# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001752724-23-074098
**Filing Date:** 2023-3
**Character Count:** 278001
**Document Hash:** adad5332b6bb1c20355d7d6f9603bb1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074098.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-074098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 23779295

**BUSINESS ADDRESS:**
- **STREET 1:** 10251 VISTA SORRENTO PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 10251 VISTA SORRENTO PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

## Series and Classes Contracts Data

### Dunham Monthly Distribution Fund (Series ID: S000022888)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000066378 | Dunham Monthly Distribution Fund Class A | DAMDX           |
| C000066379 | Dunham Monthly Distribution Fund Class C | DCMDX           |
| C000066380 | Dunham Monthly Distribution Fund Class N | DNMDX           |

## Nport-Ex

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 30.2%** |  |  |  |  |
|  | **AUTO LOAN — 7.1%** |  |  |  |  |
| 231610 | American Credit Acceptance Receivables Trust Series 2021-2 C<sup>(a)</sup> |  | 0.9700 | 07/13/27 | $227226 |
| 220000 | American Credit Acceptance Receivables Trust Series 2022-1 D<sup>(a)</sup> |  | 2.4600 | 03/13/28 | 204221 |
| 230000 | AmeriCredit Automobile Receivables Trust Series 2020-3 C |  | 1.0600 | 08/18/26 | 215839 |
| 155000 | Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A<sup>(a)</sup> |  | 2.3600 | 03/20/26 | 146667 |
| 140000 | Carmax Auto Owner Trust Series 2019-1 C |  | 3.7400 | 01/15/25 | 139866 |
| 317000 | CarNow Auto Receivables Trust Series 2023-1<sup>(a)</sup> |  | 7.2400 | 09/15/26 | 317000 |
| 130794 | Carvana Auto Receivables Trust Series 2019-3A D<sup>(a)</sup> |  | 3.0400 | 04/15/25 | 129277 |
| 225000 | Carvana Auto Receivables Trust Series 2021-P3 B |  | 1.4200 | 08/10/27 | 188431 |
| 96655 | Carvana Auto Receivables Trust Series 2021-N1 C |  | 1.3000 | 01/10/28 | 89778 |
| 116564 | Carvana Auto Receivables Trust Series 2021-N2 C |  | 1.0700 | 03/10/28 | 107301 |
| 225000 | CPS Auto Receivables Trust Series 2019-D E<sup>(a)</sup> |  | 3.8600 | 10/15/25 | 219556 |
| 66778 | Credito Real USA Auto Receivables Trust Series 2021-1A A<sup>(a)</sup> |  | 1.3500 | 02/16/27 | 65412 |
| 529000 | DT Auto Owner Trust Series 2023-1A<sup>(a)</sup> |  | 5.1900 | 10/16/28 | 528907 |
| 180000 | Flagship Credit Auto Trust Series 2020-4 C<sup>(a)</sup> |  | 1.2800 | 02/16/27 | 172437 |
| 180000 | Foursight Capital Automobile Receivables Trust Series 2022-1 B<sup>(a)</sup> |  | 2.1500 | 05/17/27 | 168680 |
| 315000 | Foursight Capital Automobile Receivables Trust |  | 5.3900 | 12/15/27 | 314937 |
| 432000 | GLS Auto Receivables Issuer Trust Series 2019-4A<sup>(a)</sup> |  | 4.0900 | 08/17/26 | 419984 |
| 345000 | Hertz Vehicle Financing III, LLC<sup>(a)</sup> |  | 2.6300 | 06/25/26 | 315681 |
| 76396 | LAD Auto Receivables Trust Series 2022-1A A<sup>(a)</sup> |  | 5.2100 | 06/15/27 | 75423 |
| 168877 | Lendbuzz Securitization Trust Series 2022-1A<sup>(a)</sup> |  | 4.2200 | 05/17/27 | 162300 |
| 140000 | OneMain Direct Auto Receivables Trust Series 2021-1A B<sup>(a)</sup> |  | 1.2600 | 07/14/28 | 124020 |
| 1000000 | Santander Drive Auto Receivables Trust Series 2020-2 D |  | 2.2200 | 09/15/26 | 977598 |
| 275000 | Santander Drive Auto Receivables Trust Series 2021-3 C |  | 0.9500 | 09/15/27 | 266687 |
| 195000 | Santander Drive Auto Receivables Trust Series 2022-5 C |  | 4.7400 | 10/15/28 | 192845 |
| 124335 | United Auto Credit Securitization Trust Series 2021-1 C<sup>(a)</sup> |  | 0.8400 | 06/10/26 | 123670 |
| 422000 | United Auto Credit Securitization Trust Series 2023-1<sup>(a)</sup> |  | 5.9100 | 07/10/28 | 421587 |
| 146000 | Veros Auto Receivables Trust Series 2022-1<sup>(a)</sup> |  | 4.3900 | 08/16/27 | 141758 |
| 170000 | Westlake Automobile Receivables Trust Series 2020-3A C<sup>(a)</sup> |  | 1.2400 | 11/17/25 | 165976 |
| 345000 | Westlake Automobile Receivables Trust Series 2022-1A B<sup>(a)</sup> |  | 2.7500 | 03/15/27 | 334032 |
| 415000 | Westlake Automobile Receivables Trust Series 2023-1A<sup>(a)</sup> |  | 5.7400 | 08/15/28 | 415174 |
|  |  |  |  |  | 7372270 |
|  | **CLO — 0.3%** |  |  |  |  |
| 350000 | GoldentTree Loan Management US CLO 1 Ltd.<sup>(a),(b)</sup> | US0003M + 1.070% | 5.8780 | 01/20/33 | 345860 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 854561 AJAX Mortgage Loan Trust Series 2021-A A1<sup>(a),(c)</sup> |  | 1.0650 | 09/25/65 | $749041 |
| 110382 Angel Oak Mortgage Trust Series 2020-R1 A2<sup>(a),(c)</sup> |  | 1.2470 | 12/26/24 | 99235 |
| 70101 Angel Oak Mortgage Trust Series 2021-8 A1<sup>(a),(c)</sup> |  | 1.8200 | 11/25/66 | 59893 |
| 95728 Arroyo Mortgage Trust Series 2019-1 A1<sup>(a),(c)</sup> |  | 3.8050 | 01/25/49 | 90058 |
| 105526 Arroyo Mortgage Trust Series 2019-2 A1<sup>(a),(c)</sup> |  | 3.3470 | 04/25/49 | 100547 |
| 314342 Bunker Hill Loan Depositary Trust Series 2019-2 A1<sup>(a),(d)</sup> |  | 2.8790 | 07/25/49 | 296015 |
| 36996 Chase Mortgage Finance Corporation Series 2016-SH2 M2<sup>(a),(c)</sup> |  | 3.7500 | 02/25/44 | 32916 |
| 49193 Chase Mortgage Finance Corporation Series 2016-SH1 M2<sup>(a),(c)</sup> |  | 3.7500 | 04/25/45 | 42106 |
| 124314 CIM Trust Series 2021-NR4 A1<sup>(a),(d)</sup> |  | 2.8160 | 10/25/61 | 116264 |
| 70233 COLT Funding, LLC Series 2021-3R A1<sup>(a),(c)</sup> |  | 1.0510 | 12/25/64 | 61355 |
| 1574589 COLT Mortgage Loan Trust Series 2022-4<sup>(a),(c)</sup> |  | 4.3010 | 03/25/67 | 1538243 |
| 66670 CSMC Series 2021-NQM1 A1<sup>(a),(c)</sup> |  | 0.8090 | 05/25/65 | 57051 |
| 148980 CSMC Trust Series 2020-RPL4 A1<sup>(a),(c)</sup> |  | 2.0000 | 01/25/60 | 132804 |
| 24225 CSMC Trust Series 2020-NQM1 A1<sup>(a),(d)</sup> |  | 1.2080 | 05/25/65 | 22287 |
| 386614 Ellington Financial Mortgage Trust Series 2019-2 A3<sup>(a),(c)</sup> |  | 3.0460 | 11/25/59 | 365739 |
| 22971 Flagstar Mortgage Trust Series 2017-1 1A3<sup>(a),(c)</sup> |  | 3.5000 | 03/25/47 | 20897 |
| 10746 Galton Funding Mortgage Trust Series 2018-1 A23<sup>(a),(c)</sup> |  | 3.5000 | 11/25/57 | 9939 |
| 32294 JP Morgan Mortgage Trust Series 2017-5 A1<sup>(a),(c)</sup> |  | 3.2110 | 12/15/47 | 31149 |
| 1070220 JP Morgan Mortgage Trust Series 2017-4<sup>(a),(c)</sup> |  | 3.5000 | 11/25/48 | 994838 |
| 220000 LHOME Mortgage Trust Series 2021-RTL1 A1<sup>(a),(c)</sup> |  | 2.0900 | 09/25/26 | 210103 |
| 100000 METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1<sup>(a),(c)</sup> |  | 3.4300 | 04/25/55 | 90899 |
| 38801 METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A<sup>(a),(c)</sup> |  | 3.7500 | 04/25/58 | 37868 |
| 1387777 MFA Trust Series 2022-INV1<sup>(a),(d)</sup> |  | 3.9070 | 04/25/66 | 1337728 |
| 199632 Mill City Mortgage Loan Trust Series 2019-1 M2<sup>(a),(c)</sup> |  | 3.5000 | 10/25/69 | 177469 |
| 170000 New Residential Mortgage Loan Trust Series 2022-RTL1 A1F<sup>(a)</sup> |  | 4.3360 | 12/25/26 | 162782 |
| 161923 New Residential Mortgage Loan Trust Series 2014-3A AFX3<sup>(a),(c)</sup> |  | 3.7500 | 11/25/54 | 151451 |
| 159544 New Residential Mortgage Loan Trust Series 2016-3A B1<sup>(a),(c)</sup> |  | 4.0000 | 09/25/56 | 147315 |
| 40963 New Residential Mortgage Loan Trust Series 2016-4A A1<sup>(a),(c)</sup> |  | 3.7500 | 11/25/56 | 38084 |
| 321718 New Residential Mortgage Loan Trust Series 2017-2A A3<sup>(a),(c)</sup> |  | 4.0000 | 03/25/57 | 305517 |
| 85698 New Residential Mortgage Loan Trust Series 2018-1A A1A<sup>(a),(c)</sup> |  | 4.0000 | 12/25/57 | 82135 |
| 50348 New Residential Mortgage Loan Trust Series 2021-NQ2R A1<sup>(a),(c)</sup> |  | 0.9410 | 09/25/58 | 45635 |
| 215000 New Residential Mortgage Loan Trust Series 2019-RPL2 M2<sup>(a),(c)</sup> |  | 3.7500 | 02/25/59 | 189134 |
| 407491 New Residential Mortgage Loan Trust Series 2020-1A A1B<sup>(a),(c)</sup> |  | 3.5000 | 10/25/59 | 381020 |
| 13909 OBX Trust Series 2019-INV1 A3<sup>(a),(c)</sup> |  | 4.5000 | 11/25/48 | 13560 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 30.2% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.1% (Continued)** |  |  |  |  |
| 135000 | Palisades Mortgage Loan Trust Series 2021-RTL1 A1<sup>(a),(d)</sup> |  | 2.8570 | 06/25/26 | $127734 |
| 184998 | PRET, LLC Series 2021-RN3 A1<sup>(a),(d)</sup> |  | 1.8430 | 09/25/51 | 169205 |
| 31836 | Provident Funding Mortgage Loan Trust Series 2019-1 A2<sup>(a),(c)</sup> |  | 3.0000 | 12/25/49 | 27808 |
| 171723 | PRPM, LLC Series 2021-2 A1<sup>(a),(c)</sup> |  | 2.1150 | 03/25/26 | 163307 |
| 58952 | RCKT Mortgage Trust Series 2020-1 A1<sup>(a),(c)</sup> |  | 3.0000 | 02/25/50 | 51499 |
| 99356 | RCO VI Mortgage, LLC Series 2022-1 A1<sup>(a),(d)</sup> |  | 3.0000 | 01/25/27 | 94141 |
| 67772 | Residential Mortgage Loan Trust Series 2020-1 A1<sup>(a),(c)</sup> |  | 2.3760 | 02/25/24 | 65137 |
| 10575 | Residential Mortgage Loan Trust Series 2019-2 A1<sup>(a),(c)</sup> |  | 2.9130 | 05/25/59 | 10332 |
| 164234 | SG Residential Mortgage Trust Series 2021-1 A3<sup>(a),(c)</sup> |  | 1.5600 | 07/25/61 | 135178 |
| 75252 | Starwood Mortgage Residential Trust Series 2020-1 A1<sup>(a),(c)</sup> |  | 2.2750 | 02/25/50 | 72679 |
| 24360 | Starwood Mortgage Residential Trust Series 2020-3 A1<sup>(a),(c)</sup> |  | 1.4860 | 04/25/65 | 22998 |
| 365000 | Towd Point Mortgage Trust Series 2021-1 A2<sup>(a),(c)</sup> |  | 2.7500 | 11/25/61 | 300803 |
| 144877 | Verus Securitization Trust Series 2019-INV2 A1<sup>(a),(c)</sup> |  | 2.9130 | 07/25/59 | 140764 |
| 100000 | Verus Securitization Trust Series 2019-4 M1<sup>(a),(c)</sup> |  | 3.2070 | 11/25/59 | 86631 |
| 24733 | Verus Securitization Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 2.4170 | 01/25/60 | 23581 |
| 46255 | Verus Securitization Trust Series 2021-2 A1<sup>(a),(c)</sup> |  | 1.0310 | 02/25/66 | 40297 |
| 1850000 | Verus Securitization Trust Series 2023-1<sup>(a),(d)</sup> |  | 5.8500 | 12/25/67 | 1852810 |
| 166991 | Wells Fargo Mortgage Backed Securities Series 2020-4 A1<sup>(a),(c)</sup> |  | 3.0000 | 07/25/50 | 148039 |
|  |  |  |  |  | 11724020 |
|  | **CREDIT CARD — 0.3%** |  |  |  |  |
| 316000 | Mercury Financial Credit Card Master Trust Series 2023-1A CLASS A<sup>(a)</sup> |  | 8.0400 | 09/20/27 | 315964 |
|  | **NON AGENCY CMBS — 2.2%** |  |  |  |  |
| 140831 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1<sup>(a),(c)</sup> |  | 2.0680 | 05/25/50 | 134777 |
| 90000 | BPR Trust Series 2021-KEN A<sup>(a),(b)</sup> | US0001M + 1.250% | 5.7090 | 02/15/29 | 88025 |
| 160000 | BX Trust Series 2019-OC11 B<sup>(a)</sup> |  | 3.6050 | 12/09/41 | 140692 |
| 130000 | BX Trust Series 2019-OC11 D<sup>(a),(c)</sup> |  | 4.0750 | 12/09/41 | 108976 |
| 233239 | CHC Commercial Mortgage Trust Series 2019-CHC A<sup>(a),(b)</sup> | US0001M + 1.120% | 5.5790 | 06/15/34 | 227154 |
| 89666 | Citigroup Commercial Mortgage Trust Series 2015-GC27 A4 |  | 2.8780 | 02/10/48 | 86050 |
| 150000 | COMM Mortgage Trust Series 2020-CBM<sup>(a)</sup> |  | 3.0990 | 02/10/37 | 139036 |
| 550000 | CSMC Series 2019-ICE4<sup>(a),(b)</sup> | US0001M + 0.980% | 5.4390 | 05/15/36 | 547808 |
| 305000 | GCT Commercial Mortgage Trust Series 2021-GCT A<sup>(a),(b)</sup> | US0001M + 0.800% | 5.2590 | 02/15/23 | 285734 |
| 185000 | Hilton USA Trust Series 2016-SFP B<sup>(a)</sup> |  | 3.3230 | 11/05/35 | 176739 |
| 382500 | KKR Industrial Portfolio Trust Series 2021-KDIP<sup>(a),(b)</sup> | US0001M + 1.000% | 5.5930 | 12/15/37 | 369203 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 30.2% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 2.2% (Continued)** |  |  |  |  |
| 62000 | WFRBS Commercial Mortgage Trust Series 2014-C24 AS |  | 3.9310 | 11/15/47 | $59202 |
|  |  |  |  |  | 2363396 |
|  | **OTHER ABS — 6.9%** |  |  |  |  |
| 325000 | ACHV A.B.S TRUST Series 2023-1PL<sup>(a)</sup> |  | 6.4200 | 03/18/30 | 325250 |
| 230000 | American Homes 4 Rent Trust Series 2014-SFR2 C<sup>(a)</sup> |  | 4.7050 | 10/17/36 | 224746 |
| 220000 | American Homes 4 Rent Trust Series 2015-SFR2 C<sup>(a)</sup> |  | 4.6910 | 10/17/45 | 214273 |
| 175000 | AMSR Trust Series 2020-SFR1 B<sup>(a)</sup> |  | 2.1200 | 04/17/37 | 161540 |
| 250000 | AMSR Trust Series 2020-SFR2 C<sup>(a)</sup> |  | 2.5330 | 07/17/37 | 230021 |
| 100000 | AMSR Trust Series 2020-SFR2 D<sup>(a)</sup> |  | 3.2820 | 07/17/37 | 92640 |
| 65408 | Aqua Finance Trust Series 2019-A A<sup>(a)</sup> |  | 3.1400 | 07/16/40 | 61924 |
| 269984 | Aqua Finance Trust Series 2019-A C<sup>(a)</sup> |  | 4.0100 | 07/16/40 | 250277 |
| 270000 | Aqua Finance Trust Series 2020-AA B<sup>(a)</sup> |  | 2.7900 | 07/17/46 | 235111 |
| 215632 | BHG Securitization Trust Series 2021-A A<sup>(a)</sup> |  | 1.4200 | 11/17/33 | 201714 |
| 100000 | CCG Receivables Trust Series 2019-2 B<sup>(a)</sup> |  | 2.5500 | 03/15/27 | 99256 |
| 220000 | CCG Receivables Trust Series 2021-1 C<sup>(a)</sup> |  | 0.8400 | 06/14/27 | 205304 |
| 103788 | CF Hippolyta, LLC Series 2020-1 A1<sup>(a)</sup> |  | 1.6900 | 07/15/60 | 93830 |
| 341100 | CLI Funding VI, LLC Series 2020-1A A<sup>(a)</sup> |  | 2.0800 | 09/18/45 | 302429 |
| 152829 | Conn's Receivables Funding, LLC Series 2021-A B<sup>(a)</sup> |  | 2.8700 | 05/15/26 | 151234 |
| 61839 | Corevest American Finance Trust Series 2020-1 A1<sup>(a)</sup> |  | 1.8320 | 03/15/50 | 58029 |
| 100000 | Corevest American Finance Trust Series 2019-3 C<sup>(a)</sup> |  | 3.2650 | 10/15/52 | 86179 |
| 193055 | Corevest American Finance Trust Series 2020-4 A<sup>(a)</sup> |  | 1.1740 | 12/15/52 | 172921 |
| 240000 | Dext A.B.S, LLC Series 2020-1 B<sup>(a)</sup> |  | 1.9200 | 11/15/27 | 231663 |
| 285000 | FirstKey Homes Trust Series 2021-SFR1 D<sup>(a)</sup> |  | 2.1890 | 08/17/28 | 245380 |
| 375000 | FirstKey Homes Trust Series 2020-SFR2 B<sup>(a)</sup> |  | 1.5670 | 10/19/37 | 339890 |
| 280224 | Foundation Finance Trust Series 2019-1A A<sup>(a)</sup> |  | 3.8600 | 11/15/34 | 275107 |
| 90683 | HIN Timeshare Trust Series 2020-A C<sup>(a)</sup> |  | 3.4200 | 10/09/39 | 83967 |
| 129025 | Jersey Mike's Funding Series 2019-1A A2<sup>(a)</sup> |  | 4.4330 | 02/15/50 | 119385 |
| 63651 | MVW, LLC Series 2020-1A A<sup>(a)</sup> |  | 1.7400 | 10/20/37 | 58950 |
| 22838 | Octane Receivables Trust Series 2020-1A A<sup>(a)</sup> |  | 1.7100 | 02/20/25 | 22606 |
| 113112 | Oportun Funding, LLC Series 2022-1 A<sup>(a)</sup> |  | 3.2500 | 06/15/29 | 110834 |
| 41959 | Orange Lake Timeshare Trust Series 2019-A B<sup>(a)</sup> |  | 3.3600 | 04/09/38 | 39903 |
| 265000 | Progress Residential Series 2021-SFR3 D<sup>(a)</sup> |  | 2.2880 | 05/17/26 | 229949 |
| 201000 | Progress Residential Series 2021-SFR1 C<sup>(a)</sup> |  | 1.5550 | 04/17/38 | 175829 |
| 578959 | Progress Residential Trust Series 2020-SFR1 CLASS A<sup>(a)</sup> |  | 1.7320 | 04/17/37 | 539592 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 30.2% (Continued)** |  |  |  |  |
|  | **OTHER ABS — 6.9% (Continued)** |  |  |  |  |
| 550000 | Progress Residential Trust Series 2020-SFR2 E<sup>(a)</sup> |  | 5.1150 | 06/17/37 | $525455 |
| 275000 | Purchasing Power Funding, LLC Series 2021-A A<sup>(a)</sup> |  | 1.5700 | 10/15/25 | 268704 |
| 265000 | Regional Management Issuance Trust Series 2021-1 A<sup>(a)</sup> |  | 1.6800 | 03/17/31 | 242052 |
| 53648 | Sierra Timeshare Receivables Funding, LLC Series 2020-2A B<sup>(a)</sup> |  | 2.3200 | 07/20/37 | 50300 |
| 85050 | Taco Bell Funding, LLC Series 2016-1A A23<sup>(a)</sup> |  | 4.9700 | 05/25/46 | 83945 |
| 200000 | Tricon American Homes Trust Series 2020-SFR2 D<sup>(a)</sup> |  | 2.2810 | 11/17/27 | 169138 |
| 165000 | Tricon American Homes Trust Series 2019-SFR1 C<sup>(a)</sup> |  | 3.1490 | 03/17/38 | 152012 |
| 160000 | Tricon Residential Trust Series 2021-SFR1 B<sup>(a)</sup> |  | 2.2440 | 07/17/38 | 143095 |
|  |  |  |  |  | 7274434 |
|  | **RESIDENTIAL MORTGAGE — 2.2%** |  |  |  |  |
| 86407 | Ajax Mortgage Loan Trust Series 2019-D A1<sup>(a),(d)</sup> |  | 2.9560 | 09/25/65 | 81717 |
| 148880 | Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1<sup>(a),(d)</sup> |  | 2.2390 | 09/27/60 | 140463 |
| 135000 | Towd Point Mortgage Trust Series 2016-4 B1<sup>(a),(c)</sup> |  | 3.9070 | 07/25/56 | 126838 |
| 115000 | Towd Point Mortgage Trust Series 2017-1 M1<sup>(a),(c)</sup> |  | 3.7500 | 10/25/56 | 110660 |
| 460000 | Towd Point Mortgage Trust Series 2017-4 A2<sup>(a),(c)</sup> |  | 3.0000 | 06/25/57 | 420975 |
| 160000 | Towd Point Mortgage Trust Series 2017-6 A2<sup>(a),(c)</sup> |  | 3.0000 | 10/25/57 | 146265 |
| 140000 | Towd Point Mortgage Trust Series 2018-6 A1B<sup>(a),(c)</sup> |  | 3.7500 | 03/25/58 | 130939 |
| 300000 | Towd Point Mortgage Trust Series 2018-6 A2<sup>(a),(c)</sup> |  | 3.7500 | 03/25/58 | 268445 |
| 97100 | Towd Point Mortgage Trust Series 2018-4 A1<sup>(a),(c)</sup> |  | 3.0000 | 06/25/58 | 90884 |
| 255000 | Towd Point Mortgage Trust Series 2019-2 A2<sup>(a),(c)</sup> |  | 3.7500 | 12/25/58 | 231864 |
| 235000 | Towd Point Mortgage Trust Series 2019-4 A2<sup>(a),(c)</sup> |  | 3.2500 | 10/25/59 | 205703 |
| 100000 | Towd Point Mortgage Trust Series 2020-1 M1<sup>(a),(c)</sup> |  | 3.5000 | 01/25/60 | 82791 |
| 93546 | VCAT Asset Securitization, LLC Series 2021-NPL3 A1<sup>(a),(d)</sup> |  | 1.7430 | 05/25/51 | 87415 |
| 54425 | VCAT, LLC Series 2021-NPL2 A1<sup>(a),(d)</sup> |  | 2.1150 | 03/27/51 | 51814 |
| 67519 | VOLT C, LLC Series 2021-NPL9 A1<sup>(a),(d)</sup> |  | 1.9920 | 05/25/51 | 61869 |
| 75910 | VOLT CVI, LLC Series 2021-NP12 A1<sup>(a),(d)</sup> |  | 2.7340 | 12/26/51 | 71036 |
|  |  |  |  |  | 2309678 |
|  | **STUDENT LOANS — 0.1%** |  |  |  |  |
| 68435 | Commonbond Student Loan Trust Series 2020-1 A<sup>(a)</sup> |  | 1.6900 | 10/25/51 | 61456 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $33,285,177)** |  |  |  | 31767078 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.7%** |  |  |  |  |
| 303000 | Boeing Company (The) |  | 5.9300 | 05/01/60 | $307436 |
| 391000 | Huntington Ingalls Industries, Inc. |  | 2.0430 | 08/16/28 | 330375 |
| 85000 | TransDigm, Inc. |  | 5.5000 | 11/15/27 | 81189 |
|  |  |  |  |  | 719000 |
|  | **ASSET MANAGEMENT — 1.3%** |  |  |  |  |
| 92000 | Blackstone Private Credit Fund |  | 2.6250 | 12/15/26 | 78796 |
| 125000 | Blue Owl Finance, LLC<sup>(a)</sup> |  | 3.1250 | 06/10/31 | 97157 |
| 410000 | Charles Schwab Corporation (The)<sup>(b)</sup> | H15T10Y + 3.079% | 4.0000 | 03/01/69 | 353216 |
| 260000 | Citadel, L.P.<sup>(a)</sup> |  | 4.8750 | 01/15/27 | 255466 |
| 250000 | Drawbridge Special Opportunities Fund, L.P. /<sup>(a)</sup> |  | 3.8750 | 02/15/26 | 230469 |
| 220000 | Icahn Enterprises, L.P. / Icahn Enterprises |  | 5.2500 | 05/15/27 | 204952 |
| 128000 | OWL Rock Core Income Corporation |  | 4.7000 | 02/08/27 | 117057 |
|  |  |  |  |  | 1337113 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 106000 | Ford Motor Company<sup>(g)</sup> |  | 3.2500 | 02/12/32 | 84255 |
| 70000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 54741 |
|  |  |  |  |  | 138996 |
|  | **BANKING — 5.0%** |  |  |  |  |
| 200000 | Banco Mercantil del Norte S.A.<sup>(a),(b)</sup> | H15T10Y + 5.034% | 6.6250 | 01/24/70 | 176861 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 1011360 |
| 390000 | Bank of America Corporation<sup>(b)</sup> | H15T5Y + 1.200% | 2.4820 | 09/21/36 | 303414 |
| 400000 | Barclays plc<sup>(b)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 450015 |
| 200000 | BBVA Bancomer S.A.<sup>(a),(b)</sup> | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 190440 |
| 113000 | Citigroup, Inc.<sup>(b),(g)</sup> | SOFRRATE + 1.280% | 5.4550 | 02/24/28 | 111798 |
| 325000 | Citigroup, Inc. (b) | US0003M + 1.338% | 3.9800 | 03/20/30 | 305388 |
| 195000 | Citigroup, Inc. (b) | SOFRRATE + 2.338% | 6.2700 | 11/17/33 | 211838 |
| 175000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.180% | 5.3350 | 02/24/28 | 173804 |
| 710000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 569637 |
| 240000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.580% | 5.7170 | 09/14/33 | 247149 |
| 82000 | JPMorgan Chase & Company Series HH<sup>(b)</sup> | SOFRRATE + 3.125% | 4.6000 | 08/01/68 | 76926 |
| 205000 | Santander Holdings USA, Inc. |  | 4.4000 | 07/13/27 | 199239 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **BANKING — 5.0% (Continued)** |  |  |  |  |
| 200000 | Texas Capital Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 3.150% | 4.0000 | 05/06/31 | $181967 |
| 285000 | Toronto-Dominion Bank (The)<sup>(b)</sup> | H15T5Y + 4.075% | 8.1250 | 10/31/82 | 303169 |
| 225000 | Truist Financial Corporation<sup>(b)</sup> | H15T10Y + 4.349% | 5.1000 | 03/01/69 | 219400 |
| 68000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.600% | 4.8390 | 02/01/34 | 67625 |
| 545000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 3.453% | 3.9000 | 03/15/69 | 502763 |
|  |  |  |  |  | 5302793 |
|  | **BEVERAGES — 0.6%** |  |  |  |  |
| 265000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 4.9000 | 02/01/46 | 257973 |
| 335000 | Bacardi Ltd.<sup>(a)</sup> |  | 4.7000 | 05/15/28 | 327371 |
| 75000 | Central American Bottling Corp / CBC Bottling<sup>(a)</sup> |  | 5.2500 | 04/27/29 | 72134 |
|  |  |  |  |  | 657478 |
|  | **BIOTECH & PHARMA — 0.5%** |  |  |  |  |
| 40000 | Bausch Health Companies, Inc.<sup>(a)</sup> |  | 5.7500 | 08/15/27 | 27148 |
| 265000 | Mylan N.V. |  | 3.9500 | 06/15/26 | 252276 |
| 45000 | Par Pharmaceutical, Inc.<sup>(a)</sup> |  | 7.5000 | 04/01/27 | 35264 |
| 120000 | Teva Pharmaceutical Finance Netherlands III BV<sup>(g)</sup> |  | 3.1500 | 10/01/26 | 107652 |
| 681 | Viatris, Inc.<sup>(a)</sup> |  | 2.3000 | 06/22/27 | 600 |
| 150000 | Viatris, Inc. |  | 2.3000 | 06/22/27 | 132170 |
|  |  |  |  |  | 555110 |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 14000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 6.3750 | 09/01/29 | 13519 |
| 180000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 4.7500 | 03/01/30 | 157907 |
| 45000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a),(g)</sup> |  | 4.5000 | 08/15/30 | 38527 |
|  |  |  |  |  | 209953 |
|  | **CHEMICALS — 1.0%** |  |  |  |  |
| 310000 | Albemarle Corporation |  | 5.0500 | 06/01/32 | 306060 |
| 80000 | Avient Corporation<sup>(a)</sup> |  | 7.1250 | 08/01/30 | 80694 |
| 235000 | Bayport Polymers, LLC<sup>(a)</sup> |  | 5.1400 | 04/14/32 | 222521 |
| 140000 | International Flavors & Fragrances, Inc.<sup>(a)</sup> |  | 3.4680 | 12/01/50 | 103070 |
| 410000 | Nutrition & Biosciences, Inc.<sup>(a)</sup> |  | 2.3000 | 11/01/30 | 339591 |
|  |  |  |  |  | 1051936 |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 50000 | Aramark Services, Inc.<sup>(a)</sup> |  | 6.3750 | 05/01/25 | 50074 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **CONSUMER SERVICES** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 60000 | Carriage Services, Inc.<sup>(a)</sup> |  | 4.2500 | 05/15/29 | $49447 |
|  | **DIVERSIFIED INDUSTRIALS — 0.3%** |  |  |  |  |
| 301000 | General Electric Company<sup>(b)</sup> | US0003M + 3.330% | 8.0990 | 06/15/69 | 301151 |
|  | **ELECTRIC UTILITIES — 1.0%** |  |  |  |  |
| 235000 | Enel Finance International N.V.<sup>(a)</sup> |  | 7.5000 | 10/14/32 | 264444 |
| 403000 | Puget Energy, Inc. |  | 2.3790 | 06/15/28 | 355157 |
| 404000 | Southern Company (The)<sup>(b)</sup> | H15T5Y + 2.915% | 3.7500 | 09/15/51 | 352625 |
| 80000 | Vistra Corporation<sup>(a),(b)</sup> | H15T5Y + 6.930% | 8.0000 | 04/15/70 | 78525 |
|  |  |  |  |  | 1050751 |
|  | **ENGINEERING & CONSTRUCTION — 0.4%** |  |  |  |  |
| 140000 | Global Infrastructure Solutions, Inc.<sup>(a)</sup> |  | 7.5000 | 04/15/32 | 119219 |
| 398000 | Sempra Infrastructure Partners, L.P.<sup>(a)</sup> |  | 3.2500 | 01/15/32 | 331137 |
|  |  |  |  |  | 450356 |
