd.		1,217,162
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		890,096
	3,712	Samsung Fire & Marine Insurance Company Ltd.		708,142
	28,200	Sompo Holdings, Inc.		1,246,708
	5,130	Swiss Re A.G.		535,224
				9,463,930

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		LEISURE FACILITIES & SERVICES - 0.5%
	8,985	Restaurant Brands International, Inc.	$	687,892
		MACHINERY - 1.8%
	4,000	Keyence Corporation		1,794,918
	29,300	Yokogawa Electric Corporation		550,207
				2,345,125
		MEDICAL EQUIPMENT & DEVICES - 1.0%
	934	Alcon, Inc.		79,470
	2,390	Alcon, Inc.		202,959
	4,800	Hoya Corporation		558,990
	7,600	Shimadzu Corporation		230,812
	13,130	Smith & Nephew plc		199,762
				1,271,993
		METALS & MINING - 1.8%
	67,500	China Shenhua Energy Company Ltd.		268,561
	17,000	China Shenhua Energy Company Ltd., H Shares		50,956
	3,785	MMC Norilsk Nickel PJSC(a)(b)		—
	1,994	Rio Tinto plc		131,809
	17,172	Rio Tinto plc - ADR(c)		1,142,796
	362,000	Shanxi Coal International Energy Group Company		739,911
				2,334,033
		OIL & GAS PRODUCERS - 16.0%
	73,743	BP plc - ADR		2,750,614
	105,666	BP PLC		655,651
	991,900	China Petroleum & Chemical Corporation		862,023
	1,214,000	China Petroleum & Chemical Corporation, H Shares		679,885
	17,700	ENEOS Holdings, Inc.		64,216
	25,103	Eni SpA - ADR(c)		769,407
	13,665	Eni SpA		208,646
	2,334	Equinor ASA - ADR(c)		71,607
	6,389	Equinor ASA		195,436
	87,530	Gazprom PJSC - ADR(a)(b)		—
	247,390	Gazprom PJSC(a)(b)		—
	57,600	Idemitsu Kosan Company Ltd.		1,216,296

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		OIL & GAS PRODUCERS - 16.0% (Continued)
	37,200	Inpex Corporation	$	480,321
	486,725	KOC Holding A/S		2,439,418
	24,250	LUKOIL PJSC(a)(b)		—
	22,511	Motor Oil Hellas Corinth Refineries S.A.		568,972
	9,000	OMV A.G.		405,533
	2,062,700	PetroChina Company Ltd.		2,291,381
	1,184,100	PetroChina Company Ltd., H Shares		868,227
	126,800	Petroleo Brasileiro S.A.		933,449
	3,417	Petroleo Brasileiro S.A.- A - ADR		45,104
	21,279	Petroleo Brasileiro S.A. - ADR		312,376
	60,434	Polski Koncern Naftowy ORLEN S.A.		1,077,486
	11,600	PTT Exploration & Production PCL		54,175
	9,462	Repsol S.A.		144,477
	117,940	Rosneft Oil Company PJSC(a)(b)		—
	31,418	Shell plc - ADR		1,936,291
	76,652	Shell plc		2,358,154
	6,830	Tatneft PJSC(a)(b)		—
				21,389,145
		OIL & GAS SERVICES & EQUIPMENT - 0.6%
	1,256,700	CNOOC Energy Technology & Services Ltd.		547,235
	606,300	Sinopec Oilfield Service Corporation-A(b)		184,260
	1,708,000	Sinopec Oilfield Service Corporation-H(b)		129,356
				860,851
		PUBLISHING & BROADCASTING - 0.1%
	68,800	Jiangsu Phoenix Publishing & Media Corp Ltd.		100,906
		RETAIL - CONSUMER STAPLES - 1.3%
	7,372	Dollarama, Inc.		485,630
	70,700	Shanghai Bailian Group Company Ltd.		48,500
	47,593	Woolworths Group Ltd.		1,235,819
				1,769,949
		RETAIL - DISCRETIONARY - 0.4%
	3,842	Hennes & Mauritz A.B., Class B		64,620

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		RETAIL - DISCRETIONARY - 0.4% (Continued)
	3,800	Nitori Holdings Company Ltd.	$	465,307
				529,927
		SEMICONDUCTORS - 7.9%
	17,000	ASE Technology Holding Company Ltd.		62,080
	5,153	ASML Holding N.V.		3,691,357
	1,312	ASML Holding N.V. - ADR		939,930
	3,100	Lasertec Corporation		469,271
	33,000	MediaTek, Inc.		724,514
	281,400	MLS Company Ltd.		366,537
	63,000	Novatek Microelectronics Corporation		850,049
	55,000	Taiwan Semiconductor Manufacturing Company Ltd.		990,914
	10,483	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		1,039,389
	10,000	Tokyo Electron Ltd.		1,500,828
				10,634,869
		SOFTWARE - 1.4%
	108	Constellation Software, Inc.		228,191
	1,442	Open Text Corporation		61,934
	6,857	SAP S.E.		935,482
	8,869	Shopify, Inc., Class A(b)		599,367
				1,824,974
		SPECIALTY FINANCE - 1.1%
	49,600	ORIX Corporation		954,106
	20,481	Samsung Card Company Ltd.		456,818
				1,410,924
		STEEL - 0.5%
	17,800	Mitsui & Company Ltd.		694,716
		TECHNOLOGY HARDWARE - 4.2%
	70,300	Anker Innovations Technology Company Ltd.		799,837
	10,100	Brother Industries Ltd.		157,434
	74,000	BYD Electronic International Company Ltd.		285,682
	12,000	Canon, Inc.		310,136
	103,000	Chicony Electronics Company Ltd.		342,341
	5,400	FUJIFILM Holdings Corporation		313,546

