DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares								Fair Value
		EXCHANGE-TRADED FUNDS — 0.5%
		FIXED INCOME - 0.5%
	7,375	VanEck Vectors High Yield Muni ETF (Cost $462,043)						$	471,041
Principal Amount ($)			Spread	Coupon Rate (%)		Maturity
		ASSET BACKED SECURITIES — 30.7%
		AUTO LOAN — 5.9%
	83,077	American Credit Acceptance Receivables Trust(a)			3.1700		06/12/25		83,884
	170,000	American Credit Acceptance Receivables Trust(a)			1.7700		12/14/26		173,082
	280,000	American Credit Acceptance Receivables Trust(a)			0.9700		07/13/27		281,517
	230,000	AmeriCredit Automobile Receivables Trust			1.0600		08/18/26		232,502
	135,000	Americredit Automobile Receivables Trust 2018-1  D			3.8200		03/18/24		140,189
	150,000	Avis Budget Rental Car Funding AESOP, LLC(a)			3.0700		09/20/23		153,869
	155,000	Avis Budget Rental Car Funding AESOP, LLC(a)			2.3600		03/20/26		162,659
	80,183	Capital Auto Receivables Asset Trust 2017-1(a)			2.7000		09/20/22		80,274
	140,000	Carmax Auto Owner Trust 2019-1			3.7400		01/15/25		146,593
	145,000	Carvana Auto Receivables Trust 2019-1(a)			3.8800		10/15/24		149,803
	185,000	Carvana Auto Receivables Trust 2019-3(a)			2.7100		10/15/24		188,727
	175,000	Carvana Auto Receivables Trust 2019-3 Class D(a)			3.0400		04/15/25		180,990
	265,000	Carvana Auto Receivables Trust 2021-N1			1.3000		01/10/28		268,246
	280,000	Carvana Auto Receivables Trust 2021-N2			1.0700		03/10/28		281,177
	236,334	Credito Real USA Auto Receivables Trust 2021-1  A(a)			1.3500		02/16/27		236,550
	135,000	Drive Auto Receivables Trust 2019-4			2.5100		11/17/25		136,795
	71,088	DT Auto Owner Trust 2019-1(a)			3.6100		11/15/24		71,617
	150,000	First Investors Auto Owner Trust 2019-1(a)			3.2600		03/17/25		153,349
	180,000	Flagship Credit Auto Trust 2020-4(a)			1.2800		02/16/27		181,976
	185,000	GLS Auto Receivables Issuer Trust 2019-4  Class C(a)			3.0600		08/15/25		191,645
	190,000	GLS Auto Receivables Issuer Trust 2020-1(a)			2.4300		11/15/24		193,316
	125,000	OneMain Direct Auto Receivables Trust 2018-1(a)			3.8500		10/14/25		126,207
	205,000	Prestige Auto Receivables Trust 2020-1(a)			1.3100		11/16/26		207,156
	345,000	Santander Drive Auto Receivables Trust 2020-4			1.0100		01/15/26		347,724
	275,000	Santander Drive Auto Receivables Trust 2021-3			0.9500		09/15/27		275,525
	275,000	United Auto Credit Securitization Trust(a)			0.8400		06/10/26		275,193
	100,000	United Auto Credit Securitization Trust 2020-1  C(a)			2.1500		02/10/25		100,888

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		ASSET BACKED SECURITIES — 30.7% (Continued)
		AUTO LOAN — 5.9% (Continued)
	155,000	Veros Automobile Receivables Trust 2020-1 (a)				2.1900		06/16/25	$	156,199
	15,761	Westlake Automobile Receivables Trust 2018-3(a)				3.6100		10/16/23		15,782
	170,000	Westlake Automobile Receivables Trust 2020-3(a)				1.2400		11/17/25		171,798
										5,365,232
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2%
	66,514	Angel Oak Mortgage Trust 2019-3(a).(f)				2.9300		05/25/59		66,906
	282,301	Angel Oak Mortgage Trust 2020-R1(a),(f)				1.2470		12/26/24		284,280
	197,257	Arroyo Mortgage Trust 2019-1  Series 2019-1 Class A1(a),(f)				3.8050		01/25/49		201,441
	91,072	Arroyo Mortgage Trust 2019-2  Series 2019-2 Class A1(a),(f)				3.3470		04/25/49		92,917
	21,747	Banc of America Funding 2005-1 Trust				5.5000		02/25/35		22,618
	170,350	Bunker Hill Loan Depositary Trust 2019-2(a),(b)				2.8790		07/25/49		173,049
	46,758	Chase Mortgage Finance Corporation(a),(f)				3.7080		02/25/44		47,948
	73,187	Chase Mortgage Finance Corporation(a),(f)				3.7500		04/25/45		74,615
	49,237	Citigroup Mortgage Loan Trust 2019-IMC1(a),(f)				2.7200		07/25/49		49,808
	30,834	Citigroup Mortgage Loan Trust, Inc.				6.7500		08/25/34		33,061
	172,466	COLT 2020-RPL1 Trust(a),(f)				1.3900		01/25/65		174,363
	170,557	COLT Funding, LLC(a), (f)				1.0510		12/25/64		170,701
	59,005	CSMC 2020-NQM1 Trust(a),(b)				1.2080		05/25/65		59,407
	211,818	CSMC 2020-RPL4 Trust(a),(f)				2.0000		01/25/60		217,900
	133,676	CSMC 2021-NQM1(a),(f)				0.8090		05/25/65		133,942
	52,145	Ellington Financial Mortgage Trust 2019-2(a),(f)				3.0460		11/25/59		53,081
	44,469	Flagstar Mortgage Trust 2017-1(a),(f)				3.5000		03/25/47		45,127
	30,916	Galton Funding Mortgage Trust 2017-1(a),(f)				3.5000		11/25/57		31,375
	3,227	Galton Funding Mortgage Trust 2018-2(a),(f)				4.5000		10/25/58		3,235
	27,211	Galton Funding Mortgage Trust 2019-H1(a),(f)				2.6570		10/25/59		27,684
	56,280	Galton Funding Mortgage Trust 2020-H1(a),(f)				2.3100		01/25/60		57,317
	116,963	GCAT 2019-NQM1, LLC(a),(b)				2.9850		02/25/59		117,666
	305,000	GCT Commercial Mortgage Trust 2021-GCT(a),(c)		US0001M + 0.800%		0.8930		02/15/23		305,507
	155,533	GS Mortgage-Backed Securities Trust 2020-NQM1(a),9f)				2.3520		09/27/60		158,098
	153,678	Homeward Opportunities Fund I Trust 2018-2(a),9f)				3.9850		11/25/58		156,550
	31,806	JP Morgan Mortgage Trust 2005-A5 (f)				3.2230		08/25/35		33,036
	104,496	JP Morgan Mortgage Trust 2017-5(a),(f)				3.0900		12/15/47		107,369
	220,000	LHOME Mortgage Trust 2021-RTL1(a),(f)				2.0900		09/25/26		219,894
	100,000	METLIFE S.E.CURITIZATION TRUST(a),(f)				3.4970		04/25/55		105,529

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		ASSET BACKED SECURITIES — 30.7% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% (Continued)
	76,106	METLIFE S.E.CURITIZATION TRUST 2019-1(a),(f)				3.7500		04/25/58	$	78,577
	199,632	Mill City Mortgage Loan Trust 2019-1(a),(f)				3.5000		10/25/69		218,728
	232,243	New Residential Mortgage Loan Trust 2014-3(a),(f)				3.7500		11/25/54		248,494
	190,235	New Residential Mortgage Loan Trust 2016-3(a),(f)				4.0000		09/25/56		212,258
	60,829	New Residential Mortgage Loan Trust 2016-4(a),(f)				3.7500		11/25/56		64,850
	337,653	New Residential Mortgage Loan Trust 2017-2(a),(f)				4.0000		03/25/57		363,190
	126,554	New Residential Mortgage Loan Trust 2018-1(a),(f)				4.0000		12/25/57		136,051
	596,902	New Residential Mortgage Loan Trust 2020-1(a),(f)				3.5000		10/25/59		626,320
	16,784	OBX 2018-EXP2 Trust(a),(f)				4.0000		11/25/48		16,854
	41,541	OBX 2019-INV1 Trust(a),(f)				4.5000		11/25/48		42,911
	118,293	OBX 2021-NQM1 Trust(a),(f)				1.0720		02/25/66		119,393
	51,316	Provident Funding Mortgage Loan Trust 2019-1 A2(a),(f)				3.0000		12/25/49		51,940
	180,000	Provident Funding Mortgage Warehouse(a),(c)		US0001M + 1.150%		1.2390		02/25/55		179,073
	255,773	PRPM 2020-3, LLC(a),(b)				2.8570		09/25/25		257,526
	262,222	PRPM 2021-2, LLC(a),(f)				2.1150		03/25/26		263,197
	124,444	RCKT Mortgage Trust 2020-1(a),(f)				3.0000		02/25/50		127,152
	61,059	Residential Mortgage Loan Trust 2019-2(a),(f)				2.9130		05/25/59		62,062
	204,434	Residential Mortgage Loan Trust 2020-1(a),(f)				2.3760		02/25/24		206,913
	216,124	Starwood Mortgage Residential Trust 2020-1(a),(f)				2.2750		02/25/50		218,971
	67,548	Starwood Mortgage Residential Trust 2020-2(a),(f)				2.7180		04/25/60		68,405
	66,792	Starwood Mortgage Residential Trust 2020-3(a),(f)				1.4860		04/25/65		67,162
	123,833	Towd Point HE Trust 2019-HE1(a),(c)		US0001M + 0.900%		0.9890		04/25/48		123,960
	100,000	Verus Securitization Trust 2019-4(a),(f)				3.2070		11/25/59		102,007
	144,999	Verus Securitization Trust 2019-INV2(a),(f)				2.9130		07/25/59		147,025
	106,515	Verus Securitization Trust 2020-1(a),(b)				2.4170		01/25/60		108,209
	89,310	Verus Securitization Trust 2021-2(a),(f)				1.0310		02/25/66		89,430
	50,217	Wells Fargo Mortgage Backed Securities 2020-4(a),(f)				3.0000		07/25/50		51,280
										7,476,362
		CREDIT CARD — 1.0%
	305,000	Fair Square Issuance Trust  Series 2020-AA A(a)				2.9000		09/20/24		308,006
	200,000	Genesis Private Label Amortizing Trust 2020-1(a)				2.8300		07/20/30		200,376
	410,000	Genesis Sales Finance Master Trust(a)				1.6500		09/22/25		413,177
										921,559

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		ASSET BACKED SECURITIES — 30.7% (Continued)
		HOME EQUITY — 0.0%(d)
	10,413	NovaStar Mortgage Funding Trust Series 2004-4(c)		US0001M + 1.725%		1.8140		03/25/35	$	10,448
		MANUFACTURED HOUSING — 0.1%
	80,540	Towd Point Mortgage Trust 2019-MH1(a)				3.0000		11/25/58		81,903
		NON AGENCY CMBS — 2.1%
	223,095	Angel Oak SB Commercial Mortgage Trust 2020-SBC1(a),(f)				2.0680		05/25/50		223,880
	90,000	BPR Trust(a),(c)		US0001M + 1.250%		1.3430		02/15/29		90,088
	130,000	BX Trust 2019-OC11  Series 2019-OC11 D(a),(f)				4.0750		12/09/41		141,833
	233,297	CHC Commercial Mortgage Trust 2019 - CHC(a),(c)		US0001M + 1.120%		1.2130		06/15/34		233,686
	128,326	Citigroup Commercial Mortgage Trust 2015-GC27				2.8780		02/10/48		133,968
	205,000	CSMC 2019-ICE4(a),(c)		US0001M + 0.980%		1.0730		05/15/36		205,730
	25,436	Exantas Capital Corporation(a),(c)		SOFR30A + 1.264%		1.3100		03/15/35		25,479
	252,000	GS Mortgage Securities Corp Trust 2012-ALOHA  A(a)				3.5510		04/10/22		254,419
	135,000	GS Mortgage Securities Trust 2020-GC45 (f)				3.1730		02/13/53		146,541
	185,000	Hilton USA Trust 2016-SFP(a)				3.3230		11/05/35		186,701
	233,211	Onslow Bay Mortgage Loan Trust(a),(f)				1.1010		05/25/61		234,008
	62,000	WFRBS Commercial Mortgage Trust 2014-C24				3.9310		11/15/47		66,382
										1,942,715
		OTHER ABS — 6.6%
	230,000	American Homes 4 Rent 2014-SFR2 Trust(a)				4.7050		10/17/36		247,363
	278,652	American Homes 4 Rent 2015-SFR1  Series 2015-SFR1 A(a)				3.4670		04/17/52		294,983
	220,000	American Homes 4 Rent 2015-SFR2 Trust(a)				4.6910		10/17/45		241,335
	314,698	AMSR 2020-SFR1 Trust(a)				1.8190		04/17/25		320,799
	175,000	AMSR 2020-SFR1 Trust(a)				2.1200		04/17/37		177,757
	250,000	AMSR 2020-SFR2 Trust(a)				2.5330		07/17/37		256,739
	100,000	AMSR 2020-SFR2 Trust(a)				3.2820		07/17/37		103,811
	35,798	Amur Equipment Finance Receivables VI, LLC(a)				3.8900		07/20/22		36,267
	237,873	Aqua Finance Trust 2019-A(a)				3.1400		07/16/40		244,589
	275,000	Aqua Finance Trust 2019-A(a)				4.0100		07/16/40		291,003
	100,000	CCG Receivables Trust 2019-2(a)				2.5500		03/15/27		102,831
	220,000	CCG Receivables Trust 2021-1(a)				0.8400		06/14/27		219,691
	109,422	CF Hippolyta, LLC(a)				1.6900		07/15/60		111,957
	175,000	Consumer Loan Underlying Bond CLUB Credit Trust(a)				2.9200		03/15/28		177,282

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity	Fair Value
		ASSET BACKED SECURITIES — 30.7% (Continued)
		OTHER ABS — 6.6% (Continued)
	172,524	CoreVest American Finance 2018-2 Trust(a)			4.0260	11/15/52	$	181,289
	100,000	Corevest American Finance 2019-3 Trust(a)			3.2650	10/15/52		106,029
	134,625	Corevest American Finance 2020-1 Trust  Series 2020-1 A1(a)			1.8320	03/15/50		137,460
	220,137	Corevest American Finance 2020-4 Trust(a)			1.1740	12/15/52		219,367
	240,000	Dext A.B.S 2020-1, LLC(a)			1.9200	11/15/27		242,625
	34,983	Diamond Resorts Owner Trust(a)			3.2700	10/22/29		35,529
	285,000	FirstKey Homes 2020-SFR1 Trust(a)			2.1890	08/17/28		288,218
	375,000	FirstKey Homes 2020-SFR2 Trust(a)			1.5670	10/19/37		376,518
	58,048	Foundation Finance Trust 2019-1(a)			3.8600	11/15/34		59,948
	156,500	HIN Timeshare Trust 2020-A  Series C 20-A(a)			3.4200	10/09/39		162,797
	130,000	Jersey Mike’s Funding(a)			4.4330	02/15/50		141,060
	67,864	LL A.B.S Trust 2020-1  Series 2020-1A A(a)			2.3300	07/15/22		68,327
	27,383	Marlette Funding Trust 2019-4(a)			2.3900	12/17/29		27,509
	125,352	MVW 2020-1, LLC(a)			1.7400	10/20/37		128,336
	25,663	MVW Owner Trust 2016-1(a)			2.2500	12/20/33		25,921
	30,021	Octane Receivables Trust 2019-1  Series 2019-1A A(a)			3.1600	09/20/23		30,268
	112,823	Octane Receivables Trust 2020-1  Series 2020-1A A(a)			1.7100	02/20/25		113,839
	77,009	Orange Lake Timeshare Trust 2019-A(a)			3.3600	04/09/38		79,744
	201,000	Progress Residential 2021-SFR1(a)			1.5550	04/17/38		200,459
	112,695	Sierra Timeshare 2020-2 Receivables Funding, LLC(a)			2.3200	07/20/37		115,013
	267	Sofi Consumer Loan Program 2017-5, LLC(a)			2.7800	09/25/26		267
	97,457	Tricon American Homes 2017-SFR1 Trust(a)			2.7160	09/17/22		97,778
	100,000	Tricon American Homes 2020-SFR2 Trust(a)			2.2810	11/17/27		100,934
	191,197	VSE 2016-A VOI Mortgage, LLC(a)			2.5400	07/20/33		191,351
	38,337	VSE 2017-A VOI Mortgage, LLC(a)			2.3300	03/20/35		39,297
								5,996,290
		RESIDENTIAL MORTGAGE — 6.7%
	198,173	AJAX Mortgage Loan Trust(a),(f)			1.0650	09/25/65		196,603
	131,923	Ajax Mortgage Loan Trust 2019-D(a),(b)			2.9560	09/25/65		132,951
	100,000	Bayview Opportunity Master Fund IVa Trust(a),(f)			4.0000	06/28/57		104,478
	33,445	Bayview Opportunity Master Fund IVa Trust 2017-RT1(a),(f)			3.0000	03/28/57		33,942
	195,406	MFA 2021-NQM1 Trust(a),(f)			1.1530	04/25/65		195,472

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		ASSET BACKED SECURITIES — 30.7% (Continued)
		RESIDENTIAL MORTGAGE — 6.7% (Continued)
	100,000	Mill City Mortgage Loan Trust 2017-1 M2(a),(f)				3.2500		11/25/58	$	105,730
	119,530	New Residential Mortgage Loan Trust(a),(f)				0.9410		09/25/58		119,846
	80,000	NewRez Warehouse Securitization Trust 2021-1(a),(c)		US0001M + 1.050%		1.1390		05/25/55		79,797
	419,128	Pretium Mortgage Credit Partners I 2020-NPL3, LLC(a),(b)				3.1050		06/27/60		423,738
	229,570	Pretium Mortgage Credit Partners, LLC(a),(b)				2.2390		09/27/60		230,117
	265,000	Progress Residential 2021-SFR3(a)				2.2880		05/17/26		268,618
	220,000	Progress Residential Trust(a)				2.1970		04/19/38		221,691
	139,048	PRPM 2020-1, LLC(a),(b)				2.9810		02/25/25		139,849
	275,000	Purchasing Power Funding 2021-A, LLC  Series 2021-A A(a)				1.5700		10/15/25		275,564
	265,000	Regional Management Issuance Trust 2021-1(a)				1.6800		03/17/31		267,703
	243,892	SG Residential Mortgage Trust 2021-1(a),(f)				1.5600		07/25/61		243,932
	345,000	Towd Point Mortgage Trust 2016-3(a),(f)				3.5000		04/25/56		357,550
	135,000	Towd Point Mortgage Trust 2016-4(a),(f)				3.8600		07/25/56		149,347
	115,000	Towd Point Mortgage Trust 2017-1(a),(f)				3.7500		10/25/56		122,056
	200,000	Towd Point Mortgage Trust 2017-4(a),(f)				3.0000		06/25/57		211,724
	141,738	Towd Point Mortgage Trust 2018-4  A1(a),(f)				3.0000		06/25/58		147,647
	140,000	Towd Point Mortgage Trust 2018-6(a),(f)				3.7500		03/25/58		149,984
	300,000	Towd Point Mortgage Trust 2018-6(a),(f)				3.7500		03/25/58		320,771
	255,000	Towd Point Mortgage Trust 2019-2(a),(f)				3.7500		12/25/58		274,775
	235,000	Towd Point Mortgage Trust 2019-4(a),(f)				3.2500		10/25/59		253,114
	82,073	VCAT 2020-NPL1, LLC(a),(b)				3.6710		08/25/50		82,622
	270,799	VCAT 2021-NPL1, LLC(a),(b)				2.2890		12/26/50		271,866
	130,000	VCAT 2021-NPL1, LLC(a),(b)				4.8260		12/26/50		130,379
	88,794	VCAT 2021-NPL2, LLC(a),(b)				2.1150		03/27/51		89,167
	147,276	VCAT Asset Securitization, LLC(a),(b)				1.7430		05/25/51		147,290
	108,419	Vericrest Opportunity Loan Transferee(a),(b)				2.1160		04/25/51		108,856
	109,969	VOLT C, LLC(a),(b)				1.9920		05/25/51		110,221
	192,512	VOLT XCII, LLC(a),(b)				1.8920		02/27/51		192,850
										6,160,250
		STUDENT LOANS — 0.1%
	123,621	Commonbond Student Loan Trust 2020-1(a)				1.6900		10/25/51		124,522
		WHOLE BUSINESS — 0.0%(d)
	5,559	Small Business Lending Trust 2019-A  Series 2019-A A(a)				2.8500		07/15/26		5,557

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)  
July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		ASSET BACKED SECURITIES — 30.7% (Continued)
		TOTAL ASSET BACKED SECURITIES (Cost $27,819,102)							$	28,084,838
		CORPORATE BONDS — 33.3%
		AEROSPACE & DEFENSE — 0.5%
	90,000	Boeing Company (The)				5.1500		05/01/30		107,467
	108,000	Boeing Company (The)				5.9300		05/01/60		149,534
	135,000	Spirit AeroSystems, Inc.(a)				5.5000		01/15/25		141,919
	90,000	TransDigm, Inc.				5.5000		11/15/27		93,038
										491,958
		APPAREL & TEXTILE PRODUCTS — 0.2%
	175,000	Hanesbrands, Inc.(a)				5.3750		05/15/25		184,286
		ASSET MANAGEMENT — 1.9%
	190,000	Ares Finance Co LLC(a)				4.0000		10/08/24		203,295
	230,000	Blue Owl Finance, LLC(a)				3.1250		06/10/31		232,807
	165,000	Brightsphere Investment Group, Inc.				4.8000		07/27/26		178,970
	245,000	Charles Schwab Corporation (The) (c)		H15T10Y + 3.079%		4.0000		03/01/69		255,400
	155,000	Citadel, L.P.(a)				4.8750		01/15/27		168,999
	250,000	Drawbridge Special Opportunities Fund, L.P. (a), (g)				3.8750		02/15/26		259,053
	170,000	Icahn Enterprises, L.P. / Icahn Enterprises				6.2500		05/15/26		178,925
	250,000	UBS A.G.				7.6250		08/17/22		267,112
										1,744,561
		AUTOMOTIVE — 0.4%
	188,000	Ford Motor Company				9.0000		04/22/25		231,654
	160,000	Tenneco, Inc.(a), (g)				5.1250		04/15/29		164,800
										396,454
		BANKING — 5.8%
	250,000	Bank of America Corporation(c)		US0003M + 0.770%		0.9460		02/05/26		253,549
	95,000	Bank of America Corporation(c)		SOFRRATE + 0.960%		1.7340		07/22/27		96,698
	715,000	Bank of America Corporation(c)		SOFRRATE + 1.320%		2.6870		04/22/32		747,043

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		BANKING — 5.8% (Continued)
	200,000	BBVA Bancomer S.A.(a), (c)		H15T5Y + 2.650%		5.1250		01/18/33	$	207,040
	300,000	Citigroup, Inc.				4.0500		07/30/22		311,096
	325,000	Citigroup, Inc.(c)		US0003M + 1.250%		1.3950		07/01/26		334,733
	190,000	Citigroup, Inc.				3.2000		10/21/26		207,080
	360,000	Discover Bank(c)		USSW5 + 1.730%		4.6820		08/09/28		383,122
	95,000	JPMorgan Chase & Company(c)		SOFRRATE + 0.885%		1.5780		04/22/27		96,150
	425,000	JPMorgan Chase & Company(c), (g)		SOFRRATE + 1.065%		1.9530		02/04/32		419,566
	47,000	JPMorgan Chase & Company  Series HH(c)		SOFRRATE + 3.125%		4.6000		08/01/68		48,704
	155,000	KeyCorporation(c)		US0003M + 3.606%		5.0000		12/29/49		172,382
	205,000	Santander Holdings USA, Inc.				4.4000		07/13/27		231,929
	200,000	Societe Generale S.A.(a)				4.7500		11/24/25		223,696
	70,000	Synovus Financial Corporation(c)		USSW5 + 3.379%		5.9000		02/07/29		75,889
	275,000	Texas Capital Bancshares, Inc. (c)		H15T5Y + 3.150%		4.0000		05/06/31		286,435
	195,000	Toronto-Dominion Bank (The) (c), (g)		USSW5 + 2.205%		3.6250		09/15/31		217,798
	185,000	Truist Financial Corporation(c)		H15T10Y + 4.349%		5.1000		03/01/69		213,213
	435,000	Wells Fargo & Company(c), (g)		SOFRRATE + 2.100%		2.3930		06/02/28		455,480
	330,000	Wells Fargo & Company(c), (g)		H15T5Y + 3.453%		3.9000		03/15/69		342,792
										5,324,395
		BEVERAGES — 0.5%
	180,000	Anheuser-Busch InBev Worldwide, Inc.(g)				4.0000		04/13/28		206,682
	40,000	Anheuser-Busch InBev Worldwide, Inc.				4.7500		01/23/29		48,118
	200,000	Bacardi Ltd.(a)				4.7000		05/15/28		235,046
										489,846
		BIOTECH & PHARMA — 0.5%
	50,000	Bausch Health Companies, Inc.(a)				5.7500		08/15/27		52,790
	25,000	Mylan N.V.				3.9500		06/15/26		27,741
	50,000	Par Pharmaceutical, Inc.(a)				7.5000		04/01/27		51,070
	125,000	Teva Pharmaceutical Finance Netherlands III BV (g)				3.1500		10/01/26		120,106
	150,681	Viatris, Inc.(a)				2.3000		06/22/27		155,065
										406,772
		CABLE & SATELLITE — 0.4%
	40,000	CCO Holdings, LLC / CCO Holdings Capital(a)				4.7500		03/01/30		42,448

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		CABLE & SATELLITE — 0.4% (Continued)
	45,000	CCO Holdings, LLC / CCO Holdings Capital(a)			4.5000	08/15/30	$	47,306
	45,000	DIRECTV Holdings, LLC / DIRECTV Financing Company,(a)			5.8750	08/15/27		46,519
	135,000	DISH DBS Corporation			5.0000	03/15/23		140,772
	40,000	DISH DBS Corporation			7.7500	07/01/26		45,700
	20,000	Radiate Holdco, LLC / Radiate Finance, Inc.(a)			4.5000	09/15/26		20,725
								343,470
		CHEMICALS — 0.6%
	190,000	Celanese US Holdings, LLC			3.5000	05/08/24		203,331
	125,000	Chemours Co/The(a)			5.7500	11/15/28		132,834
	215,000	Nutrition & Biosciences, Inc.(a), (g)			2.3000	11/01/30		220,061
								556,226
		COMMERCIAL SUPPORT SERVICES — 0.3%
	50,000	Aramark Services, Inc.(a)			6.3750	05/01/25		52,820
	45,000	GFL Environmental Inc(a)			4.0000	08/01/28		44,527
	135,000	GFL Environmental, Inc.(a)			3.7500	08/01/25		139,218
								236,565
		CONSUMER SERVICES — 0.1%
	65,000	Carriage Services, Inc.(a)			4.2500	05/15/29		65,000
		CONTAINERS & PACKAGING — 0.2%
	200,000	Ardagh Packaging Finance plc / Ardagh Holdings(a)			4.1250	08/15/26		206,757
		DIVERSIFIED INDUSTRIALS — 0.2%
	181,000	General Electric Company  Series D(c)	US0003M + 3.330%		3.4490	06/15/69		177,994
		ELECTRIC UTILITIES — 0.7%
	130,000	Exelon Corporation			3.4970	06/01/22		133,079
	238,000	Puget Energy, Inc.(a)			2.3790	06/15/28		243,329
	244,000	Southern Company (The) (c)	H15T5Y + 2.915%		3.7500	09/15/51		249,282
	60,000	Talen Energy Supply, LLC(a)			6.6250	01/15/28		53,402
								679,092
		ENGINEERING & CONSTRUCTION — 0.1%
	70,000	Dycom Industries, Inc.(a)			4.5000	04/15/29		70,966

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity	Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		ENTERTAINMENT CONTENT — 0.1%
	55,000	Diamond Sports Group, LLC / Diamond Sports Finance(a)			5.3750	08/15/26	$	31,969
	30,000	Diamond Sports Group, LLC / Diamond Sports Finance(a)			6.6250	08/15/27		11,945
								43,914
		FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
	145,000	Louisiana-Pacific Corporation(a)			3.6250	03/15/29		146,596
		GAS & WATER UTILITIES — 0.2%
	165,000	National Fuel Gas Company			2.9500	03/01/31		169,784
		HEALTH CARE FACILITIES & SERVICES — 0.9%
	150,000	Anthem, Inc.			2.8750	09/15/29		161,850
	45,000	Centene Corporation			4.6250	12/15/29		49,374
	175,000	DaVita, Inc.(a)			4.6250	06/01/30		181,126
	125,000	HCA, Inc.			5.2500	06/15/49		164,055
	85,000	Jaguar Holding Company II / PPD Development, L.P.(a)			5.0000	06/15/28		91,704
	45,000	Legacy LifePoint Health, LLC(a)			6.7500	04/15/25		47,708
	80,000	Legacy LifePoint Health, LLC(a)			4.3750	02/15/27		80,466
	10,000	Prime Healthcare Services, Inc.(a)			7.2500	11/01/25		10,756
	15,000	Tenet Healthcare Corporation(a)			7.5000	04/01/25		16,144
								803,183
		HOME CONSTRUCTION — 0.3%
	105,000	M/I Homes, Inc.			4.9500	02/01/28		110,289
	125,000	PulteGroup, Inc.			6.3750	05/15/33		168,713
								279,002
		INDUSTRIAL SUPPORT SERVICES — 0.2%
	200,000	Ashtead Capital, Inc.(a)			4.3750	08/15/27		210,000
		INSTITUTIONAL FINANCIAL SERVICES — 2.0%
	160,000	Bank of New York Mellon Corporation (The) (c)	H15T5Y + 4.358%		4.7000	09/20/68		177,411
	70,000	Bank of New York Mellon Corporation (The) (c)	US0003M + 3.420%		3.5540	12/20/68		70,276
	370,000	Brookfield Finance, Inc.			2.7240	04/15/31		388,869
	295,000	Goldman Sachs Group, Inc. (The)			4.2500	10/21/25		331,192
	115,000	Jefferies Financial Group, Inc.			5.5000	10/18/23		123,098

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 2.0% (Continued)
	120,000	Jefferies Group, LLC / Jefferies Group Capital				4.8500		01/15/27	$	140,700
	285,000	Morgan Stanley (g)				3.1250		07/27/26		310,133
	175,000	Morgan Stanley				6.3750		07/24/42		271,513
										1,813,192
		INSURANCE — 2.3%
	150,000	Allstate Corporation (The) (c)		US0003M + 2.938%		5.7500		08/15/53		162,668
	185,000	Ascot Group Ltd.(a)				4.2500		12/15/30		195,831
	220,000	Athene Global Funding(a)				2.4500		08/20/27		231,977
	170,000	Brighthouse Financial, Inc.				5.6250		05/15/30		209,249
	150,000	Fairfax Financial Holdings Ltd. B				4.8500		04/17/28		174,897
	240,000	Liberty Mutual Group, Inc.(a)				4.5690		02/01/29		283,142
	275,000	Lincoln National Corporation(c)		US0003M + 2.040%		2.1740		04/20/67		237,140
	160,000	MetLife, Inc. (c)		H15T5Y + 3.576%		3.8500		03/15/69		167,800
	76,000	MetLife, Inc. (c), (g)		US0003M + 2.959%		5.8750		09/15/66		89,032
	70,000	Prudential Financial, Inc. (c), (g)		US0003M + 4.175%		5.8750		09/15/42		73,792
	230,000	Prudential Financial, Inc. (c)		US0003M + 3.920%		5.6250		06/15/43		246,461
	60,000	Trinity Acquisition plc				4.4000		03/15/26		67,974
										2,139,963
		INTERNET MEDIA & SERVICES — 0.1%
	100,000	TripAdvisor, Inc.(a)				7.0000		07/15/25		106,892
		LEISURE FACILITIES & SERVICES — 0.7%
	45,000	Gateway Casinos & Entertainment Ltd.(a)				8.2500		03/01/24		45,130
	45,000	Hilton Grand Vacations Borrower Escrow, LLC (a)				5.0000		06/01/29		45,464
	200,000	International Game Technology plc(a)				4.1250		04/15/26		208,608
	24,000	Marriott International, Inc.				2.8500		04/15/31		24,589
	95,000	Marriott Ownership Resorts, Inc.				4.7500		01/15/28		96,254
	135,000	Scientific Games International, Inc.(a), (g)				5.0000		10/15/25		138,673
	50,000	Scientific Games International, Inc.(a)				8.2500		03/15/26		53,126
	20,000	Scientific Games International, Inc.(a)				7.0000		05/15/28		21,591
										633,435
		MEDICAL EQUIPMENT & DEVICES — 0.2%
	203,000	Illumina, Inc.				2.5500		03/23/31		210,141