|  | **GAS & WATER UTILITIES — 0.2%** |  |  |  |  |
| 220000 | Brooklyn Union Gas Company (The)<sup>(a)</sup> |  | 4.8660 | 08/05/32 | 213321 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.8%** |  |  |  |  |
| 360000 | CVS Health Corporation |  | 4.3000 | 03/25/28 | 353182 |
| 220000 | HCA, Inc. |  | 5.2500 | 06/15/49 | 200203 |
| 400000 | Universal Health Services, Inc. |  | 2.6500 | 01/15/32 | 322272 |
|  |  |  |  |  | 875657 |
|  | **HOME CONSTRUCTION — 0.7%** |  |  |  |  |
| 105000 | Masco Corporation |  | 2.0000 | 02/15/31 | 84903 |
| 105000 | Masco Corporation |  | 3.1250 | 02/15/51 | 71142 |
| 47000 | MDC Holdings, Inc. |  | 3.9660 | 08/06/61 | 28215 |
| 395000 | PulteGroup, Inc. |  | 6.3750 | 05/15/33 | 412298 |
|  |  |  |  |  | 596558 |
|  | **HOUSEHOLD PRODUCTS — 0.3%** |  |  |  |  |
| 285000 | Church & Dwight Company, Inc. |  | 5.0000 | 06/15/52 | 283314 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **INDUSTRIAL INTERMEDIATE PROD** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 5000 | Chart Industries, Inc.<sup>(a)</sup> |  | 7.5000 | 01/01/30 | $5113 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.8%** |  |  |  |  |
| 405000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.5000 | 08/11/32 | 405689 |
| 440000 | Ferguson Finance plc<sup>(a)</sup> |  | 4.6500 | 04/20/32 | 417103 |
|  |  |  |  |  | 822792 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.0%** |  |  |  |  |
| 210000 | Bank of New York Mellon Corporation (The)<sup>(b)</sup> | SOFRINDX + 2.074% | 5.8340 | 10/25/33 | 227005 |
| 265000 | Bank of New York Mellon Corporation (The)<sup>(b)</sup> | H15T5Y + 4.358% | 4.7000 | 09/20/68 | 259638 |
| 620000 | Brookfield Finance, Inc. |  | 2.7240 | 04/15/31 | 520659 |
| 250000 | Credit Suisse Group A.G.<sup>(a),(b)</sup> | SOFRRATE + 5.020% | 9.0160 | 11/15/33 | 280874 |
| 550000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.090% | 1.9920 | 01/27/32 | 439479 |
| 290000 | Jefferies Group, LLC / Jefferies Group Capital |  | 2.6250 | 10/15/31 | 237695 |
| 475000 | Morgan Stanley<sup>(g)</sup> |  | 3.1250 | 07/27/26 | 449860 |
| 290000 | Morgan Stanley |  | 6.3750 | 07/24/42 | 338019 |
| 320000 | State Street Corporation<sup>(b)</sup> | SOFRRATE + 1.726% | 4.1640 | 08/04/33 | 304303 |
| 91000 | State Street Corporation<sup>(b)</sup> | SOFRRATE + 1.567% | 4.8210 | 01/26/34 | 91336 |
|  |  |  |  |  | 3148868 |
|  | **INSURANCE — 1.9%** |  |  |  |  |
| 245000 | Allstate Corporation (The)<sup>(b)</sup> | US0003M + 2.938% | 5.7500 | 08/15/53 | 241742 |
| 185000 | Ascot Group Ltd.<sup>(a)</sup> |  | 4.2500 | 12/15/30 | 162462 |
| 170000 | Brighthouse Financial, Inc. |  | 5.6250 | 05/15/30 | 169972 |
| 266000 | Corebridge Financial, Inc.<sup>(a),(b)</sup> | H15T5Y + 3.846% | 6.8750 | 12/15/52 | 263601 |
| 175000 | Liberty Mutual Group, Inc.<sup>(a),(b)</sup> | H15T5Y + 3.315% | 4.1250 | 12/15/51 | 150017 |
| 168000 | Lincoln National Corporation<sup>(b)</sup> | US0003M + 2.040% | 6.8480 | 04/20/67 | 127260 |
| 265000 | MetLife, Inc.<sup>(b)</sup> | H15T5Y + 3.576% | 3.8500 | 03/15/69 | 252871 |
| 126000 | MetLife, Inc.<sup>(b)</sup> | US0003M + 2.959% | 5.8750 | 09/15/66 | 125685 |
| 385000 | Prudential Financial, Inc.<sup>(b)</sup> | US0003M + 3.920% | 5.6250 | 06/15/43 | 383544 |
| 104000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 3.162% | 5.1250 | 03/01/52 | 97159 |
| 53000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 3.234% | 6.0000 | 09/01/52 | 52781 |
|  |  |  |  |  | 2027094 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 5000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 7.0000 | 02/15/30 | $5132 |
| 160000 | Station Casinos, LLC<sup>(a)</sup> |  | 4.5000 | 02/15/28 | 144243 |
|  |  |  |  |  | 149375 |
|  | **LEISURE PRODUCTS — 0.1%** |  |  |  |  |
| 166000 | Brunswick Corporation |  | 2.4000 | 08/18/31 | 125538 |
|  | **MACHINERY — 0.3%** |  |  |  |  |
| 315000 | Regal Rexnord Corporation<sup>(a)</sup> |  | 6.4000 | 04/15/33 | 322785 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3%** |  |  |  |  |
| 209000 | Bio-Rad Laboratories, Inc. |  | 3.3000 | 03/15/27 | 197539 |
| 179000 | Bio-Rad Laboratories, Inc. |  | 3.7000 | 03/15/32 | 162161 |
| 295000 | DENTSPLY SIRONA, Inc. |  | 3.2500 | 06/01/30 | 258456 |
| 295000 | GE Healthcare Holding, LLC<sup>(a)</sup> |  | 5.8570 | 03/15/30 | 312618 |
| 403000 | Illumina, Inc. |  | 2.5500 | 03/23/31 | 333050 |
|  |  |  |  |  | 1263824 |
|  | **METALS & MINING — 1.0%** |  |  |  |  |
| 135000 | Alliance Resource Operating Partners, L.P. /<sup>(a)</sup> |  | 7.5000 | 05/01/25 | 133809 |
| 70000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 6.7500 | 03/15/26 | 71135 |
| 140000 | FMG Resources August 2006 Pty Ltd.<sup>(a)</sup> |  | 5.8750 | 04/15/30 | 136665 |
| 365000 | Glencore Funding, LLC<sup>(a)</sup> |  | 2.8500 | 04/27/31 | 312317 |
| 345000 | Teck Resources Ltd. |  | 6.1250 | 10/01/35 | 360185 |
|  |  |  |  |  | 1014111 |
|  | **OIL & GAS PRODUCERS — 3.4%** |  |  |  |  |
| 385000 | BP Capital Markets plc<sup>(b)</sup> | H15T5Y + 4.398% | 4.8750 | 12/22/00 | 360697 |
| 70000 | Chesapeake Escrow Issuer, LLC B<sup>(a)</sup> |  | 5.5000 | 02/01/26 | 67975 |
| 95000 | CrownRock, L.P. / CrownRock Finance, Inc.<sup>(a)</sup> |  | 5.0000 | 05/01/29 | 88319 |
| 125000 | DT Midstream, Inc.<sup>(a)</sup> |  | 4.1250 | 06/15/29 | 111458 |
| 205000 | Ecopetrol S.A. |  | 8.8750 | 01/13/33 | 210733 |
| 275000 | Enbridge, Inc.<sup>(b),(g)</sup> | H15T5Y + 4.418% | 7.6250 | 01/15/83 | 283061 |
| 175000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.694% | 6.5000 | 11/15/69 | 164567 |
| 125000 | EQM Midstream Partners, L.P.<sup>(a)</sup> |  | 7.5000 | 06/01/30 | 125099 |
| 425000 | Flex Intermediate Holdco, LLC<sup>(a)</sup> |  | 3.3630 | 06/30/31 | 346137 |
| 35000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.8750 | 04/15/30 | 35656 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.4% (Continued)** |  |  |  |  |
| 165000 | HF Sinclair Corporation |  | 5.8750 | 04/01/26 | $166138 |
| 260000 | Kinder Morgan, Inc. |  | 7.7500 | 01/15/32 | 301790 |
| 425000 | Lundin Energy Finance BV<sup>(a)</sup> |  | 2.0000 | 07/15/26 | 384753 |
| 105000 | Occidental Petroleum Corporation |  | 6.1250 | 01/01/31 | 109692 |
| 70000 | Parsley Energy, LLC / Parsley Finance Corporation<sup>(a)</sup> |  | 4.1250 | 02/15/28 | 65040 |
| 200000 | Pertamina Persero PT<sup>(a)</sup> |  | 6.4500 | 05/30/44 | 209542 |
| 185000 | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 138200 |
| 250000 | Reliance Industries Ltd.<sup>(a)</sup> |  | 2.8750 | 01/12/32 | 207402 |
| 65000 | Sabine Pass Liquefaction, LLC |  | 4.2000 | 03/15/28 | 62749 |
| 95000 | Venture Global Calcasieu Pass, LLC<sup>(a)</sup> |  | 3.8750 | 08/15/29 | 84691 |
|  |  |  |  |  | 3523699 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.1%** |  |  |  |  |
| 19168 | Transocean Guardian Ltd.<sup>(a)</sup> |  | 5.8750 | 01/15/24 | 19449 |
| 90000 | USA Compression Partners, L.P. / USA Compression |  | 6.8750 | 04/01/26 | 88209 |
|  |  |  |  |  | 107658 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.8%** |  |  |  |  |
| 365000 | EPR Properties |  | 4.7500 | 12/15/26 | 340662 |
| 255000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.7500 | 06/01/28 | 260022 |
| 33000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 3.2500 | 01/15/32 | 27392 |
| 240000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 4.5000 | 02/15/31 | 205973 |
| 25000 | MPT Operating Partnership, L.P. / MPT Finance |  | 4.6250 | 08/01/29 | 19469 |
| 125000 | MPT Operating Partnership, L.P. / MPT Finance |  | 3.5000 | 03/15/31 | 87672 |
| 170000 | Office Properties Income Trust |  | 4.5000 | 02/01/25 | 157528 |
| 240000 | Phillips Edison Grocery Center Operating |  | 2.6250 | 11/15/31 | 184052 |
| 105000 | Retail Opportunity Investments Partnership, L.P. |  | 4.0000 | 12/15/24 | 100893 |
| 225000 | Retail Properties of America, Inc. |  | 4.7500 | 09/15/30 | 207055 |
| 75000 | Service Properties Trust |  | 4.9500 | 02/15/27 | 61452 |
| 205000 | VICI Properties, L.P. |  | 4.9500 | 02/15/30 | 198382 |
|  |  |  |  |  | 1850552 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.2%** |  |  |  |  |
| 275000 | Ontario Teachers' Cadillac Fairview Properties<sup>(a)</sup> |  | 2.5000 | 10/15/31 | 215665 |
|  | **RETAIL - DISCRETIONARY — 0.4%** |  |  |  |  |
| 175000 | BlueLinx Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 11/15/29 | 155361 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.4% (Continued)** |  |  |  |  |
| 274000 | Dick's Sporting Goods, Inc. |  | 3.1500 | 01/15/32 | $223979 |
|  |  |  |  |  | 379340 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 281000 | Broadcom, Inc. |  | 4.1500 | 11/15/30 | 261829 |
| 372000 | Entegris Escrow Corporation<sup>(a)</sup> |  | 4.7500 | 04/15/29 | 348773 |
|  |  |  |  |  | 610602 |
|  | **SOFTWARE — 0.5%** |  |  |  |  |
| 90000 | Consensus Cloud Solutions, Inc.<sup>(a)</sup> |  | 6.5000 | 10/15/28 | 84388 |
| 395000 | Oracle Corporation |  | 6.2500 | 11/09/32 | 429587 |
| 75000 | Oracle Corporation |  | 3.8500 | 04/01/60 | 53938 |
|  |  |  |  |  | 567913 |
|  | **SPECIALTY FINANCE — 1.0%** |  |  |  |  |
| 235000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 3.5000 | 11/01/27 | 210258 |
| 210000 | Avolon Holdings Funding Ltd.<sup>(a)</sup> |  | 4.3750 | 05/01/26 | 199522 |
| 307000 | Capital One Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.337% | 2.3590 | 07/29/32 | 232489 |
| 219000 | Discover Financial Services |  | 6.7000 | 11/29/32 | 233454 |
| 120000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 4.2500 | 02/01/27 | 105949 |
| 65000 | OneMain Finance Corporation |  | 6.8750 | 03/15/25 | 64575 |
|  |  |  |  |  | 1046247 |
|  | **STEEL — 0.2%** |  |  |  |  |
| 245000 | ArcelorMittal S.A. |  | 6.8000 | 11/29/32 | 257158 |
|  | **TECHNOLOGY HARDWARE — 1.1%** |  |  |  |  |
| 349000 | CDW, LLC / CDW Finance Corporation |  | 3.5690 | 12/01/31 | 300205 |
| 259000 | Dell International, LLC / EMC Corporation |  | 8.1000 | 07/15/36 | 302611 |
| 335000 | HP, Inc. |  | 5.5000 | 01/15/33 | 328370 |
| 80000 | Motorola Solutions, Inc. |  | 4.6000 | 05/23/29 | 78024 |
| 210000 | TD SYNNEX Corporation |  | 2.3750 | 08/09/28 | 175264 |
|  |  |  |  |  | 1184474 |
|  | **TECHNOLOGY SERVICES — 1.0%** |  |  |  |  |
| 485000 | CoStar Group, Inc.<sup>(a)</sup> |  | 2.8000 | 07/15/30 | 408413 |
| 137000 | Kyndryl Holdings, Inc. |  | 2.7000 | 10/15/28 | 110130 |
| 545000 | Leidos, Inc. |  | 2.3000 | 02/15/31 | 438544 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.3% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 1.0% (Continued)** |  |  |  |  |
| 105000 | Science Applications International Corporation<sup>(a)</sup> |  | 4.8750 | 04/01/28 | $98564 |
|  |  |  |  |  | 1055651 |
|  | **TELECOMMUNICATIONS — 0.4%** |  |  |  |  |
| 160000 | Level 3 Financing, Inc.<sup>(a)</sup> |  | 4.2500 | 07/01/28 | 127002 |
| 270000 | Level 3 Financing, Inc.<sup>(a)</sup> |  | 3.6250 | 01/15/29 | 201286 |
| 112500 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(a)</sup> |  | 4.7380 | 03/20/25 | 111603 |
|  |  |  |  |  | 439891 |
|  | **TOBACCO & CANNABIS — 0.4%** |  |  |  |  |
| 360000 | BAT Capital Corporation |  | 7.7500 | 10/19/32 | 400906 |
|  | **TRANSPORTATION & LOGISTICS — 0.6%** |  |  |  |  |
| 430887 | Alaska Airlines 2020-1 Class A Pass Through Trust<sup>(a)</sup> |  | 4.8000 | 08/15/27 | 419416 |
| 212787 | Delta Air Lines 2015-1 Class AA Pass Through Trust |  | 3.6250 | 07/30/27 | 198271 |
|  |  |  |  |  | 617687 |
|  | **TOTAL CORPORATE BONDS (Cost $36,679,828)** |  |  |  | 34979951 |
|  | **MUNICIPAL BONDS — 3.7%** |  |  |  |  |
|  | **CITY — 0.4%** |  |  |  |  |
| 340000 | City of Bristol VA |  | 4.2100 | 01/01/42 | 309158 |
| 145000 | City of San Antonio TX |  | 1.9630 | 02/01/33 | 117134 |
|  |  |  |  |  | 426292 |
|  | **GOVERNMENT LEASE — 0.1%** |  |  |  |  |
| 145000 | Texas Public Finance Authority |  | 2.1400 | 02/01/35 | 112687 |
|  | **HOSPITALS — 0.1%** |  |  |  |  |
| 135000 | Idaho Health Facilities Authority |  | 5.0200 | 03/01/48 | 129682 |
|  | **LOCAL AUTHORITY — 0.8%** |  |  |  |  |
| 320000 | San Diego County Regional Airport Authority |  | 5.5940 | 07/01/43 | 320256 |
| 600000 | State of Texas |  | 3.2110 | 04/01/44 | 509725 |
| 35000 | Texas Transportation Commission State Highway Fund |  | 4.0000 | 10/01/33 | 33730 |
|  |  |  |  |  | 863711 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **MUNICIPAL BONDS — 3.7% (Continued)** |  |  |  |  |
|  | **MISCELLANEOUS TAX — 0.8%** |  |  |  |  |
| 765000 | Metropolitan Transportation Authority |  | 5.0000 | 11/15/45 | $849705 |
|  | **SALES TAX** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 20000 | Sales Tax Securitization Corporation |  | 3.4110 | 01/01/43 | 15775 |
|  | **WATER AND SEWER — 1.5%** |  |  |  |  |
| 705000 | Broward County FL Water & Sewer Utility Revenue |  | 4.0000 | 10/01/47 | 703221 |
| 625000 | New York State Environmental Facilities |  | 5.0000 | 06/15/51 | 700731 |
| 160000 | Santa Clara Valley Water District |  | 2.9670 | 06/01/50 | 117014 |
|  |  |  |  |  | 1520966 |
|  | **TOTAL MUNICIPAL BONDS (Cost $4,277,287)** |  |  |  | 3918818 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.4%** |  |  |  |  |
|  | **SOVEREIGN — 1.4%** |  |  |  |  |
| 200000 | Colombia Government International Bond |  | 3.2500 | 04/22/32 | 147972 |
| 300000 | Dominican Republic International Bond<sup>(a)</sup> |  | 4.8750 | 09/23/32 | 256257 |
| 200000 | Emirate of Dubai Government International Bonds |  | 5.2500 | 01/30/43 | 193608 |
| 250000 | Hungary Government International Bond<sup>(a)</sup> |  | 6.2500 | 09/22/32 | 259164 |
| 200000 | Mexico Government International Bond |  | 2.6590 | 05/24/31 | 168062 |
| 250000 | Mexico Government International Bond |  | 6.3500 | 02/09/35 | 265929 |
| 200000 | Serbia International Bond<sup>(a)</sup> |  | 6.5000 | 09/26/33 | 200745 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,519,174)** |  |  |  | 1491737 |
|  | **TERM LOANS — 5.1%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.1%** |  |  |  |  |
| 70694 | TransDigm, Inc.<sup>(b)</sup> | US0001M + 2.250% | 6.9800 | 05/30/25 | 70650 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 71127 | Cooper-Standard Automotive, Inc.<sup>(b)</sup> | US0002M + 2.000% | 6.3840 | 11/02/23 | 70266 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 5.1% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 64675 | Perrigo Investments, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.9230 | 04/07/29 | $64918 |
|  | **CABLE & SATELLITE — 0.5%** |  |  |  |  |
| 160000 | Cogeco Communications USA II, L.P.<sup>(b)</sup> | US0001M + 2.000% | 6.0710 | 01/04/25 | 159773 |
| 177174 | Directv Financing, LLC<sup>(b)</sup> | US0001M + 5.000% | 9.3840 | 07/22/27 | 174637 |
| 205000 | Virgin Media Bristol, LLC<sup>(b)</sup> | US0001M + 2.500% | 2.6260 | 01/04/28 | 204232 |
|  |  |  |  |  | 538642 |
|  | **CHEMICALS — 0.2%** |  |  |  |  |
| 230487 | INEOS US Finance, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 6.0710 | 11/08/27 | 230714 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.5%** |  |  |  |  |
| 150000 | AlixPartners LLP<sup>(b)</sup> | US0001M + 2.750% | 5.8650 | 01/28/28 | 149959 |
| 210000 | Brightview Landscapes, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 0.0000 | 04/22/29 | 207201 |
| 205000 | CHG Healthcare Services, Inc.<sup>(b)</sup> | US0001M + 3.500% | 7.6340 | 09/30/28 | 203963 |
|  |  |  |  |  | 561123 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 69807 | Berry Global, Inc.<sup>(b)</sup> | US0001M + 1.750% | 6.1520 | 07/01/26 | 69760 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 210000 | Astoria Energy, LLC<sup>(b)</sup> | US0001M + 3.500% | 4.5000 | 12/10/27 | 209137 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 270063 | Brookfield WEC Holdings, Inc.<sup>(b)</sup> | US0001M + 2.750% | 7.1340 | 08/01/25 | 270065 |
|  | **FOOD — 0.3%** |  |  |  |  |
| 205000 | Froneri US, Inc.<sup>(b)</sup> | US0001M + 2.250% | 6.6340 | 01/30/27 | 203384 |
| 79215 | Hostess Brands, LLC<sup>(b)</sup> | US0001M + 2.250% | 6.6340 | 08/03/25 | 79363 |
|  |  |  |  |  | 282747 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.2%** |  |  |  |  |
| 54295 | Agiliti Health, Inc.<sup>(b)</sup> | US0003M + 2.750% | 7.1250 | 10/18/25 | 54363 |
| 71596 | Legacy LifePoint Health, LLC<sup>(b)</sup> | US0001M + 3.750% | 8.1650 | 11/16/25 | 69706 |
| 160000 | Milano Acquisition Corporation<sup>(b)</sup> | US0001M + 4.000% | 8.7300 | 08/17/27 | 156559 |
|  |  |  |  |  | 280628 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 5.1% (Continued)** |  |  |  |  |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 68439 | Resideo Funding, Inc.<sup>(b)</sup> | US0001M + 2.250% | 6.8600 | 02/09/28 | $68610 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 135258 | Caesars Resort Collection, LLC<sup>(b)</sup> | US0003M + 2.750% | 7.1340 | 10/02/24 | 135313 |
| 70000 | Hilton Worldwide Finance, LLC<sup>(b)</sup> | US0003M + 1.750% | 6.3800 | 06/21/26 | 69997 |
| 39800 | Scientific Games Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.5780 | 04/07/29 | 39814 |
| 155000 | Scientific Games Holdings, L.P.<sup>(b)</sup> | SOFRRATE + 3.500% | 8.1030 | 02/04/29 | 152718 |
| 68403 | Station Casinos, LLC<sup>(b)</sup> | US0001M + 2.250% | 6.6400 | 01/31/27 | 67976 |
| 67554 | UFC Holdings, LLC<sup>(b)</sup> | US0001M + 2.750% | 7.5700 | 04/29/26 | 67301 |
|  |  |  |  |  | 533119 |
|  | **MACHINERY — 0.1%** |  |  |  |  |
| 71084 | Alliance Laundry Systems, LLC<sup>(b)</sup> | US0003M + 3.500% | 8.3060 | 09/30/27 | 71033 |
| 71268 | Standard Industries, Inc.<sup>(b)</sup> | US0006M + 2.500% | 6.4250 | 08/06/28 | 71339 |
|  |  |  |  |  | 142372 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.2%** |  |  |  |  |
| 215000 | Mozart Borrower, L.P.<sup>(b)</sup> | US0001M + 3.250% | 7.6340 | 09/30/28 | 209162 |
|  | **OIL & GAS PRODUCERS — 0.2%** |  |  |  |  |
| 69107 | Freeport LNG Investments LLLP<sup>(b)</sup> | US0003M + 3.500% | 8.3080 | 11/17/28 | 67245 |
| 98366 | Oryx Midstream Services Permian Basin, LLC<sup>(b)</sup> | US0001M + 3.250% | 7.9240 | 09/30/28 | 98222 |
| 30000 | Whitewater Whistler Holdings, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 0.0000 | 01/25/30 | 30000 |
|  |  |  |  |  | 195467 |
|  | **PUBLISHING & BROADCASTING** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 37394 | Nexstar Broadcasting, Inc.<sup>(b)</sup> | US0001M + 2.500% | 6.8840 | 06/20/26 | 37457 |
|  | **RETAIL - DISCRETIONARY — 0.1%** |  |  |  |  |
| 155000 | PetSmart, Inc.<sup>(b)</sup> | US0006M + 3.750% | 8.1300 | 01/29/28 | 154161 |
|  | **SOFTWARE — 0.3%** |  |  |  |  |
| 111830 | Applied Systems, Inc.<sup>(b)</sup> | TSFR1M + 4.500% | 9.0800 | 09/19/26 | 112286 |
| 69139 | CCC Intelligent Solutions, Inc.<sup>(b)</sup> | US0003M + 2.250% | 6.6340 | 09/17/28 | 69087 |
| 55000 | Open Text Corporation<sup>(b)</sup> |  | 0.0000 | 11/16/29 | 55000 |
| 67926 | Sophia, L.P.<sup>(b)</sup> | US0003M + 3.250% | 8.2300 | 10/07/27 | 67053 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 5.1% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 0.3% (Continued)** |  |  |  |  |
| 66740 | UKG, Inc.<sup>(b)</sup> | US0001M + 3.250% | 8.0320 | 05/03/26 | $65764 |
|  |  |  |  |  | 369190 |
|  | **TECHNOLOGY HARDWARE — 0.1%** |  |  |  |  |
| 68750 | NCR Corporation<sup>(b)</sup> | US0001M + 2.500% | 6.9200 | 08/08/26 | 68578 |
|  | **TECHNOLOGY SERVICES — 0.3%** |  |  |  |  |
| 58532 | Blackhawk Network Holdings, Inc.<sup>(b)</sup> | US0001M + 3.000% | 7.5380 | 05/22/25 | 58033 |
| 64763 | Dun & Bradstreet Corporation (The)<sup>(b)</sup> | US0001M + 3.250% | 7.7670 | 02/08/26 | 64734 |
| 69052 | NAB Holdings, LLC<sup>(b)</sup> | SOFRRATE + 3.000% | 7.7300 | 11/18/28 | 68605 |
| 56893 | Peraton Corporation<sup>(b)</sup> | US0001M + 3.750% | 8.1340 | 02/24/28 | 56694 |
| 68990 | Tenable, Inc.<sup>(b)</sup> | US0006M + 2.750% | 7.1650 | 06/17/28 | 68214 |
|  |  |  |  |  | 316280 |
|  | **TELECOMMUNICATIONS — 0.3%** |  |  |  |  |
| 205000 | Cincinnati Bell, Inc.<sup>(b)</sup> | SOFRRATE + 3.250% | 3.7500 | 11/17/28 | 204445 |
| 96281 | SBA Senior Finance II, LLC<sup>(b)</sup> | US0001M + 1.750% | 6.1400 | 04/11/25 | 96254 |
|  |  |  |  |  | 300699 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 24582 | Air Canada<sup>(b)</sup> | US0006M + 3.500% | 8.1300 | 07/27/28 | 24648 |
| 101113 | Brown Group Holding, LLC<sup>(b)</sup> | US0003M + 2.500% | 6.8840 | 04/22/28 | 100789 |
| 63000 | Mileage Plus Holdings, LLC<sup>(b)</sup> | US0003M + 5.250% | 9.9960 | 06/25/27 | 65792 |
| 73321 | PODS, LLC<sup>(b)</sup> | US0001M + 3.000% | 7.3840 | 03/19/28 | 71795 |
| 66500 | SkyMiles IP Ltd.<sup>(b)</sup> | US0003M + 3.750% | 8.5580 | 09/16/27 | 68886 |
|  |  |  |  |  | 331910 |
|  | **TOTAL TERM LOANS (Cost $5,364,454)** |  |  |  | 5375655 |
|  | **U.S. GOVERNMENT & AGENCIES — 24.7%** |  |  |  |  |
|  | **AGENCY FIXED RATE — 2.7%** |  |  |  |  |
| 8107 | Fannie Mae Pool 735061 |  | 6.0000 | 11/01/34 | 8487 |
| 10652 | Fannie Mae Pool 866009 |  | 6.0000 | 03/01/36 | 11255 |
| 74433 | Fannie Mae Pool 938574 |  | 5.5000 | 09/01/36 | 77808 |
| 26299 | Fannie Mae Pool 310041 |  | 6.5000 | 05/01/37 | 28562 |
| 11583 | Fannie Mae Pool 962752 |  | 5.0000 | 04/01/38 | 11980 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 24.7% (Continued)** |  |  |  |
|  | **AGENCY FIXED RATE — 2.7% (Continued)** |  |  |  |
| 15006 | Fannie Mae Pool 909175 | 5.5000 | 04/01/38 | $15765 |
| 56228 | Fannie Mae Pool 909220 | 6.0000 | 08/01/38 | 58770 |
| 48750 | Fannie Mae Pool AS7026 | 4.0000 | 04/01/46 | 48021 |
| 84273 | Fannie Mae Pool BJ9260 | 4.0000 | 04/01/48 | 82647 |
| 79274 | Freddie Mac Gold Pool G01980 | 5.0000 | 12/01/35 | 81821 |
| 11109 | Freddie Mac Gold Pool G05888 | 5.5000 | 10/01/39 | 11680 |
| 2369378 | Freddie Mac Pool SD2026 | 5.0000 | 11/01/52 | 2377567 |
|  |  |  |  | 2814363 |
|  | **U.S. TREASURY BONDS — 3.2%** |  |  |  |
| 1040000 | United States Treasury Bond | 2.8750 | 05/15/49 | 891170 |
| 1440000 | United States Treasury Bond | 2.0000 | 02/15/50 | 1020600 |
| 2500000 | United States Treasury Bond | 1.3750 | 08/15/50 | 1503076 |
|  |  |  |  | 3414846 |
|  | **U.S. TREASURY NOTES — 18.8%** |  |  |  |
| 1525000 | United States Treasury Note | 3.8750 | 11/30/27 | 1540190 |
| 2505000 | United States Treasury Note | 2.6250 | 02/15/29 | 2368204 |
| 485000 | United States Treasury Note | 0.8750 | 11/15/30 | 399973 |
| 715000 | United States Treasury Note | 1.6250 | 05/15/31 | 620765 |
| 540000 | United States Treasury Note | 2.8750 | 05/15/32 | 512916 |
| 4940000 | United States Treasury Note | 4.1250 | 11/15/32 | 5183141 |
| 2045000 | United States Treasury Note | 1.8750 | 02/15/51 | 1397949 |
| 1135000 | United States Treasury Note | 1.8750 | 11/15/51 | 772642 |
| 175000 | United States Treasury Note | 2.2500 | 02/15/52 | 130457 |
| 655000 | United States Treasury Note | 2.8750 | 05/15/52 | 560230 |
| 5925000 | United States Treasury Note | 4.0000 | 11/15/52 | 6287907 |
|  |  |  |  | 19774374 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $29,079,783)** |  |  | 26003583 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.8%** |  |
|  | **MONEY MARKET FUNDS - 3.0%** |  |
| 3130139 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $3,130,139)<sup>(f)</sup> | $3130139 |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.8%** |  |
| 858008 | Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $858,008) (f),(h) | 858008 |
|  | **TOTAL INVESTMENTS – 102.2% (Cost $114,193,850)** | $107524969 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%** | (2291621) |
|  | **NET ASSETS - 100.0%** | $105233348 |

