DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.6%
		AUTO LOAN — 6.3%
	170,000	American Credit Acceptance Receivables Trust 2020-4 D(a)		1.7700	12/14/26	$	163,256
	280,000	American Credit Acceptance Receivables Trust 2021-2 C(a)		0.9700	07/13/27		272,428
	220,000	American Credit Acceptance Receivables Trust 2022-1 D(a)		2.4600	03/13/28		205,404
	230,000	AmeriCredit Automobile Receivables Trust 2020-3 C		1.0600	08/18/26		219,674
	135,000	Americredit Automobile Receivables Trust 2018-1 D		3.8200	03/18/24		135,109
	50,000	Avis Budget Rental Car Funding AESOP, LLC 2017-1A A(a)		3.0700	09/20/23		49,994
	155,000	Avis Budget Rental Car Funding AESOP, LLC 2019-3A A(a)		2.3600	03/20/26		148,709
	140,000	Carmax Auto Owner Trust 2019-1 C		3.7400	01/15/25		139,621
	175,000	Carvana Auto Receivables Trust 2019-3A D(a)		3.0400	04/15/25		173,595
	163,601	Carvana Auto Receivables Trust 2021-N1 C		1.3000	01/10/28		158,756
	254,275	Carvana Auto Receivables Trust 2021-N2 C		1.0700	03/10/28		244,938
	225,000	Carvana Auto Receivables Trust 2021-P3 B		1.4200	08/10/27		199,759
	225,000	CPS Auto Receivables Trust 2019-D E(a)		3.8600	10/15/25		220,672
	112,464	Credito Real USA Auto Receivables Trust 2021-1 A(a)		1.3500	02/16/27		109,689
	24,985	Drive Auto Receivables Trust 2019-4		2.5100	11/17/25		24,960
	51,662	First Investors Auto Owner Trust 2019-1A C(a)		3.2600	03/17/25		51,643
	180,000	Flagship Credit Auto Trust 2020-4 C(a)		1.2800	02/16/27		173,699
	180,000	Foursight Capital Automobile Receivables Trust 2022-1 B(a)		2.1500	05/17/27		172,018
	140,000	OneMain Direct Auto Receivables Trust 2021-1A B(a)		1.2600	07/14/28		130,038
	275,000	Santander Drive Auto Receivables Trust 2021-3 C		0.9500	09/15/27		265,226
	275,000	United Auto Credit Securitization Trust 2021-1 C(a)		0.8400	06/10/26		270,441
	57,529	Veros Automobile Receivables Trust 2020-1 B(a)		2.1900	06/16/25		57,306
	170,000	Westlake Automobile Receivables Trust 2020-3A C(a)		1.2400	11/17/25		166,057
	345,000	Westlake Automobile Receivables Trust 2022-1A B(a)		2.7500	03/15/27		335,823
							4,088,815
		COLLATERALIZED MORTGAGE OBLIGATIONS — 9.2%
	141,608	AJAX Mortgage Loan Trust 2021-A A1(a),(b)		1.0650	09/25/65		132,987
	142,808	Angel Oak Mortgage Trust 2020-R1 A2(a),(b)		1.2470	12/26/24		134,241
	75,606	Angel Oak Mortgage Trust 2021-8 A1(a),(b)		1.8200	11/25/66		69,027
	124,891	Arroyo Mortgage Trust 2019-1 A1(a),(b)		3.8050	01/25/49		120,748
	49,649	Arroyo Mortgage Trust 2019-2 A1(a),(b)		3.3470	04/25/49		48,289
	92,816	Bunker Hill Loan Depositary Trust 2019-2 A1(a),(c)		2.8790	07/25/49		89,923
	135,000	CAFL 2021-RTL1 A1 Issuer, LLC(a),(c)		2.2390	03/26/29		125,066
	40,367	Chase Mortgage Finance Corporation 2016-SH2 M2(a),(b)		3.7500	02/25/44		38,148

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.6% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 9.2% (Continued)
	54,100	Chase Mortgage Finance Corporation 2016-SH1 M2(a),(b)		3.7500	04/25/45	$	50,324
	138,593	CIM Trust 2021-NR4 A1(a),(c)		2.8160	10/25/61		130,399
	141,963	COLT 2020-RPL1 A1 Trust(a),(b)		1.3900	01/25/65		128,861
	81,260	COLT Funding, LLC 2021-3R A1(a),(b)		1.0510	12/25/64		75,327
	27,214	CSMC 2020-NQM1 A1 Trust(a),(c)		1.2080	05/25/65		25,887
	161,192	CSMC 2020-RPL4 A1 Trust(a),(b)		2.0000	01/25/60		150,348
	72,572	CSMC 2021-NQM1 A1(a),(b)		0.8090	05/25/65		69,743
	22,785	Ellington Financial Mortgage Trust 2019-2 A3(a),(b)		3.0460	11/25/59		22,069
	23,769	Flagstar Mortgage Trust 2017-1 1A3(a),(b)		3.5000	03/25/47		22,732
	11,781	Galton Funding Mortgage Trust 2018-1 A23(a),(b)		3.5000	11/25/57		11,342
	81,707	GS Mortgage-Backed Securities Trust 2020-NQM1 A3(a),(b)		2.3520	09/27/60		77,345
	40,950	JP Morgan Mortgage Trust 2017-5 A1(a),(b)		3.0530	12/15/47		40,063
	220,000	LHOME Mortgage Trust 2021-RTL1 A1(a),(b)		2.0900	09/25/26		211,599
	100,000	METLIFE S.E.CURITIZATION TRUST 2017-1A M1(a),(b)		3.4320	04/25/55		94,493
	44,595	METLIFE S.E.CURITIZATION TRUST 2019-1A A1A(a),(b)		3.7500	04/25/58		44,120
	244,730	MFA 2021-NQM1 A1 Trust(a),(b)		1.1530	04/25/65		227,258
	199,632	Mill City Mortgage Loan Trust 2019-1 M2(a),(b)		3.5000	10/25/69		185,359
	170,000	New Residential Mortgage Loan Trust 2022-RTL1 A1F(a)		4.3360	12/25/26		165,959
	58,842	New Residential Mortgage Loan Trust 2021-NQ2R A1(a),(b)		0.9410	09/25/58		56,780
	177,629	New Residential Mortgage Loan Trust 2014-3A AFX3(a),(b)		3.7500	11/25/54		173,195
	168,437	New Residential Mortgage Loan Trust 2016-3A B1(a),(b)		4.0000	09/25/56		162,407
	44,450	New Residential Mortgage Loan Trust 2016-4A A1(a),(b)		3.7500	11/25/56		43,207
	352,256	New Residential Mortgage Loan Trust 2017-2A A3(a),(b)		4.0000	03/25/57		347,881
	94,409	New Residential Mortgage Loan Trust 2018-1A A1A(a),(b)		4.0000	12/25/57		92,379
	215,000	New Residential Mortgage Loan Trust 2019-RPL2 M2(a),(b)		3.7500	02/25/59		200,448
	443,587	New Residential Mortgage Loan Trust 2020-1A A1B(a),(b)		3.5000	10/25/59		432,941
	17,183	OBX 2019-INV1 A3 Trust(a),(b)		4.5000	11/25/48		17,055
	99,815	Onslow Bay Mortgage Loan Trust 2021-NQM4 A1(a)		1.9570	08/25/61		87,767
	135,000	Palisades Mortgage Loan Trust 2021-RTL1 A1(a),(c)		2.8570	06/25/26		129,005
	199,578	PRET 2021-RN3 A1, LLC(a),(c)		1.8430	09/25/51		187,996
	33,520	Provident Funding Mortgage Loan Trust 2019-1 A2(a),(b)		3.0000	12/25/49		30,696
	196,363	PRPM 2021-2 A1, LLC(a),(b)		2.1150	03/25/26		188,003
	63,907	RCKT Mortgage Trust 2020-1 A1(a),(b)		3.0000	02/25/50		58,013
	114,269	RCO VI Mortgage, LLC 2022-1 A1(a),(c)		3.0000	01/25/27		109,296

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.6% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 9.2% (Continued)
	108,611	RCO VII Mortgage, LLC 2021-2 A1(a),(c)		2.1160	09/25/26	$	104,037
	17,460	Residential Mortgage Loan Trust 2019-2 A1(a),(b)		2.9130	05/25/59		17,260
	88,872	Residential Mortgage Loan Trust 2020-1 A1(a),(b)		2.3760	02/25/24		86,057
	225,000	ROC Securities Trust 2021-RTL1 A1(a),(b)		2.4870	08/25/26		211,804
	173,284	SG Residential Mortgage Trust 2021-1 A3(a),(b)		1.5600	07/25/61		151,549
	18,970	Starwood Mortgage Residential Trust 2020-1 A1(a),(b)		2.2750	02/25/50		18,898
	28,210	Starwood Mortgage Residential Trust 2020-3 A1(a),(b)		1.4860	04/25/65		27,494
	365,000	Towd Point Mortgage Trust 2021-1 A2(a),(b)		2.7500	11/25/61		317,987
	100,000	Verus Securitization Trust 2019-4 M1(a),(b)		3.2070	11/25/59		99,348
	61,974	Verus Securitization Trust 2019-INV2 A1(a),(b)		2.9130	07/25/59		61,840
	28,992	Verus Securitization Trust 2020-1 A1(a),(c)		2.4170	01/25/60		28,514
	52,378	Verus Securitization Trust 2021-2 A1(a),(b)		1.0310	02/25/66		46,943
	30,589	Wells Fargo Mortgage Backed Securities 2020-4 A1(a),(b)		3.0000	07/25/50		28,495
							6,008,952
		CREDIT CARD — 0.6%
	410,000	Genesis Sales Finance Master Trust 2020-AA A(a)		1.6500	09/22/25		403,455
		NON AGENCY CMBS — 2.3%
	157,110	Angel Oak SB Commercial Mortgage Trust 2020-SBC1 A1(a),(b)		2.0680	05/25/50		151,400
	90,000	BPR Trust 2021-KEN A(a),(d)	US0001M + 1.250%	3.2490	02/15/29		88,718
	130,000	BX Trust 2019-OC11 D(a),(b)		4.0750	12/09/41		116,374
	233,239	CHC Commercial Mortgage Trust 2019-CHC A(a),(d)	US0001M + 1.120%	3.1190	06/15/34		228,080
	108,032	Citigroup Commercial Mortgage Trust 2015-GC27 A4		2.8780	02/10/48		104,947
	305,000	GCT Commercial Mortgage Trust 2021-GCT A(a),(d)	US0001M + 0.800%	2.7990	02/15/23		294,851
	135,000	GS Mortgage Securities Trust 2020-GC45 AS(b)		3.1730	02/13/53		123,303
	185,000	Hilton USA Trust 2016-SFP B(a)		3.3230	11/05/35		180,584
	161,809	Onslow Bay Mortgage Loan Trust 2021-NQM2 A1(a),(b)		1.1010	05/25/61		141,877
	62,000	WFRBS Commercial Mortgage Trust 2014-C24 AS		3.9310	11/15/47		60,724
							1,490,858
		OTHER ABS — 9.5%
	230,000	American Homes 4 Rent 2014-SFR2 C Trust(a)		4.7050	10/17/36		230,825
	220,000	American Homes 4 Rent 2015-SFR2 C Trust(a)		4.6910	10/17/45		220,962
	175,000	AMSR 2020-SFR1 B Trust(a)		2.1200	04/17/37		166,869
	250,000	AMSR 2020-SFR2 C Trust(a)		2.5330	07/17/37		236,143

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.6% (Continued)
		OTHER ABS — 9.5% (Continued)
	100,000	AMSR 2020-SFR2 D Trust(a)		3.2820	07/17/37	$	95,852
	106,995	Aqua Finance Trust 2019-A A(a)		3.1400	07/16/40		103,587
	275,000	Aqua Finance Trust 2019-A C(a)		4.0100	07/16/40		264,927
	270,000	Aqua Finance Trust 2020-AA B(a)		2.7900	07/17/46		255,014
	100,000	CCG Receivables Trust 2019-2 B(a)		2.5500	03/15/27		98,945
	220,000	CCG Receivables Trust 2021-1 C(a)		0.8400	06/14/27		207,963
	105,858	CF Hippolyta, LLC 2020-1 A1(a)		1.6900	07/15/60		97,327
	106,638	CoreVest American Finance 2018-2 A Trust(a)		4.0260	11/15/52		106,304
	100,000	Corevest American Finance 2019-3 C Trust(a)		3.2650	10/15/52		89,624
	76,345	Corevest American Finance 2020-1 A1(a)		1.8320	03/15/50		72,794
	201,142	Corevest American Finance 2020-4 A Trust(a)		1.1740	12/15/52		184,023
	240,000	Dext A.B.S 2020-1 B, LLC(a)		1.9200	11/15/27		232,158
	285,000	FirstKey Homes 2020-SFR1 D Trust(a)		2.1890	08/17/28		254,976
	375,000	FirstKey Homes 2020-SFR2 B Trust(a)		1.5670	10/19/37		346,680
	31,959	Foundation Finance Trust 2019-1A A(a)		3.8600	11/15/34		31,575
	108,998	HIN Timeshare Trust 2020-A C(a)		3.4200	10/09/39		102,718
	129,350	Jersey Mike’s Funding 2019-1A A2(a)		4.4330	02/15/50		124,635
	76,356	MVW 2020-1A A, LLC(a)		1.7400	10/20/37		71,751
	15,927	MVW Owner Trust 2016-1A A(a)		2.2500	12/20/33		15,861
	45,766	Octane Receivables Trust 2020-1A A(a)		1.7100	02/20/25		45,167
	196,523	Oportun Funding 2022-1 A, LLC(a)		3.2500	06/15/29		193,569
	51,521	Orange Lake Timeshare Trust 2019-A B(a)		3.3600	04/09/38		49,731
	550,000	Progress Residential 2020-SFR2 E Trust(a)		5.1150	06/17/37		547,272
	201,000	Progress Residential 2021-SFR1 C(a)		1.5550	04/17/38		179,864
	265,000	Progress Residential 2021-SFR3 D(a)		2.2880	05/17/26		237,325
	220,000	Progress Residential Trust 2021-SFR2 D(a)		2.1970	04/19/38		198,788
	275,000	Purchasing Power Funding, LLC 2021-A A(a)		1.5700	10/15/25		264,065
	265,000	Regional Management Issuance Trust 2021-1 A(a)		1.6800	03/17/31		250,545
	68,104	Sierra Timeshare 2020-2A B Receivables Funding, LLC(a)		2.3200	07/20/37		65,601
	85,500	Taco Bell Funding, LLC 2016-1A A23(a)		4.9700	05/25/46		86,050
	165,000	Tricon American Homes 2019-SFR1 C Trust(a)		3.1490	03/17/38		158,625
	200,000	Tricon American Homes 2020-SFR2 D Trust(a)		2.2810	11/17/27		173,852
	160,000	Tricon Residential 2021-SFR1 B Trust(a)		2.2440	07/17/38		146,677
							6,208,644

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 32.6% (Continued)
		RESIDENTIAL MORTGAGE — 4.6%
	93,039	Ajax Mortgage Loan Trust 2019-D A1(a),(c)		2.9560	09/25/65	$	87,896
	100,000	Bayview Opportunity Master Fund IVa Trust 2017-SPL5 B1(a),(b)		4.0000	06/28/57		97,996
	100,000	Mill City Mortgage Loan Trust 2017-1 M2(a),(b)		3.2500	11/25/58		97,340
	164,730	Pretium Mortgage Credit Partners, LLC 2021-NPL1 A1(a),(c)		2.2390	09/27/60		156,807
	345,000	Towd Point Mortgage Trust 2016-3 M1(a),(b)		3.5000	04/25/56		341,176
	135,000	Towd Point Mortgage Trust 2016-4 B1(a),(b)		3.7910	07/25/56		130,644
	115,000	Towd Point Mortgage Trust 2017-1 M1(a),(b)		3.7500	10/25/56		112,211
	460,000	Towd Point Mortgage Trust 2017-4 A2(a),(b)		3.0000	06/25/57		437,463
	105,069	Towd Point Mortgage Trust 2018-4 A1(a),(b)		3.0000	06/25/58		100,928
	300,000	Towd Point Mortgage Trust 2018-6 A1B(a),(b)		3.7500	03/25/58		290,044
	140,000	Towd Point Mortgage Trust 2018-6 A2(a),(b)		3.7500	03/25/58		136,939
	255,000	Towd Point Mortgage Trust 2019-2 A2(a),(b)		3.7500	12/25/58		246,124
	235,000	Towd Point Mortgage Trust 2019-4 A2(a),(b)		3.2500	10/25/59		219,114
	100,000	Towd Point Mortgage Trust 2020-1 M1(a),(b)		3.5000	01/25/60		90,379
	62,391	VCAT 2021-NPL2 A1, LLC(a),(c)		2.1150	03/27/51		59,764
	104,164	VCAT Asset Securitization 2021-NPL3 A1, LLC(a),(c)		1.7430	05/25/51		98,168
	75,926	VOLT C 2021-NPL9 A1, LLC(a),(c)		1.9920	05/25/51		71,716
	84,546	VOLT CVI 2021-NP12 A1, LLC(a),(c)		2.7340	12/26/51		79,934
	177,722	VOLT XCII 2021-NPL1 A1, LLC(a),(c)		1.8920	02/27/51		168,791
							3,023,434
		STUDENT LOANS — 0.1%
	77,306	Commonbond Student Loan Trust 2020-1 A(a)		1.6900	10/25/51		69,136
		TOTAL ASSET BACKED SECURITIES (Cost $22,661,143)					21,293,294
		CORPORATE BONDS — 31.9%
		AEROSPACE & DEFENSE — 0.7%
	108,000	Boeing Company (The) (g)		5.9300	05/01/60		108,164
	236,000	Huntington Ingalls Industries, Inc.		2.0430	08/16/28		206,927
	75,000	Spirit AeroSystems, Inc.(a)		5.5000	01/15/25		75,040
	80,000	TransDigm, Inc.		5.5000	11/15/27		75,871
							466,002

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		ASSET MANAGEMENT — 1.4%
	92,000	Blackstone Private Credit Fund(a)		2.6250	12/15/26	$	78,272
	125,000	Blue Owl Finance, LLC(a)		3.1250	06/10/31		98,620
	245,000	Charles Schwab Corporation (The)(d)	H15T10Y + 3.079%	4.0000	03/01/69		207,638
	155,000	Citadel, L.P.(a)		4.8750	01/15/27		151,833
	250,000	Drawbridge Special Opportunities Fund, L.P. /(a)		3.8750	02/15/26		233,072
	128,000	OWL Rock Core Income Corporation(a)		4.7000	02/08/27		118,174
							887,609
		AUTOMOTIVE — 0.4%
	96,000	Ford Motor Company(g)		3.2500	02/12/32		80,303
	65,000	Ford Motor Company		4.7500	01/15/43		53,664
	140,000	Tenneco, Inc.(a)		5.1250	04/15/29		137,919
							271,886
		BANKING — 4.2%
	200,000	Banco Mercantil del Norte S.A.(a),(d)	H15T10Y + 5.034%	6.6250	01/24/70		162,300
	715,000	Bank of America Corporation(d)	SOFRRATE + 1.320%	2.6870	04/22/32		623,462
	230,000	Bank of America Corporation(d)	H15T5Y + 1.200%	2.4820	09/21/36		185,882
	200,000	BBVA Bancomer S.A.(a),(d)	H15T5Y + 2.650%	5.1250	01/18/33		173,474
	113,000	Citigroup, Inc.(d)	SOFRRATE + 1.280%	2.6010	02/24/28		108,741
	175,000	JPMorgan Chase & Company(d)	SOFRRATE + 1.180%	2.4150	02/24/28		168,760
	425,000	JPMorgan Chase & Company(d)	SOFRRATE + 1.065%	1.9530	02/04/32		354,041
	47,000	JPMorgan Chase & Company HH(d)	SOFRRATE + 3.125%	4.6000	08/01/68		41,759
	205,000	Santander Holdings USA, Inc.		4.4000	07/13/27		200,643
	60,000	Synovus Financial Corporation(d)	USSW5 + 3.379%	5.9000	02/07/29		58,976
	200,000	Texas Capital Bancshares, Inc.(d)	H15T5Y + 3.150%	4.0000	05/06/31		182,484
	185,000	Truist Financial Corporation(d),(g)	H15T10Y + 4.349%	5.1000	03/01/69		177,649
	330,000	Wells Fargo & Company(d)	H15T5Y + 3.453%	3.9000	03/15/69		305,869
							2,744,040
		BEVERAGES — 0.4%
	200,000	Bacardi Ltd.(a)		4.7000	05/15/28		200,663
	75,000	Central American Bottling Corp / CBC Bottling(a)		5.2500	04/27/29		71,100
							271,763

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		BIOTECH & PHARMA — 0.7%
	40,000	Bausch Health Companies, Inc.(a)		5.7500	08/15/27	$	33,361
	160,000	Mylan N.V.		3.9500	06/15/26		151,510
	40,000	Par Pharmaceutical, Inc.(a)		7.5000	04/01/27		32,172
	110,000	Teva Pharmaceutical Finance Netherlands III BV(g)		3.1500	10/01/26		99,510
	681	Viatris, Inc.(a)		2.3000	06/22/27		595
	150,000	Viatris, Inc.		2.3000	06/22/27		131,007
							448,155
		CABLE & SATELLITE — 0.1%
	35,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.7500	03/01/30		31,899
	40,000	CCO Holdings, LLC / CCO Holdings Capital(a),(g)		4.5000	08/15/30		35,625
							67,524
		CHEMICALS — 1.0%
	185,000	Albemarle Corporation		5.0500	06/01/32		185,972
	15,000	Avient Corporation(a)		7.1250	08/01/30		15,481
	235,000	Bayport Polymers, LLC(a)		5.1400	04/14/32		234,528
	245,000	Nutrition & Biosciences, Inc.(a)		2.3000	11/01/30		210,283
							646,264
		COMMERCIAL SUPPORT SERVICES — 0.2%
	45,000	Aramark Services, Inc.(a)		6.3750	05/01/25		45,281
	78,000	Waste Management, Inc.		4.1500	04/15/32		79,972
							125,253
		CONSUMER SERVICES — 0.1%
	55,000	Carriage Services, Inc.(a)		4.2500	05/15/29		47,923
		DIVERSIFIED INDUSTRIALS — 0.3%
	181,000	General Electric Company D(d)	US0003M + 3.330%	5.1590	06/15/69		169,461
		ELECTRIC UTILITIES — 1.1%
	260,000	Alliant Energy Finance, LLC(a)		3.6000	03/01/32		246,897
	238,000	Puget Energy, Inc.		2.3790	06/15/28		213,937
	244,000	Southern Company (The)(d)	H15T5Y + 2.915%	3.7500	09/15/51		215,669
	75,000	Vistra Corporation(a),(d)	H15T5Y + 6.930%	8.0000	04/15/70		72,821
							749,324

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		ENGINEERING & CONSTRUCTION — 0.5%
	130,000	Global Infrastructure Solutions, Inc.(a)		7.5000	04/15/32	$	100,582
	238,000	Sempra Infrastructure Partners, L.P.(a)		3.2500	01/15/32		208,952
							309,534
		FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
	90,000	Suzano Austria GmbH		2.5000	09/15/28		76,341
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	125,000	HCA, Inc. (g)		5.2500	06/15/49		118,050
	205,000	Universal Health Services, Inc.(a)		2.6500	01/15/32		163,367
							281,417
		HOME CONSTRUCTION — 0.8%
	90,000	M/I Homes, Inc.		4.9500	02/01/28		83,019
	105,000	Masco Corporation		2.0000	02/15/31		85,673
	105,000	Masco Corporation		3.1250	02/15/51		75,067
	235,000	PulteGroup, Inc.		6.3750	05/15/33		252,068
							495,827
		HOUSEHOLD PRODUCTS — 0.3%
	170,000	Church & Dwight Company, Inc.		5.0000	06/15/52		184,830
		INSTITUTIONAL FINANCIAL SERVICES — 2.1%
	160,000	Bank of New York Mellon Corporation (The)(d)	H15T5Y + 4.358%	4.7000	09/20/68		159,760
	370,000	Brookfield Finance, Inc.		2.7240	04/15/31		324,220
	175,000	Goldman Sachs Group, Inc. (The)(d)	SOFRRATE + 1.090%	1.9920	01/27/32		144,483
	290,000	Jefferies Group, LLC / Jefferies Group Capital		2.6250	10/15/31		233,440
	285,000	Morgan Stanley		3.1250	07/27/26		277,779
	175,000	Morgan Stanley		6.3750	07/24/42		210,312
							1,349,994
		INSURANCE — 2.2%
	150,000	Allstate Corporation (The)(d)	US0003M + 2.938%	5.7500	08/15/53		139,244
	185,000	Ascot Group Ltd.(a)		4.2500	12/15/30		173,440
	170,000	Brighthouse Financial, Inc.		5.6250	05/15/30		170,652
	160,000	Liberty Mutual Group, Inc.(a),(d)	H15T5Y + 3.315%	4.1250	12/15/51		133,275
	275,000	Lincoln National Corporation(d)	US0003M + 2.040%	4.7500	04/20/67		209,069

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		INSURANCE — 2.2% (Continued)
	160,000	MetLife, Inc.(d)	H15T5Y + 3.576%	3.8500	03/15/69	$	151,479
	76,000	MetLife, Inc.(d)	US0003M + 2.959%	5.8750	09/15/66		74,239
	70,000	Prudential Financial, Inc.(d)	US0003M + 4.175%	5.8750	09/15/42		69,491
	230,000	Prudential Financial, Inc.(d)	US0003M + 3.920%	5.6250	06/15/43		229,726
	59,000	Prudential Financial, Inc.(d)	H15T5Y + 3.162%	5.1250	03/01/52		56,471
							1,407,086
		INTERNET MEDIA & SERVICES — 0.1%
	85,000	TripAdvisor, Inc.(a)		7.0000	07/15/25		84,907
		LEISURE FACILITIES & SERVICES — 0.0%(e)
	15,000	Scientific Games International, Inc.(a)		7.0000	05/15/28		15,279
		LEISURE PRODUCTS — 0.2%
	166,000	Brunswick Corporation		2.4000	08/18/31		127,691
		MACHINERY — 0.2%
	155,000	Pentair Finance Sarl		5.9000	07/15/32		161,624
		MEDICAL EQUIPMENT & DEVICES — 1.1%
	265,000	Baxter International, Inc.		2.5390	02/01/32		230,924
	124,000	Bio-Rad Laboratories, Inc.		3.3000	03/15/27		119,265
	39,000	Bio-Rad Laboratories, Inc.		3.7000	03/15/32		36,021
	175,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30		149,920
	243,000	Illumina, Inc.		2.5500	03/23/31		205,473
							741,603
		METALS & MINING — 1.3%
	125,000	Alliance Resource Operating Partners, L.P. /(a), (g)		7.5000	05/01/25		123,875
	65,000	Cleveland-Cliffs, Inc.(a)		6.7500	03/15/26		67,032
	130,000	FMG Resources August 2006 Pty Ltd.(a)		5.8750	04/15/30		124,199
	205,000	Freeport-McMoRan, Inc. (g)		5.4500	03/15/43		192,519
	185,000	Glencore Funding, LLC(a)		2.8500	04/27/31		155,590
	205,000	Teck Resources Ltd.		6.1250	10/01/35		219,500
							882,715