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		METALS & MINING — 1.0%
	145,000	Alliance Resource Operating Partners, L.P. (a)				7.5000		05/01/25	$	146,639
	160,000	Cleveland-Cliffs, Inc.(a)				6.7500		03/15/26		172,882
	135,000	Freeport-McMoRan, Inc. (g)				5.4500		03/15/43		173,721
	185,000	Glencore Funding, LLC(a)				2.8500		04/27/31		191,509
	205,000	Teck Resources Ltd.				6.1250		10/01/35		268,054
										952,805
		OIL & GAS PRODUCERS — 3.2%
	150,000	Aker BP ASA(a)				2.8750		01/15/26		159,396
	155,000	Boardwalk Pipelines, L.P. B				4.9500		12/15/24		173,151
	45,000	Cheniere Energy, Inc.				4.6250		10/15/28		47,573
	135,000	Chesapeake Escrow Issuer, LLC B(a)				5.5000		02/01/26		141,118
	75,000	CrownRock, L.P. / CrownRock Finance, Inc.(a)				5.6250		10/15/25		77,083
	100,000	CrownRock, L.P. / CrownRock Finance, Inc.(a)				5.0000		05/01/29		104,700
	185,000	Energy Transfer, L.P. (c)		H15T5Y + 5.694%		6.5000		11/15/69		190,330
	15,000	EQM Midstream Partners, L.P.(a)				6.0000		07/01/25		16,355
	20,000	EQM Midstream Partners, L.P.(a)				6.5000		07/01/27		22,476
	35,000	EQM Midstream Partners, L.P.(a)				4.7500		01/15/31		35,662
	245,000	Flex Intermediate Holdco, LLC(a)				3.3630		06/30/31		252,113
	165,000	HollyFrontier Corporation				5.8750		04/01/26		191,269
	70,000	Indigo Natural Resources, LLC(a)				5.3750		02/01/29		73,126
	160,000	Kinder Morgan, Inc. (g)				4.3000		06/01/25		178,161
	45,000	Kinder Morgan, Inc.				7.7500		01/15/32		66,041
	5,000	Occidental Petroleum Corporation				5.5000		12/01/25		5,507
	70,000	Parsley Energy, LLC / Parsley Finance Corporation(a)				4.1250		02/15/28		73,638
	200,000	Pertamina Persero PT(a)				6.4500		05/30/44		261,215
	85,000	Petroleos Mexicanos				6.5000		03/13/27		90,121
	185,000	Petroleos Mexicanos				7.6900		01/23/50		180,051
	200,000	Petronas Capital Ltd.(a)				3.5000		04/21/30		219,232
	100,000	Sabine Pass Liquefaction, LLC				6.2500		03/15/22		102,097
	65,000	Sabine Pass Liquefaction, LLC				4.2000		03/15/28		73,757
	140,000	Targa Resources Partners, L.P. / Targa Resources				5.8750		04/15/26		146,650
	10,000	Venture Global Calcasieu Pass, LLC(a)				3.8750		08/15/29		10,238
										2,891,060

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	80,000	Patterson-UTI Energy, Inc.			5.1500		11/15/29	$	82,801
	26,800	Transocean Guardian Ltd.(a)			5.8750		01/15/24		25,427
									108,228
		REAL ESTATE INVESTMENT TRUSTS — 2.2%
	260,000	American Assets Trust, L.P.			3.3750		02/01/31		273,276
	200,000	Corporate Office Properties, L.P.			2.7500		04/15/31		204,861
	220,000	EPR Properties			4.7500		12/15/26		237,570
	155,000	GLP Capital, L.P. / GLP Financing II, Inc. (g)			5.7500		06/01/28		186,518
	85,000	MPT Operating Partnership, L.P. / MPT Finance (g)			5.0000		10/15/27		90,088
	25,000	MPT Operating Partnership, L.P. / MPT Finance			4.6250		08/01/29		26,948
	130,000	MPT Operating Partnership, L.P. / MPT Finance (g)			3.5000		03/15/31		133,575
	170,000	Office Properties Income Trust			4.5000		02/01/25		184,508
	95,000	Retail Opportunity Investments Partnership, L.P.			5.0000		12/15/23		102,785
	105,000	Retail Opportunity Investments Partnership, L.P.			4.0000		12/15/24		112,474
	225,000	Retail Properties of America, Inc.			4.7500		09/15/30		254,197
	165,000	Service Properties Trust(g)			4.9500		02/15/27		162,320
									1,969,120
		RETAIL - CONSUMER STAPLES — 0.2%
	85,000	Albertsons Companies Inc / Safeway Inc / New(a)			3.2500		03/15/26		87,314
	105,000	Albertsons Companies Inc / Safeway Inc / New(a)			4.6250		01/15/27		111,222
	15,000	Albertsons Companies Inc / Safeway Inc / New(a)			3.5000		03/15/29		15,171
									213,707
		RETAIL - DISCRETIONARY — 0.3%
	185,000	American Builders & Contractors Supply Company,(a)			4.0000		01/15/28		189,856
	5,000	LCM Investments Holdings II, LLC(a)			4.8750		05/01/29		5,133
	75,000	QVC, Inc.			4.3750		03/15/23		78,922
									273,911
		SEMICONDUCTORS — 0.7%
	180,000	Broadcom, Inc.			4.1500		11/15/30		204,103
	148,000	Broadcom, Inc.(a), (g)			2.4500		02/15/31		147,381
	270,000	SK Hynix, Inc.(a)			1.5000		01/19/26		268,383
									619,867
		SOFTWARE — 0.3%
	265,000	Citrix Systems, Inc.			3.3000		03/01/30		282,240

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		SOFTWARE — 0.3% (Continued)
	25,000	Elastic N.V.(a)				4.1250		07/15/29	$	25,126
										307,366
		SPECIALTY FINANCE — 1.5%
	150,000	AerCap Ireland Capital DAC / AerCap Global				3.6500		07/21/27		161,153
	224,000	Ally Financial, Inc.  Series B(c)		H15T5Y + 3.868%		4.7000		08/15/69		234,864
	50,000	Aviation Capital Group, LLC(a)				3.8750		05/01/23		52,365
	145,000	Aviation Capital Group, LLC(a)				3.5000		11/01/27		154,128
	125,000	Avolon Holdings Funding Ltd.(a)				4.3750		05/01/26		137,692
	120,000	Capital One Financial Corporation				4.2000		10/29/25		134,655
	182,000	Capital One Financial Corporation(c)		SOFRRATE + 1.337%		2.3590		07/29/32		183,701
	65,000	Discover Financial Services(c)		H15T5Y + 5.783%		6.1250		03/23/69		73,454
	125,000	Ladder Capital Finance Holdings LLLP / Ladder(a)				4.2500		02/01/27		124,949
	70,000	OneMain Finance Corporation				6.8750		03/15/25		79,581
	25,000	OneMain Finance Corporation				7.1250		03/15/26		29,469
										1,366,011
		TECHNOLOGY HARDWARE — 1.8%
	155,000	Dell International, LLC / EMC Corporation (g)				8.1000		07/15/36		241,242
	94,000	Flex Ltd.				3.7500		02/01/26		103,135
	240,000	Hewlett Packard Enterprise Company				4.9000		10/15/25		274,533
	255,000	HP, Inc.				3.4000		06/17/30		274,000
	94,000	Motorola Solutions, Inc.				4.6000		02/23/28		110,166
	50,000	Motorola Solutions, Inc.				4.6000		05/23/29		59,087
	100,000	NCR Corporation(a), (g)				5.1250		04/15/29		104,227
	280,000	SYNNEX Corporation(a)				2.3750		08/09/28		280,813
	140,000	Xerox Holdings Corporation(a)				5.5000		08/15/28		147,879
										1,595,082
		TECHNOLOGY SERVICES — 0.6%
	245,000	Leidos, Inc.				2.3000		02/15/31		243,672
	160,000	Science Applications International Corporation(a)				4.8750		04/01/28		168,145
	135,000	Square, Inc.(a)				3.5000		06/01/31		140,255
										552,072
		TELECOMMUNICATIONS — 1.1%
	170,000	Level 3 Financing, Inc.(a)				4.2500		07/01/28		173,294

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 33.3% (Continued)
		TELECOMMUNICATIONS — 1.1% (Continued)
	25,000	Sprint Spectrum Company, LLC Series 2016-1(a)				3.3600		09/20/21	$	25,103
	187,500	Sprint Spectrum Company, LLC / Sprint Spectrum(a)				4.7380		03/20/25		201,044
	55,000	Telesat Canada / Telesat, LLC(a)				5.6250		11/06/26		51,081
	85,000	Telesat Canada / Telesat, LLC(a)				6.5000		10/15/27		70,338
	265,000	T-Mobile USA, Inc.				3.8750		04/15/30		300,117
	85,000	Verizon Communications, Inc.(c)		US0003M + 1.100%		1.2560		05/15/25		87,537
	123,000	Verizon Communications, Inc. (g)				2.5500		03/21/31		127,803
										1,036,317
		TOBACCO & CANNABIS — 0.5%
	195,000	BAT Capital Corporation				4.9060		04/02/30		226,883
	190,000	Vector Group Ltd.(a)				5.7500		02/01/29		193,610
										420,493
		TRANSPORTATION & LOGISTICS — 0.2%
	60,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a),(g)				5.7500		04/20/29		64,811
	135,000	United Airlines, Inc.(a), (g)				4.6250		04/15/29		139,449
										204,260
		TOTAL CORPORATE BONDS (Cost $29,136,352)								30,440,743
		MUNICIPAL BONDS — 2.4%
		CITY — 0.6%
	340,000	City of Bristol VA				4.2100		01/01/42		366,416
	145,000	City of San Antonio TX				1.9630		02/01/33		147,926
										514,342
		GOVERNMENT LEASE — 0.2%
	145,000	Texas Public Finance Authority				2.1400		02/01/35		144,547
		HIGHER EDUCATION — 0.1%
	115,000	University of California				4.4280		05/15/48		128,301
		HOSPITALS — 0.2%
	135,000	Idaho Health Facilities Authority				5.0200		03/01/48		176,813

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		MUNICIPAL BONDS — 2.4% (Continued)
		LOCAL AUTHORITY — 1.1%
	325,000	San Diego County Regional Airport Authority				5.5940		07/01/43	$	365,292
	600,000	State of Texas				3.2110		04/01/44		644,812
	35,000	Texas Transportation Commission State Highway Fund				4.0000		10/01/33		43,490
										1,053,594
		SALES TAX — 0.0%(d)
	20,000	Sales Tax Securitization Corporation				3.4110		01/01/43		22,262
		WATER AND SEWER — 0.2%
	160,000	Santa Clara Valley Water District				2.9670		06/01/50		161,984
		TOTAL MUNICIPAL BONDS (Cost $2,027,786)								2,201,843
		NON U.S. GOVERNMENT & AGENCIES — 1.8%
		SOVEREIGN — 1.8%
	200,000	Brazilian Government International Bond				3.8750		06/12/30		201,980
	200,000	Emirate of Dubai Government International Bonds				5.2500		01/30/43		226,482
	200,000	Mexico Government International Bond(g)				2.6590		05/24/31		197,062
	200,000	Oman Government International Bond(a)				7.3750		10/28/32		229,392
	200,000	Qatar Government International Bond(a)				4.4000		04/16/50		247,179
	200,000	Saudi Government International Bond(a)				3.2500		10/22/30		216,947
	325,000	Turkey Government International Bond				5.8750		06/26/31		319,001
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,663,932)								1,638,043
		TERM LOANS — 10.4%
		AEROSPACE & DEFENSE — 0.2%
	27,541	AI Convoy Luxembourg Sarl(c)		US0006M + 3.500%		4.5000		01/20/27		27,555
	207,823	TransDigm, Inc.(c)		US0001M + 2.250%		2.3420		05/30/25		204,400
										231,955
		ASSET MANAGEMENT — 0.0%(d)
	15,000	Zebra Buyer, LLC(c)		US0001M + 3.250%		0.0000		04/22/28		15,032

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		TERM LOANS — 10.4% (Continued)
		AUTOMOTIVE — 0.1%
	143,231	Cooper-Standard Automotive, Inc.(c)		US0001M + 2.000%		2.7500		11/02/23	$	140,008
		BIOTECH & PHARMA — 0.2%
	22,500	Bausch Health Americas, Inc.(c)		US0001M + 2.750%		2.8420		11/27/25		22,303
	7,224	Bausch Health Americas, Inc.(c)		US0001M + 3.000%		3.0920		06/01/25		7,182
	125,000	HCRX Investments Holdco, L.P.(c)		US0001M + 2.250%		0.0000		07/15/28		124,668
										154,153
		CABLE & SATELLITE — 0.3%
	64,345	Charter Communications Operating, LLC(c)		US0001M + 1.750%		1.8420		02/01/27		63,682
	98,985	CSC Holdings, LLC(c)		US0001M + 2.250%		2.3431		01/15/26		97,438
	17,771	Radiate Holdco, LLC(c)		US0001M + 3.500%		4.2500		09/25/26		17,725
	85,000	UPC Financing Partnership(c)		US0001M + 3.000%		3.0931		01/31/29		84,256
	20,000	Virgin Media Bristol, LLC(c)		US0001M + 3.250%		3.3431		01/31/29		19,936
										283,037
		CHEMICALS — 1.0%
	195,000	Diamond BC BV(c)		US0003M + 3.000%		3.0920		09/06/24		193,659
	44,414	Gemini HDPE, LLC(c)		US0003M + 3.000%		3.5000		12/31/27		44,303
	233,667	INEOS US Finance, LLC(c)		US0003M + 2.000%		2.1103		03/31/24		230,786
	135,000	INEOS US Petrochem, LLC(c)		US0001M + 2.750%		3.2500		01/29/26		134,798
	133,105	Nouryon USA, LLC(c)		US0001M + 2.750%		2.8352		10/01/25		131,644
	150,000	Trinseo Materials Operating SCA(c)		US0001M + 2.500%		2.5920		05/03/28		148,813
										884,003
		COMMERCIAL SUPPORT SERVICES — 0.3%
	204,488	AlixPartners LLP(c)		US0001M + 2.750%		3.2500		02/04/28		203,394
	24,688	Aramark Services, Inc.(c)		US0001M + 1.750%		1.8504		01/15/27		24,286
	75,079	CHG Healthcare Services, Inc.(c)		US0003M + 3.000%		4.0000		06/07/23		75,032
										302,712
		CONSTRUCTION MATERIALS — 0.6%
	180,087	CPG International, LLC(c)		US0003M + 2.500%		3.2500		05/05/24		179,997
	140,000	Quikrete Holdings, Inc.(c)		US0001M + 3.000%		0.0000		06/11/28		138,688
	186,765	Summit Materials, LLC(c)		US0001M + 2.000%		2.0920		11/21/24		186,396
										505,081

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		TERM LOANS — 10.4% (Continued)
		CONTAINERS & PACKAGING — 0.4%
	150,837	Berry Global, Inc.(c)		US0001M + 1.750%		1.8504		07/01/26	$	149,248
	180,000	Reynolds Group Holdings, Inc.(c)		US0001M + 2.750%		2.8420		02/05/23		179,614
										328,862
		ELECTRIC UTILITIES — 0.2%
	123,852	Astoria Energy, LLC(c)		US0003M + 3.500%		4.5000		12/10/27		123,687
	98,000	Calpine Corporation(c)		US0001M + 2.000%		2.0920		04/01/26		96,500
										220,187
		ELECTRICAL EQUIPMENT — 0.2%
	187,009	Brookfield WEC Holdings, Inc.(c)		US0001M + 2.750%		3.2500		08/01/25		184,625
	9,875	Ingersoll-Rand Services Company(c)		US0001M + 1.750%		1.8420		02/28/27		9,709
										194,334
		FOOD — 0.5%
	99,487	CHG PPC Parent, LLC(c)		US0001M + 2.750%		2.8420		03/30/25		98,119
	179,089	Hostess Brands, LLC(c)		US0001M + 2.250%		3.0000		08/03/25		178,342
	179,084	JBS USA LUX S.A.(c)		US0001M + 2.000%		2.0920		05/01/26		177,350
										453,811
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	4,986	Indigo Merger Sub, Inc.(c)		US0003M + 2.500%		3.0000		07/04/28		4,982
	106,700	IQVIA, Inc.(c)		US0003M + 1.750%		1.8973		06/11/25		105,666
	131,596	Legacy LifePoint Health, LLC(c)		US0001M + 3.750%		3.8420		11/16/25		130,647
	124,688	PPD, Inc.(c)		US0001M + 2.250%		2.7500		01/06/28		124,521
										365,816
		HOME & OFFICE PRODUCTS — 0.1%
	74,625	Weber-Stephen Products, LLC(c)		US0001M + 3.250%		4.3015		10/30/27		74,544
		INDUSTRIAL INTERMEDIATE PROD — 0.2%
	179,100	Gates Global, LLC(c)		US0001M + 2.750%		3.5000		03/31/27		178,214
		INDUSTRIAL SUPPORT SERVICES — 0.1%
	89,775	Resideo Funding, Inc.(c)		US0003M + 2.250%		2.7500		02/09/28		89,495
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	194,513	Citadel Securities, L.P.(c)		US0001M + 2.500%		2.5920		02/02/28		191,456

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		TERM LOANS — 10.4% (Continued)
		INSURANCE — 0.2%
	202,109	Sedgwick Claims Management Services, Inc.(c)		US0001M + 3.250%		3.3420		12/31/25	$	199,217
		INTERNET MEDIA & SERVICES — 0.1%
	27,143	Pug, LLC(c)		US0001M + 4.250%		4.7500		02/12/27		26,990
	64,025	Pug, LLC(c)		US0001M + 3.500%		3.5920		02/13/27		62,745
										89,735
		LEISURE FACILITIES & SERVICES — 0.8%
	14,850	Aristocrat International Pty Ltd.(c)		US0003M + 3.750%		4.7500		10/19/24		14,880
	140,000	Caesars Resort Collection, LLC(c)		US0001M + 2.750%		2.8420		12/22/24		138,620
	179,067	CityCenter Holdings, LLC(c)		US0001M + 2.250%		3.0000		04/18/24		178,759
	25,000	Hilton Grand Vacations Borrower, LLC(c)		US0001M + 3.000%		0.0000		05/20/28		24,944
	180,000	Hilton Worldwide Finance, LLC(c)		US0001M + 1.750%		1.8393		06/21/26		177,984
	134,663	Playtika Holding Corporation(c)		US0001M + 2.750%		2.8420		03/11/28		133,880
	39,498	Station Casinos, LLC(c)		US0001M + 2.250%		2.5000		02/08/27		38,906
										707,973
		LEISURE PRODUCTS — 0.1%
	49,545	SRAM, LLC(c)		US0003M + 2.750%		3.2500		05/18/28		49,360
		MACHINERY — 0.4%
	152,799	Alliance Laundry Systems, LLC(c)		US0003M + 3.500%		4.2500		09/30/27		152,870
	80,707	Seminole Tribe of Florida, Inc.(c)		US0001M + 1.750%		1.8420		07/06/24		80,650
	133,949	Star US Bidco, LLC(c)		US0001M + 4.250%		5.2500		03/17/27		134,242
										367,762
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	105,745	Greatbatch Ltd.(c)		US0001M + 2.500%		3.5000		10/27/22		105,767
		OIL & GAS PRODUCERS — 0.2%
	24,688	Buckeye Partners, L.P.(c)		US0001M + 2.250%		2.3458		11/01/26		24,492
	57,922	CITGO Petroleum Corporation(c)		US0003M + 6.250%		7.2500		03/27/24		58,166
	50,000	DT Midstream, Inc.(c)		US0001M + 2.000%		2.5000		06/10/28		49,933
										132,591

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		TERM LOANS — 10.4% (Continued)
		PUBLISHING & BROADCASTING — 0.1%
	118,333	Nexstar Broadcasting, Inc.(c)		US0001M + 2.500%		2.5958		09/19/26	$	117,364
		RETAIL - DISCRETIONARY — 0.3%
	184,275	Harbor Freight Tools USA, Inc.(c)		US0001M + 2.750%		3.2500		10/20/27		183,670
	90,000	PetSmart, Inc.(c)		US0003M + 3.750%		4.5000		02/12/28		90,079
										273,749
		SEMICONDUCTORS — 0.1%
	54,656	Ultra Clean Holdings, Inc.(c)		US0001M + 3.750%		3.8420		08/27/25		54,770
		SOFTWARE — 0.5%
	113,368	Applied Systems, Inc.(c)		US0003M + 3.250%		3.7500		09/19/24		113,117
	142,999	Boxer Parent Company, Inc.(c)		US0001M + 3.750%		3.8420		10/02/25		141,991
	124,375	Sophia, L.P.(c)		US0003M + 3.750%		4.5000		09/23/27		124,442
	64,576	UKG, Inc.(c)		US0003M + 3.250%		4.0000		05/03/26		64,622
										444,172
		SPECIALTY FINANCE — 0.1%
	74,625	Avolon TLB Borrower 1 US, LLC(c)		US0001M + 2.500%		3.2500		12/01/27		74,718
		TECHNOLOGY HARDWARE — 0.1%
	63,499	Dell International, LLC(c)		US0001M + 1.750%		2.0000		09/20/25		63,478
		TECHNOLOGY SERVICES — 0.7%
	168,354	Dun & Bradstreet Corporation (The)(c)		US0001M + 3.250%		3.3361		02/06/26		167,143
	20,014	ICON Luxembourg Sarl(c)		US0003M + 2.500%		3.0000		07/04/28		19,996
	89,775	Peraton Corporation(c)		US0001M + 3.750%		4.5000		02/01/28		89,831
	195,000	Tenable, Inc.(c)		US0003M + 2.750%		3.2500		07/08/28		194,268
	194,513	WEX, Inc.(c)		US0001M + 2.250%		2.3420		04/01/28		192,689
										663,927
		TELECOMMUNICATIONS — 0.4%
	39,388	CenturyLink, Inc.(c)		US0001M + 2.250%		2.3420		03/15/27		38,817
	32,130	Consolidated Communications, Inc.(c)		US0001M + 3.500%		4.2500		10/02/27		32,062
	178,417	SBA Senior Finance II, LLC(c)		US0001M + 1.750%		1.8420		04/11/25		176,821
	135,717	Zayo Group Holdings, Inc.(c)		US0001M + 3.000%		3.0920		03/09/27		133,694
										381,394

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		TERM LOANS — 10.4% (Continued)
		TRANSPORTATION & LOGISTICS — 1.2%
	135,000	AAdvantage Loyalty IP Ltd.(c)		US0003M + 4.750%		5.5000		04/20/28	$	138,999
	24,706	Air Canada(c)		US0001M + 3.250%		0.0000		07/27/28		24,778
	173,323	Brown Group Holding, LLC(c)		US0003M + 2.750%		3.2500		06/07/28		172,312
	179,093	Genesee & Wyoming, Inc.(c)		US0003M + 2.000%		2.1473		12/30/26		177,660
	185,000	KKR Apple Bidco, LLC(c)		US0001M + 3.000%		0.0000		07/13/28		183,931
	120,000	Mileage Plus Holdings, LLC(c)		US0003M + 5.250%		6.2500		06/20/27		127,381
	104,738	PODS, LLC(c)		US0001M + 3.000%		3.7500		03/31/28		104,345
	175,000	SkyMiles IP Ltd.(c)		US0003M + 3.750%		4.7500		10/20/27		185,111
										1,114,517
		TOTAL TERM LOANS (Cost $9,470,010)								9,453,194
		U.S. GOVERNMENT & AGENCIES — 19.5%
		AGENCY FIXED RATE — 0.9%
	11,551	Fannie Mae Pool 735061				6.0000		11/01/34		13,729
	11,998	Fannie Mae Pool 866009				6.0000		03/01/36		14,248
	104,117	Fannie Mae Pool 938574				5.5000		09/01/36		120,747
	35,134	Fannie Mae Pool 310041				6.5000		05/01/37		42,152
	16,627	Fannie Mae Pool 962752				5.0000		04/01/38		19,031
	16,974	Fannie Mae Pool 909175				5.5000		04/01/38		19,456
	59,968	Fannie Mae Pool 909220				6.0000		08/01/38		70,522
	99,942	Fannie Mae Pool AA7001				5.0000		06/01/39		114,357
	86,639	Fannie Mae Pool AS7026				4.0000		04/01/46		93,952
	134,664	Fannie Mae Pool BJ9260				4.0000		04/01/48		144,375
	112,207	Freddie Mac Gold Pool G01980				5.0000		12/01/35		128,099
	16,535	Freddie Mac Gold Pool G05888				5.5000		10/01/39		19,419
										800,087
		U.S. TREASURY BILLS — 5.6%
	535,000	United States Treasury Bill				0.3750		09/30/27		518,584
	730,000	United States Treasury Bill				0.8750		11/15/30		708,556
	2,335,000	United States Treasury Bill				1.6250		05/15/31		2,418,003
	1,455,000	United States Treasury Bill(g)				1.8750		02/15/51		1,443,405
										5,088,548

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 19.5% (Continued)
		U.S. TREASURY BONDS — 6.5%
	590,000	United States Treasury Bond		3.0000		08/15/48	$	729,088
	1,280,000	United States Treasury Bond		2.8750		05/15/49		1,552,700
	1,440,000	United States Treasury Bond		2.0000		02/15/50		1,469,081
	2,500,000	United States Treasury Bond		1.3750		08/15/50		2,195,801
								5,946,670
		U.S. TREASURY NOTES — 6.5%
	1,010,000	United States Treasury Note		0.1250		05/31/22		1,010,436
	2,505,000	United States Treasury Note(g)		2.6250		02/15/29		2,789,161
	770,000	United States Treasury Note		1.5000		02/15/30		791,927
	1,415,000	United States Treasury Note(g)		1.1250		02/15/31		1,401,955
								5,993,479
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,795,233)						17,828,784
		COLLATERAL FOR SECURITIES LOANED – 11.1%
	10,108,703	Mount Vernon Prime Portfolio (Cost $10,108,703) (e),(h)		0.1000				10,108,703
		TOTAL INVESTMENTS – 109.7% (Cost $98,483,161)					$	100,227,189
		LIABILITIES IN EXCESS OF OTHER ASSETS– (9.7)%						(8,854,561	)
		NET ASSETS - 100.0%					$	91,372,628

ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
S/A	- Société Anonyme
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFR30A	United States 30 Day Average SOFR Secured Overnight Financing Rate
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USSW5	USD SWAP SEMI 30/360 5YR

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2021, the total market value of 144A securities is 37,389,755 or 40.9% of net assets.
(b)	Step bond.  Coupon rate is fixed rate that changes on a specified date.  The rate shown is the current rate on July 31, 2021.
(c)	Variable rate security: the rate shown represents the rate on July 31, 2021.
(d)	Percentage rounds to less than 0.1%.
(e)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(f)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(g)	All or a portion of these securities are on loan. Total loaned securities had a value of $9,929,460 on July 31, 2021.
(h)	The Trust’s securities lending policies and procedures require that the borrower. (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS - 0.4%
		METALS & MINING - 0.1%
	23,114	Covia Holdings, LLC (a)	$	223,917
		PUBLISHING & BROADCASTING - 0.1%
	40,131	Clear Channel Outdoor Holdings, Inc. (a)		106,748
	2,133	iHeartMedia, Inc. - Class A (a)		55,138
				161,886
		RETAIL - DISCRETIONARY - 0.2%
	17,244	Libbey Glass, Inc. (a)		81,909
	1,963	NMG Parent, LLC (a)		279,728
				361,637
		TOTAL COMMON STOCKS (Cost - $1,929,997)		747,440
		EXCHANGE TRADED FUNDS - 0.7%
		FIXED INCOME FUNDS - 0.7%
	20,495	Invesco Senior Loan ETF (e)		451,505
	33,710	SPDR Bloomberg Barclays Short Term High Yield Bond ETF (e)		925,339
		TOTAL EXCHANGE TRADED FUNDS - (Cost - $1,373,131)		1,376,844

Principal			Coupon
Amount ($)			Rate (%)	Maturity
		CORPORATE BONDS - 3.4%
		AEROSPACE/DEFENSE - 0.1%
	160,000	Spirit AeroSystems, Inc. (c)	5.5000	1/15/2025	168,200
		ASSET MANAGEMENT - 0.2%
	360,000	Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation	4.7500	9/15/2024	375,650
		BIOTECH & PHARMA - 0.2%
	445,000	Bausch Health Companies, Inc. (c)	5.5000	11/01/2025	455,033
		CABLE & SATELLITE - 0.3%
	180,000	CCO Holdings, LLC / CCO Holdings Capital Corporation (c)	4.0000	3/01/2023	181,928
	235,000	Radiate Holdco, LLC / Radiate Finance, Inc. (c)	4.5000	9/15/2026	243,521
	85,000	Sirius XM Radio, Inc. (c)	4.6250	7/15/2024	87,125
					512,574
		CHEMICALS - 0.1%
	230,000	INEOS Quattro Finance 2 plc (c)	3.3750	1/15/2026	231,554
		CONTAINERS & PACKAGING - 0.4%
	475,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. (c)	4.1250	8/15/2026	491,048
	200,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. (c)	5.2500	8/15/2027	204,477
					695,525
		ENTERTAINMENT CONTENT - 0.1%
	210,000	Diamond Sports Group, LLC / Diamond Sports Finance Company (c)(e)	5.3750	8/15/2026	122,063
		FOOD - 0.1%
	175,000	Dole Food Company, Inc. (c)(e)	7.2500	6/15/2025	179,262
		HEALTH CARE FACILITIES & SERVICES - 0.5%
	215,000	CHS / Community Health Systems, Inc. (c)	6.6250	2/15/2025	225,750
	75,000	CHS / Community Health Systems, Inc. (c)	6.1250	4/01/2030	76,078
	5,000	Legacy LifePoint Health, LLC (c)	6.7500	4/15/2025	5,301
	135,000	Legacy LifePoint Health, LLC (c)	4.3750	2/15/2027	135,786
	405,000	Tenet Healthcare Corporation	4.6250	7/15/2024	411,069
	50,000	Tenet Healthcare Corporation (c)	7.5000	4/01/2025	53,813
					907,797
		HOUSEHOLD PRODUCTS - 0.0% (h)
	5,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. (c)	5.0000	12/31/2026	5,087
		INSURANCE - 0.1%
	190,000	Acrisure, LLC / Acrisure Finance, Inc. (c)	4.2500	2/15/2029	185,678
		LEISURE FACILITIES & SERVICES - 0.3%
	80,000	Caesars Entertainment, Inc. (c)	6.2500	7/01/2025	84,582
	32,000	Carnival Corporation (c)	11.5000	4/01/2023	36,120
	8,000	Carnival Corporation (c)	4.0000	8/01/2028	7,990
	360,000	International Game Technology plc (c)(e)	4.1250	4/15/2026	375,496
	150,000	NCL Corporation Ltd. (c)	5.8750	3/15/2026	151,312
					655,500
		METALS & MINING - 0.0% (h)
	50,000	Cleveland-Cliffs, Inc. (c)	6.7500	3/15/2026	54,026
		PUBLISHING & BROADCASTING - 0.4%
	65,000	Clear Channel Worldwide Holdings, Inc. (c)	5.1250	8/15/2027	66,843
	96,514	iHeartCommunications, Inc.	6.3750	5/01/2026	101,943
	174,933	iHeartCommunications, Inc.	8.3750	5/01/2027	186,303
	510,000	Mav Acquisition Corporation (c)	5.7500	8/01/2028	508,824
					863,913