---

---

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

---

---

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

---

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 0.2%** |  |  |  |  |
|  | **METALS & MINING - 0.2%** |  |  |  |  |
| 23114 | Covia Holdings, LLC<sup>(a)</sup> |  |  |  | $312039 |
|  | **TOTAL COMMON STOCKS (Cost $183,467)** |  |  |  | 312039 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 9.6%** |  |  |  |  |
|  | **CLO — 9.6%** |  |  |  |  |
| 1500000 | Apidos CLO XX Series 2015-20A DR<sup>(b),(c)</sup> | US0003M + 5.700% | 10.4920 | 07/16/31 | 1289148 |
| 1540000 | Atrium IX Series 9A ER<sup>(b),(c)</sup> | US0003M + 6.450% | 11.1860 | 05/28/30 | 1366262 |
| 2900000 | Benefit Street Partners CLO II Ltd. Series 2013-IIA DR<sup>(b),(c)</sup> | US0003M + 6.550% | 11.3420 | 07/15/29 | 2580426 |
| 2000000 | Benefit Street Partners CLO III Ltd. Series 2013-IIIA DR<sup>(b),(c)</sup> | US0003M + 6.600% | 11.4080 | 07/20/29 | 1847340 |
| 2000000 | Benefit Street Partners Clo XII Ltd. Series 2017-12A D<sup>(b),(c)</sup> | US0003M + 6.410% | 11.2020 | 10/15/30 | 1842252 |
| 250000 | CIFC Funding 2013-II Ltd. Series 2013-2A B2LR<sup>(b),(c)</sup> | US0003M + 6.520% | 11.3120 | 10/18/30 | 212107 |
| 275000 | CIFC Funding 2017-I Ltd. Series 2017-1A E<sup>(b),(c)</sup> | US0003M + 6.350% | 11.1650 | 04/23/29 | 250773 |
| 1250000 | Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E<sup>(b),(c)</sup> | US0003M + 4.700% | 9.5080 | 11/28/30 | 1105071 |
| 3005000 | THL Credit Wind River 2014-2 CLO Ltd. Series 2014-2A ER<sup>(b),(c)</sup> | US0003M + 5.750% | 10.5420 | 01/15/31 | 2213771 |
| 1750000 | THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R<sup>(b),(c)</sup> | US0003M + 6.750% | 11.5420 | 04/15/31 | 1443628 |
| 700000 | TICP CLO I-2 Ltd. Series 2018-IA D<sup>(b),(c)</sup> | US0003M + 5.770% | 10.5920 | 04/26/28 | 670812 |
|  |  |  |  |  | 14821590 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $16,660,567)** |  |  |  | 14821590 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 8.0%** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 500000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.7500 | 01/15/30 | 316888 |
|  | **CHEMICALS — 0.3%** |  |  |  |  |
| 500000 | Consolidated Energy Finance S.A.<sup>(b)</sup> |  | 5.6250 | 10/15/28 | 435673 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 450000 | Deluxe Corporation<sup>(b)</sup> |  | 8.0000 | 06/01/29 | 386054 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 8.0% (Continued)** |  |  |  |  |
|  | **CONSUMER SERVICES — 0.2%** |  |  |  |  |
| 437000 | PROG Holdings, Inc.<sup>(b)</sup> |  | 6.0000 | 11/15/29 | $370932 |
|  | **ELECTRIC UTILITIES — 0.3%** |  |  |  |  |
| 471000 | Calpine Corporation<sup>(b)</sup> |  | 5.0000 | 02/01/31 | 403553 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 424000 | Paramount Global<sup>(d)</sup> | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 369404 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 524000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b)</sup> |  | 4.8750 | 06/01/29 | 385304 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 459000 | CHS/Community Health Systems, Inc.<sup>(b),(e)</sup> |  | 5.6250 | 03/15/27 | 406910 |
|  | **LEISURE FACILITIES & SERVICES — 1.1%** |  |  |  |  |
| 440000 | Carnival Corporation<sup>(b),(e)</sup> |  | 10.5000 | 06/01/30 | 424063 |
| 439000 | CEC Entertainment Company, LLC<sup>(b)</sup> |  | 6.7500 | 05/01/26 | 406637 |
| 502000 | NCL Corporation Ltd.<sup>(b),(e)</sup> |  | 7.7500 | 02/15/29 | 431326 |
| 523000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 5.5000 | 04/01/28 | 450471 |
|  |  |  |  |  | 1712497 |
|  | **OIL & GAS PRODUCERS — 1.6%** |  |  |  |  |
| 422000 | Genesis Energy, L.P. / Genesis Energy Finance<sup>(e)</sup> |  | 8.0000 | 01/15/27 | 415147 |
| 446000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 5.7500 | 02/01/29 | 415329 |
| 416000 | Howard Midstream Energy Partners, LLC<sup>(b)</sup> |  | 6.7500 | 01/15/27 | 406091 |
| 424000 | Independence Energy Finance, LLC<sup>(b)</sup> |  | 7.2500 | 05/01/26 | 407621 |
| 494000 | ITT Holdings, LLC<sup>(b),(e)</sup> |  | 6.5000 | 08/01/29 | 429307 |
| 450000 | Strathcona Resources Ltd.<sup>(b),(e)</sup> |  | 6.8750 | 08/01/26 | 384239 |
|  |  |  |  |  | 2457734 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |  |  |  |
| 514000 | Service Properties Trust<sup>(e)</sup> |  | 4.3750 | 02/15/30 | 374218 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.3%** |  |  |  |  |
| 458000 | Kennedy-Wilson, Inc. |  | 4.7500 | 03/01/29 | 385363 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 8.0% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |  |
| 474000 | Ken Garff Automotive, LLC<sup>(b)</sup> |  | 4.8750 | 09/15/28 | $406884 |
|  | **SPECIALTY FINANCE — 0.7%** |  |  |  |  |
| 505000 | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> |  | 4.6250 | 06/15/29 | 414908 |
| 216000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.2500 | 04/15/28 | 195773 |
| 236000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.8750 | 04/15/30 | 212863 |
| 500000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | 11/01/29 | 305603 |
|  |  |  |  |  | 1129147 |
|  | **TECHNOLOGY SERVICES — 0.3%** |  |  |  |  |
| 475000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 5.7500 | 05/15/28 | 407305 |
|  | **TELECOMMUNICATIONS — 1.0%** |  |  |  |  |
| 500000 | Altice France S.A.<sup>(b)</sup> |  | 5.5000 | 10/15/29 | 394251 |
| 423000 | Hughes Satellite Systems Corporation |  | 6.6250 | 08/01/26 | 409661 |
| 464000 | Sable International Finance Ltd.<sup>(b),(e)</sup> |  | 5.7500 | 09/07/27 | 444882 |
| 550000 | Telesat Canada / Telesat, LLC<sup>(b)</sup> |  | 4.8750 | 06/01/27 | 270130 |
|  |  |  |  |  | 1518924 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 372000 | American Airlines, Inc.<sup>(b),(e)</sup> |  | 11.7500 | 07/15/25 | 414592 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.3%** |  |  |  |  |
| 571000 | C&S Group Enterprises, LLC<sup>(b)</sup> |  | 5.0000 | 12/15/28 | 440389 |
|  | **TOTAL CORPORATE BONDS (Cost $14,192,871)** |  |  |  | 12321771 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 79.8%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.2%** |  |  |  |  |
| 770465 | Dynasty Acquisition Company, Inc.<sup>(c)</sup> | US0001M + 3.500% | 7.9230 | 04/08/26 | 757756 |
| 738111 | Spirit AeroSystems, Inc.<sup>(c)</sup> | TSFR1M + 4.300% | 8.8230 | 11/23/27 | 740417 |
| 415299 | Standard Aero Ltd.<sup>(c)</sup> | US0001M + 3.500% | 7.9230 | 04/08/26 | 408449 |
|  |  |  |  |  | 1906622 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **APPAREL & TEXTILE PRODUCTS — 0.5%** |  |  |  |  |
| 729126 | Birkenstock US BidCo, Inc.<sup>(c)</sup> | US0001M + 3.300% | 7.6900 | 04/28/28 | $728328 |
|  | **ASSET MANAGEMENT — 3.0%** |  |  |  |  |
| 1183897 | Advisor Group Holdings, Inc.<sup>(c)</sup> | US0001M + 4.500% | 8.8840 | 07/31/26 | 1177380 |
| 1186990 | Hightower Holding, LLC<sup>(c)</sup> | US0001M + 4.430% | 8.8150 | 04/21/28 | 1158799 |
| 1184733 | Nexus Buyer, LLC<sup>(c)</sup> | US0001M + 3.750% | 8.1340 | 11/08/26 | 1164847 |
| 1197776 | NFP Corporation<sup>(c)</sup> | ICE LIBOR USD 1 Month + 3.250% | 7.6340 | 02/04/27 | 1177192 |
|  |  |  |  |  | 4678218 |
|  | **AUTOMOTIVE — 0.7%** |  |  |  |  |
| 1193520 | Dexko Global, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.4800 | 09/24/28 | 1106847 |
|  | **BEVERAGES — 0.9%** |  |  |  |  |
| 1349494 | Pegasus Bidco BV<sup>(c)</sup> | TSFR1M + 4.000% | 8.5150 | 05/05/29 | 1342747 |
|  | **BIOTECH & PHARMA — 0.5%** |  |  |  |  |
| 771243 | Curium Bidco Sarl<sup>(c)</sup> | US0001M + 4.250% | 8.9800 | 09/10/27 | 772207 |
|  | **CABLE & SATELLITE — 1.5%** |  |  |  |  |
| 1194839 | CSC Holdings, LLC<sup>(c)</sup> | ICE LIBOR USD 3 Month + 2.140% | 6.5680 | 07/17/25 | 1156006 |
| 1150000 | UPC Financing Partnership<sup>(c)</sup> | US0001M + 3.000% | 7.3840 | 01/31/29 | 1149713 |
|  |  |  |  |  | 2305719 |
|  | **CHEMICALS — 2.9%** |  |  |  |  |
| 700000 | ASP Unifrax Holdings, Inc.<sup>(c)</sup> | US0003M + 4.730% | 3.9740 | 11/05/25 | 635761 |
| 562005 | Diamond BC BV<sup>(c)</sup> | US0001M +4.380% | 7.1650 | 09/15/28 | 557040 |
| 1401947 | Groupe Solmax, Inc.<sup>(c)</sup> | US0001M + 4.750% | 9.4800 | 07/23/28 | 1181140 |
| 1277263 | Iris Holding, Inc.<sup>(c)</sup> | TSFR1M + 4.420% | 8.9440 | 06/15/28 | 1152730 |
| 1185800 | NIC Acquisition Corporation<sup>(c)</sup> | ICE LIBOR USD 1 Month + 3.750% | 8.4800 | 01/14/28 | 981249 |
|  |  |  |  |  | 4507920 |
|  | **COMMERCIAL SUPPORT SERVICES — 3.7%** |  |  |  |  |
| 777937 | Amentum Government Services Holdings, LLC<sup>(c)</sup> | SOFRRATE + 4.000% | 7.5580 | 02/07/29 | 768699 |
| 1185000 | APX Group, Inc.<sup>(c)</sup> | US0001M + 2.500% | 9.7500 | 07/01/28 | 1175970 |
| 560000 | CHG Healthcare Services, Inc.<sup>(c)</sup> | US0001M + 3.500% | 7.6340 | 09/30/28 | 557166 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 3.7% (Continued)** |  |  |  |  |
| 1121462 | Garda World Security Corporation<sup>(c)</sup> | US0001M + 4.250% | 8.9300 | 10/30/26 | $1119780 |
| 772026 | Prime Security Services Borrower, LLC<sup>(c)</sup> | US0001M + 2.750% | 7.5170 | 09/23/26 | 772508 |
| 1184962 | Sotheby's<sup>(c)</sup> | US0001M + 4.500% | 9.3300 | 01/15/27 | 1184074 |
|  |  |  |  |  | 5578197 |
|  | **CONSTRUCTION MATERIALS — 2.1%** |  |  |  |  |
| 1132109 | Foley Products Company, LLC<sup>(c)</sup> | SOFRRATE + 4.750% | 9.4800 | 02/10/29 | 1115840 |
| 884538 | Quikrete Holdings, Inc.<sup>(c)</sup> | US0001M + 3.000% | 7.3840 | 06/11/28 | 882627 |
| 1183471 | US Silica Company<sup>(c)</sup> | US0003M + 4.000% | 8.4380 | 05/01/25 | 1182732 |
|  |  |  |  |  | 3181199 |
|  | **CONSUMER SERVICES — 0.7%** |  |  |  |  |
| 1180509 | Mckissock Investment Holdings, LLC<sup>(c)</sup> | SOFRRATE + 5.000% | 9.7850 | 03/04/29 | 1145094 |
|  | **CONTAINERS & PACKAGING — 3.1%** |  |  |  |  |
| 750132 | Charter Next Generation, Inc.<sup>(c)</sup> | US0001M +4.730% | 8.1340 | 12/01/27 | 746981 |
| 1184281 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.250% | 8.6980 | 03/30/29 | 1165380 |
| 1275254 | LABL, Inc.<sup>(c)</sup> | US0001M + 5.000% | 9.3840 | 10/22/28 | 1247129 |
| 1190375 | Patriot Container Corporation<sup>(c)</sup> | ICE LIBOR USD 3 Month + 3.750% | 8.1730 | 03/16/25 | 1107347 |
| 515876 | Trident TPI Holdings, Inc.<sup>(c)</sup> | US0001M + 4.000% | 8.7300 | 07/29/28 | 507307 |
| 73423 | Trident TPI Holdings, Inc.<sup>(c)</sup> | US0001M + 4.000% | 8.7300 | 07/29/28 | 72204 |
|  |  |  |  |  | 4846348 |
|  | **E-COMMERCE DISCRETIONARY — 1.0%** |  |  |  |  |
| 1043440 | CNT Holdings I Corporation<sup>(c)</sup> | ICE LIBOR USD 1 Month + 3.500% | 8.1250 | 10/16/27 | 1032598 |
| 524000 | CNT Holdings I Corporation<sup>(c)</sup> | US0001M +6.990% | 11.3750 | 11/06/28 | 506095 |
|  |  |  |  |  | 1538693 |
|  | **ELECTRIC UTILITIES** — **–%<sup>(f)</sup>** |  |  |  |  |
| 635000 | Texas Competitive Electric Holdings Company, LLC /<sup>(g)</sup> |  |  | 11/22/49 |  |
|  | **ELECTRICAL EQUIPMENT — 1.1%** |  |  |  |  |
| 490564 | Brookfield WEC Holdings, Inc.<sup>(c)</sup> | US0001M + 2.750% | 7.1340 | 08/01/25 | 490567 |
| 475398 | Brookfield WEC Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.550% | 8.0730 | 08/01/25 | 476501 |
| 554454 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.2300 | 12/14/28 | 535049 |
| 115642 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M +3.850% | 8.2300 | 12/14/28 | 111594 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 1.1% (Continued)** |  |  |  |  |
| 179825 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 6.750% | 11.4800 | 12/15/29 | $160943 |
|  |  |  |  |  | 1774654 |
|  | **ENGINEERING & CONSTRUCTION — 1.4%** |  |  |  |  |
| 1185000 | USIC Holdings, Inc.<sup>(c)</sup> | US0001M + 3.500% | 7.8840 | 05/14/28 | 1154267 |
| 1059178 | VM Consolidated, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.6340 | 03/26/28 | 1061826 |
|  |  |  |  |  | 2216093 |
|  | **ENTERTAINMENT CONTENT — 1.4%** |  |  |  |  |
| 1187661 | NEP Group, Inc.<sup>(c)</sup> | US0003M + 3.250% | 7.6340 | 10/20/25 | 1073051 |
| 1118850 | Univision Communications, Inc.<sup>(c)</sup> | TSFR1M + 4.310% | 8.8300 | 06/10/29 | 1120249 |
|  |  |  |  |  | 2193300 |
|  | **HEALTH CARE FACILITIES & SERVICES — 5.3%** |  |  |  |  |
| 1185000 | Bella Holding Company, LLC<sup>(c)</sup> | US0001M + 3.750% | 8.1340 | 04/01/28 | 1158338 |
| 1180644 | Corgi BidCo, Inc.<sup>(c)</sup> | TSFR1M + 5.060% | 9.5800 | 09/20/29 | 1130957 |
| 1194339 | Milano Acquisition Corporation<sup>(c)</sup> | US0001M + 4.000% | 8.7300 | 08/17/27 | 1168661 |
| 1202106 | Packaging Coordinators Midco, Inc.<sup>(c)</sup> | ICE LIBOR USD 1 Month + 3.750% | 8.2300 | 09/25/27 | 1182037 |
| 1325361 | Phoenix Newco, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.6340 | 08/11/28 | 1316474 |
| 1187970 | Radnet Management, Inc.<sup>(c)</sup> | US0001M + 3.000% | 7.7350 | 04/23/28 | 1178846 |
| 1367290 | Team Health Holdings, Inc.<sup>(c)</sup> | SOFRRATE + 5.250% | 9.5730 | 02/17/27 | 1139978 |
|  |  |  |  |  | 8275291 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.4%** |  |  |  |  |
| 644037 | Crosby US Acquisition Corporation<sup>(c)</sup> | TSFR1M + 4.800% | 9.3210 | 06/27/26 | 627936 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.8%** |  |  |  |  |
| 1180850 | Aretec Group, Inc.<sup>(c)</sup> | US0003M + 4.250% | 8.7730 | 10/01/25 | 1169750 |
|  | **INSURANCE — 3.6%** |  |  |  |  |
| 578157 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | US0001M + 3.500% | 8.0080 | 11/06/27 | 578157 |
| 604000 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | US0001M + 4.500% | 8.0080 | 11/12/27 | 604000 |
| 757086 | Asurion, LLC<sup>(c)</sup> | ICE LIBOR USD 1 Month + 3.250% | 7.6340 | 12/18/26 | 725977 |
| 663840 | Asurion, LLC<sup>(c)</sup> | ICE LIBOR USD 1 Month + 3.250% | 7.6340 | 07/28/27 | 628849 |
| 355000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.6340 | 01/29/28 | 297934 |
| 365000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.6340 | 01/14/29 | 307058 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **INSURANCE — 3.6% (Continued)** |  |  |  |  |
| 1184887 | HUB International Ltd.<sup>(c)</sup> | US0001M + 3.250% | 8.0580 | 04/25/25 | $1185522 |
| 62020 | HUB International Ltd.<sup>(c)</sup> | TSFR1M + 3.700% | 8.2200 | 11/10/29 | 62068 |
| 1042413 | Sedgwick Claims Management Services, Inc.<sup>(c)</sup> | US0003M + 3.250% | 7.6340 | 11/05/25 | 1039228 |
| 188663 | Sedgwick Claims Management Services, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.1340 | 09/03/26 | 188780 |
|  |  |  |  |  | 5617573 |
|  | **LEISURE FACILITIES & SERVICES — 7.2%** |  |  |  |  |
| 1743485 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | US0003M + 3.750% | 8.1340 | 02/01/26 | 1614170 |
| 1299499 | AMC Entertainment Holdings, Inc.<sup>(c)</sup> | US0003M + 3.000% | 7.4300 | 04/22/26 | 772968 |
| 523024 | Carnival Corporation<sup>(c)</sup> | US0001M + 3.000% | 7.3840 | 06/30/25 | 515974 |
| 639955 | Carnival Corporation<sup>(c)</sup> | US0001M + 3.250% | 7.6340 | 10/08/28 | 626090 |
| 1340804 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 4.920% | 9.4380 | 06/23/29 | 1344491 |
| 1197977 | Fogo De Chao, Inc.<sup>(c)</sup> | US0003M + 4.250% | 8.6340 | 04/05/25 | 1152681 |
| 2548030 | Hornblower Sub, LLC<sup>(c)</sup> | US0001M + 4.500% | 8.6700 | 04/27/25 | 1727896 |
| 867816 | Playa Resorts Holding BV<sup>(c)</sup> | TSFR1M + 4.210% | 8.7280 | 11/22/28 | 863164 |
| 1322453 | William Morris Endeavor Entertainment, LLC<sup>(c)</sup> | US0003M + 2.750% | 7.1400 | 05/29/25 | 1317262 |
| 1452225 | Wok Holdings, Inc.<sup>(c)</sup> | US0003M + 6.250% | 11.2350 | 03/01/26 | 1268882 |
|  |  |  |  |  | 11203578 |
|  | **LEISURE PRODUCTS — 1.0%** |  |  |  |  |
| 1578360 | Varsity Brands Holding Company, Inc.<sup>(c)</sup> | US0003M + 3.500% | 7.8840 | 12/15/24 | 1570468 |
|  | **MACHINERY — 1.3%** |  |  |  |  |
| 826051 | Alliance Laundry Systems, LLC<sup>(c)</sup> | US0001M + 3.500% | 8.3060 | 09/30/27 | 825452 |
| 724 | Filtration Group Corporation<sup>(c)</sup> | ICE LIBOR USD 3 Month + 3.000% | 6.7540 | 03/29/25 | 724 |
| 1184416 | STS Operating, Inc.<sup>(c)</sup> | US0003M + 4.250% | 8.6340 | 12/07/24 | 1145282 |
|  |  |  |  |  | 1971458 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.0%** |  |  |  |  |
| 1570090 | Mozart Borrower, L.P.<sup>(c)</sup> | US0001M + 3.250% | 7.6340 | 09/30/28 | 1527454 |
|  | **OIL & GAS PRODUCERS — 3.7%** |  |  |  |  |
| 1551228 | CQP Holdco, L.P.<sup>(c)</sup> | US0001M + 3.750% | 8.4800 | 06/04/28 | 1555983 |
| 785558 | EG America, LLC<sup>(c)</sup> | US0003M + 4.000% | 8.7300 | 02/05/25 | 760459 |
| 1172780 | M6 ETX Holdings II Midco, LLC<sup>(c)</sup> | TSFR1M + 4.640% | 9.1580 | 08/11/29 | 1172780 |
| 1188057 | Medallion Midland Acquisition, L.P.<sup>(c)</sup> | US0001M + 3.750% | 8.5920 | 10/14/28 | 1189726 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.7% (Continued)** |  |  |  |  |
| 974753 | TransMontaigne Operating Company, L.P.<sup>(c)</sup> | US0001M + 3.500% | 8.0080 | 11/05/28 | $973227 |
|  |  |  |  |  | 5652175 |
|  | **PUBLISHING & BROADCASTING — 0.8%** |  |  |  |  |
| 1203950 | Sinclair Television Group, Inc.<sup>(c)</sup> | TSFR1M + 3.750% | 8.1730 | 04/13/29 | 1186342 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** |  |  |  |  |
| 1188000 | Claros Mortgage Trust, Inc.<sup>(c)</sup> | US0001M + 4.500% | 9.0780 | 08/09/26 | 1180575 |
|  | **RETAIL - DISCRETIONARY — 3.2%** |  |  |  |  |
| 729400 | Hertz Corporation (The)<sup>(c)</sup> | US0001M + 3.250% | 7.6300 | 06/14/28 | 727784 |
| 139557 | Hertz Corporation (The)<sup>(c)</sup> | US0001M + 3.250% | 7.6300 | 06/14/28 | 139248 |
| 1197756 | JP Intermediate B, LLC<sup>(c)</sup> | US0003M + 5.500% | 9.9150 | 11/20/25 | 862384 |
| 1279099 | LBM Acquisition, LLC<sup>(c)</sup> | US0001M + 3.750% | 7.1210 | 12/18/27 | 1160117 |
| 535463 | Petco Health & Wellness Company, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.8350 | 02/25/28 | 530807 |
| 512200 | PetSmart, Inc.<sup>(c)</sup> | US0003M + 3.750% | 8.1300 | 01/29/28 | 509426 |
| 1191062 | Specialty Building Products Holdings, LLC<sup>(c)</sup> | US0001M + 3.750% | 7.7670 | 10/05/28 | 1144992 |
|  |  |  |  |  | 5074758 |
|  | **SEMICONDUCTORS** — **0.0%<sup>(f)</sup>** |  |  |  |  |
| 57359 | Altar Bidco, Inc.<sup>(c)</sup> | SOFRRATE + 5.600% | 10.5120 | 11/17/29 | 50906 |
|  | **SOFTWARE — 12.1%** |  |  |  |  |
| 706560 | Applied Systems, Inc.<sup>(c)</sup> | US0003M + 2.000% | 6.6740 | 09/19/24 | 708475 |
| 190250 | Applied Systems, Inc.<sup>(c)</sup> | US0001M + 5.500% | 11.3300 | 09/19/25 | 190667 |
| 186142 | athenahealth, Inc.<sup>(c)</sup> | SOFRRATE +3.310% | 7.8210 | 01/27/29 | 176912 |
| 1090818 | athenahealth, Inc.<sup>(c)</sup> | SOFRRATE + 3.500% | 8.0120 | 01/27/29 | 1036729 |
| 599325 | Barracuda Networks, Inc.<sup>(c)</sup> | ICE LIBOR USD 3 Month + 3.750% | 8.5940 | 02/12/25 | 581561 |
| 585839 | Barracuda Networks, Inc.<sup>(c)</sup> | TSFR1M + 4.070% | 8.5940 | 05/17/29 | 568475 |
| 1158119 | Central Parent, Inc.<sup>(c)</sup> | TSFR1M + 4.560% | 9.0800 | 06/09/29 | 1157215 |
| 1810103 | Condor Merger Sub, Inc.<sup>(c)</sup> | SOFRRATE + 4.000% | 8.1840 | 02/03/29 | 1713100 |
| 592386 | Dcert Buyer, Inc.<sup>(c)</sup> | US0003M + 4.000% | 8.6960 | 08/08/26 | 586418 |
| 600000 | Dcert Buyer, Inc.<sup>(c)</sup> | US0001M + 7.000% | 11.6960 | 02/16/29 | 552624 |
| 1186725 | Epicor Software Corporation<sup>(c)</sup> | US0001M + 3.250% | 7.6340 | 07/31/27 | 1167612 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 12.1% (Continued)** |  |  |  |  |
| 1780769 | Greeneden US Holdings II, LLC<sup>(c)</sup> | ICE LIBOR USD 1 Month + 4.000% | 8.3840 | 10/08/27 | $1752019 |
| 600000 | Helios Software Holdings, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.4800 | 03/11/28 | 594159 |
| 1092359 | MedAssets Software Intermediate Holdings, Inc.<sup>(c)</sup> | US0001M + 4.000% | 8.3840 | 11/19/28 | 995412 |
| 121719 | MedAssets Software Intermediate Holdings, Inc.<sup>(c)</sup> | US0001M + 6.750% | 11.1340 | 11/19/29 | 86231 |
| 1184694 | Project Boost Purchaser, LLC<sup>(c)</sup> | US0003M + 3.500% | 7.8840 | 05/30/26 | 1164981 |
| 1178100 | Proofpoint, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.9850 | 06/10/28 | 1157206 |
| 1086869 | RealPage, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.3840 | 02/18/28 | 1062213 |
| 779175 | Sophia, L.P.<sup>(c)</sup> | US0003M + 3.250% | 8.2300 | 09/23/27 | 769162 |
| 267002 | Sophia, L.P.<sup>(c)</sup> | SOFRRATE + 4.250% | 8.5730 | 10/07/27 | 264109 |
| 1187755 | Ultimate Software Group, Inc. (The)<sup>(c)</sup> | ICE LIBOR USD 3 Month + 3.750% | 8.1340 | 04/08/26 | 1178027 |
| 1328329 | Waystar Technologies, Inc.<sup>(c)</sup> | US0001M + 4.000% | 8.3840 | 10/23/26 | 1322524 |
|  |  |  |  |  | 18785831 |
|  | **SPECIALTY FINANCE — 0.4%** |  |  |  |  |
| 622612 | Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | US0001M + 3.500% | 7.8890 | 03/11/28 | 597707 |
|  | **TECHNOLOGY HARDWARE — 1.5%** |  |  |  |  |
| 1184576 | VeriFone Systems, Inc.<sup>(c)</sup> | ICE LIBOR USD 3 Month + 4.000% | 8.3590 | 08/20/25 | 1117310 |
| 1213963 | Viasat, Inc.<sup>(c)</sup> | SOFRRATE + 4.500% | 9.0520 | 02/24/29 | 1216050 |
|  |  |  |  |  | 2333360 |
|  | **TECHNOLOGY SERVICES — 4.4%** |  |  |  |  |
| 177300 | ION Trading Finance Ltd.<sup>(c)</sup> | US0001M + 4.750% | 9.4800 | 03/26/28 | 172180 |
| 1140000 | MoneyGram International, Inc.<sup>(c)</sup> | US0001M + 4.500% | 8.8840 | 07/21/26 | 1139288 |
| 1215637 | MPH Acquisition Holdings, LLC<sup>(c)</sup> | US0001M + 4.250% | 8.9850 | 08/17/28 | 1096730 |
| 1185320 | Peraton Corporation<sup>(c)</sup> | US0001M + 3.750% | 8.1340 | 02/24/28 | 1181172 |
| 1169081 | Sitel Worldwide Corporation<sup>(c)</sup> | US0001M + 3.750% | 8.1400 | 07/29/28 | 1170787 |
| 1306417 | Travelport Finance Luxembourg Sarl<sup>(c)</sup> | US0003M + 5.000% | 9.7300 | 05/29/26 | 841332 |
| 1162101 | Verscend Holding Corporation<sup>(c)</sup> | US0001M + 4.000% | 8.3840 | 08/27/25 | 1162409 |
|  |  |  |  |  | 6763898 |
|  | **TELECOMMUNICATIONS — 2.5%** |  |  |  |  |
| 615875 | Altice France S.A.<sup>(c)</sup> | ICE LIBOR USD 3 Month + 2.750% | 7.1650 | 06/22/25 | 611179 |
| 756796 | Altice France S.A.<sup>(c)</sup> | ICE LIBOR USD 3 Month + 3.688% | 8.5170 | 01/09/26 | 730308 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 79.8% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 2.5% (Continued)** |  |  |  |  |
| 223975 | Altice France S.A.<sup>(c)</sup> | ICE LIBOR USD 3 Month + 4.000% | 8.6500 | 01/31/26 | $216696 |
| 890378 | CCI Buyer, Inc.<sup>(c)</sup> | US0001M + 4.000% | 8.5800 | 12/12/27 | 875909 |
| 883720 | Connect Finco S.A.RL<sup>(c)</sup> | US0001M + 3.500% | 7.8900 | 12/12/26 | 878750 |
| 1235 | Intelsat Jackson Holdings S.A. |  | 8.6250 | 01/02/24 |  |
| 1201429 | Telesat, LLC<sup>(c)</sup> | US0001M + 2.750% | 7.1700 | 12/06/26 | 561668 |
|  |  |  |  |  | 3874510 |
|  | **TRANSPORTATION & LOGISTICS — 3.3%** |  |  |  |  |
| 680000 | AAdvantage Loyalty IP Ltd.<sup>(c)</sup> | US0003M + 4.750% | 9.5580 | 03/10/28 | 699336 |
| 972642 | Air Canada<sup>(c)</sup> | US0001M + 3.500% | 8.1300 | 07/27/28 | 975244 |
| 1184593 | Kenan Advantage Group, Inc. (The)<sup>(c)</sup> | US0001M + 3.750% | 8.1340 | 03/24/26 | 1173979 |
| 692663 | United Airlines, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.5680 | 04/14/28 | 693954 |
| 1475227 | WestJet Airlines Ltd.<sup>(c)</sup> | US0003M + 2.700% | 7.5080 | 10/08/26 | 1420924 |
|  |  |  |  |  | 4963437 |
|  | **WHOLESALE - DISCRETIONARY — 0.8%** |  |  |  |  |
| 1187692 | Fastlane Parent Company, Inc.<sup>(c)</sup> | US0001M + 4.500% | 8.8840 | 02/04/26 | 1181160 |
|  | **TOTAL TERM LOANS (Cost $127,466,366)** |  |  |  | 123430353 |
| **Shares** |  | **Expiration Date** | **Exercise Price** |  | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(f)</sup>** |  |  |  |  |
|  | **NON-LISTED RIGHT - 0.0% <sup>(f)</sup>** |  |  |  |  |
| 10588 | TRA Rights | 1/22/2024 |  |  | 13145 |
|  | **TOTAL RIGHT (Cost $17,470)** |  |  |  | 13145 |
| **Shares** |  | **Expiration Date** | **Exercise Price** |  | **Fair Value** |
|  | **WARRANT — 0.1%** |  |  |  |  |
|  | **PUBLISHING & BROADCASTING - 0.1%** |  |  |  |  |
| 14905 | iHeartMedia, Inc. | 05/02/2039 | $0 .00 |  | 111788 |
|  | **TOTAL WARRANT (Cost $287,609)** |  |  |  | 111788 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.5%** |  |
| 3769535 | Mount Vernon Liquid Assets Portfolio, LLC, 4.49% (Cost $3,769,535)<sup>(h)(i)</sup> | $3769535 |
|  | **MONEY MARKET FUND - 0.6%** |  |
| 995161 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $995,161)<sup>(h)</sup> | 995161 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,764,696)** | 4764696 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $163,573,046)** | $155775382 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | (1253791) |
|  | **NET ASSETS - 100.0%** | $154521591 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | TSFR1M |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |

---

---

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

---

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 2.1%** |  |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.1%** |  |  |  |  |
| 50 | Hi-Crush<sup>(a),(g)</sup> |  |  |  | $1935600 |
|  | **TOTAL COMMON STOCKS (Cost $1,196,933)** |  |  |  | 1935600 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.5%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.6%** |  |  |  |  |
| 545000 | Moog, Inc.<sup>(b)</sup> |  | 4.2500 | 12/15/27 | 507240 |
| 493000 | Rolls-Royce plc<sup>(b)</sup> |  | 5.7500 | 10/15/27 | 479807 |
| 457000 | Spirit AeroSystems, Inc.<sup>(b)</sup> |  | 7.5000 | 04/15/25 | 459111 |
|  |  |  |  |  | 1446158 |
|  | **ASSET MANAGEMENT —0.7%** |  |  |  |  |
| 415000 | AG Issuer, LLC<sup>(b)</sup> |  | 6.2500 | 03/01/28 | 394686 |
| 333000 | NFP Corporation<sup>(b)</sup> |  | 4.8750 | 08/15/28 | 291227 |
|  |  |  |  |  | 685913 |
|  | **AUTOMOTIVE — 1.7%** |  |  |  |  |
| 185000 | Ford Motor Company<sup>(c)</sup> |  | 3.2500 | 02/12/32 | 147049 |
| 404000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 315935 |
| 211000 | Ford Motor Credit Co LLC |  | 4.0000 | 11/13/30 | 183664 |
| 205000 | Ford Motor Credit Company, LLC |  | 4.9500 | 05/28/27 | 195780 |
| 728000 | Ford Motor Credit Company, LLC |  | 7.3500 | 11/04/27 | 765309 |
|  |  |  |  |  | 1607737 |
|  | **BIOTECH & PHARMA — 1.1%** |  |  |  |  |
| 372000 | Grifols Escrow Issuer S.A.<sup>(b)</sup> |  | 4.7500 | 10/15/28 | 324016 |
| 200000 | Organon Finance 1, LLC<sup>(b)</sup> |  | 4.1250 | 04/30/28 | 181860 |
| 589000 | Organon Finance 1, LLC<sup>(b)</sup> |  | 5.1250 | 04/30/31 | 532629 |
|  |  |  |  |  | 1038505 |
|  | **CABLE & SATELLITE — 5.7%** |  |  |  |  |
| 1290000 | Altice Financing S.A.<sup>(b),(c)</sup> |  | 5.0000 | 01/15/28 | 1096918 |
| 555000 | Block Communications, Inc.<sup>(b)</sup> |  | 4.8750 | 03/01/28 | 489144 |
| 378000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 5.0000 | 02/01/28 | 353211 |
| 825000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 5.3750 | 06/01/29 | 764045 |
| 800000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 6.3750 | 09/01/29 | 772500 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 5.7% (Continued)** |  |  |  |  |
| 775000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.7500 | 01/15/30 | $491176 |
| 680000 | CSC Holdings, LLC<sup>(b)</sup> |  | 4.6250 | 12/01/30 | 402878 |
| 610000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.0000 | 07/15/28 | 543742 |
| 435000 | UPC Broadband Finco BV<sup>(b)</sup> |  | 4.8750 | 07/15/31 | 383302 |
|  |  |  |  |  | 5296916 |
|  | **CHEMICALS —2.1%** |  |  |  |  |
| 604000 | Consolidated Energy Finance S.A.<sup>(b)</sup> |  | 5.6250 | 10/15/28 | 526292 |
| 480000 | Methanex Corporation |  | 5.1250 | 10/15/27 | 457795 |
| 531000 | Minerals Technologies, Inc.<sup>(b)</sup> |  | 5.0000 | 07/01/28 | 486131 |
| 614000 | Trinseo Materials Operating SCA / Trinseo<sup>(b),(c)</sup> |  | 5.1250 | 04/01/29 | 443244 |
|  |  |  |  |  | 1913462 |
|  | **COMMERCIAL SUPPORT SERVICES — 5.0%** |  |  |  |  |
| 400000 | Allied Universal Holdco, LLC / Allied Universal<sup>(b)</sup> |  | 4.6250 | 06/01/28 | 345530 |
| 585000 | Brink's Company (The)<sup>(b)</sup> |  | 4.6250 | 10/15/27 | 546479 |
| 87000 | Covanta Holding Corporation |  | 5.0000 | 09/01/30 | 74259 |
| 456000 | Covert Mergeco, Inc.<sup>(b)</sup> |  | 4.8750 | 12/01/29 | 398364 |
| 630000 | Deluxe Corporation<sup>(b)</sup> |  | 8.0000 | 06/01/29 | 540475 |
| 228000 | Garda World Security Corporation<sup>(b)</sup> |  | 4.6250 | 02/15/27 | 207805 |
| 56000 | Garda World Security Corporation<sup>(b)</sup> |  | 9.5000 | 11/01/27 | 55446 |
| 222000 | Garda World Security Corporation<sup>(b)</sup> |  | 6.0000 | 06/01/29 | 185608 |
| 612000 | Harsco Corporation<sup>(b)</sup> |  | 5.7500 | 07/31/27 | 518548 |
| 380000 | Korn Ferry<sup>(b)</sup> |  | 4.6250 | 12/15/27 | 357597 |
| 515000 | Prime Security Services Borrower, LLC / Prime<sup>(b)</sup> |  | 5.7500 | 04/15/26 | 507133 |
| 505000 | Sotheby's<sup>(b)</sup> |  | 7.3750 | 10/15/27 | 488815 |
| 580000 | TriNet Group, Inc.<sup>(b)</sup> |  | 3.5000 | 03/01/29 | 487847 |
|  |  |  |  |  | 4713906 |
|  | **CONSTRUCTION MATERIALS — 0.5%** |  |  |  |  |
| 328000 | Standard Industries, Inc.<sup>(b)</sup> |  | 4.7500 | 01/15/28 | 307669 |
| 199000 | Standard Industries, Inc.<sup>(b)</sup> |  | 3.3750 | 01/15/31 | 158322 |
|  |  |  |  |  | 465991 |
|  | **CONSUMER SERVICES —1.1%** |  |  |  |  |
| 600000 | PROG Holdings, Inc.<sup>(b)</sup> |  | 6.0000 | 11/15/29 | 509289 |
| 561000 | Rent-A-Center, Inc.<sup>(b),(c)</sup> |  | 6.3750 | 02/15/29 | 477529 |
|  |  |  |  |  | 986818 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 3.2%** |  |  |  |  |
| 414000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(b)</sup> |  | 3.2500 | 09/01/28 | $363803 |
| 139000 | Ball Corporation |  | 5.2500 | 07/01/25 | 138477 |
| 199000 | Ball Corporation |  | 2.8750 | 08/15/30 | 163423 |
| 580000 | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> |  | 6.6250 | 04/15/29 | 572633 |
| 479000 | Crown Americas, LLC |  | 5.2500 | 04/01/30 | 458536 |
| 507000 | LABL, Inc.<sup>(b)</sup> |  | 5.8750 | 11/01/28 | 458049 |
| 252000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> |  | 7.8750 | 08/15/26 | 254520 |
| 90000 | Sealed Air Corporation<sup>(b)</sup> |  | 5.0000 | 04/15/29 | 85396 |
| 465000 | Silgan Holdings, Inc. |  | 4.1250 | 02/01/28 | 434177 |
|  |  |  |  |  | 2929014 |
|  | **ELECTRIC UTILITIES — 1.8%** |  |  |  |  |
| 453000 | Calpine Corporation<sup>(b)</sup> |  | 5.0000 | 02/01/31 | 388130 |
| 332000 | Calpine Corporation<sup>(b)</sup> |  | 3.7500 | 03/01/31 | 277236 |
| 165000 | Clearway Energy Operating, LLC<sup>(b)</sup> |  | 3.7500 | 01/15/32 | 136335 |
| 510000 | NRG Energy Inc<sup>(b)</sup> |  | 3.6250 | 02/15/31 | 400983 |
| 510000 | Vistra Operations Company, LLC<sup>(b)</sup> |  | 5.0000 | 07/31/27 | 480671 |
|  |  |  |  |  | 1683355 |
|  | **ENGINEERING & CONSTRUCTION — 0.6%** |  |  |  |  |
| 557000 | VM Consolidated, Inc.<sup>(b)</sup> |  | 5.5000 | 04/15/29 | 513578 |
|  | **ENTERTAINMENT CONTENT — 1.7%** |  |  |  |  |
| 445000 | Banijay Entertainment S.A.SU<sup>(b)</sup> |  | 5.3750 | 03/01/25 | 429977 |
| 354000 | Paramount Global<sup>(d)</sup> | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 308417 |
| 735000 | Univision Communications, Inc.<sup>(b)</sup> |  | 6.6250 | 06/01/27 | 721230 |
| 131000 | Univision Communications, Inc.<sup>(b)</sup> |  | 7.3750 | 06/30/30 | 128634 |
|  |  |  |  |  | 1588258 |
|  | **FOOD —1.6%** |  |  |  |  |
| 208000 | Herbalife Nutrition Ltd. / HLF Financing, Inc.<sup>(b)</sup> |  | 7.8750 | 09/01/25 | 195426 |
| 675000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b)</sup> |  | 4.8750 | 06/01/29 | 496335 |
| 209000 | Land O'Lakes Capital Trust I<sup>(b)</sup> |  | 7.4500 | 03/15/28 | 206388 |
| 321000 | Post Holdings, Inc.<sup>(b)</sup> |  | 4.5000 | 09/15/31 | 276810 |
| 381000 | Simmons Foods, Inc./Simmons Prepared Foods,<sup>(b)</sup> |  | 4.6250 | 03/01/29 | 321984 |
|  |  |  |  |  | 1496943 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.3%** |  |  |  |  |
| 456000 | Glatfelter Corporation<sup>(b)</sup> |  | 4.7500 | 11/15/29 | $319791 |
|  | **GAS & WATER UTILITIES —0.6%** |  |  |  |  |
| 615000 | Ferrellgas Escrow, LLC / FG Operating Finance<sup>(b)</sup> |  | 5.3750 | 04/01/26 | 566371 |
| 30000 | Ferrellgas Escrow, LLC / FG Operating Finance<sup>(b)</sup> |  | 5.8750 | 04/01/29 | 25088 |
|  |  |  |  |  | 591459 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.4%** |  |  |  |  |
| 750000 | CHS/Community Health Systems, Inc.<sup>(b),(c)</sup> |  | 5.6250 | 03/15/27 | 664886 |
| 678000 | DaVita, Inc.<sup>(b),(c)</sup> |  | 4.6250 | 06/01/30 | 571466 |
| 597000 | HCA, Inc. |  | 3.5000 | 09/01/30 | 534219 |
| 530000 | Legacy LifePoint Health, LLC<sup>(b)</sup> |  | 4.3750 | 02/15/27 | 464529 |
| 695000 | Select Medical Corporation<sup>(b),(c)</sup> |  | 6.2500 | 08/15/26 | 679471 |
| 215000 | Tenet Healthcare Corporation |  | 4.6250 | 07/15/24 | 212320 |
|  |  |  |  |  | 3126891 |
|  | **HOME CONSTRUCTION —1.0%** |  |  |  |  |
| 361000 | Mattamy Group Corporation<sup>(b)</sup> |  | 5.2500 | 12/15/27 | 330676 |
| 210000 | Mattamy Group Corporation<sup>(b)</sup> |  | 4.6250 | 03/01/30 | 176129 |
| 475000 | PGT Innovations, Inc.<sup>(b)</sup> |  | 4.3750 | 10/01/29 | 410483 |
|  |  |  |  |  | 917288 |
|  | **HOUSEHOLD PRODUCTS — 1.5%** |  |  |  |  |
| 456000 | Coty, Inc.<sup>(b)</sup> |  | 5.0000 | 04/15/26 | 437092 |
| 600000 | Edgewell Personal Care Company<sup>(b)</sup> |  | 4.1250 | 04/01/29 | 526746 |
| 461000 | Energizer Holdings, Inc.<sup>(b)</sup> |  | 4.3750 | 03/31/29 | 399620 |
|  |  |  |  |  | 1363458 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |  |  |  |
| 550000 | Aretec Escrow Issuer, Inc.<sup>(b)</sup> |  | 7.5000 | 04/01/29 | 483881 |
| 414000 | LPL Holdings, Inc.<sup>(b)</sup> |  | 4.0000 | 03/15/29 | 369973 |
|  |  |  |  |  | 853854 |
|  | **INSURANCE — 0.4%** |  |  |  |  |
| 345000 | NMI Holdings, Inc.<sup>(b)</sup> |  | 7.3750 | 06/01/25 | 350796 |
|  | **INTERNET MEDIA & SERVICES — 0.4%** |  |  |  |  |
| 459000 | GrubHub Holdings, Inc.<sup>(b)</sup> |  | 5.5000 | 07/01/27 | 367800 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 7.3%** |  |  |  |  |
| 609000 | AMC Entertainment Holdings, Inc.<sup>(b)</sup> |  | 7.5000 | 02/15/29 | $357209 |
| 506000 | Brinker International, Inc.<sup>(b)</sup> |  | 5.0000 | 10/01/24 | 495698 |
| 318000 | Caesars Entertainment, Inc.<sup>(b)</sup> |  | 6.2500 | 07/01/25 | 316858 |
| 122000 | Carnival Corporation<sup>(b),(c)</sup> |  | 7.6250 | 03/01/26 | 111177 |
| 1163000 | Carnival Corporation<sup>(b)</sup> |  | 5.7500 | 03/01/27 | 966931 |
| 322000 | Carnival Corporation<sup>(b)</sup> |  | 6.0000 | 05/01/29 | 254784 |
| 195000 | Carnival Corporation<sup>(b)</sup> |  | 10.5000 | 06/01/30 | 187937 |
| 715000 | CEC Entertainment Company, LLC<sup>(b)</sup> |  | 6.7500 | 05/01/26 | 662290 |
| 295000 | Dave & Buster's, Inc. B<sup>(b)</sup> |  | 7.6250 | 11/01/25 | 300177 |
| 211000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b)</sup> |  | 5.0000 | 06/01/29 | 188992 |
| 555000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b)</sup> |  | 4.8750 | 07/01/31 | 481931 |
| 710000 | NCL Corporation Ltd.<sup>(b)</sup> |  | 3.6250 | 12/15/24 | 667450 |
| 187000 | NCL Corporation Ltd.<sup>(b)</sup> |  | 5.8750 | 03/15/26 | 163305 |
| 243000 | NCL Corporation Ltd.<sup>(b),(c)</sup> |  | 7.7500 | 02/15/29 | 208789 |
| 603000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | 07/01/26 | 523950 |
| 126000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 5.5000 | 04/01/28 | 108526 |
| 445000 | SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> |  | 8.7500 | 05/01/25 | 458301 |
| 331000 | Wyndham Destinations, Inc. |  | 5.7500 | 04/01/27 | 325163 |
|  |  |  |  |  | 6779468 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.9%** |  |  |  |  |
| 510000 | Embecta Corporation<sup>(b)</sup> |  | 5.0000 | 02/15/30 | 421458 |
| 482000 | Mozart Debt Merger Sub, Inc.<sup>(b)</sup> |  | 3.8750 | 04/01/29 | 411761 |
|  |  |  |  |  | 833219 |
|  | **METALS & MINING — 2.0%** |  |  |  |  |
| 397000 | FMG Resources August 2006 Pty Ltd.<sup>(b)</sup> |  | 4.5000 | 09/15/27 | 379665 |
| 555000 | Hudbay Minerals, Inc.<sup>(b)</sup> |  | 6.1250 | 04/01/29 | 514760 |
| 305000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 8.1250 | 05/01/27 | 307690 |
| 180000 | Mineral Resources Ltd.<sup>(b),(c)</sup> |  | 8.5000 | 05/01/30 | 186203 |
| 480000 | Warrior Met Coal, Inc.<sup>(b)</sup> |  | 7.8750 | 12/01/28 | 473518 |
|  |  |  |  |  | 1861836 |
|  | **OIL & GAS PRODUCERS —15.5%** |  |  |  |  |
| 576000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(b)</sup> |  | 5.7500 | 01/15/28 | 551546 |
| 487000 | Antero Resources Corporation<sup>(b)</sup> |  | 5.3750 | 03/01/30 | 454768 |
| 148000 | Apache Corporation |  | 4.3750 | 10/15/28 | 137124 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS —15.5% (Continued)** |  |  |  |  |
| 377000 | Apache Corporation |  | 4.7500 | 04/15/43 | $296006 |
| 554000 | Buckeye Partners, L.P.<sup>(b)</sup> |  | 4.5000 | 03/01/28 | 508744 |
| 494000 | California Resources Corporation<sup>(b)</sup> |  | 7.1250 | 02/01/26 | 480860 |
| 480000 | Civitas Resources, Inc.<sup>(b)</sup> |  | 5.0000 | 10/15/26 | 449983 |
| 132000 | DCP Midstream Operating, L.P.<sup>(b)</sup> |  | 6.7500 | 09/15/37 | 144643 |
| 235000 | DCP Midstream Operating, L.P. |  | 5.6000 | 04/01/44 | 233237 |
| 498000 | Earthstone Energy Holdings, LLC<sup>(b),(c)</sup> |  | 8.0000 | 04/15/27 | 486237 |
| 605000 | eG Global Finance plc<sup>(b)</sup> |  | 6.7500 | 02/07/25 | 561688 |
| 286000 | EnLink Midstream, LLC<sup>(b)</sup> |  | 6.5000 | 09/01/30 | 291747 |
| 70000 | EQM Midstream Partners, L.P.<sup>(b)</sup> |  | 7.5000 | 06/01/27 | 70085 |
| 233000 | EQM Midstream Partners, L.P. |  | 5.5000 | 07/15/28 | 215215 |
| 264000 | EQM Midstream Partners, L.P.<sup>(b)</sup> |  | 7.5000 | 06/01/30 | 264210 |
| 54000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 6.2500 | 05/15/26 | 51666 |
| 307000 | Genesis Energy, L.P. / Genesis Energy Finance<sup>(c)</sup> |  | 8.0000 | 01/15/27 | 302015 |
| 674000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.8750 | 04/15/30 | 686631 |
| 677000 | Harvest Midstream I, L.P.<sup>(b)</sup> |  | 7.5000 | 09/01/28 | 667272 |
| 434000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 5.7500 | 02/01/29 | 404154 |
| 279000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 6.0000 | 02/01/31 | 257001 |
| 640000 | Holly Energy Partners, L.P. / Holly Energy Finance<sup>(b)</sup> |  | 5.0000 | 02/01/28 | 596954 |
| 550000 | Howard Midstream Energy Partners, LLC<sup>(b)</sup> |  | 6.7500 | 01/15/27 | 536899 |
| 509000 | Independence Energy Finance, LLC<sup>(b)</sup> |  | 7.2500 | 05/01/26 | 489337 |
| 695000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | 08/01/29 | 603984 |
| 405000 | Murphy Oil USA, Inc. |  | 4.7500 | 09/15/29 | 371095 |
| 650000 | NGL Energy Operating, LLC / NGL Energy Finance<sup>(b)</sup> |  | 7.5000 | 02/01/26 | 614837 |
| 425000 | NGL Energy Partners, L.P. / NGL Energy Finance<sup>(c)</sup> |  | 6.1250 | 03/01/25 | 377649 |
| 152000 | NuStar Logistics, L.P. |  | 5.7500 | 10/01/25 | 150581 |
| 379000 | NuStar Logistics, L.P. |  | 6.3750 | 10/01/30 | 365257 |
| 452000 | Oasis Petroleum, Inc.<sup>(b)</sup> |  | 6.3750 | 06/01/26 | 445769 |
| 503000 | Occidental Petroleum Corporation |  | 6.3750 | 09/01/28 | 522871 |
| 251000 | Occidental Petroleum Corporation |  | 6.1250 | 01/01/31 | 262217 |
| 192000 | Rockcliff Energy II, LLC<sup>(b)</sup> |  | 5.5000 | 10/15/29 | 182937 |
| 194000 | Southwestern Energy Company |  | 5.3750 | 02/01/29 | 183579 |
| 344000 | Southwestern Energy Company |  | 5.3750 | 03/15/30 | 320445 |
| 600000 | Strathcona Resources Ltd.<sup>(b),(c)</sup> |  | 6.8750 | 08/01/26 | 512319 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS —15.5% (Continued)** |  |  |  |  |
| 526000 | Venture Global Calcasieu Pass, LLC<sup>(b)</sup> |  | 3.8750 | 08/15/29 | $468918 |
|  |  |  |  |  | 14520480 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.1%** |  |  |  |  |
| 491000 | Archrock Partners, L.P. / Archrock Partners<sup>(b)</sup> |  | 6.8750 | 04/01/27 | 481752 |
| 282000 | Nabors Industries Ltd.<sup>(b)</sup> |  | 7.2500 | 01/15/26 | 272951 |
| 434000 | Nabors Industries, Inc.<sup>(b)</sup> |  | 7.3750 | 05/15/27 | 433770 |
| 510000 | USA Compression Partners, L.P. / USA Compression |  | 6.8750 | 04/01/26 | 499845 |
| 337000 | Weatherford International Ltd.<sup>(b)</sup> |  | 6.5000 | 09/15/28 | 335679 |
|  |  |  |  |  | 2023997 |
|  | **PUBLISHING & BROADCASTING —0.3%** |  |  |  |  |
| 332000 | Belo Corporation |  | 7.7500 | 06/01/27 | 319344 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.4%** |  |  |  |  |
| 650000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(b)</sup> |  | 3.3750 | 06/15/26 | 577701 |
| 141000 | Service Properties Trust |  | 5.2500 | 02/15/26 | 122100 |
| 461000 | Service Properties Trust |  | 4.7500 | 10/01/26 | 381277 |
| 46000 | Service Properties Trust |  | 5.5000 | 12/15/27 | 40812 |
| 57000 | Service Properties Trust |  | 3.9500 | 01/15/28 | 43484 |
| 165000 | Service Properties Trust |  | 4.9500 | 10/01/29 | 124065 |
|  |  |  |  |  | 1289439 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.5%** |  |  |  |  |
| 438000 | Kennedy-Wilson, Inc.<sup>(c)</sup> |  | 4.7500 | 03/01/29 | 368535 |
| 119000 | Kennedy-Wilson, Inc. |  | 4.7500 | 02/01/30 | 97803 |
|  |  |  |  |  | 466338 |
|  | **REAL ESTATE SERVICES — 0.6%** |  |  |  |  |
| 602000 | Cushman & Wakefield US Borrower, LLC<sup>(b)</sup> |  | 6.7500 | 05/15/28 | 581944 |
|  | **RENEWABLE ENERGY — 1.1%** |  |  |  |  |
| 558000 | AtlanticaSustainable Infrastructure plc <sup>(b)</sup> |  | 4.1250 | 06/15/28 | 497304 |
| 554000 | EnerSys<sup>(b)</sup> |  | 4.3750 | 12/15/27 | 511092 |
|  |  |  |  |  | 1008396 |
|  | **RETAIL - CONSUMER STAPLES — 0.8%** |  |  |  |  |
| 440000 | Albertsons Companies Inc / Safeway Inc / New<sup>(b)</sup> |  | 4.6250 | 01/15/27 | 417785 |
| 331000 | Albertsons Companies Inc / Safeway Inc / New<sup>(b)</sup> |  | 5.8750 | 02/15/28 | 323918 |
|  |  |  |  |  | 741703 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 2.2%** |  |  |  |  |
| 462000 | Carvana Company<sup>(b)</sup> |  | 5.5000 | 04/15/27 | $209505 |
| 133000 | Carvana Company<sup>(b)</sup> |  | 5.8750 | 10/01/28 | 58906 |
| 230000 | Carvana Company<sup>(b)</sup> |  | 4.8750 | 09/01/29 | 102681 |
| 575000 | Ken Garff Automotive, LLC<sup>(b)</sup> |  | 4.8750 | 09/15/28 | 493583 |
| 650000 | LBM Acquisition, LLC<sup>(b)</sup> |  | 6.2500 | 01/15/29 | 489749 |
| 373000 | Metis Merger Sub, LLC<sup>(b)</sup> |  | 6.5000 | 05/15/29 | 318406 |
| 569000 | Park River Holdings, Inc.<sup>(b)</sup> |  | 6.7500 | 08/01/29 | 404718 |
|  |  |  |  |  | 2077548 |
|  | **SEMICONDUCTORS — 0.9%** |  |  |  |  |
| 520000 | Entegris Escrow Corporation<sup>(b)</sup> |  | 5.9500 | 06/15/30 | 499995 |
| 354000 | ON Semiconductor Corporation<sup>(b)</sup> |  | 3.8750 | 09/01/28 | 323475 |
|  |  |  |  |  | 823470 |
|  | **SOFTWARE — 2.1%** |  |  |  |  |
| 335000 | Central Parent, Inc. / Central Merger Sub, Inc.<sup>(b)</sup> |  | 7.2500 | 06/15/29 | 334596 |
| 800000 | Condor Merger Sub, Inc.<sup>(b)</sup> |  | 7.3750 | 02/15/30 | 668251 |
| 200000 | Helios Software Holdings, Inc. / ION Corporate<sup>(b)</sup> |  | 4.6250 | 05/01/28 | 161003 |
| 164000 | NortonLifeLock, Inc.<sup>(b)</sup> |  | 6.7500 | 09/30/27 | 166296 |
| 321000 | NortonLifeLock, Inc.<sup>(b)</sup> |  | 7.1250 | 09/30/30 | 326398 |
| 595000 | Rackspace Technology Global, Inc.<sup>(b)</sup> |  | 3.5000 | 02/15/28 | 361457 |
|  |  |  |  |  | 2018001 |
|  | **SPECIALTY FINANCE —7.4%** |  |  |  |  |
| 370000 | AerCap Global Aviation Trust<sup>(b),(c),(d)</sup> | US0003M + 4.300% | 6.5000 | 06/15/45 | 362173 |
| 555000 | Alliance Data Systems Corporation<sup>(b)</sup> |  | 4.7500 | 12/15/24 | 504456 |
| 625000 | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> |  | 4.6250 | 06/15/29 | 513501 |
| 660000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.2500 | 04/15/28 | 598194 |
| 831000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | 11/01/29 | 507911 |
| 439000 | Curo Group Holdings Corporation<sup>(b)</sup> |  | 7.5000 | 08/01/28 | 201799 |
| 215000 | Enova International, Inc.<sup>(b)</sup> |  | 8.5000 | 09/01/24 | 210741 |
| 430000 | Enova International, Inc.<sup>(b)</sup> |  | 8.5000 | 09/15/25 | 409390 |
| 512000 | FirstCash, Inc.<sup>(b)</sup> |  | 4.6250 | 09/01/28 | 458039 |
| 202000 | FirstCash, Inc.<sup>(b)</sup> |  | 5.6250 | 01/01/30 | 185089 |
| 418000 | Genworth Mortgage Holdings, Inc.<sup>(b)</sup> |  | 6.5000 | 08/15/25 | 412539 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE —7.4% (Continued)** |  |  |  |  |
| 324000 | goeasy Ltd.<sup>(b)</sup> |  | 4.3750 | 05/01/26 | $289604 |
| 682000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(b)</sup> |  | 4.2500 | 02/01/27 | 602144 |
| 483000 | LFS Topco, LLC<sup>(b)</sup> |  | 5.8750 | 10/15/26 | 400221 |
| 475000 | Pattern Energy Operations, L.P. / Pattern Energy<sup>(b)</sup> |  | 4.5000 | 08/15/28 | 436428 |
| 342000 | Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.<sup>(b)</sup> |  | 3.6250 | 03/01/29 | 290139 |
| 345000 | Starwood Property Trust, Inc. |  | 4.7500 | 03/15/25 | 331061 |
| 125000 | Starwood Property Trust, Inc.<sup>(b)</sup> |  | 3.6250 | 07/15/26 | 112343 |
| 80000 | Starwood Property Trust, Inc.<sup>(b)</sup> |  | 4.3750 | 01/15/27 | 71904 |
|  |  |  |  |  | 6897676 |
|  | **STEEL — 1.1%** |  |  |  |  |
| 433000 | Allegheny Technologies, Inc. |  | 4.8750 | 10/01/29 | 396702 |
| 287000 | Cleveland-Cliffs, Inc. |  | 6.2500 | 10/01/40 | 259875 |
| 477000 | Commercial Metals Company |  | 3.8750 | 02/15/31 | 413263 |
|  |  |  |  |  | 1069840 |
|  | **TECHNOLOGY HARDWARE —1.8%** |  |  |  |  |
| 585000 | Imola Merger Corporation<sup>(b)</sup> |  | 4.7500 | 05/15/29 | 509383 |
| 295000 | NCR Corporation<sup>(b)</sup> |  | 5.1250 | 04/15/29 | 257330 |
| 405000 | Seagate HDD Cayman |  | 4.0910 | 06/01/29 | 359944 |
| 605000 | TTM Technologies, Inc.<sup>(b)</sup> |  | 4.0000 | 03/01/29 | 528425 |
|  |  |  |  |  | 1655082 |
|  | **TECHNOLOGY SERVICES — 2.1%** |  |  |  |  |
| 440000 | Ahead DB Holdings, LLC<sup>(b)</sup> |  | 6.6250 | 05/01/28 | 372374 |
| 880000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 5.7500 | 05/15/28 | 754586 |
| 566000 | MPH Acquisition Holdings, LLC<sup>(b),(c)</sup> |  | 5.7500 | 11/01/28 | 413486 |
| 520000 | Paysafe Finance plc / Paysafe Holdings US<sup>(b),(c)</sup> |  | 4.0000 | 06/15/29 | 414073 |
|  |  |  |  |  | 1954519 |
|  | **TELECOMMUNICATIONS —3.9%** |  |  |  |  |
| 1035000 | Altice France S.A.<sup>(b)</sup> |  | 5.5000 | 10/15/29 | 816099 |
| 625000 | Cogent Communications Group, Inc.<sup>(b)</sup> |  | 7.0000 | 06/15/27 | 619425 |
| 680000 | Connect Finco S.A.RL / Connect US Finco, LLC<sup>(b)</sup> |  | 6.7500 | 10/01/26 | 651086 |
| 535000 | Hughes Satellite Systems Corporation |  | 6.6250 | 08/01/26 | 518129 |
| 690000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 7.0000 | 10/15/28 | 648935 |
| 760000 | Telesat Canada / Telesat, LLC<sup>(b)</sup> |  | 4.8750 | 06/01/27 | 373270 |
|  |  |  |  |  | 3626944 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 94.5% (Continued)** |  |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 2.5%** |  |  |  |  |
| 1081000 | American Airlines, Inc.<sup>(b)</sup> |  | 11.7500 | 07/15/25 | $1204770 |
| 500000 | Cargo Aircraft Management, Inc.<sup>(b)</sup> |  | 4.7500 | 02/01/28 | 453083 |
| 271000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.3750 | 04/15/26 | 257605 |
| 510000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.6250 | 04/15/29 | 466260 |
|  |  |  |  |  | 2381718 |
|  | **WHOLESALE - CONSUMER STAPLES —1.1%** |  |  |  |  |
| 963000 | C&S Group Enterprises, LLC<sup>(b)</sup> |  | 5.0000 | 12/15/28 | 742724 |
| 285000 | Performance Food Group, Inc.<sup>(b)</sup> |  | 5.5000 | 10/15/27 | 274667 |
|  |  |  |  |  | 1017391 |
|  | **TOTAL CORPORATE BONDS (Cost $96,692,210)** |  |  |  | 88206244 |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 9.7%** |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 7.4%** |  |  |  |  |
| 6910943 | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,910,943)<sup>(e)(f)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,910,943)<sup>(e)(f)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,910,943)<sup>(e)(f)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,910,943)<sup>(e)(f)</sup> | 6910943 |
|  | **MONEY MARKET FUND - 2.3%** |  |  |  |  |
| 2102922 | First American Government Obligations Fund, Class Z, 4.09% (Cost $2,102,922)<sup>(e)</sup> | First American Government Obligations Fund, Class Z, 4.09% (Cost $2,102,922)<sup>(e)</sup> | First American Government Obligations Fund, Class Z, 4.09% (Cost $2,102,922)<sup>(e)</sup> |  | 2102922 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $9,013,865)** |  |  |  | 9013865 |
|  | **TOTAL INVESTMENTS - 106.3% (Cost $106,903,008)** |  |  |  | $99155709 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.3)%** |  |  |  | (5896484) |
|  | **NET ASSETS - 100.0%** |  |  |  | $93259225 |