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		TECHNOLOGY HARDWARE - 4.2% (Continued)
	296,425	Hisense Visual Technology Company Ltd.	$	897,748
	28,000	Inventec Corporation		56,828
	2,200	Kyocera Corporation		118,383
	84,000	Lenovo Group Ltd.		96,700
	538	LG Electronics, Inc.		45,705
	5,466	Logitech International S.A.		379,231
	27,000	Micro-Star International Company Ltd.		167,089
	25,050	Samsung Electronics Company Ltd.		1,368,859
	5,292	Shenzhen Transsion Holdings Company Ltd.		90,947
	35,200	ZTE Corporation, H Shares		128,826
				5,559,292
		TECHNOLOGY SERVICES - 2.7%
	11,851	Experian plc		458,024
	7,000	Fujitsu Ltd.		906,403
	2,800	Nomura Research Institute Ltd.		79,560
	27,000	NTT Data Corporation		375,592
	13,825	RELX plc - ADR		465,350
	1,870	Thomson Reuters Corporation(c)		252,927
	7,689	Wolters Kluwer N.V.		965,666
				3,503,522
		TELECOMMUNICATIONS - 4.2%
	2,583,200	China United Network Communications Ltd.		1,869,569
	137,923	Deutsche Telekom A.G.		3,007,237
	154,974	Telefonica S.A.		660,384
	7,402	Telenor ASA		79,240
				5,616,430
		TRANSPORTATION & LOGISTICS - 4.9%
	211	AP Moller - Maersk A/S - Series A		424,260
	467,960	COSCO SHIPPING Holdings Company Ltd., Class A		663,723
	2,888	Deutsche Post A.G.		148,527
	5,900	Japan Airlines Company Ltd.		127,735
	20,000	Mitsui OSK Lines Ltd.		517,022
	8,500	Nippon Express Holdings Company Ltd.		498,351
	21,300	Nippon Yusen KK		518,133

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		TRANSPORTATION & LOGISTICS - 4.9% (Continued)
	342,900	TangShan Port Group Company Ltd.	$	178,542
	391,593	Turk Hava Yollari AO(b)		3,404,851
				6,481,144
		TRANSPORTATION EQUIPMENT - 0.1%
	2,442	Daimler Truck Holding A.G.		91,660
	39,196	Sinotruk Jinan Truck Company Ltd.		98,084
				189,744
		WHOLESALE - CONSUMER STAPLES - 1.1%
	38,800	Marubeni Corporation		686,935
	13,900	Mitsubishi Corporation		711,194
				1,398,129
		WHOLESALE - DISCRETIONARY - 1.0%
	21,700	Toyota Tsusho Corporation		1,269,526
		TOTAL COMMON STOCKS (Cost $115,382,747)		124,200,874
		EXCHANGE-TRADED FUNDS — 1.0%
		EQUITY - 1.0%
	13,599	Global X MSCI Argentina ETF		636,841
	8,883	iShares MSCI EAFE ETF(c)		661,428
				1,298,269
		TOTAL EXCHANGE-TRADED FUNDS (Cost $960,257)		1,298,269
		PREFERRED STOCKS — 4.3%
		AUTOMOTIVE — 1.4%
	5,604	Hyundai Motor Company		456,001
	11,130	Volkswagen A.G.		1,474,623
				1,930,624

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	110,420	Mirae Asset Securities Company Ltd.	$	306,857
		INSURANCE — 0.4%
	3,206	Samsung Fire & Marine Insurance Company Ltd.		434,683
		OIL & GAS PRODUCERS — 1.6%
	334,600	Petroleo Brasileiro S.A.		2,202,079
		TECHNOLOGY HARDWARE — 0.7%
	19,632	Samsung Electronics Company Ltd.		882,503
		TOTAL PREFERRED STOCKS (Cost $6,013,295)		5,756,746
		SHORT-TERM INVESTMENTS — 2.5%
		COLLATERAL FOR SECURITIES LOANED - 2.2%
	2,938,671	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $2,938,671)(e)(f)		2,938,671
		MONEY MARKET FUNDS - 0.3%
	326,599	Fidelity Government Portfolio, CLASS I, 5.03% (Cost $326,599)(e)		326,599
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,265,270)		3,265,270
		TOTAL INVESTMENTS - 101.3% (Cost $125,621,569)	$	134,521,159
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%		(1,677,022	)
		NET ASSETS - 100.0%	$	132,844,137