See accompanying notes which are an integral part of these financial statements.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal					Coupon
Amount ($)			Spread		Rate (%)			Maturity	Fair Value
		CORPORATE BONDS - 3.4% (Continued)
		REITS - 0.3%
	460,000	iStar, Inc.				4.2500		8/01/2025	$	478,285
	60,000	MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc. (c)				4.6250		6/15/2025		63,928
										542,213
		RETAIL - DISCRETIONARY - 0.1%
	55,000	Magic MergerCo, Inc. (c)				5.2500		5/01/2028		56,996
	230,000	SRS Distribution, Inc. (c)				4.6250		7/01/2028		234,887
										291,883
		SPECIALTY FINANCE - 0.1%
	140,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation (c)				4.2500		2/01/2027		139,943
		TELECOMMUNICATIONS - 0.0% (h)
	45,000	Level 3 Financing, Inc. (c)				4.2500		7/01/2028		45,872
	25,000	Telesat Canada / Telesat, LLC (c)				5.6250		11/06/2026		23,219
										69,091
		TRANSPORTATION & LOGISTICS - 0.1%
	110,000	American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (c)(e)				5.5000		4/20/2026		115,225
	45,000	American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (c)(e)				5.7500		4/20/2029		48,609
	35,000	United Airlines, Inc. (c)(e)				4.3750		4/15/2026		36,055
	35,000	United Airlines, Inc. (c)(e)				4.6250		4/15/2029		36,153
										236,042
		TOTAL CORPORATE BONDS (Cost - $6,629,512)								6,691,034
		TERM LOANS - 98.1%
		BASIC MATERIALS - 5.9%
	958,106	Acuity Specialty Products, Inc. (aka Zep, Inc.), Initial Term Loan (First Lien)	LIBOR + 4.000	%		5.0000	(g)	8/11/2024		933,195
	443,888	Aruba Investments Holdings, LLC, Initial Dollar Term Loan (First Lien)	LIBOR + 4.000	%		4.7500	(g)	11/24/2027		445,832
	221,077	Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan	LIBOR + 4.750	%		5.5000	(g)	8/27/2026		224,484
	832,874	Covia Holdings LLC, Initial Term Loan	LIBOR + 4.000	%		5.0000	(g)	7/31/2026		822,205
	903,150	CPC Acquisition Corporation (aka Innovative Chemical Products), Initial Term Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	12/29/2027		899,763
	1,518,724	Diamond (BC) B.V. (aka Diversey), Initial USD Term Loan	LIBOR + 3.000	%		3.0920	(g)	9/06/2024		1,508,283
	510,000	Herens Holdco S.a r.l., Facility B (USD)	LIBOR + 4.000	%		4.7500	(g)	5/14/2028		510,638
	563,500	Hexion, Inc., USD Term Loan	LIBOR + 3.500	%		3.6449	(g)	7/01/2026		563,618
	520,000	INEOS Styrolution Group GmbH, 2026 Tranche B Dollar Term Loan	LIBOR + 2.750	%		3.2500	(g)	1/29/2026		519,220
	2,362,621	Ineos US Finance LLC, New 2024 Dollar Term Loan	LIBOR + 2.000	%		2.1102	(g)	3/31/2024		2,333,502
	708,756	Innophos Holdings, Inc., Initial Term Loan	LIBOR + 3.500	%		3.5920	(g)	2/07/2027		708,313
	1,619,410	Nouryon Finance B.V. (aka AkzoNobel), Initial Dollar Term Loan	LIBOR + 2.750	%		2.8352	(g)	10/01/2025		1,601,629
	525,000	Trinseo Materials Operating S.C.A. (fka Styron S.A.R.L), 2021 Incremental Term Loan	LIBOR + 2.500	%		2.5920	(g)	5/03/2028		520,845
										11,591,527
		COMMUNICATIONS - 14.6%
	142,188	Acuris Finance US, Inc., Initial Dollar Term Loan	LIBOR + 4.000	%		4.5000	(g)	2/16/2028		142,710
	228,538	Altice France S.A., USD TLB-13 Incremental Term Loan	LIBOR + 4.000	%		4.1559	(g)	8/14/2026		228,300
	312,644	Aventiv Technologies, LLC, Initial Term Loan (First Lien)	LIBOR + 4.500	%		5.5000	(g)	11/01/2024		292,342
	605,425	Barracuda Networks, Inc., 2020 Term Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	2/12/2025		607,002
	1,314,760	Charter Communications Operating, LLC (aka CCO Safari LLC), Term B-2 Loan	LIBOR + 1.750	%		1.8420	(g)	2/01/2027		1,301,204
	831,546	Clear Channel Outdoor Holdings, Inc., Term B Loan	LIBOR + 3.500	%		3.6285	(g)	8/21/2026		808,765
	658,350	CNT Holdings I Corporation, Initial Term Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	11/08/2027		657,836
	546,214	Consolidated Communications, Inc., Term B-1 Loan	LIBOR + 3.500	%		4.2500	(g)	10/02/2027		545,053
	1,715,976	CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), March 2017 Refinancing Term Loan	LIBOR + 2.250	%		2.3431	(g)	7/17/2025		1,693,094
	370,500	CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), October 2018 Incremental Term Loan	LIBOR + 2.250	%		2.3431	(g)	1/15/2026		364,711
	597,098	Diamond Sports Group, LLC, Term Loan	LIBOR + 3.250	%		3.3420	(g)	8/24/2026		330,168
	515,000	DIRECTV Financing, LLC, Term Loan	LIBOR + 5.000	%		5.0905	(g)	7/22/2027		514,616
	921,292	Hoya Midco, LLC (aka Vivid Seats LLC), Initial Term Loan (First Lien)	LIBOR + 3.500	%		4.5000	(g)	6/30/2024		917,068
	1,591,040	iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), New Term Loan	LIBOR + 3.000	%		3.0920	(g)	5/01/2026		1,572,147
	660,000	Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan	LIBOR + 5.750	%		8.0000	(g)	11/27/2023		672,170
	354,000	Intelsat Jackson Holdings S.A., Tranche B-5 Term Loan	LIBOR + 8.630	%		8.6250	(g)	1/02/2024		361,144
	387,758	Intrado Corporation, Initial Term B Loan	LIBOR + 4.000	%		5.0000	(g)	10/10/2024		378,779
	216,155	Intrado Corporation, Incremental Term B-1 Loan	LIBOR + 3.500	%		4.5000	(g)	10/10/2024		209,184
	180,000	ION Trading Finance Limited, Initial Dollar Term Loan (2021)	LIBOR + 4.750	%		4.8973	(g)	4/01/2028		180,521
	1,936,567	Level 3 Financing, Inc., Tranche B 2027 Term Loan	LIBOR + 1.750	%		1.8420	(g)	3/01/2027		1,898,446
	723,975	Lumen Technologies, Inc., Term B Loan	LIBOR + 2.250	%		2.3420	(g)	3/15/2027		713,485
	1,176,000	McGraw Hill Education, Inc., Initial Term Loan	LIBOR + 4.750	%		4.8405	(g)	7/21/2028		1,165,416
	828,080	McGraw Hill LLC, Term B Loan (First Lien)	LIBOR + 4.750	%		4.8405	(g)	10/31/2024		828,511
	1,020,864	Meredith Corporation, Tranche B-2 Term Loan	LIBOR + 2.500	%		2.5920	(g)	1/31/2025		1,015,474
	905,472	Nexstar Broadcasting, Inc., Term B-4 Loan	LIBOR + 2.500	%		2.5958	(g)	9/19/2026		898,052
	624,000	Numericable U.S. LLC, USD TLB-11 Term Loan	LIBOR + 2.750	%		2.8785	(g)	7/31/2025		609,049
	768,777	Numericable U.S. LLC, USD TLB-12 Term Loan	LIBOR + 3.688	%		3.8136	(g)	1/31/2026		760,728
	699,857	Plantronics, Inc., Initial Term B Loan	LIBOR + 2.500	%		2.5920	(g)	7/02/2025		686,081
	940,000	Proofpoint, Term Loan	LIBOR + 3.250	%		3.3405	(g)	6/10/2028		932,010
	281,429	Pug LLC, Term B-2 Loan	LIBOR + 4.250	%		4.7500	(g)	2/12/2027		279,846
	738,750	Pug LLC, USD Term B Loan	LIBOR + 3.500	%		3.5920	(g)	2/13/2027		723,975
	126,266	Radiate HoldCo, LLC (aka RCN Grande), Term B Loan	LIBOR + 3.500	%		4.2500	(g)	9/25/2026		125,942
	625,650	Rodan & Fields, LLC, Closing Date Term Loan	LIBOR + 4.000	%		4.0931	(g)	6/07/2025		498,693
	850,163	Sinclair Television Group, Inc., Term B-3 Loan	LIBOR + 3.000	%		3.0920	(g)	4/01/2028		844,531
	1,049,399	Uber Technologies, Inc., 2021 Refinancing Term Loan	LIBOR + 3.500	%		3.5920	(g)	2/25/2027		1,046,645
	1,966,091	Univision Communications, Inc., 2017 Replacement Repriced First-Lien Term Loan	LIBOR + 2.750	%		3.7500	(g)	3/15/2024		1,961,795
	805,000	UPC Financing Partnership , Facility AX	LIBOR + 3.000	%		3.0931	(g)	1/31/2029		797,956
	500,000	Virgin Media Bristol LLC, N Facility	LIBOR + 2.500	%		2.5931	(g)	1/31/2028		492,918
	609,934	Zayo Group Holdings, Inc., Initial Dollar Term Loan	LIBOR + 3.000	%		3.0920	(g)	3/09/2027		600,840
										28,657,207

See accompanying notes which are an integral part of these financial statements.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal					Coupon
Amount ($)			Spread		Rate (%)			Maturity	Fair Value
		TERM LOANS - 98.1% (Continued)
		CONSUMER, CYCLICAL - 17.6%
	154,225	84 Lumber Company, Term B-1 Loan	LIBOR + 3.000	%		3.7500	(g)	11/13/2026	$	153,864
	605,000	AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Initial Term Loan	LIBOR + 4.750	%		5.5000	(g)	4/20/2028		622,923
	440,484	Accuride Corporation, 2017 Refinancing Term Loan	LIBOR + 5.250	%		6.2500	(g)	11/10/2023		423,259
	243,529	Air Canada, Term Loan B	LIBOR + 3.500	%		3.5905	(g)	7/27/2028		244,241
	479,568	American Airlines, Inc., 2017 Class B Term Loan	LIBOR + 2.000	%		2.0931	(g)	12/14/2023		469,257
	897,650	American Axle & Manufacturing, Inc., Tranche B Term Loan	LIBOR + 2.250	%		3.0000	(g)	4/06/2024		896,667
	1,089,664	American Builders & Contractors Supply Company, Inc., Restatement Effective Date Term Loan	LIBOR + 2.000	%		2.0920	(g)	1/15/2027		1,078,359
	1,357,024	Aramark Intermediate HoldCo Corporation, U.S. Term B-3 Loan	LIBOR + 1.750	%		1.8420	(g)	3/11/2025		1,337,727
	304,238	Aramark Intermediate HoldCo Corporation, U.S. Term B-5 Loan	LIBOR + 2.500	%		2.5920	(g)	4/06/2028		303,192
	49,500	Aristocrat Leisure Limited, Initial Term Loan	LIBOR + 3.750	%		4.7500	(g)	10/19/2024		49,601
	460,000	AT Home Group, Inc., Initial Term Loan	LIBOR + 4.250	%		4.3405	(g)	6/25/2028		460,575
	1,310,000	Caesars Resort Collection, LLC, Term B Loan	LIBOR + 2.750	%		2.8420	(g)	12/22/2024		1,297,090
	674,900	Caesars Resort Collection, LLC, Term B-1 Loan	LIBOR + 4.500	%		4.5920	(g)	7/20/2025		676,392
	541,736	Carlisle FoodService Products, Incorporated, Initial Term Loan (First Lien)	LIBOR + 3.000	%		4.0000	(g)	3/20/2025		530,901
	128,700	Carnival Corporation, Initial Advance (USD)	LIBOR + 3.000	%		3.7500	(g)	6/30/2025		128,017
	317,218	CCM Merger, Inc. (MotorCity Casino Hotel), Term B Loan	LIBOR + 3.750	%		4.5000	(g)	11/04/2025		318,011
	1,306,066	CityCenter Holdings, LLC, Term B Loan	LIBOR + 2.250	%		3.0000	(g)	4/18/2024		1,303,820
	776,467	Clarios Global LP, Amendment No. 1 Dollar Term Loan (First Lien)	LIBOR + 3.250	%		3.3420	(g)	4/30/2026		771,614
	774,382	Cooper-Standard Automotive, Inc., Additional Term B-1 Loan	LIBOR + 2.000	%		2.7500	(g)	11/02/2023		756,958
	502,772	DexKo Global, Inc., Replacement U.S. Dollar Term B Loan (First Lien)	LIBOR + 3.500	%		4.5000	(g)	7/24/2024		502,983
	1,057,507	Flutter Entertainment plc, USD Term Loan	LIBOR + 3.250	%		2.3410	(g)	7/10/2025		1,051,067
	508,199	Gateway Casinos & Entertainment Limited, Initial Term Loan	LIBOR + 3.500	%		3.5905	(g)	3/13/2025		508,410
	818,843	Gloves Buyer, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		4.7500	(g)	1/06/2028		815,772
	15,000	Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan	LIBOR + 12.000	%		13.0000	(g)	10/04/2023		16,725
	1,149,024	Golden Nugget, Inc. (aka Landry’s, Inc.), Initial B Term Loan	LIBOR + 2.500	%		3.2500	(g)	10/04/2023		1,139,378
	1,278,575	Great Outdoors Group, LLC, Term B-1 Loan	LIBOR + 4.250	%		5.0000	(g)	3/05/2028		1,282,091
	1,271,774	Harbor Freight Tools USA, Inc., Initial Loan (2021)	LIBOR + 2.750	%		3.2500	(g)	10/20/2027		1,267,603
	695,000	Hilton Grand Vacations Borrower, LLC, Term Loan	LIBOR + 3.000	%		3.0905	(g)	5/20/2028		693,436
	710,000	Infinite Bidco LLC, Initial Term Loan (First Lien)	LIBOR + 3.750	%		4.2500	(g)	3/02/2028		709,560
	245,000	Infinite Bidco LLC, Initial Term Loan (Second Lien)	LIBOR + 7.000	%		7.5000	(g)	3/02/2029		247,450
	492,388	Isagenix International, LLC, Senior Lien Term Loan	LIBOR + 5.750	%		6.7500	(g)	6/14/2025		411,021
	635,000	J & J Ventures Gaming, LLC, Initial Term Loan	LIBOR + 4.000	%		4.7500	(g)	4/26/2028		638,175
	575,260	Kestrel Bidco, Inc., (aka WestJet Airlines), Term Loan	LIBOR + 3.000	%		4.0000	(g)	12/11/2026		556,765
	610,000	LBM Acquisition, LLC, Amendment No. 1 Term Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	12/16/2027		602,881
	305,000	LBM Acquisition, LLC, Amendment No. 1 Delayed Draw Term Loan (First Lien)	LIBOR + 3.750	%		3.8405	(g)	12/18/2027		301,441
	675,000	Michaels Companies, Inc., The, Term B Loan	LIBOR + 4.250	%		5.0000	(g)	4/15/2028		676,387
	995,000	Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan	LIBOR + 5.250	%		6.2500	(g)	6/20/2027		1,056,197
	179,913	Ozark Holdings LLC (aka Royal Oak), 2020 Refinancing Term Loan	LIBOR + 3.750	%		4.2500	(g)	12/16/2027		180,205
	184,538	PAI Holdco, Inc., Term B Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	10/28/2027		184,537
	543,638	Petco Health and Wellness Company, Inc., Initial Term Loan (First Lien)	LIBOR + 3.250	%		4.0000	(g)	3/04/2028		541,895
	520,000	PetSmart LLC, Initial Term Loan	LIBOR + 3.750	%		4.5000	(g)	2/12/2028		520,455
	1,870,727	Playa Resorts Holding B.V., Initial Term Loan	LIBOR + 2.750	%		3.7500	(g)	4/27/2024		1,803,502
	225,000	Raptor Acquisition Corporation, Term Loan B	LIBOR + 4.000	%		4.0905	(g)	11/01/2026		225,211
	630,000	Rising Tide Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 4.750	%		5.5000	(g)	6/01/2028		631,673
	1,039,754	Scientific Games International, Inc., Initial Term B-5 Loan	LIBOR + 2.750	%		2.8420	(g)	8/14/2024		1,025,821
	292,227	Serta Simmons Bedding, LLC, Initial Term Loan (First Lien)	LIBOR + 3.500	%		4.5000	(g)	11/08/2023		198,714
	445,909	SRAM, LLC, Initial Term Loan	LIBOR + 2.750	%		3.2500	(g)	5/18/2028		444,237
	465,000	SRS Distribution, Inc., 2021 Refinancing Term Loan	LIBOR + 3.750	%		4.2500	(g)	6/02/2028		462,336
	1,073,594	Tenneco, Inc., Tranche B Term Loan	LIBOR + 3.000	%		3.0920	(g)	10/01/2025		1,062,971
	508,725	Truck Hero, Inc., Initial Term Loan	LIBOR + 3.750	%		4.5000	(g)	2/24/2028		507,804
	989,580	UFC Holdings, LLC, Term B-3 Loan (First Lien)	LIBOR + 2.750	%		3.5000	(g)	4/29/2026		984,558
	703,238	United AirLines, Inc., Class B Term Loan	LIBOR + 3.750	%		4.5000	(g)	4/21/2028		705,393
	788,538	William Morris Endeavor Entertainment, LLC, Term B-1 Loan (First Lien)	LIBOR + 2.750	%		2.8420	(g)	5/18/2025		768,265
										34,547,387
		CONSUMER, NON-CYCLICAL - 22.6%
	822,429	Accelerated Health Systems, LLC (Athletico Management, LLC), Initial Term Loan	LIBOR + 3.500	%		3.5893	(g)	11/01/2025		819,859
	284,504	Agiliti Health, Inc., Amendment No. 2 Term Loan	LIBOR + 2.750	%		3.5000	(g)	1/04/2026		283,792
	565,437	AHP Health Partners, Inc. (aka Ardent Health Partners, LLC), Term B-1 Loan	LIBOR + 3.750	%		4.7500	(g)	6/30/2025		566,791
	1,018,913	AlixPartners, LLP, Initial Dollar Term Loan	LIBOR + 2.750	%		3.2500	(g)	2/04/2028		1,013,461
	490,000	Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial U.S. Dollar Term Loan	LIBOR + 3.750	%		4.2500	(g)	5/14/2028		490,238
	812,963	Amentum Government Services Holdings LLC, Tranche 2 Term Loan (First Lien)	LIBOR + 4.750	%		5.5000	(g)	1/31/2027		816,011
	595,000	ANI Pharmaceuticals, Inc., Term Loan B	LIBOR + 6.000	%		6.0905	(g)	5/24/2027		596,487
	492,525	Arterra Wines Canada, Inc. (fka 9941762 Canada Inc.), Initial Tranche B-1 Term Loan	LIBOR + 3.500	%		4.2500	(g)	11/25/2027		492,525
	908,709	Bausch Health Companies Inc., Initial Term Loan	LIBOR + 3.000	%		3.0920	(g)	6/01/2025		903,370
	161,250	Bausch Health Companies Inc., First Incremental Term Loan	LIBOR + 2.750	%		2.8420	(g)	11/27/2025		159,839
	788,595	CHG Healthcare Services, Inc. (fka CHG Buyer Corporation), New Term Loan (2017) (First Lien)	LIBOR + 3.000	%		4.0000	(g)	6/07/2023		788,106
	572,300	CHG PPC Parent LLC, Initial Term Loan (First Lien)	LIBOR + 2.750	%		2.8420	(g)	3/30/2025		564,431
	878,363	Chobani, LLC, 2020 New Term Loan	LIBOR + 3.500	%		4.5000	(g)	10/23/2027		879,021
	510,727	CPI Holdco, LLC, Term B-1 Loan (First Lien)	LIBOR + 3.750	%		3.8420	(g)	11/04/2026		510,407
	816,563	Dole Food Company, Inc., Tranche B Term Loan	LIBOR + 2.750	%		5.0000	(g)	4/06/2024		816,767
	732,153	Endo Luxembourg Finance Company I S.a r.l., 2021 Term Loan	LIBOR + 5.000	%		5.7500	(g)	3/25/2028		716,869
	248,734	Ensemble RCM, LLC, Closing Date Term Loan	LIBOR + 3.750	%		3.8785	(g)	8/01/2026		248,831
	1,103,043	Envision Healthcare Corporation, Initial Term Loan	LIBOR + 3.750	%		3.8420	(g)	10/10/2025		947,288
	540,223	eResearchTechnology, Inc., Initial Term Loan (First Lien)	LIBOR + 4.500	%		5.5000	(g)	2/04/2027		541,911
	752,400	Froneri International Limited, Facility B2 (First Lien)	LIBOR + 2.250	%		2.3420	(g)	1/31/2027		739,846
	925,737	Gainwell Acquisition Corporation, Term B Loan (First Lien)	LIBOR + 4.000	%		4.7500	(g)	10/01/2027		927,037
	610,000	Garda World Security Corporation, Term B-2 Loan	LIBOR + 4.250	%		4.3393	(g)	10/30/2026		610,000
	240,065	Gentiva Health Services, Inc., Term B-1 Loan (First Lien)	LIBOR + 2.750	%		2.8420	(g)	7/02/2025		239,466
	246,084	Greenrock Finance, Inc., Initial USD Term B Loan (First Lien)	LIBOR + 3.500	%		4.5000	(g)	6/05/2024		244,700

See accompanying notes which are an integral part of these financial statements.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal					Coupon
Amount ($)			Spread		Rate (%)			Maturity	Fair Value
		TERM LOANS - 98.1% (Continued)
		CONSUMER, NON-CYCLICAL - 22.6% (Continued)
	305,000	HCRX Investments Holdco, L.P., Term Loan B	LIBOR + 2.250	%		2.3405	(g)	7/15/2028	$	304,190
	606,203	Heartland Dental, LLC, Initial Term Loan	LIBOR + 3.500	%		3.5920	(g)	4/30/2025		600,211
	250,000	Heartland Dental, LLC, 2021 Incremental Term Loan	LIBOR + 4.000	%		4.0931	(g)	4/30/2025		249,452
	792,712	Help at Home, LLC, Initial Term Loan (First Lien)	LIBOR + 5.000	%		6.0000	(g)	10/28/2027		795,688
	100,302	Help at Home, LLC, Delayed Draw Term Loan (First Lien)	LIBOR + 5.000	%		5.0905	(g)	10/28/2027		100,678
	394,527	Hertz Corporation, The, Initial Term B Loan	LIBOR + 3.500	%		4.0000	(g)	6/30/2028		392,676
	74,404	Hertz Corporation, The, Initial Term C Loan	LIBOR + 3.500	%		4.0000	(g)	6/30/2028		74,055
	1,362,182	H-Food Holdings, LLC (aka Hearthside Food Solutions, LLC), Initial Term Loan	LIBOR + 3.688	%		3.7795	(g)	5/31/2025		1,351,114
	787,532	Hostess Brands, LLC, 2019 Refinancing Term B Loan (First Lien)	LIBOR + 2.250	%		3.0000	(g)	8/03/2025		784,252
	81,777	Icon Public Limited Company, U.S. Term Loan	LIBOR + 2.500	%		3.0000	(g)	7/04/2028		81,704
	328,223	Icon Public Limited Company, Lux Term Loan	LIBOR + 2.500	%		3.0000	(g)	7/04/2028		327,929
	255,000	Insulet Corporation, Term B Loan	LIBOR + 3.250	%		3.7500	(g)	5/04/2028		255,519
	920,126	Kronos Acquisition Holdings, Inc., Tranche B-1 Term Loan	LIBOR + 3.750	%		4.2500	(g)	12/22/2026		911,256
	1,252,432	LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.), Term B Loan (First Lien)	LIBOR + 3.750	%		3.8420	(g)	11/16/2025		1,243,396
	820,000	Mavis Tire Express Services Topco Corporation, Initial Term Loan (First Lien)	LIBOR + 4.000	%		4.7500	(g)	5/04/2028		820,127
	945,259	NAB Holdings, LLC (aka North American Bancard Holdings), 2018 Refinancing Term Loan	LIBOR + 3.000	%		4.0000	(g)	6/30/2024		945,694
	870,144	National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Initial Term Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	3/02/2028		869,783
	27,405	National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Initial Term C Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	3/02/2028		27,394
	40,395	National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Delayed Draw Term Loan (First Lien)	LIBOR + 3.750	%		3.8405	(g)	3/02/2028		40,379
	1,205,000	One Call Corporation, Term B Loan (First Lien)	LIBOR + 5.500	%		6.2500	(g)	4/22/2027		1,215,544
	518,700	Packaging Coordinators Midco, Inc., Term B Loan (First Lien)	LIBOR + 3.500	%		4.2500	(g)	11/30/2027		518,765
	1,030,744	Parexel International Corporation, Initial Term Loan	LIBOR + 2.750	%		2.8420	(g)	9/27/2024		1,028,672
	1,069,565	Parfums Holding Company, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		4.0920	(g)	6/30/2024		1,066,624
	1,279,173	PetVet Care Centers, LLC, Initial Term Loan (First Lien)	LIBOR + 2.750	%		2.8420	(g)	2/14/2025		1,259,985
	62,371	PetVet Care Centers, LLC, 2018 Term Loan (First Lien)	LIBOR + 3.250	%		3.3420	(g)	2/14/2025		61,708
	486,592	PetVet Care Centers, LLC, 2021 First Lien Replacement Term Loan	LIBOR + 3.500	%		4.2500	(g)	2/15/2025		485,833
	532,235	Phoenix Guarantor, Inc., (aka Brightspring), Tranche B-1 Term Loan (First Lien)	LIBOR + 3.250	%		3.3393	(g)	3/05/2026		526,181
	553,164	Phoenix Guarantor, Inc., (aka Brightspring), Tranche B-3 Term Loan (First Lien)	LIBOR + 3.500	%		3.5958	(g)	3/05/2026		547,928
	555,000	Pluto Acquisition I, Inc. (aka AccentCare, Inc.), 2021 Term Loan (First Lien)	LIBOR + 4.000	%		4.1139	(g)	6/20/2026		552,225
	61,607	Precision Medicine Group, LLC, Amendment No. 1 Refinancing DDTL	LIBOR + 3.000	%		3.0905	(g)	11/20/2027		61,453
	590,426	Precision Medicine Group, LLC, Amendment No. 1 Refinancing Term Loan	LIBOR + 3.000	%		3.7500	(g)	11/20/2027		588,953
	632,966	Select Medical Corporation, Tranche B Term Loan	LIBOR + 2.250	%		2.3420	(g)	3/06/2025		625,184
	1,196,330	Shearer’s Foods, LLC, Refinancing Term Loan (First Lien)	LIBOR + 3.500	%		4.2500	(g)	9/23/2027		1,197,137
	837,188	Sigma Holdco B.V. (aka Flora Foods), Facility B2	LIBOR + 3.000	%		3.1595	(g)	7/02/2025		819,164
	485,000	Sotera Health Holdings, LLC, Refinancing Loan (First Lien)	LIBOR + 2.750	%		3.2500	(g)	12/13/2026		483,688
	622,069	Southern Veterinary Partners, LLC, Initial Term Loan (First Lien)	LIBOR + 4.000	%		5.0000	(g)	10/05/2027		624,209
	86,234	Southern Veterinary Partners, LLC, Delayed Draw Term Loan (First Lien)	LIBOR + 4.000	%		4.0905	(g)	10/05/2027		86,530
	775,696	St. George’s University Scholastic Services LLC, Term Loan	LIBOR + 3.250	%		3.3420	(g)	7/17/2025		776,988
	678,650	St. George’s University Scholastic Services LLC, Term Loan B	LIBOR + 3.250	%		3.3405	(g)	6/29/2028		676,248
	453,863	Sunshine Luxembourg VII SARL (aka Galderma), Facility B3	LIBOR + 3.750	%		4.5000	(g)	10/02/2026		454,713
	1,278,700	Surgery Center Holdings, Inc., 2021 New Term Loan	LIBOR + 3.750	%		4.5000	(g)	8/31/2026		1,279,730
	383,000	Team Health Holdings, Inc., Initial Term Loan	LIBOR + 2.750	%		3.7500	(g)	2/06/2024		371,690
	712,620	Trans Union LLC, 2019 Replacement Term B-5 Loan	LIBOR + 1.750	%		1.8420	(g)	11/15/2026		704,899
	595,000	Triton Water Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.500	%		4.0000	(g)	3/31/2028		591,246
	280,000	TTF Holdings, LLC, Initial Term Loan	LIBOR + 4.250	%		5.0000	(g)	4/01/2028		279,650
	240,000	Upstream Newco, Inc., August 2021 Incremental Term Loan (First Lien)	LIBOR + 4.250	%		4.3405	(g)	11/20/2026		238,876
	1,601,753	Viant Medical Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750	%		3.8420	(g)	7/02/2025		1,551,826
	678,300	WEX, Inc., Term B Loan	LIBOR + 2.250	%		2.3420	(g)	4/01/2028		671,941
										44,440,140
		ENERGY - 1.2%
	339,950	CITGO Holding, Inc., Term Loan	LIBOR + 7.000	%		8.0000	(g)	8/01/2023		336,041
	538,422	CITGO Petroleum Corporation, 2019 Incremental Term B Loan	LIBOR + 6.250	%		7.2500	(g)	3/28/2024		540,689
	605,554	Fieldwood Energy LLC, Closing Date Loan (First Lien)	LIBOR + 0.000	%		0.0905	(g)	4/11/2022		326,890
	748,983	Medallion Midland Acquisition, LLC, Initial Term Loan	LIBOR + 3.250	%		4.2500	(g)	10/30/2024		744,957
	457,878	Traverse Midstream Partners LLC, Advance	LIBOR + 5.500	%		6.5000	(g)	9/27/2024		458,832
										2,407,409
		FINANCIAL - 5.3%
	1,037,491	Acrisure, LLC, 2020 Term Loan (First Lien)	LIBOR + 3.500	%		3.6102	(g)	2/15/2027		1,020,762
	471,429	Apex Group Treasury LLC, Term Loan	LIBOR + 3.750	%		3.8405	(g)	7/23/2028		470,840
	184,150	Asurion, LLC (fka Asurion Corporation), Replacement B-6 Term Loan	LIBOR + 3.125	%		3.2170	(g)	11/03/2023		182,405
	378,300	Asurion, LLC (fka Asurion Corporation), New B-7 Term Loan	LIBOR + 3.000	%		3.0920	(g)	11/03/2024		372,625
	768,674	Asurion, LLC (fka Asurion Corporation), New B-8 Term Loan	LIBOR + 3.250	%		3.3420	(g)	12/23/2026		755,341
	673,975	Asurion, LLC (fka Asurion Corporation), New B-9 Term Loan	LIBOR + 3.250	%		3.3420	(g)	7/31/2027		662,814
	355,000	Asurion, LLC (fka Asurion Corporation), New B-3 Term Loan (Second Lien)	LIBOR + 5.250	%		5.3420	(g)	2/03/2028		353,860
	365,000	Asurion, LLC (fka Asurion Corporation), New B-4 Term Loan (Second Lien)	LIBOR + 5.250	%		5.3405	(g)	1/15/2029		363,744
	518,519	Blackhawk Network Holdings, Inc., Term Loan (First Lien)	LIBOR + 3.000	%		3.0920	(g)	6/15/2025		512,224
	1,656,875	Citadel Securities LP, 2021 Term Loan	LIBOR + 2.500	%		2.5920	(g)	2/02/2028		1,630,837
	955,685	Deerfield Dakota Holding, LLC (aka Duff & Phelps), Initial Dollar Term Loan (First Lien)	LIBOR + 3.750	%		4.7500	(g)	4/09/2027		957,405
	623,664	Masergy Holdings, Inc., 2017 Replacement Term Loan (First Lien)	LIBOR + 3.250	%		4.2500	(g)	12/15/2023		622,984
	630,000	Paysafe Group Holdings II Limited, Facility B1	LIBOR + 2.750	%		3.2500	(g)	6/28/2028		629,216
	1,509,857	Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan	LIBOR + 3.250	%		3.3420	(g)	12/31/2025		1,488,251
	191,100	Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2019 Term Loan	LIBOR + 3.750	%		3.8420	(g)	9/03/2026		189,821
	175,000	Zebra Buyer LLC, Term Loan	LIBOR + 3.250	%		3.3405	(g)	4/22/2028		175,369
										10,388,498