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		OIL & GAS PRODUCERS — 3.5%
	65,000	Chesapeake Escrow Issuer, LLC B(a)		5.5000	02/01/26	$	64,937
	65,000	CrownRock, L.P. / CrownRock Finance, Inc.(a)		5.6250	10/15/25		64,985
	115,000	DT Midstream, Inc.(a)		4.1250	06/15/29		106,715
	160,000	Energy Transfer, L.P.(d)	H15T5Y + 5.694%	6.5000	11/15/69		145,600
	115,000	EQM Midstream Partners, L.P.(a),(g)		7.5000	06/01/30		118,517
	245,000	Flex Intermediate Holdco, LLC(a)		3.3630	06/30/31		208,821
	165,000	HF Sinclair Corporation(a)		5.8750	04/01/26		169,347
	45,000	Kinder Morgan, Inc.		7.7500	01/15/32		54,869
	200,000	Lundin Energy Finance BV(a)		2.0000	07/15/26		182,086
	95,000	Occidental Petroleum Corporation		6.1250	01/01/31		102,227
	70,000	Parsley Energy, LLC / Parsley Finance Corporation(a)		4.1250	02/15/28		65,557
	200,000	Pertamina Persero PT(a)		6.4500	05/30/44		210,157
	185,000	Petroleos Mexicanos		7.6900	01/23/50		135,347
	250,000	Reliance Industries Ltd.(a)		2.8750	01/12/32		216,834
	65,000	Sabine Pass Liquefaction, LLC		4.2000	03/15/28		63,547
	225,000	Transcanada Trust(d)	H15T5Y + 3.986%	5.6000	03/07/82		210,044
	85,000	Venture Global Calcasieu Pass, LLC(a)		3.8750	08/15/29		78,634
	80,000	Venture Global Calcasieu Pass, LLC(a)		3.8750	11/01/33		69,624
							2,267,848
		OIL & GAS SERVICES & EQUIPMENT — 0.0%(e)
	21,712	Transocean Guardian Ltd.(a)		5.8750	01/15/24		20,796
		REAL ESTATE INVESTMENT TRUSTS — 1.9%
	220,000	EPR Properties		4.7500	12/15/26		207,577
	155,000	GLP Capital, L.P. / GLP Financing II, Inc.		5.7500	06/01/28		154,961
	23,000	GLP Capital, L.P. / GLP Financing II, Inc.		3.2500	01/15/32		19,545
	20,000	MPT Operating Partnership, L.P. / MPT Finance(g)		4.6250	08/01/29		18,758
	115,000	MPT Operating Partnership, L.P. / MPT Finance		3.5000	03/15/31		99,257
	170,000	Office Properties Income Trust		4.5000	02/01/25		160,018
	240,000	Phillips Edison Grocery Center Operating		2.6250	11/15/31		191,357
	105,000	Retail Opportunity Investments Partnership, L.P.		4.0000	12/15/24		102,392
	225,000	Retail Properties of America, Inc.		4.7500	09/15/30		214,255
	70,000	Service Properties Trust		4.9500	02/15/27		57,514
							1,225,634

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	275,000	Ontario Teachers’ Cadillac Fairview Properties(a)		2.5000	10/15/31	$	242,087
		RETAIL - CONSUMER STAPLES — 0.0%(e)
	10,000	Albertsons Companies Inc / Safeway Inc / New(a)		3.5000	03/15/29		8,778
		RETAIL - DISCRETIONARY — 0.4%
	160,000	BlueLinx Holdings, Inc.(a)		6.0000	11/15/29		129,840
	159,000	Dick’s Sporting Goods, Inc.		3.1500	01/15/32		130,667
							260,507
		SEMICONDUCTORS — 0.6%
	171,000	Broadcom, Inc.		4.1500	11/15/30		162,653
	9,000	Broadcom, Inc.(a)		3.1870	11/15/36		7,239
	222,000	Entegris Escrow Corporation(a),(g)		4.7500	04/15/29		214,230
							384,122
		SOFTWARE — 0.6%
	265,000	Citrix Systems, Inc.		3.3000	03/01/30		262,390
	15,000	Consensus Cloud Solutions, Inc.(a)		6.0000	10/15/26		13,823
	20,000	Consensus Cloud Solutions, Inc.(a)		6.5000	10/15/28		17,805
	90,000	Oracle Corporation(g)		2.8750	03/25/31		77,775
	45,000	Oracle Corporation		3.8500	04/01/60		32,488
							404,281
		SPECIALTY FINANCE — 1.1%
	194,000	Ally Financial, Inc. B(d)	H15T5Y + 3.868%	4.7000	08/15/69		164,090
	145,000	Aviation Capital Group, LLC(a)		3.5000	11/01/27		126,171
	125,000	Avolon Holdings Funding Ltd.(a)		4.3750	05/01/26		116,781
	182,000	Capital One Financial Corporation(d)	SOFRRATE + 1.337%	2.3590	07/29/32		143,566
	110,000	Ladder Capital Finance Holdings LLLP / Ladder(a),(g)		4.2500	02/01/27		98,243
	60,000	OneMain Finance Corporation		6.8750	03/15/25		59,027
							707,878
		TECHNOLOGY HARDWARE — 1.2%
	224,000	CDW, LLC / CDW Finance Corporation		3.5690	12/01/31		190,849
	154,000	Dell International, LLC / EMC Corporation		8.1000	07/15/36		188,004
	200,000	HP, Inc.		5.5000	01/15/33		201,670

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 31.9% (Continued)
		TECHNOLOGY HARDWARE — 1.2% (Continued)
	50,000	Motorola Solutions, Inc.		4.6000	05/23/29	$	49,109
	210,000	TD SYNNEX Corporation		2.3750	08/09/28		181,124
							810,756
		TECHNOLOGY SERVICES — 0.6%
	137,000	Kyndryl Holdings, Inc.(a)		2.7000	10/15/28		110,131
	245,000	Leidos, Inc.		2.3000	02/15/31		203,085
	70,000	Science Applications International Corporation(a)		4.8750	04/01/28		66,674
							379,890
		TELECOMMUNICATIONS — 0.8%
	145,000	Level 3 Financing, Inc.(a),(g)		4.2500	07/01/28		126,889
	137,500	Sprint Spectrum Company, LLC / Sprint Spectrum(a)		4.7380	03/20/25		138,238
	265,000	T-Mobile USA, Inc.		3.8750	04/15/30		255,243
							520,370
		TOBACCO & CANNABIS — 0.6%
	195,000	BAT Capital Corporation		4.9060	04/02/30		185,996
	200,000	Imperial Brands Finance plc(a)		6.1250	07/27/27		205,407
							391,403
		TRANSPORTATION & LOGISTICS — 0.3%
	163,247	Alaska Airlines 2020-1 Class A Pass Through Trust(a)		4.8000	08/15/27		161,597
		TOTAL CORPORATE BONDS (Cost $22,936,097)					20,799,999
		MUNICIPAL BONDS — 6.2%
		CITY — 0.7%
	340,000	City of Bristol VA		4.2100	01/01/42		328,917
	145,000	City of San Antonio TX		1.9630	02/01/33		121,851
							450,768
		GOVERNMENT LEASE — 0.2%
	145,000	Texas Public Finance Authority		2.1400	02/01/35		118,698
		HOSPITALS — 0.2%
	135,000	Idaho Health Facilities Authority		5.0200	03/01/48		138,076

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		MUNICIPAL BONDS — 6.2% (Continued)
		LOCAL AUTHORITY — 1.4%
	320,000	San Diego County Regional Airport Authority		5.5940	07/01/43	$	323,310
	600,000	State of Texas		3.2110	04/01/44		523,505
	35,000	Texas Transportation Commission State Highway Fund		4.0000	10/01/33		35,991
							882,806
		MISCELLANEOUS TAX — 1.3%
	765,000	Metropolitan Transportation Authority		5.0000	11/15/45		869,684
		SALES TAX — 0.0%(e)
	20,000	Sales Tax Securitization Corporation		3.4110	01/01/43		16,877
		WATER AND SEWER — 2.4%
	705,000	Broward County FL Water & Sewer Utility Revenue		4.0000	10/01/47		715,589
	625,000	New York State Environmental Facilities		5.0000	06/15/51		720,395
	160,000	Santa Clara Valley Water District		2.9670	06/01/50		117,257
							1,553,241
		TOTAL MUNICIPAL BONDS (Cost $4,290,644)					4,030,150
		NON U.S. GOVERNMENT & AGENCIES — 0.9%
		SOVEREIGN — 0.9%
	280,000	Dominican Republic International Bond(a)		6.0000	02/22/33		254,954
	200,000	Emirate of Dubai Government International Bonds		5.2500	01/30/43		184,642
	200,000	Mexico Government International Bond		2.6590	05/24/31		171,514
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $715,099)					611,110
		TERM LOANS — 5.1%
		AEROSPACE & DEFENSE — 0.1%
	70,944	TransDigm, Inc.(d)	US0001M + 2.250%	3.9160	05/30/25		69,118

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 5.1% (Continued)
		AUTOMOTIVE — 0.2%
	141,731	Cooper-Standard Automotive, Inc.(d)	US0003M + 2.000%	3.6660	11/02/23	$	132,696
		BIOTECH & PHARMA — 0.1%
	65,000	Perrigo Investments, LLC(d)	TSFR1M + 2.500%	3.1400	04/07/29		64,188
		CABLE & SATELLITE — 0.1%
	81,087	Directv Financing, LLC(d)	US0001M + 5.000%	7.3723	07/22/27		76,851
		CHEMICALS — 0.4%
	231,092	INEOS US Finance, LLC(d)	US0003M + 2.000%	3.6660	03/31/24		225,813
	338	INEOS US Petrochem, LLC(d)	US0001M + 2.750%	3.2500	01/21/26		321
							226,134
		COMMERCIAL SUPPORT SERVICES — 0.0%(e)
	513	AlixPartners LLP(d)	US0001M + 2.750%	3.2500	01/28/28		503
		CONTAINERS & PACKAGING — 0.1%
	70,837	Berry Global, Inc.(d)	US0001M + 1.750%	4.1780	07/01/26		69,774
		ELECTRICAL EQUIPMENT — 0.1%
	70,345	Brookfield WEC Holdings, Inc.(d)	US0001M + 2.750%	4.4160	08/01/25		68,083
		FOOD — 0.2%
	49,875	CHG PPC Parent, LLC(d)	US0001M + 3.000%	4.0620	11/17/28		48,192
	87,497	Hostess Brands, LLC(d)	US0001M + 2.250%	3.9160	08/03/25		85,815
	458	JBS USA LUX S.A.(d)	US0001M + 2.000%	2.8040	05/01/26		451
							134,458
		HEALTH CARE FACILITIES & SERVICES — 0.3%
	54,577	Agiliti Health, Inc.(d)	US0003M + 2.750%	4.5000	10/18/25		53,212
	131,596	Legacy LifePoint Health, LLC(d)	US0001M + 3.750%	5.4160	11/16/25		124,641
	29,925	Phoenix Newco, Inc.(d)	US0001M + 3.250%	5.0600	08/11/28		29,228
							207,081
		INDUSTRIAL SUPPORT SERVICES — 0.1%
	68,926	Resideo Funding, Inc.(d)	US0001M + 2.250%	4.2200	02/09/28		67,432

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 5.1% (Continued)
		INSURANCE — 0.1%
	65,308	Sedgwick Claims Management Services, Inc.(d)	US0003M + 3.250%	4.9160	11/05/25	$	63,461
		INTERNET MEDIA & SERVICES — 0.0%(e)
	68	Pug, LLC(d)	US0001M + 4.250%	4.7500	02/13/27		64
		LEISURE FACILITIES & SERVICES — 0.7%
	177,777	Caesars Resort Collection, LLC(d)	US0003M + 2.750%	4.4160	10/02/24		174,251
	70,000	Hilton Worldwide Finance, LLC(d)	US0003M + 1.750%	3.3740	06/21/26		69,046
	40,000	Scientific Games Corporation(d)	TSFR1M + 3.000%	5.0440	04/07/29		39,183
	30,000	Scientific Games Holdings, L.P.(d)	SOFRRATE + 3.500%	5.6170	02/04/29		28,751
	68,579	Station Casinos, LLC(d)	US0001M + 2.250%	3.3100	01/31/27		66,907
	69,048	UFC Holdings, LLC(d)	US0001M + 2.750%	3.5000	04/29/26		66,991
							445,129
		MACHINERY — 0.2%
	71,451	Alliance Laundry Systems, LLC(d)	US0001M + 3.500%	5.9550	09/30/27		69,540
	72,253	Standard Industries, Inc.(d)	US0001M + 2.500%	3.7880	08/06/28		71,176
							140,716
		OIL & GAS PRODUCERS — 0.3%
	57,477	CITGO Petroleum Corporation(d)	US0001M + 6.250%	7.9160	03/27/24		57,154
	69,635	Freeport LNG Investments LLLP(d)	US0001M + 3.500%	4.5630	11/17/28		65,566
	69,374	Oryx Midstream Services Permian Basin, LLC(d)	US0001M + 3.250%	4.7560	09/30/28		67,720
							190,440
		PUBLISHING & BROADCASTING — 0.1%
	41,179	Nexstar Broadcasting, Inc.(d)	US0001M + 2.500%	4.1660	06/20/26		40,798
		SOFTWARE — 0.5%
	113,368	Applied Systems, Inc.(d)	US0001M + 2.000%	5.2500	09/19/24	$	111,554
	69,488	CCC Intelligent Solutions, Inc.(d)	US0001M + 2.500%	4.5000	09/17/28		67,773
	68,442	Sophia, L.P.(d)	US0001M + 3.250%	5.5000	10/07/27		66,132
	40,000	Sophia, L.P.(d)	SOFRRATE + 4.250%	5.7750	10/07/27		38,900
	67,027	UKG, Inc.(d)	US0001M + 3.250%	5.5350	05/03/26		65,152
							349,511

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 5.1% (Continued)
		TECHNOLOGY HARDWARE — 0.1%
	69,591	NCR Corporation(d)	US0001M + 2.500%	3.7400	08/08/26	$	68,141
		TECHNOLOGY SERVICES — 0.5%
	73,877	Blackhawk Network Holdings, Inc.(d)	US0003M + 3.000%	5.0540	05/22/25		71,246
	67,723	Dun & Bradstreet Corporation (The)(d)	US0001M + 3.250%	4.8740	02/08/26		66,086
	19,950	Dun & Bradstreet Corporation (The)(d)	SOFRRATE + 3.250%	4.7470	01/07/29		19,373
	69,288	NAB Holdings, LLC(d)	SOFRRATE + 3.000%	5.2040	11/18/28		66,242
	87,265	Peraton Corporation(d)	US0001M + 3.750%	5.4160	02/24/28		85,030
	69,338	Tenable, Inc.(d)	US0006M + 2.750%	3.2500	06/17/28		66,796
							374,773
		TELECOMMUNICATIONS — 0.2%
	24,026	CenturyLink, Inc.(d)	US0001M + 2.250%	3.9160	03/15/27		22,945
	97,497	SBA Senior Finance II, LLC(d)	US0001M + 1.750%	3.4200	04/11/25		95,526
							118,471
		TRANSPORTATION & LOGISTICS — 0.7%
	24,706	Air Canada(d)	US0001M + 3.500%	4.2500	07/27/28		23,868
	101,661	Brown Group Holding, LLC(d)	US0001M + 2.500%	4.1660	04/22/28		98,102
	74,351	KKR Apple Bidco, LLC(d)	US0001M + 3.000%	4.3100	07/13/28		71,841
	70,000	Mileage Plus Holdings, LLC(d)	US0001M + 5.250%	7.3130	06/25/27		70,700
	73,692	PODS, LLC(d)	US0001M + 3.000%	4.7560	03/19/28		70,852
	70,000	SkyMiles IP Ltd.(d)	US0003M + 3.750%	4.7500	09/16/27		70,893
							406,256
		TOTAL TERM LOANS (Cost $3,394,913)					3,314,078
		U.S. GOVERNMENT & AGENCIES — 20.8%
		AGENCY FIXED RATE — 0.9%
	8,824	Fannie Mae Pool 735061		6.0000	11/01/34		9,441
	11,357	Fannie Mae Pool 866009		6.0000	03/01/36		12,370
	80,153	Fannie Mae Pool 938574		5.5000	09/01/36		85,965
	27,504	Fannie Mae Pool 310041		6.5000	05/01/37		30,971
	12,972	Fannie Mae Pool 962752		5.0000	04/01/38		13,791
	15,354	Fannie Mae Pool 909175		5.5000	04/01/38		16,533
	57,623	Fannie Mae Pool 909220		6.0000	08/01/38		62,521

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 20.8% (Continued)
		AGENCY FIXED RATE — 0.9% (Continued)
	79,089	Fannie Mae Pool AA7001		5.0000	06/01/39	$	84,080
	52,544	Fannie Mae Pool AS7026		4.0000	04/01/46		53,930
	88,974	Fannie Mae Pool BJ9260		4.0000	04/01/48		90,696
	89,302	Freddie Mac Gold Pool G01980		5.0000	12/01/35		95,031
	12,244	Freddie Mac Gold Pool G05888		5.5000	10/01/39		13,177
							568,506
		U.S. TREASURY BONDS — 10.9%
	1,040,000	United States Treasury Bond(g)		2.8750	05/15/49		1,004,311
	1,440,000	United States Treasury Bond		2.0000	02/15/50		1,159,284
	2,500,000	United States Treasury Bond		1.3750	08/15/50		1,711,133
	2,045,000	United States Treasury Note		1.8750	02/15/51		1,593,182
	1,135,000	United States Treasury Note		1.8750	11/15/51		885,300
	175,000	United States Treasury Note		2.2500	02/15/52		149,516
	655,000	United States Treasury Note		2.8750	05/15/52		641,951
							7,144,677
		U.S. TREASURY NOTES — 9.0%
	915,000	United States Treasury Note		0.1250	08/31/23		887,728
	855,000	United States Treasury Note		2.5000	04/30/24		848,521
	2,505,000	United States Treasury Note		2.6250	02/15/29		2,494,041
	485,000	United States Treasury Note		0.8750	11/15/30		422,746
	715,000	United States Treasury Note		1.6250	05/15/31		659,504
	540,000	United States Treasury Note		2.8750	05/15/32		550,800
							5,863,340
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $15,835,237)					13,576,523

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.8%
		MONEY MARKET FUNDS - 1.8%
	1,144,457	Fidelity Government Portfolio, CLASS I, 1.41% (Cost $1,144,457) (f)	$	1,144,457
		COLLATERAL FOR SECURITIES LOANED – 2.5%
	1,604,293	Mount Vernon Prime Portfolio, 2.30% (Cost $1,604,293) (f),(h)		1,604,293
		TOTAL INVESTMENTS – 101.8% (Cost $72,581,883)	$	66,373,904
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8)%		(1,155,877	)
		NET ASSETS - 100.0%	$	65,218,027

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
SOFRRATE	SOFR Secured Overnight Financing Rate
TSFR1M	Secured Overnight Financing Rate 1 month
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

(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, 2022 the total market value of 144A securities is 27,090,005 or 41.5% of net assets.
(b)	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.
(c)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2022.
(d)	Variable rate security; the rate shown represents the rate on July 31, 2022.
(e)	Percentage rounds to less than 0.1%.
(f)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(g)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,581,495 at July 31, 2022.
(h)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares						Fair Value
		COMMON STOCKS — 0.2%
		METALS & MINING - 0.2%
	23,114	Covia Holdings, LLC(a)				$	330,819
		TOTAL COMMON STOCKS (Cost $183,467)					330,819
Principal Amount ($)			Spread	Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES — 9.8%
		CLO — 9.8%
	1,500,000	Apidos CLO XX 2015-20A DR(b),(c)	US0003M + 5.700%	8.4400	07/16/31		1,228,506
	1,540,000	Atrium IX 9A ER(b),(c)	US0003M + 6.450%	8.0480	05/28/30		1,366,715
	2,900,000	Benefit Street Partners CLO II Ltd. 2013-IIA DR(b),(c)	US0003M + 6.550%	9.0620	07/15/29		2,528,365
	2,000,000	Benefit Street Partners CLO III Ltd. 2013-IIIA DR(b),(c)	US0003M + 6.600%	9.3100	07/20/29		1,819,308
	2,000,000	Benefit Street Partners CLO XII Ltd. 2017-12AD(b),(c)	US0003M + 6.410%	8.9220	10/15/30		1,809,416
	2,000,000	Carlyle Global Market Strategies CLO 2015-4 Ltd. 2015-4A DR(b),(c)	US0003M + 6.700%	9.4100	07/20/32		1,690,692
	250,000	CIFC Funding 2013-II Ltd. 2013-2A B2LR(b),(c)	US0003M + 6.520%	9.2600	10/18/30		203,712
	275,000	CIFC Funding 2017-I Ltd. 2017-1A E(b),(c)	US0003M + 6.350%	9.0820	04/23/29		254,756
	1,250,000	Goldentree Loan Management US CLO 2 Ltd. 2017-2A E(b),(c)	US0003M + 4.700%	7.4100	11/28/30		1,063,460
	3,005,000	THL Credit Wind River 2014-2 CLO Ltd. 2014-2A ER(b),(c)	US0003M + 5.750%	8.2620	01/15/31		2,521,532
	1,750,000	THL Credit Wind River 2019-3 CLO Ltd. 2019-3A E2R(b),(c)	US0003M + 6.750%	9.2620	04/15/31		1,549,093
	700,000	TICP CLO I-2 Ltd. 2018-IA D(b),(c)	US0003M + 5.770%	8.5360	04/26/28		637,065
	1,850,000	Voya CLO 2015-1 Ltd. 2015-1A DR(b),(c)	US0003M + 5.650%	8.3900	01/18/29		1,566,870
							18,239,490
		TOTAL ASSET BACKED SECURITIES (Cost $20,296,089)					18,239,490
		CORPORATE BONDS — 8.5%
		CABLE & SATELLITE — 0.2%
	500,000	CSC Holdings, LLC(b)		5.7500	01/15/30		405,963
		CHEMICALS — 0.2%
	500,000	Consolidated Energy Finance S.A.(b)		5.6250	10/15/28		408,688
		COMMERCIAL SUPPORT SERVICES — 0.2%
	450,000	Deluxe Corporation(b)		8.0000	06/01/29		393,890

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 8.5% (Continued)
		CONSUMER SERVICES — 0.2%
	437,000	PROG Holdings, Inc.(b)		6.0000	11/15/29	$	359,708
		ELECTRIC UTILITIES — 0.2%
	500,000	Calpine Corporation(b)		5.0000	02/01/31		445,566
		ENTERTAINMENT CONTENT — 0.2%
	340,000	Paramount Global(d)	H15T5Y + 3.999%	6.3750	03/30/62		324,530
		FOOD — 0.5%
	500,000	HLF Financing Sarl, LLC / Herbalife International,(b)		4.8750	06/01/29		370,638
	500,000	Post Holdings, Inc.(b)		4.5000	09/15/31		441,343
							811,981
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	475,000	Aretec Escrow Issuer, Inc.(b)		7.5000	04/01/29		421,161
		INTERNET MEDIA & SERVICES — 0.2%
	475,000	GrubHub Holdings, Inc.(b)		5.5000	07/01/27		325,085
		LEISURE FACILITIES & SERVICES — 1.2%
	500,000	Carnival Corporation(b)		10.5000	06/01/30		445,470
	475,000	CEC Entertainment Company, LLC(b),(e)		6.7500	05/01/26		443,465
	199,000	NCL Corporation Ltd.(b)		7.7500	02/15/29		160,001
	500,000	Royal Caribbean Cruises Ltd.(b),(e)		5.5000	04/01/28		378,928
	525,000	Wynn Macau Ltd.(b)		5.6250	08/26/28		410,807
	500,000	Wynn Macau Ltd.(b)		5.1250	12/15/29		383,760
							2,222,431
		METALS & MINING — 0.7%
	450,000	Mineral Resources Ltd.(b),(e)		8.1250	05/01/27		447,378
	109,000	Mineral Resources Ltd.(b)		8.0000	11/01/27		110,393
	127,000	Mineral Resources Ltd.(b),(e)		8.5000	05/01/30		128,793
	510,000	Warrior Met Coal, Inc.(b)		7.8750	12/01/28		473,248
							1,159,812

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 8.5% (Continued)
		OIL & GAS PRODUCERS — 1.4%
	14,000	EQM Midstream Partners, L.P.(b)		7.5000	06/01/27	$	14,266
	106,000	EQM Midstream Partners, L.P.(b),(e)		7.5000	06/01/30		109,241
	500,000	Genesis Energy, L.P. / Genesis Energy Finance(e)		8.0000	01/15/27		491,440
	475,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)		5.7500	02/01/29		434,169
	500,000	ITT Holdings, LLC(b)		6.5000	08/01/29		430,870
	675,000	PBF Holding Company, LLC / PBF Finance Corporation		6.0000	02/15/28		613,789
	500,000	Strathcona Resources Ltd.(b)		6.8750	08/01/26		460,430
							2,554,205
		REAL ESTATE INVESTMENT TRUSTS — 0.2%
	525,000	Service Properties Trust		4.3750	02/15/30		385,461
		REAL ESTATE OWNERS & DEVELOPERS — 0.2%
	500,000	Kennedy-Wilson, Inc.(e)		4.7500	03/01/29		441,975
		RETAIL - DISCRETIONARY — 0.2%
	170,000	Carvana Company(b)		5.8750	10/01/28		108,193
	500,000	Carvana Company(b)		4.8750	09/01/29		299,688
							407,881
		SPECIALTY FINANCE — 1.1%
	450,000	AerCap Global Aviation Trust(b),(d),(e)	US0003M + 4.300%	6.5000	06/15/45		428,708
	533,000	Apollo Commercial Real Estate Finance, Inc.(b)		4.6250	06/15/29		419,197
	500,000	Cobra AcquisitionCo, LLC(b)		6.3750	11/01/29		376,210
	475,000	Curo Group Holdings Corporation(b)		7.5000	08/01/28		324,237
	475,000	FirstCash, Inc.(b),(e)		5.6250	01/01/30		446,643
							1,994,995
		STEEL — 0.2%
	500,000	Allegheny Technologies, Inc.		4.8750	10/01/29		428,382
		TECHNOLOGY SERVICES — 0.2%
	475,000	ION Trading Technologies Sarl(b)		5.7500	05/15/28		390,699
		TELECOMMUNICATIONS — 0.6%
	500,000	Altice France S.A.(b)		5.5000	10/15/29		432,234

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 8.5% (Continued)
		TELECOMMUNICATIONS — 0.6% (Continued)
	500,000	Lumen Technologies, Inc.(b)		5.3750	06/15/29	$	418,705
	550,000	Telesat Canada / Telesat, LLC(b)		4.8750	06/01/27		325,265
							1,176,204
		TRANSPORTATION & LOGISTICS — 0.2%
	400,000	American Airlines, Inc.(b),(e)		11.7500	07/15/25		442,819
		WHOLESALE - CONSUMER STAPLES — 0.2%
	571,000	C&S Group Enterprises, LLC(b)		5.0000	12/15/28		414,659
		TOTAL CORPORATE BONDS (Cost $18,731,430)					15,916,095
		TERM LOANS — 80.0%
		ADVERTISING & MARKETING — 0.8%
	1,071,084	Dotdash Meredith, Inc.(c)	SOFRRATE + 4.000%	4.8840	12/01/28		972,009
	539,230	Terrier Media Buyer, Inc.(c)	US0001M + 3.500%	5.1660	12/17/26		507,550
							1,479,559
		AEROSPACE & DEFENSE — 1.2%
	774,447	Dynasty Acquisition Company, Inc.(c)	US0001M + 3.500%	5.1660	04/06/26		733,789
	416,369	Standard Aero Ltd.(c)	US0001M + 3.500%	5.1660	04/06/26		394,510
	1,191,135	WP CPP Holdings, LLC(c)	US0003M + 3.750%	3.8100	04/30/25		1,048,198
							2,176,497
		APPAREL & TEXTILE PRODUCTS — 1.1%
	1,041,000	Birkenstock US BidCo, Inc.(c)	US0001M + 3.250%	5.0600	04/28/28		977,239
	1,130,281	Samsonite IP Holdings Sarl(c)	US0001M + 3.000%	4.3100	04/25/25		1,102,430
							2,079,669
		ASSET MANAGEMENT — 0.6%
	1,190,840	Nexus Buyer, LLC(c)	US0001M + 3.750%	5.4160	11/09/26		1,153,328
		AUTOMOTIVE — 0.6%
	191,520	Dexko Global, Inc.(c)	US0001M + 3.750%	5.4160	10/04/28		173,565
	1,005,480	Dexko Global, Inc.(c)	US0001M + 3.750%	5.4160	10/04/28		911,216
							1,084,781