---

---

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

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| |  |
| <sup>(b)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 74,739,894 or 80.1% of net assets. |
| |  |
| <sup>(c)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $6,783,326 at January 31, 2023. |
| |  |
| <sup>(d)</sup> | Variable rate security; the rate shown represents the rate on January 31, 2023. |
| |  |
| <sup>(e)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. |
| |  |
| <sup>(f)</sup> | 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%. |
| |  |
| <sup>(g)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.1% of net assets. The total value of this security is $1,935,600. |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 0.2%** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.2%** |  |  |  |  |
| 44,384 EUR | Bankinter FTA Series 10 A2<sup>(b)</sup> | EUR003M + 0.160% | 2.2230 | 06/21/43 | $47860 |
| 17,096 EUR | Fondo de Titulizacion de Activos Santander Series 2 A<sup>(b)</sup> | EUR003M + 0.150% | 2.4840 | 01/18/49 | 18245 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $65,391)** |  |  |  | 66105 |
|  | **CORPORATE BONDS — 65.4%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |  |
| 300,000 EUR | JAB Holdings BV |  | 1.0000 | 12/20/27 | 288193 |
|  | **AUTOMOTIVE — 4.1%** |  |  |  |  |
| 300,000 EUR | Daimler A.G. |  | 0.7500 | 02/08/30 | 275216 |
| 250,000 EUR | Ford Motor Credit Company, LLC |  | 2.3300 | 11/25/25 | 255766 |
| 120,000 EUR | Grupo Antolin-Irausa S.A. |  | 3.5000 | 04/30/28 | 93998 |
| 200,000 USD | Hyundai Capital America<sup>(a)</sup> |  | 3.0000 | 02/10/27 | 184113 |
| 210,000 EUR | Jaguar Land Rover Automotive plc |  | 5.8750 | 11/15/24 | 227986 |
| 325,000 USD | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 1.8500 | 09/16/26 | 280516 |
| 142,000 USD | Uzauto Motors AJ<sup>(a)</sup> |  | 4.8500 | 05/04/26 | 123151 |
| 200,000 EUR | Volkswagen International Finance N.V. |  | 1.8750 | 03/30/27 | 201134 |
| 100,000 EUR | ZF Finance GmbH |  | 3.7500 | 09/21/28 | 96260 |
|  |  |  |  |  | 1738140 |
|  | **BANKING — 6.0%** |  |  |  |  |
| 250,000 EUR | AIB Group plc |  | 2.2500 | 07/03/25 | 261698 |
| 300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. |  | 3.5000 | 02/10/27 | 321869 |
| 467,000 USD | Banco Mercantil del Norte S.A.<sup>(a),(b)</sup> | H15T5Y + 4.967% | 6.7500 | 09/27/68 | 458057 |
| 350,000 USD | Barclays plc |  | 4.8360 | 05/09/28 | 337780 |
| 50,000 USD | BPCE S.A.<sup>(a),(b)</sup> | SOFRRATE + 2.100% | 5.9750 | 01/18/27 | 50605 |
| 225,000 EUR | Cooperatieve Rabobank UA |  | 1.3750 | 02/03/27 | 227560 |
| 250,000 USD | Danske Bank A/S<sup>(a),(b)</sup> | H15T1Y + 1.350% | 1.6210 | 09/11/26 | 224657 |
| 250,000 USD | Deutsche Bank AG/New York NY<sup>(b)</sup> | SOFRRATE + 1.870% | 2.1290 | 11/24/26 | 225499 |
| 100,000 USD | HSBC Holdings PLC<sup>(b)</sup> | SOFRRATE + 1.290% | 1.5890 | 05/24/27 | 88535 |
| 250,000 EUR | Natwest Group plc<sup>(b)</sup> | EUR003M + 1.080% | 1.7500 | 03/02/26 | 258662 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.4% (Continued)** |  |  |  |  |
|  | **BANKING — 6.0% (Continued)** |  |  |  |  |
| 150,000 USD | Standard Chartered plc<sup>(a),(b)</sup> | H15T5Y + 2.300% | 3.2650 | 02/18/36 | $120498 |
|  |  |  |  |  | 2575420 |
|  | **BEVERAGES — 0.6%** |  |  |  |  |
| 250,000 EUR | Diageo Capital BV |  | 1.5000 | 06/08/29 | 245778 |
|  | **BIOTECH & PHARMA — 2.9%** |  |  |  |  |
| 300,000 EUR | Bayer A.G. |  | 1.3750 | 07/06/32 | 262453 |
| 200,000 USD | CSL Finance plc<sup>(a)</sup> |  | 4.0500 | 04/27/29 | 193509 |
| 250,000 GBP | GlaxoSmithKline Capital plc |  | 1.2500 | 10/12/28 | 264470 |
| 100,000 EUR | Grifols S.A. |  | 2.2500 | 11/15/27 | 95076 |
| 300,000 EUR | Mylan N.V. |  | 3.1250 | 11/22/28 | 307116 |
| 130,000 EUR | Nidda BondCompany GmbH |  | 5.0000 | 09/30/25 | 132487 |
|  |  |  |  |  | 1255111 |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 100,000 EUR | United Group BV |  | 3.1250 | 02/15/26 | 93988 |
|  | **CHEMICALS — 1.9%** |  |  |  |  |
| 469,000 USD | Braskem Idesa S.A.PI<sup>(a)</sup> |  | 6.9900 | 02/20/32 | 348505 |
| 100,000 EUR | INEOS Quattro Finance 1 plc |  | 3.7500 | 07/15/26 | 97095 |
| 190,000 EUR | INEOS Quattro Finance 1 plc<sup>(a)</sup> |  | 3.7500 | 07/15/26 | 184480 |
| 200,000 EUR | Nobian Finance BV<sup>(a)</sup> |  | 3.6250 | 07/15/26 | 188532 |
|  |  |  |  |  | 818612 |
|  | **CONSTRUCTION MATERIALS — 0.8%** |  |  |  |  |
| 363,000 USD | Cemex S.A.B. de C.V.<sup>(a),(b)</sup> | H15T5Y + 4.534% | 5.1250 | 09/08/69 | 335285 |
|  | **CONTAINERS & PACKAGING — 1.3%** |  |  |  |  |
| 200,000 EUR | Ardagh Metal Packaging Finance USA, LLC / Ardagh |  | 3.0000 | 09/01/29 | 169858 |
| 200,000 GBP | Ardagh Packaging Finance plc / Ardagh Holdings |  | 4.7500 | 07/15/27 | 193849 |
| 200,000 EUR | Trivium Packaging Finance BV |  | 3.7500 | 08/15/26 | 203555 |
|  |  |  |  |  | 567262 |
|  | **ELEC & GAS MARKETING & TRADING — 0.6%** |  |  |  |  |
| 250,000 EUR | Orsted A/S |  | 1.5000 | 11/26/29 | 240682 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.5% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 7.0%** |  |  |  |  |
| 162,675 USD | Adani Renewable Energy RJ Ltd./Kodangal Solar<sup>(a)</sup> |  | 4.6250 | 10/15/39 | $116488 |
| 23,000 USD | Comision Federal de Electricidad<sup>(a)</sup> |  | 4.6880 | 05/15/29 | 21183 |
| 250,000 USD | Electricite de France S.A.<sup>(a)</sup> |  | 4.5000 | 09/21/28 | 244153 |
| 250,000 USD | Enel Finance International N.V.<sup>(a)</sup> |  | 5.5000 | 06/15/52 | 237645 |
| 610,000 USD | Eskom Holdings SOC Ltd.<sup>(a)</sup> |  | 6.7500 | 08/06/23 | 601387 |
| 145,000 USD | Eskom Holdings SOC Ltd.<sup>(a)</sup> |  | 7.1250 | 02/11/25 | 139552 |
| 158,000 USD | Eskom Holdings SOC Ltd.<sup>(a)</sup> |  | 8.4500 | 08/10/28 | 152110 |
| 301,780 USD | Greenko Dutch BV<sup>(a)</sup> |  | 3.8500 | 03/29/26 | 270933 |
| 200,000 EUR | Iberdrola Finanzas S.A. |  | 1.0000 | 03/07/25 | 207803 |
| 180,000 USD | Inkia Energy Ltd.<sup>(a)</sup> |  | 5.8750 | 11/09/27 | 167890 |
| 250,000 EUR | innogy Finance BV |  | 1.0000 | 04/13/25 | 258793 |
| 7,000 USD | Minejesa Capital BV<sup>(a)</sup> |  | 5.6250 | 08/10/37 | 6080 |
| 250,000 EUR | National Grid plc |  | 0.1630 | 01/20/28 | 228700 |
| 300,000 EUR | Naturgy Finance BV |  | 1.5000 | 01/29/28 | 297250 |
| 8,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 3.3750 | 02/05/30 | 7023 |
| 33,000 USD | Star Energy Geothermal Darajat II / Star Energy<sup>(a)</sup> |  | 4.8500 | 10/14/38 | 28719 |
|  |  |  |  |  | 2985709 |
|  | **ELECTRICAL EQUIPMENT — 1.3%** |  |  |  |  |
| 300,000 GBP | Siemens Financieringsmaatschappij N.V. |  | 1.0000 | 02/20/25 | 348134 |
| 200,000 EUR | Vertical Midco GmbH |  | 4.3750 | 07/15/27 | 197372 |
|  |  |  |  |  | 545506 |
|  | **ENGINEERING & CONSTRUCTION — 0.9%** |  |  |  |  |
| 363,000 USD | IHS Holding Ltd.<sup>(a)</sup> |  | 6.2500 | 11/29/28 | 298455 |
| 98,000 USD | IHS Netherlands Holdco BV<sup>(a)</sup> |  | 8.0000 | 09/18/27 | 88705 |
|  |  |  |  |  | 387160 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 185,000 EUR | Banijay Group S.A.S |  | 6.5000 | 03/01/26 | 195240 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 33,000 USD | Adecoagro S.A.<sup>(a)</sup> |  | 6.0000 | 09/21/27 | 31653 |
| 74,000 USD | Minerva Luxembourg S.A.<sup>(a)</sup> |  | 4.3750 | 03/18/31 | 63064 |
|  |  |  |  |  | 94717 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.2%** |  |  |  |  |
| 100,000 EUR | WEPA Hygieneprodukte GmbH |  | 2.8750 | 12/15/27 | 91695 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.4% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 150,000 EUR | Catalent Pharma Solutions, Inc. |  | 2.3750 | 03/01/28 | $135952 |
|  | **HOUSEHOLD PRODUCTS — 0.4%** |  |  |  |  |
| 100,000 EUR | Energizer Gamma Acquisition BV<sup>(a)</sup> |  | 3.5000 | 06/30/29 | 89199 |
| 110,000 EUR | Energizer Gamma Acquisition BV |  | 3.5000 | 06/30/29 | 98118 |
|  |  |  |  |  | 187317 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 1.2%** |  |  |  |  |
| 551,000 USD | HTA Group Ltd./Mauritius<sup>(a)</sup> |  | 7.0000 | 12/18/25 | 520562 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.7%** |  |  |  |  |
| 210,000 EUR | Loxam S.A.S |  | 3.7500 | 07/15/26 | 214446 |
| 87,920 EUR | Techem Verwaltungsgesellschaft 674 mbH |  | 6.0000 | 07/30/26 | 91834 |
|  |  |  |  |  | 306280 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.0%** |  |  |  |  |
| 250,000 USD | Credit Suisse Group A.G.<sup>(a),(b)</sup> | SOFRRATE + 0.980% | 1.3050 | 02/02/27 | 207636 |
| 150,000 USD | Nomura Holdings, Inc. |  | 1.6530 | 07/14/26 | 133299 |
| 75,000 USD | Nomura Holdings, Inc. |  | 2.1720 | 07/14/28 | 63811 |
|  |  |  |  |  | 404746 |
|  | **INSURANCE — 1.1%** |  |  |  |  |
| 200,000 EUR | Allianz S.E.<sup>(b)</sup> | EUR003M + 3.350% | 3.0990 | 07/06/47 | 205468 |
| 250,000 EUR | NN Group N.V. |  | 1.6250 | 06/01/27 | 249537 |
|  |  |  |  |  | 455005 |
|  | **INTERNET MEDIA & SERVICES — 0.5%** |  |  |  |  |
| 10,000 USD | Prosus N.V.<sup>(a)</sup> |  | 3.0610 | 07/13/31 | 7995 |
| 273,000 USD | Prosus N.V. |  | 3.0610 | 07/13/31 | 218266 |
|  |  |  |  |  | 226261 |
|  | **LEISURE FACILITIES & SERVICES — 2.3%** |  |  |  |  |
| 215,000 EUR | Carnival Corporation |  | 7.6250 | 03/01/26 | 211710 |
| 100,000 EUR | Gamma Bidco SpA<sup>(a)</sup> |  | 5.1250 | 07/15/25 | 105373 |
| 100,000 EUR | Gamma Bidco SpA |  | 6.2500 | 07/15/25 | 108064 |
| 133,000 USD | Melco Resorts Finance Ltd. |  | 5.7500 | 07/21/28 | 119907 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.4% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 2.3% (Continued)** |  |  |  |  |
| 140,000 GBP | Stonegate Pub Company Financing 2019 plc<sup>(a)</sup> |  | 8.2500 | 07/31/25 | $160877 |
| 200,000 USD | Studio City Company Ltd. |  | 7.0000 | 02/15/27 | 192968 |
| 73,000 USD | Studio City Finance Ltd.<sup>(a)</sup> |  | 6.0000 | 07/15/25 | 68894 |
|  |  |  |  |  | 967793 |
|  | **MACHINERY — 0.5%** |  |  |  |  |
| 180,000 EUR | Renk A.G./Frankfurt am Main |  | 5.7500 | 07/15/25 | 191744 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.6%** |  |  |  |  |
| 300,000 EUR | Medtronic Global Holdings SCA |  | 0.7500 | 10/15/32 | 255777 |
|  | **METALS & MINING — 1.4%** |  |  |  |  |
| 10,000 USD | Corp Nacional del Cobre de Chile |  | 3.0000 | 09/30/29 | 8950 |
| 71,000 USD | First Quantum Minerals Ltd.<sup>(a)</sup> |  | 6.8750 | 03/01/26 | 68649 |
| 7,000 USD | Freeport Indonesia PT<sup>(a)</sup> |  | 6.2000 | 04/14/52 | 6493 |
| 300,000 EUR | Glencore Capital Finance DAC |  | 1.1250 | 03/10/28 | 278956 |
| 20,000 USD | Indika Energy Capital IV Pte Ltd.<sup>(a)</sup> |  | 8.2500 | 10/22/25 | 20088 |
| 88,000 USD | Indika Energy Capital IV Pte Ltd. |  | 8.2500 | 10/22/25 | 88385 |
| 26,000 USD | Indonesia Asahan Aluminium Persero PT<sup>(a)</sup> |  | 5.8000 | 05/15/50 | 23628 |
| 63,000 USD | Vedanta Resources Finance II plc<sup>(a)</sup> |  | 8.9500 | 03/11/25 | 50652 |
|  |  |  |  |  | 545801 |
|  | **OIL & GAS PRODUCERS — 10.2%** |  |  |  |  |
| 78,000 USD | AI Candelaria Spain S.A.<sup>(a)</sup> |  | 5.7500 | 06/15/33 | 60844 |
| 401,000 USD | AI Candelaria Spain S.A. |  | 5.7500 | 06/15/33 | 312802 |
| 43,317 USD | AI Candelaria Spain SLU<sup>(a)</sup> |  | 7.5000 | 12/15/28 | 41274 |
| 175,000 USD | Cenovus Energy, Inc. |  | 6.7500 | 11/15/39 | 191428 |
| 350,000 USD | Ecopetrol S.A. |  | 5.8750 | 05/28/45 | 250791 |
| 200,000 EUR | eG Global Finance plc |  | 6.2500 | 10/30/25 | 195154 |
| 97,000 USD | Geopark Ltd.<sup>(a)</sup> |  | 5.5000 | 01/17/27 | 86218 |
| 176,000 USD | Gran Tierra Energy International Holdings Ltd.<sup>(a)</sup> |  | 6.2500 | 02/15/25 | 157580 |
| 42,000 USD | Gran Tierra Energy, Inc.<sup>(a)</sup> |  | 7.7500 | 05/23/27 | 35742 |
| 200,000 USD | KazMunayGas National Company JSC |  | 3.5000 | 04/14/33 | 152392 |
| 54,000 USD | KazMunayGas National Company JSC<sup>(a)</sup> |  | 5.7500 | 04/19/47 | 43092 |
| 2,000 USD | KazMunayGas National Company JSC<sup>(a)</sup> |  | 6.3750 | 10/24/48 | 1720 |
| 300,000 USD | Kosmos Energy Ltd. |  | 7.7500 | 05/01/27 | 267374 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.4% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 10.2% (Continued)** |  |  |  |  |
| 318,863 USD | MC Brazil Downstream Trading S.A.RL |  | 7.2500 | 06/30/31 | $278581 |
| 100,000 USD | Petroleos del Peru S.A. |  | 5.6250 | 06/19/47 | 66832 |
| 42,000 USD | Petroleos Mexicanos |  | 6.5000 | 01/23/29 | 37680 |
| 296,000 USD | Petroleos Mexicanos |  | 6.7000 | 02/16/32 | 245666 |
| 115,000 USD | Petroleos Mexicanos<sup>(a)</sup> |  | 10.0000 | 02/07/33 | 112355 |
| 13,000 USD | Petroleos Mexicanos |  | 6.6250 | 06/15/38 | 9563 |
| 386,000 USD | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 288352 |
| 462,000 USD | SierraCol Energy Andina, LLC<sup>(a)</sup> |  | 6.0000 | 06/15/28 | 381752 |
| 673,000 USD | Tullow Oil plc<sup>(a)</sup> |  | 7.0000 | 03/01/25 | 479262 |
| 305,000 USD | Tullow Oil plc<sup>(a)</sup> |  | 10.2500 | 05/15/26 | 263468 |
| 417,000 USD | YPF S.A.<sup>(a)</sup> |  | 8.5000 | 07/28/25 | 383392 |
|  |  |  |  |  | 4343314 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.7%** |  |  |  |  |
| 171,187 USD | Guara Norte Sarl<sup>(a)</sup> |  | 5.1980 | 06/15/34 | 155164 |
| 634,095 USD | Poinsettia Finance Ltd. |  | 6.6250 | 06/17/31 | 535059 |
|  |  |  |  |  | 690223 |
|  | **PUBLISHING & BROADCASTING — 0.6%** |  |  |  |  |
| 250,000 EUR | Informa plc |  | 2.1250 | 10/06/25 | 260147 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 4.7%** |  |  |  |  |
| 636,000 USD | China SCE Group Holdings Ltd. |  | 7.3750 | 04/09/24 | 400668 |
| 700,000 USD | China SCE Group Holdings Ltd. |  | 7.0000 | 05/02/25 | 381500 |
| 330,000 USD | MAF Global Securities Ltd.<sup>(b)</sup> | H15T5Y + 3.539% | 6.3750 | 09/20/70 | 326700 |
| 300,000 USD | Theta Capital Pte Ltd. |  | 8.1250 | 01/22/25 | 262650 |
| 250,000 USD | Theta Capital Pte Ltd. |  | 6.7500 | 10/31/26 | 191875 |
| 500,000 USD | Wanda Properties International Company Ltd. |  | 7.2500 | 01/29/24 | 482953 |
|  |  |  |  |  | 2046346 |
|  | **REIT — 0.7%** |  |  |  |  |
| 400,000 USD | LMIRT Capital Pte Ltd. |  | 7.2500 | 06/19/24 | 312000 |
|  | **RENEWABLE ENERGY — 1.1%** |  |  |  |  |
| 439,000 USD | Aydem Yenilenebilir Enerji A/S<sup>(a)</sup> |  | 7.7500 | 02/02/27 | 371965 |
| 80,000 USD | Investment Energy Resources Ltd.<sup>(a)</sup> |  | 6.2500 | 04/26/29 | 76460 |
|  |  |  |  |  | 448425 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.4% (Continued)** |  |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |  |
| 100,000 GBP | Bellis Acquisition Company plc<sup>(a)</sup> |  | 3.2500 | 02/16/26 | $102015 |
| 100,000 GBP | Bellis Finco plc<sup>(a)</sup> |  | 4.0000 | 02/16/27 | 89992 |
|  |  |  |  |  | 192007 |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |  |
| 120,000 EUR | Avis Budget Finance plc |  | 4.7500 | 01/30/26 | 125150 |
|  | **SEMICONDUCTORS — 0.4%** |  |  |  |  |
| 150,000 USD | TSMC Arizona Corporation |  | 4.5000 | 04/22/52 | 148959 |
|  | **SPECIALTY FINANCE — 0.4%** |  |  |  |  |
| 184,000 USD | Studio City Finance Ltd.<sup>(a)</sup> |  | 6.5000 | 01/15/28 | 166520 |
|  | **STEEL — 1.0%** |  |  |  |  |
| 870,000 USD | Metinvest BV<sup>(a)</sup> |  | 7.7500 | 10/17/29 | 440563 |
|  | **TELECOMMUNICATIONS — 3.0%** |  |  |  |  |
| 100,000 EUR | Altice France Holding S.A.<sup>(a)</sup> |  | 8.0000 | 05/15/27 | 89069 |
| 100,000 EUR | Altice France S.A.<sup>(a)</sup> |  | 2.1250 | 02/15/25 | 100645 |
| 262,000 USD | Digicel International Finance Ltd./Digicel<sup>(a)</sup> |  | 8.7500 | 05/25/24 | 225697 |
| 40,500 USD | Millicom International Cellular S.A.<sup>(a)</sup> |  | 5.1250 | 01/15/28 | 36114 |
| 270,000 USD | Network i2i Ltd.<sup>(b)</sup> | H15T5Y + 4.274% | 5.6500 | 04/15/71 | 260888 |
| 300,000 EUR | Orange S.A. |  | 2.0000 | 01/15/29 | 304532 |
| 210,000 EUR | SoftBank Group Corporation |  | 2.8750 | 01/06/27 | 200840 |
| 250,000 USD | VF Ukraine PAT via VFU Funding plc<sup>(a)</sup> |  | 6.2000 | 02/11/25 | 142656 |
|  |  |  |  |  | 1360441 |
|  | **TRANSPORTATION & LOGISTICS — 1.6%** |  |  |  |  |
| 200,000 EUR | Abertis Infraestructuras S.A. |  | 2.3750 | 09/27/27 | 202668 |
| 6,000 USD | DP World plc<sup>(a)</sup> |  | 4.7000 | 09/30/49 | 5358 |
| 343,000 USD | Gol Finance S.A.<sup>(a)</sup> |  | 7.0000 | 01/31/25 | 177404 |
| 100,000 GBP | Heathrow Funding Ltd. |  | 7.1250 | 02/14/24 | 124898 |
| 218,000 USD | Simpar Europe S.A.<sup>(a)</sup> |  | 5.2000 | 01/26/31 | 159468 |
| 42,000 USD | Transnet SOC Ltd.<sup>(a)</sup> |  | 8.2500 | 02/06/28 | 42080 |
|  |  |  |  |  | 711876 |
|  | **TOTAL CORPORATE BONDS (Cost $31,838,140)** |  |  |  | 27901707 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.7%** |  |  |  |  |
|  | **GOVERNMENT GUARANTEED — 0.1%** |  |  |  |  |
| 33,600 USD | Brazil Minas SPE via State of Minas Gerais<sup>(a)</sup> |  | 5.3330 | 02/15/28 | $32973 |
|  | **GOVERNMENT OWNED, NO GUARANTEE — 0.2%** |  |  |  |  |
| 138,000 USD | Gabon Government International Bond<sup>(a)</sup> |  | 7.0000 | 11/24/31 | 116768 |
|  | **LOCAL AUTHORITY — 0.6%** |  |  |  |  |
| 150,000 CAD | Province of British Columbia Canada |  | 3.2000 | 06/18/44 | 99769 |
| 250,000 CAD | Province of Ontario Canada |  | 2.8000 | 06/02/48 | 152010 |
|  |  |  |  |  | 251779 |
|  | **NON U.S. TREASURY — 9.8%** |  |  |  |  |
| 860,000 AUD | Australia Government Bond |  | 1.2500 | 05/21/32 | 497962 |
| 35,000,000 CLP | Bonos de la Tesoreria de la Republica en pesos |  | 4.5000 | 03/01/26 | 42965 |
| 550,000 CAD | Canadian Government Bond |  | 2.2500 | 06/01/29 | 398062 |
| 382,300,000 COP | Colombian TES |  | 6.0000 | 04/28/28 | 63590 |
| 1,686,000,000 IDR | Indonesia Treasury Bond |  | 7.0000 | 09/15/30 | 114595 |
| 710,000,000 IDR | Indonesia Treasury Bond |  | 8.2500 | 06/15/32 | 52203 |
| 76,000 EUR | Ireland Government Bond |  | 5.4000 | 03/13/25 | 87277 |
| 50,000 EUR | Ireland Government Bond |  | 0.9000 | 05/15/28 | 49988 |
| 130,000 EUR | Ireland Government Bond |  | 1.3000 | 05/15/33 | 122429 |
| 240,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 4.5000 | 03/01/24 | 264653 |
| 750,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 2.8000 | 12/01/28 | 781569 |
| 640,000 EUR | Italy Buoni Poliennali Del Tesoro<sup>(a)</sup> |  | 2.4500 | 09/01/33 | 591805 |
| 180,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 5.0000 | 08/01/39 | 210232 |
| 235,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 5.0000 | 09/01/40 | 275372 |
| 2,520,000 MXN | Mexican Bonos |  | 7.7500 | 11/13/42 | 120934 |
| 250,000 RON | Romania Government Bond |  | 5.0000 | 02/12/29 | 48918 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)** |  |  |  |  |
|  | **NON U.S. TREASURY — 9.8% (Continued)** |  |  |  |  |
| 150,000 RON | Romania Government Bond |  | 3.6500 | 09/24/31 | $25720 |
| 170,000 EUR | Spain Government Bond |  | 4.2000 | 01/31/37 | 198857 |
| 250,000 EUR | Spain Government Bond |  | 2.7000 | 10/31/48 | 230396 |
|  |  |  |  |  | 4177527 |
|  | **SOVEREIGN — 15.6%** |  |  |  |  |
| 202,000 USD | Angolan Government International Bond<sup>(a)</sup> |  | 8.7500 | 04/14/32 | 187473 |
| 87,000 USD | Angolan Government International Bond<sup>(a)</sup> |  | 9.1250 | 11/26/49 | 76497 |
| 176,000 USD | Argentine Republic Government International Bond<sup>(c)</sup> |  | 0.5000 | 07/09/30 | 63230 |
| 588,000 USD | Argentine Republic Government International Bond<sup>(c)</sup> |  | 1.5000 | 07/09/35 | 182189 |
| 200,000 EUR | Banque Centrale de Tunisie International Bond |  | 5.6250 | 02/17/24 | 164585 |
| 100,000 EUR | Benin Government International Bond<sup>(a)</sup> |  | 4.8750 | 01/19/32 | 86064 |
| 140,000 BRL | Brazilian Government International Bond |  | 8.5000 | 01/05/24 | 26621 |
| 550,000 BRL | Brazilian Government International Bond |  | 10.2500 | 01/10/28 | 100540 |
| 23,000 USD | Brazilian Government International Bond |  | 4.6250 | 01/13/28 | 22400 |
| 82,000 USD | Brazilian Government International Bond |  | 4.5000 | 05/30/29 | 77822 |
| 273,000 USD | Brazilian Government International Bond |  | 4.7500 | 01/14/50 | 201366 |
| 25,000 USD | Chile Government International Bond |  | 2.4500 | 01/31/31 | 21406 |
| 3,000 USD | Chile Government International Bond |  | 2.5500 | 07/27/33 | 2453 |
| 4,000 USD | Chile Government International Bond |  | 3.1000 | 05/07/41 | 3034 |
| 3,000 USD | Chile Government International Bond |  | 4.3400 | 03/07/42 | 2666 |
| 100,000 EUR | Colombia Government International Bond |  | 3.8750 | 03/22/26 | 104855 |
| 230,000 USD | Colombia Government International Bond |  | 4.5000 | 03/15/29 | 203568 |
| 66,000 USD | Colombia Government International Bond |  | 3.0000 | 01/30/30 | 51551 |
| 37,000 USD | Colombia Government International Bond |  | 8.0000 | 04/20/33 | 37947 |
| 32,000 USD | Colombia Government International Bond |  | 6.1250 | 01/18/41 | 26404 |
| 43,000 USD | Colombia Government International Bond |  | 4.1250 | 02/22/42 | 27825 |
| 66,000 USD | Colombia Government International Bond |  | 5.6250 | 02/26/44 | 50549 |
| 81,000 USD | Colombia Government International Bond |  | 5.0000 | 06/15/45 | 57058 |
| 37,000 USD | Colombia Government International Bond |  | 4.1250 | 05/15/51 | 22989 |
| 42,000 USD | Colombia Government International Bond |  | 3.8750 | 02/15/61 | 24343 |
| 203,000 USD | Dominican Republic International Bond<sup>(a)</sup> |  | 4.8750 | 09/23/32 | 173401 |
| 81,000 USD | Dominican Republic International Bond<sup>(a)</sup> |  | 6.0000 | 02/22/33 | 74912 |
| 35,000 USD | Dominican Republic International Bond |  | 5.3000 | 01/21/41 | 28131 |
| 82,000 USD | Dominican Republic International Bond<sup>(a)</sup> |  | 7.4500 | 04/30/44 | 80200 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 15.6% (Continued)** |  |  |  |  |
| 95,000 USD | Dominican Republic International Bond |  | 6.4000 | 06/05/49 | $81218 |
| 35,000 USD | Dominican Republic International Bond |  | 5.8750 | 01/30/60 | 26988 |
| 45,000 USD | Dominican Republic International Bond<sup>(a)</sup> |  | 5.8750 | 01/30/60 | 34699 |
| 52,074 USD | Ecuador Government International Bond<sup>(a),(d)</sup> |  | 0.0000 | 07/31/30 | 22381 |
| 25,000 USD | Ecuador Government International Bond<sup>(c)</sup> |  | 5.5000 | 07/31/30 | 16718 |
| 571,060 USD | Ecuador Government International Bond<sup>(a),(c)</sup> |  | 2.5000 | 07/31/35 | 279723 |
| 223,000 USD | Ecuador Government International Bond<sup>(c)</sup> |  | 2.5000 | 07/31/35 | 109233 |
| 23,000 USD | Ecuador Government International Bond<sup>(c)</sup> |  | 1.5000 | 07/31/40 | 9763 |
| 147,000 USD | Ecuador Government International Bond<sup>(a),(c)</sup> |  | 1.5000 | 07/31/40 | 62397 |
| 94,000 USD | Egypt Government International Bond<sup>(a)</sup> |  | 5.2500 | 10/06/25 | 84747 |
| 200,000 EUR | Egypt Government International Bond<sup>(a)</sup> |  | 6.3750 | 04/11/31 | 153427 |
| 186,000 USD | Egypt Government International Bond<sup>(a)</sup> |  | 7.0530 | 01/15/32 | 140160 |
| 71,000 USD | Egypt Government International Bond<sup>(a)</sup> |  | 8.8750 | 05/29/50 | 50963 |
| 45,000 USD | El Salvador Government International Bond |  | 8.6250 | 02/28/29 | 24279 |
| 21,000 USD | El Salvador Government International Bond |  | 8.2500 | 04/10/32 | 10920 |
| 62,000 USD | El Salvador Government International Bond |  | 7.6250 | 02/01/41 | 29677 |
| 51,000 USD | El Salvador Government International Bond |  | 9.5000 | 07/15/52 | 26978 |
| 71,000 USD | Ethiopia International Bond<sup>(a)</sup> |  | 6.6250 | 12/11/24 | 48423 |
| 87,000 USD | Finance Department Government of Sharjah<sup>(a)</sup> |  | 4.0000 | 07/28/50 | 57533 |
| 24,667 USD | Gabon Government International Bond<sup>(a)</sup> |  | 6.3750 | 12/12/24 | 23493 |
| 194,000 USD | Ghana Government International Bond<sup>(a)</sup> |  | 10.7500 | 10/14/30 | 136175 |
| 6,000 USD | Honduras Government International Bond |  | 6.2500 | 01/19/27 | 5317 |
| 16,000 USD | Indonesia Government International Bond |  | 4.5500 | 01/11/28 | 16013 |
| 3,000 USD | Indonesia Government International Bond |  | 4.8500 | 01/11/33 | 3035 |
| 6,000 USD | Indonesia Government International Bond |  | 4.2000 | 10/15/50 | 5203 |
| 223,000 EUR | Ivory Coast Government International Bond<sup>(a)</sup> |  | 5.8750 | 10/17/31 | 204809 |
| 100,000 EUR | Ivory Coast Government International Bond |  | 4.8750 | 01/30/32 | 85618 |
| 2,000 USD | Kazakhstan Government International Bond<sup>(a)</sup> |  | 4.8750 | 10/14/44 | 1825 |
| 20,000 USD | Kazakhstan Government International Bond<sup>(a)</sup> |  | 6.5000 | 07/21/45 | 21293 |
| 253,000 USD | Kenya Government International Bond<sup>(a)</sup> |  | 8.0000 | 05/22/32 | 221226 |
| 509,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.1000 | 10/04/22 | 34358 |
| 66,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.3750 | 03/09/23 | 4455 |
| 395,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 8.2500 | 04/12/23 | 26663 |
| 72,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.4000 | 05/26/23 | 4863 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 15.6% (Continued)** |  |  |  |  |
| 156,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.1500 | 06/19/23 | $10452 |
| 56,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.7500 | 11/29/27 | 3780 |
| 81,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.8500 | 05/25/29 | 5426 |
| 175,000 USD | Lebanon Government International Bond<sup>(e)</sup> |  | 6.6500 | 02/26/30 | 11786 |
| 17,000 USD | Mexico Government International Bond |  | 4.7500 | 04/27/32 | 16413 |
| 32,000 USD | Mexico Government International Bond |  | 4.8750 | 05/19/33 | 30780 |
| 23,000 USD | Mexico Government International Bond |  | 3.7710 | 05/24/61 | 15640 |
| 25,000 USD | Mongolia Government International Bond<sup>(a)</sup> |  | 8.6500 | 01/19/28 | 26188 |
| 200,000 USD | Mozambique International Bond<sup>(a),(c)</sup> |  | 5.0000 | 09/15/31 | 161152 |
| 5,000 USD | Nigeria Government International Bond<sup>(a)</sup> |  | 8.3750 | 03/24/29 | 4180 |
| 190,000 USD | Nigeria Government International Bond<sup>(a)</sup> |  | 7.8750 | 02/16/32 | 143919 |
| 151,000 USD | Nigeria Government International Bond<sup>(a)</sup> |  | 7.3750 | 09/28/33 | 108181 |
| 34,000 USD | Nigeria Government International Bond<sup>(a)</sup> |  | 7.6250 | 11/28/47 | 22201 |
| 200,000 USD | Nigeria Government International Bond |  | 7.6250 | 11/28/47 | 130592 |
| 8,000 USD | Oman Government International Bond<sup>(a)</sup> |  | 6.0000 | 08/01/29 | 8214 |
| 246,000 USD | Pakistan Government International Bond<sup>(a),(h)</sup> |  | 6.0000 | 04/08/26 | 107625 |
| 41,000 USD | Panama Government International Bond |  | 2.2520 | 09/29/32 | 31519 |
| 48,000 USD | Papua New Guinea Government International Bond<sup>(a)</sup> |  | 8.3750 | 10/04/28 | 44143 |
| 28,000 USD | Philippine Government International Bond |  | 2.4570 | 05/05/30 | 24331 |
| 1,000 USD | Philippine Government International Bond |  | 5.0000 | 07/17/33 | 1017 |
| 20,000 USD | Qatar Government International Bond<sup>(a)</sup> |  | 3.7500 | 04/16/30 | 19645 |
| 13,000 USD | Qatar Government International Bond<sup>(a)</sup> |  | 4.4000 | 04/16/50 | 12316 |
| 17,846 USD | Republic of Angola Via Avenir II BV<sup>(b)</sup> | US0006M + 7.500% | 12.6380 | 07/01/23 | 18002 |
| 186,429 USD | Republic of Angola Via Avenir Issuer II Ireland |  | 6.9270 | 02/19/27 | 178971 |
| 27,000 USD | Republic of Kenya Government International Bond<sup>(a)</sup> |  | 6.8750 | 06/24/24 | 25490 |
| 18,000 USD | Republic of Poland Government International Bond |  | 5.7500 | 11/16/32 | 19497 |
| 2,524,000 ZAR | Republic of South Africa Government Bond |  | 8.5000 | 01/31/37 | 117814 |
| 21,000 USD | Republic of South Africa Government International |  | 5.7500 | 09/30/49 | 16076 |
| 43,000 USD | Republic of South Africa Government International |  | 7.3000 | 04/20/52 | 38883 |
| 2,000 USD | Romanian Government International Bond<sup>(a)</sup> |  | 6.6250 | 02/17/28 | 2077 |
| 7,000 EUR | Romanian Government International Bond |  | 3.6240 | 05/26/30 | 6478 |
| 29,000 EUR | Romanian Government International Bond<sup>(a)</sup> |  | 2.1240 | 07/16/31 | 23095 |
| 2,000 EUR | Romanian Government International Bond |  | 4.1250 | 03/11/39 | 1632 |
| 10,000 EUR | Romanian Government International Bond<sup>(a)</sup> |  | 2.8750 | 04/13/42 | 6520 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.7% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 15.6% (Continued)** |  |  |  |  |
| 2,000 EUR | Romanian Government International Bond |  | 2.8750 | 04/13/42 | $1304 |
| 25,000 EUR | Romanian Government International Bond<sup>(a)</sup> |  | 4.6250 | 04/03/49 | 20389 |
| 12,000 USD | Saudi Government International Bond<sup>(a)</sup> |  | 5.5000 | 10/25/32 | 12879 |
| 35,000 USD | Saudi Government International Bond<sup>(a)</sup> |  | 2.2500 | 02/02/33 | 28709 |
| 2,000 USD | Saudi Government International Bond<sup>(a)</sup> |  | 4.6250 | 10/04/47 | 1822 |
| 111,000 EUR | Senegal Government International Bond<sup>(a)</sup> |  | 4.7500 | 03/13/28 | 107197 |
| 544,000 USD | Turkey Government International Bond |  | 9.8750 | 01/15/28 | 559300 |
| 53,000 USD | Turkey Government International Bond |  | 5.7500 | 05/11/47 | 35543 |
| 56,000 USD | Ukraine Government International Bond<sup>(a)</sup> |  | 7.7500 | 09/01/25 | 12279 |
| 272,000 USD | Ukraine Government International Bond<sup>(a)</sup> |  | 7.7500 | 09/01/26 | 60973 |
| 139,000 USD | Ukraine Government International Bond<sup>(a)</sup> |  | 7.3750 | 09/25/32 | 28280 |
| 1,900,000 UYU | Uruguay Government International Bond |  | 8.2500 | 05/21/31 | 44096 |
| 14,000 USD | Zambia Government International Bond<sup>(a)</sup> |  | 5.3750 | 01/20/23 | 6563 |
| 87,000 USD | Zambia Government International Bond<sup>(a)</sup> |  | 8.9700 | 07/30/27 | 43644 |
|  |  |  |  |  | 6603665 |
|  | **SUPRANATIONAL — 0.4%** |  |  |  |  |
| 200,000 EUR | European Investment Bank |  | 1.1250 | 09/15/36 | 171437 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $12,958,535)** |  |  |  | 11354149 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.6%** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 4.4%** |  |  |  |  |
| 1859362 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,859,362)<sup>(f)</sup> | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,859,362)<sup>(f)</sup> | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,859,362)<sup>(f)</sup> | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,859,362)<sup>(f)</sup> | 1859362 |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.2%** |  |  |  |  |
| 70913 | Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $70,913) (f),(i) | Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $70,913) (f),(i) | Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $70,913) (f),(i) | Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (Cost $70,913) (f),(i) | 70913 |
|  | **TOTAL INVESTMENTS – 96.9% (Cost $46,792,341)** |  |  |  | $41252236 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.1%** |  |  |  | 1306830 |
|  | **NET ASSETS - 100.0%** |  |  |  | $42559066 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** | **Notional**<br>**Amount<sup>(g)</sup>** | **Value and Unrealized**<br>**Appreciation (Depreciation)** |
| 12 | Eurex 10 Year Euro BUND Future | 03/08/2023 | $1784803 | $(17501) |
| 6 | Eurex 30 Year Euro BUXL Future | 03/08/2023 | 939233 | (101584) |
| 21 | Long Gilt Future | 03/29/2023 | 2705644 | (22690) |
| 7 | TSE Japanese 10 Year Bond Futures | 03/13/2023 | 7883323 | (66075) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(207850) |

---

**OPEN FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of**<br>**Contracts** | <br>**Open Short Futures Contracts** | <br>**Expiration** | **Notional**<br>**Amount<sup>(g)</sup>** | **Value and Unrealized**<br>**Appreciation (Depreciation)** |
| 60 | CBOT 10 Year US Treasury Note | 03/22/2023 | $6870960 | $(57882) |
| 16 | CBOT 5 Year US Treasury Note | 03/31/2023 | 1747872 | (18497) |
| 4 | CBOT US Long Bond Future | 03/22/2023 | 519500 | (15828) |
| 8 | Euro-BTP Italian Bond Futures | 03/08/2023 | 992456 | 19352 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(72855) |