ADR	- American Depositary Receipt
A/S	- Anonim Sirketi
EAFE	- Europe, Australasia and Far East
ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company
LTD	- Limited Company
MSCI	- Morgan Stanley Capital International
NV	- Naamioze Vennootschap
PJSC	- Public Joint-Stock Company
PLC	- Public Limited Company
S/A	- Société Anonyme

(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)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,887,837 at July 31, 2023.
(d)	Percentage rounds to less than 0.1%.
(e)	Rate disclosed is the seven day effective yield as of July 31, 2023.
(f)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 42.1%
		COMMODITY - 0.1%
	1,267	iShares GSCI Commodity Dynamic			$	36,021
		EQUITY - 42.0%
	81,300	Franklin FTSE Japan ETF				2,257,701
	107,700	Franklin FTSE United Kingdom ETF				2,716,194
	29,800	Invesco Nasdaq 100 ETF				4,706,314
	55,100	SPDR EURO STOXX 50 ETF				2,591,353
	12,843	SPDR S&P 500 ETF Trust				5,879,397
						18,150,959
		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,037,672)				18,186,980
Principal			Coupon Rate
Amount ($)			(%)	Maturity
		NON U.S. GOVERNMENT & AGENCIES — 4.4%
		SUPRANATIONAL — 4.4%
	1,000,000	Inter-American Development Bank	2.6250	01/16/24		986,529
	1,000,000	International Bank for Reconstruction & Development	0.3750	07/28/25		914,414
						1,900,943
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,915,054)				1,900,943
		U.S. GOVERNMENT & AGENCIES — 29.3%
		U.S. TREASURY NOTES — 29.3%
	1,200,000	United States Treasury Note	0.1250	09/15/23		1,192,507
	1,000,000	United States Treasury Note	0.3750	10/31/23		987,786
	1,500,000	United States Treasury Note	2.5000	05/15/24		1,466,306
	1,500,000	United States Treasury Note	0.3750	07/15/24		1,431,219
	1,000,000	United States Treasury Note	1.5000	09/30/24		957,344
	5,000,000	United States Treasury Note	1.0000	12/15/24		4,722,363
	2,000,000	United States Treasury Note	1.1250	02/28/25		1,879,883
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,683,624)				12,637,408

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

			Discount Rate
Shares			(%)	Maturity	Fair Value
		SHORT-TERM INVESTMENTS — 20.7%
		MONEY MARKET FUNDS - 10.6%
	4,587,542	Morgan Stanley Institutional Liquidity Fund, Institutional Class, 5.07% (Cost $4,587,542)(b)			$	4,587,542
Principal
Amount ($)
		U.S. TREASURY BILLS — 10.1%
	4,500,000	United States Treasury Bill (Cost $4,373,285)(a)	5.1053	02/22/24		4,368,537
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,960,827)				8,956,079
		TOTAL INVESTMENTS - 96.5% (Cost $37,597,177)			$	41,681,410
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%				1,503,507
		NET ASSETS - 100.0%			$	43,184,917

OPEN FUTURES CONTRACTS

Number of						Value and Unrealized
Contracts		Open Long Futures Contracts	Expiration	Notional Amount(c)		Appreciation
	5	CME E-Mini NASDAQ 100 Index Future	09/15/2023	$	1,585,750	$	111,950
	2	CME E-Mini Standard & Poor’s 500 Index Futures	09/15/2023		461,450		26,570
	77	Eurex EURO STOXX 50 Future	09/15/2023		3,806,818		125,296
	36	FTSE 100 Index Future	09/15/2023		3,552,641		45,391
	63	TSE TOPIX (Tokyo Price Index) Future	09/07/2023		10,304,493		548,828
		TOTAL FUTURES CONTRACTS				$	858,035
OPEN FUTURES CONTRACTS
Number of						Value and Unrealized
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(c)		Appreciation (Depreciation)
	51	CBOT 10 Year US Treasury Note	09/20/2023	$	5,681,719	$	79,080
	7	Eurex 10 Year Euro BUND Future	09/07/2023		1,023,752		(1,812	)
	3	Euro-BTP Italian Bond Futures	09/07/2023		382,670		(2,066	)
	17	French Government Bond Futures	09/07/2023		2,384,187		13,486
	15	Long Gilt Future	09/27/2023		1,850,671		(19,950	)
		TOTAL FUTURES CONTRACTS				$	68,738

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation
To Sell:
British Pound	09/21/2023	US Bank		1,940,000	$	2,490,436	$	49,301
Euro	09/21/2023	US Bank		2,200,000		2,425,313		53,746
Japanese Yen	09/21/2023	US Bank		290,000,000		2,054,968		54,528
					$	6,970,717	$	157,575
Total							$	157,575

ETF	- Exchange-Traded Fund
SPDR	- Standard & Poor’s Depositary Receipt

^(a) Zero coupon bond.

^(b) Rate disclosed is the seven day effective yield as of July 31, 2023.