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		BEVERAGES — 0.4%
	725,494	Pegasus Bidco BV(c)	TSFR1M + 4.250%	6.5347	07/12/29	$	700,102
		BIOTECH & PHARMA — 0.4%
	775,129	Curium Bidco Sarl(c)	US0001M + 4.000%	5.5440	12/02/27		749,937
		CHEMICALS — 3.9%
	150,248	Arc Falcon I, Inc., Delayed Draw Term DD(c)	US0001M + 3.750%	4.2500	09/25/28		141,046
	1,044,516	Arc Falcon I, Inc., Initial Term Loan(c)	US0001M + 3.750%	4.2500	09/25/28		980,545
	1,409,063	Groupe Solmax, Inc.(c)	US0001M + 4.750%	4.7560	06/26/28		1,221,193
	1,280,464	Iris Holding, Inc.(c)	TSFR1M + 4.750%	7.0347	06/28/28		1,196,440
	1,191,835	NIC Acquisition Corporation(c)	US0001M + 3.750%	4.8120	12/29/27		1,041,068
	727,912	Nouryon USA, LLC(c)	US0001M + 3.000%	4.5240	10/01/25		707,348
	1,194,000	Olympus Water US Holding Corporation(c)	US0001M + 3.750%	6.0630	11/09/28		1,133,834
	803,000	Polar US Borrower, LLC(c)	US0003M + 4.750%	4.3100	10/15/25		756,161
							7,177,635
		COMMERCIAL SUPPORT SERVICES — 5.4%
	1,008,698	AlixPartners LLP(c)	US0001M + 2.750%	3.2500	02/04/28		989,548
	1,181,075	Allied Universal Holdco, LLC(c)	US0001M + 3.750%	5.4160	05/12/28		1,106,413
	258,846	Amentum Government Services Holdings, LLC(c)	SOFRRATE + 4.000%	4.7770	02/16/29		251,970
	1,191,000	APX Group, Inc.(c)	US0001M + 3.500%	4.3100	07/10/28		1,124,084
	1,190,769	Cast & Crew Payroll, LLC(c)	US0001M + 3.500%	6.7390	02/09/26		1,158,934
	1,191,000	CHG Healthcare Services, Inc.(c)	US0001M + 3.250%	4.3100	09/29/28		1,158,778
	1,190,840	Creative Artists Agency, LLC(c)	US0001M + 3.750%	5.0600	11/26/26		1,170,958
	904,462	Garda World Security Corporation(c)	US0001M + 4.250%	3.5600	10/30/26		858,108
	1,190,955	Prime Security Services Borrower, LLC(c)	US0001M + 2.750%	3.5000	09/23/26		1,160,270
	1,193,985	Sotheby’s(c)	US0001M + 4.500%	5.0600	01/15/27		1,158,165
							10,137,228
		CONSTRUCTION MATERIALS — 1.9%
	1,138,014	Foley Products Company, LLC(c)	SOFRRATE + 4.750%	4.7560	02/16/29		1,082,536
	1,391,513	Quikrete Holdings, Inc.(c)	US0001M + 3.000%	4.6660	06/12/28		1,327,350
	1,190,462	US Silica Company(c)	US0003M + 4.000%	5.0000	05/01/25		1,163,677
							3,573,563

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		CONSUMER SERVICES — 0.3%
	662,453	Mckissock Investment Holdings, LLC(c)	SOFRRATE + 5.000%	5.9510	03/12/29	$	627,124
		CONTAINERS & PACKAGING — 4.5%
	942,875	Berlin Packaging, LLC(c)	US0001M + 3.750%	4.7600	03/13/28		900,936
	748,232	Clydesdale Acquisition Holdings, Inc.(c)	TSFR1M + 4.175%	4.5600	04/13/29		720,855
	1,281,695	LABL, Inc.(c)	US0001M + 5.000%	4.2560	10/30/28		1,224,019
	1,390,466	Mauser Packaging Solutions Holding Company(c)	US0003M + 3.250%	5.0370	04/03/24		1,332,387
	1,196,624	Patriot Container Corporation(c)	US0003M + 3.750%	4.7500	03/20/25		1,005,164
	1,344,525	Reynolds Group Holdings, Inc.(c)	US0001M + 3.250%	5.5510	02/05/26		1,307,692
	816,090	TricorBraun Holdings, Inc.(c)	US0001M + 3.250%	5.8100	03/03/28		775,648
	584,523	Trident TPI Holdings, Inc.(c)	US0003M + 3.250%	4.3100	10/17/24		568,632
	46,111	Trident TPI Holdings, Inc., Delayed Draw Term DD(c)	US0001M + 4.000%	4.0620	09/15/28		43,993
	517,179	Trident TPI Holdings, Inc., Initial Term Loan(c)	US0001M + 4.000%	5.5440	09/15/28		493,422
							8,372,748
		E-COMMERCE DISCRETIONARY — 0.3%
	651,750	CNT Holdings I Corporation(c)	US0001M + 3.500%	4.5000	11/08/27		633,468
		ELECTRIC UTILITIES — 0.0%(f)
	635,000	Texas Competitive Electric Holdings Company, LLC /(g)		11.5000	11/22/49		—
		ELECTRICAL EQUIPMENT — 1.2%
	995,618	Brookfield WEC Holdings, Inc.(c)	US0001M + 2.750%	4.4160	08/01/25		963,598
	476,590	Brookfield WEC Holdings, Inc.(c)	TSFR1M + 3.750%	5.2470	08/01/25		463,484
	114,244	Icebox Holdco III, Inc.(c)	US0001M + 3.750%	6.0000	12/22/28		107,190
	558,935	Icebox Holdco III, Inc., Term Loan B(c)	US0001M + 3.750%	6.0000	12/22/28		524,421
	179,825	Icebox Holdco III, Inc., Delayed Draw Term DD(c)	US0001M + 6.750%	9.0000	12/17/29		169,485
							2,228,178
		ENGINEERING & CONSTRUCTION — 1.8%
	1,191,000	Osmose Utilities Services, Inc.(c)	US0001M + 3.250%	4.9160	06/16/28		1,112,096
	1,191,000	USIC Holdings, Inc.(c)	US0001M + 3.500%	5.1660	05/12/28		1,126,240
	1,064,568	VM Consolidated, Inc.(c)	US0001M + 3.250%	4.9160	03/27/28		1,047,535
							3,285,871

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		ENTERTAINMENT CONTENT — 1.0%
	1,190,746	NEP Group, Inc.(c)	US0003M + 3.250%	5.0600	10/20/25	$	1,123,766
	491,825	Univision Communications, Inc.(c)	US0003M + 2.750%	3.7500	03/15/24		487,959
	196,488	Univision Communications, Inc.(c)	TSFR1M + 4.250%	6.2540	06/11/29		190,266
							1,801,991
		FORESTRY, PAPER & WOOD PRODUCTS — 0.4%
	850,467	Sylvamo Corporation(c)	US0001M + 4.500%	4.1750	09/13/28		813,259
		HEALTH CARE FACILITIES & SERVICES — 5.1%
	1,191,000	Bella Holding Company, LLC(c)	US0001M + 3.750%	5.4160	05/10/28		1,141,574
	1,191,000	Cano Health, LLC(c)	US0001M + 4.000%	4.5070	11/23/27		1,124,006
	137,317	Element Materials Technology Group US Holdings,(c)	TSFR1M + 4.250%	6.5347	06/22/29		132,396
	1,592,432	Legacy LifePoint Health, LLC(c)	US0001M + 3.750%	5.4160	11/17/25		1,508,263
	916,433	Milano Acquisition Corporation(c)	US0001M + 4.000%	6.2500	10/01/27		891,611
	1,472	Option Care Health, Inc.(c)	US0001M + 2.750%	4.8100	10/22/28		1,445
	1,190,746	Outcomes Group Holdings, Inc.(c)	US0003M + 3.250%	6.5000	10/24/25		1,143,860
	1,206,465	Packaging Coordinators Midco, Inc.(c)	US0001M + 3.750%	6.0060	11/30/27		1,164,673
	1,182,038	Phoenix Newco, Inc.(c)	US0001M + 3.250%	5.0600	11/15/28		1,154,520
	1,190,977	Radnet Management, Inc.(c)	US0001M + 3.000%	4.8250	04/24/28		1,159,250
							9,421,598
		HOUSEHOLD PRODUCTS — 0.2%
	449,313	Sunshine Luxembourg VII Sarl(c)	US0001M + 3.750%	4.8100	10/02/26		429,844
		INDUSTRIAL INTERMEDIATE PROD — 1.0%
	777,385	AZZ, Inc.(c)	SOFRRATE + 4.250%	4.5340	05/11/29		760,543
	1,173,184	Gates Global, LLC(c)	US0001M + 2.500%	4.3100	03/31/27		1,134,252
							1,894,795
		INSTITUTIONAL FINANCIAL SERVICES — 0.5%
	1,015,483	Deerfield Dakota Holding, LLC(c)	US0001M + 3.750%	5.2750	04/09/27		987,558

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		INSURANCE — 3.3%
	582,613	Alliant Holdings Intermediate, LLC(c)	US0001M + 3.500%	2.8400	11/08/27	$	564,133
	760,949	Asurion, LLC(c)	US0001M + 3.250%	4.7740	12/23/26		717,514
	667,218	Asurion, LLC(c)	US0001M + 3.250%	5.7260	07/30/27		629,521
	355,000	Asurion, LLC(c)	US0001M + 5.250%	6.9160	01/31/28		306,099
	365,000	Asurion, LLC(c)	US0001M + 5.250%	6.9160	01/19/29		314,721
	1,193,992	Howden Group Holdings Ltd.(c)	US0001M + 3.250%	3.8100	11/12/27		1,159,008
	1,190,894	HUB International Ltd.(c)	US0001M + 3.250%	5.3840	04/25/25		1,168,445
	1,047,842	Sedgwick Claims Management Services, Inc.(c)	US0003M + 3.250%	4.9160	12/31/25		1,018,209
	189,150	Sedgwick Claims Management Services, Inc.(c)	US0001M + 3.750%	5.4160	08/10/26		184,392
							6,062,042
		LEISURE FACILITIES & SERVICES — 10.0%
	1,752,495	Aimbridge Acquisition Company, Inc.(c)	US0003M + 3.750%	5.4160	02/02/26		1,538,366
	1,313,000	AMC Entertainment Holdings, Inc.(c)	US0003M + 3.000%	4.8720	04/22/26		1,142,861
	524,362	Carnival Corporation(c)	US0001M + 3.000%	3.7500	06/30/25		501,985
	643,187	Carnival Corporation(b),(c)	US0001M + 3.250%	6.1270	10/09/28		598,833
	1,007,164	Dave & Buster’s, Inc.(c)	TSFR1M + 5.000%	6.6180	06/29/29		987,227
	699,169	Fertitta Entertainment, LLC/NV(c)	SOFRRATE + 4.000%	5.5250	01/26/29		668,672
	1,200,000	Fogo De Chao, Inc.(c)	US0003M + 4.250%	5.2500	04/07/25		1,151,628
	689,788	Hilton Grand Vacations Borrower, LLC(c)	US0001M + 3.000%	4.6660	08/02/28		677,802
	2,561,406	Hornblower Sub, LLC(c)	US0001M + 4.500%	5.5000	04/25/25		1,792,985
	1,190,674	IRB Holding Corporation(c)	US0001M + 2.750%	3.7500	02/05/25		1,164,199
	138,698	Motion Finco, LLC, Delayed Draw Term Loan B-DD(c)	US0001M + 3.250%	3.5600	11/04/26		128,333
	1,052,325	Motion Finco, LLC, Term Loan B(c)	US0001M + 3.250%	5.5000	11/04/26		973,684
	1,801,652	Playa Resorts Holding BV(c)	US0003M + 2.750%	4.4200	04/29/24		1,737,749
	445,643	Scientific Games Corporation(c)	TSFR1M + 3.000%	5.0440	04/16/29		436,545
	408,707	Scientific Games Holdings, L.P.(c)	SOFRRATE + 3.500%	5.6170	04/04/29		391,688
	1,191,000	SeaWorld Parks & Entertainment, Inc.(c)	US0001M + 3.000%	5.5600	08/25/28		1,139,263
	1,194,000	Whatabrands, LLC(c)	US0001M + 3.250%	4.3100	08/03/28		1,140,807
	1,176,170	William Morris Endeavor Entertainment, LLC(c)	US0003M + 2.750%	4.7560	05/16/25		1,131,823
	1,190,769	Wok Holdings, Inc.(c)	US0003M + 6.250%	7.8250	03/02/26		1,068,715
							18,373,165

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		LEISURE PRODUCTS — 0.6%
	1,190,659	Varsity Brands Holding Company, Inc.(c)	US0003M + 3.500%	4.4610	12/16/24	$	1,134,632
		MACHINERY — 2.1%
	828,176	Alliance Laundry Systems, LLC(c)	US0001M + 3.500%	5.9550	10/08/27		806,022
	1,196,893	CIRCOR International, Inc.(c)	US0001M + 5.500%	7.1420	12/18/28		1,089,173
	635,719	Filtration Group Corporation(c)	US0003M + 3.000%	3.1210	03/31/25		623,640
	288,101	Filtration Group Corporation(c)	US0001M + 3.500%	5.5600	10/20/28		278,090
	1,193,766	STS Operating, Inc.(c)	US0003M + 4.250%	5.9160	12/11/24		1,142,136
							3,939,061
		MEDICAL EQUIPMENT & DEVICES — 0.8%
	1,578,000	Mozart Borrower, L.P.(c)	US0001M + 3.250%	4.0140	10/20/28		1,510,935
		OIL & GAS PRODUCERS — 3.3%
	1,141,353	CQP Holdco, L.P.(c)	US0001M + 3.750%	6.0050	06/05/28		1,111,553
	1,190,679	EG America, LLC(c)	US0003M + 4.000%	6.2500	02/06/25		1,131,574
	1,211,035	Lucid Energy Group II Borrower, LLC(c)	US0001M + 4.250%	4.0600	11/22/28		1,211,229
	1,194,057	Medallion Midland Acquisition, L.P.(c)	US0001M + 3.750%	4.0060	10/18/28		1,163,214
	253,113	RelaDyne, Inc.(c)	SOFRRATE + 4.250%	8.4890	12/22/28		246,152
	1,377,206	TransMontaigne Operating Company, L.P.(c)	US0001M + 3.500%	5.0950	11/17/28		1,326,786
							6,190,508
		REAL ESTATE INVESTMENT TRUSTS — 0.6%
	1,194,000	Claros Mortgage Trust, Inc.(c)	US0001M + 4.500%	4.3630	08/10/26		1,167,135
		RETAIL - DISCRETIONARY — 3.7%
	733,102	Hertz Corporation (The), Term Loan B(c)	US0001M + 3.250%	4.2560	06/30/28		705,955
	139,557	Hertz Corporation (The), Term Loan C(c)	US0001M + 3.250%	4.7050	06/30/28		134,389
	1,238,653	JP Intermediate B, LLC(c)	US0003M + 5.500%	6.7390	11/20/25		1,011,937
	907,328	LBM Acquisition, LLC(c)	US0001M + 3.750%	4.7390	12/17/27		782,733
	1,190,955	Leslie’s Poolmart, Inc.(c)	US0001M + 2.500%	3.2500	03/09/28		1,160,122
	939,551	Mavis Tire Express Services TopCo, L.P.(c)	US0001M + 4.000%	6.2500	05/04/28		902,138
	538,188	Petco Health & Wellness Company, Inc.(c)	US0001M + 3.250%	5.2560	03/03/28		522,335
	516,100	PetSmart, Inc.(c)	US0003M + 3.750%	4.5000	02/11/28		498,787

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		RETAIL - DISCRETIONARY — 3.7% (Continued)
	1,197,062	Specialty Building Products Holdings, LLC(c)	US0001M + 3.750%	5.3450	10/16/28	$	1,092,698
							6,811,094
		SEMICONDUCTORS — 0.3%
	576,770	Altar Bidco, Inc.(c)	SOFRRATE + 3.350%	5.7500	02/01/29		549,916
	57,359	Altar Bidco, Inc.(c)	SOFRRATE + 5.600%	4.7330	02/01/30		52,483
							602,399
		SOFTWARE — 10.4%
	1,106,560	Applied Systems, Inc.(c)	US0003M + 3.000%	5.2500	09/19/24		1,088,855
	190,250	Applied Systems, Inc.(c)	US0001M + 5.500%	5.4110	09/19/25		186,173
	316,856	athenahealth, Inc., Delayed Draw Term DD(c)	SOFRRATE + 3.500%	4.3700	02/15/29		302,927
	1,868,218	athenahealth, Inc., Initial Term Loan(c)	SOFRRATE + 3.500%	4.3700	02/15/29		1,786,092
	599,325	Barracuda Networks, Inc.(c)	US0003M + 3.750%	5.9820	02/12/25		597,452
	943,164	Barracuda Networks, Inc.(c)	TSFR1M + 4.500%	6.7847	05/16/29		912,512
	1,013,119	Central Parent, Inc.(c)	TSFR1M + 4.500%	6.7847	07/06/29		986,783
	1,403,199	Condor Merger Sub, Inc.(c)	SOFRRATE + 4.000%	5.6990	03/01/29		1,345,029
	595,431	Dcert Buyer, Inc.(c)	US0003M + 4.000%	4.8100	10/16/26		578,101
	600,000	Dcert Buyer, Inc.(c)	US0001M + 7.000%	5.0600	02/16/29		567,501
	1,192,795	Epicor Software Corporation(c)	US0001M + 3.250%	4.5600	07/30/27		1,140,359
	1,411,875	Greeneden US Holdings II, LLC(c)	US0001M + 4.000%	5.6660	12/01/27		1,381,492
	1,200,000	Helios Software Holdings, Inc.(c)	US0001M + 3.750%	3.8100	03/10/28		1,131,756
	278,862	MedAssets Software Intermediate Holdings, Inc.(c)	US0001M + 4.000%	5.6660	12/18/28		269,450
	121,719	MedAssets Software Intermediate Holdings, Inc.(c)	US0001M + 6.750%	7.2500	12/17/29		109,304
	231,780	Mitnick Corporate Purchaser, Inc.(c)	TSFR1M + 4.750%	4.7990	05/02/29		225,793
	1,190,816	Project Boost Purchaser, LLC(c)	US0003M + 3.500%	4.7560	06/01/26		1,134,812
	1,184,050	Proofpoint, Inc.(c)	US0001M + 3.250%	4.3100	08/31/28		1,140,140
	1,092,372	RealPage, Inc.(c)	US0001M + 3.000%	6.0600	04/24/28		1,053,533
	783,120	Sophia, L.P.(c)	US0003M + 3.250%	4.0600	10/07/27		756,689
	669,346	Sophia, L.P.(c)	SOFRRATE + 4.250%	5.7750	10/07/27		650,939
	99,791	UKG, Inc.(c)	US0001M + 5.250%	7.5350	05/03/27		96,191
	1,190,816	Ultimate Software Group, Inc. (The)(c)	US0003M + 3.750%	5.4160	05/04/26		1,161,046
	726,735	Waystar Technologies, Inc.(c)	US0001M + 4.000%	4.7560	10/22/26		707,658
							19,310,587

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		SPECIALTY FINANCE — 0.3%
	625,780	Apollo Commercial Real Estate Finance, Inc.(c)	US0001M + 3.500%	6.5060	03/11/28	$	583,540
		TECHNOLOGY HARDWARE — 1.2%
	1,190,746	VeriFone Systems, Inc.(c)	US0003M + 4.000%	5.5240	08/20/25		1,095,158
	1,220,063	Viasat, Inc.(c)	SOFRRATE + 4.500%	5.9240	02/23/29		1,143,809
							2,238,967
		TECHNOLOGY SERVICES — 3.5%
	178,200	ION Trading Finance Ltd.(c)	US0001M + 4.750%	7.0000	03/31/28		171,518
	1,146,000	MoneyGram International, Inc.(c)	US0001M + 4.500%	5.0000	07/21/26		1,119,504
	1,191,464	Peraton Corporation(c)	US0001M + 3.750%	5.4160	02/01/28		1,160,938
	672,430	Tempo Acquisition, LLC(c)	US0001M + 3.000%	4.3100	08/31/26		660,663
	1,222,233	Travelport Finance Luxembourg Sarl(c)	US0001M + 1.500%	2.5000	02/28/25		1,192,142
	1,295,785	Travelport Finance Luxembourg Sarl(c)	US0003M + 5.000%	4.8100	05/29/26		1,011,114
	1,168,000	Verscend Holding Corporation(c)	US0001M + 4.000%	5.6660	08/27/25		1,140,266
							6,456,145
		TELECOMMUNICATIONS — 2.3%
	617,500	Altice France S.A.(c)	US0003M + 2.750%	5.3310	07/31/25		579,369
	760,202	Altice France S.A.(c)	US0003M + 3.688%	4.2560	02/02/26		719,577
	226,775	Altice France S.A.(c)	US0003M + 4.000%	6.0000	08/14/26		216,230
	866,472	CCI Buyer, Inc.(c)	US0001M + 4.000%	6.0540	12/17/27		823,148
	1,190,863	Connect Finco S.A.RL(c)	US0001M + 3.500%	4.5000	12/11/26		1,149,926
	2,271	Intelsat Jackson Holdings S.A.(c)	US0001M + 5.750%	8.0000	11/27/23		—
	1,235	Intelsat Jackson Holdings S.A.	US0001M + 8.625%	8.6250	01/02/24		—
	1,300,000	Telesat, LLC(c)	US0001M + 2.750%	4.3100	12/07/26		898,105
							4,386,355
		TRANSPORTATION & LOGISTICS — 4.4%
	1,005,000	AAdvantage Loyalty IP Ltd.(c)	US0003M + 4.750%	7.4600	04/20/28		992,438
	977,529	Air Canada(c)	US0001M + 3.500%	4.2500	08/11/28		944,362
	474,573	American Airlines, Inc.(c)	US0003M + 2.000%	2.8400	12/14/23		467,342

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.0% (Continued)
		TRANSPORTATION & LOGISTICS — 4.4% (Continued)
	231,141	Brown Group Holding, LLC(c)	TSFR1M + 3.750%	6.0347	07/02/29	$	226,927
	1,190,637	Kenan Advantage Group, Inc. (The)(c)	US0001M + 3.750%	4.0600	03/24/26		1,123,479
	565,681	KKR Apple Bidco, LLC(c)	US0001M + 2.750%	4.3100	09/22/28		546,590
	65,000	KKR Apple Bidco, LLC(c)	US0001M + 5.750%	7.4160	07/13/29		62,698
	995,000	Mileage Plus Holdings, LLC(c)	US0003M + 5.250%	7.3130	06/21/27		1,004,950
	1,227,550	PODS, LLC(c)	US0001M + 3.000%	4.7560	03/31/28		1,180,241
	696,188	United Airlines, Inc.(c)	US0001M + 3.750%	6.5330	04/21/28		672,952
	1,211,344	WestJet Airlines Ltd.(c)	US0003M + 3.000%	5.0300	12/11/26		1,068,847
							8,290,826
		WHOLESALE - DISCRETIONARY — 0.6%
	1,190,769	Fastlane Parent Company, Inc.(c)	US0001M + 4.500%	4.0340	02/04/26		1,139,661
		TOTAL TERM LOANS (Cost $156,153,553)					149,005,785
Shares			Expiration Date
		RIGHT — 0.0%(f)
	10,588	TRA Rights(a)	11/22/24				14,029
		TOTAL RIGHT (Cost $17,470)					14,029
		WARRANT — 0.1%
	14,905	iHeartMedia, Inc.(a)	05/02/39				121,103
		TOTAL WARRANT (Cost $287,609)					121,103
		SHORT-TERM INVESTMENTS — 3.5%
		MONEY MARKET FUND – 3.5%
	6,584,470	Fidelity Government Portfolio, Institutional Class, 1.49% (Cost $6,584,470)(h)					6,584,470

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED - 1.6%
	3,002,065	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $3,002,065)(h),(i)	$	3,002,065
		TOTAL INVESTMENTS - 103.7% (Cost $205,256,153)	$	193,213,856
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.7)%		(6,886,487	)
		NET ASSETS - 100.0%	$	186,327,369

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

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2022 the total market value of 144A securities is 32,068,841 or 17.2% of net assets.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(d)	Variable rate security; the rate shown represents the rate on July 31, 2022.
(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,979,174 at July 31, 2022.
(f)	Percentage rounds to less than 0.1%.
(g)	Represents issuer in default on interest payments; non-income producing security.
(h)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(i)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares					Fair Value
		COMMON STOCKS — 1.0%
		OIL & GAS SERVICES & EQUIPMENT - 1.0%
	2,500,244	Hi-Crush(a),(h)			$	950,093
		TOTAL COMMON STOCKS (Cost $1,208,730)
Principal Amount ($)			Coupon Rate (%)	Maturity
		CORPORATE BONDS — 95.2%
		AEROSPACE & DEFENSE — 1.1%
	545,000	Moog, Inc.(b)	4.2500	12/15/27		509,406
	527,000	Spirit AeroSystems, Inc.(b)	7.5000	04/15/25		527,258
						1,036,664
		ASSET MANAGEMENT — 0.6%
	241,000	AG Issuer, LLC(b)	6.2500	03/01/28		215,753
	441,000	NFP Corporation(b)	4.8750	08/15/28		402,068
						617,821
		AUTOMOTIVE — 1.0%
	185,000	Ford Motor Company(c)	3.2500	02/12/32		154,751
	711,000	Ford Motor Company	4.7500	01/15/43		587,005
	205,000	Ford Motor Credit Company, LLC	4.9500	05/28/27		203,562
						945,318
		BIOTECH & PHARMA — 1.3%
	587,000	Grifols Escrow Issuer S.A.(b)	4.7500	10/15/28		521,080
	200,000	Organon Finance 1, LLC(b)	4.1250	04/30/28		189,979
	589,000	Organon Finance 1, LLC(b)	5.1250	04/30/31		559,155
						1,270,214
		CABLE & SATELLITE — 5.0%
	1,290,000	Altice Financing S.A.(b)	5.0000	01/15/28		1,141,804
	555,000	Block Communications, Inc.(b)	4.8750	03/01/28		489,280
	378,000	CCO Holdings, LLC / CCO Holdings Capital(b)	5.0000	02/01/28		365,462
	825,000	CCO Holdings, LLC / CCO Holdings Capital(b),(c)	5.3750	06/01/29		787,669
	590,000	CSC Holdings, LLC(b)	5.3750	02/01/28		561,948
	535,000	CSC Holdings, LLC(b)	5.7500	01/15/30		434,380
	680,000	CSC Holdings, LLC(b)	4.6250	12/01/30		518,361
	610,000	Sirius XM Radio, Inc.(b)	4.0000	07/15/28		567,501
						4,866,405

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		CHEMICALS — 1.7%
	130,000	Avient Corporation(b)	7.1250	08/01/30	$	134,171
	604,000	Consolidated Energy Finance S.A.(b)	5.6250	10/15/28		493,695
	572,000	Methanex Corporation	5.1250	10/15/27		530,009
	531,000	Minerals Technologies, Inc.(b)	5.0000	07/01/28		487,374
						1,645,249
		COMMERCIAL SUPPORT SERVICES — 4.6%
	400,000	Allied Universal Holdco, LLC / Allied Universal(b)	4.6250	06/01/28		356,918
	585,000	Brink’s Company (The)(b)	4.6250	10/15/27		536,106
	344,000	Covanta Holding Corporation	5.0000	09/01/30		301,112
	187,000	Covert Mergeco, Inc.(b)	4.8750	12/01/29		166,966
	565,000	Deluxe Corporation(b)	8.0000	06/01/29		494,550
	228,000	Garda World Security Corporation B(b)	4.6250	02/15/27		206,086
	222,000	Garda World Security Corporation(b)	6.0000	06/01/29		173,831
	578,000	Harsco Corporation(b)	5.7500	07/31/27		440,800
	380,000	Korn Ferry(b)	4.6250	12/15/27		356,820
	515,000	Prime Security Services Borrower, LLC / Prime B(b)	5.7500	04/15/26		524,200
	505,000	Sotheby’s(b)	7.3750	10/15/27		487,200
	580,000	TriNet Group, Inc.(b)	3.5000	03/01/29		506,761
						4,551,350
		CONSTRUCTION MATERIALS — 0.4%
	505,000	Standard Industries, Inc.(b)	3.3750	01/15/31		411,739
		CONSUMER SERVICES — 1.0%
	600,000	PROG Holdings, Inc.(b)	6.0000	11/15/29		493,878
	605,000	Rent-A-Center, Inc.(b)	6.3750	02/15/29		481,380
						975,258
		CONTAINERS & PACKAGING — 2.2%
	414,000	Ardagh Metal Packaging Finance USA, LLC Ardagh(b)	3.2500	09/01/28		384,937
	580,000	Clydesdale Acquisition Holdings, Inc.(b)	6.6250	04/15/29		586,487
	479,000	Crown Americas, LLC(b)	5.2500	04/01/30		478,509
	507,000	LABL, Inc.(b)	5.8750	11/01/28		464,222
	90,000	Sealed Air Corporation(b)	5.0000	04/15/29		88,551