See accompanying notes which are an integral part of these financial statements.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal					Coupon
Amount ($)			Spread		Rate (%)			Maturity	Fair Value
		TERM LOANS - 98.1% (Continued)
		INDUSTRIALS - 18.2%
	218,875	AI Convoy (Luxembourg) S.a r.l., Facility B (USD)	LIBOR + 3.500	%		4.5000	(g)	1/20/2027	$	218,989
	320,000	AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 4.750	%		5.5000	(g)	4/06/2028		320,800
	838,791	Alliance Laundry Systems LLC, Initial Term B Loan	LIBOR + 3.500	%		4.2500	(g)	10/08/2027		839,181
	844,195	Anchor Glass Container Corporation, July 2017 Additional Term Loan (First Lien)	LIBOR + 2.750	%		3.7500	(g)	12/07/2023		787,849
	116,534	Anchor Glass Container Corporation, October 2020 Incremental Term Loan (First Lien)	LIBOR + 5.000	%		6.0000	(g)	12/07/2023		109,251
	81,333	Anchor Glass Container Corporation, Term Loan (Second Lien)	LIBOR + 7.750	%		8.7500	(g)	12/07/2024		42,903
	505,000	Arcline FM Holdings, LLC, Initial Term Loan (First Lien)	LIBOR + 4.750	%		5.5000	(g)	6/24/2028		506,896
	368,150	ASP Navigate Acquisition Corp., Initial Term Loan	LIBOR + 4.500	%		5.5000	(g)	10/06/2027		368,610
	547,435	Atlantic Aviation FBO Inc., Term Loan	LIBOR + 3.750	%		3.8420	(g)	12/06/2025		545,555
	898,015	Berlin Packaging L.L.C., Initial Term Loan (First Lien)	LIBOR + 3.000	%		3.0958	(g)	11/07/2025		888,568
	686,480	Berry Global, Inc. (fka Berry Plastics Corporation), Term Z Loan	LIBOR + 1.750	%		1.8504	(g)	7/01/2026		679,247
	1,441,822	Brookfield WEC Holdings, Inc., Initial Term Loan (2021) (First Lien)	LIBOR + 2.750	%		3.2500	(g)	8/01/2025		1,423,439
	942,977	Brown Group Holdings, LLC (aka Signature Aviation), Initial Term Loan	LIBOR + 2.750	%		3.2500	(g)	6/07/2028		937,475
	735,114	Circor International, Inc., New Term Loan	LIBOR + 3.250	%		4.2500	(g)	12/11/2024		731,162
	907,779	CPG International LLC (fka CPG International, Inc.) , New Term Loan	LIBOR + 2.500	%		3.2500	(g)	5/05/2024		907,325
	467,165	DG Investment Intermediate Holdings 2, Inc., Closing Date Initial Term Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	3/31/2028		467,917
	97,836	DG Investment Intermediate Holdings 2, Inc., Delayed Draw Term Loan (First Lien)	LIBOR + 3.750	%		3.8405	(g)	3/31/2028		97,993
	283,575	DXP Enterprises, Inc., Initial Term Loan	LIBOR + 4.750	%		5.7500	(g)	12/23/2027		284,993
	200,000	Fairbanks Morse Defense, Term Loan (Second Lien )	LIBOR + 0.000	%		0.0905	(g)	6/17/2029		203,000
	1,244,975	Filtration Group Corporation, Initial Dollar Term Loan	LIBOR + 3.000	%		3.0920	(g)	3/29/2025		1,233,664
	332,488	Filtration Group Corporation, Series A Term Loan	LIBOR + 3.750	%		4.5000	(g)	3/29/2025		333,194
	706,784	Fluidra, S.A., Tranche B-1 USD Term Loan	LIBOR + 2.000	%		2.0920	(g)	7/02/2025		702,808
	1,074,521	Fort Dearborn Holding Company, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		5.0000	(g)	10/19/2023		1,077,374
	818,622	Gardner Denver, Inc., 2020 GDI Tranche B-2 Dollar Term Loan	LIBOR + 1.750	%		1.8420	(g)	2/28/2027		804,869
	1,442,696	Gates Global LLC, Initial B-3 Dollar Term Loan	LIBOR + 2.750	%		3.5000	(g)	3/31/2027		1,435,562
	379,984	Gemini HDPE LLC, 2027 Advance	LIBOR + 3.000	%		3.5000	(g)	12/31/2027		379,035
	593,229	GFL Environmental, Inc., 2020 Refinancing Term Loan	LIBOR + 3.000	%		3.5000	(g)	5/31/2025		593,650
	455,000	KKR Apple Bidco, LLC, Term Loan	LIBOR + 3.000	%		3.0905	(g)	7/13/2028		452,370
	65,000	KKR Apple Bidco, LLC, 2nd Lien Term Loan	LIBOR + 5.750	%		5.8405	(g)	7/13/2029		66,056
	997,500	Kleopatra Finco S.a r.l., Facility B (USD)	LIBOR + 4.750	%		5.2500	(g)	2/09/2026		999,056
	825,850	LEB Holdings (USA), Inc., Initial Term Loan	LIBOR + 3.750	%		4.5000	(g)	11/02/2027		828,303
	1,100,876	Mauser Packaging Solutions Holding Company, Initial Term Loan	LIBOR + 3.250	%		3.3420	(g)	4/03/2024		1,067,761
	441,668	Pactiv Evergreen, Inc., Tranche B-1 U.S. Term Loan	LIBOR + 2.750	%		2.8420	(g)	2/05/2023		440,721
	1,358,175	Pactiv Evergreen, Inc., Tranche B-2 U.S. Term Loan	LIBOR + 3.250	%		3.3420	(g)	2/05/2026		1,344,111
	707,826	Patriot Container Corporation (aka Wastequip), Closing Date Term Loan (First Lien)	LIBOR + 3.750	%		3.8405	(g)	3/20/2025		704,287
	763,088	PODS, LLC, Initial Term Loan	LIBOR + 3.000	%		3.7500	(g)	3/31/2028		760,226
	1,395,000	QUIKRETE Holdings, Inc., B-1 Fourth Amendment Loan (First Lien)	LIBOR + 3.000	%		3.0905	(g)	6/11/2028		1,381,922
	889,615	Spectrum Holdings III Corporation, Closing Date Term Loan (First Lien)	LIBOR + 3.250	%		4.2500	(g)	1/31/2025		855,476
	803,542	Star US Bidco LLC, Initial Term Loan	LIBOR + 4.250	%		5.2500	(g)	3/17/2027		805,301
	1,301,789	Summit Materials, LLC, New Term Loan	LIBOR + 2.000	%		2.0920	(g)	11/21/2024		1,299,218
	535,000	Technimark LLC, Term Loan	LIBOR + 3.750	%		3.8405	(g)	7/09/2028		532,103
	73,913	Tekni-Plex, Inc. (aka Trident TPI Holdings, Inc.), Delayed Draw Tem Loan	LIBOR + 4.000	%		4.0905	(g)	7/29/2028		73,959
	521,087	Tekni-Plex, Inc. (aka Trident TPI Holdings, Inc.), Incremental Term Loan	LIBOR + 4.000	%		4.0905	(g)	7/29/2028		521,413
	986,847	Titan Acquisition Limited (aka Husky IMS International Ltd.), Initial Term Loan	LIBOR + 3.000	%		3.1472	(g)	3/28/2025		968,393
	779,238	TransDigm, Inc., Tranche E Refinancing Term Loan	LIBOR + 2.250	%		2.3420	(g)	5/30/2025		766,404
	1,063,392	TransDigm, Inc., Tranche F Refinancing Term Loan	LIBOR + 2.250	%		2.3420	(g)	12/09/2025		1,046,017
	489,716	TRC Companies, Inc., Refinancing Term Loan	LIBOR + 4.500	%		5.2500	(g)	6/21/2024		489,104
	602,075	Tricorbraun Holdings, Inc., Closing Date Initial Term Loan (First Lien)	LIBOR + 3.250	%		3.7500	(g)	3/03/2028		596,961
	135,425	Tricorbraun Holdings, Inc., Delayed Draw Term Loan (First Lien)	LIBOR + 3.250	%		3.3405	(g)	3/03/2028		134,274
	867,797	Trident TPI Holdings, Inc., Tranche B-1 Term Loan	LIBOR + 3.000	%		4.0000	(g)	10/05/2024		866,621
	505,703	U.S. Farathane, LLC, Term B-5 Loan	LIBOR + 4.250	%		5.2500	(g)	12/17/2024		503,175
	1,219,033	Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan	LIBOR + 2.750	%		2.8458	(g)	3/02/2027		1,209,220
										35,633,761
		TECHNOLOGY - 11.0%
	1,621,779	Applied Systems, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.250	%		3.7500	(g)	9/19/2024		1,618,187
	192,894	Applied Systems, Inc., 2021 Term Loan (Second Lien)	LIBOR + 5.500	%		6.2500	(g)	9/19/2025		195,684
	455,342	Aston FinCo S.a r.l., Dollar Term Loan (First Lien)	LIBOR + 4.250	%		4.3352	(g)	10/09/2026		454,324
	234,413	athenahealth, Inc., Term B-1 Loan (First Lien)	LIBOR + 4.250	%		4.4099	(g)	2/11/2026		234,764
	294,750	Azalea TopCo, Inc., Initial Term Loan (First Lien)	LIBOR + 3.500	%		3.6284	(g)	7/25/2026		291,941
	469,663	Azalea TopCo, Inc., 2021 Term Loan (First Lien)	LIBOR + 3.750	%		3.8405	(g)	7/25/2026		471,032
	1,499,441	Boxer Parent Company, Inc., (aka BMC Software, Inc.), 2021 Replacement Dollar Term Loan	LIBOR + 3.750	%		3.8420	(g)	10/02/2025		1,488,863
	1,392,319	Dun & Bradstreet Corporation, The, Initial Term Borrowing	LIBOR + 3.250	%		3.3361	(g)	2/06/2026		1,382,308
	150,000	ECL Entertainment, LLC, Term B Loan	LIBOR + 7.500	%		8.2500	(g)	4/30/2028		153,000
	803,925	Epicor Software Corporation (fka Eagle Parent, Inc.), Term C Loan	LIBOR + 3.250	%		4.0000	(g)	7/31/2027		802,562
	29,700	Everi Payments, Inc., Term Loan	LIBOR + 10.500	%		11.2500	(g)	5/09/2024		31,036
	966,571	Everi Payments, Inc., Term B Loan	LIBOR + 2.750	%		3.5000	(g)	5/09/2024		965,532
	1,047,375	Grab Holdings, Inc., Initial Term Loan	LIBOR + 4.500	%		5.5000	(g)	1/29/2026		1,056,540
	568,575	Greeneden U.S. Holdings I, LLC, Initial Dollar Term Loan (2020)	LIBOR + 4.000	%		4.7500	(g)	12/01/2027		569,846
	819,119	Hyland Software, Inc., 2018 Refinancing Term Loan (First Lien)	LIBOR + 3.500	%		4.2500	(g)	7/01/2024		820,270
	465,000	Magenta Buyer LLC, Initial Term Loan (First Lien)	LIBOR + 5.000	%		5.0905	(g)	7/27/2028		463,403
	723,747	NCR Corporation, Initial Term Loan (2019)	LIBOR + 2.500	%		2.6285	(g)	8/28/2026		710,177
	1,065,330	Peraton Corporation, Term B Loan (First Lien)	LIBOR + 3.750	%		4.5000	(g)	2/01/2028		1,065,996
	543,638	Playtika Holding Corporation, Term B-1 Loan	LIBOR + 2.750	%		2.8420	(g)	3/11/2028		540,479
	523,688	Project Ruby Ultimate Parent Corporation (Mediware), Closing Date Term Loan (First Lien)	LIBOR + 3.250	%		4.0000	(g)	3/10/2028		521,543
	975,000	RealPage, Inc., Initial Term Loan (First Lien)	LIBOR + 3.250	%		3.7500	(g)	4/22/2028		970,310
	740,000	Rocket Software, Inc., 2021 Dollar Term Loan (First Lien)	LIBOR + 4.250	%		4.7500	(g)	11/28/2025		724,430
	791,025	Sophia, L.P., Closing Date Term Loan	LIBOR + 3.750	%		4.5000	(g)	10/07/2027		791,448
	679,240	Tempo Acquisition, LLC, Extended Term Loan	LIBOR + 3.250	%		3.7500	(g)	10/31/2026		678,958
	615,000	Tenable, Inc., Initial Term Loan	LIBOR + 2.750	%		3.2500	(g)	7/08/2028		612,694

See accompanying notes which are an integral part of these financial statements.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal					Coupon
Amount ($)			Spread		Rate (%)			Maturity	Fair Value
		TERM LOANS - 98.1% (Continued)
		TECHNOLOGY - 11.0% (Continued)
	728,175	ThoughtWorks, Inc., Incremental Term Loan	LIBOR + 3.250	%		3.9954	(g)	3/26/2028	$	727,265
	1,409,405	UKG, Inc., 2021 Incremental Term Loan (First Lien)	LIBOR + 3.250	%		4.0000	(g)	5/03/2026		1,410,427
	30,000	UKG, Inc., Initial Term Loan (2020) (Second Lien)	LIBOR + 6.750	%		7.5000	(g)	5/03/2027		30,562
	252,791	Ultra Clean Holdings, Inc., Second Amendment Term B Loan	LIBOR + 3.750	%		3.8420	(g)	8/27/2025		253,317
	244,388	Virtusa Corporation, Closing Date Term Loan	LIBOR + 4.250	%		5.0000	(g)	2/11/2028		245,647
	544,170	Waystar Technologies, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		4.0920	(g)	10/23/2026		542,981
	711,425	Weld North Education LLC, 2020 Term Loan	LIBOR + 4.000	%		4.7500	(g)	1/27/2028		712,136
										21,537,662
		UTILITIES - 1.7%
	582,805	Astoria Energy LLC, Term B Advance (2020)	LIBOR + 3.500	%		4.5000	(g)	12/10/2027		582,030
	614,254	Calpine Construction Finance Company, L.P., Term B Loan	LIBOR + 2.000	%		2.0920	(g)	1/15/2025		605,550
	280,142	Calpine Corporation, Term Loan	LIBOR + 2.000	%		2.0920	(g)	8/12/2026		275,967
	693,871	Hamilton Projects Acquiror, LLC, Term Loan	LIBOR + 4.750	%		5.7500	(g)	6/26/2027		686,176
	470,678	Lightstone Holdco LLC, Refinancing Term B Loan	LIBOR + 3.750	%		4.7500	(g)	1/30/2024		365,135
	26,547	Lightstone Holdco LLC, Refinancing Term C Loan	LIBOR + 3.750	%		4.7500	(g)	1/30/2024		20,594
	860,096	Pike Corporation, 2028 Initial Term Loan	LIBOR + 3.000	%		3.0920	(g)	1/21/2028		856,634
	635,000	Texas Competitive Electric Holdings Company LLC Escrow Bonds (d)				11.5000		5/03/2071		445
										3,392,531
		TOTAL TERM LOANS (Cost - $193,218,995)								192,596,122
		RIGHTS - 0.0% (h)
	10,588	TRA Rights						11/22/2049		13,923
		TOTAL RIGHTS (Cost - $17,470)
		WARRANTS - 0.2%
	14,903	iHeartMedia, Inc.						12/31/2049		376,301
		TOTAL WARRANTS (Cost - $287,609)
		SHORT-TERM INVESTMENT - 5.1%
		MONEY MARKET FUND - 5.1%
	10,016,139	Fidelity Government Portfolio - Class Institutional, 0.01% (b)								10,016,139
		TOTAL SHORT-TERM INVESTMENT - (Cost - $10,016,139)
		COLLATERAL FOR SECURITIES LOANED - 1.2%
	2,467,874	Mount Vernon Prime Portfolio, 0.10% (b)(f)								2,467,874
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,467,874)
		TOTAL INVESTMENTS - 109.1% (Cost - $196,239,009)							$	214,285,677
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.1)%								(17,909,781	)
		NET ASSETS - 100.0%							$	196,375,896

ETF - Exchange Traded Fund

LIBOR - London Inter-bank Offered Rate

L.P. - Limited Partnership

LLC - Limited Liability Company

LLLP - Limited Liability Limited Partnership

LLP - Limited Liability Partnership

Ltd. - Limited Company

plc - Public Limited Company

REITs - Real Estate Investment Trusts

(a) Non-Income producing security.

(b) Rate disclosed is the seven day effective yield as of July 31, 2021.

(c) - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021 the total market value of 144A securities is $5,137,784 or 2.62% of net assets.

(d) Fair Value estimated using fair value procedures adopted by Board of Trustees. Total Value of such securities is $445 or 0.0% of net assets as of July 31, 2021.

(e) All or a portion of these securities are on loan. Total loaned securities had a value of $2,407,705 at July 31, 2021.

(f) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

(g) Variable Rate Security. Coupon Rate is as of July 31, 2021.

(h) Percentage rounds to less than 0.1%.

See accompanying notes which are an integral part of these financial statements.

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares					Fair Value
		COMMON STOCKS — 0.0%(a)
		OIL & GAS SERVICES & EQUIPMENT - 0.0%(a)
	20,037	Hi-Crush(b)			$	3,406
		TOTAL COMMON STOCKS (Cost $888,498)				3,406
Principal Amount ($)			Coupon Rate (%)	Maturity
		CONVERTIBLE BONDS — 0.3%
		OIL & GAS SERVICES & EQUIPMENT — 0.3%
	304,983	Hi-Crush, Inc.(c)	8.0000	04/09/26		304,983
		TOTAL CONVERTIBLE BONDS (Cost $304,983)				304,983
		CORPORATE BONDS — 95.8%
		ADVERTISING & MARKETING — 0.5%
	520,000	Terrier Media Buyer, Inc.(c)	8.8750	12/15/27		556,790
		AEROSPACE & DEFENSE — 1.0%
	625,000	Moog, Inc.(c)	4.2500	12/15/27		645,703
	504,000	Spirit AeroSystems, Inc.(c)	7.5000	04/15/25		535,500
						1,181,203
		ASSET MANAGEMENT — 0.6%
	755,000	NFP Corporation(c)	4.8750	08/15/28		770,689
		AUTOMOTIVE — 2.2%
	690,000	Ford Motor Company	6.6250	10/01/28		829,380
	105,000	Ford Motor Company	7.4500	07/16/31		139,183
	1,304,000	Ford Motor Company	4.7500	01/15/43		1,433,246
	200,000	Ford Motor Credit Company, LLC	2.9000	02/16/28		200,525
						2,602,334
		BIOTECH & PHARMA — 1.0%
	250,000	Endo Luxembourg Finance Company I Sarl / Endo US,(c)	6.1250	04/01/29		248,811
	200,000	Organon Finance 1, LLC(c)	4.1250	04/30/28		205,343
	200,000	Organon Finance 1, LLC(c)	5.1250	04/30/31		206,250

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		BIOTECH & PHARMA — 1.0% (Continued)
	547,000	Par Pharmaceutical, Inc.(c)	7.5000	04/01/27	$	558,706
						1,219,110
		CABLE & SATELLITE — 4.2%
	1,290,000	Altice Financing S.A.(c)	5.0000	01/15/28		1,269,057
	555,000	Block Communications, Inc.(c)	4.8750	03/01/28		563,966
	478,000	CCO Holdings, LLC / CCO Holdings Capital(c)	5.5000	05/01/26		494,716
	378,000	CCO Holdings, LLC / CCO Holdings Capital(c)	5.0000	02/01/28		396,908
	335,000	CCO Holdings, LLC / CCO Holdings Capital(c)	5.3750	06/01/29		366,746
	390,000	CSC Holdings, LLC(c)	5.5000	04/15/27		409,135
	590,000	CSC Holdings, LLC(c)	5.3750	02/01/28		624,317
	225,000	CSC Holdings, LLC(c)	5.7500	01/15/30		234,809
	751,000	UPC Broadband Finco BV(c)	4.8750	07/15/31		767,071
						5,126,725
		CHEMICALS — 1.9%
	535,000	Consolidated Energy Finance S.A.(c)	6.8750	06/15/25		544,946
	502,000	Methanex Corporation	5.1250	10/15/27		544,979
	387,000	Minerals Technologies, Inc.(c)	5.0000	07/01/28		405,800
	423,000	OCI N.V.(c)	5.2500	11/01/24		435,601
	352,000	Trinseo Materials Operating SCA / Trinseo(c)	5.1250	04/01/29		358,947
						2,290,273
		COMMERCIAL SUPPORT SERVICES — 4.9%
	400,000	Allied Universal Holdco, LLC / Allied Universal(c)	4.6250	06/01/28		402,000
	620,000	APX Group, Inc.(c)	5.7500	07/15/29		623,294
	200,000	Atlas LuxCompany 4 S.A.RL / Allied Universal(c)	4.6250	06/01/28		200,250
	340,000	Bidfair Holdings, Inc.(c)	5.8750	06/01/29		354,311
	205,000	Brink’s Company (The)(c)	5.5000	07/15/25		216,023
	340,000	Brink’s Company (The)(c)	4.6250	10/15/27		354,273
	565,000	Deluxe Corporation(c)	8.0000	06/01/29		618,054
	510,000	Garda World Security Corporation B(c)	4.6250	02/15/27		512,550
	533,000	Harsco Corporation(c)	5.7500	07/31/27		554,821
	380,000	Korn Ferry(c)	4.6250	12/15/27		393,650
	515,000	Prime Security Services Borrower, LLC / Prime(c)	5.7500	04/15/26		565,215
	505,000	Sotheby’s(c)	7.3750	10/15/27		540,123

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		COMMERCIAL SUPPORT SERVICES — 4.9% (Continued)
	580,000	TriNet Group, Inc.(c)	3.5000	03/01/29	$	581,908
						5,916,472
		CONSTRUCTION MATERIALS — 0.4%
	505,000	Standard Industries, Inc.(c)	3.3750	01/15/31		490,352
		CONTAINERS & PACKAGING — 1.1%
	479,000	Cascades, Inc./Cascades USA, Inc.(c)	5.3750	01/15/28		504,787
	288,000	Silgan Holdings, Inc.	4.7500	03/15/25		292,830
	525,000	Trivium Packaging Finance BV(c)	8.5000	08/15/27		566,194
						1,363,811
		ELECTRIC UTILITIES — 3.1%
	451,000	Calpine Corporation(c)	5.0000	02/01/31		457,082
	332,000	Calpine Corporation(c)	3.7500	03/01/31		320,008
	539,000	Clearway Energy Operating, LLC	5.0000	09/15/26		553,413
	550,000	NextEra Energy Operating Partners, L.P.(c)	4.2500	07/15/24		579,906
	176,000	NRG Energy Inc(c)	3.3750	02/15/29		175,560
	510,000	NRG Energy Inc B(c)	3.6250	02/15/31		514,552
	317,000	Talen Energy Supply, LLC(c)	6.6250	01/15/28		282,141
	785,000	Vistra Operations Company, LLC(c)	5.0000	07/31/27		812,463
						3,695,125
		ENGINEERING & CONSTRUCTION — 0.5%
	557,000	VM Consolidated, Inc.(c)	5.5000	04/15/29		569,527
		ENTERTAINMENT CONTENT — 1.3%
	695,000	Banijay Entertainment S.A.SU(c)	5.3750	03/01/25		720,562
	795,000	Univision Communications, Inc.(c)	6.6250	06/01/27		856,120
						1,576,682
		FOOD — 3.4%
	550,000	Dole Food Company, Inc.(c)	7.2500	06/15/25		563,395
	208,000	Herbalife Nutrition Ltd. / HLF Financing, Inc.(c)	7.8750	09/01/25		226,200
	675,000	HLF Financing Sarl, LLC / Herbalife International,(c)	4.8750	06/01/29		682,310
	205,000	Kraft Heinz Foods Company	4.8750	10/01/49		255,927
	210,000	Land O’ Lakes, Inc.(c)	7.0000	12/29/49		218,663
	484,000	Land O’Lakes Capital Trust I(c)	7.4500	03/15/28		557,941

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		FOOD — 3.4% (Continued)
	520,000	Pilgrim’s Pride Corporation(c)	5.8750	09/30/27		557,081
	570,000	Post Holdings, Inc.(c)	4.5000	09/15/31		577,575
	381,000	Simmons Foods, Inc./Simmons Prepared Foods,(c)	4.6250	03/01/29		385,134
						4,024,226
		HEALTH CARE FACILITIES & SERVICES — 5.0%
	357,000	Acadia Healthcare Company, Inc.(c)	5.5000	07/01/28		381,103
	117,000	Acadia Healthcare Company, Inc.(c)	5.0000	04/15/29		122,706
	280,000	Catalent Pharma Solutions, Inc.(c)	5.0000	07/15/27		293,933
	75,000	Catalent Pharma Solutions, Inc.(c)	3.1250	02/15/29		73,600
	342,000	CHS/Community Health Systems, Inc.(c)	5.6250	03/15/27		362,535
	850,000	DaVita, Inc.(c)	4.6250	06/01/30		879,750
	1,040,000	HCA, Inc.	3.5000	09/01/30		1,130,037
	101,000	Jaguar Holding Company II / PPD Development, L.P.(c)	4.6250	06/15/25		105,879
	380,000	Jaguar Holding Company II / PPD Development, L.P.(c)	5.0000	06/15/28		409,969
	452,000	Legacy LifePoint Health, LLC(c)	4.3750	02/15/27		454,633
	532,000	Team Health Holdings, Inc.(c),(d)	6.3750	02/01/25		494,103
	525,000	Tenet Healthcare Corporation	4.6250	07/15/24		532,867
	656,000	Tenet Healthcare Corporation(c)	6.1250	10/01/28		699,490
						5,940,605
		HOME CONSTRUCTION — 0.9%
	464,000	Griffon Corporation	5.7500	03/01/28		488,852
	489,000	Mattamy Group Corporation(c)	5.2500	12/15/27		510,162
	48,000	Mattamy Group Corporation(c)	4.6250	03/01/30		49,903
						1,048,917
		HOUSEHOLD PRODUCTS — 1.4%
	665,000	Clearwater Paper Corporation(c)	4.7500	08/15/28		673,997
	500,000	Edgewell Personal Care Company(c)	4.1250	04/01/29		503,788
	533,000	Energizer Holdings, Inc.(c)	4.3750	03/31/29		537,360
						1,715,145
		INDUSTRIAL SUPPORT SERVICES — 1.1%
	620,000	Ahern Rentals, Inc.(c),(d)	7.3750	05/15/23		563,915
	520,000	H&E Equipment Services, Inc.  Series 144A B(c)	3.8750	12/15/28		516,199
	235,000	United Rentals North America, Inc.	3.7500	01/15/32		235,000
						1,315,114

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.0%
	725,000	Aretec Escrow Issuer, Inc.(c)	7.5000	04/01/29	$	765,745
	422,000	LPL Holdings, Inc.(c)	4.0000	03/15/29		428,885
						1,194,630
		INSURANCE — 0.3%
	274,000	NMI Holdings, Inc.(c)	7.3750	06/01/25		313,266
		INTERNET MEDIA & SERVICES — 0.3%
	375,000	GrubHub Holdings, Inc.(c)	5.5000	07/01/27		394,689
		LEISURE FACILITIES & SERVICES — 7.6%
	289,000	Brinker International, Inc.(c)	5.0000	10/01/24		306,521
	530,000	Caesars Entertainment, Inc.(c)	6.2500	07/01/25		560,358
	104,000	Carnival Corporation(c)	7.6250	03/01/26		109,980
	835,000	Carnival Corporation(c)	5.7500	03/01/27		845,960
	780,000	Carrols Restaurant Group, Inc.(c)	5.8750	07/01/29		757,575
	575,000	CEC Entertainment Company, LLC(c)	6.7500	05/01/26		575,842
	550,000	Dave & Buster’s, Inc. B(c)	7.6250	11/01/25		583,912
	735,000	Hilton Grand Vacations Borrower Escrow, LLC /(c)	5.0000	06/01/29		742,578
	257,000	Hilton Grand Vacations Borrower, LLC / Hilton	6.1250	12/01/24		268,659
	629,000	Melco Resorts Finance Ltd.(c)	5.3750	12/04/29		651,408
	710,000	NCL Corp Ltd. B(c)	3.6250	12/15/24		676,346
	187,000	NCL Corporation Ltd.(c)	5.8750	03/15/26		188,636
	603,000	Royal Caribbean Cruises Ltd.(c)	4.2500	07/01/26		589,342
	126,000	Royal Caribbean Cruises Ltd.(c)	5.5000	04/01/28		128,649
	445,000	SeaWorld Parks & Entertainment, Inc.(c)	8.7500	05/01/25		480,166
	76,000	Viking Ocean Cruises Ship VII Ltd.(c)	5.6250	02/15/29		76,291
	592,000	VOC Escrow Ltd.(c)	5.0000	02/15/28		587,042
	517,000	Wyndham Destinations, Inc.	5.7500	04/01/27		561,263
	515,000	Wynn Macau Ltd.(c)	5.1250	12/15/29		520,884
						9,211,412
		METALS & MINING — 3.2%
	200,000	Cleveland-Cliffs, Inc.(c)	6.7500	03/15/26		216,103
	473,000	Cleveland-Cliffs, Inc.(c)	4.6250	03/01/29		502,612
	223,000	First Quantum Minerals Ltd. B(c)	6.8750	03/01/26		233,436

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		METALS & MINING — 3.2% (Continued)
	300,000	First Quantum Minerals Ltd.(c)	6.8750	10/15/27	$	325,520
	469,000	FMG Resources August 2006 Pty Ltd. B(c)	4.5000	09/15/27		513,295
	260,000	Freeport-McMoRan, Inc.	4.1250	03/01/28		272,675
	352,000	Freeport-McMoRan, Inc.	5.2500	09/01/29		389,657
	155,000	Hudbay Minerals, Inc.(c)	6.1250	04/01/29		167,400
	525,000	Mineral Resources Ltd.(c)	8.1250	05/01/27		575,639
	570,000	SunCoke Energy, Inc.(c)	4.8750	06/30/29		575,791
						3,772,128
		OIL & GAS PRODUCERS — 16.2%
	775,000	Antero Midstream Partners, L.P. / Antero Midstream(c)	5.7500	01/15/28		812,447
	190,000	Antero Resources Corporation(c)	5.3750	03/01/30		193,772
	405,000	Apache Corporation	4.3750	10/15/28		429,798
	434,000	Apache Corporation	4.7500	04/15/43		447,122
	854,000	Buckeye Partners, L.P.(c)	4.5000	03/01/28		869,768
	700,000	California Resources Corporation(c)	7.1250	02/01/26		718,022
	305,000	Cheniere Energy Partners, L.P.	4.5000	10/01/29		329,400
	372,000	Cheniere Energy, Inc.	4.6250	10/15/28		393,267
	284,000	Continental Resources Inc/OK(c)	5.7500	01/15/31		342,744
	296,000	DCP Midstream Operating, L.P.	5.6250	07/15/27		337,082
	132,000	DCP Midstream Operating, L.P.(c)	6.7500	09/15/37		163,350
	235,000	DCP Midstream Operating, L.P.	5.6000	04/01/44		270,250
	155,000	DT Midstream, Inc.(c)	4.1250	06/15/29		159,178
	331,000	DT Midstream, Inc.(c)	4.3750	06/15/31		343,851
	855,000	eG Global Finance plc(c)	6.7500	02/07/25		877,451
	270,000	Endeavor Energy Resources, L.P. / EER Finance,(c)	5.7500	01/30/28		283,273
	893,000	Genesis Energy, L.P. / Genesis Energy Finance	5.6250	06/15/24		889,458
	325,000	Genesis Energy, L.P. / Genesis Energy Finance	6.5000	10/01/25		323,668
	307,000	Genesis Energy, L.P. / Genesis Energy Finance	8.0000	01/15/27		315,828
	677,000	Harvest Midstream I, L.P.(c)	7.5000	09/01/28		724,925
	434,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(c)	5.7500	02/01/29		443,377
	479,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(c)	6.0000	02/01/31		500,313
	714,000	Holly Energy Partners, L.P. / Holly Energy Finance(c)	5.0000	02/01/28		725,310
	450,000	Independence Energy Finance, LLC(c)	7.2500	05/01/26		469,699
	514,000	Indigo Natural Resources, LLC(c)	5.3750	02/01/29		536,953

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		OIL & GAS PRODUCERS — 16.2% (Continued)
	695,000	ITT Holdings, LLC(c)	6.5000	08/01/29	$	694,302
	406,000	MEG Energy Corporation(c)	6.5000	01/15/25		420,054
	321,000	MEG Energy Corporation(c)	7.1250	02/01/27		337,735
	477,000	Murphy Oil Corporation	6.3750	07/15/28		504,959
	405,000	Murphy Oil USA, Inc.	4.7500	09/15/29		430,598
	110,000	Murphy Oil USA, Inc.(c)	3.7500	02/15/31		109,874
	650,000	NGL Energy Operating, LLC / NGL Energy Finance(c)	7.5000	02/01/26		668,707
	152,000	NuStar Logistics, L.P.	5.7500	10/01/25		165,870
	379,000	NuStar Logistics, L.P.	6.3750	10/01/30		421,495
	452,000	Oasis Petroleum, Inc.(c)	6.3750	06/01/26		468,394
	326,000	Occidental Petroleum Corporation	5.8750	09/01/25		362,232
	503,000	Occidental Petroleum Corporation	6.3750	09/01/28		587,786
	251,000	Occidental Petroleum Corporation	6.1250	01/01/31		296,858
	595,000	PBF Holding Company, LLC / PBF Finance Corporation	6.0000	02/15/28		311,569
	302,000	Range Resources Corporation(c)	8.2500	01/15/29		334,737
	600,000	Strathcona Resources Ltd.(c)	6.8750	08/01/26		594,675
	427,000	Targa Resources Partners, L.P. / Targa Resources(c)	4.8750	02/01/31		462,298
	433,000	Venture Global Calcasieu Pass, LLC(c)	3.8750	08/15/29		443,284
						19,515,733
		OIL & GAS SERVICES & EQUIPMENT — 1.2%
	663,000	Archrock Partners, L.P. / Archrock Partners(c)	6.8750	04/01/27		697,602
	317,000	ChampionX Corporation	6.3750	05/01/26		330,490
	437,000	USA Compression Partners, L.P. / USA Compression	6.8750	04/01/26		458,273
						1,486,365
		PUBLISHING & BROADCASTING — 1.1%
	735,000	Belo Corporation	7.7500	06/01/27		862,824
	47,000	Belo Corporation	7.2500	09/15/27		55,106
	395,000	Gray Television, Inc.(c)	4.7500	10/15/30		392,306
						1,310,236
		REAL ESTATE INVESTMENT TRUSTS — 2.5%
	273,000	CTR Partnership, L.P. / CareTrust Capital(c)	3.8750	06/30/28		280,416
	690,000	HAT Holdings I, LLC / HAT Holdings II, LLC(c)	3.3750	06/15/26		700,177
	419,000	MPT Operating Partnership, L.P. / MPT Finance	5.0000	10/15/27		444,078
	223,000	MPT Operating Partnership, L.P. / MPT Finance	3.5000	03/15/31		229,133

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 2.5% (Continued)
	285,000	Park Intermediate Holdings, LLC / PK Domestic(c)	5.8750	10/01/28	$	305,187
	86,000	Park Intermediate Holdings, LLC / PK Domestic(c)	4.8750	05/15/29		88,060
	302,000	Service Properties Trust	5.2500	02/15/26		305,222
	96,000	Service Properties Trust	4.7500	10/01/26		94,486
	46,000	Service Properties Trust	5.5000	12/15/27		49,104
	57,000	Service Properties Trust	3.9500	01/15/28		53,509
	165,000	Service Properties Trust	4.9500	10/01/29		160,306
	374,000	Service Properties Trust	4.3750	02/15/30		350,619
						3,060,297
		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	438,000	Kennedy-Wilson, Inc.	4.7500	03/01/29		450,593
		REAL ESTATE SERVICES — 0.4%
	416,000	Cushman & Wakefield US Borrower, LLC(c)	6.7500	05/15/28		447,974
		RENEWABLE ENERGY — 0.3%
	300,000	EnerSys(c)	4.3750	12/15/27		314,297
		RETAIL - CONSUMER STAPLES — 0.4%
	440,000	Albertsons Companies Inc / Safeway Inc / New(c)	4.6250	01/15/27		466,070
		RETAIL - DISCRETIONARY — 1.4%
	462,000	Carvana Company(c)	5.5000	04/15/27		478,748
	600,000	Metis Merger Sub, LLC(c)	6.5000	05/15/29		589,254
	569,000	Park River Holdings, Inc.(c)	6.7500	08/01/29		575,472
						1,643,474
		SOFTWARE — 1.7%
	115,000	Clarivate Science Holdings Corporation(c)	3.8750	06/30/28		116,104
	343,000	Clarivate Science Holdings Corporation(c)	4.8750	06/30/29		346,368
	477,000	Donnelley Financial Solutions, Inc.	8.2500	10/15/24		494,411
	160,000	Elastic N.V.(c)	4.1250	07/15/29		160,806
	595,000	Rackspace Technology Global, Inc.(c)	3.5000	02/15/28		574,663
	375,000	SS&C Technologies, Inc.(c)	5.5000	09/30/27		397,350
						2,089,702