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

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares						Fair Value
		COMMON STOCKS — 0.0%(a)
		TELECOMMUNICATIONS - 0.0%(a)
	10,000	NII Holdings, Inc. 144A(b),(c)				$	5,700
		TOTAL COMMON STOCKS (Cost $57,730)					5,700
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 54.5%
		ASSET MANAGEMENT — 2.3%
	3,440,000	CI Financial Corporation		4.1000	06/15/51		2,105,527
	2,780,000	PennantPark Investment Corporation		4.0000	11/01/26		2,437,262
							4,542,789
		AUTOMOTIVE — 1.9%
	1,885,000	Ford Motor Credit Company, LLC(d)		3.3700	11/17/23		1,867,783
	2,065,000	Hyundai Capital America(c)		1.0000	09/17/24		1,952,540
							3,820,323
		BANKING — 19.6%
	2,510,000	Bank of America Corporation(e)	SOFRRATE + 0.670%	1.8430	02/04/25		2,458,885
	7,265,000	BPCE S.A.(c),(e)	SOFRRATE + 2.100%	5.9750	01/18/27		7,239,637
	1,210,000	Danske Bank A/S(c),(e)	H15T1Y + 2.100%	6.4660	01/09/26		1,214,697
	3,545,000	HSBC Holdings plc(f)	SOFRRATE + 1.430%	6.5030	03/10/26		3,568,221
	2,005,000	JPMorgan Chase & Company(f)	ICE LIBOR USD 3 Month + 0.550%	5.8490	02/01/27		1,871,296
	3,260,000	KeyCorp Capital II		6.8750	03/17/29		2,979,360
	1,080,000	Lloyds Banking Group plc(e)	H15T1Y + 3.500%	3.8700	07/09/25		1,056,839
	950,000	Mitsubishi UFJ Financial Group, Inc.(e)	H15T1Y + 1.080%	5.7190	02/20/26		947,276
	3,550,000	NatWest Group plc(e)	H15T1Y + 2.850%	7.4720	11/10/26		3,662,421
	4,110,000	Societe Generale S.A.(c)		7.3670	01/10/53		4,107,486
	4,735,000	Synchrony Bank		5.4000	08/22/25		4,558,719
	5,145,000	Wells Fargo & Company(f)	US0003M + 0.500%	6.0700	01/15/27		4,911,032
	795,000	Wells Fargo & Company		5.9500	12/01/86		787,467
							39,363,336
		CHEMICALS — 2.5%
	4,970,000	Celanese US Holdings, LLC		5.9000	07/05/24		4,962,310

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 54.5% (Continued)
		CONSUMER SERVICES — 2.2%
	2,300,000	Grand Canyon University		4.1250	10/01/24	$	2,176,950
	2,300,000	Grand Canyon University		5.1250	10/01/28		2,126,741
							4,303,691
		ELECTRIC UTILITIES — 6.8%
	3,310,000	American Electric Power Company, Inc.		2.0310	03/15/24		3,231,290
	3,465,000	American Electric Power Company, Inc.		5.6990	08/15/25		3,457,163
	2,785,000	Pacific Gas and Electric Company		1.7000	11/15/23		2,750,380
	4,397,000	Vistra Operations Company, LLC(c)		4.8750	05/13/24		4,335,720
							13,774,553
		FOOD — 2.7%
	5,470,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA(c),(d)		6.5000	12/01/52		5,361,230
		INSTITUTIONAL FINANCIAL SERVICES — 4.1%
	3,515,000	Credit Suisse Group A.G.(c),(e)	SOFRRATE + 3.340%	6.3730	07/15/26		3,519,983
	4,185,000	Credit Suisse Group A.G.(c),(e)	USSW5 + 4.598%	7.5000	06/11/70		251,100
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,499,417
	2,050,000	Goldman Sachs Group, Inc. (The)(f)	SOFRRATE + 0.490%	5.6300	10/21/24		2,046,275
							8,316,775
		INSURANCE — 2.7%
	2,155,000	Mutual of Omaha Insurance Company(c),(e)	ICE LIBOR USD 3 Month + 2.640%	4.2970	07/15/54		2,098,171
	2,285,000	Ohio National Financial Services, Inc.(c)		5.8000	01/24/30		2,126,219
	1,000,000	Pacific Life Insurance Company(c)		9.2500	06/15/39		1,286,778
							5,511,168
		LEISURE FACILITIES & SERVICES — 0.8%
	1,600,000	Mohegan Tribal Gaming Authority(c)		13.2500	12/15/27		1,700,731
		OIL & GAS PRODUCERS — 4.3%
	2,135,000	Earthstone Energy Holdings, LLC(c),(d)		8.0000	04/15/27		2,114,755
	2,525,000	Energean Israel Finance Ltd.		5.8750	03/30/31		2,214,551
	845,000	Rockcliff Energy II, LLC(c)		5.5000	10/15/29		774,618
	2,230,000	Saudi Arabian Oil Company(c)		1.2500	11/24/23		2,196,847