---

**CREDIT DEFAULT SWAP AGREEMENTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description and<br> Payment Frequency** | **Payment<br> Frequency** | **Counterparty** | **Fixed Deal<br> (Pay) Rate** | **Implied<br> Credit<br> Spread** | **Maturity Date** | **Notional Value** | **Fair Value** | **Amortized<br> Upfront<br> Payments<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX.EM SERIES 38 | To Buy <br> Monthly | Citibank | 1.00% | 221 | 12/20/2027 | $2775000.00 | 139625 | 154758 | (11818) |
| ITRAXX EUROPE<br> CROSSOVER SERIES 38 | To Buy<br> Monthly | Citibank | 5.00% | 414 | 12/20/2027 | 1400000.00 | (59992) | (33061) | (17863) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Appreciation/(Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Euro | 02/07/2023 | Barclay | 55457 | $60304 | $(169) |
| Mexican Peso | 02/09/2023 | Capstone Global Markets | 1960000 | 103972 | 1011 |
| South African Rand | 02/14/2023 | JP Morgan Chase | 630000 | 36182 | (795) |
| Brazilian Real | 03/02/2023 | JP Morgan Chase | 380000 | 74522 | 753 |
| Mexican Peso | 03/06/2023 | JP Morgan Chase | 790000 | 41731 | 1308 |
| Thailand Baht | 03/07/2023 | JP Morgan Chase | 1300000 | 39680 | 2102 |
| Columbian Peso | 03/22/2023 | JP Morgan Chase | 85000001 | 18042 | 597 |
| Chilean Peso | 04/19/2023 | JP Morgan Chase | 15600000 | 19369 | 1449 |
| Euro | 04/28/2023 | Capstone Global Markets | 119000 | 130033 | 495 |
| Euro | 04/28/2023 | JP Morgan Chase | 118620 | 129618 | (226) |
|  |  |  |  | $**653453** | $**6525** |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Sell:** |  |  |  |  |  |
| Euro | 02/07/2023 | Barclay | 4442873 | $4831189 | $(130188) |
| Euro | 02/07/2023 | JP Morgan Chase | 63884 | 69468 | (468) |
| Euro | 02/09/2023 | Capstone Global Markets | 480000 | 522015 | (4094) |
| Mexican Peso | 02/09/2023 | Capstone Global Markets | 7910000 | 419600 | (5462) |
| Mexican Peso | 02/09/2023 | JP Morgan Chase | 3950000 | 209535 | (1230) |
| South African Rand | 02/14/2023 | JP Morgan Chase | 630000 | 36182 | 100 |
| Japanese Yen | 02/17/2023 | Capstone Global Markets | 67709999 | 521277 | 7249 |
| Singapore Dollar | 02/21/2023 | Capstone Global Markets | 380000 | 289357 | (2399) |
| Brazilian Real | 03/02/2023 | JP Morgan Chase | 380000 | 74522 | (3154) |
| Thailand Baht | 03/07/2023 | JP Morgan Chase | 1300000 | 39680 | (1785) |
| Chilean Peso | 04/19/2023 | JP Morgan Chase | 15600000 | 19369 | (619) |
| Australian Dollar | 04/28/2023 | Capstone Global Markets | 713200 | 505035 | (804) |
| British Pound | 04/28/2023 | Capstone Global Markets | 864200 | 1067315 | (194) |
| Canadian Dollar | 04/28/2023 | Capstone Global Markets | 880700 | 662376 | (2757) |
| Euro | 04/28/2023 | JP Morgan Chase | 9329400 | 10194427 | (4443) |
| Japanese Yen | 04/28/2023 | Capstone Global Markets | 38143600 | 296546 | 461 |
|  |  |  |  | $**19757893** | $**(149787)** |
| **Total** |  |  |  |  | $**(143262)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Foreign Currency** | <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Local Currency**<br>**Amount**<br>**Purchased Buy** | **Local Currency**<br>**Amount Purchased**<br>**Sell** |<br>**U.S. Dollar Market**<br>**Value Buy** |<br>**U.S. Dollar Market**<br>**Value Sell** |<br>**Unrealized**<br>**Depreciation** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| Euro | British Pound | 4/28/2023 | JP Morgan Chase | 519834 | 460300 | 568033 | (568486) | $(453) |
|  |  |  |  | **519834** | **460300** | $**568033** | $**568486** | $**(453)** |
| **Total** |  |  |  |  |  |  |  | $**(453)** |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| EUR003M | Euribor 3 Month ACT/360 |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0006M | ICE LIBOR USD 6 Month |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | Chilean Peso |
| COP | Columbian Peso |
| EUR | Euro |
| GBP | British Pound |
| IDR | Indonesia Rupiah |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| RON | Romanian Leu |
| THB | US Dollars |
| USD | US Dollars |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 14,918,888 or 35.1% of net assets. |
| |  |
| <sup>(b)</sup> | Variable rate security; the rate shown represents the rate on January 31, 2023. |
| |  |
| <sup>(c)</sup> | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2023. |
| |  |
| <sup>(d)</sup> | Zero coupon bond. |
| |  |
| <sup>(e)</sup> | Represents issuer in default on interest payments; non-income producing security. |
| |  |
| <sup>(f)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. |
| |  |
| <sup>(g)</sup> | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
| |  |
| <sup>(h)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $69,569 at January 31, 2023. |
| |  |
| <sup>(i)</sup> | The Trust's securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **AEROSPACE & DEFENSE - 3.0%** |  |
| 9200 | L3Harris Technologies, Inc. | $1976344 |
| 30594 | Raytheon Technologies Corporation | 3054812 |
|  |  | 5031156 |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 3093 | BlackRock, Inc. | 2348237 |
| 30463 | Charles Schwab Corporation (The) | 2358445 |
|  |  | 4706682 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 36595 | General Motors Company | 1438915 |
|  | **BANKING - 7.6%** |  |
| 110815 | Bank of America Corporation | 3931716 |
| 30234 | JPMorgan Chase & Company | 4231551 |
| 38265 | Truist Financial Corporation | 1889908 |
| 52526 | Wells Fargo & Company | 2461894 |
|  |  | 12515069 |
|  | **BIOTECH & PHARMA - 5.8%** |  |
| 11190 | AbbVie, Inc. | 1653323 |
| 36040 | Bristol-Myers Squibb Company | 2618306 |
| 18541 | Johnson & Johnson | 3029969 |
| 20036 | Merck & Company, Inc. | 2152067 |
|  |  | 9453665 |
|  | **CHEMICALS - 3.2%** |  |
| 6105 | Air Products and Chemicals, Inc. | 1956713 |
| 30024 | Corteva, Inc. | 1935046 |
| 41411 | Huntsman Corporation | 1312315 |
|  |  | 5204074 |
|  | **CONSTRUCTION MATERIALS - 2.1%** |  |
| 5500 | Martin Marietta Materials, Inc. | 1978020 |
| 15070 | Owens Corning | 1456516 |
|  |  | 3434536 |
|  | **CONSUMER SERVICES - 1.3%** |  |
| 29067 | Service Corp International | 2155319 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 2.4%** |  |
| 17023 | Emerson Electric Company | $1535815 |
| 11007 | Honeywell International, Inc. | 2294739 |
|  |  | 3830554 |
|  | **ELECTRIC UTILITIES - 4.2%** |  |
| 49920 | NextEra Energy, Inc. | 3725530 |
| 44025 | Xcel Energy, Inc. | 3027599 |
|  |  | 6753129 |
|  | **ELECTRICAL EQUIPMENT - 1.3%** |  |
| 29179 | Johnson Controls International plc | 2029983 |
|  | **ENGINEERING & CONSTRUCTION - 1.6%** |  |
| 16670 | Quanta Services, Inc. | 2537007 |
|  | **ENTERTAINMENT CONTENT - 2.6%** |  |
| 44774 | Fox Corporation, Class A | 1519630 |
| 24557 | Walt Disney Company (The)<sup>(a)</sup> | 2664189 |
|  |  | 4183819 |
|  | **FOOD - 2.5%** |  |
| 39640 | Mondelez International, Inc., Class A | 2594043 |
| 21859 | Tyson Foods, Inc., Class A | 1437229 |
|  |  | 4031272 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.4%** |  |
| 13234 | AmerisourceBergen Corporation | 2236017 |
| 29481 | CVS Health Corporation | 2600813 |
| 4684 | UnitedHealth Group, Inc. | 2338206 |
|  |  | 7175036 |
|  | **HOUSEHOLD PRODUCTS - 1.5%** |  |
| 17501 | Procter & Gamble Company (The) | 2491792 |
|  | **INDUSTRIAL REIT - 1.0%** |  |
| 12981 | Prologis, Inc. | 1678184 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **INFRASTRUCTURE REIT - 1.4%** |  |
| 9735 | American Tower Corporation | $2174701 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.7%** |  |
| 46625 | Bank of New York Mellon Corporation (The) | 2357826 |
| 18518 | Intercontinental Exchange, Inc. | 1991611 |
|  |  | 4349437 |
|  | **INSURANCE - 6.4%** |  |
| 17827 | Allstate Corporation (The) | 2290235 |
| 5849 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1822080 |
| 30860 | Hartford Financial Services Group, Inc. (The) | 2395045 |
| 17043 | Prudential Financial, Inc. | 1788492 |
| 10467 | Travelers Companies, Inc. (The) | 2000453 |
|  |  | 10296305 |
|  | **INTERNET MEDIA & SERVICES - 3.5%** |  |
| 31947 | Alphabet, Inc., Class A<sup>(a)</sup> | 3157641 |
| 15776 | Meta Platforms, Inc., Class A<sup>(a)</sup> | 2350151 |
|  |  | 5507792 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 13019 | Darden Restaurants, Inc. | 1926421 |
|  | **MACHINERY - 2.1%** |  |
| 5976 | Caterpillar, Inc. | 1507685 |
| 5894 | Parker-Hannifin Corporation | 1921444 |
|  |  | 3429129 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.5%** |  |
| 31254 | Abbott Laboratories | 3455130 |
| 6075 | Stryker Corporation | 1541896 |
| 6767 | Thermo Fisher Scientific, Inc. | 3859423 |
|  |  | 8856449 |
|  | **OFFICE REIT - 0.5%** |  |
| 11027 | Boston Properties, Inc. | 821953 |
|  | **OIL & GAS PRODUCERS - 7.5%** |  |
| 25157 | ConocoPhillips | 3065884 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 7.5% (Continued)** |  |
| 14543 | EOG Resources, Inc. | $1923312 |
| 47374 | Exxon Mobil Corporation | 5495858 |
| 15861 | Phillips 66 | 1590382 |
|  |  | 12075436 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.9%** |  |
| 54492 | Schlumberger Ltd | 3104954 |
|  | **RESIDENTIAL REIT - 1.1%** |  |
| 25605 | Equity LifeStyle Properties, Inc. | 1837927 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 11389 | Target Corporation | 1960502 |
|  | **RETAIL - DISCRETIONARY - 1.3%** |  |
| 9809 | Lowe's Companies, Inc. | 2042724 |
|  | **SEMICONDUCTORS - 3.1%** |  |
| 3129 | Broadcom, Inc. | 1830496 |
| 21744 | Micron Technology, Inc. | 1311163 |
| 25839 | ON Semiconductor Corporation<sup>(a)</sup> | 1897875 |
|  |  | 5039534 |
|  | **SOFTWARE - 1.2%** |  |
| 8074 | Microsoft Corporation | 2000818 |
|  | **SPECIALTY FINANCE - 1.0%** |  |
| 8890 | American Express Company | 1555128 |
|  | **TECHNOLOGY HARDWARE - 2.5%** |  |
| 34570 | Cisco Systems, Inc. | 1682522 |
| 9058 | Motorola Solutions, Inc. | 2327996 |
|  |  | 4010518 |
|  | **TECHNOLOGY SERVICES - 1.4%** |  |
| 27489 | PayPal Holdings, Inc.<sup>(a)</sup> | 2240079 |

---

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 1.3%** |  |
| 51692 | Verizon Communications, Inc. | $2148836 |
|  | **TRANSPORTATION & LOGISTICS - 2.8%** |  |
| 65544 | CSX Corporation | 2026620 |
| 21440 | Knight-Swift Transportation Holdings, Inc. | 1267104 |
| 33709 | Southwest Airlines Company | 1205771 |
|  |  | 4499495 |
|  | **TOTAL COMMON STOCKS (Cost $112,697,309)** | 158528330 |
|  | **SHORT-TERM INVESTMENTS — 1.6%** |  |
|  | **MONEY MARKET FUNDS - 1.6%** |  |
| 2584600 | STIT - Treasury Portfolio, Institutional Class, 4.28% (Cost $2,584,600)<sup>(b)</sup> | 2584600 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $115,281,909)** | $161112930 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%** | 746775 |
|  | **NET ASSETS - 100.0%** | $161859705 |

---

---

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

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **AUTOMOTIVE - 1.3%** |  |
| 89775 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | $796304 |
|  | **BANKING - 18.5%** |  |
| 21893 | Amalgamated Financial Corporation | 502444 |
| 13474 | Banner Corporation | 873519 |
| 22244 | Central Pacific Financial Corporation | 502714 |
| 21379 | Customers Bancorp, Inc.<sup>(a)</sup> | 649280 |
| 42443 | Eastern Bankshares, Inc. | 686303 |
| 21509 | First Bancorp | 857134 |
| 13757 | First Financial Corporation | 617964 |
| 18455 | Hancock Whitney Corporation | 950064 |
| 18832 | Heartland Financial USA, Inc. | 931620 |
| 29834 | Heritage Financial Corporation | 851164 |
| 21800 | Independent Bank Corporation | 483306 |
| 27548 | PacWest Bancorp | 761978 |
| 23289 | Pathward Financial, Inc. | 1155601 |
| 18618 | Peoples Bancorp, Inc. | 552396 |
| 8672 | UMB Financial Corporation | 782128 |
|  |  | 11157615 |
|  | **BIOTECH & PHARMA - 6.9%** |  |
| 19283 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 583504 |
| 13078 | Anika Therapeutics, Inc.<sup>(a)</sup> | 405549 |
| 18665 | Chinook Therapeutics, Inc.<sup>(a)</sup> | 471665 |
| 10331 | Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | 350634 |
| 16900 | Ideaya Biosciences, Inc.<sup>(a)</sup> | 287807 |
| 15272 | iTeos Therapeutics, Inc.<sup>(a)</sup> | 319185 |
| 14994 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 614904 |
| 23817 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 683547 |
| 14900 | Vir Biotechnology, Inc.<sup>(a)</sup> | 440295 |
|  |  | 4157090 |
|  | **CHEMICALS - 2.4%** |  |
| 16774 | AdvanSix, Inc. | 725308 |
| 11228 | Minerals Technologies, Inc. | 779784 |
|  |  | 1505092 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 1.1%** |  |
| 33784 | O-I Glass, Inc.<sup>(a)</sup> | $650342 |
|  | **ELECTRIC UTILITIES - 2.5%** |  |
| 20560 | Avista Corporation | 820344 |
| 11959 | NorthWestern Corporation | 679271 |
|  |  | 1499615 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 6860 | Belden, Inc. | 556277 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.2%** |  |
| 10720 | Louisiana-Pacific Corporation | 729925 |
|  | **GAS & WATER UTILITIES - 2.7%** |  |
| 10176 | Northwest Natural Holding Company | 510225 |
| 5932 | ONE Gas, Inc. | 488560 |
| 8679 | SJW Group | 671841 |
|  |  | 1670626 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 5654 | Addus HomeCare Corporation<sup>(a)</sup> | 607918 |
| 5341 | National HealthCare Corporation | 318003 |
| 24967 | Owens & Minor, Inc.<sup>(a)</sup> | 492849 |
|  |  | 1418770 |
|  | **HEALTH CARE REIT - 1.3%** |  |
| 56590 | Sabra Health Care REIT, Inc. | 763965 |
|  | **HOME CONSTRUCTION - 1.6%** |  |
| 8773 | Meritage Homes Corporation<sup>(a)</sup> | 944764 |
|  | **HOTEL REIT - 1.1%** |  |
| 39678 | Pebblebrook Hotel Trust | 650719 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.6%** |  |
| 5876 | EnPro Industries, Inc. | 711407 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.6% (Continued)** |  |
| 13029 | Mueller Industries, Inc. | $854051 |
|  |  | 1565458 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.2%** |  |
| 5322 | Piper Sandler Cos | 756256 |
|  | **INSURANCE - 3.4%** |  |
| 11773 | American Equity Investment Life Holding Company | 560983 |
| 8438 | Axis Capital Holdings Ltd. | 527966 |
| 4443 | Hanover Insurance Group, Inc. (The) | 597939 |
| 1348 | National Western Life Group, Inc., Class A | 373126 |
|  |  | 2060014 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 20147 | TripAdvisor, Inc.<sup>(a)</sup> | 469425 |
|  | **LEISURE FACILITIES & SERVICES - 1.8%** |  |
| 24205 | Bloomin' Brands, Inc. | 586971 |
| 12088 | Travel + Leisure Company | 512169 |
|  |  | 1099140 |
|  | **LEISURE PRODUCTS - 1.0%** |  |
| 6535 | Thor Industries, Inc. | 622982 |
|  | **MACHINERY - 3.9%** |  |
| 5450 | Alamo Group, Inc. | 852761 |
| 5054 | Curtiss-Wright Corporation | 837953 |
| 14960 | Hillenbrand, Inc. | 701026 |
|  |  | 2391740 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.2%** |  |
| 22755 | Avanos Medical, Inc.<sup>(a)</sup> | 697213 |
|  | **METALS & MINING - 1.0%** |  |
| 3706 | Encore Wire Corporation | 598260 |
|  | **MORTGAGE FINANCE - 2.0%** |  |
| 55323 | Ladder Capital Corporation | 619617 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **MORTGAGE FINANCE - 2.0% (Continued)** |  |
| 46121 | Ready Capital Corporation | $610181 |
|  |  | 1229798 |
|  | **MULTI ASSET CLASS REIT - 2.5%** |  |
| 54237 | Armada Hoffler Properties, Inc. | 687725 |
| 55865 | Global Net Lease, Inc. | 835182 |
|  |  | 1522907 |
|  | **OIL & GAS PRODUCERS - 2.9%** |  |
| 9463 | Callon Petroleum Company<sup>(a)</sup> | 402651 |
| 19915 | PBF Energy, Inc., Class A | 836230 |
| 18785 | SilverBow Resources, Inc.<sup>(a)</sup> | 493482 |
|  |  | 1732363 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.5%** |  |
| 41021 | Liberty Oilfield Services, Inc., Class A | 649362 |
| 89733 | RPC, Inc. | 890152 |
|  |  | 1539514 |
|  | **PUBLISHING & BROADCASTING - 1.1%** |  |
| 33920 | Sinclair Broadcast Group, Inc., Class A | 699769 |
|  | **RETAIL - CONSUMER STAPLES - 1.5%** |  |
| 9318 | Ingles Markets, Inc., Class A | 885210 |
|  | **RETAIL - DISCRETIONARY - 4.0%** |  |
| 12079 | Academy Sports & Outdoors, Inc. | 705655 |
| 26589 | Ethan Allen Interiors, Inc. | 764168 |
| 31324 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | 488028 |
| 6015 | Signet Jewelers Ltd. | 462012 |
|  |  | 2419863 |
|  | **RETAIL REIT - 4.3%** |  |
| 45110 | Acadia Realty Trust | 700558 |
| 40768 | Essential Properties Realty Trust, Inc. | 1038769 |
| 19586 | Spirit Realty Capital, Inc. | 859434 |
|  |  | 2598761 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 1.4%** |  |
| 9569 | Diodes, Inc.<sup>(a)</sup> | $853459 |
|  | **SPECIALTY FINANCE - 1.9%** |  |
| 11753 | Essent Group Ltd. | 517485 |
| 13352 | Mr Cooper Group, Inc.<sup>(a)</sup> | 614058 |
|  |  | 1131543 |
|  | **SPECIALTY REIT - 0.7%** |  |
| 10316 | EPR Properties | 438224 |
|  | **TECHNOLOGY HARDWARE - 2.0%** |  |
| 38207 | Knowles Corporation<sup>(a)</sup> | 734721 |
| 15774 | NetScout Systems, Inc.<sup>(a)</sup> | 506345 |
|  |  | 1241066 |
|  | **TECHNOLOGY SERVICES - 3.6%** |  |
| 33479 | Green Dot Corporation, Class A<sup>(a)</sup> | 605300 |
| 35935 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 961621 |
| 5859 | Science Applications International Corporation | 608047 |
|  |  | 2174968 |
|  | **TELECOMMUNICATIONS - 0.9%** |  |
| 28381 | EchoStar Corporation, Class A<sup>(a)</sup> | 531009 |
|  | **TIMBER REIT - 1.4%** |  |
| 17243 | PotlatchDeltic Corporation | 844045 |
|  | **TRANSPORTATION & LOGISTICS - 4.5%** |  |
| 7724 | ArcBest Corporation | 644568 |
| 10723 | Matson, Inc. | 709005 |
| 8796 | Ryder System, Inc. | 830431 |
| 25719 | SkyWest, Inc.<sup>(a)</sup> | 533926 |
|  |  | 2717930 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.0%** |  |
| 16707 | Andersons, Inc. (The) | 614483 |
|  | **TOTAL COMMON STOCKS (Cost $52,047,775)** | 59936504 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.2%** |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 109126 | STIT - Treasury Portfolio, Institutional Class, 4.28% (Cost $109,126)<sup>(b)</sup> | $109126 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $52,156,901)** | $60045630 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%** | 542312 |
|  | **NET ASSETS - 100.0%** | $60587942 |

---

---

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

---

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 54836 | Blackstone, Inc.<sup>(a)</sup> | $5262063 |
|  | **E-COMMERCE DISCRETIONARY - 8.8%** |  |
| 109292 | Amazon.com, Inc.<sup>(b)</sup> | 11271284 |
| 4095 | MercadoLibre, Inc.<sup>(b)</sup> | 4839021 |
|  |  | 16110305 |
|  | **INTERNET MEDIA & SERVICES - 2.5%** |  |
| 13135 | Netflix, Inc.<sup>(b)</sup> | 4647951 |
|  | **LEISURE FACILITIES & SERVICES - 3.3%** |  |
| 3706 | Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 6101484 |
|  | **MEDICAL EQUIPMENT & DEVICES - 13.6%** |  |
| 12150 | Align Technology, Inc.<sup>(b)</sup> | 3277220 |
| 57728 | DexCom, Inc.<sup>(b)</sup> | 6182092 |
| 52820 | Edwards Lifesciences Corporation<sup>(b)</sup> | 4051294 |
| 17908 | Insulet Corporation<sup>(a),(b)</sup> | 5145327 |
| 25718 | Intuitive Surgical, Inc.<sup>(b)</sup> | 6318654 |
|  |  | 24974587 |
|  | **RETAIL - DISCRETIONARY - 5.7%** |  |
| 15286 | Lululemon Athletica, Inc.<sup>(b)</sup> | 4690968 |
| 25619 | Tractor Supply Company<sup>(a)</sup> | 5840875 |
|  |  | 10531843 |
|  | **SEMICONDUCTORS - 16.7%** |  |
| 39703 | Advanced Micro Devices, Inc.<sup>(b)</sup> | 2983680 |
| 10179 | ASML Holding N.V. - ADR | 6726690 |
| 63080 | Marvell Technology, Inc. | 2721902 |
| 62448 | NVIDIA Corporation | 12200466 |
| 44672 | QUALCOMM, Inc. | 5950757 |
|  |  | 30583495 |
|  | **SOFTWARE - 25.1%** |  |
| 17403 | Adobe, Inc.<sup>(b)</sup> | 6445027 |
| 55138 | Microsoft Corporation | 13663749 |
| 5689 | Palo Alto Networks, Inc.<sup>(a),(b)</sup> | 902503 |

---

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SOFTWARE - 25.1% (Continued)** |  |
| 41585 | Salesforce, Inc.<sup>(b)</sup> | $6985032 |
| 27166 | ServiceNow, Inc.<sup>(b)</sup> | 12364062 |
| 34913 | Veeva Systems, Inc., Class A<sup>(b)</sup> | 5954412 |
|  |  | 46314785 |
|  | **TECHNOLOGY HARDWARE - 5.1%** |  |
| 65250 | Apple, Inc. | 9414923 |
|  | **TECHNOLOGY SERVICES - 16.1%** |  |
| 41113 | Block, Inc., Class A<sup>(b)</sup> | 3359754 |
| 38989 | Mastercard, Inc., Class A | 14449323 |
| 33230 | PayPal Holdings, Inc.<sup>(a),(b)</sup> | 2707913 |
| 39233 | Visa, Inc., Class A<sup>(a)</sup> | 9031829 |
|  |  | 29548819 |
|  | **TOTAL COMMON STOCKS (Cost $124,044,864)** | 183490255 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 12.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 11.8%** |  |
| 21767694 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.54% (Cost $21,767,694)<sup>(c)(d)</sup> | 21767694 |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 518867 | STIT - Treasury Obligations Portfolio, Institutional Class , 4.28% (Cost $518,867)<sup>(c)</sup> | 518867 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost$22,286,561)** | 22286561 |
|  | **TOTAL INVESTMENTS - 111.9% (Cost $146,331,425)** | $205776816 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.9)%** | (21893870) |
|  | **NET ASSETS - 100.0%** | $183882946 |

---

---

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

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **ADVERTISING & MARKETING - 0.8%** |  |
| 13038 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $661027 |
|  | **AEROSPACE & DEFENSE - 1.8%** |  |
| 20372 | Hexcel Corporation | 1437856 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.0%** |  |
| 5054 | Crocs, Inc.<sup>(a),(b)</sup> | 615426 |
| 2287 | Deckers Outdoor Corporation<sup>(a)</sup> | 977646 |
|  |  | 1593072 |
|  | **BANKING - 2.0%** |  |
| 19333 | First Merchants Corporation | 824359 |
| 23584 | Seacoast Banking Corp of Florida<sup>(b)</sup> | 757282 |
|  |  | 1581641 |
|  | **BIOTECH & PHARMA - 8.6%** |  |
| 42586 | Alector, Inc.<sup>(a)</sup> | 375609 |
| 31892 | Anavex Life Sciences Corporation<sup>(a),(b)</sup> | 346666 |
| 8103 | Apellis Pharmaceuticals, Inc.<sup>(a),(b)</sup> | 427271 |
| 18580 | Halozyme Therapeutics, Inc.<sup>(a),(b)</sup> | 961886 |
| 7227 | Immunocore Holdings plc - ADR<sup>(a)</sup> | 442798 |
| 15043 | Intra-Cellular Therapies, Inc.<sup>(a)</sup> | 720861 |
| 24132 | IVERIC bio, Inc.<sup>(a)</sup> | 557449 |
| 29428 | Maravai LifeSciences Holdings, Inc.<sup>(a)</sup> | 431414 |
| 113992 | MaxCyte, Inc.<sup>(a)</sup> | 665713 |
| 53060 | Point Biopharma Global, Inc.<sup>(a)</sup> | 424480 |
| 40355 | Roivant Sciences Ltd.<sup>(a)</sup> | 334947 |
| 42391 | TG Therapeutics, Inc.<sup>(a)</sup> | 645615 |
| 12356 | Vaxcyte, Inc.<sup>(a)</sup> | 560345 |
|  |  | 6895054 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 4696 | FTI Consulting, Inc.<sup>(a)</sup> | 749106 |
|  | **ELECTRICAL EQUIPMENT - 3.4%** |  |
| 21398 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 533452 |
| 19867 | BWX Technologies, Inc. | 1209106 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 3.4% (Continued)** |  |
| 17436 | Itron, Inc.<sup>(a)</sup> | $1002047 |
|  |  | 2744605 |
|  | **ENGINEERING & CONSTRUCTION - 5.5%** |  |
| 9255 | Exponent, Inc. | 949008 |
| 9772 | MasTec, Inc.<sup>(a)</sup> | 959904 |
| 21206 | Montrose Environmental Group, Inc.<sup>(a)</sup> | 1148517 |
| 25732 | WillScotMobile Mini Holdings Corporation <sup>(a)</sup> | 1246972 |
|  |  | 4304401 |
|  | **FOOD - 1.0%** |  |
| 66000 | Krispy Kreme, Inc. | 805200 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.1%** |  |
| 8718 | Amedisys, Inc.<sup>(a)</sup> | 842682 |
| 25065 | Option Care Health, Inc.<sup>(a)</sup> | 723627 |
| 13089 | Progyny, Inc.<sup>(a),(b)</sup> | 450131 |
| 48874 | RadNet, Inc.<sup>(a)</sup> | 1028797 |
| 46066 | SI-BONE, Inc.<sup>(a)</sup> | 784504 |
| 30476 | Surgery Partners, Inc.<sup>(a),(b)</sup> | 1011803 |
|  |  | 4841544 |
|  | **HOUSEHOLD PRODUCTS - 3.0%** |  |
| 89438 | Coty, Inc., Class A<sup>(a)</sup> | 890802 |
| 7677 | elf Beauty, Inc.<sup>(a)</sup> | 441811 |
| 8678 | Inter Parfums, Inc.<sup>(b)</sup> | 1025914 |
|  |  | 2358527 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.7%** |  |
| 3453 | SiteOne Landscape Supply, Inc.<sup>(a),(b)</sup> | 523164 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.7%** |  |
| 6252 | Evercore, Inc., Class A | 811572 |
| 8439 | Houlihan Lokey, Inc. | 836052 |
| 6796 | Tradeweb Markets, Inc., Class A | 506574 |
|  |  | 2154198 |
|  | **INTERNET MEDIA & SERVICES - 1.9%** |  |
| 99249 | Eventbrite, Inc., Class A<sup>(a),(b)</sup> | 882323 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 1.9% (Continued)** |  |
| 22340 | Pinterest, Inc., Class A<sup>(a),(b)</sup> | $587319 |
|  |  | 1469642 |
|  | **LEISURE FACILITIES & SERVICES - 7.3%** |  |
| 21278 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 922401 |
| 12912 | Dutch Bros, Inc.<sup>(a),(b)</sup> | 492076 |
| 8170 | Kura Sushi USA, Inc.<sup>(a)</sup> | 507684 |
| 42154 | OneSpaWorld Holdings Ltd.<sup>(a),(b)</sup> | 443039 |
| 12094 | Papa John's International, Inc.<sup>(b)</sup> | 1084710 |
| 6708 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 567832 |
| 9954 | Texas Roadhouse, Inc.<sup>(b)</sup> | 999680 |
| 5444 | Wingstop, Inc.<sup>(b)</sup> | 862711 |
|  |  | 5880133 |
|  | **LEISURE PRODUCTS - 2.1%** |  |
| 5123 | Axon Enterprise, Inc.<sup>(a)</sup> | 1001240 |
| 5416 | Fox Factory Holding Corporation<sup>(a)</sup> | 639575 |
|  |  | 1640815 |
|  | **MACHINERY - 3.2%** |  |
| 23412 | Flowserve Corporation | 805841 |
| 5728 | Lindsay Corporation | 897119 |
| 6433 | MSA Safety, Inc. | 877397 |
|  |  | 2580357 |
|  | **MEDICAL EQUIPMENT & DEVICES - 7.7%** |  |
| 107098 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | 992799 |
| 65895 | Alphatec Holdings, Inc.<sup>(a),(b)</sup> | 857953 |
| 17351 | BioLifeSolutions, Inc. <sup>(a)</sup> | 406707 |
| 105787 | Cerus Corporation<sup>(a)</sup> | 332171 |
| 6152 | DexCom, Inc.<sup>(a)</sup> | 658818 |
| 10454 | Inari Medical, Inc.<sup>(a)</sup> | 596401 |
| 2407 | Insulet Corporation<sup>(a),(b)</sup> | 691579 |
| 3908 | RepligenCorporation <sup>(a),(b)</sup> | 724152 |
| 16780 | Silk Road Medical, Inc.<sup>(a)</sup> | 912161 |
|  |  | 6172741 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 0.9%** |  |
| 4816 | Cheniere Energy, Inc. | $735837 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |
| 61175 | TechnipFMC plc<sup>(a),(b)</sup> | 849721 |
|  | **RENEWABLE ENERGY - 1.9%** |  |
| 22602 | Shoals Technologies Group, Inc.<sup>(a),(b)</sup> | 630370 |
| 2724 | SolarEdge Technologies, Inc.<sup>(a)</sup> | 869309 |
|  |  | 1499679 |
|  | **RETAIL - CONSUMER STAPLES - 1.8%** |  |
| 4890 | Five Below, Inc.<sup>(a)</sup> | 963966 |
| 8207 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a),(b)</sup> | 449415 |
|  |  | 1413381 |
|  | **RETAIL - DISCRETIONARY - 1.0%** |  |
| 12844 | Freshpet, Inc.<sup>(a),(b)</sup> | 813411 |
|  | **SEMICONDUCTORS - 8.6%** |  |
| 11818 | Aehr Test Systems<sup>(a),(b)</sup> | 413157 |
| 23902 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 912339 |
| 6100 | Axcelis Technologies, Inc.<sup>(a)</sup> | 670695 |
| 9282 | Azenta, Inc.<sup>(a),(b)</sup> | 518864 |
| 11110 | Lattice Semiconductor Corporation<sup>(a)</sup> | 842027 |
| 12323 | Onto Innovation, Inc.<sup>(a)</sup> | 969203 |
| 6862 | Power Integrations, Inc.<sup>(b)</sup> | 590750 |
| 4726 | Silicon Laboratories, Inc.<sup>(a),(b)</sup> | 741557 |
| 3355 | SiTime Corporation<sup>(a)</sup> | 386597 |
| 11315 | Wolfspeed, Inc.<sup>(a)</sup> | 871368 |
|  |  | 6916557 |
|  | **SOFTWARE - 13.6%** |  |
| 7644 | Alteryx, Inc., Class A<sup>(a)</sup> | 424166 |
| 6690 | Appfolio, Inc., Class A<sup>(a)</sup> | 751488 |
| 32714 | BigCommerce Holdings, Inc.<sup>(a)</sup> | 401074 |
| 5887 | Blackline, Inc.<sup>(a)</sup> | 422687 |
| 15765 | Calix, Inc.<sup>(a)</sup> | 829870 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **SOFTWARE - 13.6% (Continued)** |  |
| 8513 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | $901527 |
| 35037 | DoubleVerify Holdings, Inc.<sup>(a),(b)</sup> | 952656 |
| 27133 | Doximity, Inc.<sup>(a),(b)</sup> | 956980 |
| 6153 | Duolingo, Inc.<sup>(a)</sup> | 587550 |
| 21405 | Dynatrace, Inc.<sup>(a)</sup> | 822594 |
| 12067 | Five9, Inc.<sup>(a)</sup> | 950638 |
| 22933 | Jamf Holding Corporation<sup>(a)</sup> | 455679 |
| 31696 | JFrog Ltd.<sup>(a),(b)</sup> | 814904 |
| 5356 | Omnicell, Inc.<sup>(a)</sup> | 297097 |
| 20906 | Privia Health Group, Inc.<sup>(a)</sup> | 565298 |
| 7142 | Sprout Social, Inc., Class A<sup>(a)</sup> | 456874 |
| 11560 | ZoomInfo Technologies, Inc., Class A<sup>(a),(b)</sup> | 326339 |
|  |  | 10917421 |
|  | **TECHNOLOGY HARDWARE - 1.1%** |  |
| 6635 | Fabrinet<sup>(a),(b)</sup> | 873564 |
|  | **TECHNOLOGY SERVICES - 6.1%** |  |
| 4900 | Globant S.A.<sup>(a)</sup> | 794682 |
| 18407 | MAXIMUS, Inc. | 1377764 |
| 1797 | MSCI, Inc. | 955213 |
| 12551 | Shift4 Payments, Inc.<sup>(a),(b)</sup> | 803766 |
| 11637 | WNS Holdings Ltd. - ADR<sup>(a)</sup> | 986003 |
|  |  | 4917428 |
|  | **TRANSPORTATION & LOGISTICS - 0.6%** |  |
| 18007 | Air Transport Services Group, Inc.<sup>(a)</sup> | 509778 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.6%** |  |
| 17085 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 519213 |
|  | **TOTAL COMMON STOCKS (Cost $68,240,395)** | 78359073 |