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		SPECIALTY FINANCE — 8.1%
	570,000	AerCap Global Aviation Trust(c)	US0003M + 4.300%	6.5000	06/15/45	$	613,112
	555,000	Alliance Data Systems Corporation(c)		4.7500	12/15/24		571,306
	535,000	Burford Capital Global Finance, LLC(c)		6.2500	04/15/28		564,856
	559,000	Credit Acceptance Corporation(d)		6.6250	03/15/26		591,143
	600,000	Curo Group Holdings Corporation(c)		7.5000	08/01/28		611,250
	921,000	Enova International, Inc.(c)		8.5000	09/01/24		947,473
	512,000	FirstCash, Inc.(c)		4.6250	09/01/28		532,982
	123,000	Freeport-McMoRan, Inc.		4.6250	08/01/30		135,314
	781,000	Genworth Mortgage Holdings, Inc.(c)		6.5000	08/15/25		848,164
	331,000	goeasy Ltd.(c)		5.3750	12/01/24		344,554
	324,000	goeasy Ltd.(c)		4.3750	05/01/26		335,100
	885,000	Ladder Capital Finance Holdings LLLP / Ladder(c)		4.2500	02/01/27		884,640
	263,000	OneMain Finance Corporation		6.8750	03/15/25		298,998
	92,000	OneMain Finance Corporation		3.5000	01/15/27		93,733
	600,000	OneMain Finance Corporation		4.0000	09/15/30		598,500
	475,000	Pattern Energy Operations, L.P. / Pattern Energy(c)		4.5000	08/15/28		491,247
	342,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.(c)		3.6250	03/01/29		343,356
	101,000	Starwood Property Trust, Inc.(c)		5.5000	11/01/23		106,050
	588,000	Starwood Property Trust, Inc.		4.7500	03/15/25		622,122
	175,000	Starwood Property Trust, Inc.(c)		3.6250	07/15/26		178,151
							9,712,051
		STEEL — 0.6%
	167,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		181,194
	542,000	Commercial Metals Company		3.8750	02/15/31		545,466
							726,660
		TECHNOLOGY HARDWARE — 1.3%
	560,000	Imola Merger Corporation(c)		4.7500	05/15/29		578,751
	550,000	NCR Corporation(c)		5.1250	04/15/29		573,249
	372,000	TTM Technologies, Inc.(c)		4.0000	03/01/29		374,812
							1,526,812
		TECHNOLOGY SERVICES — 3.9%
	605,000	Ahead DB Holdings, LLC(c)		6.6250	05/01/28		623,924
	395,000	Banff Merger Sub, Inc.(c)		9.7500	09/01/26		415,759
	680,000	ION Trading Technologies Sarl(c)		5.7500	05/15/28		705,242

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		TECHNOLOGY SERVICES — 3.9% (Continued)
	725,000	MoneyGram International, Inc.(c)	5.3750	08/01/26	$	753,094
	1,080,000	MPH Acquisition Holdings, LLC(c),(d)	5.7500	11/01/28		1,049,026
	129,000	Nielsen Finance, LLC / Nielsen Finance Company(c)	5.6250	10/01/28		136,484
	402,000	Nielsen Finance, LLC / Nielsen Finance Company(c)	5.8750	10/01/30		441,035
	570,000	Paysafe Finance plc / Paysafe Holdings US(c)	4.0000	06/15/29		554,211
						4,678,775
		TELECOMMUNICATIONS — 4.9%
	720,000	Altice France Holding S.A.(c)	6.0000	02/15/28		711,000
	200,000	Altice France S.A.(c)	7.3750	05/01/26		208,250
	345,000	Altice France S.A.(c)	5.1250	07/15/29		347,988
	360,000	Cablevision Lightpath, LLC(c)	3.8750	09/15/27		358,517
	410,000	CenturyLink, Inc.(c)	5.1250	12/15/26		426,634
	680,000	Connect Finco S.A.RL / Connect US Finco, LLC(c)	6.7500	10/01/26		715,700
	505,000	Frontier Communications Corporation(c)	5.0000	05/01/28		523,041
	660,000	Hughes Satellite Systems Corporation(d)	6.6250	08/01/26		743,796
	705,000	Lumen Technologies, Inc.(c)	5.3750	06/15/29		724,560
	302,000	Telesat Canada / Telesat, LLC(c)	4.8750	06/01/27		271,272
	639,000	Telesat Canada / Telesat, LLC(c)	6.5000	10/15/27		528,773
	391,000	Zayo Group Holdings, Inc.(c)	6.1250	03/01/28		398,394
						5,957,925
		TRANSPORTATION & LOGISTICS — 2.9%
	206,000	Air Canada(c)	3.8750	08/15/26		206,311
	1,065,000	American Airlines, Inc.(c)	11.7500	07/15/25		1,332,581
	159,317	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)	5.5000	04/20/26		166,885
	127,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)	5.7500	04/20/29		137,184
	650,000	Cargo Aircraft Management, Inc.(c)	4.7500	02/01/28		665,928
	145,699	Hawaiian Brand Intellectual Property Ltd. /(c)	5.7500	01/20/26		152,910
	144,702	UAL 2007-1 Pass Through Trust  Series 2017-1 Class A	6.6360	07/02/22		150,017
	110,000	United Airlines Holdings, Inc.(d)	4.8750	01/15/25		112,355
	271,000	United Airlines, Inc.(c)	4.3750	04/15/26		279,165
	312,000	United Airlines, Inc.(c)	4.6250	04/15/29		322,280
						3,525,616
		TRANSPORTATION EQUIPMENT — 0.8%
	505,000	Allison Transmission Inc B(c)	3.7500	01/30/31		503,195

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.8% (Continued)
		TRANSPORTATION EQUIPMENT — 0.8% (Continued)
	380,000	JB Poindexter & Company, Inc.(c)	7.1250	04/15/26	$	401,485
						904,680
		WHOLESALE - CONSUMER STAPLES — 0.8%
	520,000	C&S Group Enterprises, LLC(c)	5.0000	12/15/28		516,750
	450,000	Performance Food Group, Inc.(c)	5.5000	10/15/27		469,315
						986,065
		TOTAL CORPORATE BONDS (Cost $111,121,732)				115,092,550
Shares
		COLLATERAL FOR SECURITIES LOANED — 2.5%
	2,965,125	HSBC US Government Money Market Fund - Class I, 0.03% (Cost $2,965,125)(e),(f)				2,965,125
		TOTAL INVESTMENTS - 98.6% (Cost $115,280,338)			$	118,366,064
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.4%				1,672,625
		NET ASSETS - 100.0%			$	120,038,689

LLC	- Limited Liability Company
L.P.	- Limited Partnership
Ltd.	- Limited Company
NV	- Naamioze Vennootschap
plc	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
US0003M	- ICE LIBOR USD 3 Month

(a)	Percentage rounds to less than 0.1%.
(b)	Non-income producing security.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2021 the total market value of 144A securities is 92,041,008 or 76.7% of net assets.
(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,906,812 at July 31, 2021.
(e)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(f)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement.  The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 0.1%
		RESIDENTIAL MORTGAGE — 0.1%
	60,126 EUR	Bankinter 10 FTA(a)	EUR003M + 0.160%	0.0001		06/21/43	$	71,250
	25,200 EUR	Fondo de Titulizacion de Activos Santander(a)	EUR003M + 0.150%	0.0001		01/18/49		29,907
		TOTAL ASSET BACKED SECURITIES (Cost $90,619)						101,157
		CORPORATE BONDS — 65.8%
		AEROSPACE & DEFENSE — 0.7%
	250,000 EUR	Airbus S.E.		2.3750		06/09/40		359,261
	100,000 EUR	Rolls-Royce plc(b)		4.6250		02/16/26		129,035
								488,296
		ASSET MANAGEMENT — 0.5%
	300,000 EUR	JAB Holdings BV		1.0000		12/20/27		369,440
		AUTOMOTIVE — 2.3%
	300,000 EUR	Daimler A.G.		0.7500		02/08/30		372,377
	200,000 EUR	Fiat Chrysler Automobiles N.V.		3.8750		01/05/26		273,771
	300,000 USD	Hyundai Capital America(b)		1.3000		01/08/26		298,544
	300,000 USD	Nissan Motor Company Ltd.(b)		3.5220		09/17/25		321,880
	40,000 USD	Uzauto Motors AJ(b)		4.8500		05/04/26		40,243
	200,000 EUR	Volkswagen International Finance N.V.		1.8750		03/30/27		260,539
	100,000 EUR	ZF Finance GmbH		3.7500		09/21/28		131,304
								1,698,658
		BANKING — 8.5%
	250,000 EUR	AIB Group plc		2.2500		07/03/25		322,816
	300,000 EUR	Banco Bilbao Vizcaya Argentaria S.A.		3.5000		02/10/27		414,669
	63,000 USD	Banco do Brasil S.A.	H15T10Y + 6.362%	9.0000		12/18/69		70,324
	715,000 USD	Banco Mercantil del Norte S.A.(b)	H15T5Y + 4.967%	6.7500		09/27/68		768,518
	300,000 EUR	Banco Santander S.A.		1.1250		01/17/25		369,751
	275,000 USD	Bank of Ireland Group plc(b)		4.5000		11/25/23		297,573
	300,000 EUR	Banque Federative du Credit Mutuel S.A.		2.6250		03/18/24		383,634
	350,000 USD	Barclays plc		4.8360		05/09/28		397,395
	200,000 EUR	BPCE S.A.		4.6250		07/18/23		259,563
	225,000 EUR	Cooperatieve Rabobank UA		1.3750		02/03/27		289,969
	300,000 EUR	Credit Agricole S.A.		1.8750		12/20/26		390,137
	250,000 USD	Danske Bank A/S(b)	H15T1Y + 1.350%	1.6210		09/11/26		252,442

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		BANKING — 8.5% (Continued)
	300,000 USD	Deutsche Bank AG/New York NY	SOFRRATE + 1.870%	2.1290		11/24/26	$	306,730
	175,000 USD	HSBC Holdings plc(c)	SOFRRATE + 1.538%	1.6450		04/18/26		177,679
	100,000 USD	HSBC Holdings PLC	SOFRRATE + 1.290%	1.5890		05/24/27		100,661
	250,000 USD	Lloyds Banking Group plc		4.5820		12/10/25		281,879
	300,000 USD	Mizuho Financial Group, Inc.	SOFRRATE + 1.532%	1.9790		09/08/31		297,551
	250,000 EUR	Natwest Group plc	EUR003M + 1.080%	1.7500		03/02/26		314,071
	150,000 USD	Standard Chartered plc(b)	US0003M + 1.209%	2.8190		01/30/26		157,495
	150,000 USD	Standard Chartered plc(b)	H15T5Y + 2.300%	3.2650		02/18/36		151,917
	150,000 USD	Standard Chartered plc(b)		5.7000		03/26/44		198,366
								6,203,140
		BEVERAGES — 1.2%
	300,000 EUR	Anheuser-Busch InBev S.A./NV		1.1500		01/22/27		379,480
	200,000 EUR	Heineken N.V.		3.5000		03/19/24		260,747
	200,000 EUR	Pernod Ricard S.A.		1.5000		05/18/26		256,291
								896,518
		BIOTECH & PHARMA — 2.7%
	300,000 EUR	Bayer A.G.		1.3750		07/06/32		374,621
	250,000 GBP	GlaxoSmithKline Capital plc		1.2500		10/12/28		350,649
	100,000 EUR	Grifols S.A.		3.2000		05/01/25		119,724
	100,000 EUR	Grifols S.A.		2.2500		11/15/27		120,976
	300,000 EUR	Mylan N.V.		3.1250		11/22/28		418,811
	100,000 EUR	Nidda BondCompany GmbH		5.0000		09/30/25		119,030
	100,000 EUR	Nidda Healthcare Holding GmbH		3.5000		09/30/24		118,802
	300,000 USD	Perrigo Finance Unlimited Company(c)		3.1500		06/15/30		314,118
								1,936,731
		CABLE & SATELLITE — 1.2%
	100,000 EUR	Telenet Finance Luxembourg Notes Sarl		3.5000		03/01/28		123,566
	200,000 EUR	UPCB Finance VII Ltd.		3.6250		06/15/29		244,123
	100,000 GBP	Virgin Media Secured Finance plc		5.0000		04/15/27		144,694
	100,000 GBP	Virgin Media Secured Finance plc		4.2500		01/15/30		139,470
	100,000 EUR	Ziggo Bond Company BV(b)		3.3750		02/28/30		118,228
	100,000 EUR	Ziggo BV		2.8750		01/15/30		119,762
								889,843

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		CHEMICALS — 1.2%
	100,000 EUR	CeramTec BondCompany GmbH		5.2500		12/15/25	$	120,869
	100,000 EUR	Chemours Company (The)		4.0000		05/15/26		121,456
	100,000 EUR	INEOS Quattro Finance 1 plc		3.7500		07/15/26		122,278
	100,000 EUR	Nobian Finance BV(b)		3.6250		07/15/26		118,580
	100,000 EUR	OCI N.V.		3.1250		11/01/24		121,010
	100,000 EUR	Solvay Finance S.A.CA	EUSA5 + 5.223%	5.8690		06/03/68		134,461
	100,000 EUR	SPCM SA(b)		2.0000		02/01/26		120,964
								859,618
		COMMERCIAL SUPPORT SERVICES — 0.2%
	100,000 EUR	Intertrust Group BV		3.3750		11/15/25		121,384
		CONSTRUCTION MATERIALS — 1.4%
	69,000 USD	Cemex S.A.B. de C.V.(b)		7.3750		06/05/27		78,180
	911,000 USD	Cemex S.A.B. de C.V.(b)	H15T5Y + 4.534%	5.1250		09/08/69		957,516
								1,035,696
		CONTAINERS & PACKAGING — 1.3%
	200,000 EUR	Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)		3.0000		09/01/29		238,175
	200,000 GBP	Ardagh Packaging Finance plc / Ardagh Holdings		4.7500		07/15/27		284,966
	85,000 USD	Klabin Austria GmbH(b)		3.2000		01/12/31		84,131
	100,000 EUR	Smurfit Kappa Treasury ULC		1.5000		09/15/27		127,320
	200,000 EUR	Trivium Packaging Finance BV		3.7500		08/15/26		240,395
								974,987
		ELEC & GAS MARKETING & TRADING — 0.4%
	250,000 EUR	Orsted A/S		1.5000		11/26/29		329,218
		ELECTRIC UTILITIES — 4.3%
	1,341,000 USD	Eskom Holdings SOC Ltd.(b)		6.7500		08/06/23		1,400,701
	95,000 USD	Eskom Holdings SOC Ltd.(b)		7.1250		02/11/25		100,092
	158,000 USD	Eskom Holdings SOC Ltd.(b)		8.4500		08/10/28		178,341
	66,000 USD	Greenko Dutch BV(b)		3.8500		03/29/26		66,646
	200,000 EUR	Iberdrola Finanzas S.A.		1.0000		03/07/25		247,894
	180,000 USD	Inkia Energy Ltd.(b)		5.8750		11/09/27		184,248

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		ELECTRIC UTILITIES — 4.3% (Continued)
	250,000 EUR	innogy Finance BV		1.0000		04/13/25	$	308,619
	300,000 EUR	Naturgy Finance BV		1.5000		01/29/28		388,483
	233,000 USD	Star Energy Geothermal Darajat II / Star Energy(b)		4.8500		10/14/38		255,981
								3,131,005
		ELECTRICAL EQUIPMENT — 0.9%
	300,000 GBP	Siemens Financieringsmaatschappij N.V.		1.0000		02/20/25		422,385
	200,000 EUR	Vertical Midco GmbH		4.3750		07/15/27		248,532
								670,917
		ENGINEERING & CONSTRUCTION — 0.4%
	248,000 USD	IHS Netherlands Holdco BV(b)		8.0000		09/18/27		266,600
		FOOD — 2.1%
	634,000 USD	Adecoagro S.A.(b)		6.0000		09/21/27		670,239
	749,000 USD	Minerva Luxembourg S.A.(b)		4.3750		03/18/31		736,829
	100,000 EUR	Sigma Holdco BV		5.7500		05/15/26		114,874
								1,521,942
		FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
	100,000 EUR	WEPA Hygieneprodukte GmbH		2.8750		12/15/27		117,089
		GAS & WATER UTILITIES — 0.3%
	200,000 EUR	Veolia Environnement S.A.		1.4960		11/30/26		257,102
		HOUSEHOLD PRODUCTS — 0.2%
	100,000 EUR	Energizer Gamma Acquisition BV(b)		3.5000		06/30/29		119,025
		INDUSTRIAL INTERMEDIATE PROD — 0.6%
	407,000 USD	HTA Group Ltd./Mauritius(b)		7.0000		12/18/25		431,987
		INDUSTRIAL SUPPORT SERVICES — 0.5%
	100,000 EUR	Loxam S.A.S		3.7500		07/15/26		121,604
	100,000 EUR	Techem Verwaltungsgesellschaft 674 mbH		6.0000		07/30/26		122,187
	100,000 EUR	Techem Verwaltungsgesellschaft 675 mbH(b)		2.0000		07/15/25		118,208
								361,999

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 0.7%
	250,000 USD	LSEGA Financing plc(b)		2.0000		04/06/28	$	256,434
	225,000 USD	Nomura Holdings, Inc.		1.6530		07/14/26		226,301
								482,735
		INSURANCE — 1.3%
	200,000 EUR	Allianz S.E.	EUR003M + 3.350%	3.0990		07/06/47		272,882
	300,000 EUR	Great-West Lifeco, Inc.		2.5000		04/18/23		372,940
	250,000 EUR	NN Group N.V.		1.6250		06/01/27		324,925
								970,747
		INTERNET MEDIA & SERVICES — 0.3%
	200,000 USD	Tencent Holdings Ltd.(b)		3.2400		06/03/50		195,438
		LEISURE FACILITIES & SERVICES — 0.8%
	100,000 EUR	Gamma Bidco SpA(b)		5.1250		07/15/25		121,989
	100,000 EUR	Gamma Bidco SpA		6.2500		07/15/25		124,840
	100,000 EUR	Motion Finco Sarl		7.0000		05/15/25		125,547
	100,000 EUR	Scientific Games International, Inc.		5.5000		02/15/26		121,841
	73,000 USD	Studio City Finance Ltd.(b)		6.0000		07/15/25		76,358
								570,575
		MEDICAL EQUIPMENT & DEVICES — 0.5%
	300,000 EUR	Medtronic Global Holdings SCA		0.7500		10/15/32		369,459
		METALS & MINING — 1.9%
	562,000 USD	First Quantum Minerals Ltd. B(b),(c)		6.8750		03/01/26		588,302
	300,000 EUR	Glencore Capital Finance DAC		1.1250		03/10/28		368,299
	78,000 USD	Indika Energy Capital IV Pte Ltd.(b)		8.2500		10/22/25		82,005
	26,000 USD	Indonesia Asahan Aluminium Persero PT(b)		5.8000		05/15/50		30,917
	58,000 USD	Southern Copper Corporation		6.7500		04/16/40		80,824
	63,000 USD	Vedanta Resources Finance II plc(b)		8.9500		03/11/25		59,462
	204,000 USD	Vedanta Resources Ltd.(b)		6.3750		07/30/22		202,059
								1,411,868
		OIL & GAS PRODUCERS — 8.1%
	57,000 USD	AI Candelaria Spain SLU(b)		7.5000		12/15/28		63,619
	325,000 USD	BP Capital Markets plc	H15T5Y + 4.036%	4.3750		09/22/68		347,750
	100,000 EUR	eG Global Finance plc		6.2500		10/30/25		121,805

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		OIL & GAS PRODUCERS — 8.1% (Continued)
	97,000 USD	Geopark Ltd.(b)		5.5000		01/17/27	$	97,945
	223,000 USD	Gran Tierra Energy International Holdings Ltd.(b),(c)		6.2500		02/15/25		197,633
	80,000 USD	Gran Tierra Energy, Inc.(b)		7.7500		05/23/27		70,852
	97,000 USD	KazMunayGas National Company JSC(b)		5.7500		04/19/47		121,060
	94,000 USD	Leviathan Bond Ltd.		6.5000		06/30/27		103,933
	240,000 USD	MC Brazil Downstream Trading S.A.RL(b)		7.2500		06/30/31		250,428
	22,000 USD	Oil and Gas Holding Company BSCC (The)(b)		7.6250		11/07/24		24,502
	100,000 USD	Pertamina Persero PT(b)		2.3000		02/09/31		96,399
	159,000 USD	Petroleos Mexicanos(c)		6.8750		08/04/26		175,214
	48,000 USD	Petroleos Mexicanos		5.3500		02/12/28		47,623
	50,000 USD	Petroleos Mexicanos		5.9500		01/28/31		49,213
	141,000 USD	Petroleos Mexicanos		6.6250		06/15/35		136,473
	13,000 USD	Petroleos Mexicanos		6.6250		06/15/38		12,046
	31,000 USD	Petroleos Mexicanos		6.7500		09/21/47		27,756
	119,000 USD	Petroleos Mexicanos		7.6900		01/23/50		115,817
	160,000 USD	Petroleos Mexicanos(c)		6.9500		01/28/60		143,792
	287,000 USD	Qatar Petroleum(b)		2.2500		07/12/31		290,839
	571,000 USD	SierraCol Energy Andina, LLC(b)		6.0000		06/15/28		572,428
	300,000 USD	Total Capital International S.A.		3.1270		05/29/50		313,964
	1,598,000 USD	Tullow Oil plc(b)		7.0000		03/01/25		1,388,343
	329,000 USD	Tullow Oil plc(b)		10.2500		05/15/26		343,631
	988,000 USD	YPF S.A.(b)		8.5000		07/28/25		771,885
								5,884,950
		PUBLISHING & BROADCASTING — 0.4%
	250,000 EUR	Informa plc		2.1250		10/06/25		316,890
		REAL ESTATE OWNERS & DEVELOPERS — 4.8%
	636,000 USD	China SCE Group Holdings Ltd.		7.3750		04/09/24		637,581
	700,000 USD	China SCE Group Holdings Ltd.		7.0000		05/02/25		674,625
	500,000 USD	Theta Capital Pte Ltd.		8.1250		01/22/25		501,887
	250,000 USD	Theta Capital Pte Ltd.		6.7500		10/31/26		234,715
	1,300,000 USD	Wanda Properties International Company Ltd.		7.2500		01/29/24		1,261,650
	200,000 USD	Wanda Properties Overseas Ltd.		6.9500		12/05/22		192,749
								3,503,207

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		REAL ESTATE SERVICES — 0.8%
	557,000 USD	ESR Cayman Ltd.		7.8750		04/04/22	$	569,529
		REIT — 0.9%
	400,000 USD	LMIRT Capital Pte Ltd.		7.2500		06/19/24		402,322
	200,000 GBP	Westfield America Management Ltd.		2.1250		03/30/25		285,376
								687,698
		RENEWABLE ENERGY — 0.8%
	439,000 USD	Aydem Yenilenebilir Enerji A/S(b)		7.7500		02/02/27		442,402
	125,000 USD	Investment Energy Resources Ltd.(b)		6.2500		04/26/29		136,619
								579,021
		RETAIL - CONSUMER STAPLES — 0.6%
	100,000 GBP	Bellis Acquisition Company plc(b)		3.2500		02/16/26		138,948
	100,000 GBP	Bellis Finco plc(b)		4.0000		02/16/27		138,861
	100,000 EUR	Quatrim S.A.SU		5.8750		01/15/24		122,678
								400,487
		SEMICONDUCTORS — 0.2%
	150,000 USD	TSMC Global Ltd.(b)		1.0000		09/28/27		146,035
		SPECIALTY FINANCE — 0.4%
	100,000 EUR	Parts Europe S.A.(b)		6.5000		07/16/25		124,830
	184,000 USD	Studio City Finance Ltd.(b)		6.5000		01/15/28		193,422
								318,252
		STEEL — 3.1%
	158,000 USD	CSN Inova Ventures(b)		6.7500		01/28/28		174,684
	518,000 USD	CSN Resources S.A.(b)		7.6250		04/17/26		553,613
	1,374,000 USD	Metinvest BV(b)		7.7500		10/17/29		1,518,188
								2,246,485
		TECHNOLOGY HARDWARE — 0.5%
	100,000 EUR	Nokia OYJ		3.1250		05/15/28		134,064
	250,000 USD	Seagate HDD Cayman(b)		4.1250		01/15/31		261,875
								395,939
		TELECOMMUNICATIONS — 3.3%
	100,000 EUR	Altice France Holding S.A.(b)		8.0000		05/15/27		127,551
	100,000 EUR	Altice France S.A.(b)		2.1250		02/15/25		115,966

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		CORPORATE BONDS — 65.8% (Continued)
		TELECOMMUNICATIONS — 3.3% (Continued)
	230,000 USD	Axtel S.A.B. de C.V.(b)		6.3750		11/14/24	$	239,090
	250,000 EUR	Deutsche Telekom International Finance BV		0.8750		01/30/24		305,491
	180,000 USD	Millicom International Cellular S.A.(b)		5.1250		01/15/28		187,825
	300,000 EUR	Orange S.A.		2.0000		01/15/29		408,319
	100,000 EUR	Telecom Italia SpA		3.6250		05/25/26		132,140
	100,000 EUR	Telefonica Europe BV	EUSA6 + 4.107%	4.3750		03/14/68		129,834
	250,000 USD	VF Ukraine PAT via VFU Funding plc(b)		6.2000		02/11/25		259,455
	200,000 USD	Vodafone Group plc		4.2500		09/17/50		236,587
	100,000 EUR	Vodafone Group plc	EUSA5 + 2.669%	3.1000		01/03/79		124,006
	100,000 EUR	Vodafone Group plc	EUSA5 + 3.002%	2.6250		08/27/80		123,947
								2,390,211
		TOBACCO & CANNABIS — 0.5%
	300,000 USD	BAT Capital Corporation(c)		4.7000		04/02/27		341,454
		TRANSPORTATION & LOGISTICS — 4.8%
	200,000 EUR	Abertis Infraestructuras S.A.		2.3750		09/27/27		264,822
	100,000 USD	Aeropuerto Internacional de Tocumen S.A.		5.6250		05/18/36		114,325
	84,817 USD	Aeropuerto Internacional de Tocumen S.A.(b)		6.0000		11/18/48		99,193
	139,000 USD	Aerovias de Mexico S.A. de CV(b),(d)		7.0000		02/05/25		116,410
	64,000 USD	DP World plc(b)		5.6250		09/25/48		80,326
	6,000 USD	DP World plc(b)		4.7000		09/30/49		6,696
	1,245,000 USD	DP World Salaam	H15T5Y + 5.750%	6.0000		01/01/70		1,361,963
	662,000 USD	Gol Finance S.A.(b)		7.0000		01/31/25		615,660
	200,000 GBP	Heathrow Finance plc		6.2500		03/03/25		303,896
	100,000 GBP	Heathrow Funding Ltd.		7.1250		02/14/24		158,467
	155,000 USD	Rumo Luxembourg Sarl(b)		5.2500		01/10/28		165,819
	218,000 USD	Simpar Europe S.A.(b)		5.2000		01/26/31		222,898
								3,510,475
		TOTAL CORPORATE BONDS (Cost $46,439,888)						47,972,650

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		FOREIGN GOVERNMENT & AGENCIES — 30.7%
		GOVERNMENT GUARANTEED — 0.1%
	39,200 USD	Brazil Minas SPE via State of Minas Gerais(b)		5.3330		02/15/28	$	42,458
		LOCAL AUTHORITY — 0.4%
	150,000 CAD	Province of British Columbia Canada		3.2000		06/18/44		136,877
	250,000 CAD	Province of Ontario Canada		2.8000		06/02/48		210,494
								347,371
		NON U.S. TREASURY — 14.6%
	860,000 AUD	Australia Government Bond		1.2500		05/21/32		634,629
	291,000 BRL	Brazilian Government International Bond		12.5000		01/05/22		58,414
	883,000 BRL	Brazilian Government International Bond		12.5000		01/05/22		177,250
	550,000 CAD	Canadian Government Bond		2.2500		06/01/29		480,520
	1,696,900,000 COP	Colombian TES		6.0000		04/28/28		424,997
	3,206,000 EGP	Egypt Government Bond		13.7650		01/05/24		201,830
	3,700,000 EGP	Egypt Treasury Bills(e)		0.0000		09/28/21		231,908
	1,348,000,000 IDR	Indonesia Treasury Bond		9.0000		03/15/29		109,474
	8,548,000,000 IDR	Indonesia Treasury Bond		7.0000		09/15/30		622,075
	930,000,000 IDR	Indonesia Treasury Bond		8.2500		06/15/32		72,329
	755,000,000 IDR	Indonesia Treasury Bond		8.3750		03/15/34		58,983
	76,000 EUR	Ireland Government Bond		5.4000		03/13/25		110,076
	50,000 EUR	Ireland Government Bond		0.9000		05/15/28		64,644
	130,000 EUR	Ireland Government Bond		1.3000		05/15/33		177,579
	240,000 EUR	Italy Buoni Poliennali Del Tesoro		4.5000		03/01/24		320,127
	750,000 EUR	Italy Buoni Poliennali Del Tesoro		2.8000		12/01/28		1,052,390
	640,000 EUR	Italy Buoni Poliennali Del Tesoro(b)		2.4500		09/01/33		900,905
	180,000 EUR	Italy Buoni Poliennali Del Tesoro		5.0000		08/01/39		344,114
	235,000 EUR	Italy Buoni Poliennali Del Tesoro		5.0000		09/01/40		454,425
	6,150,000 JPY	Japan Government Forty Year Bond		0.8000		03/20/58		57,916
	17,000,000 JPY	Japan Government Thirty Year Bond		1.5000		03/20/45		190,235
	17,150,000 JPY	Japan Government Thirty Year Bond		0.5000		09/20/46		155,618
	4,149,000 MXN	Mexican Bonos		7.5000		06/03/27		217,569
	8,500,000 MXN	Mexican Bonos		7.7500		11/13/42		435,880
	100,000 EUR	Portugal Obrigacoes do Tesouro OT		4.1250		04/14/27		149,695
	995,000 ZAR	Republic of South Africa Government Bond		6.2500		03/31/36		48,098

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		FOREIGN GOVERNMENT & AGENCIES — 30.7% (Continued)
		NON U.S. TREASURY — 14.6% (Continued)
	10,219,000 RUB	Russian Federal Bond - OFZ		7.4000		12/07/22	$	141,129
	6,120,000 RUB	Russian Federal Bond - OFZ		6.9000		05/23/29		84,612
	21,770,000 RUB	Russian Federal Bond - OFZ		7.7000		03/23/33		318,302
	23,950,000 RUB	RUSSIAN FEDERAL BOND - OFZ		7.0500		01/19/28		333,478
	350,000 EUR	Spain Government Bond		1.2500		10/31/30		457,938
	170,000 EUR	Spain Government Bond		4.2000		01/31/37		309,510
	250,000 EUR	Spain Government Bond		2.7000		10/31/48		408,432
	300,000 GBP	United Kingdom Gilt		4.5000		09/07/34		610,486
	9,220,000 UYU	Uruguay Government International Bond		9.8750		06/20/22		216,229
								10,631,796
		SOVEREIGN — 15.0%
	202,000 USD	Angolan Government International Bond(b)		9.1250		11/26/49		208,207
	1,447,000 USD	Argentine Republic Government International Bond(f)		0.5000		07/09/30		529,602
	298,000 USD	Argentine Republic Government International Bond(f)		1.1250		07/09/35		97,297
	237,000 USD	Argentine Republic Government International Bond(f)		1.1250		07/09/46		79,893
	315,000 USD	Bahamas Government International Bond(b)		8.9500		10/15/32		347,193
	26,000 USD	Bahrain Government International Bond(b)		7.0000		10/12/28		28,931
	48,000 USD	Bahrain Government International Bond(b)		6.7500		09/20/29		52,189
	22,000 USD	Bahrain Government International Bond(b)		5.6250		09/30/31		22,049
	100,000 EUR	Banque Centrale de Tunisie International Bond		5.6250		02/17/24		101,776
	47,000 USD	Banque Centrale de Tunisie International Bond(b)		5.7500		01/30/25		39,922
	100,000 EUR	Banque Centrale de Tunisie International Bond(b)		6.3750		07/15/26		100,826
	55,000 USD	Brazilian Government International Bond		4.6250		01/13/28		59,730
	137,000 USD	Brazilian Government International Bond		4.5000		05/30/29		146,629
	35,000 USD	Brazilian Government International Bond		3.8750		06/12/30		35,347
	146,000 USD	Chile Government International Bond		3.8600		06/21/47		162,402
	100,000 EUR	Colombia Government International Bond		3.8750		03/22/26		131,862
	105,000 USD	Colombia Government International Bond		3.0000		01/30/30		103,269
	261,000 USD	Colombia Government International Bond		3.1250		04/15/31		256,219
	74,000 USD	Colombia Government International Bond(c)		3.2500		04/22/32		72,700
	60,000 USD	Colombia Government International Bond		6.1250		01/18/41		70,839
	29,000 USD	Colombia Government International Bond		4.1250		02/22/42		27,976
	14,000 USD	Colombia Government International Bond		5.6250		02/26/44		15,678
	124,000 USD	Colombia Government International Bond		5.0000		06/15/45		130,056