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		CORPORATE BONDS — 54.5% (Continued)
		OIL & GAS PRODUCERS — 4.3% (Continued)
	1,725,000	Tullow Oil plc(c)		10.2500	05/15/26	$	1,404,495
						$	8,705,266
		SPECIALTY FINANCE — 3.1%
	5,150,000	AerCap Ireland Capital DAC / AerCap Global		1.1500	10/29/23		5,086,999
	1,195,000	Antares Holdings, L.P.(c)		6.0000	08/15/23		1,194,040
							6,281,039
		TELECOMMUNICATIONS — 1.5%
	2,150,000	Sprint Corporation		7.1250	06/15/24		2,172,142
	883,500	Sprint Spectrum Company, LLC / Sprint Spectrum(c)		5.1520	03/20/28		874,185
							3,046,327
		TOTAL CORPORATE BONDS (Cost $116,679,187)					109,689,538
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		TERM LOANS — 0.9%
		FOOD — 0.9%
	1,965,125	Del Monte Foods, Inc.(f)	SOFRRATE -– %	9.4390	05/16/29		1,908,225
		TOTAL TERM LOANS (Cost $1,945,717)					1,908,225
Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 41.4%
		U.S. TREASURY BILLS — 41.4%
	29,000,000	United States Treasury Bill B(g)		—	10/26/23		28,635,645
	18,275,000	United States Treasury Bill(g)		—	11/16/23		17,988,693
	20,690,000	United States Treasury Bill(g)		—	12/14/23		20,281,696
	220,000	United States Treasury Note		4.0000	06/30/28		218,118
	3,045,000	United States Treasury Note		4.1250	07/31/28		3,037,744
	3,310,000	United States Treasury Note		4.0000	07/31/30		3,295,002
	6,610,000	United States Treasury Note		3.3750	05/15/33		6,300,673
	3,915,000	United States Treasury Note		3.6250	02/15/53		3,644,926
							83,402,497
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost$83,667,475)					83,402,497

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 6.2%
		COLLATERAL FOR SECURITIES LOANED - 3.2%
	6,449,530	Mount Vernon Liquid Assets Portfolio, LLC, 5.47%(h)	$	6,449,530
		MONEY MARKET FUND - 3.0%
	6,010,983	First American Government Obligations Fund Class X, 5.05% (h)		6,010,983
		TOTAL SHORT-TERM INVESTMENTS (Cost $12,460,513)		12,460,513
		TOTAL INVESTMENTS - 103.0% (Cost $214,810,622)	$	207,466,473
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)%		(6,018,613	)
		NET ASSETS - 100.0%	$	201,447,860

OPEN FUTURES CONTRACTS

Number of						Value and Unrealized
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(i)		Appreciation
	72	CBOT 10 Year US Treasury Note	09/20/2023	$	8,021,250	$	204,076
	33	CBOT 5 Year US Treasury Note	09/29/2023		3,525,070		77,897
	22	CBOT US Treasure Bond Futures	09/20/2023		2,737,625		58,952
	96	Ultra 10-Year US Treasury Note Futures	09/20/2023		11,230,501		240,138
	79	Ultra U.S. Treasury Bond Futures	09/20/2023		10,445,281		187,471
		TOTAL FUTURES CONTRACTS				$	768,534

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF FUTURES CONTRACTS

July 31, 2023 (Unaudited)

CREDIT DEFAULT SWAP AGREEMENTS

Description and Payment Frequency	Payment Frequency	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread	Maturity Date	Notional Value		Fair Value(l)			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY SERIES 40	To Buy Monthly	HSBC Securities	5.00%	(39.10)	6/20/2028	$	17,000,000		(602,814	)		(49,934	)		(558,880	)
CDX.NA.IG SERIES 40	To Buy Monthly	JP Morgan	1.00%	81.69	6/20/2028		41,000,000		(660,208	)		(336,647	)		(323,561	)
DARDEN RESTAURANTS INC	To Buy Monthly	Barclays	1.00%	—	6/20/2027		7,000,000		(143,401	)		(18,113	)		(128,288	)
DR HORTON INC	To Buy Monthly	US Bank	1.00%	—	12/20/2027		3,500,000		(70,464	)		59,590			(130,054	)
OMNICOM GROUP	To Buy Monthly	Barclays	1.00%	—	6/20/2028		5,000,000		(111,723	)		(103,903	)		(7,820	)
THE WALT DISNEY COMPANY	To Buy Monthly	Barclays	1.00%	—	6/20/2028		5,000,000		97,545			103,903			(6,358	)
UNITED STATES STEEL CORP	To Buy Monthly	Barclays	5.00%	—	12/20/2027		2,800,000		(165,407	)		(69,141	)		(96,266	)
VERIZON COMMUNICATIONS INC (k)	To Buy Monthly	Barclays	1.00%	—	6/20/2027		7,000,000		27,730			3,260			24,470
TOTAL								$	(1,628,742	)	$	(410,985	)	$	1,223,757

TOTAL RETURN SWAPS

Description	Frequency	Counterparty	Notional Value		Variable Rate Premium Paid	Premium Paid		Maturity Date	Unrealized Depreciation
Markit IBoxx US Dollar Liquid High Yield Index	At Maturity	Barclays	$	14,000,000	1D SOFRRATE	$	166,826	9/20/2023	$	(351,226	)

A/S	- Anonim Sirketi
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
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0003M	ICE LIBOR USD 3 Month
USSW5	USD SWAP SEMI 30/360 5YR

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

^(b) Non-income producing security.