---

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 23.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 21.6%** |  |
| 17281108 | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $17,281,108)<sup>(c)(d)</sup> | $17281108 |
|  | **MONEY MARKET FUND - 2.3%** |  |
| 1860649 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $1,860,649)<sup>(c)</sup> | 1860649 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost$19,141,757)** | 19141757 |
|  | **TOTAL INVESTMENTS - 121.9% (Cost $87,382,152)** | $97500830 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (21.9)%** | (17497299) |
|  | **NET ASSETS - 100.0%** | $80003531 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $17,266,416 at January 31, 2023. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. |
| <sup>(d)</sup> | The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 0.9%** |  |
|  | **MIXED ALLOCATION - 0.9%** |  |
| 136545 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> | $1065011 |
|  | **TOTAL CLOSED END FUNDS (Cost $861,698)** | 1065011 |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 1.2%** |  |
| 112200 | Shenzhou International Group Holdings Ltd.<sup>(b)</sup> | 1413130 |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 198400 | East Money Information Company Ltd. | 665111 |
|  | **AUTOMOTIVE - 1.6%** |  |
| 2137 | LG Energy Solution Ltd.<sup>(a)</sup> | 908075 |
| 82500 | NIO, Inc. - ADR<sup>(a)</sup> | 995775 |
|  |  | 1903850 |
|  | **BANKING - 11.2%** |  |
| 167748 | Banco Bradesco S.A. - ADR | 468017 |
| 2100500 | Bank Central Asia Tbk P.T. | 1190147 |
| 207400 | Bank for Foreign Trade of Vietnam JSC<sup>(a)</sup> | 812796 |
| 2938000 | CTBC Financial Holding Company Ltd. | 2243403 |
| 265895 | FirstRand Ltd.<sup>(b)</sup> | 988243 |
| 11900 | HDFC Bank Ltd. - ADR | 801584 |
| 36900 | ICICI Bank Ltd. - ADR | 768627 |
| 210148 | Itau Unibanco Holding S.A. - ADR | 1046537 |
| 51974 | KB Financial Group, Inc. | 2366236 |
| 2077000 | Public Bank Bhd | 2069302 |
| 152825 | Qatar National Bank QPSC<sup>(b)</sup> | 757813 |
|  |  | 13512705 |
|  | **BEVERAGES - 3.3%** |  |
| 19800 | Heineken Malaysia Bhd | 130080 |
| 4300 | Kweichow Moutai Company Ltd. | 1179446 |
| 184836 | Varun Beverages Ltd. | 2601062 |
|  |  | 3910588 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **CHEMICALS - 1.8%** |  |
| 2404 | LG Chem Ltd. | $1355483 |
| 7577 | Sociedad Quimica y Minera de Chile S.A. - ADR | 739061 |
|  |  | 2094544 |
|  | **CONSTRUCTION MATERIALS - 0.7%** |  |
| 952000 | China National Building Material Company Ltd., H Shares | 873592 |
|  | **CONSUMER SERVICES - 1.7%** |  |
| 1278000 | China Education Group Holdings Ltd. | 2029515 |
|  | **E-COMMERCE DISCRETIONARY - 9.4%** |  |
| 470841 | Alibaba Group Holding Ltd.<sup>(a),(b)</sup> | 6474015 |
| 50046 | JD.com, Inc. | 1486167 |
| 149040 | Meituan<sup>(a),(b)</sup> | 3332218 |
|  |  | 11292400 |
|  | **ELECTRIC UTILITIES - 0.0%<sup>(c)</sup>** |  |
| 77040 | ACEN Corporation | 9896 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 207024 | NARI Technology Company Ltd. | 811617 |
|  | **ENGINEERING & CONSTRUCTION - 1.7%** |  |
| 50826 | Larsen & Toubro Ltd. | 1325749 |
| 25748 | Mytilineos S.A. | 666056 |
|  |  | 1991805 |
|  | **ENTERTAINMENT CONTENT - 2.0%** |  |
| 136990 | NetEase, Inc. | 2430710 |
|  | **FOOD - 1.1%** |  |
| 5540200 | Monde Nissin Corporation | 1340756 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.0%** |  |
| 84600 | Hangzhou Tigermed Consulting Company Ltd. | 1109855 |
| 452096 | Max Healthcare Institute Ltd.<sup>(a)</sup> | 2451614 |
|  |  | 3561469 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 1.4%** |  |
| 452200 | Haier Smart Home Company Ltd., H Shares<sup>(b)</sup> | $1667917 |
|  | **INSURANCE - 4.2%** |  |
| 252200 | AIA Group Ltd.<sup>(b)</sup> | 2852044 |
| 131480 | Prudential plc | 2184465 |
|  |  | 5036509 |
|  | **INTERNET MEDIA & SERVICES - 6.0%** |  |
| 6993 | Naspers Ltd., N Shares<sup>(b)</sup> | 1352408 |
| 119900 | Tencent Holdings Ltd.<sup>(b)</sup> | 5843119 |
|  |  | 7195527 |
|  | **LEISURE FACILITIES & SERVICES - 3.7%** |  |
| 182930 | Jollibee Foods Corporation | 796955 |
| 1016335 | Lemon Tree Hotels Ltd.<sup>(a)</sup> | 955787 |
| 1052400 | Minor International PCL - ADR<sup>(a)</sup> | 1071742 |
| 108538 | OPAP S.A. | 1629655 |
|  |  | 4454139 |
|  | **MACHINERY - 2.1%** |  |
| 127500 | Jiangsu Hengli Hydraulic Company Ltd. | 1238347 |
| 485326 | Sany Heavy Industry Company Ltd., Class A | 1263102 |
|  |  | 2501449 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.4%** |  |
| 35200 | Shenzhen Mindray Bio-Medical Electronics Company | 1741056 |
|  | **OIL & GAS PRODUCERS - 2.0%** |  |
| 376189 | Gazprom PJSC<sup>(b)</sup> |  |
| 89100 | Petroleo Brasileiro S.A. - ADR | 1033560 |
| 259210 | PTT Exploration & Production PCL | 1360639 |
|  |  | 2394199 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.9%** |  |
| 667729 | Indiabulls Real Estate Ltd.<sup>(a)</sup> | 593148 |
| 230490 | Vinhomes JSC<sup>(b)</sup> | 500296 |
|  |  | 1093444 |
|  | **RENEWABLE ENERGY - 3.6%** |  |
| 32500 | Contemporary Amperex Technology Company Ltd. | 2255366 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **RENEWABLE ENERGY - 3.6% (Continued)** |  |
| 285250 | LONGi Green Energy Technology Company Ltd., Class A | $2045690 |
|  |  | 4301056 |
|  | **RETAIL - CONSUMER STAPLES - 2.9%** |  |
| 8512 | Magnit PJSC<sup>(a),(b)</sup> |  |
| 189000 | President Chain Store Corporation | 1700114 |
| 472337 | Wal-Mart de Mexico S.A.B. de C.V. | 1844998 |
|  |  | 3545112 |
|  | **RETAIL - DISCRETIONARY - 2.5%** |  |
| 1828200 | Home Product Center PCL | 799948 |
| 226500 | Li Ning Company Ltd. | 2239303 |
|  |  | 3039251 |
|  | **SEMICONDUCTORS - 9.9%** |  |
| 17000 | eMemory Technology, Inc. | 930812 |
| 72196 | MediaTek, Inc. | 1741947 |
| 478608 | Taiwan Semiconductor Manufacturing Company Ltd. | 8434381 |
| 9700 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 899481 |
|  |  | 12006621 |
|  | **SPECIALTY FINANCE - 3.1%** |  |
| 115498 | Housing Development Finance Corp Ltd. | 3725540 |
|  | **TECHNOLOGY HARDWARE - 7.5%** |  |
| 80099 | Accton Technology Corporation | 653699 |
| 127000 | E Ink Holdings, Inc. | 735948 |
| 155547 | Samsung Electronics Company Ltd. | 7678158 |
|  |  | 9067805 |
|  | **TECHNOLOGY SERVICES - 2.5%** |  |
| 401028 | Shanghai Baosight Software Company Ltd. | 2976792 |
|  | **TELECOMMUNICATIONS - 2.8%** |  |
| 148450 | Bharti Airtel Ltd. | 1401578 |
| 7762700 | Telekomunikasi Indonesia Persero Tbk P.T. | 2002929 |
|  |  | 3404507 |

---

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  | | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |  |  |
| 185172 | Container Corp Of India Ltd. |  |  | $1428939 |
| 185376 | Spring Airlines Company Ltd.<sup>(a)</sup> |  |  | 1658849 |
|  |  |  |  | 3087788 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.6%** |  |  |  |
| 407136 | Devyani International Ltd.<sup>(a)</sup> |  |  | 772526 |
|  | **TOTAL COMMON STOCKS (Cost $111,223,313)** |  |  | $119852926 |
|  |  | **Expiration<br> Date** | **Exercise<br> Price** |  |
|  | **WARRANT — 0.0%<sup>(c)</sup>** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES - 0.0% <sup>(c)</sup>** |  |  |  |
| 26977 | Minor International PCL (Thailand) | 07/31/2023 | $21.60 | 9405 |
| 42772 | Minor International PCL (Thailand) | 05/08/2023 | 28.00 | 6545 |
| 38762 | Minor International PCL (Thailand) | 02/16/2024 | 31.00 | 4524 |
|  | **TOTAL WARRANT (Cost $5,303)** |  |  | 20474 |
|  | **SHORT-TERM INVESTMENTS — 0.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |  |  |
| 232672 | First American Government Obligations Fund, Class X, 4.13% (Cost $232,672)<sup>(d)</sup> |  |  | 232672 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $112,322,986)** |  |  | $120728282 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** |  |  | (304053) |
|  | **NET ASSETS - 100.0%** |  |  | $120424229 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| S/A | - Société Anonyme |
| USB | US Bank |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities are $0. |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **ASSET MANAGEMENT - 0.2%** |  |
| 11931 | Investor A.B. | $231816 |
|  | **AUTOMOTIVE - 7.5%** |  |
| 5000 | Aisin Seiki Company Ltd. | 145908 |
| 23857 | Bayerische Motoren Werke A.G. | 2430017 |
| 10835 | Continental A.G. | 760729 |
| 4244 | Hyundai Mobis Company Ltd. | 708925 |
| 5604 | Hyundai Motor Company | 379456 |
| 1761 | Kia Motors Corporation | 95848 |
| 17169 | Mercedes-Benz Group A.G. | 1277492 |
| 77900 | Nissan Motor Company Ltd. | 279948 |
| 99253 | Stellantis N.V. | 1560241 |
| 26400 | Subaru Corporation | 433885 |
| 37700 | Sumitomo Electric Industries Ltd. | 453104 |
| 11130 | Volkswagen A.G. | 1543520 |
|  |  | 10069073 |
|  | **BANKING - 12.5%** |  |
| 167000 | Agricultural Bank of China Ltd., H Shares | 60114 |
| 1559658 | Akbank T.A.S. | 1412848 |
| 30481 | Banco Bilbao Vizcaya Argentaria S.A. | 215296 |
| 83934 | Banco Santander S.A. | 293324 |
| 43009 | Bank Leumi Le-Israel BM | 380071 |
| 279200 | Bank of Beijing Company Ltd., Class A | 175920 |
| 22068 | Bank of China Ltd. - ADR | 209425 |
| 3575000 | Bank of China Ltd., H Shares | 1360998 |
| 540300 | Bank of Communications Company Ltd. | 388459 |
| 1150000 | Bank of Communications Company Ltd., H Shares | 710878 |
| 453900 | Bank of Shanghai Company Ltd., Class A | 403121 |
| 31712 | BNK Financial Group, Inc. | 182763 |
| 5821 | BNP Paribas S.A. | 399769 |
| 864000 | China Construction Bank Corporation, H Shares | 559309 |
| 350500 | China Minsheng Banking Corp Ltd., H Shares | 131055 |
| 117900 | China Zheshang Bank Company Ltd.<sup>(b)</sup> | 51753 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BANKING - 12.5% (Continued)** |  |
| 272000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | $98268 |
| 27662 | Commercial International Bank Egypt S.A.E - ADR | 44702 |
| 694354 | Haci Omer Sabanci Holding A/S | 1443865 |
| 10225 | Hana Financial Group, Inc. | 405809 |
| 83660 | Industrial & Commercial Bank of China Ltd. - ADR | 893489 |
| 1449000 | Industrial & Commercial Bank of China Ltd., H Shares | 775167 |
| 55600 | Industrial Bank Company Ltd. | 145570 |
| 12641 | KB Financial Group, Inc. | 575511 |
| 449900 | Mebuki Financial Group, Inc. | 1172150 |
| 22772 | Nordea Bank Abp | 266440 |
| 121567 | Quinenco S.A. | 422956 |
| 775890 | Sberbank of Russia PJSC - ADR<sup>(a),(b)</sup> |  |
| 2831 | Shinhan Financial Group Company Ltd. | 95634 |
| 36156 | Skandinaviska Enskilda Banken A.B. | 437646 |
| 58951 | Svenska Handelsbanken A.B., A Shares | 614669 |
| 6000 | Swedbank A.B., A Shares | 115405 |
| 529219 | Turkiye Garanti Bankasi A/S | 678578 |
| 119320 | Turkiye Is Bankasi A/S | 69191 |
| 21414 | UniCredit SpA | 418211 |
| 1284860000 | VTB Bank PJSC<sup>(a),(b)</sup> |  |
| 2410939 | Yapi ve Kredi Bankasi A/S | 1168855 |
|  |  | 16777219 |
|  | **BEVERAGES - 0.1%** |  |
| 1857 | Anheuser-Busch InBev S.A./NV - ADR | 111959 |
|  | **BIOTECH & PHARMA - 7.5%** |  |
| 12451 | Bayer A.G. | 774958 |
| 58236 | GSK plc - ADR | 2053401 |
| 22561 | Novartis A.G. - ADR | 2044478 |
| 6834 | Novartis A.G. | 617876 |
| 2500 | Otsuka Holdings Company Ltd. | 80218 |
| 14376 | Roche Holding A.G. | 4487908 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BIOTECH & PHARMA - 7.5% (Continued)** |  |
| 19700 | Shandong Buchang Pharmaceuticals Company Ltd. | $56071 |
|  |  | 10114910 |
|  | **CHEMICALS - 2.6%** |  |
| 16656 | Evonik Industries A.G. | 370213 |
| 8100 | Kaneka Corporation | 212705 |
| 82016 | Lianhe Chemical Technology Company Ltd. | 213488 |
| 31500 | Mitsubishi Chemical Group Corporation | 176797 |
| 3200 | Nitto Denko Corporation | 206883 |
| 10128 | PhosAgro PJSC<sup>(a),(b)</sup> |  |
| 14171 | Sasol Ltd. | 257516 |
| 6800 | Shin-Etsu Chemical Company Ltd. | 1002685 |
| 72200 | Toray Industries, Inc. | 443693 |
| 6700 | Tosoh Corporation | 87677 |
| 23289 | Yara International ASA - ADR | 515921 |
|  |  | 3487578 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.6%** |  |
| 12994 | Randstad N.V. | 832837 |
|  | **CONSTRUCTION MATERIALS - 0.0%<sup>(c)</sup>** |  |
| 1100 | AGC, Inc. | 40538 |
| 0 | Turkiye Sise ve Cam Fabrikalari A/S | 1 |
|  |  | 40539 |
|  | **DIVERSIFIED INDUSTRIALS - 0.6%** |  |
| 18900 | Mitsubishi Heavy Industries Ltd. | 741222 |
|  | **ELECTRIC UTILITIES - 0.6%** |  |
| 1075 | CEZ A/S | 43653 |
| 15700 | Chubu Electric Power Company, Inc. | 169141 |
| 19994 | Engie S.A. | 283892 |
| 52622 | Origin Energy Ltd. | 279407 |
|  |  | 776093 |
|  | **ELECTRICAL EQUIPMENT - 1.3%** |  |
| 27498 | ABB Ltd. | 957392 |
| 12986 | Kone OYJ, Class B | 708157 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 1.3% (Continued)** |  |
| 7600 | Mitsubishi Electric Corporation | $83775 |
|  |  | 1749324 |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 1198200 | China State Construction Engineering Corp Ltd. | 985115 |
| 1 | Enka Insaat ve Sanayi A/S | 1 |
| 1666800 | Metallurgical Corp of China Ltd., Class A | 833958 |
|  |  | 1819074 |
|  | **FOOD - 0.3%** |  |
| 741000 | WH Group Ltd. | 456396 |
|  | **HOME & OFFICE PRODUCTS - 0.0%<sup>(c)</sup>** |  |
| 1 | Arcelik A/S | 6 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.0%<sup>(c)</sup>** |  |
| 51000 | China International Marine Containers Group | 55028 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 13200 | Sumitomo Corporation | 236988 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.8%** |  |
| 3396 | Deutsche Boerse A.G. | 607646 |
| 254000 | Haitong Securities Company Ltd. | 175231 |
| 110420 | Mirae Asset Daewoo Company Ltd. | 331058 |
| 329400 | Nomura Holdings, Inc. | 1314853 |
|  |  | 2428788 |
|  | **INSURANCE - 7.6%** |  |
| 231585 | China Life Insurance Company Ltd., H Shares | 426333 |
| 5700 | COFCO Capital Holdings Company Ltd. | 6365 |
| 6500 | Dai-ichi Life Holdings, Inc. | 152540 |
| 7097 | Hyundai Marine & Fire Insurance Company Ltd. | 178501 |
| 74000 | Japan Post Holdings Company Ltd. | 649815 |
| 50800 | MS&AD Insurance Group Holdings, Inc. | 1629682 |
| 4367 | Muenchener Rueckversicherungs-Gesellschaft A.G. in | 1577284 |
| 22464 | NN Group N.V. | 975950 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **INSURANCE - 7.6% (Continued)** |  |
| 1360200 | People's Insurance Company Group of China Ltd. | $1039607 |
| 2312000 | People's Insurance Company Group of China Ltd., H Shares | 779503 |
| 3712 | Samsung Fire & Marine Insurance Company Ltd. | 611454 |
| 3206 | Samsung Fire & Marine Insurance Company Ltd. - Pfd. | 405291 |
| 28200 | Sompo Holdings, Inc. | 1214230 |
| 5130 | Swiss Re A.G. | 537185 |
|  |  | 10183740 |
|  | **LEISURE FACILITIES & SERVICES - 0.5%** |  |
| 727500 | Fosun International Ltd. | 675505 |
|  | **MACHINERY - 1.8%** |  |
| 1374 | Accelleron Industries A.G.<sup>,(b)</sup> | 32454 |
| 4000 | Keyence Corporation | 1841858 |
| 29300 | Yokogawa Electric Corporation | 514603 |
|  |  | 2388915 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.5%** |  |
| 2800 | Hoya Corporation | 307985 |
| 6700 | Shimadzu Corporation | 205941 |
| 13130 | Smith & Nephew plc | 181323 |
|  |  | 695249 |
|  | **METALS & MINING - 7.7%** |  |
| 8021 | Anglo American plc - ADR | 172853 |
| 33742 | Anglo American PLC | 1455250 |
| 213900 | China Shenhua Energy Company Ltd. | 901471 |
| 16500 | China Shenhua Energy Company Ltd., H Shares | 51363 |
| 133302 | Glencore plc | 892674 |
| 170800 | Jiangxi Copper Company Ltd. | 494473 |
| 150518 | Jiangxi Copper Company Ltd. | 435756 |
| 306600 | Jinneng Holding Shanxi Coal Industry Company Ltd. | 585145 |
| 3785 | MMC Norilsk Nickel PJSC<sup>(a),(b)</sup> |  |
| 16735 | Rio Tinto Ltd. | 1501788 |
| 4296 | Rio Tinto plc | 336369 |
| 27277 | Rio Tinto plc - ADR | 2164430 |
| 27683 | South32 Ltd. | 88835 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **METALS & MINING - 7.7% (Continued)** |  |
| 1900 | Sumitomo Metal Mining Company Ltd. | $77162 |
| 60260 | Vale S.A. - ADR | 1125657 |
|  |  | 10283226 |
|  | **OIL & GAS PRODUCERS - 16.2%** |  |
| 1615 | Aker BP ASA | 49201 |
| 92846 | BP plc - ADR | 3363810 |
| 115255 | BP plc | 696143 |
| 991900 | China Petroleum & Chemical Corporation | 665488 |
| 1294000 | China Petroleum & Chemical Corporation, H Shares | 698783 |
| 3353 | Ecopetrol S.A. - ADR | 38191 |
| 17700 | ENEOS Holdings, Inc. | 63383 |
| 25103 | Eni SpA - ADR | 775683 |
| 13665 | Eni SpA | 210266 |
| 2334 | Equinor ASA - ADR | 71024 |
| 6389 | Equinor ASA | 194737 |
| 87530 | Gazprom PJSC - ADR<sup>(a),(b)</sup> |  |
| 247390 | Gazprom PJSC<sup>(a),(b)</sup> |  |
| 330596 | Guanghui Energy Company Ltd. | 502641 |
| 58300 | Idemitsu Kosan Company Ltd. | 1457847 |
| 37200 | Inpex Corporation | 408863 |
| 486725 | KOC Holding A/S | 1983955 |
| 24250 | LUKOIL PJSC<sup>(a),(b)</sup> |  |
| 9813 | MOL Hungarian Oil & Gas plc | 73378 |
| 22511 | Motor Oil Hellas Corinth Refineries S.A. | 550081 |
| 9000 | OMV A.G. | 450781 |
| 2085400 | PetroChina Company Ltd. | 1604065 |
| 1184100 | PetroChina Company Ltd., H Shares | 633491 |
| 126800 | Petroleo Brasileiro S.A. | 736727 |
| 334600 | Petroleo Brasileiro S.A.-PR | 1725870 |
| 21279 | Petroleo Brasileiro S.A. - ADR | 246836 |
| 3417 | Petroleo Brasileiro S.A.-A - ADR | 35263 |
| 62521 | Polski Koncern Naftowy ORLEN S.A. | 939367 |
| 13600 | PTT Exploration & Production PCL | 71389 |
| 9462 | Repsol S.A. | 155420 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 16.2% (Continued)** |  |
| 117940 | Rosneft Oil Company PJSC<sup>(a),(b)</sup> | $— |
| 47944 | Shell plc | 1406013 |
| 6830 | Tatneft PJSC<sup>(a),(b)</sup> |  |
| 32242 | TotalEnergies S.E. | 1993088 |
|  |  | 21801784 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.9%** |  |
| 1256700 | CNOOC Energy Technology & Services Ltd. | 595983 |
| 2292000 | Sinopec Oilfield Service Corporation-H<sup>(b)</sup> | 178644 |
| 1411200 | Sinopec Oilfield Service Corporation-A<sup>(b)</sup> | 450509 |
|  |  | 1225136 |
|  | **RETAIL - CONSUMER STAPLES - 1.6%** |  |
| 9055 | Carrefour S.A. | 172223 |
| 66193 | Cencosud S.A. | 118891 |
| 40756 | CK Hutchison Holdings Ltd. - ADR | 257027 |
| 62866 | Woolworths Group Ltd. | 1606732 |
|  |  | 2154873 |
|  | **RETAIL - DISCRETIONARY - 0.7%** |  |
| 16800 | Jardine Matheson Holdings Ltd. | 890736 |
|  | **SEMICONDUCTORS - 5.9%** |  |
| 5524 | ASML Holding N.V. | 3654688 |
| 1400 | ASML Holding N.V. - ADR | 925176 |
| 16000 | Novatek Microelectronics Corporation | 190266 |
| 4157 | SK Hynix, Inc. | 300436 |
| 55000 | Taiwan Semiconductor Manufacturing Company Ltd. | 969250 |
| 17758 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1646699 |
|  |  | 7686515 |
|  | **SOFTWARE - 0.6%** |  |
| 6857 | SAP S.E. | 812773 |
|  | **SPECIALTY FINANCE - 1.0%** |  |
| 49600 | ORIX Corporation | 872297 |
| 20481 | Samsung Card Company Ltd. | 504516 |
|  |  | 1376813 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **STEEL - 1.7%** |  |
| 30573 | ArcelorMittal S.A. | $948399 |
| 268000 | Maanshan Iron & Steel Company Ltd.-H | 65441 |
| 680700 | Maanshan Iron & Steel Company Ltd.-A | 297956 |
| 45500 | Nippon Steel Corporation | 947267 |
|  |  | 2259063 |
|  | **TECHNOLOGY HARDWARE - 2.6%** |  |
| 10100 | Brother Industries Ltd. | 156909 |
| 12000 | Canon, Inc. | 266363 |
| 103000 | Chicony Electronics Company Ltd. | 298299 |
| 5400 | FUJIFILM Holdings Corporation | 285834 |
| 2200 | Kyocera Corporation | 114185 |
| 32015 | Nokia OYJ | 151789 |
| 35476 | Nokia OYJ - ADR | 168866 |
| 25050 | Samsung Electronics Company Ltd. | 1246512 |
| 19632 | Samsung Electronics Company Ltd.-Pref | 880097 |
|  |  | 3568854 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 7000 | Fujitsu Ltd. | 996862 |
| 13825 | RELX plc - ADR | 410741 |
| 3279 | Wolters Kluwer N.V. | 357462 |
|  |  | 1765065 |
|  | **TELECOMMUNICATIONS - 4.9%** |  |
| 1162200 | China United Network Communications Ltd. | 901546 |
| 137923 | Deutsche Telekom A.G. | 3072545 |
| 15625 | Proximus S.A.DP | 160100 |
| 42446 | Tele2 A.B., B Shares | 366543 |
| 154974 | Telefonica S.A. | 588708 |
| 57706 | Telenor ASA | 604170 |
| 344559 | Telia Company A.B. | 889767 |
|  |  | 6583379 |
|  | **TOBACCO & CANNABIS - 0.1%** |  |
| 2681 | British American Tobacco plc - ADR | 103192 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 4.9%** |  |
| 34 | AP Moller - Maersk A/S - Series B | $73964 |
| 211 | AP Moller - Maersk A/S - Series A | 449655 |
| 102500 | China Merchants Energy Shipping Company Ltd. | 97291 |
| 3536 | Deutsche Post A.G. | 152238 |
| 56800 | Evergreen Marine Corp Taiwan Ltd. | 289781 |
| 20000 | Mitsui OSK Lines Ltd. | 496478 |
| 8500 | Nippon Express Holdings Company Ltd. | 493381 |
| 21300 | Nippon Yusen KK | 506808 |
| 2374600 | TangShan Port Group Company Ltd. | 1003453 |
| 417526 | Turk Hava Yollari AO<sup>(b)</sup> | 3060440 |
|  |  | 6623489 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 29500 | Marubeni Corporation | 361998 |
|  | **WHOLESALE - DISCRETIONARY - 0.7%** |  |
| 21700 | Toyota Tsusho Corporation | 919016 |
|  | **TOTAL COMMON STOCKS (Cost $128,431,726)** | 132288171 |
|  | **EXCHANGE-TRADED FUNDS — 0.9%** |  |
|  | **EQUITY - 0.9%** |  |
| 13599 | Global X MSCI Argentina ETF | 552527 |
| 7553 | iShares MSCI EAFE ETF | 540417 |
| 3411 | iShares MSCI Eurozone ETF | 151244 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,005,909)** | 1244188 |

---

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.1%** |  |
|  | **MONEY MARKET FUNDS - 0.1%** |  |
| 151493 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $151,493)<sup>(d)</sup> | $151493 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $129,589,128)** | $133683852 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** | 357027 |
|  | **NET ASSETS - 100.0%** | $134040879 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| TAS | - Turkish Accounting Standards |
| <sup>(a)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities are $0. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. |

---

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS 60.1%** |  |  |  |
|  | **COMMODITY - 4.9%** |  |  |  |
| 70267 | iShares GSCI Commodity Dynamic |  |  | $1982935 |
|  | **EQUITY - 45.1%** |  |  |  |
| 15917 | iShares Currency Hedged MSCI Germany ETF |  |  | 481489 |
| 43843 | SPDR S&P 500 ETF Trust |  |  | 17821302 |
|  |  |  |  | 18302791 |
|  | **FIXED INCOME - 10.1%** |  |  |  |
| 53863 | iShares iBoxx $ High Yield Corporate Bond ETF |  |  | 4111363 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,112,683)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,112,683)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,112,683)** | 24397089 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES 30.2%** |  |  |  |
|  | **U.S. TREASURY BILLS 30.2%** |  |  |  |
| 7919000 | United States Treasury Bill<sup>(a)</sup> | 4.47 | 05/18/23 | 7813811 |
| 4528000 | United States Treasury Bill<sup>(a)</sup> | 4.47 | 06/15/23 | 4452058 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,266,841)** |  |  | 12265869 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS 9.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 9.7%** |  |  |  |
| 3960700 | Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.14% (Cost $3,960,700)<sup>(b)</sup> | Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.14% (Cost $3,960,700)<sup>(b)</sup> | Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.14% (Cost $3,960,700)<sup>(b)</sup> | 3960700 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $38,340,224)** | **TOTAL INVESTMENTS - 100.0% (Cost $38,340,224)** | **TOTAL INVESTMENTS - 100.0% (Cost $38,340,224)** | $40623658 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | 1569 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $40625227 |