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		FOREIGN GOVERNMENT & AGENCIES — 30.7% (Continued)
		SOVEREIGN — 15.0% (Continued)
	10,000 USD	Colombia Government International Bond		3.8750		02/15/61	$	8,836
	130,000 USD	Costa Rica Government International Bond		6.1250		02/19/31		138,939
	137,000 USD	Costa Rica Government International Bond		7.1580		03/12/45		145,872
	200,000 USD	Development Bank of the Republic of Belarus JSC		6.7500		05/02/24		187,001
	129,000 USD	Dominican Republic International Bond(b)		4.5000		01/30/30		132,484
	82,000 USD	Dominican Republic International Bond(b)		7.4500		04/30/44		100,348
	26,000 USD	Dominican Republic International Bond		6.4000		06/05/49		28,301
	101,000 USD	Dominican Republic International Bond(b)		5.8750		01/30/60		102,163
	52,074 USD	Ecuador Government International Bond(b),(e)		0.0000		07/31/30		29,032
	90,800 USD	Ecuador Government International Bond(b)		0.5000		07/31/30		79,678
	171,060 USD	Ecuador Government International Bond(b)		0.5000		07/31/35		119,316
	20,000 USD	Ecuador Government International Bond(f)		0.5000		07/31/35		13,950
	42,000 USD	Ecuador Government International Bond(b)		0.5000		07/31/40		26,040
	94,000 USD	Egypt Government International Bond(b)		5.2500		10/06/25		98,824
	29,000 USD	Egypt Government International Bond(b)		7.0530		01/15/32		29,608
	134,000 USD	Egypt Government International Bond(b)		7.6250		05/29/32		141,838
	98,000 USD	Egypt Government International Bond(b)		7.9030		02/21/48		95,893
	26,000 USD	Egypt Government International Bond(b)		8.7000		03/01/49		27,246
	37,000 USD	Egypt Government International Bond(b)		8.8750		05/29/50		39,507
	200,000 USD	Egypt Government International Bond(b)		8.1500		11/20/59		197,961
	32,000 USD	El Salvador Government International Bond(b)		6.3750		01/18/27		28,040
	29,000 USD	El Salvador Government International Bond		8.2500		04/10/32		26,529
	37,000 USD	El Salvador Government International Bond(b)		8.2500		04/10/32		33,848
	104,000 USD	El Salvador Government International Bond		7.6500		06/15/35		91,390
	19,000 USD	El Salvador Government International Bond(b)		7.6500		06/15/35		16,696
	75,000 USD	El Salvador Government International Bond(b)		7.6250		02/01/41		63,203
	24,000 USD	El Salvador Government International Bond		7.1250		01/20/50		19,500
	33,000 USD	El Salvador Government International Bond		9.5000		07/15/52		31,251
	62,000 USD	Finance Department Government of Sharjah(b)		4.0000		07/28/50		56,497
	68,000 USD	Gabon Government International Bond(b)		6.9500		06/16/25		73,920
	78,000 USD	Gabon Government International Bond(b)		6.6250		02/06/31		78,413
	16,000 USD	Ghana Government International Bond(b)		8.1250		01/18/26		17,011
	17,000 USD	Ghana Government International Bond(b)		6.3750		02/11/27		16,751
	139,000 USD	Ghana Government International Bond(b)		7.8750		03/26/27		144,863

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		FOREIGN GOVERNMENT & AGENCIES — 30.7% (Continued)
		SOVEREIGN — 15.0% (Continued)
	103,000 USD	Ghana Government International Bond(b)		7.7500		04/07/29	$	104,005
	118,000 USD	Ghana Government International Bond(b)		7.6250		05/16/29		118,084
	60,000 USD	Ghana Government International Bond(b)		7.8750		02/11/35		57,746
	21,000 USD	Ghana Government International Bond(b)		8.8750		05/07/42		20,875
	175,000 USD	Ghana Government International Bond(b)		8.9500		03/26/51		171,496
	100,000 EUR	Indonesia Government International Bond(b)		2.1500		07/18/24		125,402
	35,000 USD	Indonesia Government International Bond		5.1250		01/15/45		43,689
	40,000,000 IDR	Indonesia Treasury Bond		8.3750		03/15/24		3,039
	123,000 EUR	Ivory Coast Government International Bond(b)		5.8750		10/17/31		157,874
	189,000 USD	Kenya Government International Bond(b)		8.0000		05/22/32		214,063
	175,000 USD	Lebanon Government International Bond(d)		6.6500		02/26/30		21,963
	100,000 EUR	Mexico Government International Bond		1.6250		04/08/26		124,764
	12,000 USD	Mexico Government International Bond		4.7500		04/27/32		13,800
	200,000 USD	Mozambique International Bond(b),(f)		5.0000		09/15/31		170,920
	330,000 USD	Nigeria Government International Bond(b)		7.8750		02/16/32		354,258
	200,000 USD	Nigeria Government International Bond		7.6250		11/28/47		201,523
	199,000 USD	Oman Government International Bond(b)		7.3750		10/28/32		228,245
	40,000 USD	Oman Government International Bond(b)		6.7500		01/17/48		40,557
	133,000 USD	Pakistan Government International Bond(b)		6.0000		04/08/26		134,142
	9,000 USD	Panama Government International Bond		3.1600		01/23/30		9,472
	70,000 USD	Panama Government International Bond		2.2520		09/29/32		67,865
	129,000 USD	Panama Government International Bond		4.5000		04/16/50		147,305
	50,000 USD	Panama Government International Bond		3.8700		07/23/60		51,824
	77,000 USD	Papua New Guinea Government International Bond(b)		8.3750		10/04/28		78,194
	25,231 USD	Republic of Angola Via Avenir II BV	US0006M + 7.500%	7.6610		07/01/23		24,763
	171,429 USD	Republic of Angola Via Avenir Issuer II Ireland		6.9270		02/19/27		162,000
	156,000 USD	Republic of Armenia International Bond(b)		3.6000		02/02/31		148,686
	47,000 USD	Republic of Belarus International Bond(b)		7.6250		06/29/27		46,270
	71,000 USD	Republic of Belarus Ministry of Finance(b)		6.3780		02/24/31		62,947
	6,220,000 ZAR	Republic of South Africa Government Bond		8.5000		01/31/37		363,849
	141,000 USD	Republic of Uzbekistan Bond(b)		3.9000		10/19/31		140,903
	11,000 EUR	Romanian Government International Bond		2.8750		03/11/29		14,426
	27,000 EUR	Romanian Government International Bond(b)		3.3750		02/08/38		34,914
	19,000 EUR	Romanian Government International Bond(b)		2.7500		04/14/41		22,185

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity		Fair Value
		FOREIGN GOVERNMENT & AGENCIES — 30.7% (Continued)
		SOVEREIGN — 15.0% (Continued)
	42,000 USD	Romanian Government International Bond(b)		6.1250		01/22/44	$	57,658
	56,000 EUR	Romanian Government International Bond(b)		4.6250		04/03/49		82,945
	400,000 USD	Russian Foreign Bond - Eurobond		4.2500		06/23/27		448,692
	121,000 USD	Saudi Government International Bond(b),(c)		2.2500		02/02/33		118,943
	111,000 EUR	Senegal Government International Bond(b)		4.7500		03/13/28		137,973
	117,000 EUR	Senegal Government International Bond(b)		5.3750		06/08/37		138,781
	47,000 USD	Turkey Government International Bond		5.7500		03/22/24		48,936
	27,000 USD	Turkey Government International Bond		6.3500		08/10/24		28,459
	57,000 USD	Turkey Government International Bond		5.1250		02/17/28		55,925
	30,000 USD	Turkey Government International Bond		5.9500		01/15/31		29,702
	316,000 USD	Turkey Government International Bond		5.8750		06/26/31		310,166
	35,000 USD	Turkey Government International Bond		5.7500		05/11/47		30,334
	37,000 USD	Ukraine Government International Bond(b)		7.7500		09/01/26		40,584
	67,000 USD	Ukraine Government International Bond(b)		6.8760		05/21/29		69,301
	185,000 USD	Ukraine Government International Bond(b)		7.3750		09/25/32		192,970
	108,000 USD	Ukraine Government International Bond(b)		7.2530		03/15/33		111,644
	14,000 USD	Zambia Government International Bond(b)		5.3750		09/20/22		9,018
	124,000 USD	Zambia Government International Bond(b)		8.9700		07/30/27		80,873
								10,936,293
		SUPRANATIONAL — 0.6%
	980,000 BRL	European Investment Bank		7.2500		11/08/22		191,236
	200,000 EUR	European Investment Bank		1.1250		09/15/36		271,568
								462,804
		FOREIGN GOVERNMENT & AGENCIES (Cost $21,844,252)						22,420,722
Shares
		COLLATERAL FOR SECURITIES LOANED - 2.7%
	1,964,447	Mount Vernon Prime Portfolio, 0.10% (Cost $1,964,447)(g),(h)						1,964,447
		TOTAL INVESTMENTS - 99.3% (Cost $70,339,206)					$	72,458,976
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%						470,244
		NET ASSETS - 100.0%					$	72,929,220

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount		Unrealized Appreciation
	1	CBOT 10 Year US Treasury Note	09/21/2021	$	134,453	$	2,680
	7	Eurex 30 Year Euro BUXL Future	09/08/2021		1,784,962		128,324
	26	Long Gilt Future	09/28/2021		4,691,794		103,051
	8	TSE Japanese 10 Year Bond Futures	09/13/2021		11,101,595		72,675
		TOTAL FUTURES CONTRACTS				$	306,730

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount		Unrealized Depreciation
	63	CBOT 5 Year US Treasury Note	09/30/2021	$	7,840,035	$	(49,199	)
	8	Eurex 10 Year Euro BUND Future	09/08/2021		1,675,015		(48,692	)
		TOTAL FUTURES CONTRACTS				$	(97,891	)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Euro	08/02/2021	Capstone Global Markets		150,000	$	177,870	$	338
Euro	08/02/2021	JP Morgan Chase		32,619		38,679		(92	)
Euro	08/06/2021	JP Morgan Chase		276,089		327,406		(240	)
Australian Dollar	08/09/2021	Capstone Global Markets		490,000		360,187		(4,830	)
Australian Dollar	08/16/2021	Capstone Global Markets		470,000		345,498		(4,932	)
Japanese Yen	08/16/2021	Capstone Global Markets		90,190,001		821,857		2,955
Euro	09/10/2021	Capstone Global Markets		150,000		178,007		(405	)
Euro	09/10/2021	JP Morgan Chase		1,060,000		1,257,918		7,969
Japanese Yen	09/10/2021	Capstone Global Markets		8,208,800		74,818		286
Euro	09/30/2021	JP Morgan Chase		99,604		118,252		(26	)
					$	3,700,492	$	1,023
To Sell:
Euro	08/02/2021	Capstone Global Markets		150,000	$	177,870	$	408
Euro	08/03/2021	JP Morgan Chase		145,559		172,603		43
Euro	08/06/2021	JP Morgan Chase		6,405,136		7,595,671		5,060
Australian Dollar	09/30/2021	Capstone Global Markets		839,500		617,262		20,725
British Pound	09/30/2021	Capstone Global Markets		1,475,500		2,051,773		11,180
Canadian Dollar	09/30/2021	JP Morgan Chase		1,056,200		846,034		15,453
Euro	09/30/2021	Capstone Global Markets		14,254,000		16,922,599		157,805
Euro	09/30/2021	JP Morgan Chase		248,349		294,845		(180	)
Euro	09/30/2021	MSSB		90,000		106,850		(133	)
Japanese Yen	09/30/2021	Barclay		71,388,099		650,768		(5,700	)
					$	29,436,275	$	204,661
Total							$	205,684

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Foreign Currency		Settlement Date	Counterparty	Local Currency Amount Purchased Buy		Local Currency Amount Purchased Sell		U.S. Dollar Market Value Buy		U.S. Dollar Market Value Sell			Unrealized Appreciation/ (Depreciation)
To Buy:	To Sell:
British Pound	Euro	9/30/2021	JP Morgan Chase		4,750		5,508		6,606		(6,539	)	$	67
Euro	British Pound	9/30/2021	JP Morgan Chase		984,170		842,800		1,168,424		(1,171,965	)		(3,541	)
					988,920		848,308	$	1,175,030	$	1,178,504		$	(3,474	)
Total													$	(3,474	)

A/S	- Anonim Sirketi
LLC	- Limited Liability Company
LTD	- Limited Company
NV	- Naamioze Vennootschap
OYJ	- Julkinen osakeyhtiö
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
SA de CV	- Sociedad Anonima de Capital Variable
EUR003M	Euribor 3 Month ACT/360
EUSA5	EUR SWAP ANN (VS 6M) 5Y
EUSA6	EUR SWAP ANN (VS 6M) 6Y
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Columbian Peso
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
IDR	Indonesia Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
RUB	Russian Ruble
USD	US Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

(a)	Variable rate security; the rate shown represents the rate on July 31, 2021.
(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31,2021 the total market value of 144A securities is 27,793,894 or 38.1% of net assets.
(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2021. Total collateral had a value of $1,930,958 at July 31, 2021.
(d)	Represents issuer in default on interest payments; non-income producing security.
(e)	Zero coupon bond.
(f)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2021.
(g)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(h)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 105% 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 105% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 105%.

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.4%
		AEROSPACE & DEFENSE - 2.2%
	9,213	L3Harris Technologies, Inc.	$	2,088,955
	3,416	Lockheed Martin Corporation		1,269,625
				3,358,580
		ASSET MANAGEMENT - 2.9%
	2,595	BlackRock, Inc.		2,250,307
	30,513	Charles Schwab Corporation (The)		2,073,358
				4,323,665
		AUTOMOTIVE - 1.4%
	36,653	General Motors Company (a)		2,083,357
		BANKING – 9.0%
	112,159	Bank of America Corporation		4,302,419
	30,283	JPMorgan Chase & Company		4,596,353
	38,325	Truist Financial Corporation		2,086,030
	52,610	Wells Fargo & Company		2,416,903
				13,401,705
		BIOTECH & PHARMA - 5.9%
	14,692	AbbVie, Inc.		1,708,680
	36,097	Bristol-Myers Squibb Company		2,449,903
	18,568	Johnson & Johnson		3,197,410
	20,067	Merck & Company, Inc.		1,542,550
				8,898,543
		CABLE & SATELLITE - 1.1%
	52,731	Altice USA, Inc., Class A(a),(b)		1,620,424
		CHEMICALS - 2.3%
	6,112	Air Products and Chemicals, Inc.		1,778,775
	61,956	Huntsman Corporation		1,636,258
				3,415,033
		CONSTRUCTION MATERIALS - 1.6%
	2,732	Martin Marietta Materials, Inc.(b)		992,536
	15,097	Owens Corning		1,451,727
				2,444,263

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.4% (Continued)
		CONSUMER SERVICES - 1.2%
	29,111	Service Corp International	$	1,819,146
		CONTAINERS & PACKAGING - 0.7%
	21,142	Westrock Company		1,040,398
		DIVERSIFIED INDUSTRIALS - 3.5%
	26,002	Emerson Electric Company		2,623,342
	11,022	Honeywell International, Inc.		2,576,833
				5,200,175
		ELECTRIC UTILITIES - 3.8%
	46,964	NextEra Energy, Inc.		3,658,496
	29,992	Xcel Energy, Inc.		2,046,954
				5,705,450
		ELECTRICAL EQUIPMENT - 2.1%
	25,993	Johnson Controls International plc		1,856,420
	6,282	Trane Technologies plc		1,279,078
				3,135,498
		ENGINEERING & CONSTRUCTION - 1.3%
	21,953	Quanta Services, Inc.		1,995,528
		ENTERTAINMENT CONTENT - 2.1%
	18,091	Walt Disney Company (The)		3,184,378
		FOOD - 2.2%
	26,612	Mondelez International, Inc., Class A		1,683,475
	21,893	Tyson Foods, Inc., Class A		1,564,474
				3,247,949
		HEALTH CARE FACILITIES & SERVICES - 4.9%
	15,189	AmerisourceBergen Corporation		1,855,640
	21,676	CVS Health Corporation(b)		1,785,235
	9,064	UnitedHealth Group, Inc.		3,736,363
				7,377,238
		HOUSEHOLD PRODUCTS - 1.1%
	11,716	Procter & Gamble Company (The)		1,666,367

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.4% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.8%
	46,700	Bank of New York Mellon Corporation (The)	$	2,397,111
	15,006	Intercontinental Exchange, Inc.		1,798,169
				4,195,280
		INSURANCE - 6.1%
	17,856	Allstate Corporation (The)		2,322,173
	5,856	Berkshire Hathaway, Inc., Class B(a)		1,629,666
	25,667	Hartford Financial Services Group, Inc. (The)		1,632,935
	20,371	Prudential Financial, Inc.		2,042,804
	10,482	Travelers Companies, Inc. (The)		1,560,979
				9,188,557
		INTERNET MEDIA & SERVICES - 2.9%
	1,619	Alphabet, Inc., Class A(a)		4,362,443
		LEISURE FACILITIES & SERVICES - 1.0%
	10,122	Darden Restaurants, Inc.		1,476,597
		MACHINERY - 2.5%
	8,084	Caterpillar, Inc.		1,671,367
	6,755	Parker-Hannifin Corporation		2,107,763
				3,779,130
		MEDICAL EQUIPMENT & DEVICES - 6.2%
	21,849	Abbott Laboratories		2,643,292
	9,863	Hill-Rom Holdings, Inc.(b)		1,365,631
	6,078	Stryker Corporation		1,646,773
	6,780	Thermo Fisher Scientific, Inc.		3,661,268
				9,316,964
		OIL & GAS PRODUCERS - 3.9%
	50,044	ConocoPhillips		2,805,468
	22,412	EOG Resources, Inc.		1,632,938
	18,159	Phillips 66		1,333,415
				5,771,821

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.4% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 1.5%
	76,203	Schlumberger N.V.	$	2,196,933
		RETAIL - CONSUMER STAPLES - 2.0%
	11,404	Target Corporation(b)		2,977,014
		RETAIL - DISCRETIONARY - 2.5%
	1,316	AutoZone, Inc.(a)		2,136,618
	8,404	Lowe’s Companies, Inc.		1,619,367
				3,755,985
		SEMICONDUCTORS - 4.0%
	3,135	Broadcom, Inc.		1,521,729
	17,348	Intel Corporation		931,935
	21,778	Micron Technology, Inc.(a)		1,689,537
	46,732	ON Semiconductor Corporation(a)		1,825,351
				5,968,552
		SOFTWARE - 1.0%
	5,169	Microsoft Corporation		1,472,700
		SPECIALTY FINANCE - 0.9%
	7,500	American Express Company(b)		1,278,975
		TECHNOLOGY HARDWARE - 1.3%
	34,626	Cisco Systems, Inc.		1,917,242
		TECHNOLOGY SERVICES - 1.5%
	11,669	Global Payments, Inc.		2,256,901
		TELECOMMUNICATIONS - 1.9%
	51,083	Verizon Communications, Inc.		2,849,410
		TRANSPORTATION & LOGISTICS - 2.1%
	30,000	Knight-Swift Transportation Holdings, Inc.		1,490,700
	33,762	Southwest Airlines Company (a)		1,705,656
				3,196,356

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.4% (Continued)
		TOTAL COMMON STOCKS (Cost $97,320,545)	$	139,878,557
		REITS — 4.4%
		REITS - 4.4%
	5,405	American Tower Corporation		1,528,534
	11,044	Boston Properties, Inc.(b)		1,296,345
	25,645	Equity LifeStyle Properties, Inc.		2,149,051
	13,003	Prologis, Inc.		1,664,904
		TOTAL REITS (Cost $4,620,315)		6,638,834
		COLLATERAL FOR SECURITIES LOANED — 6.3%
	9,338,193	Mount Vernon Prime Portfolio, 0.10% (Cost $9,338,193)(c),(d)		9,338,193
		TOTAL INVESTMENTS - 104.1% (Cost $111,279,053)	$	155,855,584
		OTHER ASSETS IN EXCESS OF LIABILITIES- (4.1)%		(6,113,030	)
		NET ASSETS - 100.0%	$	149,742,554

NV	- Naamioze Vennootschap
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $9,099,989 at July 31, 2021.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(d)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 85.8%
		AEROSPACE & DEFENSE - 0.8%
	5,727	Barnes Group, Inc.	$	290,187
	7,620	Kaman Corporation		337,947
				628,134
		ASSET MANAGEMENT - 1.0%
	12,000	B Riley Financial, Inc.		810,720
		AUTOMOTIVE - 1.3%
	66,839	Goodyear Tire & Rubber Company (The) (a)		1,050,041
		BANKING - 15.4%
	49,045	Associated Banc-Corporation		971,091
	34,962	Bancorp, Inc. (The)(a)		817,062
	15,803	Banner Corporation		838,191
	10,600	BOK Financial Corporation(b)		890,506
	27,017	Central Pacific Financial Corporation		691,635
	20,451	First Bancshares, Inc. (The)(b)		788,795
	14,756	First Financial Corporation		590,978
	12,384	First Interstate BancSystem, Inc., Class A		519,137
	18,031	Heartland Financial USA, Inc.		822,574
	32,215	Independent Bank Corporation		677,481
	24,544	TriCompany Bancshares		967,770
	31,780	Trustmark Corporation(b)		954,036
	12,135	UMB Financial Corporation		1,135,836
	48,544	Umpqua Holdings Corporation		916,025
	32,056	United Community Banks, Inc.		923,533
				12,504,650
		BIOTECH & PHARMA - 4.8%
	17,500	Amphastar Pharmaceuticals, Inc.(a)		366,625
	9,738	Anika Therapeutics, Inc.(a)		390,786
	4,300	Blueprint Medicines Corporation(a),(b)		377,841
	28,542	Coherus Biosciences, Inc.(a),(b)		372,473
	8,500	Eagle Pharmaceuticals, Inc.(a)		395,250
	12,500	FibroGen, Inc.(a)		162,500
	36,756	Jounce Therapeutics, Inc.(a)		185,250

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 85.8% (Continued)
		BIOTECH & PHARMA - 4.8% (Continued)
	6,700	Sage Therapeutics, Inc.(a),(b)	$	292,991
	14,062	Supernus Pharmaceuticals, Inc.(a),(b)		370,252
	17,000	Translate Bio, Inc.(a)		469,880
	30,851	Vanda Pharmaceuticals, Inc.(a),(b)		503,181
				3,887,029
		CHEMICALS - 2.1%
	12,612	Cabot Corporation		694,417
	12,137	Minerals Technologies, Inc.		973,630
				1,668,047
		COMMERCIAL SUPPORT SERVICES - 2.1%
	18,700	Deluxe Corporation(b)		820,930
	8,823	Insperity, Inc.		873,918
				1,694,848
		CONSUMER SERVICES - 1.2%
	1,443	Graham Holdings Company, Class B		959,104
		CONTAINERS & PACKAGING - 1.0%
	12,854	Greif, Inc., Class A(b)		779,209
		ELECTRIC UTILITIES - 2.7%
	23,672	Hawaiian Electric Industries, Inc.(b)		1,025,945
	10,419	NorthWestern Corporation		645,874
	10,837	Unitil Corporation		573,494
				2,245,313
		ENGINEERING & CONSTRUCTION - 1.2%
	33,219	Primoris Services Corporation(b)		993,248
		FOOD - 1.4%
	19,905	Phibro Animal Health Corporation, Class A		471,151
	12,130	Seneca Foods Corporation, Class A(a)		663,997
				1,135,148
		GAS & WATER UTILITIES - 1.2%
	5,641	SJW Group		388,834

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 85.8% (Continued)
		GAS & WATER UTILITIES - 1.2% (Continued)
	8,125	Southwest Gas Holdings, Inc.(b)	$	568,181
				957,015
		HEALTH CARE FACILITIES & SERVICES - 2.5%
	13,547	National HealthCare Corporation		1,051,924
	21,219	Owens & Minor, Inc.(b)		981,379
				2,033,303
		HOME CONSTRUCTION - 2.8%
	7,662	American Woodmark Corporation(a)		568,904
	13,413	M/I Homes, Inc.(a)		867,955
	8,057	Meritage Homes Corporation(a)		874,829
				2,311,688
		HOUSEHOLD PRODUCTS - 1.3%
	11,241	Clearwater Paper Corporation(a),(b)		331,497
	13,293	Nu Skin Enterprises, Inc., Class A(b)		713,701
				1,045,198
		INDUSTRIAL INTERMEDIATE PROD – 2.9%
	14,281	AZZ, Inc.		756,750
	19,332	Mueller Industries, Inc.		839,009
	3,404	Valmont Industries, Inc.		806,578
				2,402,337
		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	7,542	Piper Sandler Cos		925,328
		INSURANCE - 2.4%
	17,596	American Equity Investment Life Holding Company		564,656
	17,118	Mercury General Corporation(b)		1,041,288
	1,653	National Western Life Group, Inc., Class A		343,642
				1,949,586
		LEISURE FACILITIES & SERVICES - 1.7%
	36,799	Fiesta Restaurant Group, Inc.(a),(b)		492,739
	17,306	Travel + Leisure Company		896,450
				1,389,189
		MACHINERY - 3.8%
	7,884	Altra Industrial Motion Corporation		494,169

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 85.8% (Continued)
		MACHINERY - 3.8% (Continued)
	12,146	Columbus McKinnon Corporation(b)	$	563,574
	4,936	Curtiss-Wright Corporation		583,929
	14,680	Hillenbrand, Inc.		665,004
	5,025	Regal Beloit Corporation(b)		739,831
				3,046,507
		MEDICAL EQUIPMENT & DEVICES - 1.0%
	4,087	ICU Medical, Inc.(a)		830,846
		METALS & MINING - 0.8%
	16,498	Alcoa Corporation(a)		662,395
		OIL & GAS PRODUCERS - 4.0%
	74,567	Antero Midstream Corporation(b)		708,387
	21,495	Bonanza Creek Energy, Inc.(b)		826,913
	28,300	HollyFrontier Corporation		832,020
	29,750	Matador Resources Company(b)		919,274
				3,286,594
		OIL & GAS SERVICES & EQUIPMENT - 1.7%
	82,347	Archrock, Inc.		709,008
	63,001	Liberty Oilfield Services, Inc., Class A (a)		641,980
				1,350,988
		RETAIL - CONSUMER STAPLES - 1.9%
	12,602	Big Lots, Inc.(b)		726,001
	13,076	Ingles Markets, Inc., Class A(b)		781,422
				1,507,423
		RETAIL - DISCRETIONARY - 4.8%
	31,634	Abercrombie & Fitch Company, Class A(a)		1,196,082
	20,290	Foot Locker, Inc.		1,157,747
	23,603	Lumber Liquidators Holdings, Inc.(a),(b)		450,345
	18,931	Sonic Automotive, Inc., Class A(b)		1,032,686
				3,836,860
		SEMICONDUCTORS - 2.8%
	48,261	Amkor Technology, Inc.		1,189,152

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 85.8% (Continued)
		SEMICONDUCTORS - 2.8% (Continued)
	46,747	Rambus, Inc.(a),(b)	$	1,106,034
				2,295,186
		SOFTWARE - 2.2%
	29,300	Donnelley Financial Solutions, Inc.(a)		943,753
	52,000	NextGen Healthcare, Inc.(a)		843,440
				1,787,193
		SPECIALTY FINANCE - 2.5%
	32,794	Mr Cooper Group, Inc.(a),(b)		1,219,281
	14,099	Stewart Information Services Corporation		831,982
				2,051,263
		STEEL - 1.0%
	25,561	Commercial Metals Company		838,401
		TECHNOLOGY HARDWARE - 1.5%
	34,702	Knowles Corporation(a)		695,428
	11,426	NCR Corporation(a)		507,314
				1,202,742
		TECHNOLOGY SERVICES - 1.0%
	8,322	Insight Enterprises, Inc.(a),(b)		835,362
		TELECOMMUNICATIONS - 1.1%
	39,700	EchoStar Corporation, Class A(a),(b)		885,310
		TRANSPORTATION & LOGISTICS - 2.8%
	37,352	Heartland Express, Inc.		636,105
	9,572	Matson, Inc.		642,473
	12,600	Ryder System, Inc.		959,489
				2,238,067
		WHOLESALE - DISCRETIONARY - 2.1%
	7,532	ePlus, Inc.(a)		696,409

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 85.8% (Continued)
		WHOLESALE - DISCRETIONARY - 2.1% (Continued)
	34,644	G-III Apparel Group Ltd.(a),(b)	$	1,034,470
				1,730,879
		TOTAL COMMON STOCKS (Cost $54,411,076)		69,755,151
		REITS — 13.9%
		REITS - 11.9%
	52,544	Apple Hospitality REIT, Inc.(b)		785,533
	53,871	Armada Hoffler Properties, Inc.		700,323
	62,922	Brandywine Realty Trust(b)		878,391
	57,063	Chatham Lodging Trust(a)		700,734
	34,990	Global Net Lease, Inc.		646,265
	20,300	Highwoods Properties, Inc.		968,107
	16,630	Physicians Realty Trust(b)		315,139
	17,700	PotlatchDeltic Corporation(b)		919,338
	6,200	PS Business Parks, Inc.		952,754
	51,741	Sabra Health Care REIT, Inc.		961,865
	58,000	SITE Centers Corporation(b)		919,880
	41,870	UMH Properties, Inc.		974,734
				9,723,063
		SPECIALTY FINANCE - 2.0%
	133,168	Capstead Mortgage Corporation		848,280
	43,236	Dynex Capital, Inc.		754,468
				1,602,748
		TOTAL REITS (Cost $9,822,926)		11,325,811
		COLLATERAL FOR SECURITIES LOANED — 27.2%
	22,087,159	Mount Vernon Prime Portfolio, 0.10% (Cost $22,087,159)(c),(d)		22,087,159
		TOTAL INVESTMENTS – 126.9% (Cost $86,321,161)	$	103,168,121
		OTHER ASSETS IN EXCESS OF LIABILITIES- (26.9)%		(21,892,773	)
		NET ASSETS - 100.0%	$	81,275,348

LTD	- Limited Company
REIT	- Real Estate Investment Trust

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $21,451,026 at July 31, 2021.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(d)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.2%
		E-COMMERCE DISCRETIONARY - 9.4%
	4,335	Amazon.com, Inc.(a)	$	14,425,102
	3,129	MercadoLibre, Inc.(a)		4,908,462
				19,333,564
		INTERNET MEDIA & SERVICES - 6.0%
	20,844	Facebook, Inc., Class A(a)		7,426,717
	9,829	Netflix, Inc.(a)		5,087,196
				12,513,913
		LEISURE FACILITIES & SERVICES - 2.7%
	3,031	Chipotle Mexican Grill, Inc.(a),(b)		5,648,087
		MEDICAL EQUIPMENT & DEVICES - 13.9%
	9,072	Align Technology, Inc.(a)		6,312,298
	12,159	DexCom, Inc.(a),(b)		6,268,086
	47,628	Edwards Lifesciences Corporation(a)		5,347,196
	15,000	Insulet Corporation(a)		4,195,350
	6,756	Intuitive Surgical, Inc.(a)		6,698,303
				28,821,233
		RETAIL - DISCRETIONARY - 6.3%
	14,619	Burlington Stores, Inc.(a),(b)		4,894,441
	11,658	Lululemon Athletica, Inc.(a)		4,665,182
	19,247	Tractor Supply Company		3,482,360
				13,041,983
		SEMICONDUCTORS - 7.4%
	11,405	Advanced Micro Devices, Inc.(a)		1,211,097
	58,080	NVIDIA Corporation		11,325,019
	18,000	QUALCOMM, Inc.		2,696,400
				15,232,516
		SOFTWARE - 30.8%
	11,700	Adobe, Inc.(a)		7,273,071
	24,312	Autodesk, Inc.(a)		7,807,313
	37,138	Microsoft Corporation		10,580,988
	29,367	salesforce.com, Inc.(a)		7,104,758
	19,866	ServiceNow, Inc.(a)		11,679,022
	14,269	Twilio, Inc., Class A(a)		5,330,756

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		SOFTWARE - 30.8% (Continued)
	18,000	Unity Software, Inc.(a),(b)	$	1,928,160
	28,088	Veeva Systems, Inc., Class A(a)		9,345,158
	21,000	Zendesk, Inc.(a),(b)		2,741,130
				63,790,356
		TECHNOLOGY HARDWARE - 2.5%
	34,775	Apple, Inc.		5,072,282
		TECHNOLOGY SERVICES - 20.2%
	28,797	Mastercard, Inc., Class A		11,113,914
	42,188	PayPal Holdings, Inc.(a)		11,624,060
	32,905	Square, Inc., Class A(a),(b)		8,136,090
	44,208	Visa, Inc., Class A(b)		10,892,409
				41,766,473
		TOTAL COMMON STOCKS (Cost $83,954,666)		205,220,407
		COLLATERAL FOR SECURITIES LOANED — 17.4%
	35,907,570	Mount Vernon Liquid Assets Portfolio, 0.10% (Cost $35,907,570)(c),(d)		35,907,570
		TOTAL INVESTMENTS - 116.6% (Cost $119,862,236)	$	241,127,977
		LIABILITIES IN EXCESS OF OTHER ASSETS - (16.6)%		(34,284,232	)
		NET ASSETS - 100.0%	$	206,843,745

ETF  - Exchange-Traded Fund

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $34,598,715 at July 31, 2021.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(d)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.6%
		ADVERTISING & MARKETING - 2.0%
	6,648	Cardlytics, Inc.(a)	$	837,382
	26,410	Magnite, Inc.(a)		800,223
				1,637,605
		AEROSPACE & DEFENSE - 0.6%
	9,541	Hexcel Corporation		519,221
		APPAREL & TEXTILE PRODUCTS - 1.4%
	8,641	Crocs, Inc.(a)		1,173,534
		BANKING - 2.2%
	13,302	Glacier Bancorp, Inc.		685,851
	19,497	Seacoast Banking Corporation of Florida		592,514
	5,727	Silvergate Capital Corporation(a)		588,736
				1,867,101
		BIOTECH & PHARMA - 8.1%
	15,432	Alector, Inc.(a)		370,908
	20,679	Allogene Therapeutics, Inc.(a)		453,904
	17,143	Anavex Life Sciences Corporation(a)		307,717
	24,128	Avid Bioservices, Inc.(a)		618,883
	8,652	Biohaven Pharmaceutical Holding Company Ltd.(a)		1,090,238
	6,548	CRISPR Therapeutics A.G.(a)		792,439
	5,049	Mirati Therapeutics, Inc.(a)		808,143
	22,153	Myovant Sciences Ltd.(a)		454,580
	12,404	Revance Therapeutics, Inc.(a)		360,708
	24,343	Seer, Inc.(a),(b)		777,515
	21,049	TG Therapeutics, Inc.(a)		736,505
				6,771,540
		CHEMICALS - 1.2%
	47,336	Codexis, Inc.(a)		1,001,630
		COMMERCIAL SUPPORT SERVICES - 0.9%
	4,575	Avalara, Inc.(a)		764,803

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.6% (Continued)
		E-COMMERCE DISCRETIONARY - 1.0%
	20,980	Poshmark, Inc.(a)	$	823,255
		ELECTRICAL EQUIPMENT - 2.0%
	7,770	Itron, Inc.(a)		766,277
	25,676	nLight, Inc.(a)		890,701
				1,656,978
		ENGINEERING & CONSTRUCTION - 4.4%
	8,775	Exponent, Inc.		939,715
	5,048	Installed Building Products, Inc.		605,760
	14,764	Latham Group, Inc.(a)		402,762
	15,574	Montrose Environmental Group, Inc.(a)		836,168
	29,900	WillScot Mobile Mini Holdings Corporation(a)		858,429
				3,642,834
		FOOD - 0.5%
	23,865	Vital Farms, Inc.(a)		415,490
		HEALTH CARE FACILITIES & SERVICES - 5.2%
	8,725	HealthEquity, Inc.(a)		645,476
	4,301	LHC Group, Inc.(a)		925,489
	35,442	LifeStance Health Group, Inc.(a)		839,975
	22,328	Personalis, Inc.(a)		468,665
	10,201	Progyny, Inc.(a)		568,094
	24,553	RadNet, Inc.(a)		902,077
				4,349,776
		HOME CONSTRUCTION - 2.3%
	18,200	AZEK Company, Inc. (The)(a)		661,934
	2,162	LGI Homes, Inc.(a)		369,486
	16,075	Skyline Champion Corporation(a)		906,630
				1,938,050
		HOUSEHOLD PRODUCTS - 2.6%
	43,732	elf Beauty, Inc.(a)		1,207,441
	12,444	Inter Parfums, Inc.		956,570
				2,164,011

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.6% (Continued)
		INDUSTRIAL INTERMEDIATE PRODUCTS - 1.0%
	5,301	Chart Industries, Inc.(a)	$	824,040
		INDUSTRIAL SUPPORT SERVICES - 0.6%
	2,989	SiteOne Landscape Supply, Inc.(a)		522,417
		INSTITUTIONAL FINANCIAL SERVICES - 3.1%
	5,150	Evercore, Inc., Class A		680,830
	12,113	Houlihan Lokey, Inc.		1,079,268
	14,117	Moelis & Company, Class A		836,432
				2,596,530
		INTERNET MEDIA & SERVICES - 4.0%
	46,652	Eventbrite, Inc., Class A(a)		829,005
	6,291	Pinterest, Inc., Class A(a)		370,540
	8,460	TechTarget, Inc.(a)		618,257
	14,159	Upwork, Inc.(a)		733,295
	2,750	Wix.com Ltd.(a)		821,260
				3,372,357
		LEISURE FACILITIES & SERVICES - 4.5%
	48,743	Lindblad Expeditions Holdings, Inc.(a)		667,292
	10,705	Papa John’s International, Inc.		1,221,654
	8,001	Shake Shack, Inc., Class A(a)		804,421
	6,349	Wingstop, Inc.		1,087,647
				3,781,014
		LEISURE PRODUCTS - 0.8%
	3,878	Fox Factory Holding Corporation(a)		626,452
		MACHINERY - 1.1%
	5,748	MSA Safety, Inc.		945,431
		MEDICAL EQUIPMENT & DEVICES - 7.5%
	39,441	Acutus Medical, Inc.(a),(b)		607,391
	15,054	Adaptive Biotechnologies Corporation(a)		551,880
	49,899	Alphatec Holdings, Inc.(a)		735,511
	9,993	BioLife Solutions, Inc.(a)		468,672

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.6% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 7.5% (Continued)
	134,157	Cerus Corporation(a)	$	676,151
	5,774	Inari Medical, Inc.(a)		518,447
	5,176	Insulet Corporation(a)		1,447,676
	3,199	Repligen Corporation(a)		785,994
	4,125	Tandem Diabetes Care, Inc.(a)		448,264
				6,239,986
		RENEWABLE ENERGY - 1.0%
	3,200	SolarEdge Technologies, Inc.(a)		830,336
		RETAIL - CONSUMER STAPLES - 0.7%
	6,624	Ollie’s Bargain Outlet Holdings, Inc.(a)		616,694
		RETAIL - DISCRETIONARY - 1.9%
	27,112	American Eagle Outfitters, Inc.		934,551
	4,394	Freshpet, Inc.(a)		643,501
				1,578,052
		SEMICONDUCTORS - 10.0%
	28,959	Allegro MicroSystems, Inc.(a)		793,766
	25,046	Axcelis Technologies, Inc.(a)		965,523
	9,144	Brooks Automation, Inc.		813,907
	10,502	Cree, Inc.(a)		974,166
	28,903	FormFactor, Inc.(a)		1,076,926
	17,254	Lattice Semiconductor Corporation(a)		979,165
	9,280	Power Integrations, Inc.		900,067
	15,665	Semtech Corporation(a)		969,820
	5,836	Silicon Laboratories, Inc.(a)		869,506
				8,342,846
		SOFTWARE - 13.8%
	7,157	Bandwidth, Inc., Class A(a)		927,976
	7,807	Blackline, Inc.(a)		893,043
	3,606	Coupa Software, Inc.(a)		782,502
	14,246	DoubleVerify Holdings, Inc.(a),(b)		492,912
	4,798	Elastic N.V.(a)		710,392
	7,138	Everbridge, Inc.(a)		1,008,027

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.6% (Continued)
		SOFTWARE - 13.8% (Continued)
	23,969	Jamf Holding Corporation(a)	$	786,423
	14,161	LivePerson, Inc.(a)		901,914
	3,805	Omnicell, Inc.(a)		557,433
	19,427	PROS Holdings, Inc.(a)		843,520
	6,027	Schrodinger, Inc.(a)		407,847
	10,388	Sprout Social, Inc., Class A(a)		922,870
	17,952	Tenable Holdings, Inc.(a)		768,346
	4,909	Workiva, Inc.(a)		637,041
	62,055	Yext, Inc.(a)		808,577
				11,448,823
		TECHNOLOGY HARDWARE - 3.6%
	10,332	Fabrinet(a)		976,581
	7,335	Kornit Digital Ltd.(a)		969,394
	26,576	PagerDuty, Inc.(a)		1,078,719
				3,024,694
		TECHNOLOGY SERVICES - 4.8%
	7,114	Endava plc - ADR(a)		915,003
	9,833	MAXIMUS, Inc.		875,137
	831	MSCI, Inc.		495,243
	28,840	Telos Corporation(a)		808,097
	11,676	WNS Holdings Ltd. - ADR(a)		961,402
				4,054,882
		TRANSPORTATION & LOGISTICS - 4.7%
	41,769	Air Transport Services Group, Inc.(a)		1,010,810
	14,592	CryoPort, Inc.(a)		900,618
	60,215	Marten Transport Ltd.		952,601
	4,642	Saia, Inc.(a)		1,049,092
				3,913,121
		TRANSPORTATION EQUIPMENT - 1.1%
	36,823	Meritor, Inc.(a)		895,904
		TOTAL COMMON STOCKS (Cost $60,328,437)		82,339,407

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 1.6%
	1,315,294	HSBC US Government Money Market Fund - Class I, 0.03% (Cost $1,315,294)(c),(d)	$	1,315,294
		TOTAL INVESTMENTS - 100.2% (Cost $61,643,731)	$	83,654,701
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(181,072	)
		NET ASSETS - 100.0%	$	83,473,629

ADR	- American Depositary Receipt
Ltd.	- Limited Company
MSCI	- Morgan Stanley Capital International
NV	- Naamioze Vennootschap
plc	- Public Limited Company

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,289,170 at July 31, 2021.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(d)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement.  The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		CLOSED END FUNDS — 1.0%
		MIXED ALLOCATION - 1.0%
	136,545	Vietnam Enterprise Investments Ltd.(a) (Cost $861,698)	$	1,241,197
		COMMON STOCKS — 95.5%
		AUTOMOTIVE - 1.4%
	523,000	Geely Automobile Holdings Ltd.		1,754,334
		BANKING - 9.5%
	380,699	Banco Bradesco S.A. – ADR(b)		1,777,865
	31,300	Banco Santander Chile - ADR		611,602
	453,400	Bank Central Asia Tbk P.T.		935,980
	292,500	China Merchants Bank Company Ltd., H Shares		2,225,198
	68,700	ICICI Bank Ltd. – ADR(b)		1,277,133
	160,900	Itau Unibanco Holding S.A. - ADR		928,393
	367,800	Kasikornbank PCL - ADR		1,151,803
	11,203	OTP Bank Nyrt(a)		605,693
	1,426,500	Public Bank Bhd		1,345,759
	102,166	Sberbank of Russia PJSC		403,877
	41,267	Sberbank of Russia PJSC - ADR		687,096
				11,950,399
		BEVERAGES - 2.9%
	258,200	Budweiser Brewing Company APAC Ltd.		720,584
	182,900	Carabao Group PCL(a)		807,109
	19,800	Heineken Malaysia Bhd		105,213
	195,824	Varun Beverages Ltd.		2,005,482
				3,638,388
		BIOTECH & PHARMA - 0.5%
	39,120	Joinn Laboratories China Company Ltd.		654,746
		CHEMICALS - 0.5%
	2,634,800	AKR Corporindo Tbk P.T.		655,927

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		CONSUMER SERVICES - 1.4%
	987,000	China Education Group Holdings Ltd.	$	1,789,764
		CONTAINERS & PACKAGING - 1.3%
	785,300	SCG Packaging PCL		1,654,996
		E-COMMERCE DISCRETIONARY - 7.1%
	295,000	Alibaba Group Holding Ltd.(a),		7,204,666
	50,200	JD.com, Inc.(a)		1,750,152
				8,954,818
		ELECTRICAL EQUIPMENT - 0.8%
	267,299	Shanghai Liangxin Electrical Company Ltd.		905,490
		ENGINEERING & CONSTRUCTION - 1.0%
	66,518	Mytilineos S.A.		1,233,354
		FOOD - 1.7%
	7,301,700	Monde Nissin Corporation(a)		2,159,030
		GAS & WATER UTILITIES - 0.7%
	624,000	Guangdong Investment Ltd.		873,146
		HEALTH CARE FACILITIES & SERVICES - 1.6%
	59,800	Hangzhou Tigermed Consulting Company Ltd.		1,161,336
	197,975	Max Healthcare Institute Ltd.(a)		790,296
				1,951,632
		HOME & OFFICE PRODUCTS - 1.4%
	249,800	Haier Smart Home Company Ltd., H Shares		856,727
	96,600	Midea Group Company Ltd.		952,886
				1,809,613
		HOUSEHOLD PRODUCTS - 1.6%
	65,636	Hindustan Unilever Ltd.		2,062,346
		INSTITUTIONAL FINANCIAL SERVICES - 0.9%
	392,400	B3 S.A. - Brasil Bolsa Balcao		1,167,952

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		INSURANCE - 3.9%
	128,200	AIA Group Ltd.	$	1,534,001
	201,000	Ping An Insurance Group Company of China Ltd., H Shares		1,758,908
	85,364	Prudential plc		1,603,441
				4,896,350
		INTERNET MEDIA & SERVICES - 7.4%
	53,500	Dada Nexus Ltd. - ADR(a)		1,155,065
	3,898	Naspers Ltd., N Shares		753,394
	7,146	NAVER Corporation		2,693,339
	59,100	Tencent Holdings Ltd.		3,564,189
	17,800	Yandex N.V., Class A(a)		1,209,154
				9,375,141
		LEISURE FACILITIES & SERVICES - 3.5%
	1,268,467	Lemon Tree Hotels Ltd.(a)		705,251
	849,500	Minor International PCL - ADR(a)		768,379
	122,926	OPAP S.A.		1,774,974
	956,000	Wynn Macau Ltd.(a)		1,225,210
				4,473,814
		LEISURE PRODUCTS - 0.5%
	59,000	Giant Manufacturing Company Ltd.		679,472
		MACHINERY - 1.0%
	317,690	Sany Heavy Industry Company Ltd., Class A		1,226,015
		OIL & GAS PRODUCERS - 2.9%
	344,921	Gazprom PJSC		1,344,266
	460,500	PTT Exploration & Production PCL		1,442,245
	777,600	PTT PCL - ADR		822,311
				3,608,822
		REAL ESTATE OWNERS & DEVELOPERS - 2.6%
	90,626	Godrej Properties Ltd.(a)		1,954,449
	418,000	KWG Group Holdings Ltd.		458,748

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS - 2.6% (Continued)
	177,300	Vinhomes JSC(a),	$	836,488
				3,249,685
		REAL ESTATE SERVICES - 0.8%
	300,200	ESR Cayman Ltd.(a)		1,055,141
		RENEWABLE ENERGY - 4.2%
	26,900	Contemporary Amperex Technology Company Ltd.		2,308,557
	188,515	LONGi Green Energy Technology Company Ltd., Class A		2,519,883
	5,258	OCI Company Ltd.(a)		521,683
				5,350,123
		RETAIL - CONSUMER STAPLES - 2.3%
	662,000	Alibaba Health Information Technology Ltd.(a),		1,031,792
	282,100	Atacadao S.A.		1,049,016
	10,763	Magnit PJSC		787,686
				2,868,494
		RETAIL - DISCRETIONARY - 1.0%
	18,531	CCC S.A.(a)		585,258
	1,677,700	Home Product Center PCL		679,704
				1,264,962
		SEMICONDUCTORS - 12.0%
	9,900	ACM Research, Inc., Class A(a),(b)		919,314
	9,000	ASPEED Technology, Inc.(a)		724,846
	58,000	MediaTek, Inc.		1,896,476
	77,000	Realtek Semiconductor Corporation		1,625,763
	15,184	SK Hynix, Inc.		1,486,458
	370,000	Taiwan Semiconductor Manufacturing Company Ltd.		7,732,816
	7,000	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		816,480
				15,202,153
		SOFTWARE - 0.6%
	80,000	Glodon Company Ltd.		783,105
		SPECIALTY FINANCE - 2.8%
	108,928	Housing Development Finance Corp Ltd.		3,585,869

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		STEEL - 0.7%
	681,000	China Steel Corporation	$	888,139
		TECHNOLOGY HARDWARE - 7.1%
	155,000	Accton Technology Corporation		1,814,541
	395,000	Hon Hai Precision Industry Company Ltd.		1,560,930
	51,670	Samsung Electronics Company Ltd.		3,530,942
	33,894	Samsung Electronics Company Ltd.		2,127,726
				9,034,139
		TECHNOLOGY SERVICES - 4.3%
	147,599	Infosys Ltd.		3,216,760
	213,050	Shanghai Baosight Software Company Ltd.		2,206,645
				5,423,405
		TELECOMMUNICATIONS - 1.3%
	50,300	21Vianet Group, Inc. - ADR(a),(b)		871,699
	101,682	Bharti Airtel Ltd.		769,143
				1,640,842
		TRANSPORTATION & LOGISTICS - 2.3%
	91,976	Spring Airlines Company Ltd.(a)		676,371
	32,072	Wizz Air Holdings plc(a)		2,205,015
				2,881,386
		TOTAL COMMON STOCKS (Cost $102,465,142)		120,702,992
		WARRANT — 0.0%
		LEISURE FACILITIES & SERVICES - 0.0%
	26,977	Minor International PCL (Thailand)		7,345
	42,772	Minor International PCL (Thailand)		6,142
	38,763	Minor International PCL (Thailand)		4,529
		TOTAL WARRANT (Cost $5,303)		18,016

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 2.5%
	3,216,098	Mount Vernon Prime Portfolio, 0.10% (Cost $3,216,098)(c),(d)	$	3,216,098
		TOTAL INVESTMENTS - 99.0% (Cost $106,548,241)	$	125,178,303
		LIABILITIES IN EXCESS OF OTHER ASSETS - 1.0%		1,265,960
		NET ASSETS - 100.0%	$	126,444,263

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

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $3,103,380 at July 31, 2021.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(d)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 105% 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 105% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 105%.

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9%
		ADVERTISING & MARKETING - 0.6%
	64,300	Hakuhodo DY Holdings, Inc.	$	977,635
	2,563	WPP plc - ADR(f)		165,826
				1,143,461
		APPAREL & TEXTILE PRODUCTS - 1.8%
	2,438	adidas A.G.		884,546
	1,700	Burberry Group plc - ADR		48,943
	38,200	Cie Financiere Richemont S.A. - ADR		487,432
	8,293	Cie Financiere Richemont S.A.		1,060,721
	11,300	Gildan Activewear, Inc. (f)		389,737
	92,000	Pou Chen Corporation		116,360
	182	Swatch Group A.G. (The)		60,682
	10,100	Swatch Group A.G. (The) - ADR(f)		168,064
				3,216,485
		ASSET MANAGEMENT - 3.7%
	31,954	Grupo de Inversiones Suramericana S.A.		134,591
	24,200	IGM Financial, Inc.		853,547
	37,168	Industrivarden A.B., C Shares		1,423,501
	47,569	Investor A.B.		1,182,548
	869,800	Itausa S.A.		1,889,290
	1,533	Sofina S.A.		718,527
	31,383	UBS Group A.G.		516,803
				6,718,807
		AUTOMOTIVE - 6.7%
	26,600	Aisin Seiki Company Ltd.		1,076,431
	10,200	Bayerische Motoren Werke A.G.		1,013,816
	7,424	Continental A.G.		1,008,133
	1,500	Denso Corporation		103,010
	7,314	Hankook Tire & Technology Company Ltd.		307,849
	23,900	Honda Motor Company Ltd. – ADR (f)		767,190
	2,800	Honda Motor Company Ltd.		89,893
	6,461	Hyundai Motor Company		556,844
	58,500	Mitsubishi Motors Corporation(a)		164,302
	77,900	Nissan Motor Company Ltd.(a)		451,934
	3,193	Porsche Automobil Holding S.E.		345,451

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		AUTOMOTIVE - 6.7% (Continued)
	131,975	Porsche Automobil Holding S.E. - ADR	$	1,421,371
	15,100	Renault S.A.,(a)		573,291
	60,512	Stellantis N.V.		1,159,971
	4,721	Stellantis N.V.		90,615
	4,800	Sumitomo Electric Industries Ltd.		68,164
	3,900	Sumitomo Rubber Industries Ltd.		52,469
	10,100	Toyoda Gosei Company Ltd.		237,310
	5,562	Volkswagen A.G.		1,354,227
	144,600	Weifu High-Technology Group Company Ltd.		268,355
	35,700	Yamaha Motor Company Ltd.		893,586
				12,004,212
		BANKING - 5.6%
	208,800	Banco Bradesco S.A.		843,784
	135,986	Banco Santander Mexico S.A. Institucion de Banca - ADR		796,878
	18,719	Bank AlBilad(a)		183,126
	23,181	Bank of China Ltd. - ADR		201,211
	31,712	BNK Financial Group, Inc.		213,463
	272,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		101,519
	181,595	Gulf Bank KSCP		145,083
	10,225	Hana Financial Group, Inc.		385,775
	12,801	Industrial & Commercial Bank of China Ltd. – ADR (f)		141,707
	449,900	Mebuki Financial Group, Inc.		962,485
	101,100	Mitsubishi UFJ Financial Group, Inc. – ADR (f)		536,841
	80,753	Quinenco S.A.		153,279
	782,500	Sberbank of Russia PJSC		3,271,260
	189,180	Sberbank of Russia PJSC		747,856
	1,915,580,000	VTB Bank PJSC		1,275,209
				9,959,476
		BEVERAGES - 1.1%
	33,900	Anhui Yingjia Distillery Company Ltd.		189,391
	6,551	Coca-Cola Europacific Partners plc		405,107
	25,401	Coca-Cola HBC AG		959,457
	139,001	Embotelladora Andina S.A.		332,433
	8,099	Sichuan Swellfun Company Ltd.		128,249

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		BEVERAGES - 1.1% (Continued)	$	2,014,637
		BIOTECH & PHARMA - 3.0%
	8,700	Astellas Pharma, Inc.		138,511
	74,213	GlaxoSmithKline plc - ADR(f)		2,978,910
	1,300	Hisamitsu Pharmaceutical Company, Inc.		56,917
	18,200	Ono Pharmaceutical Company Ltd.		415,302
	4,784	Roche Holding A.G.		1,847,201
				5,436,841
		CHEMICALS - 8.3%
	162,500	ADAMA Ltd.		241,063
	195,500	Bluestar Adisseo Company		325,719
	15,084	Brenntag S.E.		1,506,012
	38,475	Clariant A.G.(a)		800,017
	20,889	Covestro A.G.		1,345,186
	29,100	Daicel Corporation		241,581
	261,795	Fangda Carbon New Material Company Ltd.		357,183
	38	Givaudan S.A.		189,573
	8,100	Kaneka Corporation		320,606
	22,800	Kansai Paint Company Ltd.		559,725
	475	KCC Corporation		146,814
	73,500	Kuraray Company Ltd.		682,211
	7,800	Mitsubishi Chemical Holdings Corporation		65,422
	27,300	Mitsubishi Gas Chemical Company, Inc.		568,450
	23,900	Mitsui Chemicals, Inc.		761,833
	145,276	National Industrialization Company(a)		837,349
	21,400	Nippon Sanso Holdings Corporation		473,517
	3,200	Nitto Denko Corporation		237,657
	58,970	Orbia Advance Corp S.A.B. de C.V.		161,088
	10,128	PhosAgro PJSC		637,406
	14,171	Sasol Ltd.,(a)		211,600
	26,739	Saudi Arabian Fertilizer Company		913,935
	30,326	Saudi Industrial Investment Group		298,820
	6,800	Shin-Etsu Chemical Company Ltd.		1,108,824

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		CHEMICALS - 8.3% (Continued)
	18,900	Sinopec Shanghai Petrochemical Company Ltd. - ADR	$	393,498
	9,200	Sumitomo Chemical Company Ltd.		47,871
	236,100	Tangshan Sanyou Chemical Industries Company Ltd., Advisor Class		451,270
	42,700	Toray Industries, Inc.		281,029
	344,300	Xinjiang Zhongtai Chemical Company Ltd.		614,208
	1,096	Yara International ASA		57,766
				14,837,233
		COMMERCIAL SUPPORT SERVICES - 1.8%
	19,745	Adecco Group A.G.		1,181,866
	51,000	Centre Testing International Group Company Ltd.		214,891
	43,600	Persol Holdings Company Ltd.		879,286
	219	SGS S.A.		708,480
	2,400	SGS S.A. - ADR		77,688
	2,800	Sohgo Security Services Company Ltd.		130,876
				3,193,087
		CONSTRUCTION MATERIALS - 0.8%
	1,100	AGC, Inc.		47,020
	619,000	CSG Holding Company Ltd.		320,432
	10,910	James Hardie Industries plc – ADR (f)		368,322
	4,900	James Hardie Industries plc - ADR		165,589
	10,281	Saudi Cement Company		177,837
	10,500	Taiheiyo Cement Corporation		244,536
	8,762	Titan Cement International S.A.		165,770
				1,489,506
		CONTAINERS & PACKAGING - 0.1%
	123,000	Klabin S.A.(a)		111,838
		DIVERSIFIED INDUSTRIALS - 1.2%
	2,940	Doosan Company Ltd.		175,045
	16,100	Hitachi Ltd.		925,679
	18,800	Kawasaki Heavy Industries Ltd.(a)		394,434
	5,000	Mitsubishi Heavy Industries Ltd.		144,407
	5,700	Omron Corporation		487,578
				2,127,143

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		E-COMMERCE DISCRETIONARY - 0.1%
	5,700	ZOZO, Inc.	$	194,055
		ELECTRIC UTILITIES - 1.2%
	26,452	CEZ A/S		734,269
	34,000	Chubu Electric Power Company, Inc.		407,852
	682,000	Huadian Power International Corp Ltd.		188,544
	8,104	Huaneng Power International, Inc. – ADR (f)		109,485
	1,462,000	Huaneng Power International, Inc.		496,641
	52,622	Origin Energy Ltd.		159,243
				2,096,034
		ELECTRICAL EQUIPMENT - 1.7%
	53,079	ABB Ltd. - ADR		1,943,753
	2,600	Daikin Industries Ltd.		542,743
	2,100	Fuji Electric Company Ltd.		91,865
	1,566	Schindler Holding A.G.		487,726
				3,066,087
		ENGINEERING & CONSTRUCTION - 0.1%
	144,651	China Merchants Expressway Network & Technology	$	153,242
	1	Enka Insaat ve Sanayi A/S		1
				153,243
		ENTERTAINMENT CONTENT - 0.2%
	2,800	Capcom Company Ltd.		76,957
	5,000	Koei Tecmo Holdings Company Ltd.		234,820
				311,777
		FOOD - 0.3%
	41	Chocoladefabriken Lindt & Spruengli A.G.		459,000
	124,600	Indofood Sukses Makmur Tbk P.T.		52,375
				511,375
		HEALTH CARE FACILITIES & SERVICES - 0.3%
	1,422	ICON plc(a)		345,930
	2,794	Mouwasat Medical Services Company		134,402
				480,332
		HOME & OFFICE PRODUCTS - 0.0%(b)
	1	Arcelik A/S		4

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		HOME CONSTRUCTION - 0.7%
	9,600	LIXIL Group Corporation	$	261,877
	30,100	Sekisui Chemical Company Ltd.		519,177
	8,700	TOTO Ltd.		450,912
				1,231,966
		HOUSEHOLD PRODUCTS - 0.7%
	1,500	Amorepacific Corporation		103,280
	4,933	AMOREPACIFIC Group		247,259
	1,500	Kose Corporation		236,919
	28,400	Pola Orbis Holdings, Inc.		678,607
				1,266,065
		INDUSTRIAL INTERMEDIATE PROD - 0.8%
	212,400	China International Marine Containers Group		515,958
	75,700	Hartalega Holdings Bhd		126,311
	41,300	NSK Ltd.		340,704
	297,504	Zhejiang Hailiang Company Ltd.		524,512
				1,507,485
		INSTITUTIONAL FINANCIAL SERVICES - 0.9%
	51,300	Daiwa Securities Group, Inc.		269,642
	268,400	Haitong Securities Company Ltd.		221,199
	110,420	Mirae Asset Daewoo Company Ltd.		442,898
	13,776	NH Investment & Securities Company Ltd.		136,626
	111,000	Nomura Holdings, Inc.		555,614
				1,625,979
		INSURANCE - 3.0%
	2,172	Aegon N.V.		9,244
	6,800	AIA Group Ltd. - ADR		325,958
	46,317	China Life Insurance Company Ltd. - ADR(f)		386,284
	363,000	China Life Insurance Company Ltd.		342,321
	10,200	COFCO Capital Holdings Company Ltd.		12,539
	6,500	Dai-ichi Life Holdings, Inc.		119,584
	12,423	Hanwha Corporation		322,777
	7,097	Hyundai Marine & Fire Insurance Company Ltd.		160,119
	50,800	MS&AD Insurance Group Holdings, Inc.		1,569,637

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		INSURANCE - 3.0% (Continued)
	19,730	NN Group N.V.		980,533
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares	$	717,476
	3,206	Samsung Fire & Marine Insurance Company Ltd.		450,721
				5,397,193
		INTERNET MEDIA & SERVICES - 0.9%
	6,400	M3, Inc.		418,431
	10,848	REA Group Ltd.		1,294,370
				1,712,801
		LEISURE FACILITIES & SERVICES - 0.5%
	24,953	Aristocrat Leisure Ltd.		765,940
	41,200	Kingdom Holding Company		118,278
				884,218
		LEISURE PRODUCTS - 0.2%
	34,000	Giant Manufacturing Company Ltd.		391,560
		MACHINERY - 2.4%
	35,259	CNH Industrial N.V.		588,517
	4,103	FANUC Corporation - ADR		91,897
	500	FANUC Corporation		111,938
	7,034	GEA Group A.G.		311,772
	3,000	Keyence Corporation		1,670,324
	502	Rational AG		546,433
	4,863	Techtronic Industries Company Ltd. - ADR		437,184
	7,000	Techtronic Industries Company Ltd.		124,825
	460,500	Tian Di Science & Technology Company Ltd.		303,875
				4,186,765
		MEDICAL EQUIPMENT & DEVICES - 1.6%
	7,200	Hoya Corporation		1,016,004
	14,165	Koninklijke Philips N.V.		652,894
	21,900	Olympus Corporation		450,503
	6,700	Shimadzu Corporation		270,104
	27,710	Smith & Nephew plc		565,614
				2,955,119

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		METALS & MINING - 7.7%
	23,435	Anglo American plc	$	1,038,760
	34,577	BHP Group plc - ADR(f)		2,257,532
	36,022	BHP Group plc		1,166,555
	120,600	China Shenhua Energy Company Ltd.		318,045
	27,372	First Quantum Minerals Ltd.		585,877
	10,400	First Quantum Minerals Ltd.		221,936
	18,600	Grupo Mexico S.A.B. de C.V. - Series B		85,397
	116,629	Huaibei Mining Holdings Company Ltd.		209,644
	3,591	MMC Norilsk Nickel PJSC - ADR		124,105
	3,785	MMC Norilsk Nickel PJSC		1,308,152
	39,026	Northam Platinum Ltd.(a)		615,496
	9,035	Rio Tinto Ltd.		886,968
	4,296	Rio Tinto plc		364,996
	9,616	Rio Tinto plc – ADR (f)		829,957
	27,683	South32 Ltd.		60,761
	11,689	Southern Copper Corporation		767,266
	78,600	Vale S.A.		1,675,199
	65,014	Vale S.A. - ADR(f)		1,366,594
				13,883,240
		OIL & GAS PRODUCERS - 7.3%
	743,000	China Petroleum & Chemical Corporation		459,017
	1,550,000	China Petroleum & Chemical Corporation, H Shares		708,765
	17,700	ENEOS Holdings, Inc.		74,320
	32,540	Eni SpA - ADR		764,690
	13,665	Eni SpA		161,536
	247,390	Gazprom PJSC		964,157
	2,199,440	Guanghui Energy Company Ltd.(a)		1,371,755
	58,300	Idemitsu Kosan Company Ltd.		1,371,811
	6,400	Inpex Corporation		45,374
	24,250	LUKOIL PJSC		2,082,114
	97,528	MOL Hungarian Oil & Gas plc(a)		778,995
	22,511	Motor Oil Hellas Corinth Refineries S.A.(a)		361,655
	9,000	OMV A.G.		485,760
	7,492	PetroChina Company Ltd. – ADR (f)		313,465

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		OIL & GAS PRODUCERS - 7.3% (Continued)
	2,085,400	PetroChina Company Ltd.	$	1,510,822
	281,953	Polskie Gornictwo Naftowe i Gazownictwo S.A.		460,333
	18,394	Repsol S.A.		201,392
	117,940	Rosneft Oil Company PJSC		875,565
	566,128	Shandong Xinchao Energy Corp Ltd.(a)		135,362
				13,126,888
		OIL & GAS SERVICES & EQUIPMENT - 0.1%
	2,292,000	Sinopec Oilfield Service Corporation(a)		188,842
		PUBLISHING & BROADCASTING - 0.3%
	165,043	Chinese Universe Publishing and Media Group, Class A		275,252
	20,633	Pearson plc – ADR (f)		250,898
				526,150
		REAL ESTATE OWNERS & DEVELOPERS - 0.9%
	50,300	Aeon Mall Company Ltd.		766,364
	923,012	Emaar Malls PJSC(a)		476,545
	37,000	Hang Lung Group Ltd.		90,605
	124	United Urban Investment Corporation		182,327
				1,515,841
		RETAIL - CONSUMER STAPLES - 0.7%
	66,193	Cencosud S.A.		120,051
	77,648	CK Hutchison Holdings Ltd. - ADR(f)		564,501
	3,577	Magnit PJSC		261,781
	8,400	Sundrug Company Ltd.		272,570
				1,218,903
		RETAIL - DISCRETIONARY - 0.6%
	47,089	Kingfisher plc		241,930
	12,400	USS Company Ltd.		215,770
	130,300	Yamada Holdings Company Ltd.		615,344
				1,073,044
		SEMICONDUCTORS - 8.1%
	6,700	Advantest Corporation		591,240
	77,000	ASE Technology Holding Company Ltd. – ADR (f)		682,990
	6,263	ASML Holding N.V.		4,785,528

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		SEMICONDUCTORS - 8.1% (Continued)
	1,124	ASML Holding N.V. - ADR	$	861,816
	14,214	SK Hynix, Inc.		1,391,499
	10,600	SUMCO Corporation		245,060
	55,000	Taiwan Semiconductor Manufacturing Company Ltd.		1,149,473
	20,765	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		2,422,029
	2,500	Tokyo Electron Ltd.		1,030,641
	4,100	Tokyo Electron Ltd. - ADR		427,425
	415,000	United Microelectronics Corporation		867,826
				14,455,527
		SOFTWARE - 2.6%
	5,367	Atlassian Corp plc, Class A(a)		1,744,919
	6,223	Check Point Software Technologies Ltd.(a)		790,943
	100	Constellation Software, Inc.		160,086
	3,750	Nemetschek S.E.		330,804
	9,304	Open Text Corporation		482,971
	16,965	Sage Group plc (The)		165,406
	91,520	Sinosoft Company Ltd.		370,259
	3,691	Temenos A.G.		586,019
				4,631,407
		SPECIALTY FINANCE - 0.2%
	678,400	Bohai Leasing Company Ltd.(a)		265,948
	2,786	Samsung Card Company Ltd.(a)		84,844
				350,792
		STEEL - 1.5%
	398,000	Angang Steel Company Ltd.		272,099
	27,897	BlueScope Steel Ltd.		495,515
	72,608	Eregli Demir ve Celik Fabrikalari TAS		172,569
	15,500	Gerdau S.A.		78,537
	8,272	Hyundai Steel Company		389,111
	67,299	Iskenderun Demir ve Celik A/S		98,896
	268,000	Maanshan Iron & Steel Company Ltd.		137,185
	4,700	Nippon Steel Corporation		81,499
	71,280	Novolipetskiy Metallurgicheskiy Kombinat PAO		251,928
	383	POSCO		121,816

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		STEEL - 1.5% (Continued)
	145,700	Shanxi Taigang Stainless Steel Company Ltd.	$	230,623
	417,800	Xinxing Ductile Iron Pipes Company Ltd.		262,209
				2,591,987
		TECHNOLOGY HARDWARE - 9.5%
	523,000	AU Optronics Corporation		387,667
	10,100	Brother Industries Ltd.		205,460
	6,400	Canon, Inc.		147,319
	103,000	Chicony Electronics Company Ltd.		297,144
	1,005	FUJIFILM Holdings Corporation - ADR		72,008
	36,416	LG Display Company Ltd.,(a)		699,702
	8,191	LG Electronics, Inc.		543,018
	2,005	Logitech International S.A.		220,179
	52,000	MINEBEA MITSUMI, Inc.		1,403,472
	66,300	Nikon Corporation		616,957
	2,900	Nintendo Company Ltd.		1,490,289
	113,676	Nokia OYJ - ADR(a)		691,150
	20,218	Nokia OYJ(a)		124,179
	89,200	Panasonic Corporation		1,076,654
	813	Panasonic Corporation - ADR		9,862
	65,900	Ricoh Company Ltd.		719,784
	480	Samsung Electronics Company Ltd. - ADR		823,920
	64,406	Samsung Electronics Company Ltd.		4,401,275
	19,632	Samsung Electronics Company Ltd.		1,232,416
	259	Samsung Electronics Company Ltd. 144A - ADR(c)		407,666
	1,200	Sony Group Corporation		125,308
	3,400	TDK Corporation		387,781
	87,010	Telefonaktiebolaget LM Ericsson, B Shares		1,004,091
				17,087,301
		TECHNOLOGY SERVICES - 1.9%
	15,300	Adyen N.V. - ADR(a)		829,719
	671	Bechtle A.G.		138,498
	9,700	CGI, Inc.(a), (f)		882,021
	3,600	Fujitsu Ltd.		612,218
	5,551	Wolters Kluwer N.V.		632,593

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.9% (Continued)
		TECHNOLOGY SERVICES - 1.9% (Continued)
	2,435	Wolters Kluwer N.V. - ADR	$	277,237
				3,372,286
		TELECOMMUNICATIONS - 0.8%
	99,360	Mobile TeleSystems PJSC		427,702
	29,600	Nippon Telegraph & Telephone Corporation		757,690
	23,002	SES S.A. - ADR		177,264
	10,222	Telecom Italia SpA, Savings Shares		4,764
				1,367,420
		TRANSPORTATION & LOGISTICS - 1.4%
	211	AP Moller - Maersk A/S - Series A		563,918
	253,110	COSCO SHIPPING Holdings Company Ltd.(a)		696,186
	142,000	COSCO SHIPPING Ports Ltd.		101,339
	3,536	Deutsche Post A.G.		239,548
	16,000	Evergreen Marine Corp Taiwan Ltd.,(a)		76,096
	1,000	Nippon Yusen KK		54,010
	13,500	SG Holdings Company Ltd.		362,853
	472,300	Shandong Hi-speed Company Ltd.		450,965
	1	Turk Hava Yollari AO(a)		1
				2,544,916
		TRANSPORTATION EQUIPMENT - 0.3%
	19,019	Traton S.E.		596,315
		WHOLESALE - CONSUMER STAPLES - 0.1%
	29,500	Marubeni Corporation		250,984
		WHOLESALE - DISCRETIONARY - 0.6%
	21,700	Toyota Tsusho Corporation		1,024,142
	106,888	Xiamen ITG Group Corp Ltd.		117,670
				1,141,812
		TOTAL COMMON STOCKS (Cost $140,239,265)		170,148,439

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 1.0%
		EQUITY - 1.0%
	26,769	Global X MSCI Argentina ETF(f)	$	838,402
	11,100	iShares MSCI EAFE ETF(f)		882,339
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,532,711)		1,720,741
		COLLATERAL FOR SECURITIES LOANED – 7.4 %
	13,240,127	Mount Vernon Liquid Asset Portfolio, 0.11% (Cost $13,240,127) (d),(f)		13,240,127
		TOTAL INVESTMENTS – 103.3% (Cost $155,012,103)	$	185,109,306
		LIABILITIES IN EXCESS OF OTHER ASSETS – (3.3)%		(5,819,068	)
		NET ASSETS - 100.0%	$	179,290,238

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
PT	- Perseroan Terbatas
S/A	- Société Anonyme
TAS	- Turkish Accounting Standards

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31,2021, the total market value of 144A securities is 407,666 or 0.2% of net assets.
(d)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $12,724,798 at July 31, 2021.
(f)	The Trust’s securities lending policies and procedures require that the borrower. (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 34.8%
		COMMODITY - 7.2%
	53,815	iShares GSCI Commodity Dynamic	$	1,875,453
		EQUITY - 27.6%
	7,719	iShares Currency Hedged MSCI Germany ETF(a)		253,072
	8,410	iShares MSCI Emerging Markets ETF(a)		433,956
	14,703	SPDR S&P 500 ETF Trust(a)		6,447,412
				7,134,440
		TOTAL EXCHANGE-TRADED FUNDS (Cost $5,272,170)		9,009,893

Principal Amount ($)			Coupon Rate (%)		Maturity
		U.S. GOVERNMENT & AGENCIES — 41.3%
		U.S. TREASURY BILLS — 41.3%
	56,000	United States Treasury Bill		0.0357		09/09/21	55,998
	9,989,000	United States Treasury Bill		0.0335		09/16/21	9,988,563
	32,000	United States Treasury Bill		0.0422		04/21/22	31,990
	611,000	United States Treasury Bill		0.0546		05/19/22	610,729
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $10,687,471)					10,687,280

Shares
		SHORT-TERM INVESTMENTS — 16.2%
		MONEY MARKET FUNDS – 16.2%
	4,184,891	Morgan Stanley Institutional Liquidity Funds -, Institutional Class, 0.03% (Cost $4,184,891)(B)	4,184,891
		COLLATERAL FOR SECURITIES LOANED - 27.1%
	7,015,722	Mount Vernon Prime Portfolio, 0.10% (Cost $7,015,722)(b),(c)	7,015,722

Contracts(d)			Counterparty	Expiration Date	Exercise Price		Notional Value
		FUTURE OPTIONS PURCHASED – 3.7%
		CALL OPTIONS PURCHASED - 3.9%
	12	S&P 500 E-Mini, Expiring December 2021	GS	09/17/2021	$	4,380	$	2,633,700	58,260
	65	US 10 Year Future, Expiring December 2021	GS	08/27/2021		120		8,719,100	939,452
		TOTAL CALL OPTIONS PURCHASED (Cost - $801,607)							997,712

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Contracts(d)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS PURCHASED - 3.7% (Continued)
		PUT OPTIONS PURCHASED – (0.2)%
	13	Euro-Bund Option, Expiring December 2021(e)	GS	08/27/2021	$	184.5	$	2,722,070	$	(98,002	)
	12	S&P 500 E-Mini, Expiring December 2021	GS	10/29/2021		4,190		2,627,640		53,820
		TOTAL PUT OPTIONS PURCHASED (Cost - $273,254)								(44,182	)
		TOTAL FUTURE OPTIONS PURCHASED (Cost - $1,074,861)								953,530
		TOTAL INVESTMENTS - 123.1% (Cost $28,235,115)							$	31,851,316
		CALL OPTIONS WRITTEN - (0.2)% (Proceeds - $17,256)								(48,540	)
		PUT OPTIONS WRITTEN - (0.1)% (Proceeds - $39,058)								(37,920	)
		LIABILITIES IN EXCESS OF OTHER ASSETS - (22.8)%								(5,903,415	)
		NET ASSETS - 100.0%							$	25,861,441
Contracts(d)			Counterparty	Expiration Date	Exercise Price		Notional Value
		WRITTEN FUTURE OPTIONS - (0.3)%
		CALL OPTIONS WRITTEN- (0.2)%
	12	S&P 500 E-Mini, Expiring December 2021	GS	08/20/2021	$	4,350	$	2,633,700	$	48,540
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $17,256)
		PUT OPTIONS WRITTEN - (0.1)%
	24	S&P 500 E-Mini, Expiring December 2021	GS	10/29/2021		3,700	$	5,255,280		37,920
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $39,058)
		TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $56,314)								86,460

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount			Unrealized Appreciation (Depreciation)
	52	CBOT 10 Year US Treasury Note	09/21/2021	$	6,991,557	$	52,520
	5	CME E-mini Russell 2000 Index Futures	09/17/2021		555,400		(21,013	)
	7	CME E-Mini Standard & Poor’s 500 Index Future	09/17/2021		1,536,325		6,104
	1	Eurex DAX Index Future	09/17/2021		460,950		(5,770	)
	5	Euronext CAC 40 Index Future	08/20/2021		391,878		3,062
	20	FTSE 100 Index Future	09/17/2021		1,937,176		(2,098	)
	1	FTSE/MIB Index Future	09/17/2021		150,342		8,530
	22	MONTREAL EXCHANGE 10 YEAR CANADIAN BOND FUTURE	09/21/2021		2,608,419		37,870
	1	Montreal Exchange S&P/TSX 60 Index Future	09/16/2021		194,240		1,449

DUNHAM DYNAMIC MACRO FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount		Unrealized Appreciation (Depreciation)
	41	SFE 10 Year Australian Bond Future	09/15/2021		4,381,856	$	78,676
	2	SFE S&P ASX Share Price Index 200 Future	09/16/2021		268,293		2,557
	10	TSE TOPIX (Tokyo Price Index) Future	09/09/2021		1,735,763		(35,968	)
		TOTAL FUTURES CONTRACTS				$	125,919

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration		Notional Amount		Unrealized Appreciation (Depreciation)
	9	Eurex 10 Year Euro BUND Future		09/08/2021	$	1,884,392	$	(17,895	)
	7	Eurex Swiss Market New Index Future		09/17/2021		934,569		(10,112	)
	2	HKG Hang Seng Index Future		08/30/2021		333,243		708
	17	Long Gilt Future		09/28/2021		3,067,712		(19,265	)
		TOTAL FUTURES CONTRACTS					$	(46,564	)

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
SPDR	- Standard & Poor’s Depositary Receipt
GS	Goldman Sachs

(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $6,841,213 July 31, 2021.
(b)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(c)	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%.
(d)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(e)	Security traded on Eurex exchange and trades like a future. Security trades with no upfront cost and is mark to market like a future.

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares								Fair Value
		COMMON STOCKS — 0.0%(a)
		TELECOMMUNICATIONS - 0.0%(a)
	10,000	NII Holdings, Inc. 144A(b),(c)						$	21,700
		TOTAL COMMON STOCKS (Cost $57,730)							21,700
		PREFERRED STOCKS — 7.4%
		BANKING - 2.0%
	170,310	JPMorgan Chase & Company(b)							4,269,672
		REAL ESTATE SERVICES - 1.6%
	51,245	ACRES Commercial Realty Corporation							1,287,787
	2,000	UIRC-GSA International, LLC 144A(c)							2,040,000
									3,327,787
		SPECIALTY FINANCE - 3.8%
	86,836	Arbor Realty Trust, Inc.							2,223,002
	102,000	KKR Real Estate Finance Trust, Inc.(d)							2,762,160
	120,000	TPG RE Finance Trust, Inc.(b)							2,944,799
									7,929,961
		TOTAL PREFERRED STOCKS (Cost $15,259,775)							15,527,420
Principal Amount ($)			Spread	Coupon Rate (%)		Maturity
		CORPORATE BONDS — 39.3%
		ASSET MANAGEMENT — 1.3%
	1,255,000	Blackstone Secured Lending Fund			3.6250		01/15/26		1,338,092
	1,330,000	UBS Group A.G.(c),(d)	H15T5Y + 33.130%		4.3750		08/10/69		1,373,225
									2,711,317
		AUTOMOTIVE — 0.5%
	1,010,000	General Motors Financial Company, Inc.(e)	ICE LIBOR USD 3 Month + 1.550%		1.6830		01/14/22		1,015,795

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 39.3% (Continued)
		BANKING — 4.7%
	2,740,000	HSBC Holdings plc(d)	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.649%		4.6000		06/17/69	$	2,820,830
	2,005,000	JPMorgan Chase & Company(e)	ICE LIBOR USD 3 Month + 0.550%		0.7300		02/01/27		1,937,670
	2,740,000	NTC Capital II(e)	US0003M + 0.590%		0.7160		04/15/27		2,684,104
	1,000,000	Wells Fargo & Company(e)	US0003M + 0.500%		0.6260		01/15/27		965,716
	795,000	Wells Fargo & Company			5.9500		12/01/86		1,124,180
									9,532,500
		BIOTECH & PHARMA — 2.8%
	1,350,000	AstraZeneca plc			6.4500		09/15/37		2,054,560
	1,000,000	Organon Finance 1, LLC(c),(d)			4.1250		04/30/28		1,026,715
	2,000,000	Organon Finance 1, LLC(c)			5.1250		04/30/31		2,062,499
	575,000	Takeda Pharmaceutical Company Ltd.			5.0000		11/26/28		699,294
									5,843,068
		CABLE & SATELLITE — 1.2%
	1,000,000	DIRECTV Holdings, LLC / DIRECTV Financing Company,(c)			5.8750		08/15/27		1,033,750
	1,500,000	LCPR Senior Secured Financing DAC(c),(d)			5.1250		07/15/29		1,538,753
									2,572,503
		FOOD — 2.0%
	2,100,000	Del Monte Foods, Inc.(c)			11.8750		05/15/25		2,386,157
	700,000	Kraft Heinz Foods Company			5.0000		06/04/42		877,574
	890,000	Smithfield Foods, Inc.(c)			2.6500		10/03/21		891,758
									4,155,489
		INSTITUTIONAL FINANCIAL SERVICES — 0.8%
	1,150,000	Goldman Sachs Capital I			6.3450		02/15/34		1,635,677
		INSURANCE — 3.0%
	2,155,000	Mutual of Omaha Insurance Company(c)	ICE LIBOR USD 3 Month + 2.640%		4.2970		07/15/54		2,257,741
	1,980,000	Ohio National Financial Services, Inc.(c),(d)			5.5500		01/24/30		2,302,434
	1,000,000	Pacific Life Insurance Company(c)			9.2500		06/15/39		1,669,293
									6,229,468
		LEISURE FACILITIES & SERVICES — 0.8%
	1,650,000	Mohegan Gaming & Entertainment(c),(d)			8.0000		02/01/26		1,720,026

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 39.3% (Continued)
		LEISURE PRODUCTS — 1.0%
	2,000,000	MajorDrive Holdings IV, LLC(c)			6.3750		06/01/29	$	1,972,530
		METALS & MINING — 2.3%
	1,500,000	First Quantum Minerals Ltd.(c),(d)			6.8750		10/15/27		1,627,598
	2,930,000	FMG Resources August 2006 Pty Ltd.(c),(d)			4.3750		04/01/31		3,193,700
									4,821,298
		OIL & GAS PRODUCERS — 7.6%
	1,500,000	Comstock Resources, Inc.(c),(d)			5.8750		01/15/30		1,510,050
	2,525,000	Energean Israel Finance Ltd.			5.8750		03/30/31		2,594,286
	3,500,000	New Fortress Energy, Inc.(c),(d)			6.5000		09/30/26		3,540,408
	2,320,000	SM Energy Company(d)			6.5000		07/15/28		2,314,246
	3,775,000	Tullow Oil plc(c)			10.2500		05/15/26		3,942,874
	1,880,000	Venture Global Calcasieu Pass, LLC(c)			4.1250		08/15/31		1,948,150
									15,850,014
		REAL ESTATE INVESTMENT TRUSTS — 0.9%
	1,755,000	Scentre Group Trust 2(c),(d)	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.379%		4.7500		09/24/80		1,876,173
		SPECIALTY FINANCE — 3.6%
	1,405,000	Finance of America Funding, LLC B(c),(d)			7.8750		11/15/25		1,396,134
	785,000	GE Capital International Funding Company Unlimited			4.4180		11/15/35		963,142
	2,500,000	Jefferson Capital Holdings, LLC(c)			6.0000		08/15/26		2,534,375
	2,750,000	Midcap Financial Issuer Trust(c)			5.6250		01/15/30		2,710,958
									7,604,609
		STEEL — 1.9%
	3,885,000	CSN Resources S.A.(c),(d)			4.6250		06/10/31		4,024,277
		TELECOMMUNICATIONS — 1.4%
	1,750,000	HC2 Holdings, Inc.(c)			8.5000		02/01/26		1,747,330
	930,000	Sprint Spectrum Company, LLC / Sprint Spectrum(c),(d)			5.1520		03/20/28		1,079,163
									2,826,493

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 39.3% (Continued)
		TRANSPORTATION & LOGISTICS — 3.5%
	1,500,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c),(d)			5.7500		04/20/29	$	1,620,285
	1,868,500	United Airlines 2020-1 Class B Pass Through Trust  Series 2020-1 B(d)			4.8750		01/15/26		1,980,722
	3,680,000	United Airlines, Inc.(c),(d)			4.3750		04/15/26		3,790,879
									7,391,886
		TOTAL CORPORATE BONDS (Cost $78,532,465)							81,783,123
		TERM LOANS — 3.1%
		LEISURE FACILITIES & SERVICES — 3.1%
	1,629,375	Enterprise Development Authority (The)(e)	ICE LIBOR USD 1 Month + 4.250%		5.0000		02/19/28		1,633,448
	2,000,000	Lucky Bucks, LLC(e)	ICE LIBOR USD 1 Month + 5.500%		5.5905		07/20/27		1,970,000
	2,502,703	Spectacle Gary Holdings, LLC(e)	ICE LIBOR USD 1 Month + 9.000%		9.0905		11/07/25		2,734,203
	182,297	Spectacle Gary Holdings, LLC(e)	ICE LIBOR USD 1 Month + 9.000%		9.0905		11/07/25		199,160
									6,536,811
		TOTAL TERM LOANS (Cost $6,158,863)							6,536,811
		U.S. GOVERNMENT & AGENCIES — 42.7%
		U.S. TREASURY BILLS — 42.7%
	20,825,000	United States Treasury Bill(f)			0.0263		08/12/21		20,824,820
	17,045,000	United States Treasury Bill(f)			0.4000		09/23/21		17,044,077
	20,825,000	United States Treasury Bill(f)			0.4880		10/07/21		20,823,377
	8,200,000	United States Treasury Note			0.8750		06/30/26		8,273,031
	12,179,500	United States Treasury Note			1.6250		05/15/31		12,612,443
	4,040,000	United States Treasury Note			2.2500		05/15/41		4,335,425
	5,245,000	United States Treasury Note			1.8750		02/15/51		5,203,204
									89,116,377
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $87,925,038)							89,116,377

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 5.5%
		MONEY MARKET FUNDS – 5.5%
	11,407,268	First American Government Obligations Fund, Class X, 0.03% (Cost $11,407,268)(g)	$	11,407,268
		COLLATERAL FOR SECURITIES LOANED – 14.3%
	29,764,341	Mount Vernon Liquid Assets Portfolio, 0.10% (Cost $29,764,341)(g),(i)		29,764,341
		TOTAL INVESTMENTS - 112.3% (Cost $229,105,480)	$	234,157,040
		LIABILITIES IN EXCESS OF OTHER ASSETS - (12.3)%		(25,558,344	)
		NET ASSETS - 100.0%	$	208,598,696

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration		Notional Amount(h)		Unrealized Depreciation
	181	CBOT 10 Year US Treasury Note		09/21/2021	$	24,335,993	$	(418,514	)
	99	CBOT 5 Year US Treasury Note		09/30/2021		12,320,055		(53,248	)
	33	CBOT US Long Bond Future		09/21/2021		5,435,727		(245,978	)
	46	CME Ultra Long Term US Treasury Bond Future		09/21/2021		9,178,426		(610,803	)
		TOTAL FUTURES CONTRACTS					$	(1,328,543	)

CREDIT DEFAULT SWAP AGREEMENTS
Description	Counterparty	Fixed Deal (Pay) Rate	Maturity Date	Notional Value			Fair Value			Amortized Upfront Payments Paid			Unrealized Appreciation/ (Depreciation)
CDX IG 36 JUN 20 2026 5Y	Credit Suisse	1.00%	6/20/2026	$	10,000,000			(243,141	)		(251,673	)	$	8,532
CDX NA SWAP	JP Morgan	1.00%	6/20/2024		1,000,000			(18,378	)		(12,158	)		(6,220	)
CDX NA SWAP	US Bank	1.00%	12/20/2024		10,000,000			(183,776	)		(121,529	)		(62,247	)
COMMONWEALTH OF AUSTRAILI	US Bank	1.00%	12/20/2023		2,000,000			(33,822	)		(7,969	)		(25,853	)
D.R. HORTON INC	US Bank	1.00%	3/20/2025		3,000,000			(76,692	)		(73,873	)		(2,819	)
FISERV	Barclays	1.00%	12/20/2025		5,000,000			(146,018	)		(191,447	)		45,429
JOHNSON & JOHNSON(j)	Barclays	1.00%	12/20/2025		(5,000,000	)		176,462			191,447			(14,985	)
UNITED RENTALS	JP Morgan	1.00%	6/20/2022		3,000,000			(127,082	)		(122,730	)		(4,352	)
VERIZON COMMUNICATIONS(j)	Barclays	1.00%	7/20/2022		(3,000,000	)		21,706			11,845			9,861
KRAFT HEINZ FOOD	JP Morgan	1.00%	6/20/2023		2,000,000			(32,839	)		(31,954	)		(885	)
KRAFT HEINZ FOOD(i)	Goldman Sachs	1.00%	12/20/2023		(2,000,000	)		34,676			14,987			19,689
NEWELL BRANDS	Goldman Sachs	1.00%	12/20/2023		2,000,000			34,057			22,030			12,027
NEWELL BRANDS(i)	JP Morgan	1.00%	6/20/2023		(2,000,000	)		(35,894	)		(32,614	)		(3,280	)
TOTAL													$	(25,103	)

DUNHAM LONG/SHORT CREDIT FUND
July 31, 2021 (Unaudited)

TOTAL RETURN SWAPS
Description	Counterparty	Notional Value		Variable Rate	Maturity Date		Unrealized Depreciation
iBoxx USD Liquid High Yield Index	US Bank	$	8,000,000	3 mo LIBOR + 0.00%	8/1/2024	$	(313,068	)
iBoxx USD Liquid High Yield Index	US Bank		5,000,000	3 mo LIBOR + 0.00%	8/1/2024		(48,029	)
TOTAL						$	(361,097	)

LLC	- Limited Liability Company
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
BAR	- Barclays
CSI	- Credit Suisse
JPM	- JP Morgan
JPMC	- JP Morgan
USB	- US Bank
H15T5Y	- US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
US0001M	- ICE LIBOR USD 1 Month
US0003M	- ICE LIBOR USD 3 Month

(a)	Percentage rounds to less than 0.1%.
(b)	Non-income producing security.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2021 the total market value of 144A securities is 58,838,935 or 28.2% of net assets.
(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $29,099,490 at July 31, 2021.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(f)	Zero coupon bond.
(g)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(h)	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.
(i)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
(j)	If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		CLOSED END FUNDS — 4.3%
		EQUITY - 4.3%
	734,456	Altaba, Inc.(a)	$	10,686,335
		TOTAL CLOSED END FUNDS (Cost $11,712,055)		10,686,335
Shares			Fair Value
		COMMON STOCKS — 73.7%
		AEROSPACE & DEFENSE - 5.2%
	272,701	Aerojet Rocketdyne Holdings, Inc.		12,866,034
		ASSET MANAGEMENT - 0.8%
	102,696	Pershing Square Tontine Holdings Ltd.(a)		2,090,891
		BANKING - 0.9%
	48,127	Flagstar Bancorp, Inc.		2,202,292
		BIOTECH & PHARMA - 0.0%(b)
	336	AstraZeneca plc - ADR		19,250
		CABLE & SATELLITE - 2.6%
	222,805	Shaw Communications, Inc., Class B		6,503,796
		ELECTRIC UTILITIES - 4.9%
	250,057	PNM Resources, Inc.		12,085,255
		HEALTH CARE FACILITIES & SERVICES - 3.6%
	195,747	PPD, Inc.(a)		9,027,852
		INSURANCE - 9.6%
	130,363	Athene Holding Ltd., Class A(a)		8,424,057
	74,381	Willis Towers Watson plc		15,328,436
				23,752,493
		OIL & GAS PRODUCERS - 0.0%(b)
	84,102	Columbia Pipeline Group, Inc.(a)		—

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 73.7% (Continued)
		RETAIL REIT - 4.7%
	238,294	VEREIT, Inc.	$	11,669,257
		SEMICONDUCTORS - 16.7%
	32,238	Coherent, Inc.(a)		7,928,614
	43,628	Dialog Semiconductor plc(a)		3,354,440
	98,746	Maxim Integrated Products, Inc.		9,865,713
	134,983	Xilinx, Inc.		20,225,853
				41,374,620
		SOFTWARE - 11.4%
	554,876	Change Healthcare, Inc.(a)		12,046,358
	12,060	Five9, Inc.(a)		2,427,557
	254,367	Nuance Communications, Inc.(a)		13,964,748
	19	salesforce.com, Inc.(a)		4,597
				28,443,260
		TECHNOLOGY SERVICES - 5.7%
	121,832	IHS Markit Ltd.		14,234,851
		TELECOMMUNICATIONS - 0.2%
	205,893	NII Holdings, Inc. 144A(a),(c)		442,670
		TRANSPORTATION & LOGISTICS - 7.4%
	68,155	Kansas City Southern		18,251,908
		TOTAL COMMON STOCKS (Cost $183,144,809)		182,964,429
Shares			Fair Value
		RIGHT — 0.0%(b)
		NON-LISTED RIGHT - 0.0% (b)
	10,079	Alder BioPharmaceuticals, Inc. 144A		10,079
		TOTAL RIGHT (Cost $20,158)		10,079

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares									Fair Value
		SHORT-TERM INVESTMENTS — 0.2%
		MONEY MARKET FUNDS - 0.2%
	373,376	Fidelity Government Portfolio, Institutional Class, 0.01% (Cost $373,376)(d)							$	373,376
Contracts(e)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		EQUITY OPTIONS PURCHASED - 0.1%
		PUT OPTIONS PURCHASED - 0.1%
	813	Canadian National Railway Company	USB	10/15/2021	$	100	$	8,831,619	$	140,243
		TOTAL PUT OPTIONS PURCHASED (Cost - $368,562)
		TOTAL EQUITY OPTIONS PURCHASED (Cost - $368,562)								140,243
		TOTAL INVESTMENTS - 78.3% (Cost $195,618,960)							$	194,174,462
		OTHER ASSETS IN EXCESS OF LIABILITIES- 21.7%								53,552,447
		NET ASSETS - 100.0%							$	247,726,909

ADR	- American Depositary Receipt
LTD	- Limited Company
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
USB	US Bank

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2021 the total market value of 144A securities is 452,749 or 0.2% of net assets.
(d)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(e)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

July 31, 2021

Shares				Fair Value
			COMMON STOCKS — (41.3)%
			AEROSPACE & DEFENSE - 0.0% (a)
	(50	)	Teledyne Technologies, Inc.	$	(22,639	)
			ASSET MANAGEMENT - (3.5)%
	(149,527	)	Apollo Global Management, Inc.		(8,801,160	)
			BANKING - (0.9)%
	(193,000	)	New York Community Bancorp, Inc.		(2,273,540	)
			INSURANCE - (8.5)%
	(80,481	)	Aon plc, CLASS A		(20,927,474	)
			RETAIL - CONSUMER STAPLES - 0.0% (a)
	(1	)	Just Eat Takeaway.com N.V.		(89	)
			RETAIL REIT - (4.8)%
	(168,650	)	Realty Income Corporation		(11,854,408	)
			SEMICONDUCTORS - (15.1)%
	(233,193	)	Advanced Micro Devices, Inc.		(24,762,765	)
	(62,211	)	Analog Devices, Inc.		(10,415,366	)
	(29,422	)	II-VI, Inc.		(2,053,950	)
					(37,232,081	)
			SOFTWARE - (1.0)%
	(6,673	)	Zoom Video Communications, Inc., Class A		(2,523,061	)
			TECHNOLOGY SERVICES - (5.9)%
	(34,569	)	S&P Global, Inc.		(14,820,422	)
			TRANSPORTATION & LOGISTICS - (1.6)%
	(36,275	)	Canadian National Railway Company		(3,940,553	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $90,897,986)	$	(102,395,427	)

DUNHAM MONTHLY DISTRIBUTION FUND

July 31, 2021 (Unaudited)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Sell:
Canadian Dollar	08/12/2021	US Bank		2,541,173	$	2,035,607	$	11,946
Euro	10/21/2021	US Bank		2,944,891		3,497,675		(20,394	)
					$	5,533,282	$	(8,448	)
Total							$	(8,448	)

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.0%
		DATA CENTER REITS - 3.3%
	4,107	Equinix, Inc.	$	3,369,424
		INDUSTRIAL REIT - 9.2%
	20,093	Innovative Industrial Properties, Inc.(a)		4,319,794
	13,860	Prologis, Inc.		1,774,634
	29,113	Rexford Industrial Realty, Inc.		1,791,032
	23,396	Terreno Realty Corporation		1,599,351
				9,484,811
		INFRASTRUCTURE REITS - 14.8%
	31,240	American Tower Corporation		8,834,671
	17,792	Crown Castle International Corporation		3,435,457
	9,013	SBA Communications Corporation		3,073,343
				15,343,471
		LEISURE FACILITIES & SERVICES - 18.4%
	87,238	Caesars Entertainment, Inc.(a),(b)		7,621,112
	664,589	Drive Shack, Inc.(a),(b)		1,674,764
	104,036	Hilton Grand Vacations, Inc.(b)		4,231,144
	6,033	Marriott Vacations Worldwide Corporation		889,083
	88,172	MGM Resorts International		3,309,095
	11,985	Wynn Resorts Ltd.(a)		1,178,485
				18,903,683
		MULTI ASSET CLASS REITS - 4.7%
	690,957	DigitalBridge Group, Inc.(a),(b)		4,809,061
		OFFICE REIT - 4.3%
	21,805	Alexandria Real Estate Equities, Inc.		4,390,219
		RESIDENTIAL REIT - 8.0%
	53,358	American Homes 4 Rent, Class A(a)		2,241,036
	14,921	Equity LifeStyle Properties, Inc.		1,250,380
	85,878	Invitation Homes, Inc.		3,493,517
	6,090	Sun Communities, Inc.		1,194,310
				8,179,243

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		SELF-STORAGE REITS - 7.3%
	20,692	Extra Space Storage, Inc.	$	3,603,305
	1,937	Life Storage, Inc.		227,326
	67,458	National Storage Affiliates Trust		3,654,200
				7,484,831
		SPECIALTY FINANCE - 7.4%
	265,407	Fortress Transportation and Infrastructure		7,587,986
		TECHNOLOGY SERVICES - 3.1%
	35,950	CoStar Group, Inc.(b)		3,194,158
		TELECOMMUNICATIONS - 18.5%
	308,018	21Vianet Group, Inc. - ADR(b)		5,337,952
	454,549	Chindata Group Holdings Ltd. - ADR(a),(b)		5,672,772
	52,019	GDS Holdings Ltd. - ADR(a),(b)		3,067,040
	239,205	Switch, Inc., Class A(a)		4,941,975
				19,019,739
		TOTAL COMMON STOCKS (Cost $80,441,486)		101,766,626
		COLLATERAL FOR SECURITIES LOANED — 25.2%
	25,933,067	Mount Vernon Liquid Assets Portfolio, 0.10% (Cost $25,933,067)(c),(d)		25,933,067
		TOTAL INVESTMENTS - 124.2% (Cost $106,374,553)	$	127,699,693
		LIABILITIES IN EXCESS OF OTHER ASSETS - (24.2)%		(24,906,090	)
		NET ASSETS - 100.0%	$	102,793,603

ADR	- American Depositary Receipt
LTD	- Limited Company
REIT	- Real Estate Investment Trust

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $25,277,687 at July 31, 2021.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2021.
(d)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.