^(c) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 43,758,932 or 21.7% of net assets. (d) All or a portion of these securities are on loan. Total loaned securities had a value of $6,316,460 at July 31, 2023.

^(e) Variable rate security; the rate shown represents the rate on July 31, 2023.

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

^(g) Zero coupon bond.

^(h) Rate disclosed is the seven day effective yield as of July 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%.

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

^(l) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		CLOSED END FUNDS — 2.9%
		EQUITY - 2.9%
	2,468,782	Altaba, Inc. (i)	$	5,678,199
		TOTAL CLOSED END FUNDS (Cost $22,837,384)		5,678,199
Shares			Fair Value
		COMMON STOCKS — 80.8%
		AEROSPACE & DEFENSE - 3.1%
	43,432	HEICO Corporation, Class A		6,095,681
		ASSET MANAGEMENT - 2.2%
	658,933	Canaccord Genuity Group, Inc.		4,147,815
	469,792	Pershing Square Tontine Holdings Ltd.(a)		46,979
				4,194,794
		BIOTECH & PHARMA - 6.1%
	66,706	Horizon Therapeutics plc(a)		6,688,612
	25,348	Seagen, Inc.(a),(b)		4,861,239
				11,549,851
		CABLE & SATELLITE - 8.1%
	105,691	Liberty Broadband Corporation - Series C(a)		9,420,239
	335,012	Liberty Global plc, Class A(a)		6,221,173
				15,641,412
		CHEMICALS - 3.0%
	160,320	Univar Solutions, Inc.(a)		5,793,964
		ELECTRIC UTILITIES - 8.3%
	969,430	Origin Energy Ltd.		5,514,858
	237,084	PNM Resources, Inc.(b)		10,626,105
				16,140,963
		ELECTRICAL EQUIPMENT - 5.1%
	53,346	National Instruments Corporation		3,147,414
	205,795	Toshiba Corporation		6,638,082
				9,785,496

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.8% (Continued)
		ENTERTAINMENT CONTENT - 7.9%
	162,996	Activision Blizzard, Inc.	$	15,119,509
		HEALTH CARE FACILITIES & SERVICES - 4.1%
	43,519	Amedisys, Inc.(a)		3,953,266
	91,956	Syneos Health, Inc.(a)		3,899,854
				7,853,120
		INDUSTRIAL SUPPORT SERVICES - 4.0%
	92,627	Triton International Ltd.		7,809,382
		INSURANCE - 1.7%
	63,380	American Equity Investment Life Holding Company		3,401,605
		LEISURE FACILITIES & SERVICES - 0.0%(c)
	—	Atlanta Braves Holdings, Inc.(a)		—
		MACHINERY - 0.0%(c)
	—	Xylem, Inc.		—
		MEDICAL EQUIPMENT & DEVICES - 2.3%
	34,956	ABIOMED, Inc. - CVR(a)		61,173
	74,000	Globus Medical, Inc., Class A(a)		4,459,980
				4,521,153
		METALS & MINING - 1.0%
	111,561	Newcrest Mining Ltd.		1,978,861
		OIL & GAS PRODUCERS - 7.3%
	84,102	Columbia Pipeline Group, Inc.(a)		—
	66,635	Denbury, Inc.(a)		5,857,883
	110,672	PDC Energy, Inc.(b)		8,398,898
				14,256,781
		PUBLISHING & BROADCASTING - 3.5%
	42,533	Liberty Media Corp-Liberty Formula One - Series A(a)		2,734,021
	237,846	TEGNA, Inc.(b)(g)		4,019,598
				6,753,619

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares						Fair Value
		COMMON STOCKS — 80.8% (Continued)
		RETAIL - CONSUMER STAPLES - 2.5%
	223,028	Albertsons Companies, Inc., Class A				$	4,846,398
		RETAIL - DISCRETIONARY - 0.2%
	71,634	Sportsman’s Warehouse Holdings, Inc.(a),(b)(g)					451,294
		SELF-STORAGE REIT - 0.0%(c)
	—	Extra Space Storage, Inc.					—
		SEMICONDUCTORS - 3.9%
	200,525	Tower Semiconductor Ltd.(a)					7,569,819
		SOFTWARE - 5.0%
	99,364	ForgeRock, Inc.(a),(b) (g)					2,051,867
	49,165	VMware, Inc., Class A(a)					7,749,879
							9,801,746
		TELECOMMUNICATIONS - 0.0%(c)
	205,893	NII Holdings, Inc. 144A(a),(d), (i)					72,063
		TRANSPORTATION & LOGISTICS - 1.5%
	1,025	American Airlines Group, Inc.(a)					17,169
	155,000	Spirit Airlines, Inc.					2,836,500
							2,853,669
		TOTAL COMMON STOCKS (Cost $157,134,020)					156,491,180
Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.5%
		FORESTRY, PAPER & WOOD PRODUCTS - 0.5%
	532,221	Resolute Forest Products, Inc. - CVR(i)	12/20/2023	$	20.50		1,064,442
		TOTAL RIGHT (Cost $798,332)					1,064,442

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares									Fair Value
		SHORT-TERM INVESTMENTS — 11.7%
		COLLATERAL FOR SECURITIES LOANED - 1.3%
	2,527,045	Mount Vernon Liquid Assets Portfolio, LLC, 5.47%(e)(h)							$	2,527,045
		MONEY MARKET FUND - 10.4%
	20,217,478	Fidelity Government Portfolio, CLASS I, 5.03% (e)								20,217,478
		TOTAL SHORT-TERM INVESTMENTS (Cost $22,744,523)								22,744,523
		TOTAL INVESTMENTS - 95.9% (Cost $203,514,259)							$	185,978,344
		SECURITIES SOLD SHORT – (26.7)% (Proceeds - $$47,711,703)								(51,971,109	)
		CALL OPTIONS WRITTEN - (0.2)% (Proceeds - $584,282)								(414,463	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 31.0%								60,060,157
		NET ASSETS - 100.0%							$	193,652,929
Contracts(f)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (0.2)%
		CALL OPTIONS WRITTEN- (0.2)%
	395	Globus Medical, Inc.	Morgan Stanley	09/15/2023	$	60	$	2,380,665	$	89,863
	345	Globus Medical, Inc.	Morgan Stanley	09/15/2023		63		2,079,315		82,800
	1,550	Spirit Airlines, Inc.	Morgan Stanley	09/15/2023		18		2,836,500		241,800
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $584,282)								414,463
		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $584,282)							$	414,463

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

(a)	Non-income producing security.
(b)	Restricted security.
(c)	Percentage rounds to less than 0.1%.
(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 July 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 July 31, 2023.
(f)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(g)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,472,854 at July 31, 2023.
(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 3.54% of net assets. The total value of these securities is $6,814,704.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

July 31, 2023

Shares				Fair Value
			COMMON STOCKS — (26.7)%
			AEROSPACE & DEFENSE - (3.2)%
	(35,017	)	HEICO Corporation	$	(6,162,291	)
			ASSET MANAGEMENT - (0.5)%
	(20,202	)	Brookfield Infrastructure Corporation, Class A		(943,837	)
			CABLE & SATELLITE - (8.8)%
	(25,902	)	Charter Communications, Inc., Class A		(10,495,232	)
	(315,924	)	Liberty Global plc - Series C		(6,242,658	)
					(16,737,890	)
			METALS & MINING - (1.3)%
	(59,021	)	Newmont Corporation		(2,533,181	)
			OIL & GAS PRODUCERS - (7.6)%
	(51,331	)	Chevron Corporation		(8,400,832	)
	(55,975	)	Exxon Mobil Corporation		(6,002,759	)
					(14,403,591	)
			PUBLISHING & BROADCASTING - (1.4)%
	(38,018	)	Liberty Media Corp-Liberty Formula One - Series C		(2,760,107	)
			SEMICONDUCTORS - (2.9)%
	(6,135	)	Broadcom, Inc.		(5,513,218	)
			SOFTWARE - (1.0)%
	(27,261	)	Black Knight, Inc.		(1,916,994	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $47,711,703)	$	(51,971,109	)

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023 (Unaudited)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Canadian Dollar	08/14/2023	US Bank		132,509	$	100,512	$	2,077
					$	100,512	$	2,077
To Sell:
Australian Dollar	08/08/2023	US Bank		3,735,536	$	2,509,511	$	(8,863	)
Canadian Dollar	08/08/2023	US Bank		1,030,439		781,554		(15,862	)
Canadian Dollar	08/08/2023	US Bank		6,293,768		4,773,607		(136,478	)
Canadian Dollar	08/14/2023	US Bank		132,509		100,512		(2,105	)
Japanese Yen	09/07/2023	US Bank		950,772,900		6,723,838		158,270
					$	14,889,022	$	(5,038	)
Total							$	(2,961	)

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.9%
		ASSET MANAGEMENT - 2.8%
	601,726	FTAI Infrastructure, LLC(a)	$	2,136,127
		DATA CENTER REIT - 11.7%
	27,818	Digital Realty Trust, Inc.(a)		3,466,679
	6,676	Equinix, Inc.		5,407,026
				8,873,705
		FOOD - 2.0%
	358,685	Cadiz, Inc.(a),(b)		1,484,956
		GAMING REIT - 3.0%
	71,112	VICI Properties, Inc.		2,238,606
		HEALTH CARE REIT - 1.0%
	33,073	Healthpeak Properties, Inc.		721,984
		INDUSTRIAL REIT - 14.7%
	57,685	Prologis, Inc.		7,196,203
	71,419	Rexford Industrial Realty, Inc.		3,934,473
				11,130,676
		INFRASTRUCTURE REIT - 13.9%
	32,331	American Tower Corporation, A		6,152,913
	26,618	Crown Castle, Inc.		2,882,463
	6,783	SBA Communications Corporation, A		1,485,138
				10,520,514
		LEISURE FACILITIES & SERVICES - 12.7%
	51,654	Caesars Entertainment, Inc.(b)		3,048,618
	28,015	Las Vegas Sands Corporation(a),(b)		1,675,577
	46,436	MGM Resorts International		2,357,556
	23,201	Wynn Resorts Ltd.		2,528,445
				9,610,196
		OFFICE REIT - 4.1%
	24,555	Alexandria Real Estate Equities, Inc.(a)		3,086,072

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.9% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS - 0.4%
	1,388,886	WeWork, Inc.(b)	$	300,694
		REAL ESTATE SERVICES - 2.1%
	18,961	CBRE Group, Inc., Class A(b)		1,579,641
		RESIDENTIAL REIT - 7.1%
	33,316	American Homes 4 Rent, Class A		1,248,684
	16,325	Equity LifeStyle Properties, Inc.(a)		1,162,014
	39,327	Invitation Homes, Inc.(a)		1,396,109
	12,871	Sun Communities, Inc.		1,677,091
				5,483,898
		SELF-STORAGE REIT - 5.3%
	8,104	Extra Space Storage, Inc.		1,131,075
	5,203	National Storage Affiliates Trust(a)		175,809
	9,779	Public Storage		2,755,233
				4,062,117
		SELF-STORAGE REITS - 0.8%
	13,855	CubeSmart(a)		600,753
		SPECIALTY FINANCE - 4.0%
	93,783	FTAI Aviation Ltd.		3,020,751
		SPECIALTY REITS - 5.2%
	52,856	Americold Realty Trust, Inc.		1,713,592
	18,300	Iron Mountain, Inc.(a)		1,123,620
	86,954	NewLake Capital Partners, Inc.		1,086,925
				3,924,137
		TECHNOLOGY SERVICES - 2.7%
	24,669	CoStar Group, Inc.(b)		2,071,456

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2023

Shares			Fair Value
		COMMON STOCKS — 98.9% (Continued)
		TELECOMMUNICATIONS - 5.4%
	255,156	DigitalBridge Group, Inc.(a)	$	4,087,599
		TOTAL COMMON STOCKS (Cost $66,204,389)		74,933,882
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 26.5%
		COLLATERAL FOR SECURITIES LOANED - 25.3%
	19,151,012	Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (c)(d)		19,151,012
		MONEY MARKET FUND - 1.2%
	892,208	Fidelity Government Portfolio, CLASS I, 5.03% (c)		892,208
		TOTAL SHORT-TERM INVESTMENTS (Cost $20,043,220)		20,043,220
		TOTAL INVESTMENTS - 125.4% (Cost $86,247,609)	$	94,977,102
		LIABILITIES IN EXCESS OF OTHER ASSETS - (25.4)%		(19,262,942	)
		NET ASSETS - 100.0%	$	75,714,160

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 $18,549,353 at July 31, 2023.
(c)	Rate disclosed is the seven day effective yield as of July 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 U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2023

Principal					Coupon Rate
Amount ($)					(%)		Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 22.7%
		U.S. TREASURY NOTES — 22.7%
	20,000,000	United States Treasury Note			1.2500		09/30/28		$	17,291,797
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,954,322)								17,291,797
Shares
		SHORT-TERM INVESTMENTS — 41.3%
		MONEY MARKET FUNDS - 9.6%
	7,348,838	Fidelity Government Portfolio, CLASS I, 5.03% (Cost $7,348,838)(b)								7,348,838
Principal					Discount Rate
Amount ($)					(%)
		U.S. TREASURY BILLS — 31.7%
	24,500,000	United States Treasury Bill (Cost $24,172,821)(a)			5.2303		11/02/23			24,165,405
		TOTAL SHORT-TERM INVESTMENTS (Cost $31,521,659)								31,514,243
Contracts(c)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FLEX OPTIONS PURCHASED - 35.6%
		CALL OPTIONS PURCHASED - 35.6%
	200	S&P 500 INDEX SPXW US	SOC	05/16/2028	$	4,150	$	83,000,000	$	27,101,050
		TOTAL CALL OPTIONS PURCHASED (Cost - $18,580,256)
		TOTAL FLEX OPTIONS PURCHASED (Cost - $18,580,256)								27,101,050
		TOTAL INVESTMENTS - 99.6% (Cost $68,056,237)							$	75,907,090
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%								313,345
		NET ASSETS - 100.0%							$	76,220,435
OPEN FUTURES CONTRACTS
									Value and Unrealized
Number of Contracts		Open Long Futures Contracts			Expiration		Notional Amount(d)		Appreciation (Depreciation)
	35	CBOT 10 Year US Treasury Note			09/20/2023		$	3,899,219	$	(93,932	)
	41	CBOT 2 Year US Treasury Note Future			09/29/2023			8,324,281		(114,964	)
	248	CBOT 5 Year US Treasury Note			09/29/2023			26,491,437		(549,095	)
	23	CBOT US Treasure Bond Futures			09/20/2023			2,862,063		(65,312	)
	58	CME E-Mini Standard & Poor’s 500 Index Futures			09/15/2023			13,382,050		551,362
		TOTAL FUTURES CONTRACTS							$	(271,941	)

(a)	Zero coupon bond.
(b)	Rate disclosed is the seven day effective yield as of July 31, 2023.
(c)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(d)	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.