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		CONTAINERS & PACKAGING — 2.2% (Continued)
	95,000	Silgan Holdings, Inc.		4.1250	02/01/28	$	89,198
							2,091,904
		ELECTRIC UTILITIES — 1.8%
	453,000	Calpine Corporation(b)		5.0000	02/01/31		403,683
	332,000	Calpine Corporation(b)		3.7500	03/01/31		295,447
	165,000	Clearway Energy Operating, LLC(b)		3.7500	01/15/32		140,651
	510,000	NRG Energy Inc(b)		3.6250	02/15/31		427,846
	510,000	Vistra Operations Company, LLC(b),(c)		5.0000	07/31/27		502,988
							1,770,615
		ENGINEERING & CONSTRUCTION — 0.5%
	557,000	VM Consolidated, Inc.(b)		5.5000	04/15/29		488,958
		ENTERTAINMENT CONTENT — 1.5%
	445,000	Banijay Entertainment S.A.SU(b)		5.3750	03/01/25		425,183
	354,000	Paramount Global(d)	H15T5Y + 3.999%	6.3750	03/30/62		337,893
	735,000	Univision Communications, Inc.(b),(c)		6.6250	06/01/27		737,848
							1,500,924
		FOOD — 2.5%
	208,000	Herbalife Nutrition Ltd. / HLF Financing, Inc.(b)		7.8750	09/01/25		195,577
	675,000	HLF Financing Sarl, LLC / Herbalife International,(b)		4.8750	06/01/29		500,362
	484,000	Land O’Lakes Capital Trust I(b)		7.4500	03/15/28		493,466
	345,000	Pilgrim’s Pride Corporation(b)		5.8750	09/30/27		345,288
	570,000	Post Holdings, Inc.(b)		4.5000	09/15/31		503,131
	381,000	Simmons Foods, Inc./Simmons Prepared Foods,(b)		4.6250	03/01/29		348,703
							2,386,527
		FORESTRY, PAPER & WOOD PRODUCTS — 0.3%
	456,000	Glatfelter Corporation(b)		4.7500	11/15/29		311,756
		GAS & WATER UTILITIES — 0.6%
	615,000	Ferrellgas Escrow, LLC / FG Operating Finance(b)		5.3750	04/01/26		572,725
		HEALTH CARE FACILITIES & SERVICES — 3.5%
	357,000	Acadia Healthcare Company, Inc.(b)		5.5000	07/01/28		352,056
	117,000	Acadia Healthcare Company, Inc.(b)		5.0000	04/15/29		113,519

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 3.5% (Continued)
	625,000	CHS/Community Health Systems, Inc., Class B(b)	5.6250	03/15/27	$	557,999
	549,000	DaVita, Inc.(b)	4.6250	06/01/30		451,229
	597,000	HCA, Inc.(c)	3.5000	09/01/30		545,751
	530,000	Legacy LifePoint Health, LLC(b)	4.3750	02/15/27		473,428
	695,000	Select Medical Corporation(b),(c)	6.2500	08/15/26		696,893
	215,000	Tenet Healthcare Corporation	4.6250	07/15/24		215,110
						3,405,985
		HOME CONSTRUCTION — 0.9%
	361,000	Mattamy Group Corporation(b)	5.2500	12/15/27		317,569
	210,000	Mattamy Group Corporation(b)	4.6250	03/01/30		169,308
	475,000	PGT Innovations, Inc.(b)	4.3750	10/01/29		431,666
						918,543
		HOUSEHOLD PRODUCTS — 1.3%
	356,000	Coty, Inc.(b)	5.0000	04/15/26		350,041
	600,000	Edgewell Personal Care Company(b)	4.1250	04/01/29		539,375
	461,000	Energizer Holdings, Inc.(b)	4.3750	03/31/29		382,741
						1,272,157
		INSTITUTIONAL FINANCIAL SERVICES — 0.5%
	550,000	Aretec Escrow Issuer, Inc.(b)	7.5000	04/01/29		487,661
		INSURANCE — 0.4%
	345,000	NMI Holdings, Inc.(b)	7.3750	06/01/25		350,244
		INTERNET MEDIA & SERVICES — 0.3%
	375,000	GrubHub Holdings, Inc.(b)	5.5000	07/01/27		256,646
		LEISURE FACILITIES & SERVICES — 8.5%
	600,000	AMC Entertainment Holdings, Inc.(b),(e)	10.0000	06/15/26		476,625
	306,000	Brinker International, Inc.(b)	5.0000	10/01/24		292,586
	530,000	Caesars Entertainment, Inc.(b)	6.2500	07/01/25		529,330
	104,000	Carnival Corporation(b),(c)	7.6250	03/01/26		90,190
	835,000	Carnival Corporation(b)	5.7500	03/01/27		671,653
	127,000	Carnival Corporation(b)	6.0000	05/01/29		97,852
	195,000	Carnival Corporation(b)	10.5000	06/01/30		173,733

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		LEISURE FACILITIES & SERVICES — 8.5% (Continued)
	346,000	Carrols Restaurant Group, Inc.(b)	5.8750	07/01/29	$	249,084
	715,000	CEC Entertainment Company, LLC(b),(c)	6.7500	05/01/26		667,531
	295,000	Dave & Buster’s, Inc. B(b)	7.6250	11/01/25		297,379
	211,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)	5.0000	06/01/29		187,157
	555,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)	4.8750	07/01/31		466,935
	629,000	Melco Resorts Finance Ltd.(b)	5.3750	12/04/29		432,149
	710,000	NCL Corporation Ltd. B(b)	3.6250	12/15/24		612,599
	187,000	NCL Corporation Ltd.(b)	5.8750	03/15/26		153,043
	243,000	NCL Corporation Ltd.(b)	7.7500	02/15/29		195,378
	335,000	Premier Entertainment Sub, LLC / Premier(b)	5.8750	09/01/31		262,695
	603,000	Royal Caribbean Cruises Ltd.(b)	4.2500	07/01/26		465,833
	126,000	Royal Caribbean Cruises Ltd.(b)	5.5000	04/01/28		95,490
	445,000	SeaWorld Parks & Entertainment, Inc.(b)	8.7500	05/01/25		462,294
	430,000	SeaWorld Parks & Entertainment, Inc.(b)	5.2500	08/15/29		386,080
	517,000	Wyndham Destinations, Inc.	5.7500	04/01/27		513,823
	665,000	Wynn Macau Ltd.(b)	5.1250	12/15/29		510,401
						8,289,840
		MEDICAL EQUIPMENT & DEVICES — 0.8%
	339,000	Embecta Corporation(b)	5.0000	02/15/30		298,496
	482,000	Mozart Debt Merger Sub, Inc.(b),(c)	3.8750	04/01/29		436,292
						734,788
		METALS & MINING — 1.9%
	573,000	FMG Resources August 2006 Pty Ltd.(b)	4.5000	09/15/27		529,581
	555,000	Hudbay Minerals, Inc.(b)	6.1250	04/01/29		432,933
	305,000	Mineral Resources Ltd.(b)	8.1250	05/01/27		303,223
	180,000	Mineral Resources Ltd.(b)	8.5000	05/01/30		182,541
	480,000	Warrior Met Coal, Inc.(b)	7.8750	12/01/28		445,411
						1,893,689
		OIL & GAS PRODUCERS — 17.0%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream(b),(c)	5.7500	01/15/28		563,901
	680,000	Antero Resources Corporation(b)	5.3750	03/01/30		669,100
	442,000	Apache Corporation	4.3750	10/15/28		412,830
	377,000	Apache Corporation	4.7500	04/15/43		309,253
	554,000	Buckeye Partners, L.P.(b)	4.5000	03/01/28		507,180

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		OIL & GAS PRODUCERS — 17.0% (Continued)
	800,000	California Resources Corporation(b)	7.1250	02/01/26	$	793,153
	480,000	Civitas Resources, Inc.(b)	5.0000	10/15/26		451,632
	132,000	DCP Midstream Operating, L.P.(b)	6.7500	09/15/37		131,475
	235,000	DCP Midstream Operating, L.P.	5.6000	04/01/44		202,991
	302,000	DT Midstream, Inc.(b)	4.3750	06/15/31		271,661
	498,000	Earthstone Energy Holdings, LLC(b),(c)	8.0000	04/15/27		477,189
	605,000	eG Global Finance plc(b)	6.7500	02/07/25		576,916
	70,000	EQM Midstream Partners, L.P.(b),(c)	7.5000	06/01/27		71,332
	233,000	EQM Midstream Partners, L.P.	5.5000	07/15/28		220,774
	264,000	EQM Midstream Partners, L.P.(b)	7.5000	06/01/30		272,073
	823,000	Genesis Energy, L.P. / Genesis Energy Finance	5.6250	06/15/24		791,917
	307,000	Genesis Energy, L.P. / Genesis Energy Finance(c)	8.0000	01/15/27		301,744
	677,000	Harvest Midstream I, L.P.(b)	7.5000	09/01/28		647,234
	434,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)	5.7500	02/01/29		396,693
	279,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)	6.0000	02/01/31		256,594
	814,000	Holly Energy Partners, L.P. / Holly Energy Finance(b)	5.0000	02/01/28		751,819
	550,000	Howard Midstream Energy Partners, LLC(b)	6.7500	01/15/27		476,979
	509,000	Independence Energy Finance, LLC(b)	7.2500	05/01/26		472,304
	695,000	ITT Holdings, LLC(b)	6.5000	08/01/29		598,909
	514,000	Murphy Oil Corporation	6.3750	07/15/28		513,902
	405,000	Murphy Oil USA, Inc.	4.7500	09/15/29		392,317
	650,000	NGL Energy Operating, LLC / NGL Energy Finance(b)	7.5000	02/01/26		596,681
	425,000	NGL Energy Partners, L.P. / NGL Energy Finance(c)	6.1250	03/01/25		334,626
	152,000	NuStar Logistics, L.P.	5.7500	10/01/25		147,176
	379,000	NuStar Logistics, L.P.	6.3750	10/01/30		349,945
	452,000	Oasis Petroleum, Inc.(b)	6.3750	06/01/26		445,701
	503,000	Occidental Petroleum Corporation(c)	6.3750	09/01/28		539,861
	251,000	Occidental Petroleum Corporation	6.1250	01/01/31		270,096
	518,000	PBF Holding Company, LLC / PBF Finance Corporation	6.0000	02/15/28		471,025
	514,000	Southwestern Energy Company	5.3750	02/01/29		501,890
	344,000	Southwestern Energy Company	5.3750	03/15/30		339,218
	60,000	Southwestern Energy Company	4.7500	02/01/32		56,023
	600,000	Strathcona Resources Ltd.(b)	6.8750	08/01/26		552,516
	526,000	Venture Global Calcasieu Pass, LLC(b)	3.8750	08/15/29		486,608

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		OIL & GAS PRODUCERS — 17.0% (Continued)
	60,000	Western Midstream Operating, L.P.	4.5000	03/01/28	$	58,172
						16,681,410
		OIL & GAS SERVICES & EQUIPMENT — 1.9%
	351,000	Archrock Partners, L.P. / Archrock Partners(b)	6.8750	04/01/27		328,295
	480,000	Nabors Industries Ltd.(b)	7.2500	01/15/26		437,042
	434,000	Nabors Industries, Inc.(b)	7.3750	05/15/27		430,372
	338,000	USA Compression Partners, L.P. / USA Compression	6.8750	04/01/26		318,286
	337,000	Weatherford International Ltd.(b)	6.5000	09/15/28		322,779
						1,836,774
		PUBLISHING & BROADCASTING — 0.8%
	735,000	Belo Corporation	7.7500	06/01/27		741,218
		REAL ESTATE INVESTMENT TRUSTS — 2.1%
	595,000	CTR Partnership, L.P. / CareTrust Capital(b)	3.8750	06/30/28		526,578
	600,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b)	3.3750	06/15/26		526,679
	302,000	Service Properties Trust	5.2500	02/15/26		256,040
	300,000	Service Properties Trust	4.7500	10/01/26		236,198
	46,000	Service Properties Trust	5.5000	12/15/27		40,018
	57,000	Service Properties Trust	3.9500	01/15/28		42,308
	165,000	Service Properties Trust	4.9500	10/01/29		123,158
	374,000	Service Properties Trust	4.3750	02/15/30		274,595
						2,025,574
		REAL ESTATE OWNERS & DEVELOPERS — 0.5%
	438,000	Kennedy-Wilson, Inc.	4.7500	03/01/29		387,170
	119,000	Kennedy-Wilson, Inc.	4.7500	02/01/30		101,631
						488,801
		REAL ESTATE SERVICES — 0.6%
	602,000	Cushman & Wakefield US Borrower, LLC(b)	6.7500	05/15/28		594,060
		RENEWABLE ENERGY — 0.5%
	554,000	EnerSys(b)	4.3750	12/15/27		509,192
		RETAIL - CONSUMER STAPLES — 0.4%
	440,000	Albertsons Companies Inc / Safeway Inc / New(b)	4.6250	01/15/27		416,355

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		RETAIL - DISCRETIONARY — 2.5%
	462,000	Carvana Company(b)		5.5000	04/15/27	$	306,089
	133,000	Carvana Company(b),(c)		5.8750	10/01/28		84,645
	230,000	Carvana Company(b)		4.8750	09/01/29		137,856
	598,000	Hertz Corporation (The)(b)		5.0000	12/01/29		512,629
	575,000	Ken Garff Automotive, LLC(b)		4.8750	09/15/28		475,131
	600,000	Metis Merger Sub, LLC(b)		6.5000	05/15/29		511,783
	569,000	Park River Holdings, Inc.(b)		6.7500	08/01/29		388,875
							2,417,008
		SEMICONDUCTORS — 0.9%
	520,000	Entegris Escrow Corporation(b)		5.9500	06/15/30		516,781
	354,000	ON Semiconductor Corporation(b)		3.8750	09/01/28		328,271
							845,052
		SOFTWARE — 1.7%
	335,000	Central Parent, Inc. / Central Merger Sub, Inc.(b)		7.2500	06/15/29		340,913
	800,000	Condor Merger Sub, Inc.(b)		7.3750	02/15/30		704,400
	200,000	Helios Software Holdings, Inc. / ION Corporate(b)		4.6250	05/01/28		159,582
	595,000	Rackspace Technology Global, Inc.(b)		3.5000	02/15/28		492,967
							1,697,862
		SPECIALTY FINANCE — 8.5%
	570,000	AerCap Global Aviation Trust(b),(c),(d)	US0003M + 4.300%	6.5000	06/15/45		543,030
	555,000	Alliance Data Systems Corporation(b)		4.7500	12/15/24		515,798
	625,000	Apollo Commercial Real Estate Finance, Inc.(b)		4.6250	06/15/29		491,553
	660,000	Burford Capital Global Finance, LLC(b)		6.2500	04/15/28		602,686
	831,000	Cobra AcquisitionCo, LLC(b)		6.3750	11/01/29		625,260
	348,000	Credit Acceptance Corporation		6.6250	03/15/26		346,639
	643,000	Curo Group Holdings Corporation(b)		7.5000	08/01/28		438,915
	215,000	Enova International, Inc.(b)		8.5000	09/01/24		204,764
	430,000	Enova International, Inc. Class B(b)		8.5000	09/15/25		396,705
	512,000	FirstCash, Inc.(b)		4.6250	09/01/28		458,906
	211,000	FirstCash, Inc.(b)		5.6250	01/01/30		198,403
	418,000	Genworth Mortgage Holdings, Inc.(b)		6.5000	08/15/25		422,891
	324,000	goeasy Ltd.(b)		4.3750	05/01/26		277,767

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		SPECIALTY FINANCE — 8.5% (Continued)
	682,000	Ladder Capital Finance Holdings LLLP / Ladder(b),(c)	4.2500	02/01/27	$	609,107
	483,000	LFS Topco, LLC(b)	5.8750	10/15/26		396,784
	475,000	Pattern Energy Operations, L.P. / Pattern Energy(b)	4.5000	08/15/28		441,399
	342,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.(b)	3.6250	03/01/29		292,841
	567,000	Scientific Games Holdings, L.P./Scientific Games(b)	6.6250	03/01/30		510,116
	345,000	Starwood Property Trust, Inc.	4.7500	03/15/25		343,103
	125,000	Starwood Property Trust, Inc.(b)	3.6250	07/15/26		113,001
	80,000	Starwood Property Trust, Inc.(b)	4.3750	01/15/27		73,469
						8,303,137
		STEEL — 1.1%
	470,000	Allegheny Technologies, Inc.	4.8750	10/01/29		402,678
	287,000	Cleveland-Cliffs, Inc.	6.2500	10/01/40		248,694
	477,000	Commercial Metals Company	3.8750	02/15/31		398,317
						1,049,689
		TECHNOLOGY HARDWARE — 1.8%
	585,000	Imola Merger Corporation(b)	4.7500	05/15/29		545,667
	295,000	NCR Corporation(b)	5.1250	04/15/29		283,870
	405,000	Seagate HDD Cayman	4.0910	06/01/29		368,672
	605,000	TTM Technologies, Inc.(b)	4.0000	03/01/29		535,343
						1,733,552
		TECHNOLOGY SERVICES — 2.6%
	610,000	Ahead DB Holdings, LLC(b)	6.6250	05/01/28		565,769
	880,000	ION Trading Technologies Sarl(b)	5.7500	05/15/28		723,822
	566,000	MPH Acquisition Holdings, LLC(b),(c)	5.7500	11/01/28		480,946
	402,000	Nielsen Finance, LLC / Nielsen Finance Company(b)	5.8750	10/01/30		394,583
	520,000	Paysafe Finance plc / Paysafe Holdings US(b)	4.0000	06/15/29		399,066
						2,564,186
		TELECOMMUNICATIONS — 4.4%
	1,035,000	Altice France S.A.(b)	5.5000	10/15/29		894,727
	175,000	CenturyLink, Inc.(b)	5.1250	12/15/26		160,176
	557,000	Cogent Communications Group, Inc.(b)	7.0000	06/15/27		559,764
	680,000	Connect Finco S.A.RL / Connect US Finco, LLC(b)	6.7500	10/01/26		665,965
	535,000	Hughes Satellite Systems Corporation	6.6250	08/01/26		519,911
	690,000	Iliad Holding S.A.SU(b)	7.0000	10/15/28		663,911

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.2% (Continued)
		TELECOMMUNICATIONS — 4.4% (Continued)
	505,000	Lumen Technologies, Inc.(b)	5.3750	06/15/29	$	422,892
	760,000	Telesat Canada / Telesat, LLC(b)	4.8750	06/01/27		449,456
						4,336,802
		TRANSPORTATION & LOGISTICS — 2.5%
	1,081,000	American Airlines, Inc.(b),(c)	11.7500	07/15/25		1,196,718
	500,000	Cargo Aircraft Management, Inc.(b)	4.7500	02/01/28		466,883
	271,000	United Airlines, Inc.(b)	4.3750	04/15/26		259,391
	510,000	United Airlines, Inc.(b)	4.6250	04/15/29		470,523
						2,393,515
		WHOLESALE - CONSUMER STAPLES — 1.2%
	963,000	C&S Group Enterprises, LLC(b)	5.0000	12/15/28		699,328
	450,000	Performance Food Group, Inc.(b),(c)	5.5000	10/15/27		444,470
						1,143,798
		TOTAL CORPORATE BONDS (Cost $102,227,502)				92,830,965
Shares
		SHORT-TERM INVESTMENTS — 2.8%
		MONEY MARKET FUNDS – 2.8%
	2,734,737	First American Government Obligations Fund, Class Z, 1.66% (Cost $2,734,737)(f)				2,734,737
		COLLATERAL FOR SECURITIES LOANED — 6.7%
	6,561,797	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $6,591,797)(f),(g)				6,561,797
		TOTAL INVESTMENTS - 105.7% (Cost $112,732,766)			$	103,077,592
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.7)%				(5,597,791	)
		NET ASSETS - 100.0%			$	97,479,801

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

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2022 the total market value of 144A securities is 77,990,355 or 80.0% of net assets.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $6,479,503 at July 31, 2022.
(d)	Variable rate security; the rate shown represents the rate on July 31, 2022.
(e)	Payment-in-kind
(f)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(g)	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%.
(h)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 1.0% of net assets.  The total value of these securities is $950,093.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 0.1%
		RESIDENTIAL MORTGAGE — 0.1%
	49,957 EUR	Bankinter 10 FTA(a)	EUR003M + 0.160%	0.0001	06/21/43	$	49,701
	19,955 EUR	Fondo de Titulizacion de Activos Santander(a)	EUR003M + 0.150%	0.1520	01/18/49		19,919
		TOTAL ASSET BACKED SECURITIES (Cost $74,309)					69,620
		CORPORATE BONDS — 64.3%
		AEROSPACE & DEFENSE — 0.5%
	250,000 EUR	Airbus S.E.		2.3750	06/09/40		241,397
		ASSET MANAGEMENT — 1.1%
	300,000 EUR	JAB Holdings BV		1.0000	12/20/27		276,154
	300,000 USD	UBS Group A.G.(a),(b)	H15T1Y + 0.850%	1.4940	08/10/27		266,559
							542,713
		AUTOMOTIVE — 2.8%
	200,000 EUR	Clarios Global, L.P. / Clarios US Finance Company		4.3750	05/15/26		190,088
	300,000 EUR	Daimler A.G.		0.7500	02/08/30		281,429
	100,000 EUR	Dana Financing Luxembourg Sarl		3.0000	07/15/29		80,543
	200,000 USD	Hyundai Capital America(b)		3.0000	02/10/27		186,869
	325,000 USD	Nissan Motor Acceptance Company, LLC(b),(h)		1.8500	09/16/26		279,698
	58,000 USD	Uzauto Motors AJ(b)		4.8500	05/04/26		45,820
	200,000 EUR	Volkswagen International Finance N.V.		1.8750	03/30/27		199,029
	100,000 EUR	ZF Finance GmbH		3.7500	09/21/28		90,971
							1,354,447
		BANKING — 6.8%
	250,000 EUR	AIB Group plc		2.2500	07/03/25		254,343
	300,000 EUR	Banco Bilbao Vizcaya Argentaria S.A.		3.5000	02/10/27		314,626
	412,000 USD	Banco Mercantil del Norte S.A.(a),(b)	H15T5Y + 4.967%	6.7500	09/27/68		388,660
	200,000 USD	Banco Santander S.A.(a)	H15T1Y + 2.000%	4.1750	03/24/28		192,398
	350,000 USD	Barclays plc		4.8360	05/09/28		340,161
	225,000 EUR	Cooperatieve Rabobank UA		1.3750	02/03/27		229,312
	250,000 USD	Danske Bank A/S(a),(b)	H15T1Y + 1.350%	1.6210	09/11/26		225,105
	250,000 USD	Deutsche Bank AG/New York NY(a)	SOFRRATE + 1.870%	2.1290	11/24/26		224,289

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		BANKING — 6.8% (Continued)
	100,000 USD	HSBC Holdings PLC(a)	SOFRRATE + 1.290%	1.5890	05/24/27	$	89,175
	300,000 USD	Mizuho Financial Group, Inc.		2.5640	09/13/31		246,432
	250,000 EUR	Natwest Group plc(a)	EUR003M + 1.080%	1.7500	03/02/26		251,200
	150,000 USD	Standard Chartered plc(a),(b)	H15T5Y + 2.300%	3.2650	02/18/36		122,116
	150,000 USD	Standard Chartered plc(b)		5.7000	03/26/44		143,960
	300,000 USD	Sumitomo Mitsui Financial Group, Inc.		2.1420	09/23/30		246,839
							3,268,616
		BEVERAGES — 1.4%
	300,000 EUR	Anheuser-Busch InBev S.A./NV		1.1500	01/22/27		300,942
	200,000 EUR	Pernod Ricard S.A.		1.5000	05/18/26		205,134
	200,000 EUR	Primo Water Holdings, Inc.		3.8750	10/31/28		172,296
							678,372
		BIOTECH & PHARMA — 3.3%
	300,000 EUR	Bayer A.G.		1.3750	07/06/32		261,172
	225,000 USD	CSL Finance plc(b)		4.7500	04/27/52		229,000
	250,000 GBP	GlaxoSmithKline Capital plc		1.2500	10/12/28		279,717
	100,000 EUR	Grifols S.A.		2.2500	11/15/27		91,655
	300,000 EUR	Mylan N.V.		3.1250	11/22/28		291,215
	100,000 EUR	Nidda BondCompany GmbH		5.0000	09/30/25		86,692
	100,000 EUR	Nidda Healthcare Holding GmbH		3.5000	09/30/24		95,217
	300,000 USD	Perrigo Finance Unlimited Company		4.4000	06/15/30		275,972
							1,610,640
		CABLE & SATELLITE — 0.9%
	200,000 EUR	UPCB Finance VII Ltd.		3.6250	06/15/29		179,785
	100,000 GBP	Virgin Media Secured Finance plc		4.2500	01/15/30		105,764
	100,000 EUR	Ziggo Bond Company BV(b)		3.3750	02/28/30		79,785
	100,000 EUR	Ziggo BV		2.8750	01/15/30		84,958
							450,292
		CHEMICALS — 1.9%
	469,000 USD	Braskem Idesa S.A.PI(b)		6.9900	02/20/32		405,643
	14,000 USD	Braskem Netherlands Finance BV(b)		5.8750	01/31/50		12,205
	100,000 EUR	Chemours Company (The)		4.0000	05/15/26		95,359
	100,000 EUR	INEOS Quattro Finance 1 plc		3.7500	07/15/26		87,908

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		CHEMICALS — 1.9% (Continued)
	190,000 EUR	INEOS Quattro Finance 1 plc(b)		3.7500	07/15/26	$	167,026
	200,000 EUR	Nobian Finance BV(b)		3.6250	07/15/26		164,224
							932,365
		CONSTRUCTION MATERIALS — 0.6%
	326,000 USD	Cemex S.A.B. de C.V.(a),(b)	H15T5Y + 4.534%	5.1250	09/08/69		272,940
		CONTAINERS & PACKAGING — 1.3%
	200,000 EUR	Ardagh Metal Packaging Finance USA, LLC / Ardagh		3.0000	09/01/29		168,433
	200,000 GBP	Ardagh Packaging Finance plc / Ardagh Holdings		4.7500	07/15/27		183,657
	100,000 EUR	Smurfit Kappa Treasury ULC		1.5000	09/15/27		95,461
	200,000 EUR	Trivium Packaging Finance BV		3.7500	08/15/26		190,407
							637,958
		ELEC & GAS MARKETING & TRADING — 0.5%
	250,000 EUR	Orsted A/S		1.5000	11/26/29		249,643
		ELECTRIC UTILITIES — 5.6%
	69,000 USD	Comision Federal de Electricidad(b)		4.6880	05/15/29		63,409
	250,000 USD	Enel Finance International N.V.(b)		5.5000	06/15/52		240,112
	1,000,000 USD	Eskom Holdings SOC Ltd.(b)		6.7500	08/06/23		993,500
	95,000 USD	Eskom Holdings SOC Ltd.(b)		7.1250	02/11/25		88,777
	158,000 USD	Eskom Holdings SOC Ltd.(b)		8.4500	08/10/28		141,410
	64,020 USD	Greenko Dutch BV(b)		3.8500	03/29/26		56,291
	200,000 EUR	Iberdrola Finanzas S.A.		1.0000	03/07/25		203,472
	180,000 USD	Inkia Energy Ltd.(b)		5.8750	11/09/27		166,006
	250,000 EUR	innogy Finance BV		1.0000	04/13/25		251,511
	7,000 USD	Minejesa Capital BV(b)		5.6250	08/10/37		5,703
	300,000 EUR	Naturgy Finance BV		1.5000	01/29/28		293,980
	8,000 USD	Perusahaan Perseroan Persero PT Perusahaan Listrik		3.3750	02/05/30		7,015
	233,000 USD	Star Energy Geothermal Darajat II / Star Energy(b)		4.8500	10/14/38		199,644
							2,710,830
		ELECTRICAL EQUIPMENT — 1.1%
	300,000 GBP	Siemens Financieringsmaatschappij N.V.		1.0000	02/20/25		349,704
	200,000 EUR	Vertical Midco GmbH		4.3750	07/15/27		188,343
							538,047

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		ENGINEERING & CONSTRUCTION — 1.6%
	613,000 USD	IHS Holding Ltd.(b)		6.2500	11/29/28	$	503,481
	298,000 USD	IHS Netherlands Holdco BV(b)		8.0000	09/18/27		265,777
							769,258
		ENTERTAINMENT CONTENT — 0.3%
	185,000 EUR	Banijay Group S.A.S		6.5000	03/01/26		168,667
		FOOD — 1.6%
	338,000 USD	Adecoagro S.A.(b),(h)		6.0000	09/21/27		308,195
	495,000 USD	Minerva Luxembourg S.A.(b)		4.3750	03/18/31		409,100
	100,000 EUR	Sigma Holdco BV		5.7500	05/15/26		64,437
							781,732
		FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
	100,000 EUR	WEPA Hygieneprodukte GmbH		2.8750	12/15/27		77,974
		HOUSEHOLD PRODUCTS — 0.3%
	100,000 EUR	Energizer Gamma Acquisition BV(b)		3.5000	06/30/29		77,996
	110,000 EUR	Energizer Gamma Acquisition BV		3.5000	06/30/29		85,796
							163,792
		INDUSTRIAL INTERMEDIATE PROD — 0.8%
	407,000 USD	HTA Group Ltd./Mauritius(b)		7.0000	12/18/25		361,343
		INDUSTRIAL SUPPORT SERVICES — 0.3%
	100,000 EUR	Loxam S.A.S		3.7500	07/15/26		93,979
	87,920 EUR	Techem Verwaltungsgesellschaft 674 mbH		6.0000	07/30/26		83,021
							177,000
		INSTITUTIONAL FINANCIAL SERVICES — 0.6%
	225,000 USD	Nomura Holdings, Inc.		1.6530	07/14/26		201,492
	75,000 USD	Nomura Holdings, Inc.		2.7100	01/22/29		65,883
							267,375
		INSURANCE — 0.9%
	200,000 EUR	Allianz S.E.(a)	EUR003M + 3.350%	3.0990	07/06/47		205,723
	250,000 EUR	NN Group N.V.		1.6250	06/01/27		250,829
							456,552

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		INTERNET MEDIA & SERVICES — 0.1%
	39,000 USD	Prosus N.V.(b)		3.0610	07/13/31	$	30,563
		LEISURE FACILITIES & SERVICES — 1.8%
	215,000 EUR	Carnival Corporation		7.6250	03/01/26		192,982
	100,000 EUR	Gamma Bidco SpA(b)		5.1250	07/15/25		94,229
	100,000 EUR	Gamma Bidco SpA		6.2500	07/15/25		99,080
	200,000 EUR	International Game Technology plc		3.5000	06/15/26		195,840
	100,000 EUR	Motion Finco Sarl		7.0000	05/15/25		99,551
	140,000 GBP	Stonegate Pub Company Financing 2019 plc(b)		8.2500	07/31/25		161,985
	73,000 USD	Studio City Finance Ltd.(b)		6.0000	07/15/25		48,179
							891,846
		MACHINERY — 0.4%
	180,000 EUR	Renk A.G./Frankfurt am Main		5.7500	07/15/25		172,646
		MEDICAL EQUIPMENT & DEVICES — 0.5%
	300,000 EUR	Medtronic Global Holdings SCA		0.7500	10/15/32		266,906
		METALS & MINING — 1.1%
	10,000 USD	Corp Nacional del Cobre de Chile		3.0000	09/30/29		9,183
	71,000 USD	First Quantum Minerals Ltd.(b)		6.8750	03/01/26		68,525
	7,000 USD	Freeport Indonesia PT(b)		6.2000	04/14/52		6,205
	300,000 EUR	Glencore Capital Finance DAC		1.1250	03/10/28		271,641
	20,000 USD	Indika Energy Capital IV Pte Ltd.(b)		8.2500	10/22/25		19,485
	79,000 USD	Indonesia Asahan Aluminium Persero PT(b)		6.7570	11/15/48		75,658
	26,000 USD	Indonesia Asahan Aluminium Persero PT(b)		5.8000	05/15/50		22,810
	63,000 USD	Vedanta Resources Finance II plc(b)		8.9500	03/11/25		46,302
							519,809
		OIL & GAS PRODUCERS — 9.0%
	100,000 USD	AI Candelaria Spain SLU(b)		7.5000	12/15/28		93,511
	175,000 USD	Cenovus Energy, Inc.(h)		6.7500	11/15/39		195,803
	200,000 EUR	eG Global Finance plc		6.2500	10/30/25		190,494
	97,000 USD	Geopark Ltd.(b)		5.5000	01/17/27		81,675
	223,000 USD	Gran Tierra Energy International Holdings Ltd.(b)		6.2500	02/15/25		190,220
	42,000 USD	Gran Tierra Energy, Inc.(b)		7.7500	05/23/27		35,173

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		OIL & GAS PRODUCERS — 9.0% (Continued)
	28,000 USD	KazMunayGas National Company JSC(b)		4.7500	04/19/27	$	25,457
	64,000 USD	KazMunayGas National Company JSC(b)		5.7500	04/19/47		51,040
	183,000 USD	KazMunayGas National Company JSC(b)		6.3750	10/24/48		152,878
	300,000 USD	Kosmos Energy Ltd.		7.7500	05/01/27		255,048
	92,000 USD	MC Brazil Downstream Trading S.A.RL(b)		7.2500	06/30/31		74,060
	330,000 USD	MC Brazil Downstream Trading S.A.RL		7.2500	06/30/31		264,388
	100,000 USD	Pertamina Persero PT(b)		2.3000	02/09/31		83,039
	80,000 USD	Petroleos del Peru S.A.		5.6250	06/19/47		56,497
	34,000 USD	Petroleos Mexicanos(b)		8.7500	06/02/29		32,004
	111,000 USD	Petroleos Mexicanos		6.8400	01/23/30		93,057
	115,000 USD	Petroleos Mexicanos		6.7000	02/16/32		92,451
	377,000 USD	Petroleos Mexicanos		6.6250	06/15/35		277,182
	13,000 USD	Petroleos Mexicanos		6.6250	06/15/38		9,159
	592,000 USD	SierraCol Energy Andina, LLC(b)		6.0000	06/15/28		429,473
	166,000 USD	Sinopec Group Overseas Development 2018 Ltd.		2.3000	01/08/31		148,556
	673,000 USD	Tullow Oil plc(b)		7.0000	03/01/25		557,277
	305,000 USD	Tullow Oil plc(b)		10.2500	05/15/26		286,344
	32,200 USD	YPF S.A.(b)		8.7500	04/04/24		23,827
	988,000 USD	YPF S.A.(b)		8.5000	07/28/25		632,320
							4,330,933
		OIL & GAS SERVICES & EQUIPMENT — 0.7%
	368,550 USD	Poinsettia Finance Ltd.		6.6250	06/17/31		345,473
		PUBLISHING & BROADCASTING — 0.5%
	250,000 EUR	Informa plc		2.1250	10/06/25		253,912
		REAL ESTATE OWNERS & DEVELOPERS — 3.9%
	636,000 USD	China SCE Group Holdings Ltd.		7.3750	04/09/24		138,330
	700,000 USD	China SCE Group Holdings Ltd.		7.0000	05/02/25		105,000
	500,000 USD	Theta Capital Pte Ltd.		8.1250	01/22/25		393,960
	250,000 USD	Theta Capital Pte Ltd.		6.7500	10/31/26		174,500
	1,300,000 USD	Wanda Properties International Company Ltd.		7.2500	01/29/24		837,687
	200,000 USD	Wanda Properties Overseas Ltd.		6.9500	12/05/22		183,500
							1,832,977

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		REIT — 0.7%
	400,000 USD	LMIRT Capital Pte Ltd.		7.2500	06/19/24	$	332,000
		RENEWABLE ENERGY — 0.8%
	439,000 USD	Aydem Yenilenebilir Enerji A/S(b)		7.7500	02/02/27		305,303
	80,000 USD	Investment Energy Resources Ltd.(b)		6.2500	04/26/29		73,634
							378,937
		RETAIL - CONSUMER STAPLES — 0.8%
	100,000 GBP	Bellis Acquisition Company plc(b)		3.2500	02/16/26		99,401
	100,000 GBP	Bellis Finco plc(b)		4.0000	02/16/27		84,494
	200,000 EUR	Quatrim S.A.SU		5.8750	01/15/24		195,072
							378,967
		SEMICONDUCTORS — 0.6%
	150,000 USD	TSMC Arizona Corporation		4.5000	04/22/52		150,901
	150,000 USD	TSMC Global Ltd.(b)		1.0000	09/28/27		130,954
							281,855
		SPECIALTY FINANCE — 0.2%
	184,000 USD	Studio City Finance Ltd.(b)		6.5000	01/15/28		101,745
		STEEL — 1.0%
	132,000 USD	CSN Inova Ventures(b)		6.7500	01/28/28		123,140
	870,000 USD	Metinvest BV(b)		7.7500	10/17/29		346,260
							469,400
		TELECOMMUNICATIONS — 3.8%
	100,000 EUR	Altice France Holding S.A.(b)		8.0000	05/15/27		89,400
	100,000 EUR	Altice France S.A.(b)		2.1250	02/15/25		93,487
	110,000 EUR	Altice France S.A.(b)		4.2500	10/15/29		93,325
	378,000 USD	Digicel International Finance Ltd./Digicel(b)		8.7500	05/25/24		354,911
	148,500 USD	Millicom International Cellular S.A.(b)		5.1250	01/15/28		136,733
	270,000 USD	Network i2i Ltd.(a)	H15T5Y + 4.274%	5.6500	04/15/71		262,472
	300,000 EUR	Orange S.A.		2.0000	01/15/29		313,008
	210,000 EUR	SoftBank Group Corporation		2.8750	01/06/27		178,092
	100,000 EUR	Telefonica Europe BV(a)	EUSA6 + 4.107%	4.3750	03/14/68		100,306
	250,000 USD	VF Ukraine PAT via VFU Funding plc(b)		6.2000	02/11/25		126,688
	100,000 EUR	Vodafone Group plc(a)	EUSA5 + 3.002%	2.6250	08/27/80		94,474

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 64.3% (Continued)
		TELECOMMUNICATIONS — 3.8% (Continued)
						$	1,842,896
		TOBACCO & CANNABIS — 0.6%
	350,000 USD	BAT Capital Corporation(h)		2.2590	03/25/28		300,141
		TRANSPORTATION & LOGISTICS — 3.4%
	200,000 EUR	Abertis Infraestructuras S.A.		2.3750	09/27/27		200,793
	64,000 USD	DP World plc(b)		5.6250	09/25/48		61,774
	6,000 USD	DP World plc(b)		4.7000	09/30/49		5,160
	325,000 USD	DP World Salaam(a)	H15T5Y + 5.750%	6.0000	01/01/70		326,219
	662,000 USD	Gol Finance S.A.(b)		7.0000	01/31/25		355,858
	300,000 USD	Gol Finance S.A.(b)		8.0000	06/30/26		198,997
	100,000 GBP	Heathrow Finance plc		6.2500	03/03/25		115,435
	100,000 GBP	Heathrow Funding Ltd.		7.1250	02/14/24		126,496
	100,000 EUR	International Consolidated Airlines Group S.A.		3.7500	03/25/29		78,832
	218,000 USD	Simpar Europe S.A.(b)		5.2000	01/26/31		183,446
							1,653,010
		TOTAL CORPORATE BONDS (Cost $38,811,263)					31,095,969
		NON U.S. GOVERNMENT & AGENCIES — 25.9%
		GOVERNMENT GUARANTEED — 0.1%
	33,600 USD	Brazil Minas SPE via State of Minas Gerais(b)		5.3330	02/15/28		33,266
		GOVERNMENT OWNED, NO GUARANTEE — 0.3%
	200,000 USD	Development Bank of the Republic of Belarus JSC		6.7500	05/02/24		25,000
	165,000 USD	Gabon Government International Bond(b)		7.0000	11/24/31		117,967
							142,967
		LOCAL AUTHORITY — 0.5%
	150,000 CAD	Province of British Columbia Canada		3.2000	06/18/44		107,414
	250,000 CAD	Province of Ontario Canada		2.8000	06/02/48		163,971
							271,385
		NON U.S. TREASURY — 9.4%
	860,000 AUD	Australia Government Bond		1.2500	05/21/32		509,528

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		NON U.S. TREASURY — 9.4% (Continued)
	50,000,000 CLP	Bonos de la Tesoreria de la Republica en pesos		4.5000	03/01/26	$	52,060
	550,000 CAD	Canadian Government Bond		2.2500	06/01/29		420,979
	299,300,000 COP	Colombian TES		6.0000	04/28/28		53,503
	980,000 EGP	Egypt Government Bond		13.7650	01/05/24		50,465
	2,242,000,000 IDR	Indonesia Treasury Bond		7.0000	09/15/30		150,383
	710,000,000 IDR	Indonesia Treasury Bond		8.2500	06/15/32		50,986
	76,000 EUR	Ireland Government Bond		5.4000	03/13/25		87,433
	50,000 EUR	Ireland Government Bond		0.9000	05/15/28		50,977
	130,000 EUR	Ireland Government Bond		1.3000	05/15/33		130,150
	240,000 EUR	Italy Buoni Poliennali Del Tesoro		4.5000	03/01/24		257,875
	750,000 EUR	Italy Buoni Poliennali Del Tesoro		2.8000	12/01/28		780,875
	640,000 EUR	Italy Buoni Poliennali Del Tesoro(b)		2.4500	09/01/33		613,914
	180,000 EUR	Italy Buoni Poliennali Del Tesoro		5.0000	08/01/39		225,311
	235,000 EUR	Italy Buoni Poliennali Del Tesoro		5.0000	09/01/40		294,024
	1,109,000 MXN	Mexican Bonos		7.5000	06/03/27		51,818
	2,420,000 MXN	Mexican Bonos		7.7500	11/13/42		106,927
	550,000 PLN	Republic of Poland Government Bond		3.7500	05/25/27		107,228
	14,970,000 RUB	Russian Federal Bond - OFZ		7.7000	03/23/33		56,028
	170,000 EUR	Spain Government Bond		4.2000	01/31/37		218,495
	250,000 EUR	Spain Government Bond		2.7000	10/31/48		269,157
							4,538,116
		SOVEREIGN — 15.2%
	14,000 USD	Angolan Government International Bond(b)		8.0000	11/26/29		11,271
	411,000 USD	Angolan Government International Bond(b)		8.7500	04/14/32		332,902
	1,010,000 USD	Argentine Republic Government International Bond(c)		0.5000	07/09/30		240,851
	1,460,000 USD	Argentine Republic Government International Bond(c)		1.5000	07/09/35		325,601
	17,000 USD	Argentine Republic Government International Bond(c)		3.8750	01/09/38		4,824
	105,000 USD	Argentine Republic Government International Bond(c)		3.5000	07/09/41		27,791
	200,000 EUR	Banque Centrale de Tunisie International Bond		5.6250	02/17/24		117,865
	100,000 EUR	Benin Government International Bond(b)		4.8750	01/19/32		72,600
	1,000 USD	Bermuda Government International Bond		3.7170	01/25/27		992
	36,000 USD	Bermuda Government International Bond(b)		5.0000	07/15/32		37,465
	9,000 USD	Bermuda Government International Bond		3.3750	08/20/50		6,915

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 15.2% (Continued)
	540,000 BRL	Brazilian Government International Bond		8.5000	01/05/24	$	97,607
	550,000 BRL	Brazilian Government International Bond		10.2500	01/10/28		98,344
	45,000 USD	Brazilian Government International Bond		4.6250	01/13/28		43,996
	82,000 USD	Brazilian Government International Bond		4.5000	05/30/29		77,645
	41,000 USD	Chile Government International Bond		2.4500	01/31/31		36,337
	211,000 USD	Chile Government International Bond		2.5500	07/27/33		179,646
	3,000 USD	Chile Government International Bond		4.3400	03/07/42		2,766
	18,000 USD	Chile Government International Bond		3.2500	09/21/71		12,748
	100,000 EUR	Colombia Government International Bond		3.8750	03/22/26		98,953
	62,000 USD	Colombia Government International Bond		3.0000	01/30/30		50,100
	12,000 USD	Colombia Government International Bond		7.3750	09/18/37		11,790
	18,000 USD	Colombia Government International Bond		6.1250	01/18/41		15,156
	66,000 USD	Colombia Government International Bond		5.6250	02/26/44		51,529
	37,000 USD	Colombia Government International Bond		4.1250	05/15/51		24,483
	224,000 USD	Dominican Republic International Bond(b)		4.8750	09/23/32		188,937
	45,000 USD	Dominican Republic International Bond(b)		6.0000	02/22/33		40,975
	82,000 USD	Dominican Republic International Bond(b)		7.4500	04/30/44		77,353
	95,000 USD	Dominican Republic International Bond		6.4000	06/05/49		78,228
	35,000 USD	Dominican Republic International Bond		5.8750	01/30/60		26,697
	45,000 USD	Dominican Republic International Bond(b)		5.8750	01/30/60		34,324
	52,074 USD	Ecuador Government International Bond(b),(d)		0.0000	07/31/30		22,200
	275,000 USD	Ecuador Government International Bond(b),(c)		5.5000	07/31/30		166,888
	245,000 USD	Ecuador Government International Bond(c)		2.5000	07/31/35		111,376
	198,060 USD	Ecuador Government International Bond(b),(c)		2.5000	07/31/35		90,037
	23,000 USD	Ecuador Government International Bond(c)		0.5000	07/31/40		9,550
	28,000 USD	Ecuador Government International Bond(b),(c)		1.5000	07/31/40		11,626
	94,000 USD	Egypt Government International Bond(b)		5.2500	10/06/25		73,811
	51,000 USD	Egypt Government International Bond(b)		7.6000	03/01/29		35,560
	100,000 EUR	Egypt Government International Bond(b)		6.3750	04/11/31		61,721
	101,000 USD	Egypt Government International Bond(b)		7.0530	01/15/32		63,819
	185,000 USD	Egypt Government International Bond(b)		7.3000	09/30/33		116,134
	28,000 USD	Egypt Government International Bond(b)		8.5000	01/31/47		16,380
	288,000 USD	Egypt Government International Bond(b)		8.8750	05/29/50		171,391
	39,000 USD	El Salvador Government International Bond		5.8750	01/30/25		18,184

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 15.2% (Continued)
	26,000 USD	El Salvador Government International Bond(b)		5.8750	01/30/25	$	12,123
	13,000 USD	El Salvador Government International Bond		8.6250	02/28/29		4,905
	72,000 USD	El Salvador Government International Bond		8.2500	04/10/32		26,552
	140,000 USD	Finance Department Government of Sharjah(b),(h)		3.6250	03/10/33		116,203
	111,000 USD	Finance Department Government of Sharjah(b)		4.0000	07/28/50		71,677
	37,000 USD	Gabon Government International Bond(b)		6.3750	12/12/24		34,312
	17,000 USD	Ghana Government International Bond(b)		6.3750	02/11/27		8,875
	103,000 USD	Ghana Government International Bond(b)		7.7500	04/07/29		48,979
	27,000 USD	Ghana Government International Bond(b)		10.7500	10/14/30		21,915
	49,000 USD	Ghana Government International Bond(b)		7.8750	02/11/35		21,723
	63,000 USD	Ghana Government International Bond(b)		8.6270	06/16/49		27,878
	124,000 USD	Ghana Government International Bond(b)		8.9500	03/26/51		54,827
	5,000 USD	Hungary Government International Bond(b)		5.2500	06/16/29		5,077
	18,000 USD	Indonesia Government International Bond		4.7500	07/18/47		17,613
	6,000 USD	Indonesia Government International Bond		4.2000	10/15/50		5,526
	113,000 EUR	Ivory Coast Government International Bond		5.2500	03/22/30		89,575
	100,000 EUR	Ivory Coast Government International Bond(b)		5.2500	03/22/30		79,270
	123,000 EUR	Ivory Coast Government International Bond(b)		5.8750	10/17/31		98,636
	150,000 EUR	Ivory Coast Government International Bond		4.8750	01/30/32		114,726
	7,000 USD	Kazakhstan Government International Bond(b)		4.8750	10/14/44		5,956
	22,000 USD	Kazakhstan Government International Bond(b)		6.5000	07/21/45		21,842
	283,000 USD	Kenya Government International Bond(b)		8.0000	05/22/32		200,818
	689,000 USD	Lebanon Government International Bond(e)		6.1000	10/04/22		45,646
	66,000 USD	Lebanon Government International Bond(e)		6.3750	03/09/23		4,373
	630,000 USD	Lebanon Government International Bond(e)		8.2500	04/12/23		41,738
	72,000 USD	Lebanon Government International Bond(e)		6.4000	05/26/23		4,770
	317,000 USD	Lebanon Government International Bond(e)		6.1500	06/19/23		21,001
	56,000 USD	Lebanon Government International Bond(e)		6.7500	11/29/27		3,710
	81,000 USD	Lebanon Government International Bond(e)		6.8500	05/25/29		5,366
	175,000 USD	Lebanon Government International Bond(e)		6.6500	02/26/30		11,594
	100,000 EUR	Mexico Government International Bond		1.6250	04/08/26		97,746
	22,000 USD	Mexico Government International Bond		4.7500	04/27/32		22,042
	14,000 USD	Mexico Government International Bond		3.5000	02/12/34		12,171
	56,000 USD	Mexico Government International Bond		6.0500	01/11/40		57,532

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 15.2% (Continued)
	41,000 USD	Mexico Government International Bond		5.0000	04/27/51	$	36,005
	34,000 USD	Mexico Government International Bond		3.7710	05/24/61		23,781
	200,000 USD	Mozambique International Bond(b),(c)		5.0000	09/15/31		136,200
	21,000 USD	Nigeria Government International Bond(b)		8.3750	03/24/29		16,309
	211,000 USD	Nigeria Government International Bond(b)		7.8750	02/16/32		151,255
	21,000 USD	Nigeria Government International Bond(b)		7.3750	09/28/33		13,976
	200,000 USD	Nigeria Government International Bond		7.6250	11/28/47		126,078
	256,000 USD	Nigeria Government International Bond(b)		8.2500	09/28/51		162,887
	249,000 USD	Pakistan Government International Bond(b)		6.0000	04/08/26		131,439
	11,000 USD	Pakistan Government International Bond(b)		7.3750	04/08/31		5,569
	154,000 USD	Panama Government International Bond		2.2520	09/29/32		123,202
	77,000 USD	Papua New Guinea Government International Bond(b)		8.3750	10/04/28		64,888
	69,000 USD	Peruvian Government International Bond		2.8440	06/20/30		62,232
	99,000 USD	Peruvian Government International Bond		2.7830	01/23/31		87,448
	121,000 USD	Philippine Government International Bond		2.4570	05/05/30		111,074
	26,000 USD	Philippine Government International Bond		7.7500	01/14/31		32,385
	65,000 USD	Qatar Government International Bond(b)		3.7500	04/16/30		66,724
	40,000 USD	Qatar Government International Bond(b)		4.4000	04/16/50		40,920
	19,692 USD	Republic of Angola Via Avenir II BV(a)	US0006M + 7.500%	10.4470	07/01/23		19,643
	164,286 USD	Republic of Angola Via Avenir Issuer II Ireland		6.9270	02/19/27		153,607
	27,000 USD	Republic of Kenya Government International Bond(b)		6.8750	06/24/24		23,482
	3,258,000 ZAR	Republic of South Africa Government Bond		8.5000	01/31/37		158,206
	21,000 USD	Republic of South Africa Government International		5.7500	09/30/49		16,056
	43,000 USD	Republic of South Africa Government International		7.3000	04/20/52		37,752
	3,000 EUR	Romanian Government International Bond		2.1250	03/07/28		2,621
	11,000 EUR	Romanian Government International Bond		2.8750	03/11/29		9,606
	7,000 EUR	Romanian Government International Bond		3.6240	05/26/30		6,221
	75,000 EUR	Romanian Government International Bond(b)		2.1240	07/16/31		57,727
	105,000 EUR	Romanian Government International Bond(b)		3.3750	02/08/38		79,091
	26,000 EUR	Romanian Government International Bond(b)		2.7500	04/14/41		16,955
	10,000 EUR	Romanian Government International Bond(b)		2.8750	04/13/42		6,515
	2,000 EUR	Romanian Government International Bond		2.8750	04/13/42		1,303
	25,000 EUR	Romanian Government International Bond(b)		4.6250	04/03/49		20,240
	27,000 EUR	Romanian Government International Bond(b)		3.3750	01/28/50		17,967

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued)
		SOVEREIGN — 15.2% (Continued)
	142,000 USD	Saudi Government International Bond(b)		2.2500	02/02/33	$	125,384
	127,000 EUR	Senegal Government International Bond		4.7500	03/13/28		106,981
	111,000 EUR	Senegal Government International Bond(b)		4.7500	03/13/28		93,503
	117,000 EUR	Senegal Government International Bond(b)		5.3750	06/08/37		84,436
	56,000 USD	Ukraine Government International Bond(b)		7.7500	09/01/25		11,693
	48,000 USD	Ukraine Government International Bond(b)		7.7500	09/01/26		10,014
	139,000 USD	Ukraine Government International Bond(b)		7.3750	09/25/32		27,684
	14,000 USD	Zambia Government International Bond(b)		5.3750	09/20/22		7,669
	87,000 USD	Zambia Government International Bond(b)		8.9700	07/30/27		50,191
							7,348,984
		SUPRANATIONAL — 0.4%
	200,000 EUR	European Investment Bank		1.1250	09/15/36		185,961
	110,000 BRL	International Finance Corporation		4.6000	01/27/23		20,733
							206,694
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $15,610,586)					12,541,412
Shares
		SHORT-TERM INVESTMENTS — 4.2%
		MONEY MARKET FUNDS - 4.2%
	2,013,155	Fidelity Government Portfolio, CLASS I, 1.41% (Cost $2,013,155)(f)					2,013,155
		COLLATERAL FOR SECURITIES LOANED — 2.3%
	1,100,938	Mount Vernon Prime Portfolio, 2.30% (Cost $1,100,938)(f)					1,100,938
		TOTAL INVESTMENTS – 96.8% (Cost $57,610,251)				$	46,821,094
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.2%					1,537,983
		NET ASSETS - 100.0%				$	48,359,077

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(g)		Value and Unrealized Appreciation (Depreciation)
	8	Eurex 30 Year Euro BUXL Future	09/08/2022	$	1,518,284	$	84,737
	28	Long Gilt Future	09/28/2022		4,029,665		(274	)
	9	TSE Japanese 10 Year Bond Futures	09/12/2022		10,158,232		77,146
		TOTAL FUTURES CONTRACTS				$	161,609

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(g)		Value and Unrealized Depreciation
	1	CBOT 10 Year US Treasury Note	09/21/2022	$	121,141	$	(1,078	)
	65	CBOT 5 Year US Treasury Note	09/30/2022		7,392,255		(56,396	)
	6	Eurex 10 Year Euro BUND Future	09/08/2022		966,129		(34,210	)
		TOTAL FUTURES CONTRACTS				$	(91,684	)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Euro	08/01/2022	JP Morgan Chase		32,775	$	33,478	$	96
Mexican Peso	08/05/2022	Capstone Global Markets		4,840,000		237,307		1,489
Australian Dollar	08/08/2022	Capstone Global Markets		390,000		272,528		7,431
Euro	08/08/2022	Capstone Global Markets		540,000		551,818		4,530
Euro	08/18/2022	JP Morgan Chase		880,000		899,897		17,687
British Pound	08/25/2022	Capstone Global Markets		210,000		255,869		5,197
Japanese Yen	08/25/2022	JP Morgan Chase		39,069,999		293,493		11,353
Mexican Peso	08/25/2022	JP Morgan Chase		4,860,000		237,397		(1,230	)
Euro	10/28/2022	Capstone Global Markets		88,000		90,459		(115	)
Euro	10/28/2022	JP Morgan Chase		9,452		9,716		84
					$	2,881,962	$	46,522
To Sell:
Euro	08/05/2022	JP Morgan Chase		5,578,485	$	5,699,359	$	120,641
British Pound	08/25/2022	Capstone Global Markets		210,000		255,869		852
Australian Dollar	10/28/2022	JP Morgan Chase		707,800		495,162		(10,672	)
British Pound	10/28/2022	Barclay		824,500		1,006,176		(15,209	)
British Pound	10/28/2022	Capstone Global Markets		45,000		54,916		(718	)
Canadian Dollar	10/28/2022	JP Morgan Chase		855,300		667,747		(7,180	)
Euro	10/28/2022	Capstone Global Markets		81,002		83,265		(165	)
Euro	10/28/2022	JP Morgan Chase		10,106,123		10,388,462		(5,953	)
Japanese Yen	10/28/2022	Barclay		38,449,099		290,439		(9,844	)
					$	18,941,395	$	71,752
Total							$	118,274

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

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 Depreciation
To Buy:	To Sell:
Euro	British Pound	8/19/2022	Capstone Global Markets		230,000		193,077		235,217		(235,218	)	$	(1	)
Euro	British Pound	10/28/2022	JP Morgan Chase		749,778		638,700		770,726		(779,436	)		(8,710	)
					979,778		831,777	$	1,005,943	$	1,014,654		$	(8,711	)
Total													$	(8,711	)

A/S	- Anonim Sirketi
LLC	- Limited Liability Company
LTD	- Limited Company
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
EUR003M	Euribor 3 Month ACT/360
EUSA5	EUR SWAP ANN (VS 6M) 5Y
EUSA6	EUR SWAP ANN (VS 6M) 6Y
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0006M	ICE LIBOR USD 6 Month
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Columbian Peso
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
IDR	Indonesia Rupiah
MXN	Mexican Peso
PLN	Polish Zloty
RUB	Russian Ruble
USD	US Dollars
ZAR	South African Rand

(a)	Variable rate security; the rate shown represents the rate on July 31, 2022.
(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, 2022 the total market value of 144A securities is $17,800,673 or 36.8% of net assets.
(c)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2022.
(d)	Zero coupon bond.
(e)	Represents issuer in default on interest payments; non-income producing security.
(f)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(g)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
(h)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,085,153 at July 31, 2022.

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.5%
		AEROSPACE & DEFENSE - 2.3%
	9,104	L3Harris Technologies, Inc.	$	2,184,687
	15,270	Raytheon Technologies Corporation(c)		1,423,317
				3,608,004
		ASSET MANAGEMENT - 2.5%
	2,560	BlackRock, Inc.		1,713,101
	30,151	Charles Schwab Corporation (The)		2,081,926
				3,795,027
		AUTOMOTIVE - 0.9%
	36,219	General Motors Company(a)		1,313,301
		BANKING - 7.3%
	109,671	Bank of America Corporation		3,707,976
	29,926	JPMorgan Chase & Company		3,452,263
	37,872	Truist Financial Corporation		1,911,400
	51,987	Wells Fargo & Company		2,280,670
				11,352,309
		BIOTECH & PHARMA - 6.6%
	11,078	AbbVie, Inc.		1,589,804
	35,671	Bristol-Myers Squibb Company		2,631,805
	11,911	Horizon Therapeutics plc(a)		988,256
	18,351	Johnson & Johnson		3,202,616
	19,831	Merck & Company, Inc.		1,771,702
				10,184,183
		CHEMICALS - 3.3%
	6,039	Air Products and Chemicals, Inc.		1,499,061
	29,716	Corteva, Inc.		1,710,156
	61,226	Huntsman Corporation(c)		1,773,104
				4,982,321
		CONSTRUCTION MATERIALS - 2.0%
	5,004	Martin Marietta Materials, Inc.		1,761,809
	14,918	Owens Corning		1,383,495
				3,145,304
		CONSUMER SERVICES - 1.5%
	28,768	Service Corp International(c)		2,142,066

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		CONTAINERS & PACKAGING - 0.4%
	15,702	Westrock Company(c)	$	665,137
		DIVERSIFIED INDUSTRIALS - 2.8%
	25,694	Emerson Electric Company		2,314,258
	10,893	Honeywell International, Inc. (c)		2,096,467
				4,410,725
		ELECTRIC UTILITIES - 4.4%
	49,407	NextEra Energy, Inc. (c)		4,174,397
	36,532	Xcel Energy, Inc.		2,673,412
				6,847,809
		ELECTRICAL EQUIPMENT - 1.0%
	28,881	Johnson Controls International plc		1,556,975
		ENGINEERING & CONSTRUCTION - 1.5%
	16,502	Quanta Services, Inc.		2,289,322
		ENTERTAINMENT CONTENT - 2.3%
	44,313	Fox Corporation, Class A(c)		1,467,203
	19,815	Walt Disney Company (The)(a)		2,102,372
				3,569,575
		FOOD - 2.7%
	36,325	Mondelez International, Inc., Class A		2,326,253
	21,636	Tyson Foods, Inc., Class A		1,904,184
				4,230,437
		HEALTH CARE FACILITIES & SERVICES - 5.0%
	15,011	AmerisourceBergen Corporation		2,190,555
	29,179	CVS Health Corporation		2,791,847
	5,146	UnitedHealth Group, Inc.		2,790,882
				7,773,284
		HOUSEHOLD PRODUCTS - 1.5%
	16,158	Procter & Gamble Company (The)		2,244,508

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		INDUSTRIAL REIT - 1.1%
	12,850	Prologis, Inc.	$	1,703,396
		INFRASTRUCTURE REIT - 1.1%
	6,505	American Tower Corporation		1,761,749
		INSTITUTIONAL FINANCIAL SERVICES - 2.3%
	46,147	Bank of New York Mellon Corporation (The)		2,005,548
	14,830	Intercontinental Exchange, Inc.		1,512,512
				3,518,060
		INSURANCE - 5.9%
	17,645	Allstate Corporation (The) (c)		2,063,936
	5,787	Berkshire Hathaway, Inc., Class B(a)		1,739,572
	30,544	Hartford Financial Services Group, Inc. (The)		1,969,172
	16,870	Prudential Financial, Inc. (c)		1,686,831
	10,359	Travelers Companies, Inc. (The) (c)		1,643,973
				9,103,484
		INTERNET MEDIA & SERVICES - 4.0%
	31,620	Alphabet, Inc., Class A(a)		3,678,039
	15,600	Meta Platforms, Inc., Class A(a)		2,481,960
				6,159,999
		LEISURE FACILITIES & SERVICES - 1.0%
	12,888	Darden Restaurants, Inc. (c)		1,604,427
		MACHINERY - 2.1%
	7,000	Caterpillar, Inc.		1,387,750
	6,676	Parker-Hannifin Corporation(c)		1,929,965
				3,317,715
		MEDICAL EQUIPMENT & DEVICES - 6.0%
	21,590	Abbott Laboratories		2,349,856
	27,373	Baxter International, Inc.		1,605,700
	6,011	Stryker Corporation		1,290,862
	6,696	Thermo Fisher Scientific, Inc.		4,006,953
				9,253,371

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		OFFICE REIT - 0.6%
	10,916	Boston Properties, Inc.	$	995,103
		OIL & GAS PRODUCERS - 6.6%
	30,287	ConocoPhillips		2,950,862
	15,791	EOG Resources, Inc.		1,756,275
	42,437	Exxon Mobil Corporation		4,113,419
	15,701	Phillips 66		1,397,389
				10,217,945
		OIL & GAS SERVICES & EQUIPMENT - 1.4%
	58,491	Schlumberger N.V.		2,165,922
		RESIDENTIAL REIT - 1.2%
	25,342	Equity LifeStyle Properties, Inc.		1,863,144
		RETAIL - CONSUMER STAPLES - 1.2%
	11,273	Target Corporation		1,841,783
		RETAIL - DISCRETIONARY - 1.2%
	9,708	Lowe’s Companies, Inc.		1,859,373
		SEMICONDUCTORS - 3.9%
	3,095	Broadcom, Inc.		1,657,311
	16,782	Intel Corporation		609,354
	21,522	Micron Technology, Inc. (c)		1,331,351
	36,873	ON Semiconductor Corporation(a),(c)		2,462,379
				6,060,395
		SOFTWARE - 1.2%
	6,653	Microsoft Corporation		1,867,763
		SPECIALTY FINANCE - 0.9%
	8,799	American Express Company		1,355,222
		TECHNOLOGY HARDWARE - 2.4%
	34,215	Cisco Systems, Inc.		1,552,335

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		TECHNOLOGY HARDWARE - 2.4% (Continued)
	8,961	Motorola Solutions, Inc.	$	2,138,005
				3,690,340
		TECHNOLOGY SERVICES - 0.9%
	11,531	Global Payments, Inc.		1,410,472
		TELECOMMUNICATIONS - 1.5%
	50,781	Verizon Communications, Inc.		2,345,574
		TRANSPORTATION & LOGISTICS - 3.2%
	64,868	CSX Corporation		2,097,182
	29,647	Knight-Swift Transportation Holdings, Inc. (c)		1,629,103
	33,363	Southwest Airlines Company(a)		1,271,798
				4,998,083
		TOTAL COMMON STOCKS (Cost $114,239,294)		151,203,607
		SHORT-TERM INVESTMENTS — 2.6%
		MONEY MARKET FUNDS - 2.6%
	4,067,567	STIT - Treasury Portfolio, Institutional Class, 1.59% (Cost $4,067,567)(b)		4,067,567
		COLLATERAL FOR SECURITIES LOANED — 14.6%
	22,631,791	Mount Vernon Prime Portfolio , 2.30% (Cost $22,631,791)(b),(d)		22,631,791
		TOTAL INVESTMENTS - 114.7% (Cost $140,938,652)	$	177,902,965
		LIABILITIES IN EXCESS OF OTHER ASSETS - (14.7)%		(22,777,730	)
		NET ASSETS - 100.0%	$	155,125,235

NV	- Naamioze Vennootschap
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $22,267,725 at July 31, 2022.
(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, 2022

Shares			Fair Value
		COMMON STOCKS — 99.2%
		AEROSPACE & DEFENSE - 1.3%
	29,828	Barnes Group, Inc.	$	1,008,783
		AUTOMOTIVE - 1.4%
	128,111	American Axle & Manufacturing Holdings, Inc.(a)		1,141,469
		BANKING - 18.3%
	18,726	Banner Corporation(c)		1,160,825
	32,628	Berkshire Hills Bancorp, Inc.		919,131
	31,522	Central Pacific Financial Corporation		746,441
	22,041	Customers Bancorp, Inc.(a),(c)		841,746
	29,500	Dime Community Bancshares, Inc. (c)		1,005,360
	57,200	Eastern Bankshares, Inc.		1,166,880
	19,086	First Financial Corporation		891,698
	25,477	Hancock Whitney Corporation(c)		1,243,532
	25,481	Heartland Financial USA, Inc.		1,144,097
	40,208	Heritage Financial Corporation		1,046,212
	31,515	Independent Bank Corporation		661,185
	28,512	PacWest Bancorp		799,191
	25,193	Pathward Financial, Inc. (c)		849,508
	12,308	UMB Financial Corporation(c)		1,113,874
	22,834	WSFS Financial Corporation(c)		1,089,638
				14,679,318
		BIOTECH & PHARMA - 6.0%
	24,667	Amphastar Pharmaceuticals, Inc.(a),(c)		922,299
	17,002	AnaptysBio, Inc.(a)		356,022
	17,452	Anika Therapeutics, Inc.(a)		407,679
	13,414	Eagle Pharmaceuticals, Inc.(a)		532,536
	15,150	Ionis Pharmaceuticals, Inc.(a)		569,034
	20,300	iTeos Therapeutics, Inc.(a)		496,538
	19,181	Supernus Pharmaceuticals, Inc.(a),(c)		608,997
	30,509	Syndax Pharmaceuticals, Inc.(a)		621,468
	28,667	Vanda Pharmaceuticals, Inc.(a),(c)		309,030
				4,823,603

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		CHEMICALS - 2.3%
	13,922	Cabot Corporation	$	1,033,847
	12,613	Minerals Technologies, Inc. (c)		842,675
				1,876,522
		CONSUMER SERVICES - 1.0%
	1,353	Graham Holdings Company, Class B		804,345
		CONTAINERS & PACKAGING - 1.1%
	11,992	Greif, Inc., Class A(c)		846,875
		ELECTRIC UTILITIES - 2.3%
	22,305	Avista Corporation		942,609
	16,318	NorthWestern Corporation(c)		904,833
				1,847,442
		FOOD - 0.7%
	10,507	Seneca Foods Corporation, Class A(a)		598,058
		FORESTRY, PAPER & WOOD PRODUCTS - 1.2%
	14,735	Louisiana-Pacific Corporation		937,588
		GAS & WATER UTILITIES - 2.6%
	13,800	Northwest Natural Holding Company		740,646
	11,641	SJW Group		764,348
	7,600	Spire, Inc.		571,824
				2,076,818
		HEALTH CARE FACILITIES & SERVICES - 2.6%
	15,440	National HealthCare Corporation		1,096,703
	28,755	Owens & Minor, Inc. (c)		1,018,215
				2,114,918
		HOME CONSTRUCTION - 1.1%
	10,181	Meritage Homes Corporation(a)		898,982
		HOTEL REIT - 1.9%
	52,744	Apple Hospitality REIT, Inc. (c)		879,770
	52,605	Chatham Lodging Trust(a)		639,677

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		HOTEL REIT - 1.9% (Continued)
			$	1,519,447
		INDUSTRIAL INTERMEDIATE PROD - 3.4%
	23,031	AZZ, Inc.		979,739
	25,543	Mueller Industries, Inc. (c)		1,719,810
				2,699,549
		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	7,319	Piper Sandler Cos		923,658
		INSURANCE - 2.9%
	16,465	American Equity Investment Life Holding Company		618,425
	10,792	Axis Capital Holdings Ltd.		544,888
	18,198	Mercury General Corporation		763,043
	1,823	National Western Life Group, Inc., Class A		368,246
				2,294,602
		LEISURE FACILITIES & SERVICES - 0.9%
	16,998	Travel + Leisure Company		732,784
		LEISURE PRODUCTS - 1.0%
	9,150	Thor Industries, Inc. (c)		771,620
		MACHINERY - 3.7%
	7,270	Alamo Group, Inc.		940,811
	6,719	Curtiss-Wright Corporation		963,773
	22,269	Hillenbrand, Inc.		1,028,828
				2,933,412
		MORTGAGE FINANCE - 2.6%
	102,762	Chimera Investment Corporation		1,075,918
	61,675	Dynex Capital, Inc.		1,036,140
				2,112,058
		MULTI ASSET CLASS REIT - 2.8%
	76,274	Armada Hoffler Properties, Inc.		1,081,565
	79,642	Global Net Lease, Inc. (c)		1,201,798
				2,283,363

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		OIL & GAS PRODUCERS - 2.8%
	94,121	Antero Midstream Corporation(c)	$	946,858
	12,137	Callon Petroleum Company(a)		558,787
	17,223	SilverBow Resources, Inc.(a),(c)		778,307
				2,283,952
		OIL & GAS SERVICES & EQUIPMENT - 1.8%
	117,879	Archrock, Inc.		994,899
	56,078	RPC, Inc.(a),(c)		457,596
				1,452,495
		PUBLISHING & BROADCASTING - 1.3%
	48,500	Sinclair Broadcast Group, Inc., Class A(c)		1,059,240
		RESIDENTIAL REIT - 1.3%
	48,407	UMH Properties, Inc. (c)		1,031,553
		RETAIL - CONSUMER STAPLES - 1.5%
	12,983	Ingles Markets, Inc., Class A(c)		1,239,358
		RETAIL - DISCRETIONARY - 3.9%
	30,058	Abercrombie & Fitch Company, Class A(a),(c)		535,333
	16,400	Academy Sports & Outdoors, Inc. (c)		705,692
	36,314	Ethan Allen Interiors, Inc. (c)		834,859
	18,857	Foot Locker, Inc. (c)		534,973
	40,400	Sally Beauty Holdings, Inc.(a),(c)		516,312
				3,127,169
		RETAIL REIT - 4.8%
	56,611	Essential Properties Realty Trust, Inc.		1,365,457
	84,739	SITE Centers Corporation		1,238,037
	27,300	Spirit Realty Capital, Inc.		1,210,482
				3,813,976
		SEMICONDUCTORS - 2.5%
	45,161	Amkor Technology, Inc.		910,897
	42,447	Rambus, Inc.(a)		1,073,061
				1,983,958

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		SOFTWARE - 0.8%
	37,164	NextGen Healthcare, Inc.(a)	$	636,248
		SPECIALTY FINANCE - 2.0%
	18,740	Mr Cooper Group, Inc.(a),(c)		844,237
	13,554	Stewart Information Services Corporation(c)		740,726
				1,584,963
		SPECIALTY REITS - 0.6%
	8,531	EPR Properties(c)		459,053
		TECHNOLOGY HARDWARE - 2.3%
	54,926	Knowles Corporation(a)		1,084,789
	20,400	NetScout Systems, Inc.(a)		725,832
				1,810,621
		TECHNOLOGY SERVICES - 3.1%
	33,350	Green Dot Corporation, Class A(a)		937,134
	28,800	LiveRamp Holdings, Inc.(a)		766,368
	7,878	Science Applications International Corporation		763,142
				2,466,644
		TELECOMMUNICATIONS - 0.9%
	36,303	EchoStar Corporation, Class A(a),(c)		717,347
		TIMBER REIT - 1.5%
	24,127	PotlatchDeltic Corporation(c)		1,182,947
		TRANSPORTATION & LOGISTICS - 4.1%
	73,632	Heartland Express, Inc.		1,169,275
	11,925	Matson, Inc. (c)		1,093,165
	12,690	Ryder System, Inc. (c)		993,881
				3,256,321
		WHOLESALE - CONSUMER STAPLES - 0.9%
	19,059	Andersons, Inc. (The)		689,364
		WHOLESALE - DISCRETIONARY - 0.9%
	32,257	G-III Apparel Group Ltd.(a),(c)		712,557

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		TOTAL COMMON STOCKS (Cost $69,840,302)	$	79,432,980
		SHORT-TERM INVESTMENTS — 0.8%
		MONEY MARKET FUNDS - 0.8%
	644,825	STIT - Treasury Portfolio, Institutional Class, 1.59% (Cost $644,825)(b)		644,825
		COLLATERAL FOR SECURITIES LOANED – 26.0%
	20,784,739	Mount Vernon Prime Portfolio, 0.45% (Cost $20,784,739) (b),(d)		20,784,739
		TOTAL INVESTMENTS - 126.0% (Cost $91,269,866)	$	100,862,544
		LIABILITIES IN EXCESS OF OTHER ASSETS – (26.0)%		(20,791,980	)
		NET ASSETS - 100.0%	$	80,070,564

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

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $20,499,071 at July 31, 2022.
(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, 2022

Shares			Fair Value
		COMMON STOCKS — 95.3%
		ASSET MANAGEMENT - 0.4%
	7,427	Blackstone, Inc.(a)	$	758,074
		E-COMMERCE DISCRETIONARY - 9.4%
	101,080	Amazon.com, Inc.(b)		13,640,745
	3,856	MercadoLibre, Inc.(a),(b)		3,137,666
				16,778,411
		INTERNET MEDIA & SERVICES - 3.5%
	21,905	Meta Platforms, Inc., Class A(b)		3,485,086
	12,023	Netflix, Inc.(b)		2,703,973
				6,189,059
		LEISURE FACILITIES & SERVICES - 3.0%
	3,448	Chipotle Mexican Grill, Inc.(a),(b)		5,393,431
		MEDICAL EQUIPMENT & DEVICES - 12.4%
	11,134	Align Technology, Inc.(b)		3,128,320
	53,008	DexCom, Inc.(b)		4,350,897
	49,048	Edwards Lifesciences Corporation(b)		4,931,286
	16,912	Insulet Corporation(b)		4,190,794
	23,882	Intuitive Surgical, Inc.(b)		5,496,919
				22,098,216
		RETAIL - DISCRETIONARY - 5.9%
	11,147	Burlington Stores, Inc.(a),(b)		1,573,176
	13,997	Lululemon Athletica, Inc.(b)		4,346,208
	23,846	Tractor Supply Company		4,566,033
				10,485,417
		SEMICONDUCTORS - 15.7%
	36,588	Advanced Micro Devices, Inc.(b)		3,456,468
	9,433	ASML Holding N.V. - ADR		5,418,693
	44,337	Marvell Technology, Inc.		2,468,684
	58,602	NVIDIA Corporation(a)		10,643,882
	41,453	QUALCOMM, Inc.		6,013,172
				28,000,899
		SOFTWARE - 24.7%
	14,100	Adobe, Inc.(b)		5,782,692

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 95.3% (Continued)
		SOFTWARE - 24.7% (Continued)
	48,138	Microsoft Corporation	$	13,514,261
	34,867	Salesforce, Inc.(b)		6,416,225
	22,666	ServiceNow, Inc.(b)		10,123,996
	17,048	Twilio, Inc., Class A(a),(b)		1,445,670
	29,832	Veeva Systems, Inc., Class A(b)		6,669,839
				43,952,683
		TECHNOLOGY HARDWARE - 5.7%
	61,973	Apple, Inc.		10,071,232
		TECHNOLOGY SERVICES - 14.6%
	37,623	Block, Inc., Class A(b)		2,861,605
	36,348	Mastercard, Inc., Class A		12,859,559
	30,441	PayPal Holdings, Inc.(b)		2,634,060
	36,217	Visa, Inc., Class A(a)		7,681,988
				26,037,212
		TOTAL COMMON STOCKS (Cost $114,772,848)		169,764,634
		SHORT-TERM INVESTMENTS — 3.3%
		MONEY MARKET FUNDS – 3.3%
	5,887,977	Invesco Treasury Obligations Portfolio, Class I, 1.79% (Cost $5,887,977)(c)		5,887,977
		COLLATERAL FOR SECURITIES LOANED — 17.5%
	31,258,993	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $31,258,993)(c),(d)		31,258,993
		TOTAL INVESTMENTS - 116.1% (Cost $151,919,818)	$	206,911,604
		LIABILITIES IN EXCESS OF OTHER ASSETS - (16.1)%		(28,733,986	)
		NET ASSETS - 100.0%	$	178,177,618

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
NV	- Naamioze Vennootschap

(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $30,785,342 at July 31, 2022.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(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, 2022

Shares			Fair Value
		COMMON STOCKS — 96.3%
		ADVERTISING & MARKETING - 0.8%
	79,387	Magnite, Inc.(a)	$	606,517
		AEROSPACE & DEFENSE - 1.6%
	21,534	Hexcel Corporation		1,303,022
		APPAREL & TEXTILE PRODUCTS - 1.6%
	11,069	Crocs, Inc.(a)		792,983
	1,715	Deckers Outdoor Corporation(a),(b)		537,155
				1,330,138
		BANKING - 4.3%
	26,311	First Merchants Corporation		1,092,696
	21,020	Glacier Bancorp, Inc.		1,052,892
	25,867	Seacoast Banking Corp of Florida		925,521
	1,889	Signature Bank(b)		350,542
				3,421,651
		BIOTECH & PHARMA - 8.2%
	30,265	Alector, Inc.(a)		309,308
	65,504	Allogene Therapeutics, Inc.(a),(b)		850,242
	41,119	ALX Oncology Holdings, Inc.(a),(b)		398,032
	41,750	Anavex Life Sciences Corporation(a)		428,355
	7,823	Apellis Pharmaceuticals, Inc.(a),(b)		440,278
	20,212	Avid Bioservices, Inc.(a),(b)		397,166
	13,347	Immunocore Holdings plc - ADR(a),(b)		615,831
	15,728	Intra-Cellular Therapies, Inc.(a),(b)		851,199
	36,726	IVERIC bio, Inc.(a),(b)		392,601
	32,189	Maravai LifeSciences Holdings, Inc.(a),(b)		839,811
	153,970	MaxCyte, Inc.(a)		839,137
	19,858	Seer, Inc.(a)		178,722
				6,540,682
		COMMERCIAL SUPPORT SERVICES - 2.1%
	9,321	Avalara, Inc.(a)		814,842
	5,206	FTI Consulting, Inc.(a),(b)		851,493
				1,666,335

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		ELECTRICAL EQUIPMENT - 2.5%
	23,282	Bloom Energy Corporation, Class A(a),(b)	$	470,995
	9,280	BWX Technologies, Inc.(b)		525,990
	17,395	Itron, Inc.(a)		1,015,868
				2,012,853
		ENGINEERING & CONSTRUCTION - 3.4%
	9,676	Exponent, Inc.		972,341
	18,016	Montrose Environmental Group, Inc.(a)		722,802
	27,198	WillScot Mobile Mini Holdings Corporation(a),(b)		1,050,116
				2,745,259
		HEALTH CARE FACILITIES & SERVICES - 6.7%
	6,509	Amedisys, Inc.(a)		780,104
	3,676	Catalent, Inc.(a),(b)		415,756
	14,818	HealthEquity, Inc.(a),(b)		861,963
	26,207	Option Care Health, Inc.(a)		880,555
	13,119	Progyny, Inc.(a)		400,523
	51,659	RadNet, Inc.(a)		1,062,626
	26,172	Surgery Partners, Inc.(a),(b)		1,030,653
				5,432,180
		HOME CONSTRUCTION - 1.0%
	13,041	Skyline Champion Corporation(a)		825,495
		HOUSEHOLD PRODUCTS - 3.0%
	31,109	elf Beauty, Inc.(a)		1,043,085
	17,317	Inter Parfums, Inc.		1,445,449
				2,488,534
		INDUSTRIAL INTERMEDIATE PROD - 1.4%
	5,725	Chart Industries, Inc.(a),(b)		1,116,890
		INSTITUTIONAL FINANCIAL SERVICES - 1.9%
	5,456	Evercore, Inc., Class A		545,436
	11,857	Houlihan Lokey, Inc.(b)		1,002,628
				1,548,064
		INTERNET MEDIA & SERVICES - 2.1%
	101,632	Eventbrite, Inc., Class A(a),(b)		951,275

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		INTERNET MEDIA & SERVICES - 2.1% (Continued)
	20,107	Pinterest, Inc., Class A(a)	$	391,684
	5,588	TechTarget, Inc.(a)		364,282
				1,707,241
		LEISURE FACILITIES & SERVICES - 6.1%
	71,519	Lindblad Expeditions Holdings, Inc.(a)		565,000
	12,158	Papa John’s International, Inc.		1,165,832
	6,640	Planet Fitness, Inc., Class A(a)		523,298
	17,090	Shake Shack, Inc., Class A(a),(b)		879,451
	10,004	Texas Roadhouse, Inc.(b)		872,549
	7,237	Wingstop, Inc.(b)		913,165
				4,919,295
		LEISURE PRODUCTS - 0.8%
	6,640	Fox Factory Holding Corporation(a)		628,542
		MACHINERY - 2.6%
	7,884	Lindsay Corporation		1,213,820
	6,726	MSA Safety, Inc.		863,215
				2,077,035
		MEDICAL EQUIPMENT & DEVICES - 7.2%
	43,584	Adaptive Biotechnologies Corporation(a)		399,229
	68,907	Alphatec Holdings, Inc.(a),(b)		519,559
	30,242	BioLife Solutions, Inc.(a)		582,763
	145,528	Cerus Corporation(a),(b)		785,851
	10,929	Inari Medical, Inc.(a)		847,872
	5,212	Insulet Corporation(a),(b)		1,291,535
	7,163	Lantheus Holdings, Inc.(a),(b)		549,545
	4,001	Repligen Corporation(a),(b)		853,653
				5,830,007
		RENEWABLE ENERGY - 1.9%
	37,232	Fluence Energy, Inc.(a),(b)		511,568
	2,847	SolarEdge Technologies, Inc.(a)		1,025,290
				1,536,858

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		RETAIL - CONSUMER STAPLES - 1.2%
	15,945	Ollie’s Bargain Outlet Holdings, Inc.(a),(b)	$	939,958
		RETAIL - DISCRETIONARY - 1.9%
	15,663	Freshpet, Inc.(a)		837,030
	57,631	Mister Car Wash, Inc.(a)		668,520
				1,505,550
		SEMICONDUCTORS - 11.0%
	39,318	Allegro MicroSystems, Inc.(a)		976,266
	17,728	Axcelis Technologies, Inc.(a)		1,246,809
	14,829	Azenta, Inc.		1,012,228
	26,661	FormFactor, Inc.(a),(b)		948,065
	14,866	Lattice Semiconductor Corporation(a)		914,259
	10,773	Onto Innovation, Inc.(a),(b)		896,852
	7,377	Power Integrations, Inc.		627,119
	10,493	Semtech Corporation(a)		654,029
	5,797	Silicon Laboratories, Inc.(a),(b)		854,942
	9,201	Wolfspeed, Inc.(a)		766,443
				8,897,012
		SOFTWARE - 12.9%
	12,532	Alteryx, Inc., Class A(a),(b)		606,925
	8,612	Blackline, Inc.(a)		544,451
	4,190	Crowdstrike Holdings, Inc., Class A(a)		769,284
	39,582	DoubleVerify Holdings, Inc.(a)		907,615
	12,851	Doximity, Inc.(a)		543,854
	11,087	Elastic N.V.(a),(b)		885,740
	47,776	Expensify, Inc.(a)		953,609
	9,174	Five9, Inc.(a)		991,892
	31,394	Jamf Holding Corporation(a),(b)		767,269
	39,237	JFrog Ltd.(a)		871,061
	52,224	KnowBe4, Inc.(a)		746,281
	5,305	Omnicell, Inc.(a)		584,187
	7,377	Sprout Social, Inc., Class A(a)		384,342
	23,009	Tenable Holdings, Inc.(a)		889,298
				10,445,808

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		TECHNOLOGY HARDWARE - 2.9%
	12,510	Fabrinet(a)	$	1,201,711
	12,467	Kornit Digital Ltd.(a)		339,227
	31,345	PagerDuty, Inc.(a)		812,776
				2,353,714
		TECHNOLOGY SERVICES - 3.5%
	17,619	MAXIMUS, Inc.		1,177,831
	21,101	Shift4 Payments, Inc.(a),(b)		768,709
	10,214	WNS Holdings Ltd. - ADR(a)		885,656
				2,832,196
		TRANSPORTATION & LOGISTICS - 2.6%
	33,207	Air Transport Services Group, Inc.(a),(b)		1,040,708
	6,311	Atlas Air Worldwide Holdings, Inc.(a),(b)		477,806
	2,579	Saia, Inc.(a)		613,415
				2,131,929
		WHOLESALE - CONSUMER STAPLES - 1.1%
	20,147	Grocery Outlet Holding Corporation(a)		860,680
		TOTAL COMMON STOCKS (Cost $76,470,551)		77,703,445
		SHORT-TERM INVESTMENTS — 3.7%
		MONEY MARKET FUNDS - 3.7%
	3,026,054	Fidelity Government Portfolio, Class I, 1.49% (Cost $3,026,054)(c)		3,026,054
		COLLATERAL FOR SECURITIES LOANED — 24.0%
	19,364,422	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $19,364,422)(c),(d)		19,364,422
		TOTAL INVESTMENTS - 124.0% (Cost $98,861,027)	$	100,093,921
		LIABILITIES IN EXCESS OF OTHER ASSETS - (24.0)%		(19,405,356	)
		NET ASSETS - 100.0%	$	80,688,565

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
LTD	- Limited Company
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 $19,222,176 at July 31, 2022.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(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, 2022

Shares			Fair Value
		CLOSED END FUNDS — 0.9%
		MIXED ALLOCATION - 0.9%
	136,545	Vietnam Enterprise Investments Ltd.(a) (Cost $861,698)	$	1,098,535
		COMMON STOCKS — 98.2%
		APPAREL & TEXTILE PRODUCTS - 0.4%
	41,200	Shenzhou International Group Holdings Ltd.		433,346
		AUTOMOTIVE - 2.2%
	75,500	NIO, Inc. - ADR(a)		1,489,615
	90,412	XPeng, Inc.(a)		1,097,738
				2,587,353
		BANKING – 14.0%
	167,748	Banco Bradesco S.A. - ADR		556,923
	36,700	Banco Santander Chile - ADR		573,988
	2,268,600	Bank Central Asia Tbk P.T.		1,127,970
	4,822,700	Bank Rakyat Indonesia Persero Tbk P.T.		1,423,482
	122,500	China Merchants Bank Company Ltd., H Shares		661,901
	3,075,000	CTBC Financial Holding Company Ltd.		2,356,451
	12,500	HDFC Bank Ltd. - ADR		785,000
	59,700	ICICI Bank Ltd. - ADR		1,240,566
	160,900	Itau Unibanco Holding S.A. - ADR(e)		724,050
	374,600	Kasikornbank PCL - ADR		1,522,307
	37,883	KB Financial Group, Inc.		1,404,811
	1,329,854	Postal Savings Bank of China Company Ltd.		925,969
	1,907,700	Public Bank Bhd		1,990,538
	152,825	Qatar National Bank QPSC		846,780
				16,140,736
		BEVERAGES - 5.0%
	210,500	Carabao Group PCL		658,550
	19,800	Heineken Malaysia Bhd		101,089
	304,888	Varun Beverages Ltd.		3,401,233
	61,700	Wuliangye Yibin Company Ltd.		1,634,589
			$	5,795,461

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		CHEMICALS – 3.5%
	7,472,300	AKR Corporindo Tbk P.T.	$	630,838
	4,532	LG Chem Ltd.		2,104,612
	13,000	Sociedad Quimica y Minera de Chile S.A. - ADR		1,278,810
				4,014,260
		CONSUMER SERVICES - 1.2%
	1,635,000	China Education Group Holdings Ltd.		1,385,660
		E-COMMERCE DISCRETIONARY - 7.7%
	573,241	Alibaba Group Holding Ltd.(a),		6,445,185
	83,296	JD.com, Inc.		2,484,920
				8,930,105
		ELECTRIC UTILITIES - 0.0%(c)
	77,040	ACEN Corporation		11,664
		ELECTRICAL EQUIPMENT - 1.9%
	510,224	NARI Technology Company Ltd.		2,211,782
		ENGINEERING & CONSTRUCTION - 1.1%
	38,804	Larsen & Toubro Ltd.		888,631
	25,748	Mytilineos S.A.		398,004
				1,286,635
		ENTERTAINMENT CONTENT - 1.7%
	105,190	NetEase, Inc.		1,967,755
		FOOD - 1.3%
	5,889,900	Monde Nissin Corporation(a)		1,516,112
		GAS & WATER UTILITIES - 0.8%
	964,000	Guangdong Investment Ltd.		939,053
		HEALTH CARE FACILITIES & SERVICES - 1.6%
	391,275	Max Healthcare Institute Ltd.(a)		1,830,191

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		HOME & OFFICE PRODUCTS - 1.9%
	412,000	Haier Smart Home Company Ltd., H Shares	$	1,318,603
	103,400	Midea Group Company Ltd.		844,288
				2,162,891
		HOUSEHOLD PRODUCTS - 0.7%
	1,391	LG Household & Health Care Ltd.		833,581
		INSURANCE - 3.2%
	229,400	AIA Group Ltd.		2,304,690
	115,492	Prudential plc		1,424,494
				3,729,184
		INTERNET MEDIA & SERVICES - 4.6%
	138,900	Tencent Holdings Ltd.		5,368,293
		LEISURE FACILITIES & SERVICES - 3.3%
	155,340	Jollibee Foods Corporation		564,730
	1,179,387	Lemon Tree Hotels Ltd.(a)		986,403
	776,900	Minor International PCL - ADR(a)		724,406
	108,538	OPAP S.A.		1,502,839
				3,778,378
		MACHINERY - 1.1%
	485,326	Sany Heavy Industry Company Ltd., Class A		1,227,039
		METALS & MINING - 0.7%
	61,148	Ganfeng Lithium Company Ltd.		810,213
		OIL & GAS PRODUCERS - 2.6%
	376,189	Gazprom PJSC(a),(b)		0
	89,100	Petroleo Brasileiro S.A. - ADR(e)		1,272,348
	392,600	PTT Exploration & Production PCL		1,789,456
				3,061,804
		REAL ESTATE OWNERS & DEVELOPERS - 1.0%
	667,729	Indiabulls Real Estate Ltd.(a)		614,809
	230,490	Vinhomes JSC		591,532
				1,206,341

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		RENEWABLE ENERGY - 1.8%
	227,850	LONGi Green Energy Technology Company Ltd., Class A	$	2,085,587
		RETAIL - CONSUMER STAPLES - 2.6%
	155,400	Atacadao S.A.		560,579
	8,512	Magnit PJSC (b)		0
	93,000	President Chain Store Corporation		877,125
	447,500	Wal-Mart de Mexico S.A.B. de C.V.		1,626,966
				3,064,670
		RETAIL - DISCRETIONARY - 0.5%
	1,580,700	Home Product Center PCL		580,450
		SEMICONDUCTORS - 13.0%
	16,000	eMemory Technology, Inc.		634,431
	81,047	MediaTek, Inc.		1,862,602
	26,726	SK Hynix, Inc.		2,014,477
	477,806	Taiwan Semiconductor Manufacturing Company Ltd.		8,173,418
	26,800	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		2,371,264
				15,056,192
		SPECIALTY FINANCE - 2.9%
	112,121	Housing Development Finance Corp Ltd.		3,380,865
		TECHNOLOGY HARDWARE - 5.8%
	131,099	Accton Technology Corporation		1,091,366
	108,624	Samsung Electronics Company Ltd.		5,126,660
	12,575	Samsung Electronics Company Ltd.- Pfd.		551,047
				6,769,073
		TECHNOLOGY SERVICES - 5.3%
	180,511	Infosys Ltd.		3,538,116
	444,328	Shanghai Baosight Software Company Ltd.		2,653,249
				6,191,365
		TELECOMMUNICATIONS - 2.6%
	176,185	Bharti Airtel Ltd.		1,509,623
	5,413,600	Telekomunikasi Indonesia Persero Tbk P.T.		1,546,076
				3,055,699

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022

Shares						Fair Value
		COMMON STOCKS — 98.2% (Continued)
		TRANSPORTATION & LOGISTICS - 1.5%
	185,376	Spring Airlines Company Ltd.(a)				$	1,431,798
	12,888	Wizz Air Holdings plc(a)					349,989
							1,781,787
		WHOLESALE - CONSUMER STAPLES - 0.7%
	349,317	Devyani International Ltd.(a)					792,794
		TOTAL COMMON STOCKS (Cost $122,135,764)					113,986,319
			Expiration Date	Exercise Price
		WARRANT — 0.0%(c)
		LEISURE FACILITIES & SERVICES - 0.0% (c)
	26,977	Minor International PCL (Thailand)	07/31/2023	$	21 .60		8,599
	42,772	Minor International PCL (Thailand)	05/08/2023		28 .00		6,116
	38,762	Minor International PCL (Thailand)	02/16/2024		31 .00		4,159
		TOTAL WARRANT (Cost $5,303)					18,874
		SHORT-TERM INVESTMENTS — 0.7%
		MONEY MARKET FUNDS - 0.7%
	749,509	First American Government Obligations Fund Class X, 1.44% (Cost $749,509)(d)					749,509
		COLLATERAL FOR SECURITIES LOANED – 1.4%
	1,571,024	Mount Vernon Prime Portfolio, 2.30% (Cost $1,571,024) (d),(f)					1,571,024
		TOTAL INVESTMENTS - 101.2% (Cost $125,323,298)				$	117,424,261
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%					(1,412,496	)
		NET ASSETS - 100.0%				$	116,011,765

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

(a)	Non-income producing security.
(b)	The value of this security has been determined in good faith under policies of the Board of Trustees.
(c)	Percentage rounds to less than 0.1%.
(d)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,598,925 at July 31, 2022.
(f)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 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, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5%
		APPAREL & TEXTILE PRODUCTS - 0.9%
	11,041	Cie Financiere Richemont S.A.	$	1,331,116
		ASSET MANAGEMENT - 0.8%
	47,569	Investor A.B. - A		978,361
	11,931	Investor A.B. - B		222,728
				1,201,089
		AUTOMOTIVE - 4.4%
	21,364	Bayerische Motoren Werke A.G.		1,744,701
	10,835	Continental A.G.		771,446
	5,604	Hyundai Motor Company		387,165
	17,169	Mercedes-Benz Group A.G.		1,011,931
	77,900	Nissan Motor Company Ltd.		296,245
	4,721	Stellantis N.V. – FP		67,771
	60,512	Stellantis N.V. - IM		868,458
	11,130	Volkswagen A.G.		1,572,746
				6,720,463
		BANKING - 8.7%
	2,677	Bancolombia S.A. - ADR		77,553
	43,009	Bank Leumi Le-Israel BM		418,037
	279,200	Bank of Beijing Company Ltd., Class A		172,777
	47,790	Bank of China Ltd. - ADR		422,703
	3,575,000	Bank of China Ltd., H Shares		1,271,211
	2,287,200	Bank of Communications Company Ltd.		1,568,006
	1,150,000	Bank of Communications Company Ltd., H Shares		684,492
	307,800	Bank of Jiangsu Company Ltd.		329,089
	512,200	Bank of Shanghai Company Ltd., Class A		453,085
	65,213	Barclays plc - ADR(d)		508,009
	31,712	BNK Financial Group, Inc.		165,447
	794	BNP Paribas S.A.		37,492
	272,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		94,6512
	10,225	Hana Financial Group, Inc.		292,154
	55,536	Industrial & Commercial Bank of China Ltd. - ADR		583,127

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		BANKING - 8.7% (Continued)
	1,449,000	Industrial & Commercial Bank of China Ltd., H Shares	$	766,065
	65,300	Industrial Bank Company Ltd.		172,335
	50,182	ING Groep N.V. - ADR(d)		488,271
	12,641	KB Financial Group, Inc.		468,765
	449,900	Mebuki Financial Group, Inc.		907,699
	218,800	Mitsubishi UFJ Financial Group, Inc.		1,232,836
	10,355	Nordea Bank Abp – FH		101,986
	12,417	Nordea Bank Abp - SS		122,473
	74,724	Quinenco S.A.		203,167
	775,890	Sberbank of Russia PJSC,(a),(f)		—
	2,831	Shinhan Financial Group Company Ltd.		77,735
	36,156	Skandinaviska Enskilda Banken A.B.		391,825
	58,951	Svenska Handelsbanken A.B., A Shares		530,261
	6,000	Swedbank A.B., A Shares		83,129
	2	Turkiye Is Bankasi A/S		1
	1,284,860,000	VTB Bank PJSC(a), (f)		0
	2,410,939	Yapi ve Kredi Bankasi A/S		641,721
				13,266,103
		BEVERAGES - 1.0%
	16,652	Anheuser-Busch InBev S.A. - ADR(d)		891,548
	16,186	Cia Cervecerias Unidas S.A.		93,405
	2,961	Diageo plc - ADR(d)		566,735
				1,551,688
		BIOTECH & PHARMA - 9.8%
	35,735	AstraZeneca plc - ADR(d)		2,366,729
	12,451	Bayer A.G.		725,844
	58,236	GSK plc - ADR		2,455,812
	22,561	Novartis A.G. - ADR(d)		1,936,411
	6,834	Novartis A.G.		587,163
	9,491	Novo Nordisk A/S - ADR		1,101,525
	8,202	Novo Nordisk A/S, Class B		955,346
	2,500	Otsuka Holdings Company Ltd.		89,308
	14,597	Roche Holding A.G.		4,845,609
				15,063,747

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS – 93.5% (Continued)
		CHEMICALS - 2.9%
	11,136	BASF S.E.	$	495,987
	20,889	Covestro A.G.		704,077
	2,300	Daicel Corporation		14,631
	16,656	Evonik Industries A.G.		355,059
	8,100	Kaneka Corporation		219,472
	21,400	Mitsubishi Chemical Group Corporation		120,344
	3,200	Nitto Denko Corporation		206,067
	10,128	PhosAgro PJSC (f)		0
	14,171	Sasol Ltd.,(a)		297,707
	26,739	Saudi Arabian Fertilizer Company		954,203
	6,800	Shin-Etsu Chemical Company Ltd.		871,048
	6,700	Tosoh Corporation		87,337
	1,096	Yara International ASA		46,704
	900	Yara International ASA - ADR		19,161
				4,391,797
		COMMERCIAL SUPPORT SERVICES - 0.4%
	12,994	Randstad N.V.		656,371
	2	SGS S.A.		4,880
				661,251
		CONSTRUCTION MATERIALS - 0.0%(b)
	1,100	AGC, Inc.		40,099
		DIVERSIFIED INDUSTRIALS - 1.0%
	16,100	Hitachi Ltd.		815,118
	18,900	Mitsubishi Heavy Industries Ltd.		701,809
				1,516,927
		E-COMMERCE DISCRETIONARY - 0.4%
	6,020	Alibaba Group Holding Ltd. - ADR(a),(d)		538,007
		ELECTRIC UTILITIES - 1.0%
	5,943	CEZ A/S		270,064
	15,700	Chubu Electric Power Company, Inc.		167,480
	14,404	E.ON S.E.		129,403
	19,994	Engie S.A.		247,228

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		ELECTRIC UTILITIES - 1.0% (Continued)
	110,000	Huadian Power International Corp Ltd.	$	38,079
	52,622	Origin Energy Ltd.		220,931
	24,000	Tenaga Nasional Bhd		44,554
	108,100	Tokyo Electric Power Company Holdings, Inc.(a)		425,415
				1,543,154
		ELECTRICAL EQUIPMENT - 1.2%
	12,983	ABB Ltd. - ADR		394,294
	45,020	ABB Ltd.		1,368,404
				1,762,698
		ENGINEERING & CONSTRUCTION - 0.3%
	122,600	China State Construction Engineering Corp Ltd.		91,638
	711,800	Metallurgical Corp of China Ltd., Class A		344,051
				435,689
		FOOD - 0.4%
	741,000	WH Group Ltd.		561,184
		GAS & WATER UTILITIES - 0.0%(b)
	2,700	Tokyo Gas Company Ltd.		53,031
		HEALTH CARE FACILITIES & SERVICES - 0.4%
	15,788	Fresenius Medical Care A.G. & Company KGaA		584,973
		HOME & OFFICE PRODUCTS - 0.0%(b)
	1	Arcelik A/S		4
		HOUSEHOLD PRODUCTS - 0.7%
	24,409	Haleon plc - ADR(a),(d)		171,595
	17,759	Unilever plc - ADR(d)		864,153
				1,035,748
		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	254,000	Haitong Securities Company Ltd.		170,116
	110,420	Mirae Asset Daewoo Company Ltd.		333,452
	329,400	Nomura Holdings, Inc.		1,256,839
				1,760,407

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		INSURANCE - 6.3%
	46,317	China Life Insurance Company Ltd. - ADR(d)	$	345,988
	5,700	COFCO Capital Holdings Company Ltd.		5,650
	6,500	Dai-ichi Life Holdings, Inc.		113,068
	7,097	Hyundai Marine & Fire Insurance Company Ltd.		178,751
	74,000	Japan Post Holdings Company Ltd.		532,792
	50,800	MS&AD Insurance Group Holdings, Inc.		1,647,525
	4,367	Muenchener Rueckversicherungs-Gesellschaft A.G. in		989,446
	21,924	NN Group N.V.		1,028,124
	1,649,400	People’s Insurance Company Group of China Ltd.		1,141,263
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		692,225
	3,712	Samsung Fire & Marine Insurance Company Ltd.		562,281
	3,206	Samsung Fire & Marine Insurance Company Ltd. – Pfd.		387,748
	36,900	Sompo Holdings, Inc.		1,646,905
	5,130	Swiss Re A.G.		384,887
	3,500	T&D Holdings, Inc.		39,613
				9,696,266
		MACHINERY - 1.4%
	4,000	Keyence Corporation		1,585,381
	29,300	Yokogawa Electric Corporation		519,589
				2,104,970
		MEDICAL EQUIPMENT & DEVICES - 0.8%
	2,800	Hoya Corporation		280,539
	6,700	Shimadzu Corporation		238,381
	13,130	Smith & Nephew plc		168,338
	7,300	Sysmex Corporation		511,090
				1,198,348
		METALS & MINING - 6.3%
	16,642	Anglo American plc - ADR		300,055
	33,742	Anglo American PLC		1,219,575
	17,472	BHP Group Ltd. - ADR(d)		961,659
	70,455	BHP Group Ltd.		1,928,066
	230,400	China Shenhua Energy Company Ltd.		960,305
	21,500	China Shenhua Energy Company Ltd., H Shares		60,766

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		METALS & MINING - 6.3% (Continued)
	3,785	MMC Norilsk Nickel PJSC (f)	$	0
	16,735	Rio Tinto Ltd.		1,159,501
	4,296	Rio Tinto plc		259,342
	28,104	Rio Tinto plc - ADR(d)		1,715,188
	27,683	South32 Ltd.		75,455
	43,300	Vale S.A.		584,275
	37,151	Vale S.A. - ADR(d)		500,052
				9,724,239
		OIL & GAS PRODUCERS – 15.9%
	1,615	Aker BP ASA		56,110
	94,242	BP plc - ADR		2,768,831
	991,900	China Petroleum & Chemical Corporation		606,105
	1,550,000	China Petroleum & Chemical Corporation, H Shares		730,754
	17,700	ENEOS Holdings, Inc.		68,471
	13,665	Eni SpA		164,165
	32,540	Eni SpA - ADR		781,611
	6,389	Equinor ASA		245,978
	2,581	Equinor ASA - ADR(d)		99,136
	247,390	Gazprom PJSC(a), (f)		0
	87,530	Gazprom PJSC – ADR (f)		0
	1,248,940	Guanghui Energy Company Ltd.		1,806,916
	58,300	Idemitsu Kosan Company Ltd.		1,516,091
	37,200	Inpex Corporation		426,382
	50,467	KOC Holding A/S		104,314
	24,250	LUKOIL PJSC (f)		0
	94,867	MOL Hungarian Oil & Gas plc		698,373
	22,511	Motor Oil Hellas Corinth Refineries S.A.		389,962
	9,000	OMV A.G.		383,085
	2,085,400	PetroChina Company Ltd.		1,614,913
	10,881	PetroChina Company Ltd. - ADR(d)		507,707
	96,000	PetroChina Company Ltd., H Shares		44,828
	212,700	Petroleo Brasileiro S.A.		1,524,690
	388,100	Petroleo Brasileiro S.A.		2,569,677
	3,417	Petroleo Brasileiro S.A. - ADR		44,865

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		OIL & GAS PRODUCERS – 15.9% (Continued)
	35,243	Petroleo Brasileiro S.A. - ADR	$	503,270
	85,128	Polskie Gornictwo Naftowe i Gazownictwo S.A.,(a)		127,204
	13,600	PTT Exploration & Production PCL		61,988
	9,462	Repsol S.A.		117,811
	117,940	Rosneft Oil Company PJSC (f)		—
	48,621	Shell plc - ADR		2,595,389
	6,830	Tatneft PJSC (f)		—
	33,159	TotalEnergies S.E. - ADR(d)		1,693,099
	35,014	TotalEnergies S.E.		1,787,374
	12,055	Woodside Energy Group Ltd. (f)		272,213
	6,314	Woodside Energy Group Ltd. - ADR(d)		143,391
				24,454,703
		OIL & GAS SERVICES & EQUIPMENT - 0.4%
	1,256,700	CNOOC Energy Technology & Services Ltd.		476,196
	2,292,000	Sinopec Oilfield Service Corporation(a)		163,772
				639,968
		RETAIL - CONSUMER STAPLES - 2.1%
	155,405	BIM Birlesik Magazalar A/S		800,983
	9,055	Carrefour S.A.		154,225
	66,193	Cencosud S.A.		90,427
	77,648	CK Hutchison Holdings Ltd. - ADR		509,379
	62,866	Woolworths Group Ltd.		1,653,981
				3,208,995
		RETAIL - DISCRETIONARY - 0.6%
	16,800	Jardine Matheson Holdings Ltd.		886,872
		SEMICONDUCTORS - 5.2%
	5,524	ASML Holding N.V.		3,173,103
	1,400	ASML Holding N.V. - ADR(d)		804,216
	14,214	SK Hynix, Inc.		1,071,383
	55,000	Taiwan Semiconductor Manufacturing Company Ltd.		940,838
	8,810	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		779,509
	2,500	Tokyo Electron Ltd.		860,490
	4,100	Tokyo Electron Ltd. - ADR		353,010
				7,982,549

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		SOFTWARE - 2.0%
	6,223	Check Point Software Technologies Ltd.(a)	$	775,386
	6,857	SAP S.E.		639,196
	12,248	SAP S.E. - ADR		1,141,636
	3,691	Temenos A.G.		292,924
	10,300	TIS, Inc.		292,050
				3,141,192
		SPECIALTY FINANCE - 1.0%
	58,900	ORIX Corporation		1,049,713
	20,481	Samsung Card Company Ltd.		503,924
				1,553,637
		STEEL - 1.0%
	3,181	Hyundai Steel Company		83,428
	268,000	Maanshan Iron & Steel Company Ltd.		71,961
	19,000	Mitsui & Company Ltd.		419,186
	61,800	Nippon Steel Corporation		919,605
	383	POSCO Holdings, Inc.		71,319
				1,565,499
		TECHNOLOGY HARDWARE - 4.7%
	10,100	Brother Industries Ltd.		189,189
	12,000	Canon, Inc.		283,896
	103,000	Chicony Electronics Company Ltd.		272,454
	1,005	FUJIFILM Holdings Corporation - ADR		57,416
	5,400	FUJIFILM Holdings Corporation		308,461
	2,200	Kyocera Corporation		122,296
	5,300	Murata Manufacturing Company Ltd.		309,579
	20,218	Nokia OYJ		105,245
	113,676	Nokia OYJ - ADR		588,841
	8,400	Ricoh Company Ltd.		67,562
	352	Samsung Electronics Company Ltd. - ADR		410,432
	78,420	Samsung Electronics Company Ltd.		3,701,141
	19,632	Samsung Electronics Company Ltd. - Pref		860,291
				7,276,803

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		TECHNOLOGY SERVICES - 1.8%
	7,000	Fujitsu Ltd.	$	938,443
	35,100	NTT Data Corporation		531,243
	13,825	RELX plc - ADR		408,114
	5,551	Wolters Kluwer N.V.		602,498
	2,435	Wolters Kluwer N.V. - ADR		264,319
				2,744,617
		TELECOMMUNICATIONS - 4.8%
	137,923	Deutsche Telekom A.G.		2,618,860
	29,600	Nippon Telegraph & Telephone Corporation		845,540
	15,625	Proximus S.A.DP		216,389
	75,902	Telecom Italia SpA, Savings Shares(a)		15,878
	170,755	Telefonica S.A.		761,751
	12,483	Telekomunikasi Indonesia Persero Tbk P.T. - ADR		355,766
	109,583	Telenor ASA		1,330,666
	344,559	Telia Company A.B.		1,273,350
				7,418,200
		TOBACCO & CANNABIS - 1.5%
	46,310	British American Tobacco plc - ADR		1,813,963
	39,939	Swedish Match A.B.		418,243
				2,232,206
		TRANSPORTATION & LOGISTICS - 1.6%
	4,173	AP Moller - Maersk A/S - ADR		56,836
	34	AP Moller - Maersk A/S - Series B		92,834
	211	AP Moller - Maersk A/S - Series A		565,279
	3,536	Deutsche Post A.G.		141,145
	142,000	Evergreen Marine Corp Taiwan Ltd.		455,145
	4,000	Nippon Yusen KK		314,208
	60,100	Shanghai International Port Group Company Ltd.		48,907
	235,276	Turk Hava Yollari AO(a)		661,808
	11,000	Yang Ming Marine Transport Corporation		33,090
				2,369,252
		WHOLESALE - CONSUMER STAPLES - 0.2%
	29,500	Marubeni Corporation		274,419

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 93.5% (Continued)
		WHOLESALE - DISCRETIONARY - 0.5%
	21,700	Toyota Tsusho Corporation	$	740,615
		TOTAL COMMON STOCKS (Cost $151,176,275)		143,232,525
		EXCHANGE-TRADED FUNDS — 0.8%
		EQUITY - 0.8%
	13,599	Global X MSCI Argentina ETF		378,188
	12,800	iShares MSCI EAFE ETF(d)		841,216
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,201,885)		1,219,404
		SHORT-TERM INVESTMENTS — 4.8%
		MONEY MARKET FUNDS - 4.8%
	7,340,682	Fidelity Government Portfolio, CLASS I, 1.41% (Cost $7,340,682)(c)		7,340,682
		COLLATERAL FOR SECURTIES LOANED – 10.1%
	15,537,770	Mount Vernon Prime Portfolio, 2.30% (Cost $15,537,770)(c),(e)		15,537,770
		TOTAL INVESTMENTS – 109.2% (Cost $175,256,612)	$	167,330,381
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%		(14,070,987	)
		NET ASSETS - 100.0%	$	153,259,394

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

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $15,244,271 at July 31, 2022.
(e)	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% (105% for non US Shares) 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%.
(f)	The value of this security has been determined in good faith under policies of the Board of Trustees.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 32.2%
		COMMODITY - 9.4%
	59,754	iShares GSCI Commodity Dynamic	$	2,388,965
		EQUITY - 22.8%
	11,990	iShares Currency Hedged MSCI Germany ETF		317,375
	12,017	iShares MSCI Emerging Markets ETF		480,199
	12,124	SPDR S&P 500 ETF Trust (d)		4,994,967
				5,792,541
		TOTAL EXCHANGE-TRADED FUNDS (Cost $5,071,056)		8,181,506

Principal Amount ($)			Coupon Rate (%)		Maturity
		U.S. TREASURY BILLS — 47.7%
	679,000	United States Treasury Bill		2.0470		09/15/22	677,224
	11,540,000	United States Treasury Bill		2.5408		12/01/22	11,439,819
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,163,953)					12,117,043
Shares
		SHORT-TERM INVESTMENTS — 14.3%
		MONEY MARKET FUNDS - 14.3%
	3,632,867	Morgan Stanley Institutional Liquidity Fund, Institutional, 1.51% (Cost $3,632,867)(a)					3,632,867
		COLLATERAL FOR SECURITIES LOANED – 14.0%
	3,561,307	Mount Vernon Prime Portfolio, 2.30% (Cost $3,561,307)(a),(e)					3,561,307

Contracts(b)			Broker/ Counterparty	Expiration Date		Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS PURCHASED - 5.0%
		CALL OPTIONS PURCHASED - 5.0%
	25	S&P 500 Emini Future	GS	09/16/2022	$	4,175	$	5,218,750	$	117,500
	60	US 10YR Treasury Note Future	GS	08/26/2022		102		6,120,000		1,148,436
		TOTAL CALL OPTIONS PURCHASED (Cost - $1,100,625)								1,265,936

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

TOTAL INVESTMENTS – 113.2% (Cost $25,529,808)	$	28,758,659
LIABILITIES IN EXCESS OF OTHER ASSETS - (13.2)%		(3,356,822	)
NET ASSETS - 100.0%	$	25,401,837

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration		Notional Amount(c)		Value and Unrealized Appreciation
	9	CME E-mini Russell 2000 Index Futures	09/16/2022	$	848,385	$	37,946
	5	CME E-Mini Standard & Poor’s 500 Index Future	09/16/2022		1,033,375		79,527
	14	Eurex 10 Year Euro BUND Future	09/08/2022		2,254,301		131,048
	1	Euronext Amsterdam Index Future	08/19/2022		148,225		13,247
	18	Euronext CAC 40 Index Future	08/19/2022		1,185,444		76,818
	25	FTSE 100 Index Future	09/16/2022		2,246,033		57,331
	3	FTSE/MIB Index Future	09/16/2022		342,840		12,933
	1	MEFF Madrid IBEX 35 Index Future	08/19/2022		83,353		1,360
	6	Montreal Exchange S&P/TSX 60 Index Future	09/15/2022		1,112,361		45,548
	13	SFE 10 Year Australian Bond Future	09/15/2022		1,135,117		28,923
	1	TSE TOPIX (Tokyo Price Index) Future	09/08/2022		145,295		5,250
		TOTAL FUTURES CONTRACTS				$	489,931
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(c)		Value and Unrealized Appreciation (Depreciation)
	5	CBOT 10 Year US Treasury Note	09/21/2022	$	605,705	$	(6,530	)
	9	Eurex Swiss Market New Index Future	09/16/2022		1,055,348		(30,095	)
	2	HKG Hang Seng Index Future	08/30/2022		255,976		6,160
	11	Long Gilt Future	09/28/2022		1,583,083		(55,385	)
	7	Montreal Exchange 10 Year Canadian Bond Future	09/20/2022		713,109		(7,538	)
		TOTAL FUTURES CONTRACTS				$	(93,388	)

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
SPDR	- Standard & Poor’s Depositary Receipt
GS	Goldman Sachs
(a)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(b)	Each contract is equivalent to one futures contract.
(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $3,541,878 at July 31, 2022.
(e)	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 LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares						Fair Value
		COMMON STOCKS — 0.0%(a)
		TELECOMMUNICATIONS - 0.0%(a)
	10,000	NII Holdings, Inc. 144A(b),(c),(k)				$	5,700
		TOTAL COMMON STOCKS (Cost $57,730)					5,700
				Interest Rate (%)
		PREFERRED STOCKS — 2.2%
		REAL ESTATE INVESTMENT TRUSTS — 0.7%
	101,344	Inpoint Commercial Real Estate Income, Inc.		6.7500			1,756,788
		REAL ESTATE SERVICES — 0.9%
	2,000	UIRC-GSA International, LLC 144A(b),(c),(k)		6.0000			2,000,000
		SPECIALTY FINANCE — 0.6%
	73,699	TPG RE Finance Trust, Inc.		6.2500			1,392,911
		TOTAL PREFERRED STOCKS (Cost $6,376,075)					5,149,699
Principal Amount ($)			Spread	Coupon Rate (%)	Maturity
		CORPORATE BONDS — 42.1%
		ASSET MANAGEMENT — 2.9%
	1,255,000	Blackstone Secured Lending Fund		3.6250	01/15/26		1,187,141
	2,265,000	FS KKR Capital Corporation		1.6500	10/12/24		2,100,646
	1,040,000	Main Street Capital Corporation		4.5000	12/01/22		1,041,369
	2,780,000	PennantPark Investment Corporation		4.0000	11/01/26		2,469,882
							6,799,038
		AUTOMOTIVE — 1.6%
	1,885,000	Ford Motor Credit Company, LLC		3.3700	11/17/23		1,850,363
	2,065,000	Hyundai Capital America(c)		1.0000	09/17/24		1,928,619
							3,778,982
		BANKING — 5.9%
	3,545,000	HSBC Holdings plc(d)	SOFRRATE + 1.430%	2.7530	03/10/26		3,499,270
	2,450,000	HSBC Holdings plc		6.5000	09/15/37		2,725,882

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 42.1% (Continued)
		BANKING — 5.9% (Continued)
	2,005,000	JPMorgan Chase & Company(d)	US0003M + 0.550%	1.8400	02/01/27	$	1,853,775
	3,505,000	KeyCorp Capital II(e)		6.8750	03/17/29		3,835,183
	1,000,000	Wells Fargo & Company(f)	US0003M + 0.500%	3.0120	01/15/27		926,990
	795,000	Wells Fargo & Company		5.9500	12/01/86		844,924
							13,686,024
		CHEMICALS — 2.1%
	4,970,000	Celanese US Holdings, LLC		5.9000	07/05/24		5,010,485
		CONSUMER SERVICES — 1.9%
	2,300,000	Grand Canyon University		4.1250	10/01/24		2,202,940
	2,300,000	Grand Canyon University		5.1250	10/01/28		2,167,750
							4,370,690
		ELECTRIC UTILITIES — 4.1%
	3,310,000	American Electric Power Company, Inc.		2.0310	03/15/24		3,222,174
	2,785,000	Pacific Gas and Electric Company(e)		1.7000	11/15/23		2,693,181
	3,535,000	Vistra Operations Company, LLC(c)		4.8750	05/13/24		3,512,180
							9,427,535
		ENTERTAINMENT CONTENT — 1.5%
	3,545,000	Magallanes, Inc.(c),(d)	SOFRRATE + 1.780%	3.2540	03/15/24		3,533,077
		FOOD — 1.9%
	3,570,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA(c)		6.5000	12/01/52		3,611,822
	700,000	Kraft Heinz Foods Company		5.0000	06/04/42		682,378
							4,294,200
		INDUSTRIAL SUPPORT SERVICES — 0.8%
	2,100,000	Resideo Funding, Inc.(c)		4.0000	09/01/29		1,792,655
		INSTITUTIONAL FINANCIAL SERVICES — 3.2%
	2,880,000	Credit Suisse Group A.G.(c),(f)	USSW5 + 4.598%	7.5000	06/11/70		2,837,597
	2,250,000	Goldman Sachs Capital I(e)		6.3450	02/15/34		2,473,123
	2,050,000	Goldman Sachs Group, Inc. (The)(d)	SOFRRATE + 0.490%	2.0930	10/21/24		2,004,736
							7,315,456

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 42.1% (Continued)
		INSURANCE — 2.5%
	2,155,000	Mutual of Omaha Insurance Company(c),(e),(f)	US0003M + 2.640%	4.2970	07/15/54	$	2,083,958
	2,285,000	Ohio National Financial Services, Inc.(c)		5.5500	01/24/30		2,242,859
	1,000,000	Pacific Life Insurance Company(c)		9.2500	06/15/39		1,440,679
							5,767,496
		LEISURE FACILITIES & SERVICES — 0.8%
	2,050,000	Mohegan Gaming & Entertainment(c)		8.0000	02/01/26		1,829,799
		METALS & MINING — 0.5%
	1,110,000	Freeport-McMoRan, Inc.		4.1250	03/01/28		1,049,888
		OIL & GAS PRODUCERS — 6.3%
	1,845,000	Comstock Resources, Inc.(c),(e)		5.8750	01/15/30		1,734,374
	2,135,000	Earthstone Energy Holdings, LLC(c),(e)		8.0000	04/15/27		2,045,778
	2,525,000	Energean Israel Finance Ltd.		5.8750	03/30/31		2,155,088
	1,000,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(c)		6.0000	04/15/30		908,895
	2,485,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(c)		6.2500	04/15/32		2,239,197
	1,045,000	Northern Oil and Gas, Inc.(c)		8.1250	03/01/28		1,012,730
	845,000	Rockcliff Energy II, LLC(c)		5.5000	10/15/29		817,457
	2,230,000	Saudi Arabian Oil Company(c)		1.2500	11/24/23		2,162,877
	1,725,000	Tullow Oil plc(c)		10.2500	05/15/26		1,619,490
							14,695,886
		OIL & GAS SERVICES & EQUIPMENT — 1.1%
	2,615,709	Transocean Sentry Ltd.(c)		5.3750	05/15/23		2,498,800
		SPECIALTY FINANCE — 3.8%
	5,150,000	AerCap Ireland Capital DAC / AerCap Global		1.1500	10/29/23		4,947,009
	1,335,000	Finance of America Funding, LLC(c),(e)		7.8750	11/15/25		1,055,404
	3,300,000	PRA Group, Inc.(c),(e)		5.0000	10/01/29		2,846,729
							8,849,142
		TELECOMMUNICATIONS — 1.2%
	2,250,000	HC2 Holdings, Inc.(c)		8.5000	02/01/26		1,864,462

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 42.1% (Continued)
		TELECOMMUNICATIONS — 1.2% (Continued)
	930,000	Sprint Spectrum Company, LLC / Sprint Spectrum(c),(e)		5.1520	03/20/28	$	941,733
							2,806,195
		TOTAL CORPORATE BONDS (Cost $103,340,174)					97,505,348
		TERM LOANS — 1.6%
		FOOD — 0.8%
	1,975,000	Del Monte Foods, Inc.(d)	SOFRRATE + 4.250%	6.5200	02/15/29		1,905,875
		LEISURE FACILITIES & SERVICES — 0.8%
	1,949,550	Lucky Bucks, LLC(d)	US0001M + 5.500%	7.8623	07/20/27		1,739,973
		TOTAL TERM LOANS (Cost $3,868,059)					3,645,848
		U.S. GOVERNMENT & AGENCIES — 45.1%
		U.S. TREASURY BILLS — 45.1%
	27,495,000	United States Cash Management Bill(g)		—	09/20/22		27,414,329
	27,570,000	United States Cash Management Bill(g)		—	10/25/22		27,416,504
	27,445,000	United States Treasury Bill(g)		—	08/11/22		27,429,478
	3,465,000	United States Treasury Note		3.2500	06/30/27		3,552,031
	3,080,000	United States Treasury Note		2.3750	03/31/29		3,017,077
	5,610,000	United States Treasury Note		2.8750	05/15/32		5,722,200
	5,325,000	United States Treasury Note(e)		3.2500	05/15/42		5,379,914
	4,935,000	United States Treasury Note		2.2500	02/15/52		4,216,341
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $103,873,856)					104,147,874
Shares
		SHORT-TERM INVESTMENTS — 8.3%
		MONEY MARKET FUNDS – 8.3%
	19,311,981	First American Government Obligations Fund, Class X, 1.70% (Cost $19,311,981)(h)					19,311,981

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 3.4%
	7,857,627	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $7,857,627)(h),(j)	$	7,857,627
		TOTAL INVESTMENTS - 102.7% (Cost $244,685,502)	$	237,624,077
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%		(6,252,109	)
		NET ASSETS - 100.0%	$	231,371,968

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(i)		Value and Unrealized Depreciation
	70	CBOT 10 Year US Treasury Note	09/21/2022	$	8,479,870	$	(112,295	)
	46	CBOT 5 Year US Treasury Note	09/30/2022		5,231,442		(39,911	)
	31	CBOT US Long Bond Future	09/21/2022		4,464,000		(119,296	)
	71	CME Ultra Long Term US Treasury Bond Future	09/21/2022		11,240,223		(100,360	)
	98	Ultra 10-Year US Treasury Note Futures	09/21/2022		12,862,500		(240,816	)
		TOTAL FUTURES CONTRACTS				$	(612,678	)

CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency	Counterparty	Fixed Deal (Pay) Rate	Maturity Date	Notional Value			Fair Value(m)			Amortized Upfront Payments Paid			Unrealized Appreciation/(Depreciation)
To Buy Monthly - CDX.NA.HY SERIES 38	HSBC Securities	5.00%	6/20/2027	$	16,830,000		$	285,383		$	(649,415	)	$	467,399
To Buy Monthly - CDX.NA.IG SERIES 38	HSBC Securities	1.00%	6/20/2027		41,000,000			(207,192	)		(494,943	)		143,876
To Buy Monthly - DARDEN RESTAURANTS, INC.	Barclays	1.00%	6/20/2027		7,000,000			(54,592	)		(22,772	)		(31,820	)
To Buy Monthly - DR HORTON, INC.	US Bank	1.00%	6/20/2027		3,500,000			28,736			32,509			(3,773	)
To Buy Monthly - MARATHON PETROLEUM CORPORATION	Barclays	5.00%	12/20/2026		3,000,000			(494,387	)		(552,701	)		58,314
To Buy Monthly - NETFLIX, INC.(l)	HSBC Securities	5.00%	6/20/2027		(3,000,000	)		442,147			508,632			(66,485	)
To Buy Monthly - PARAMOUNT GLOBAL	Barclays	1.00%	6/20/2027		3,000,000			71,388			32,263			39,125
To Buy Monthly - VALERO ENERGY CORPORATION(l)	Barclays	1.00%	12/20/2026		(3,000,000	)		2,541			23,254			(20,713	)
To Buy Monthly - VERIZON COMMUNICATIONS, INC.(l)	Barclays	1.00%	6/20/2027		(7,000,000	)		(44,358	)		4,098			(48,456	)
At Maturity - KRAFT HEINZ FOOD	JP Morgan	1.00%	6/20/2023		2,000,000			(32,839	)		(31,954	)		(885	)
At Maturity - KRAFT HEINZ FOOD(l)	Goldman Sachs	1.00%	6/20/2023		(2,000,000	)		34,676			14,987			19,689
At Maturity - NEWELL BRANDS	JP Morgan	1.00%	6/20/2023		2,000,000			34,057			22,030			12,027
At Maturity - NEWELL BRANDS(l)	Goldman Sachs	1.00%	6/20/2023		(2,000,000	)		(32,614	)		(32,614	)		(3,280	)
TOTAL													$	565,018

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

TOTAL RETURN SWAPS
Description and Payment Frequency	Counterparty	Notional Value		Variable Rate	Maturity Date	Amortized Upfront Payments Paid		Unrealized Depreciation
Compounding – IBOXX INDEX	Barclays	$	14,000,000	SOFRRATE + 0.000%	9/20/2022	$	—	$	(120,166	)

LLC	- Limited Liability Company
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
SOFRRATE	- United States SOFR Secured Overnight Financing Rate
US0001M	- ICE LIBOR USD 1 Month
US0003M	- ICE LIBOR USD 3 Month
USSW5	- USD SWAP SEMI 30/360 5YR

(a)	Percentage rounds to less than 0.1%.
(b)	Non-income producing security.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2022 the total market value of 144A securities is 48,566,871 or 21.0% of net assets.
(d)	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.
(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,745,179 at July 31, 2022.
(f)	Variable rate security; the rate shown represents the rate on July 31, 2022.
(g)	Zero coupon bond.
(h)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(i)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
(j)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
(k)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.87% of net assets. The total value of These securities is $2,005,700.
(l)	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.
(m)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares			Fair Value
		CLOSED END FUNDS — 5.4%
		EQUITY - 5.4%
	2,468,782	Altaba, Inc.(h)	$	12,343,909
		TOTAL CLOSED END FUNDS (Cost $22,837,384)		12,343,909
		COMMON STOCKS — 79.2%
		AEROSPACE & DEFENSE - 2.6%
	618,603	Meggitt plc(a)		5,951,220
		ASSET MANAGEMENT - 0.0%(b)
	469,792	Pershing Square Tontine Holdings Ltd.(a)		—
		BANKING - 9.7%
	8	Citizens Financial Group, Inc.		304
	304,292	First Horizon Corporation		6,803,969
	171,276	Flagstar Bancorp, Inc.		7,056,571
	458,264	Umpqua Holdings Corporation		8,070,029
				21,930,873
		CABLE & SATELLITE - 3.8%
	3,858	Liberty Broadband Corporation - Series C(a)		420,252
	303,689	Shaw Communications, Inc., Class B		8,215,246
				8,635,498
		CHEMICALS - 2.5%
	20,990	Rogers Corporation(a)		5,651,558
		COMMERCIAL SUPPORT SERVICES - 4.7%
	239,028	Terminix Global Holdings, Inc.(a),(c)		10,684,552
		ELECTRIC UTILITIES - 1.5%
	71,843	PNM Resources, Inc.		3,467,862
		ENTERTAINMENT CONTENT - 4.6%
	127,211	Activision Blizzard, Inc.		10,170,519

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		GAS & WATER UTILITIES - 2.8%
	183,920	South Jersey Industries, Inc.(c)	$	6,304,777
		HEALTH CARE FACILITIES & SERVICES - 2.5%
	35,045	LHC Group, Inc.(a),(c)		5,714,438
		INDUSTRIAL REIT - 4.1%
	149,475	Duke Realty Corporation		9,351,156
		INSURANCE - 6.1%
	12,278	Alleghany Corporation(a)		10,282,579
	16,422	Willis Towers Watson plc		3,398,369
				13,680,948
		INTERNET MEDIA & SERVICES - 1.3%
	72,747	Twitter, Inc.(a),(c)		3,027,003
		METALS & MINING - 2.5%
	1,194,891	Yamana Gold, Inc.		5,711,578
		PUBLISHING & BROADCASTING - 4.0%
	428,687	TEGNA, Inc.(c)		8,976,706
		RETAIL - DISCRETIONARY - 0.5%
	124,253	Sportsman’s Warehouse Holdings, Inc.(a),(c)		1,225,135
		SEMICONDUCTORS - 5.9%
	99,806	Silicon Motion Technology Corporation - ADR		8,514,450
	6,836	Siltronic A.G.		552,326
	97,129	Tower Semiconductor Ltd.(a)		4,648,595
				13,715,371
		SOFTWARE - 12.5%
	1,498,039	Avast plc		8,482,874
	369,697	Change Healthcare, Inc.(a)		8,972,546
	40,826	VMware, Inc., Class A(c)		4,743,981

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares						Fair Value
		COMMON STOCKS — 79.2% (Continued)
		SOFTWARE - 12.5% (Continued)
	76,144	Zendesk, Inc.(a)				$	5,742,780
							27,942,181
		TECHNOLOGY SERVICES - 2.5%
	237,636	Nielsen Holdings plc					5,691,382
		TELECOMMUNICATIONS - 3.0%
	205,893	NII Holdings, Inc. 144A(a),(d),(h)					72,063
	199,740	Switch, Inc., Class A					6,753,209
							6,825,272
		TOBACCO & CANNABIS - 2.1%
	457,137	Swedish Match A.B.					4,778,915
		TRANSPORTATION & LOGISTICS - 0.0%(b)
	1,025	American Airlines Group, Inc.(a)					14,053
		TOTAL COMMON STOCKS (Cost $183,217,002)					179,450,997
			Expiration Date	Exercise Price
		RIGHT — 0.0%(b)
	51,066	Zogenix, Inc. CVR	12/31/2023	$	2		38,300
		TOTAL RIGHT (Cost $28,086)
		SHORT-TERM INVESTMENTS — 15.4%
		MONEY MARKET FUNDS – 15.4%
	35,015,917	Fidelity Government Portfolio, Institutional Class, 1.49% (Cost $35,015,917)(e)					35,015,917
		COLLATERAL FOR SECURITIES LOANED — 5.6%
	12,582,735	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $12,582,735)(e),(g)					12,582,735

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

									Fair Value
		TOTAL INVESTMENTS - 105.6% (Cost $253,681,124)							$	239,431,858
		CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $109,968)								(153,000	)
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.5)%								(12,725,824	)
		NET ASSETS - 100.0%							$	226,859,034
Contracts(f)
		WRITTEN EQUITY OPTIONS - (0.1)%	Counterparty	Expiration Date	Exercise Price		Notional Value
		CALL OPTIONS WRITTEN- (0.1)%
	204	VMware, Inc.	USB	10/21/2022	$	115	$	2,370,480		153,000
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $109,968)
		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $109,968)								153,000

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
LTD	- Limited Company
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)	All or a portion of these securities are on loan. Total loaned securities had a value of $12,212,403 at July 31, 2022.
(d)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2022 the total market value of 144A securities is 72,063 or 0.0% of net assets.
(e)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(f)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(g)	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%.
(h)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 5.5% of net assets. The total value of these securities is $12,415,972.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares				Fair Value
			COMMON STOCKS — (20.8)%
			BANKING - (6.9)%
	(273,036	)	Columbia Banking System, Inc.	$	(8,237,497	)
	(3	)	M&T Bank Corporation		(532	)
	(687,691	)	New York Community Bancorp, Inc.		(7,303,278	)
					(15,541,307	)
			CABLE & SATELLITE - (0.2)%
	(956	)	Charter Communications, Inc., Class A		(413,088	)
			COMMERCIAL SUPPORT SERVICES - (3.7)%
	(1,270,214	)	Rentokil Initial plc		(8,371,468	)
			INDUSTRIAL REIT - (4.1)%
	(71,002	)	Prologis, Inc.		(9,412,025	)
			INSTITUTIONAL FINANCIAL SERVICES - 0.0% (a)
	(1	)	Goldman Sachs Group, Inc. (The)		(333	)
			INSURANCE - (1.7)%
	(13,382	)	Aon plc, CLASS A		(3,894,697	)
			METALS & MINING - (2.9)%
	(716,935	)	Gold Fields Ltd. - ADR		(6,595,802	)
			SEMICONDUCTORS - (1.0)%
	(2,574	)	Broadcom, Inc.		(1,378,326	)
	(24,529	)	MaxLinear, Inc.		(991,217	)
					(2,369,543	)
			SOFTWARE - (0.3)%
	(23,199	)	NortonLifeLock, Inc.		(569,071	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $46,383,448)	$	(47,167,334	)

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Canadian Dollar	08/02/2022	US Bank		1,502,181	$	1,173,102	$	1,066
Swedish Krona	08/08/2022	US Bank		26,302,627		2,589,891		(10,922	)
Canadian Dollar	09/09/2022	US Bank		6,091,362		4,756,502		31,669
					$	8,519,495	$	21,813
To Sell:
Swedish Krona	08/08/2022	US Bank		74,759,149	$	7,361,166	$	225,247
British Pound	08/18/2022	US Bank		4,948,824		6,028,793		(190,354	)
Canadian Dollar	09/09/2022	US Bank		18,390,770		14,360,619		204,703
					$	27,750,578	$	239,596
Total							$	261,409

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3%
		DATA CENTER REIT - 3.9%
	4,981	Equinix, Inc.	$	3,505,329
		HEALTH CARE REIT - 0.9%
	28,146	Healthpeak Properties, Inc.(a)		777,674
		INDUSTRIAL REIT - 16.0%
	17,982	Innovative Industrial Properties, Inc.(a)		1,733,645
	40,485	Prologis, Inc.		5,366,692
	90,818	Rexford Industrial Realty, Inc.(a)		5,940,404
	20,415	Terreno Realty Corporation		1,279,000
				14,319,741
		INFRASTRUCTURE REIT - 11.5%
	15,334	American Tower Corporation		4,152,907
	24,589	Crown Castle International Corporation		4,442,249
	5,498	SBA Communications Corporation		1,846,173
				10,441,329
		INTERNET MEDIA & SERVICES - 4.0%
	32,450	Airbnb, Inc., Class A(a),(b)		3,601,301
		LEISURE FACILITIES & SERVICES - 10.4%
	79,495	Caesars Entertainment, Inc.(b)		3,632,127
	2,177,155	Drive Shack, Inc.(a),(b)		2,960,931
	86,437	MGM Resorts International		2,829,083
				9,422,141
		MULTI ASSET CLASS REIT - 4.7%
	777,019	DigitalBridge Group, Inc., Class A(b)		4,258,064
		OFFICE REIT - 5.8%
	31,677	Alexandria Real Estate Equities, Inc.		5,251,413
		REAL ESTATE OWNERS & DEVELOPERS - 3.1%
	589,394	WeWork, Inc.(a),(b)		2,811,409

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		RESIDENTIAL REIT - 18.7%
	64,804	American Homes 4 Rent, Class A(a)	$	2,454,776
	8,524	AvalonBay Communities, Inc.		1,823,625
	16,825	Camden Property Trust		2,374,008
	23,887	Equity LifeStyle Properties, Inc.		1,756,172
	87,984	Invitation Homes, Inc.(a)		3,434,016
	14,204	Mid-America Apartment Communities, Inc.		2,638,109
	15,288	Sun Communities, Inc.(a)		2,506,620
				16,987,326
		SELF-STORAGE REIT - 9.4%
	17,993	Extra Space Storage, Inc.		3,410,033
	19,344	Life Storage, Inc.(a)		2,435,216
	47,221	National Storage Affiliates Trust(a)		2,589,600
				8,434,849
		SPECIALTY FINANCE - 4.4%
	173,971	Fortress Transportation and Infrastructure Investors, LLC		3,999,593
		SPECIALTY REITS - 2.0%
	111,922	NewLake Capital Partners, Inc.		1,846,713
		TELECOMMUNICATIONS - 3.5%
	246,575	Chindata Group Holdings Ltd. - ADR(b)		1,760,546
	33,058	GDS Holdings Ltd. - ADR(a),(b)		915,045
	97,906	Vnet Group, Inc. - ADR(a),(b)		505,195
				3,180,786
		TOTAL COMMON STOCKS (Cost $85,877,538)		88,837,668

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.8%
		MONEY MARKET FUNDS – 1.8%
	1,621,924	Fidelity Government Portfolio, Class I, 1.49% (Cost $1,621,924)(c)	$	1,621,924
		COLLATERAL FOR SECURITIES LOANED – 23.7%
	21,379,901	Mount Vernon Liquid Assets Portfolio, LLC, 2.30% (Cost $21,379,901)(c),(d)		21,379,901
		TOTAL INVESTMENTS - 123.8% (Cost $108,879,363)	$	111,839,493
		LIABILITIES IN EXCESS OF OTHER ASSETS - (23.8)%		(21,469,791	)
		NET ASSETS - 100.0%	$	90,369,702

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
LTD	- Limited Company
REIT	- Real Estate Investment Trust
(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $20,864,221 at July 31, 2022.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2022.
(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%.