---

---

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

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCK —0.0% <sup>(a)</sup>** | **COMMON STOCK —0.0% <sup>(a)</sup>** | **COMMON STOCK —0.0% <sup>(a)</sup>** |  |  |
|  | **TELECOMMUNICATION - 0.0%<sup>(a)</sup>** | **TELECOMMUNICATION - 0.0%<sup>(a)</sup>** | **TELECOMMUNICATION - 0.0%<sup>(a)</sup>** |  |  |
| 10000 | NII Holdings, Inc. 144A<sup>(b),(c)</sup> | NII Holdings, Inc. 144A<sup>(b),(c)</sup> | NII Holdings, Inc. 144A<sup>(b),(c)</sup> |  | $5700 |
|  | **TOTAL COMMON STOCK (Cost $57,730)** | **TOTAL COMMON STOCK (Cost $57,730)** | **TOTAL COMMON STOCK (Cost $57,730)** |  | 5700 |
| **Shares** |  |  | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS —0.8%** | **PREFERRED STOCKS —0.8%** |  |  |  |
|  | **REAL ESTATE SERVICES — 0.8%** | **REAL ESTATE SERVICES — 0.8%** |  |  |  |
| 2000 | UIRC-GSA International, LLC 144A<sup>(c)</sup> | UIRC-GSA International, LLC 144A<sup>(c)</sup> |  |  | 1980000 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,000,000)** | **TOTAL PREFERRED STOCKS (Cost $2,000,000)** |  |  | 1980000 |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon<br> Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 49.7%** |  |  |  |  |
|  | **ASSET MANAGEMENT —1.5%** |  |  |  |  |
| 1255000 | Blackstone Secured Lending Fund |  | 3.6250 | 01/15/26 | 1169573 |
| 2780000 | PennantPark Investment Corporation |  | 4.0000 | 11/01/26 | 2380811 |
|  |  |  |  |  | 3550384 |
|  | **AUTOMOTIVE — 1.6%** |  |  |  |  |
| 1885000 | Ford Motor Credit Company, LLC |  | 3.3700 | 11/17/23 | 1852489 |
| 2065000 | Hyundai Capital America<sup>(c)</sup> |  | 1.0000 | 09/17/24 | 1928644 |
|  |  |  |  |  | 3781133 |
|  | **BANKING —16.0%** |  |  |  |  |
| 2510000 | Bank of America Corporation<sup>(d)</sup> | SOFRRATE + 0.670% | 1.8430 | 02/04/25 | 2422567 |
| 7265000 | BPCE S.A.<sup>(c),(d)</sup> | SOFRRATE + 2.100% | 5.9750 | 01/18/27 | 7352923 |
| 1210000 | Danske Bank A/S<sup>(c),(d)</sup> | H15T1Y + 2.100% | 6.4660 | 01/09/26 | 1227874 |
| 3545000 | HSBC Holdings plc<sup>(e)</sup> | SOFRRATE + 1.430% | 5.6500 | 03/10/26 | 3542424 |
| 2005000 | JPMorgan Chase & Company<sup>(e)</sup> | ICE LIBOR USD 3 Month + 0.550% | 4.9900 | 02/01/27 | 1869752 |
| 3505000 | KeyCorp Capital II<sup>(f)</sup> |  | 6.8750 | 03/17/29 | 3648924 |
| 3550000 | NatWest Group plc<sup>(d),(f)</sup> | H15T1Y + 2.850% | 7.4720 | 11/10/26 | 3754380 |
| 4110000 | Societe Generale S.A.<sup>(c)</sup> |  | 7.3670 | 01/10/53 | 4438929 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 49.7% (Continued)** |  |  |  |  |
|  | **BANKING —16.0% (Continued)** |  |  |  |  |
| 4735000 | Synchrony Bank |  | 5.4000 | 08/22/25 | $4715718 |
| 5145000 | Wells Fargo & Company<sup>(d),(e)</sup> | US0003M + 0.500% | 5.2920 | 01/15/27 | 4864761 |
| 795000 | Wells Fargo & Company |  | 5.9500 | 12/01/86 | 835434 |
|  |  |  |  |  | 38673686 |
|  | **CHEMICALS —2.1%** |  |  |  |  |
| 4970000 | Celanese US Holdings, LLC |  | 5.9000 | 07/05/24 | 4998395 |
|  | **CONSUMER SERVICES —1.8%** |  |  |  |  |
| 2300000 | Grand Canyon University |  | 4.1250 | 10/01/24 | 2190750 |
| 2300000 | Grand Canyon University |  | 5.1250 | 10/01/28 | 2182907 |
|  |  |  |  |  | 4373657 |
|  | **ELECTRIC UTILITIES — 4.3%** |  |  |  |  |
| 3310000 | American Electric Power Company, Inc. |  | 2.0310 | 03/15/24 | 3198481 |
| 2785000 | Pacific Gas and Electric Company |  | 1.7000 | 11/15/23 | 2713062 |
| 4397000 | Vistra Operations Company, LLC<sup>(c)</sup> |  | 4.8750 | 05/13/24 | 4345071 |
|  |  |  |  |  | 10256614 |
|  | **ENTERTAINMENT CONTENT — 1.5%** |  |  |  |  |
| 3545000 | Magallanes, Inc.<sup>(c),(e)</sup> | SOFRINDX + 1.780% | 6.0750 | 03/15/24 | 3556275 |
|  | **FOOD —3.1%** |  |  |  |  |
| 7250000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA<sup>(c)</sup> |  | 6.5000 | 12/01/52 | 7386671 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.0%** |  |  |  |  |
| 3515000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | SOFRRATE + 3.340% | 6.3730 | 07/15/26 | 3412382 |
| 1825000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | SOFRRATE + 3.920% | 6.5370 | 08/12/33 | 1747023 |
| 3825000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | USSW5 + 4.598% | 7.5000 | 06/11/70 | 3643301 |
| 1155000 | Goldman Sachs Capital I |  | 6.3450 | 02/15/34 | 1242654 |
| 2050000 | Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | SOFRRATE + 0.490% | 4.7940 | 10/21/24 | 2040994 |
|  |  |  |  |  | 12086354 |
|  | **INSURANCE —2.3%** |  |  |  |  |
| 2155000 | Mutual of Omaha Insurance Company<sup>(c),(d)</sup> | ICE LIBOR USD 3 Month + 2.640% | 4.2970 | 07/15/54 | 2067947 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 49.7% (Continued)** |  |  |  |  |
|  | **INSURANCE —2.3% (Continued)** |  |  |  |  |
| 2285000 | Ohio National Financial Services, Inc.<sup>(c)</sup> |  | 5.8000 | 01/24/30 | $2173755 |
| 1000000 | Pacific Life Insurance Company<sup>(c)</sup> |  | 9.2500 | 06/15/39 | 1387413 |
|  |  |  |  |  | 5629115 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 1600000 | Mohegan Tribal Gaming Authority<sup>(c)</sup> |  | 13.2500 | 12/15/27 | 1691888 |
|  | **METALS & MINING — 0.4%** |  |  |  |  |
| 1110000 | Freeport-McMoRan, Inc. |  | 4.1250 | 03/01/28 | 1054039 |
|  | **OIL & GAS PRODUCERS —5.0%** |  |  |  |  |
| 2135000 | Earthstone Energy Holdings, LLC<sup>(c),(f)</sup> |  | 8.0000 | 04/15/27 | 2084571 |
| 2525000 | EnergeanIsrael Finance Ltd. |  | 5.8750 | 03/30/31 | 2288281 |
| 1000000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(c)</sup> |  | 6.0000 | 04/15/30 | 930855 |
| 2485000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(c),(f)</sup> |  | 6.2500 | 04/15/32 | 2296481 |
| 845000 | Rockcliff Energy II, LLC<sup>(c),(f)</sup> |  | 5.5000 | 10/15/29 | 805113 |
| 2230000 | Saudi Arabian Oil Company<sup>(c)</sup> |  | 1.2500 | 11/24/23 | 2160665 |
| 1725000 | Tullow Oil plc<sup>(c)</sup> |  | 10.2500 | 05/15/26 | 1490107 |
|  |  |  |  |  | 12056073 |
|  | **OIL & GAS SERVICES & EQUIPMENT —0.4%** |  |  |  |  |
| 1056798 | Transocean Sentry Ltd.<sup>(c)</sup> |  | 5.3750 | 05/15/23 | 1049532 |
|  | **SPECIALTY FINANCE — 2.9%** |  |  |  |  |
| 5150000 | AerCap Ireland Capital DAC / AerCap Global |  | 1.1500 | 10/29/23 | 4998794 |
| 1195000 | Antares Holdings, L.P.<sup>(c)</sup> |  | 6.0000 | 08/15/23 | 1191971 |
| 1335000 | Finance of America Funding, LLC<sup>(c)</sup> |  | 7.8750 | 11/15/25 | 822054 |
|  |  |  |  |  | 7012819 |
|  | **TELECOMMUNICATIONS —1.1%** |  |  |  |  |
| 2250000 | HC2 Holdings, Inc.<sup>(c)</sup> |  | 8.5000 | 02/01/26 | 1701489 |
| 930000 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(c)</sup> |  | 5.1520 | 03/20/28 | 927907 |
|  |  |  |  |  | 2629396 |
|  | **TOTAL CORPORATE BONDS (Cost $123,500,470)** |  |  |  | 119786031 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 1.2%** |  |  |  |  |
|  | **FOOD —0.8%** |  |  |  |  |
| 1975000 | Del Monte Foods, Inc.<sup>(e)</sup> | SOFRRATE - –% | 5.5000 | 02/15/29 | $1963475 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 1900000 | Lucky Bucks, LLC<sup>(e)</sup> | US0001M - –% | 6.2500 | 07/20/27 | 980201 |
|  | **TOTAL TERM LOANS (Cost $3,823,582)** |  |  |  | 2943676 |
| **Principal** |  |  | **Coupon<br> Rate** |  |  |
| **Amount ($)** |  |  | **(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 35.5%** |  |  |  |  |
|  | **U.S. TREASURY BILLS —31.2%** |  |  |  |  |
| 24270000 | United States Treasury Bill<sup>(g)</sup> |  |  | 02/23/23 | 24204160 |
| 29305000 | United States Treasury Bill |  |  | 03/23/23 | 29123380 |
| 9775000 | United States Treasury Bill<sup>(g)</sup> |  |  | 04/20/23 | 9679151 |
| 4750000 | United States Treasury Note |  | 3.5000 | 01/31/28 | 4720684 |
| 3580000 | United States Treasury Note |  | 3.5000 | 01/31/30 | 3560422 |
| 4515000 | United States Treasury Note |  | 3.0000 | 08/15/52 | 3965087 |
|  |  |  |  |  | 75252884 |
|  | **UNITED STATES TREASURY NOTES —4.3%** |  |  |  |  |
| 9835000 | United States Treasury Note |  | 4.1250 | 11/15/32 | 10319066 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $85,303,666)** |  |  |  | 85571950 |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 20.8%** | **SHORT-TERM INVESTMENTS — 20.8%** | **SHORT-TERM INVESTMENTS — 20.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.9%** | **COLLATERAL FOR SECURITIES LOANED - 2.9%** | **COLLATERAL FOR SECURITIES LOANED - 2.9%** |  |
| 6971223 | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,971,223)<sup>(h)(j)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,971,223)<sup>(h)(j)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $6,971,223)<sup>(h)(j)</sup> | $6971223 |
|  | **MONEY MARKET FUND - 17.9%** | **MONEY MARKET FUND - 17.9%** | **MONEY MARKET FUND - 17.9%** |  |
| 43218142 | First American Government Obligations Fund, Class X, 4.13% (Cost $43,218,142)<sup>(h)</sup> | First American Government Obligations Fund, Class X, 4.13% (Cost $43,218,142)<sup>(h)</sup> | First American Government Obligations Fund, Class X, 4.13% (Cost $43,218,142)<sup>(h)</sup> | 43218142 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost$50,189,365)** | **TOTAL SHORT-TERM INVESTMENTS (Cost$50,189,365)** | **TOTAL SHORT-TERM INVESTMENTS (Cost$50,189,365)** | 50189365 |
|  | **TOTAL INVESTMENTS - 108.0% (Cost $264,874,813)** | **TOTAL INVESTMENTS - 108.0% (Cost $264,874,813)** | **TOTAL INVESTMENTS - 108.0% (Cost $264,874,813)** | $260476722 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)%** | (19328382) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $241148340 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(i)</sup>** | **Value and<br> Unrealized<br> Depreciation** |
| 77 | CBOT 10 Year US Treasury Note | 03/22/2023 | $8817732 | $(110464) |
| 59 | CBOT 5 Year US Treasury Note | 03/31/2023 | 6445278 | (53766) |
| 24 | CBOT US Long Bond Future | 03/22/2023 | 3117000 | (85593) |
| 79 | CME Ultra Long Term US Treasury Bond Future | 03/22/2023 | 11198250 | (471609) |
| 118 | Ultra 10-Year US Treasury Note Futures | 03/22/2023 | 14301954 | (259954) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(981386) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description and<br> Payment Frequency** | **Payment<br> Frequency** | **Counterparty** | **Fixed Deal<br> (Pay) Rate** | **Implied<br> Credit Spred** | **Maturity<br> Date** | **Notional<br> Value** | **Fair<br> Value<sup>(m)</sup>** | **Amortized<br> Upfront<br> Payments Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX.NA.HY SERIES 39 | To Buy Monthly | HSBC Securities | 5.00% | 428.12 | 12/20/2027 | $17000000 | (449922) | 638230 | (1088152) |
| CDX.NA.IG SERIES 39 | To Buy Monthly | HSBC Securities | 1.00% | 71.38 | 12/20/2027 | 41000000 | (507278) | 1705) | (455573) |
| DARDEN RESTAURANTS INC | To Buy Monthly | Barclays | 1.00% |  | 6/20/2027 | 7000000 | (112692) | (20423) | (92269) |
| DR HORTON INC | To Buy Monthly | Barclays | 1.00% |  | 12/20/2027 | 3500000 | (39035) | 66323 | (105358) |
| UNITED STATES STEEL CORP VERIZON | To Buy Monthly | Barclays | 5.00% |  | 12/20/2027 | 2800000 | (80093) | (76953) | (3140) |
| COMMUNICATIONS INC | To Buy Monthly | Barclays | 1.00% |  | 6/20/2027 | 7000000 | 36943 | 3675 | 33268 |
| TOTAL |  |  |  |  |  |  | $**(1152077)** | $**559147** | $**(1711224)** |

---

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Description** | **Frequency** | **Counterparty** | **Notional Value** | **Variable Rate<br> Premium Paid** | **Premium Paid** | **Maturity Date** | **Unrealized<br> Depreciation** |
| **Markit I Boxx US Dollar Liquid High Yield Index** | **At Maturity** | **Barclays** | **$**14**,**000000 | **1D S0FRRATE** | **$53919** | **12/20/2022** | ***$* (268129)** |

---

---

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

---

---

| |
|:---|
| <br> **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 3.8%** |  |
|  | **EQUITY - 3.8%** |  |
| 2468782 | Altaba, Inc. | $8023542 |
|  | **TOTAL CLOSED END FUND(Cost $22,837,384)** | 8023542 |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 85.9%** |  |
|  | **AEROSPACE & DEFENSE - 4.8%** |  |
| 76972 | 972 Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup> | 4304274 |
| 43432 | 432 HEICO Corporation, Class A | 5805990 |
|  |  | 10110264 |
|  | **ASSET MANAGEMENT - 0.0%<sup>(b)</sup>** |  |
| 469792 | 9,792 Pershing Square Tontine Holdings Ltd.<sup>(a)</sup> | 46979 |
|  | **BANKING - 4.0%** |  |
| 135815 | 5,815 First Horizon Corporation | 3358705 |
| 284478 | 4,478 Umpqua Holdings Corporation | 5177500 |
|  |  | 8536205 |
|  | **BIOTECH & PHARMA - 2.0%** |  |
| 38755 | 755 Horizon Therapeutics plc<sup>(a)</sup> | 4252199 |
|  | **CABLE & SATELLITE - 13.2%** |  |
| 124540 | 4,540 Liberty Broadband Corporation - Series C<sup>(a)</sup> | 11181201 |
| 450785 | 0,785 Liberty Global plc, Class A<sup>(a)</sup> | 9777527 |
| 234659 | 4,659 Shaw Communications, Inc., Class B | 6984319 |
|  |  | 27943047 |
|  | **ELECTRIC UTILITIES - 5.3%** |  |
| 228633 | 8,633 PNM Resources, Inc. | 11312761 |
|  | **ENTERTAINMENT CONTENT - 9.9%** |  |
| 210500 | 0,500 Activision Blizzard, Inc. | 16117984 |
| 146513 | 6,513 Fox Corporation - Class B, CLASS B | 4644462 |
|  |  | 20762446 |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 85.9% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 4.4%** |  |
| 434036 | Resolute Forest Products, Inc.<sup>(a)</sup> | $9422922 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.2%** |  |
| 229788 | Cowen, Inc., Class A<sup>(c)</sup> | 8934158 |
|  | **MACHINERY - 1.5%** |  |
| 67616 | Evoqua Water Technologies Corporation<sup>(a)</sup> | 3280052 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0%<sup>(b)</sup>** |  |
| 34956 | ABIOMED, Inc. - CVR<sup>(a)</sup> | 61173 |
|  | **OIL & GAS PRODUCERS - 0.0%<sup>(b)</sup>** |  |
| 84102 | Columbia Pipeline Group, Inc.<sup>(a)</sup> |  |
|  | **PUBLISHING & BROADCASTING - 5.9%** |  |
| 42533 | Liberty Media Corp-Liberty Formula One - Series A<sup>(a)</sup> | 2708501 |
| 487538 | TEGNA, Inc. | 9716632 |
|  |  | 12425133 |
|  | **RETAIL - CONSUMER STAPLES - 3.0%** |  |
| 303600 | Albertsons Companies, Inc., Class A | 6436320 |
|  | **RETAIL - DISCRETIONARY - 0.3%** |  |
| 73705 | Sportsman's Warehouse Holdings, Inc.<sup>(a)</sup> | 695038 |
|  | **RETAIL REIT - 4.2%** |  |
| 277182 | STORE Capital Corporation | 8928031 |
|  | **SEMICONDUCTORS - 5.7%** |  |
| 133696 | Silicon Motion Technology Corporation - ADR | 8569914 |
| 85976 | Tower Semiconductor Ltd.<sup>(a)</sup> | 3592936 |
|  |  | 12162850 |
|  | **SOFTWARE - 13.9%** |  |
| 230095 | 1Life Healthcare, Inc.<sup>(a),(c)</sup> | 3679219 |
| 138044 | Black Knight, Inc.<sup>(a)</sup> | 8364086 |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  | | **Fair Value** |
|  | **COMMON STOCKS — 85.9% (Continued)** |  |  |  |
|  | **SOFTWARE - 13.9% (Continued)** |  |  |  |
| 14100 | Coupa Software, Inc.<sup>(a)</sup> |  |  | $1126872 |
| 150746 | ForgeRock, Inc.<sup>(a),(c)</sup> |  |  | 2993816 |
| 233253 | Signify Health, Inc.<sup>(a),(c)</sup> |  |  | 6638380 |
| 53889 | VMware, Inc., Class A<sup>(a)</sup> |  |  | 6599786 |
|  |  |  |  | 29402159 |
|  | **TELECOMMUNICATIONS - 0.0%<sup>(b)</sup>** |  |  |  |
| 205893 | NII Holdings, Inc. 144A<sup>(a),(d), (i)</sup> |  |  | 72063 |
|  | **TRANSPORTATION & LOGISTICS - 0.0%<sup>(b)</sup>** |  |  |  |
| 1025 | American Airlines Group, Inc.<sup>(a)</sup> |  |  | 16544 |
|  | **WHOLESALE - DISCRETIONARY - 3.6%** |  |  |  |
| 182940 | IAA, Inc.<sup>(a),(c)</sup> |  |  | 7634086 |
|  | **TOTAL COMMON STOCKS (Cost $183,853,102)** |  |  | 182434430 |
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(b)</sup>** |  |  |  |
|  | **NON-LISTED RIGHT - 0.0% <sup>(b)</sup>** |  |  |  |
| 51066 | Zogenix, Inc. CVR <sup>(i)</sup> | 12/31/2023 | $20 | 63833 |
|  | **TOTAL RIGHT (Cost $28,086)** |  |  | 63833 |
|  | **SHORT-TERM INVESTMENTS — 14.6%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 5.6%** |  |  |  |
| 11958665 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.49% (Cost $11,958,665)<sup>(e)(h)</sup> |  |  | 11958665 |
|  | **MONEY MARKET FUND - 9.0%** |  |  |  |
| 19084638 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $19,084,638)<sup>(e)</sup> |  |  | 19084638 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost$31,043,303)** |  |  | 31043303 |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | | | | | | **Fair Value** |
|  | **TOTAL INVESTMENTS - 104.3% (Cost $237,761,875)** | **TOTAL INVESTMENTS - 104.3% (Cost $237,761,875)** | **TOTAL INVESTMENTS - 104.3% (Cost $237,761,875)** | **TOTAL INVESTMENTS - 104.3% (Cost $237,761,875)** | **TOTAL INVESTMENTS - 104.3% (Cost $237,761,875)** | $221565108 |
|  | **SECURITIES SOLD SHORT - (24.8)% (Proceeds - $50,249,544)** | **SECURITIES SOLD SHORT - (24.8)% (Proceeds - $50,249,544)** | **SECURITIES SOLD SHORT - (24.8)% (Proceeds - $50,249,544)** | **SECURITIES SOLD SHORT - (24.8)% (Proceeds - $50,249,544)** | **SECURITIES SOLD SHORT - (24.8)% (Proceeds - $50,249,544)** | (52617393) |
|  | **CALL OPTIONS WRITTEN - (0.9)% (Proceeds - $1,800,368)** | **CALL OPTIONS WRITTEN - (0.9)% (Proceeds - $1,800,368)** | **CALL OPTIONS WRITTEN - (0.9)% (Proceeds - $1,800,368)** | **CALL OPTIONS WRITTEN - (0.9)% (Proceeds - $1,800,368)** | **CALL OPTIONS WRITTEN - (0.9)% (Proceeds - $1,800,368)** | (1872795) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 21.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 21.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 21.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 21.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 21.4%** | 45440896 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $212515816 |
| **Contracts<sup>(f)</sup>** |  |  |  |  |  |  |
|  |  | **Broker/** | **Expiration** | **Exercise** | **Notional** |  |
|  |  | **Counterparty** | **Date** | **Price** | **Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.9)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.9)%** |  |  |  |  |  |
| 560 | Activision Blizzard, Inc. | MS | 01/19/2024 | $78 | $4287920 | $562800 |
| 3036 | Albertsons Companies, Inc. | MS | 07/21/2023 | 21 | 6436320 | 343068 |
| 965 | Black Knight, Inc. | MS | 04/21/2023 | 60 | 5846935 | 767175 |
| 174 | VMware, Inc. | MS | 01/19/2024 | 120 | 2130978 | 199752 |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,800,368)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,800,368)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,800,368)** |  |  | 1872795 |
|  | **TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,800,368)** | **TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,800,368)** | **TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,800,368)** |  |  | $1872795 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| LTD | Limited Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| MS | Morgan Stanley |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(c)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $11,754,920 at January 31, 2023. |
| <sup>(d)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 72,063 or 0.0% of net assets. |
| <sup>(e)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. |
| <sup>(f)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(h)</sup> | 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%. |
| <sup>(i)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 3.84% of net assets. The total value of these securities is $8,154,438. |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (24.8)%** |  |
|  | **AEROSPACE & DEFENSE - (2.8)%** |  |
| (35017) | HEICO Corporation | $(5986156) |
|  | **BANKING - (2.4)%** |  |
| (169493) | Columbia Banking System, Inc. | (5239029) |
| (3) | New York Community Bancorp, Inc. | (30) |
|  |  | (5239059) |
|  | **CABLE & SATELLITE - (10.0)%** |  |
| (30016) | Charter Communications, Inc., Class A | (11535450) |
| (426272) | Liberty Global plc - Series C | (9527179) |
|  |  | (21062629) |
|  | **ENTERTAINMENT CONTENT - (2.2)%** |  |
| (137015) | Fox Corporation, Class A | (4650289) |
|  | **INDUSTRIAL SUPPORT SERVICES - (2.7)%** |  |
| (96082) | Ritchie Bros Auctioneers, Inc. | (5810080) |
|  | **MACHINERY - (1.5)%** |  |
| (32456) | Xylem, Inc. | (3375748) |
|  | **PUBLISHING & BROADCASTING - (1.4)%** |  |
| (38018) | Liberty Media Corp-Liberty Formula One - Series C | (2691674) |
|  | **SEMICONDUCTORS - (1.8)%** |  |
| (4535) | Broadcom, Inc. | (2653020) |
| (27882) | MaxLinear, Inc. | (1148738) |
|  |  | (3801758) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $50,249,544)** | $(52617393) |

---

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023 (Unaudited) (Continued)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Canadian Dollar | 02/01/2023 | JP Morgan | 1633298 | $1227600 | $7064 |
| Canadian Dollar | 02/07/2023 | JP Morgan | 4750246 | 3570430 | 60802 |
|  |  |  |  | $**4798030** | $**67866** |
| **To Sell:** |  |  |  |  |  |
| Canadian Dollar | 02/01/2023 | JP Morgan | 16238 | $12205 | $(18) |
| Canadian Dollar | 02/07/2023 | JP Morgan | 14253937 | 10713696 | (151580) |
|  |  |  |  | $**10725901** | $**(151598)** |
| **Total** |  |  |  |  | $**(83732)** |

---

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0%** |  |
|  | **ASSET MANAGEMENT - 1.7%** |  |
| 428525 | FTAI Infrastructure, LLC | $1418418 |
|  | **DATA CENTER REIT - 7.6%** |  |
| 18378 | Digital Realty Trust, Inc. | 2106486 |
| 5541 | Equinix, Inc.<sup>,(b)</sup> | 4089978 |
|  |  | 6196464 |
|  | **FOOD - 1.4%** |  |
| 290600 | Cadiz, Inc.<sup>(a),(b)</sup> | 1162400 |
|  | **GAMING REITS - 1.0%** |  |
| 14600 | Gaming and Leisure Properties, Inc.<sup>(b)</sup> | 781976 |
|  | **HEALTH CARE REIT - 1.2%** |  |
| 35766 | Healthpeak Properties, Inc. | 982850 |
|  | **INDUSTRIAL REIT - 13.8%** |  |
| 55637 | Prologis, Inc. | 7192752 |
| 46770 | Rexford Industrial Realty, Inc. | 2968492 |
| 19315 | Terreno Realty Corporation<sup>(b)</sup> | 1244465 |
|  |  | 11405709 |
|  | **INFRASTRUCTURE REIT - 15.6%** |  |
| 28153 | American Tower Corporation | 6289099 |
| 25776 | Crown Castle, Inc. | 3817683 |
| 8971 | SBA Communications Corporation, A | 2669142 |
|  |  | 12775924 |
|  | **INTERNET MEDIA & SERVICES - 2.1%** |  |
| 15443 | Airbnb, Inc., CLASS A<sup>(a),(b)</sup> | 1715872 |
|  | **LEISURE FACILITIES & SERVICES - 5.0%** |  |
| 33910 | Caesars Entertainment, Inc.<sup>(a),(b)</sup> | 1765354 |
| 41514 | MGM Resorts International <sup>(b)</sup> | 1719095 |
| 6331 | Wynn Resorts Ltd.<sup>(a),(b)</sup> | 656145 |
|  |  | 4140594 |

---

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0% (Continued)** |  |
|  | **OFFICE REIT - 4.0%** |  |
| 20531 | Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | $3300153 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.5%** |  |
| 12700 | Americold Realty Trust, Inc. | 398907 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.2%** |  |
| 1151103 | WeWork, Inc.<sup>(a),(b)</sup> | 1830254 |
|  | **REAL ESTATE SERVICES - 1.9%** |  |
| 18000 | CBRE Group, Inc., Class A<sup>(a),(b)</sup> | 1539180 |
|  | **RESIDENTIAL REIT - 14.4%** |  |
| 84541 | American Homes 4 Rent, Class A | 2898911 |
| 3098 | AvalonBay Communities, Inc. | 549709 |
| 4423 | Camden Property Trust | 544958 |
| 18425 | Equity LifeStyleProperties, Inc. <sup>(b)</sup> | 1322547 |
| 77204 | Invitation Homes, Inc.<sup>(b)</sup> | 2509130 |
| 3283 | Mid-America Apartment Communities, Inc. | 547342 |
| 18307 | Sun Communities, Inc. | 2871636 |
| 12516 | UDR, Inc. | 533056 |
|  |  | 11777289 |
|  | **SELF-STORAGE REIT - 9.4%** |  |
| 9089 | Extra Space Storage, Inc.<sup>(b)</sup> | 1434517 |
| 15056 | Life Storage, Inc.<sup>(b)</sup> | 1626650 |
| 41025 | National Storage Affiliates Trust <sup>(b)</sup> | 1673820 |
| 9900 | Public Storage | 3012966 |
|  |  | 7747953 |
|  | **SELF-STORAGE REITS - 0.8%** |  |
| 13855 | CubeSmart | 634420 |
|  | **SPECIALTY FINANCE - 3.4%** |  |
| 124330 | FTAI Aviation Ltd. | 2780019 |

---

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0% (Continued)** |  |
|  | **SPECIALTY REITS - 3.6%** |  |
| 18300 | Iron Mountain, Inc.<sup>(b)</sup> | $998814 |
| 111441 | NewLakeCapital Partners, Inc. | 1992565 |
|  |  | 2991379 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 23200 | CoStar Group, Inc.<sup>(a),(b)</sup> | 1807280 |
|  | **TELECOMMUNICATIONS - 5.2%** |  |
| 281936 | DigitalBridge Group, Inc.<sup>(b)</sup> | 4172652 |
|  | **TOTAL COMMON STOCKS (Cost $74,569,766)** | 79559693 |
| **Shares** |  | **Fair Value** |
|  | **REITS — 2.5%** |  |
|  | **REITS - 2.5%** |  |
| 59228 | VICI Properties, Inc.<sup>(b)</sup> | 2024413 |
|  | **TOTAL REITS (Cost$1,961,879)** | 2024413 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 34.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 33.9%** |  |
| 27797463 | Mount Vernon Liquid Assets Portfolio, LLC, 4.54% (Cost $27,797,463)(c) | 27797463 |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 428577 | Fidelity Government Portfolio, CLASS I, 4.17% (Cost $428,577)<sup>(c)</sup> | 428577 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost$28,226,040)** | 28226040 |
|  | **TOTAL INVESTMENTS - 133.9% (Cost $104,757,685)** | $109810146 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (33.9)%** | (27780818) |
|  | **NET ASSETS - 100.0%** | $82029328 |

---

---

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

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN DIEGO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92122

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

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

- **a. Name of Series:** Dunham Monthly Distribution Fund

- **b. EDGAR series identifier (if any):** S000022888

- **c. LEI of Series:** 549300BJH1DPTJHNON75

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $297956009.02

**Total Liabilities:** $85440192.66

**Net Assets:** $212515816.36

**Cash Not Reported:** $64517460.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066378 | -0.73%               | 1.24%                | -0.23%               |
| Class ID C000066379 | -0.81%               | 1.18%                | -0.31%               |
| Class ID C000066380 | -0.70%               | 1.25%                | -0.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $515968.80               | $-1965857.28                               |
| Month 2  | $-3994881.40             | $6615914.76                                |
| Month 3  | $-1282911.04             | $-602137.43                                |

**Designated Index Information**

- **Index Name:** Dunham Monthly Distribution Fund DRP

- **Index Identifier:** DUNHAM MONTHLY DISTRIBUTION FUND DRP

### Schedule of Portfolio Investments

| Name                                   | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A                                    | BKI US 04/21/23 C60                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -965 | NC      | $-767175.00   | -0.36%            |  |  |  | No            | 2                  | On Loan: No      |
| Liberty Media Corp Del                 | LIBERTY MEDIA CORP-LIBERT            | CUSIP: 531229870<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     42533 | NS      | $2708501.44   | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Aerojet Rocketdyne Holdings Inc.       | AEROJET ROCKETDY                     | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     76972 | NS      | $4304274.24   | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - CAD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   1058941 | NC      | $20468.23     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| PNM Resources Inc.                     | PNM RESOURCES                        | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    228633 | NS      | $11312760.84  | 5.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Sportsman's Warehouse Holdings Inc.    | SPORTSMAN'S WARE                     | CUSIP: 84920Y106<br>LEI: 549300JVV8YLQSRSF462 | Long             | EC               | CORP              | US        |     73705 | NS      | $695038.15    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - CAD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   1386670 | NC      | $26433.82     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Xylem, Inc.                            | XYLEM INC                            | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |    -32456 | NS      | $-3375748.56  | -1.59%            |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Global PLC                     | LIBERTY GLOBAL-C                     | CUSIP: G5480U120<br>LEI: 549300BSGXG3QLIQYT84 | Short            | EC               | CORP              | GB        |   -426272 | NS      | $-9527179.20  | -4.48%            |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Institutional Cash Portfolios | FID-MM GOVT-I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  19084638 | PA      | $19084637.74  | 8.98%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | ACI US 07/21/23 C21                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |     -3036 | NC      | $-343068.00   | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| Maxlinear Inc                          | MAXLINEAR                            | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Short            | EC               | CORP              | US        |    -27882 | NS      | $-1148738.40  | -0.54%            |  |  |  | No            | 1                  | On Loan: No      |
| Heico Corp                             | HEICO CORP                           | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Short            | EC               | CORP              | US        |    -35017 | NS      | $-5986156.15  | -2.82%            |  |  |  | No            | 1                  | On Loan: No      |
| Forgerock Inc                          | FORGEROCK INC-A                      | CUSIP: 34631B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150746 | NS      | $2993815.56   | 1.41%             |  |  |  | No            | 1                  | On Loan: —       |
| Umpqua Holdings Co                     | UMPQUA HOLDINGS                      | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |    284478 | NS      | $5177499.60   | 2.44%             |  |  |  | No            | 1                  | On Loan: No      |
| ESC NII HOLDINGS INC                   | ESC NII HOLDINGS INC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    205893 | NS      | $72062.55     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |     16238 | NC      | $-17.23       | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Black Knight Inc                       | BLACK KNIGHT                         | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |    138044 | NS      | $8364085.96   | 3.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Heico Corp                             | HEICO CORP-CLASS A                   | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     43432 | NS      | $5805989.76   | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Resolute Forest Products Inc.          | RESOLUTE FOREST PRODUCTS             | CUSIP: 76117W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    434036 | NS      | $9422921.56   | 4.43%             |  |  |  | No            | 1                  | On Loan: No      |
| STORE Capital Corp.                    | STORE CAPITAL CORP                   | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               | CORP              | US        |    277182 | NS      | $8928032.22   | 4.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Ritchie Bros Auctioneers Inc           | RITCHIE BROS AUCTIONEERS             | CUSIP: 767744105<br>LEI: 5493002H8U24DJXQ4886 | Short            | EC               | CORP              | CA        |    -96082 | NS      | $-5810078.54  | -2.73%            |  |  |  | No            | 1                  | On Loan: No      |
| PERSHING SQUARE TONTINE HOLDINGS LTD.  | PERSHING SQUARE ESCROW               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    469792 | NS      | $46979.20     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Coupa Software Incorporated            | COUPA SOFTWARE I                     | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Long             | EC               | CORP              | US        |     14100 | NS      | $1126872.00   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Global PLC                     | LIBERTY GLOBAL-A                     | CUSIP: G5480U104<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |    450785 | NS      | $9777526.65   | 4.60%             |  |  |  | No            | 1                  | On Loan: No      |
| New York Community Bancorp Inc.        | NY COMM BANCORP                      | CUSIP: 649445103<br>LEI: 529900HVXOTLY61GL030 | Short            | EC               | CORP              | US        |        -3 | NS      | $-29.97       | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| VMware Inc                             | VMWARE INC-CL A                      | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |     53889 | NS      | $6599785.83   | 3.11%             |  |  |  | No            | 1                  | On Loan: No      |
| American Airlines Group Inc            | AMERICAN AIRLINE                     | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1025 | NS      | $16543.50     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Silicon Motion Technology Corp.        | SILICON MOTI-ADR                     | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |    133696 | NS      | $8569913.60   | 4.03%             |  |  |  | No            | 1                  | On Loan: No      |
| SWAP COLLLATERAL                       | MS SWAP CASH COLLATERAL              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    110000 | PA      | $110000.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| 1Life Healthcare Inc.                  | 1LIFE HEALTHCARE INC                 | CUSIP: 68269G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230095 | NS      | $3679219.05   | 1.73%             |  |  |  | No            | 1                  | On Loan: —       |
| Broadcom Inc                           | BROADCOM INC                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Short            | EC               | CORP              | US        |     -4535 | NS      | $-2653020.35  | -1.25%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | VMW US 01/19/24 C120                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -174 | NC      | $-199752.00   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Columbia Pipeline Group, Inc.          | COLUMBIA PIPELIN                     | CUSIP: 198280109<br>LEI: 549300SRP1TQM9JJBG80 | Long             | EC               | CORP              | US        |     84102 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - CAD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   1064017 | NC      | $13900.69     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Evoqua Water Technologies Corp         | EVOQUA WATER TEC                     | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Long             | EC               | CORP              | US        |     67616 | NS      | $3280052.16   | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Broadband Corporation          | LIBERTY BR-C                         | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    124540 | NS      | $11181201.20  | 5.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Signify Health Inc                     | SIGNIFY HEALTH-A                     | CUSIP: 82671G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233253 | NS      | $6638380.38   | 3.12%             |  |  |  | No            | 1                  | On Loan: —       |
| Fox Corporation                        | FOX CORP - B                         | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    146513 | NS      | $4644462.10   | 2.19%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | ATVI US 01/19/24 C77.5               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -560 | NC      | $-562800.00   | -0.26%            |  |  |  | No            | 2                  | On Loan: No      |
| Horizon Therapeutics PLC               | HORIZON THERAPEU                     | CUSIP: G46188101<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | IE        |     38755 | NS      | $4252198.60   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Tegna Inc                              | TEGNA INC                            | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    487538 | NS      | $9716632.34   | 4.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor Limited            | TOWER SEMICONDCT                     | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |     85976 | NS      | $3592937.04   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Charter Communications, Inc.           | CHARTER COMMUN-A                     | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Short            | EC               | CORP              | US        |    -30016 | NS      | $-11535448.96 | -5.43%            |  |  |  | No            | 1                  | On Loan: No      |
| Fox Corporation                        | FOX CORP - A                         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Short            | EC               | CORP              | US        |   -137015 | NS      | $-4650289.10  | -2.19%            |  |  |  | No            | 1                  | On Loan: No      |
| First Horizon Corporation              | FIRST HORIZON NA                     | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    135815 | NS      | $3358704.95   | 1.58%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   1668762 | NC      | $-7212.33     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Altaba Inc                             | ALTABA INC                           | CUSIP: 021346101<br>LEI: 549300ZJC0V1K2ZCKG85 | Long             | EC               | RF                | US        |   2468782 | NS      | $8023541.50   | 3.78%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |  12585176 | NC      | $-144368.41   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| ZOGENIX, INC.                          | Zogenix, Inc. CVR                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     51066 | NS      | $63832.50     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| ABIOMED, INC.                          | ABIOMED INC -CVR                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     34956 | NS      | $61173.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Media Corp Del                 | LIBERTY MEDIA-C                      | CUSIP: 531229854<br>LEI: 549300ZKUTPIBZLWLL89 | Short            | EC               | CORP              | US        |    -38018 | NS      | $-2691674.40  | -1.27%            |  |  |  | No            | 1                  | On Loan: No      |
| Albertsons Companies Inc               | ALBERTSONS COS-A                     | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    303600 | NS      | $6436320.00   | 3.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Shaw Communications Inc.               | Shaw Communications Inc              | CUSIP: 82028K200<br>LEI: 549300SCT0RG6178CI40 | Long             | EC               | CORP              | CA        |    234659 | NS      | $6984318.74   | 3.29%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | CURRENCY CONTRACT - CAD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   1220536 | NC      | $7064.17      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Columbia Banking System Incorporation  | COLUMBIA BANKING                     | CUSIP: 197236102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -169493 | NS      | $-5239028.63  | -2.47%            |  |  |  | No            | 1                  | On Loan: No      |
| Activision Blizzard Inc                | ACTIVISION BLIZZ                     | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |    210500 | NS      | $16117985.00  | 7.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Cowen Inc                              | COWEN INC                            | CUSIP: 223622606<br>LEI: 5493008QI0EFC5WBED75 | Long             | EC               | CORP              | US        |    229788 | NS      | $8934157.44   | 4.20%             |  |  |  | No            | 1                  | On Loan: —       |
| IAA, Inc.                              | IAA INC                              | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |    182940 | NS      | $7634086.20   | 3.59%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Dunham Funds

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer