DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||||||||
FIXED INCOME - 0.2% | ||||||||||||||
3,817 | VanEck High Yield Muni ETF(g) (Cost $239,135) | $ | 230,890 | |||||||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | |||||||||||
ASSET BACKED SECURITIES — 30.0% | ||||||||||||||
AUTO LOAN — 6.0% | ||||||||||||||
23,384 | American Credit Acceptance Receivables Trust(a) | 3.1700 | 06/12/25 | 23,449 | ||||||||||
170,000 | American Credit Acceptance Receivables Trust(a) | 1.7700 | 12/14/26 | 169,785 | ||||||||||
280,000 | American Credit Acceptance Receivables Trust(a) | 0.9700 | 07/13/27 | 277,459 | ||||||||||
220,000 | American Credit Acceptance Receivables Trust(a) | 2.4600 | 03/13/28 | 219,963 | ||||||||||
230,000 | AmeriCredit Automobile Receivables Trust | 1.0600 | 08/18/26 | 228,281 | ||||||||||
135,000 | Americredit Automobile Receivables Trust 2018-1 Series 2018-1 D | 3.8200 | 03/18/24 | 137,600 | ||||||||||
150,000 | Avis Budget Rental Car Funding AESOP, LLC(a) | 3.0700 | 09/20/23 | 151,517 | ||||||||||
155,000 | Avis Budget Rental Car Funding AESOP, LLC(a) | 2.3600 | 03/20/26 | 157,187 | ||||||||||
140,000 | Carmax Auto Owner Trust 2019-1 | 3.7400 | 01/15/25 | 143,473 | ||||||||||
145,000 | Carvana Auto Receivables Trust 2019-1(a) | 3.8800 | 10/15/24 | 147,035 | ||||||||||
185,000 | Carvana Auto Receivables Trust 2019-3(a) | 2.7100 | 10/15/24 | 186,161 | ||||||||||
175,000 | Carvana Auto Receivables Trust 2019-3 Series 2019-3A Class D(a) | 3.0400 | 04/15/25 | 178,178 | ||||||||||
265,000 | Carvana Auto Receivables Trust 2021-N1 | 1.3000 | 01/10/28 | 263,698 | ||||||||||
280,000 | Carvana Auto Receivables Trust 2021-N2 | 1.0700 | 03/10/28 | 276,773 | ||||||||||
225,000 | Carvana Auto Receivables Trust 2021-P3 | 1.4200 | 08/10/27 | 220,507 | ||||||||||
225,000 | CPS Auto Receivables Trust 2019-D(a) | 3.8600 | 10/15/25 | 229,406 | ||||||||||
170,769 | Credito Real USA Auto Receivables Trust 2021-1 Series 2021-1 A(a) | 1.3500 | 02/16/27 | 170,169 | ||||||||||
92,122 | Drive Auto Receivables Trust 2019-4 | 2.5100 | 11/17/25 | 92,573 | ||||||||||
3,851 | DT Auto Owner Trust 2019-1(a) | 3.6100 | 11/15/24 | 3,855 | ||||||||||
150,000 | First Investors Auto Owner Trust 2019-1(a) | 3.2600 | 03/17/25 | 151,361 | ||||||||||
180,000 | Flagship Credit Auto Trust 2020-4(a) | 1.2800 | 02/16/27 | 179,044 | ||||||||||
180,000 | Foursight Capital Automobile Receivables Trust(a) | 2.1500 | 05/17/27 | 179,817 | ||||||||||
185,000 | GLS Auto Receivables Issuer Trust 2019-4 Series 2019-4A Class C(a) | 3.0600 | 08/15/25 | 187,451 | ||||||||||
190,000 | GLS Auto Receivables Issuer Trust 2020-1(a) | 2.4300 | 11/15/24 | 191,321 | ||||||||||
125,000 | OneMain Direct Auto Receivables Trust 2018-1(a) | 3.8500 | 10/14/25 | 125,145 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 30.0% (Continued) | ||||||||||||||
AUTO LOAN — 6.0% (Continued) | ||||||||||||||
205,000 | Prestige Auto Receivables Trust 2020-1(a) | 1.3100 | 11/16/26 | $ | 205,250 | |||||||||
275,000 | Santander Drive Auto Receivables Trust 2021-3 | 0.9500 | 09/15/27 | 271,740 | ||||||||||
275,000 | United Auto Credit Securitization Trust(a) | 0.8400 | 06/10/26 | 273,149 | ||||||||||
64,197 | United Auto Credit Securitization Trust 2020-1 Series 2020-1 C(a) | 2.1500 | 02/10/25 | 64,326 | ||||||||||
155,000 | Veros Automobile Receivables Trust 2020-1 Series B 2020-1(a) | 2.1900 | 06/16/25 | 155,580 | ||||||||||
170,000 | Westlake Automobile Receivables Trust 2020-3(a) | 1.2400 | 11/17/25 | 169,587 | ||||||||||
5,430,840 | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.8% | ||||||||||||||
169,406 | AJAX Mortgage Loan Trust(a),(d) | 1.0650 | 09/25/65 | 167,872 | ||||||||||
198,820 | Angel Oak Mortgage Trust 2020-R1(a),(d) | 1.2470 | 12/26/24 | 198,733 | ||||||||||
86,277 | Angel Oak Mortgage Trust 2021-8(a),(d) | 1.8200 | 11/25/66 | 85,361 | ||||||||||
158,240 | Arroyo Mortgage Trust 2019-1 Series 2019-1 Class A1(a),(d) | 3.8050 | 01/25/49 | 157,896 | ||||||||||
67,209 | Arroyo Mortgage Trust 2019-2 Series 2019-2 Class A1(a),(d) | 3.3470 | 04/25/49 | 67,302 | ||||||||||
19,467 | Banc of America Funding 2005-1 Trust | 5.5000 | 02/25/35 | 19,961 | ||||||||||
122,294 | Bunker Hill Loan Depositary Trust 2019-2(a),(c) | 2.8790 | 07/25/49 | 122,613 | ||||||||||
135,000 | CAFL 2021-RTL1 Issuer, LLC(a),(c) | 2.2390 | 03/26/29 | 131,881 | ||||||||||
46,758 | Chase Mortgage Finance Corporation(a),(d) | 3.7500 | 02/25/44 | 47,032 | ||||||||||
62,772 | Chase Mortgage Finance Corporation(a),(d) | 3.7500 | 04/25/45 | 62,970 | ||||||||||
24,725 | Citigroup Mortgage Loan Trust 2019-IMC1(a),(d) | 2.7200 | 07/25/49 | 24,751 | ||||||||||
155,771 | COLT 2020-RPL1 Trust(a),(d) | 1.3900 | 01/25/65 | 152,179 | ||||||||||
113,938 | COLT Funding, LLC(a),(d) | 1.0510 | 12/25/64 | 112,645 | ||||||||||
37,474 | CSMC 2020-NQM1 Trust(a),(c) | 1.2080 | 05/25/65 | 37,262 | ||||||||||
181,864 | CSMC 2020-RPL4 Trust(a),(d) | 2.0000 | 01/25/60 | 181,694 | ||||||||||
98,675 | CSMC 2021-NQM1(a),(d) | 0.8090 | 05/25/65 | 97,514 | ||||||||||
33,027 | Ellington Financial Mortgage Trust 2019-2(a),(d) | 3.0460 | 11/25/59 | 33,067 | ||||||||||
30,884 | Flagstar Mortgage Trust 2017-1(a),(d) | 3.5000 | 03/25/47 | 31,110 | ||||||||||
16,088 | Galton Funding Mortgage Trust 2017-1(a),(d) | 3.5000 | 11/25/57 | 16,136 | ||||||||||
15,761 | Galton Funding Mortgage Trust 2020-H1(a),(d) | 2.3100 | 01/25/60 | 15,851 | ||||||||||
108,981 | GS Mortgage-Backed Securities Trust 2020-NQM1(a),(d) | 2.3520 | 09/27/60 | 110,041 | ||||||||||
16,989 | JP Morgan Mortgage Trust 2005-A5(d) | 2.3990 | 08/25/35 | 17,612 | ||||||||||
71,209 | JP Morgan Mortgage Trust 2017-5(a),(d) | 3.0600 | 12/15/47 | 73,150 | ||||||||||
220,000 | LHOME Mortgage Trust 2021-RTL1(a),(d) | 2.0900 | 09/25/26 | 219,452 | ||||||||||
100,000 | METLIFE S.E.CURITIZATION TRUST(a),(d) | 3.4630 | 04/25/55 | 101,415 | ||||||||||
57,240 | METLIFE S.E.CURITIZATION TRUST 2019-1(a),(d) | 3.7500 | 04/25/58 | 58,426 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 30.0% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.8% (Continued) | ||||||||||||||
199,632 | Mill City Mortgage Loan Trust 2019-1(a),(d) | 3.5000 | 10/25/69 | $ | 207,048 | |||||||||
82,303 | New Residential Mortgage Loan Trust(a),(d) | 0.9410 | 09/25/58 | 81,646 | ||||||||||
202,882 | New Residential Mortgage Loan Trust 2014-3(a),(d) | 3.7500 | 11/25/54 | 210,071 | ||||||||||
180,095 | New Residential Mortgage Loan Trust 2016-3(a),(d) | 4.0000 | 09/25/56 | 187,976 | ||||||||||
52,058 | New Residential Mortgage Loan Trust 2016-4(a),(d) | 3.7500 | 11/25/56 | 54,455 | ||||||||||
413,276 | New Residential Mortgage Loan Trust 2017-2(a),(d) | 4.0000 | 03/25/57 | 430,319 | ||||||||||
109,373 | New Residential Mortgage Loan Trust 2018-1(a),(d) | 4.0000 | 12/25/57 | 114,316 | ||||||||||
520,973 | New Residential Mortgage Loan Trust 2020-1(a),(d) | 3.5000 | 10/25/59 | 535,867 | ||||||||||
24,268 | OBX 2019-INV1 Trust(a),(d) | 4.5000 | 11/25/48 | 24,644 | ||||||||||
109,618 | Onslow Bay Mortgage Loan Trust(a) | 1.9570 | 08/25/61 | 108,329 | ||||||||||
135,000 | Palisades Mortgage Loan Trust 2021-RTL1(a),(c) | 2.8570 | 06/25/26 | 135,680 | ||||||||||
221,676 | PRET 2021-RN3, LLC(a),(c) | 1.8430 | 09/25/51 | 217,688 | ||||||||||
37,358 | Provident Funding Mortgage Loan Trust 2019-1(a),(d) | 3.0000 | 12/25/49 | 37,133 | ||||||||||
180,000 | Provident Funding Mortgage Warehouse(a),(b) | US0001M + 1.150% | 1.2580 | 02/25/55 | 179,646 | |||||||||
230,360 | PRPM 2021-2, LLC(a),(d) | 2.1150 | 03/25/26 | 227,818 | ||||||||||
80,599 | RCKT Mortgage Trust 2020-1(a),(d) | 3.0000 | 02/25/50 | 80,426 | ||||||||||
135,000 | RCO VI Mortgage, LLC 2022-1(a),(c) | 2.9810 | 01/25/27 | 134,751 | ||||||||||
157,734 | RCO VII Mortgage, LLC 2021-2(a),(c) | 2.1160 | 09/25/26 | 155,802 | ||||||||||
31,176 | Residential Mortgage Loan Trust 2019-2(a),(d) | 2.9130 | 05/25/59 | 31,371 | ||||||||||
140,027 | Residential Mortgage Loan Trust 2020-1(a),(d) | 2.3760 | 02/25/24 | 139,940 | ||||||||||
225,000 | ROC Securities Trust Series 2013-1(a),(d) | 2.4870 | 08/25/26 | 225,468 | ||||||||||
105,160 | Starwood Mortgage Residential Trust 2020-1(a),(d) | 2.2750 | 02/25/50 | 105,236 | ||||||||||
25,368 | Starwood Mortgage Residential Trust 2020-2(a),(d) | 2.7180 | 04/25/60 | 25,519 | ||||||||||
42,721 | Starwood Mortgage Residential Trust 2020-3(a),(d) | 1.4860 | 04/25/65 | 42,633 | ||||||||||
365,000 | Towd Point Mortgage Trust 2021-1(a),(d) | 2.7500 | 11/25/61 | 369,404 | ||||||||||
235,421 | VCAT 2021-NPL4, LLC(a),(c) | 1.8680 | 08/25/51 | 231,128 | ||||||||||
100,000 | Verus Securitization Trust 2019-4(a),(d) | 3.2070 | 11/25/59 | 100,930 | ||||||||||
89,766 | Verus Securitization Trust 2019-INV2(a),(d) | 2.9130 | 07/25/59 | 90,224 | ||||||||||
40,653 | Verus Securitization Trust 2020-1(a),(c) | 2.4170 | 01/25/60 | 40,721 | ||||||||||
68,712 | Verus Securitization Trust 2021-2(a),(d) | 1.0310 | 02/25/66 | 67,836 | ||||||||||
34,282 | Wells Fargo Mortgage Backed Securities 2020-4(a),(d),(g) | 3.0000 | 07/25/50 | 34,494 | ||||||||||
6,972,445 | ||||||||||||||
CREDIT CARD — 0.9% | ||||||||||||||
305,000 | Fair Square Issuance Trust Series 2020-AA A(a) | 2.9000 | 09/20/24 | 305,217 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 30.0% (Continued) | ||||||||||||||
CREDIT CARD — 0.9% (Continued) | ||||||||||||||
53,032 | Genesis Private Label Amortizing Trust 2020-1(a) | 2.8300 | 07/20/30 | $ | 53,032 | |||||||||
410,000 | Genesis Sales Finance Master Trust(a) | 1.6500 | 09/22/25 | 410,283 | ||||||||||
768,532 | ||||||||||||||
MANUFACTURED HOUSING — 0.1% | ||||||||||||||
62,063 | Towd Point Mortgage Trust 2019-MH1(a),(d) | 3.0000 | 11/25/58 | 62,623 | ||||||||||
NON AGENCY CMBS — 2.1% | ||||||||||||||
182,203 | Angel Oak SB Commercial Mortgage Trust 2020-SBC1(a),(d) | 2.0680 | 05/25/50 | 180,515 | ||||||||||
90,000 | BPR Trust(a),(b) | US0001M + 1.250% | 1.3560 | 02/15/29 | 90,063 | |||||||||
130,000 | BX Trust 2019-OC11 Series 2019-OC11 D(a),(d) | 4.0750 | 12/09/41 | 130,277 | ||||||||||
233,297 | CHC Commercial Mortgage Trust 2019 - CHC(a),(b) | US0001M + 1.120% | 1.2260 | 06/15/34 | 232,898 | |||||||||
119,479 | Citigroup Commercial Mortgage Trust 2015-GC27 | 2.8780 | 02/10/48 | 121,397 | ||||||||||
205,000 | CSMC 2019-ICE4(a),(b) | US0001M + 0.980% | 1.0860 | 05/15/36 | 205,257 | |||||||||
305,000 | GCT Commercial Mortgage Trust 2021-GCT(a),(b) | US0001M + 0.800% | 0.9060 | 02/15/23 | 304,752 | |||||||||
135,000 | GS Mortgage Securities Trust 2020-GC45(d) | 3.1730 | 02/13/53 | 140,211 | ||||||||||
185,000 | Hilton USA Trust 2016-SFP(a) | 3.3230 | 11/05/35 | 185,152 | ||||||||||
197,310 | Onslow Bay Mortgage Loan Trust(a),(d) | 1.1010 | 05/25/61 | 193,507 | ||||||||||
62,000 | WFRBS Commercial Mortgage Trust 2014-C24 | 3.9310 | 11/15/47 | 63,944 | ||||||||||
1,847,973 | ||||||||||||||
OTHER ABS — 7.2% | ||||||||||||||
230,000 | American Homes 4 Rent 2014-SFR2 Trust(a) | 4.7050 | 10/17/36 | 238,798 | ||||||||||
275,712 | American Homes 4 Rent 2015-SFR1 Series 2015-SFR1 A(a) | 3.4670 | 04/17/52 | 284,837 | ||||||||||
220,000 | American Homes 4 Rent 2015-SFR2 Trust(a) | 4.6910 | 10/17/45 | 233,820 | ||||||||||
314,698 | AMSR 2020-SFR1 Trust(a) | 1.8190 | 04/17/25 | 311,425 | ||||||||||
175,000 | AMSR 2020-SFR1 Trust(a) | 2.1200 | 04/17/37 | 172,191 | ||||||||||
250,000 | AMSR 2020-SFR2 Trust(a) | 2.5330 | 07/17/37 | 247,906 | ||||||||||
100,000 | AMSR 2020-SFR2 Trust(a) | 3.2820 | 07/17/37 | 100,668 | ||||||||||
9,457 | Amur Equipment Finance Receivables VI, LLC(a) | 3.8900 | 07/20/22 | 9,494 | ||||||||||
168,415 | Aqua Finance Trust 2019-A(a) | 3.1400 | 07/16/40 | 170,569 | ||||||||||
275,000 | Aqua Finance Trust 2019-A(a) | 4.0100 | 07/16/40 | 279,413 | ||||||||||
270,000 | Aqua Finance Trust 2020-A(a) | 2.7900 | 07/17/46 | 271,537 | ||||||||||
100,000 | CCG Receivables Trust 2019-2(a) | 2.5500 | 03/15/27 | 101,108 | ||||||||||
220,000 | CCG Receivables Trust 2021-1(a) | 0.8400 | 06/14/27 | 214,309 | ||||||||||
105,858 | CF Hippolyta, LLC(a) | 1.6900 | 07/15/60 | 103,560 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 30.0% (Continued) | ||||||||||||||
OTHER ABS — 7.2% (Continued) | ||||||||||||||
105,839 | Consumer Loan Underlying Bond CLUB Credit Trust(a) | 2.9200 | 03/15/28 | $ | 106,154 | |||||||||
144,833 | CoreVest American Finance 2018-2 Trust(a) | 4.0260 | 11/15/52 | 149,028 | ||||||||||
100,000 | Corevest American Finance 2019-3 Trust(a) | 3.2650 | 10/15/52 | 99,409 | ||||||||||
123,509 | Corevest American Finance 2020-1 Trust Series 2020-1 A1(a) | 1.8320 | 03/15/50 | 122,638 | ||||||||||
208,879 | Corevest American Finance 2020-4 Trust(a) | 1.1740 | 12/15/52 | 201,914 | ||||||||||
240,000 | Dext A.B.S 2020-1, LLC(a) | 1.9200 | 11/15/27 | 237,865 | ||||||||||
27,556 | Diamond Resorts Owner Trust(a),(b) | US0001M + 3.000% | 3.2700 | 10/22/29 | 27,581 | |||||||||
285,000 | FirstKey Homes 2020-SFR1 Trust(a) | 2.1890 | 08/17/28 | 275,766 | ||||||||||
375,000 | FirstKey Homes 2020-SFR2 Trust(a) | 1.5670 | 10/19/37 | 363,441 | ||||||||||
44,475 | Foundation Finance Trust 2019-1(a) | 3.8600 | 11/15/34 | 45,431 | ||||||||||
131,440 | HIN Timeshare Trust 2020-A Series C 20-A(a) | 3.4200 | 10/09/39 | 133,874 | ||||||||||
130,000 | Jersey Mike’s Funding(a) | 4.4330 | 02/15/50 | 135,539 | ||||||||||
24,458 | LL A.B.S Trust 2020-1 Series 2020-1A A(a) | 2.3300 | 07/15/22 | 24,518 | ||||||||||
95,573 | MVW 2020-1, LLC(a) | 1.7400 | 10/20/37 | 94,855 | ||||||||||
20,331 | MVW Owner Trust 2016-1(a) | 2.2500 | 12/20/33 | 20,420 | ||||||||||
9,218 | Octane Receivables Trust 2019-1 Series 2019-1A A(a) | 3.1600 | 09/20/23 | 9,253 | ||||||||||
75,764 | Octane Receivables Trust 2020-1 Series 2020-1A A(a) | 1.7100 | 02/20/25 | 75,908 | ||||||||||
63,149 | Orange Lake Timeshare Trust 2019-A(a) | 3.3600 | 04/09/38 | 63,713 | ||||||||||
550,000 | Progress Residential 2020-SFR2 Trust(a) | 5.1150 | 06/17/37 | 566,905 | ||||||||||
201,000 | Progress Residential 2021-SFR1(a) | 1.5550 | 04/17/38 | 190,853 | ||||||||||
87,032 | Sierra Timeshare 2020-2 Receivables Funding, LLC(a) | 2.3200 | 07/20/37 | 87,066 | ||||||||||
165,000 | Tricon American Homes 2019-SFR1 Trust(a) | 3.1490 | 03/17/38 | 166,162 | ||||||||||
200,000 | Tricon American Homes 2020-SFR2 Trust(a) | 2.2810 | 11/17/27 | 188,886 | ||||||||||
160,000 | Tricon Residential 2021-SFR1 Trust(a) | 2.2440 | 07/17/38 | 156,517 | ||||||||||
143,164 | VSE 2016-A VOI Mortgage, LLC(a) | 2.5400 | 07/20/33 | 143,034 | ||||||||||
6,426,365 | ||||||||||||||
RESIDENTIAL MORTGAGE — 5.8% | ||||||||||||||
107,213 | Ajax Mortgage Loan Trust 2019-D(a),(c) | 2.9560 | 09/25/65 | 107,621 | ||||||||||
100,000 | Bayview Opportunity Master Fund IVa Trust(a),(d) | 4.0000 | 06/28/57 | 100,655 | ||||||||||
26,442 | Bayview Opportunity Master Fund IVa Trust 2017-RT1(a),(d) | 3.0000 | 03/28/57 | 26,471 | ||||||||||
157,650 | CIM Trust(a),(c) | 2.8160 | 10/25/61 | 156,015 | ||||||||||
131,715 | MFA 2021-NQM1 Trust(a),(d) | 1.1530 | 04/25/65 | 131,403 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 30.0% (Continued) | ||||||||||||||
RESIDENTIAL MORTGAGE — 5.8% (Continued) | ||||||||||||||
100,000 | Mill City Mortgage Loan Trust 2017-1 Series 2017-1 M2(a),(d) | 3.2500 | 11/25/58 | $ | 102,234 | |||||||||
80,000 | NewRez Warehouse Securitization Trust 2021-1(a),(b) | US0001M + 1.050% | 1.1580 | 05/25/55 | 79,823 | |||||||||
194,420 | Pretium Mortgage Credit Partners, LLC(a),(c) | 2.2390 | 09/27/60 | 192,316 | ||||||||||
265,000 | Progress Residential 2021-SFR3(a) | 2.2880 | 05/17/26 | 256,223 | ||||||||||
220,000 | Progress Residential Trust(a) | 2.1970 | 04/19/38 | 212,435 | ||||||||||
275,000 | Purchasing Power Funding 2021-A, LLC Series 2021-A A(a) | 1.5700 | 10/15/25 | 272,591 | ||||||||||
265,000 | Regional Management Issuance Trust 2021-1(a) | 1.6800 | 03/17/31 | 260,549 | ||||||||||
206,294 | SG Residential Mortgage Trust 2021-1(a),(d) | 1.5600 | 07/25/61 | 202,227 | ||||||||||
345,000 | Towd Point Mortgage Trust 2016-3(a),(d) | 3.5000 | 04/25/56 | 352,463 | ||||||||||
135,000 | Towd Point Mortgage Trust 2016-4(a),(d) | 3.8270 | 07/25/56 | 140,815 | ||||||||||
115,000 | Towd Point Mortgage Trust 2017-1(a),(d) | 3.7500 | 10/25/56 | 118,674 | ||||||||||
200,000 | Towd Point Mortgage Trust 2017-4(a),(d) | 3.0000 | 06/25/57 | 202,871 | ||||||||||
121,619 | Towd Point Mortgage Trust 2018-4 Series 2018-4 Class A1(a),(d) | 3.0000 | 06/25/58 | 123,843 | ||||||||||
223,404 | Towd Point Mortgage Trust 2018-6(a),(d) | 3.7500 | 03/25/58 | 226,917 | ||||||||||
140,000 | Towd Point Mortgage Trust 2018-6(a),(d) | 3.7500 | 03/25/58 | 144,485 | ||||||||||
300,000 | Towd Point Mortgage Trust 2018-6(a),(d) | 3.7500 | 03/25/58 | 310,946 | ||||||||||
255,000 | Towd Point Mortgage Trust 2019-2(a),(d) | 3.7500 | 12/25/58 | 266,096 | ||||||||||
235,000 | Towd Point Mortgage Trust 2019-4(a),(d) | 3.2500 | 10/25/59 | 242,065 | ||||||||||
100,000 | Towd Point Mortgage Trust 2020-1(a),(d) | 3.5000 | 01/25/60 | 101,022 | ||||||||||
218,265 | VCAT 2021-NPL1, LLC(a),(c) | 2.2890 | 12/26/50 | 217,339 | ||||||||||
130,000 | VCAT 2021-NPL1, LLC(a),(c) | 4.8260 | 12/26/50 | 128,380 | ||||||||||
75,093 | VCAT 2021-NPL2, LLC(a),(c) | 2.1150 | 03/27/51 | 74,701 | ||||||||||
121,884 | VCAT Asset Securitization, LLC(a),(c) | 1.7430 | 05/25/51 | 120,263 | ||||||||||
90,926 | VOLT C, LLC(a),(c) | 1.9920 | 05/25/51 | 90,115 | ||||||||||
96,373 | VOLT CVI, LLC(a),(c) | 2.7340 | 12/26/51 | 95,647 | ||||||||||
182,415 | VOLT XCII, LLC(a),(c) | 1.8920 | 02/27/51 | 180,596 | ||||||||||
5,237,801 | ||||||||||||||
STUDENT LOANS — 0.1% | ||||||||||||||
93,968 | Commonbond Student Loan Trust 2020-1(a) | 1.6900 | 10/25/51 | 90,700 | ||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $27,142,979) | 26,837,279 | |||||||||||||
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% | ||||||||||||||
AEROSPACE & DEFENSE — 0.7% | ||||||||||||||
108,000 | Boeing Company (The) | 5.9300 | 05/01/60 | $ | 137,555 | |||||||||
236,000 | Huntington Ingalls Industries, Inc.(a) | 2.0430 | 08/16/28 | 224,794 | ||||||||||
135,000 | Spirit AeroSystems, Inc.(a) | 5.5000 | 01/15/25 | 138,542 | ||||||||||
90,000 | TransDigm, Inc. | 5.5000 | 11/15/27 | 90,596 | ||||||||||
591,487 | ||||||||||||||
ASSET MANAGEMENT — 1.6% | ||||||||||||||
190,000 | Ares Finance Co LLC(a) | 4.0000 | 10/08/24 | 197,526 | ||||||||||
230,000 | Blue Owl Finance, LLC(a) | 3.1250 | 06/10/31 | 215,535 | ||||||||||
245,000 | Charles Schwab Corporation (The)(b) | H15T10Y + 3.079% | 4.0000 | 03/01/69 | 240,350 | |||||||||
155,000 | Citadel, L.P.(a),(g) | 4.8750 | 01/15/27 | 161,819 | ||||||||||
250,000 | Drawbridge Special Opportunities Fund, L.P.(a) | 3.8750 | 02/15/26 | 251,083 | ||||||||||
170,000 | Icahn Enterprises, L.P. / Icahn Enterprises | 6.2500 | 05/15/26 | 174,930 | ||||||||||
225,000 | Sovereign Wealth Fund Samruk-Kazyna JSC(a) | 2.0000 | 10/28/26 | 216,686 | ||||||||||
1,457,929 | ||||||||||||||
AUTOMOTIVE — 0.4% | ||||||||||||||
111,000 | Ford Motor Company B(g) | 3.2500 | 02/12/32 | 106,265 | ||||||||||
80,000 | Ford Motor Company | 4.7500 | 01/15/43 | 81,982 | ||||||||||
160,000 | Tenneco, Inc.(a) | 5.1250 | 04/15/29 | 148,408 | ||||||||||
336,655 | ||||||||||||||
BANKING — 4.9% | ||||||||||||||
200,000 | Banco Mercantil del Norte S.A.(a),(b) | H15T10Y + 5.034% | 6.6250 | 01/24/70 | 193,560 | |||||||||
250,000 | Bank of America Corporation(b) | US0003M + 0.770% | 0.9100 | 02/05/26 | 252,993 | |||||||||
95,000 | Bank of America Corporation(b),(g) | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 92,186 | |||||||||
715,000 | Bank of America Corporation(b) | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 700,493 | |||||||||
230,000 | Bank of America Corporation(b) | H15T5Y + 1.200% | 2.4820 | 09/21/36 | 213,748 | |||||||||
200,000 | BBVA Bancomer S.A.(a),(b) | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 201,371 | |||||||||
325,000 | Citigroup, Inc.(b) | US0003M + 1.250% | 1.4640 | 07/01/26 | 332,447 | |||||||||
360,000 | Discover Bank(b) | USSW5 + 1.730% | 4.6820 | 08/09/28 | 372,714 | |||||||||
95,000 | JPMorgan Chase & Company(b) | SOFRRATE + 0.885% | 1.5780 | 04/22/27 | 91,941 | |||||||||
425,000 | JPMorgan Chase & Company(b),(g) | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 394,156 | |||||||||
47,000 | JPMorgan Chase & Company Series HH(b) | SOFRRATE + 3.125% | 4.6000 | 08/01/68 | 47,006 | |||||||||
205,000 | Santander Holdings USA, Inc. | 4.4000 | 07/13/27 | 218,706 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
BANKING — 4.9% (Continued) | ||||||||||||||
70,000 | Synovus Financial Corporation(b) | USSW5 + 3.379% | 5.9000 | 02/07/29 | $ | 74,316 | ||||||||
275,000 | Texas Capital Bancshares, Inc.(b) | H15T5Y + 3.150% | 4.0000 | 05/06/31 | 283,747 | |||||||||
185,000 | Truist Financial Corporation(b).(g) | H15T10Y + 4.349% | 5.1000 | 03/01/69 | 201,650 | |||||||||
435,000 | Wells Fargo & Company(b) | SOFRRATE + 2.100% | 2.3930 | 06/02/28 | 431,606 | |||||||||
330,000 | Wells Fargo & Company(b) | H15T5Y + 3.453% | 3.9000 | 03/15/69 | 327,055 | |||||||||
4,429,695 | ||||||||||||||
BEVERAGES — 0.4% | ||||||||||||||
40,000 | Anheuser-Busch InBev Worldwide, Inc. | 4.7500 | 01/23/29 | 45,352 | ||||||||||
200,000 | Bacardi Ltd.(a) | 4.7000 | 05/15/28 | 221,893 | ||||||||||
75,000 | Central American Bottling Corp / CBC Bottling(a) | 5.2500 | 04/27/29 | 76,219 | ||||||||||
343,464 | ||||||||||||||
BIOTECH & PHARMA — 0.6% | ||||||||||||||
50,000 | Bausch Health Companies, Inc.(a) | 5.7500 | 08/15/27 | 50,161 | ||||||||||
160,000 | Mylan N.V. | 3.9500 | 06/15/26 | 168,844 | ||||||||||
50,000 | Par Pharmaceutical, Inc.(a) | 7.5000 | 04/01/27 | 50,445 | ||||||||||
125,000 | Teva Pharmaceutical Finance Netherlands III BV(g) | 3.1500 | 10/01/26 | 115,000 | ||||||||||
681 | Viatris, Inc.(a) | 2.3000 | 06/22/27 | 673 | ||||||||||
150,000 | Viatris, Inc. | 2.3000 | 06/22/27 | 148,151 | ||||||||||
533,274 | ||||||||||||||
CABLE & SATELLITE — 0.1% | ||||||||||||||
40,000 | CCO Holdings, LLC / CCO Holdings Capital(a),(g) | 4.7500 | 03/01/30 | 39,655 | ||||||||||
45,000 | CCO Holdings, LLC / CCO Holdings Capital(a) | 4.5000 | 08/15/30 | 44,016 | ||||||||||
55,000 | DIRECTV Holdings, LLC / DIRECTV Financing Company(a) | 5.8750 | 08/15/27 | 55,335 | ||||||||||
139,006 | ||||||||||||||
CHEMICALS — 0.4% | ||||||||||||||
125,000 | Chemours Co/The(a),(g) | 5.7500 | 11/15/28 | 127,169 | ||||||||||
50,000 | Nufarm Australia Ltd. / Nufarm Americas, Inc.(a) | 5.0000 | 01/27/30 | 49,807 | ||||||||||
215,000 | Nutrition & Biosciences, Inc.(a) | 2.3000 | 11/01/30 | 203,018 | ||||||||||
379,994 | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.3% | ||||||||||||||
50,000 | Aramark Services, Inc.(a) | 6.3750 | 05/01/25 | 51,750 | ||||||||||
135,000 | GFL Environmental Inc(a) | 4.0000 | 08/01/28 | 125,982 | ||||||||||
135,000 | GFL Environmental, Inc.(a) | 3.7500 | 08/01/25 | 135,202 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.3% (Continued) | ||||||||||||||
$ | 312,934 | |||||||||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||||||||
45,000 | Standard Industries, Inc.(a) | 4.3750 | 07/15/30 | 43,161 | ||||||||||
CONSUMER SERVICES — 0.1% | ||||||||||||||
65,000 | Carriage Services, Inc.(a) | 4.2500 | 05/15/29 | 63,467 | ||||||||||
CONTAINERS & PACKAGING — 0.2% | ||||||||||||||
200,000 | Ardagh Packaging Finance plc / Ardagh Holdings(a) | 4.1250 | 08/15/26 | 198,869 | ||||||||||
DIVERSIFIED INDUSTRIALS — 0.2% | ||||||||||||||
181,000 | General Electric Company Series D(b) | US0003M + 3.330% | 3.5330 | 06/15/69 | 176,249 | |||||||||
ELECTRIC UTILITIES — 0.7% | ||||||||||||||
238,000 | Puget Energy, Inc. | 2.3790 | 06/15/28 | 229,957 | ||||||||||
244,000 | Southern Company (The)(b) | H15T5Y + 2.915% | 3.7500 | 09/15/51 | 238,723 | |||||||||
170,000 | Vistra Corporation(a),(b) | H15T5Y + 6.930% | 8.0000 | 04/15/70 | 176,645 | |||||||||
645,325 | ||||||||||||||
ELECTRICAL EQUIPMENT — 0.2% | ||||||||||||||
175,000 | Vertiv Group Corporation(a) | 4.1250 | 11/15/28 | 170,845 | ||||||||||
ENGINEERING & CONSTRUCTION — 0.3% | ||||||||||||||
238,000 | Sempra Infrastructure Partners, L.P.(a) | 3.2500 | 01/15/32 | 233,307 | ||||||||||
ENTERTAINMENT CONTENT — 0.0%(e) | ||||||||||||||
30,000 | ROBLOX Corporation(a) | 3.8750 | 05/01/30 | 29,079 | ||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.2% | ||||||||||||||
85,000 | Glatfelter Corporation(a) | 4.7500 | 11/15/29 | 85,967 | ||||||||||
90,000 | Suzano Austria GmbH | 2.5000 | 09/15/28 | 85,343 | ||||||||||
171,310 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.8% | ||||||||||||||
175,000 | DaVita, Inc.(a),(g) | 4.6250 | 06/01/30 | 170,524 | ||||||||||
125,000 | HCA, Inc.(g) | 5.2500 | 06/15/49 | 147,887 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.8% (Continued) | ||||||||||||||
45,000 | Legacy LifePoint Health, LLC(a) | 6.7500 | 04/15/25 | $ | 46,622 | |||||||||
170,000 | Molina Healthcare, Inc.(a) | 3.8750 | 05/15/32 | 164,292 | ||||||||||
10,000 | Prime Healthcare Services, Inc.(a) | 7.2500 | 11/01/25 | 10,464 | ||||||||||
150,000 | Universal Health Services, Inc.(a) | 2.6500 | 01/15/32 | 141,843 | ||||||||||
681,632 | ||||||||||||||
HOME CONSTRUCTION — 0.4% | ||||||||||||||
105,000 | M/I Homes, Inc. | 4.9500 | 02/01/28 | 106,205 | ||||||||||
235,000 | PulteGroup, Inc. | 6.3750 | 05/15/33 | 293,593 | ||||||||||
399,798 | ||||||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.2% | ||||||||||||||
200,000 | Ashtead Capital, Inc.(a) | 4.3750 | 08/15/27 | 205,418 | ||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 2.0% | ||||||||||||||
160,000 | Bank of New York Mellon Corporation (The)(b) | H15T5Y + 4.358% | 4.7000 | 09/20/68 | 169,000 | |||||||||
370,000 | Brookfield Finance, Inc. | 2.7240 | 04/15/31 | 362,516 | ||||||||||
185,000 | Coinbase Global, Inc.(a) | 3.6250 | 10/01/31 | 161,071 | ||||||||||
295,000 | Goldman Sachs Group, Inc. (The) | 4.2500 | 10/21/25 | 315,345 | ||||||||||
290,000 | Jefferies Group, LLC / Jefferies Group Capital | 2.6250 | 10/15/31 | 276,887 | ||||||||||
285,000 | Morgan Stanley(g) | 3.1250 | 07/27/26 | 295,039 | ||||||||||
175,000 | Morgan Stanley | 6.3750 | 07/24/42 | 250,906 | ||||||||||
1,830,764 | ||||||||||||||
INSURANCE — 2.3% | ||||||||||||||
150,000 | Allstate Corporation (The)(b) | US0003M + 2.938% | 5.7500 | 08/15/53 | 154,913 | |||||||||
185,000 | Ascot Group Ltd.(a) | 4.2500 | 12/15/30 | 186,357 | ||||||||||
220,000 | Athene Global Funding(a),(g) | 2.4500 | 08/20/27 | 219,128 | ||||||||||
170,000 | Brighthouse Financial, Inc.(g) | 5.6250 | 05/15/30 | 197,303 | ||||||||||
240,000 | Liberty Mutual Group, Inc.(a) | 4.5690 | 02/01/29 | 270,677 | ||||||||||
185,000 | Liberty Mutual Group, Inc.(a),(b) | H15T5Y + 3.315% | 4.1250 | 12/15/51 | 182,510 | |||||||||
275,000 | Lincoln National Corporation(b) | US0003M + 2.040% | 2.2940 | 04/20/67 | 231,688 | |||||||||
160,000 | MetLife, Inc.(b) | H15T5Y + 3.576% | 3.8500 | 03/15/69 | 161,600 | |||||||||
76,000 | MetLife, Inc.(b) | US0003M + 2.959% | 5.8750 | 09/15/66 | 83,933 | |||||||||
70,000 | Prudential Financial, Inc.(b) | US0003M + 4.175% | 5.8750 | 09/15/42 | 70,963 | |||||||||
230,000 | Prudential Financial, Inc.(b) | US0003M + 3.920% | 5.6250 | 06/15/43 | 238,234 | |||||||||
60,000 | Trinity Acquisition plc | 4.4000 | 03/15/26 | 64,691 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
INSURANCE — 2.3% (Continued) | ||||||||||||||
$ | 2,061,997 | |||||||||||||
INTERNET MEDIA & SERVICES — 0.2% | ||||||||||||||
100,000 | TripAdvisor, Inc.(a) | 7.0000 | 07/15/25 | 104,873 | ||||||||||
70,000 | Twitter, Inc.(a) | 3.8750 | 12/15/27 | 69,956 | ||||||||||
174,829 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.7% | �� | |||||||||||||
85,000 | Hilton Grand Vacations Borrower Escrow, LLC(a) | 5.0000 | 06/01/29 | 84,723 | ||||||||||
200,000 | International Game Technology plc(a),(g) | 4.1250 | 04/15/26 | 200,803 | ||||||||||
24,000 | Marriott International, Inc. | 2.8500 | 04/15/31 | 23,151 | ||||||||||
95,000 | Marriott Ownership Resorts, Inc. | 4.7500 | 01/15/28 | 94,439 | ||||||||||
135,000 | Scientific Games International, Inc.(a) | 5.0000 | 10/15/25 | 137,954 | ||||||||||
50,000 | Scientific Games International, Inc.(a) | 8.2500 | 03/15/26 | 52,254 | ||||||||||
20,000 | Scientific Games International, Inc.(a) | 7.0000 | 05/15/28 | 21,035 | ||||||||||
614,359 | ||||||||||||||
LEISURE PRODUCTS — 0.2% | ||||||||||||||
166,000 | Brunswick Corporation | 2.4000 | 08/18/31 | 154,541 | ||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.6% | ||||||||||||||
35,000 | Avantor Funding, Inc.(a) | 3.8750 | 11/01/29 | 33,662 | ||||||||||
265,000 | Baxter International, Inc.(a) | 2.5390 | 02/01/32 | 257,037 | ||||||||||
203,000 | Illumina, Inc. | 2.5500 | 03/23/31 | 197,036 | ||||||||||
50,000 | Mozart Debt Merger Sub, Inc.(a),(g) | 3.8750 | 04/01/29 | 48,177 | ||||||||||
535,912 | ||||||||||||||
METALS & MINING — 1.2% | ||||||||||||||
145,000 | Alliance Resource Operating Partners, L.P.(a) | 7.5000 | 05/01/25 | 147,037 | ||||||||||
160,000 | Cleveland-Cliffs, Inc.(a) | 6.7500 | 03/15/26 | 167,923 | ||||||||||
205,000 | Freeport-McMoRan, Inc.(g) | 5.4500 | 03/15/43 | 241,410 | ||||||||||
185,000 | Glencore Funding, LLC(a) | 2.8500 | 04/27/31 | 177,025 | ||||||||||
205,000 | Teck Resources Ltd. | 6.1250 | 10/01/35 | 255,176 | ||||||||||
988,571 | ||||||||||||||
OIL & GAS PRODUCERS — 3.8% | ||||||||||||||
155,000 | Boardwalk Pipelines, L.P. B | 4.9500 | 12/15/24 | 165,350 | ||||||||||
45,000 | Cheniere Energy, Inc. | 4.6250 | 10/15/28 | 45,750 | ||||||||||
135,000 | Chesapeake Escrow Issuer, LLC B(a) | 5.5000 | 02/01/26 | 139,342 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 3.8% (Continued) | ||||||||||||||
75,000 | CrownRock, L.P. / CrownRock Finance, Inc.(a) | 5.6250 | 10/15/25 | $ | 75,666 | |||||||||
100,000 | CrownRock, L.P. / CrownRock Finance, Inc.(a) | 5.0000 | 05/01/29 | 101,096 | ||||||||||
80,000 | DCP Midstream Operating, L.P.(g) | 3.2500 | 02/15/32 | 75,726 | ||||||||||
130,000 | DT Midstream, Inc.(a),(g) | 4.1250 | 06/15/29 | 128,603 | ||||||||||
185,000 | Energy Transfer, L.P.(b),(g) | H15T5Y + 5.694% | 6.5000 | 11/15/69 | 189,682 | |||||||||
245,000 | Flex Intermediate Holdco, LLC(a) | 3.3630 | 06/30/31 | 238,380 | ||||||||||
165,000 | HollyFrontier Corporation(g) | 5.8750 | 04/01/26 | 181,291 | ||||||||||
160,000 | Kinder Morgan, Inc. | 4.3000 | 06/01/25 | 170,643 | ||||||||||
45,000 | Kinder Morgan, Inc. | 7.7500 | 01/15/32 | 60,996 | ||||||||||
200,000 | Lundin Energy Finance BV(a) | 2.0000 | 07/15/26 | 196,046 | ||||||||||
5,000 | Occidental Petroleum Corporation | 5.5000 | 12/01/25 | 5,313 | ||||||||||
110,000 | Occidental Petroleum Corporation(g) | 6.1250 | 01/01/31 | 127,146 | ||||||||||
70,000 | Parsley Energy, LLC / Parsley Finance Corporation(a) | 4.1250 | 02/15/28 | 71,628 | ||||||||||
200,000 | Pertamina Persero PT(a) | 6.4500 | 05/30/44 | 243,350 | ||||||||||
85,000 | Petroleos Mexicanos | 6.5000 | 03/13/27 | 89,023 | ||||||||||
185,000 | Petroleos Mexicanos | 7.6900 | 01/23/50 | 171,588 | ||||||||||
200,000 | Petronas Capital Ltd.(a) | 3.5000 | 04/21/30 | 211,337 | ||||||||||
250,000 | Reliance Industries Ltd.(a) | 2.8750 | 01/12/32 | 242,744 | ||||||||||
65,000 | Sabine Pass Liquefaction, LLC | 4.2000 | 03/15/28 | 69,776 | ||||||||||
70,000 | Southwestern Energy Company(g) | 5.3750 | 02/01/29 | 71,296 | ||||||||||
140,000 | Targa Resources Partners, L.P. / Targa Resources | 5.8750 | 04/15/26 | 144,442 | ||||||||||
100,000 | Venture Global Calcasieu Pass, LLC(a),(g) | 3.8750 | 08/15/29 | 99,926 | ||||||||||
90,000 | Venture Global Calcasieu Pass, LLC(a),(g) | 3.8750 | 11/01/33 | 89,261 | ||||||||||
3,405,401 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.1% | ||||||||||||||
80,000 | Patterson-UTI Energy, Inc.(g) | 5.1500 | 11/15/29 | 81,133 | ||||||||||
24,256 | Transocean Guardian Ltd.(a) | 5.8750 | 01/15/24 | 23,199 | ||||||||||
104,332 | ||||||||||||||
PRIVATE INVESTMENT FUNDS — 0.2% | ||||||||||||||
92,000 | Blackstone Private Credit Fund(a) | 2.6250 | 12/15/26 | 87,345 | ||||||||||
45,000 | Blackstone Private Credit Fund(a) | 4.0000 | 01/15/29 | 44,494 | ||||||||||
131,839 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.9% | ||||||||||||||
220,000 | EPR Properties | 4.7500 | 12/15/26 | 230,652 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.9% (Continued) | ||||||||||||||
155,000 | GLP Capital, L.P. / GLP Financing II, Inc. | 5.7500 | 06/01/28 | $ | 174,226 | |||||||||
23,000 | GLP Capital, L.P. / GLP Financing II, Inc. | 3.2500 | 01/15/32 | 22,255 | ||||||||||
85,000 | MPT Operating Partnership, L.P. / MPT Finance | 5.0000 | 10/15/27 | 87,442 | ||||||||||
25,000 | MPT Operating Partnership, L.P. / MPT Finance(g) | 4.6250 | 08/01/29 | 25,740 | ||||||||||
130,000 | MPT Operating Partnership, L.P. / MPT Finance | 3.5000 | 03/15/31 | 125,182 | ||||||||||
170,000 | Office Properties Income Trust | 4.5000 | 02/01/25 | 177,430 | ||||||||||
240,000 | Phillips Edison Grocery Center Operating | 2.6250 | 11/15/31 | 229,992 | ||||||||||
95,000 | Retail Opportunity Investments Partnership, L.P. | 5.0000 | 12/15/23 | 99,414 | ||||||||||
105,000 | Retail Opportunity Investments Partnership, L.P. | 4.0000 | 12/15/24 | 108,866 | ||||||||||
225,000 | Retail Properties of America, Inc. | 4.7500 | 09/15/30 | 244,791 | ||||||||||
165,000 | Service Properties Trust | 4.9500 | 02/15/27 | 153,818 | ||||||||||
1,679,808 | ||||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.3% | ||||||||||||||
275,000 | Ontario Teachers’ Cadillac Fairview Properties(a) | 2.5000 | 10/15/31 | 267,597 | ||||||||||
RETAIL - CONSUMER STAPLES — 0.0%(e) | ||||||||||||||
15,000 | Albertsons Companies Inc / Safeway Inc / New(a) | 3.5000 | 03/15/29 | 14,187 | ||||||||||
RETAIL - DISCRETIONARY — 0.6% | ||||||||||||||
185,000 | American Builders & Contractors Supply Company(a),(g) | 4.0000 | 01/15/28 | 181,430 | ||||||||||
185,000 | BlueLinx Holdings, Inc.(a) | 6.0000 | 11/15/29 | 182,918 | ||||||||||
159,000 | Dick’s Sporting Goods, Inc. | 3.1500 | 01/15/32 | 155,943 | ||||||||||
520,291 | ||||||||||||||
SEMICONDUCTORS — 0.5% | ||||||||||||||
171,000 | Broadcom, Inc. | 4.1500 | 11/15/30 | 182,157 | ||||||||||
9,000 | Broadcom, Inc.(a),(g) | 3.1870 | 11/15/36 | 8,565 | ||||||||||
270,000 | SK Hynix, Inc.(a) | 1.5000 | 01/19/26 | 260,400 | ||||||||||
451,122 | ||||||||||||||
SOFTWARE — 0.5% | ||||||||||||||
265,000 | Citrix Systems, Inc.(g) | 3.3000 | 03/01/30 | 265,830 | ||||||||||
20,000 | Consensus Cloud Solutions, Inc.(a) | 6.0000 | 10/15/26 | 20,630 | ||||||||||
25,000 | Consensus Cloud Solutions, Inc.(a) | 6.5000 | 10/15/28 | 25,680 | ||||||||||
90,000 | Oracle Corporation | 2.8750 | 03/25/31 | 86,961 | ||||||||||
45,000 | Oracle Corporation | 3.8500 | 04/01/60 | 40,133 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
SOFTWARE — 0.5% (Continued) | ||||||||||||||
$ | 439,234 | |||||||||||||
SPECIALTY FINANCE — 1.0% | ||||||||||||||
224,000 | Ally Financial, Inc.(g) | 4.7000 | 08/15/69 | 222,158 | ||||||||||
145,000 | Aviation Capital Group, LLC(a) | 3.5000 | 11/01/27 | 145,147 | ||||||||||
125,000 | Avolon Holdings Funding Ltd.(a) | 4.3750 | 05/01/26 | 130,192 | ||||||||||
182,000 | Capital One Financial Corporation(b),(g) | SOFRRATE + 1.337% | 2.3590 | 07/29/32 | 167,082 | |||||||||
125,000 | Ladder Capital Finance Holdings LLLP / Ladder(a) | 4.2500 | 02/01/27 | 121,044 | ||||||||||
15,000 | Navient Corporation | 5.5000 | 03/15/29 | 14,683 | ||||||||||
70,000 | OneMain Finance Corporation(g) | 6.8750 | 03/15/25 | 76,179 | ||||||||||
25,000 | OneMain Finance Corporation(g) | 7.1250 | 03/15/26 | 27,525 | ||||||||||
904,010 | ||||||||||||||
TECHNOLOGY HARDWARE — 1.4% | ||||||||||||||
194,000 | CDW, LLC / CDW Finance Corporation(g) | 3.5690 | 12/01/31 | 193,815 | ||||||||||
45,000 | CommScope, Inc.(a) | 7.1250 | 07/01/28 | 42,409 | ||||||||||
110,000 | CommScope, Inc.(a),(g) | 4.7500 | 09/01/29 | 105,535 | ||||||||||
84,000 | Dell International, LLC / EMC Corporation | 8.1000 | 07/15/36 | 121,024 | ||||||||||
94,000 | Flex Ltd.(g) | 3.7500 | 02/01/26 | 98,672 | ||||||||||
255,000 | HP, Inc. | 3.4000 | 06/17/30 | 261,251 | ||||||||||
94,000 | Motorola Solutions, Inc. | 4.6000 | 02/23/28 | 103,762 | ||||||||||
50,000 | Motorola Solutions, Inc. | 4.6000 | 05/23/29 | 55,616 | ||||||||||
280,000 | TD SYNNEX Corporation(a) | 2.3750 | 08/09/28 | 264,063 | ||||||||||
1,246,147 | ||||||||||||||
TECHNOLOGY SERVICES — 0.6% | ||||||||||||||
137,000 | Kyndryl Holdings, Inc.(a) | 2.7000 | 10/15/28 | 128,832 | ||||||||||
245,000 | Leidos, Inc. | 2.3000 | 02/15/31 | 225,818 | ||||||||||
160,000 | Science Applications International Corporation(a) | 4.8750 | 04/01/28 | 161,018 | ||||||||||
515,668 | ||||||||||||||
TELECOMMUNICATIONS — 0.9% | ||||||||||||||
170,000 | Level 3 Financing, Inc.(a) | 4.2500 | 07/01/28 | 162,484 | ||||||||||
162,500 | Sprint Spectrum Company, LLC / Sprint Spectrum(a) | 4.7380 | 03/20/25 | 169,797 | ||||||||||
265,000 | T-Mobile USA, Inc. | 3.8750 | 04/15/30 | 278,750 | ||||||||||
85,000 | Verizon Communications, Inc.(b) | US0003M + 1.100% | 1.2560 | 05/15/25 | 86,818 | |||||||||
123,000 | Verizon Communications, Inc. | 2.5500 | 03/21/31 | 119,999 | ||||||||||
817,848 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 32.2% (Continued) | ||||||||||||||
TOBACCO & CANNABIS — 0.4% | ||||||||||||||
195,000 | BAT Capital Corporation | 4.9060 | 04/02/30 | $ | 212,934 | |||||||||
190,000 | Vector Group Ltd.(a) | 5.7500 | 02/01/29 | 175,862 | ||||||||||
388,796 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 0.1% | ||||||||||||||
60,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | 5.7500 | 04/20/29 | 61,528 | ||||||||||
TOTAL CORPORATE BONDS (Cost $29,021,830) | 28,851,679 | |||||||||||||
MUNICIPAL BONDS — 2.2% | ||||||||||||||
CITY — 0.6% | ||||||||||||||
340,000 | City of Bristol VA | 4.2100 | 01/01/42 | 359,330 | ||||||||||
145,000 | City of San Antonio TX | 1.9630 | 02/01/33 | 139,882 | ||||||||||
499,212 | ||||||||||||||
GOVERNMENT LEASE — 0.1% | ||||||||||||||
145,000 | Texas Public Finance Authority | 2.1400 | 02/01/35 | 136,322 | ||||||||||
HOSPITALS — 0.2% | ||||||||||||||
135,000 | Idaho Health Facilities Authority | 5.0200 | 03/01/48 | 169,376 | ||||||||||
LOCAL AUTHORITY — 1.1% | ||||||||||||||
325,000 | San Diego County Regional Airport Authority | 5.5940 | 07/01/43 | 354,660 | ||||||||||
600,000 | State of Texas | 3.2110 | 04/01/44 | 618,895 | ||||||||||
35,000 | Texas Transportation Commission State Highway Fund | 4.0000 | 10/01/33 | 40,840 | ||||||||||
1,014,395 | ||||||||||||||
SALES TAX — 0.0%(e) | ||||||||||||||
20,000 | Sales Tax Securitization Corporation | 3.4110 | 01/01/43 | 19,832 | ||||||||||
WATER AND SEWER — 0.2% | ||||||||||||||
160,000 | Santa Clara Valley Water District | 2.9670 | 06/01/50 | 156,139 | ||||||||||
TOTAL MUNICIPAL BONDS (Cost $1,912,498) | 1,995,276 | |||||||||||||
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
NON U.S. GOVERNMENT & AGENCIES — 1.4% | ||||||||||||||
SOVEREIGN — 1.4% | ||||||||||||||
200,000 | Emirate of Dubai Government International Bonds | 5.2500 | 01/30/43 | $ | 223,153 | |||||||||
200,000 | Mexico Government International Bond | 2.6590 | 05/24/31 | 188,682 | ||||||||||
200,000 | Oman Government International Bond(a) | 7.3750 | 10/28/32 | 227,627 | ||||||||||
200,000 | Panama Government International Bond | 3.2980 | 01/19/33 | 199,875 | ||||||||||
200,000 | Qatar Government International Bond(a) | 4.4000 | 04/16/50 | 237,825 | ||||||||||
200,000 | Saudi Government International Bond(a) | 3.2500 | 10/22/30 | 209,007 | ||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,331,542) | 1,286,169 | |||||||||||||
TERM LOANS — 10.4% | ||||||||||||||
ADVERTISING & MARKETING — 0.1% | ||||||||||||||
130,000 | Dotdash Meredith, Inc.(b) | SOFRRATE + 4.000% | 4.5000 | 11/23/28 | 130,163 | |||||||||
AEROSPACE & DEFENSE — 0.2% | ||||||||||||||
206,768 | TransDigm, Inc.(b) | US0001M + 2.250% | 2.3370 | 05/30/25 | 205,009 | |||||||||
AUTOMOTIVE — 0.1% | ||||||||||||||
142,481 | Cooper-Standard Automotive, Inc.(b) | US0001M + 2.000% | 2.7500 | 11/02/23 | 133,408 | |||||||||
BIOTECH & PHARMA — 0.0%(e) | ||||||||||||||
19,842 | Bausch Health Americas, Inc.(b) | US0003M + 2.750% | 2.8710 | 06/01/25 | 19,828 | |||||||||
6,181 | Bausch Health Americas, Inc.(b) | US0003M + 3.000% | 3.1210 | 06/01/25 | 6,140 | |||||||||
25,968 | ||||||||||||||
CABLE & SATELLITE — 0.2% | ||||||||||||||
64,018 | Charter Communications Operating, LLC(b) | US0001M + 1.750% | 1.8400 | 02/01/27 | 63,457 | |||||||||
98,477 | CSC Holdings, LLC(b) | US0001M + 2.250% | 2.3770 | 01/11/26 | 97,164 | |||||||||
20,000 | Virgin Media Bristol, LLC(b) | US0001M + 3.250% | 3.3530 | 01/10/29 | 19,997 | |||||||||
180,618 | ||||||||||||||
CHEMICALS — 0.7% | ||||||||||||||
175,000 | Diamond BC BV(b) | US0001M – 3.000% | 3.5000 | 09/15/28 | 174,806 | |||||||||
232,302 | INEOS US Finance, LLC(b) | US0001M + 2.000% | 2.1040 | 03/31/24 | 231,286 | |||||||||
134,325 | INEOS US Petrochem, LLC(b) | US0001M + 2.750% | 3.2500 | 01/21/26 | 134,220 | |||||||||
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 10.4% (Continued) | ||||||||||||||
CHEMICALS — 0.7% (Continued) | ||||||||||||||
149,250 | Trinseo Materials Operating SCA(b) | US0001M + 2.500% | 2.5870 | 03/18/28 | $ | 148,597 | ||||||||
688,909 | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.2% | ||||||||||||||
203,463 | AlixPartners LLP(b) | US0001M + 2.750% | 3.2500 | 01/28/28 | 202,968 | |||||||||
23,313 | Aramark Services, Inc.(b) | US0001M + 1.750% | 1.8710 | 12/10/26 | 23,065 | |||||||||
226,033 | ||||||||||||||
CONSTRUCTION MATERIALS — 0.4% | ||||||||||||||
180,087 | CPG International, LLC(b) | US0003M + 2.500% | 3.2500 | 05/05/24 | 180,350 | |||||||||
140,000 | Quikrete Holdings, Inc.(b) | US0001M + 3.000% | 3.0893 | 06/11/28 | 139,841 | |||||||||
320,191 | ||||||||||||||
CONTAINERS & PACKAGING — 0.2% | ||||||||||||||
150,837 | Berry Global, Inc.(b) | US0001M + 1.750% | 1.8610 | 07/01/26 | 149,248 | |||||||||
ELECTRIC UTILITIES — 0.1% | ||||||||||||||
122,903 | Astoria Energy, LLC(b) | US0003M + 3.500% | 4.5000 | 12/10/27 | 122,784 | |||||||||
ELECTRICAL EQUIPMENT — 0.2% | ||||||||||||||
186,069 | Brookfield WEC Holdings, Inc.(b) | US0001M + 2.750% | 3.2500 | 08/01/25 | 185,430 | |||||||||
FOOD — 0.5% | ||||||||||||||
50,000 | CHG PPC Parent, LLC(b) | US0001M + 3.000% | 3.5000 | 11/17/28 | 49,979 | |||||||||
178,177 | Hostess Brands, LLC(b) | US0003M + 2.250% | 3.0000 | 08/03/25 | 177,889 | |||||||||
178,168 | JBS USA LUX S.A.(b) | US0001M + 2.000% | 2.1080 | 05/01/26 | 177,955 | |||||||||
405,823 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.4% | ||||||||||||||
54,859 | Agiliti Health, Inc.(b) | US0001M + 2.750% | 5.0620 | 10/18/25 | 54,722 | |||||||||
99,636 | IQVIA, Inc.(b) | US0003M + 1.750% | 1.9520 | 06/08/25 | 99,387 | |||||||||
131,596 | Legacy LifePoint Health, LLC(b) | US0001M + 3.750% | 3.8420 | 11/16/25 | 131,448 | |||||||||
30,000 | Phoenix Newco, Inc.(b) | US0001M + 3.500% | 4.0000 | 08/11/28 | 30,040 | |||||||||
315,597 | ||||||||||||||
HOME CONSTRUCTION — 0.1% | ||||||||||||||
55,000 | Chariot Buyer, LLC(b) | US0001M + 3.500% | 4.0000 | 10/22/28 | 54,966 | |||||||||
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 10.4% (Continued) | ||||||||||||||
INDUSTRIAL INTERMEDIATE PROD — 0.2% | ||||||||||||||
178,200 | Gates Global, LLC(b) | US0001M + 2.750% | 3.5000 | 03/31/27 | $ | 177,934 | ||||||||
INDUSTRIAL SUPPORT SERVICES — 0.1% | ||||||||||||||
20,000 | APi Group DE, Inc.(b) | US0001M + 2.750% | 2.8550 | 10/07/28 | 20,005 | |||||||||
89,325 | Resideo Funding, Inc.(b) | US0003M + 2.250% | 2.7500 | 02/09/28 | 89,139 | |||||||||
109,144 | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.2% | ||||||||||||||
193,538 | Citadel Securities, L.P.(b) | US0001M + 2.500% | 2.6040 | 02/27/28 | 192,000 | |||||||||
INSURANCE — 0.3% | ||||||||||||||
34,825 | Asurion, LLC(b) | US0001M + 3.250% | 3.3590 | 07/28/27 | 34,637 | |||||||||
201,073 | Sedgwick Claims Management Services, Inc.(b) | US0001M + 3.250% | 3.3420 | 11/05/25 | 200,012 | |||||||||
234,649 | ||||||||||||||
INTERNET MEDIA & SERVICES — 0.2% | ||||||||||||||
27,075 | Pug, LLC(b) | US0001M + 4.250% | 4.7500 | 02/13/27 | 27,160 | |||||||||
133,700 | Pug, LLC(b) | US0001M + 3.500% | 3.6210 | 12/31/49 | 133,087 | |||||||||
160,247 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.8% | ||||||||||||||
14,775 | Aristocrat International Pty Ltd.(b) | US0003M + 3.750% | 4.7500 | 10/19/24 | 14,852 | |||||||||
178,707 | Caesars Resort Collection, LLC(b) | US0001M + 2.750% | 2.8370 | 10/02/24 | 177,962 | |||||||||
180,000 | Hilton Worldwide Finance, LLC(b) | US0001M + 1.750% | 1.8420 | 06/21/26 | 178,687 | |||||||||
89,535 | Scientific Games International, Inc.(b) | US0001M + 2.750% | 2.8710 | 08/14/24 | 89,373 | |||||||||
139,296 | Station Casinos, LLC(b) | US0001M + 2.250% | 2.5000 | 01/31/27 | 138,354 | |||||||||
119,674 | UFC Holdings, LLC(b) | US0003M + 2.750% | 3.5000 | 04/29/26 | 118,884 | |||||||||
718,112 | ||||||||||||||
MACHINERY — 0.5% | ||||||||||||||
152,022 | Alliance Laundry Systems, LLC(b) | US0003M + 3.500% | 4.2500 | 09/30/27 | 152,354 | |||||||||
137,654 | Standard Industries, Inc.(b),(g) | US0003M + 2.500% | 3.0000 | 08/06/28 | 137,921 | |||||||||
133,272 | Star US Bidco, LLC(b) | US0001M + 4.250% | 5.2500 | 03/03/27 | 133,523 | |||||||||
423,798 | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.1% | ||||||||||||||
25,000 | ICU Medical, Inc.(b) | SOFRRATE + 2.500% | 3.0000 | 12/15/28 | 25,094 | |||||||||
55,000 | Mozart Borrower, L.P.(b) | US0001M + 3.250% | 3.7500 | 09/30/28 | 54,832 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 10.4% (Continued) | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.1% (Continued) | ||||||||||||||
$ | 79,926 | |||||||||||||
OIL & GAS PRODUCERS — 0.5% | ||||||||||||||
24,564 | Buckeye Partners, L.P.(b) | US0001M + 2.250% | 2.3690 | 11/01/26 | 24,490 | |||||||||
57,626 | CITGO Petroleum Corporation(b) | US0001M + 6.250% | 7.2500 | 03/27/24 | 57,754 | |||||||||
49,750 | DT Midstream, Inc.(b) | US0003M + 2.000% | 2.5000 | 05/25/28 | 50,030 | |||||||||
145,000 | Freeport LNG Investments LLLP(b) | US0003M + 3.500% | 4.0000 | 11/17/28 | 144,586 | |||||||||
180,000 | Oryx Midstream Services Permian Basin, LLC(b) | US0003M + 3.250% | 3.7500 | 09/30/28 | 179,800 | |||||||||
456,660 | ||||||||||||||
PUBLISHING & BROADCASTING — 0.1% | ||||||||||||||
118,333 | Nexstar Broadcasting, Inc.(b) | US0001M + 2.500% | 2.6150 | 06/20/26 | 118,112 | |||||||||
RETAIL - DISCRETIONARY — 0.4% | ||||||||||||||
183,349 | Harbor Freight Tools USA, Inc.(b) | US0001M + 2.750% | 3.2500 | 10/19/27 | 182,918 | |||||||||
89,775 | PetSmart, Inc.(b) | US0003M + 3.750% | 4.5000 | 01/29/28 | 89,761 | |||||||||
89,775 | RH(b) | US0003M + 2.500% | 3.0000 | 10/15/28 | 89,599 | |||||||||
362,278 | ||||||||||||||
SOFTWARE — 0.8% | ||||||||||||||
113,368 | Applied Systems, Inc.(b) | US0003M + 3.200% | 3.7500 | 09/19/24 | 113,336 | |||||||||
142,176 | Boxer Parent Company, Inc.(b) | US0001M + 3.750% | 3.8590 | 10/02/25 | 141,869 | |||||||||
135,000 | CCC Intelligent Solutions, Inc.(b) | US0001M + 2.500% | 3.0000 | 09/17/28 | 134,642 | |||||||||
124,063 | Sophia, L.P.(b) | US0003M + 3.500% | 4.5000 | 10/07/27 | 124,159 | |||||||||
172,677 | UKG, Inc.(b) | US0003M + 3.250% | 3.7500 | 05/03/26 | 172,480 | |||||||||
686,486 | ||||||||||||||
SPECIALTY FINANCE — 0.2% | ||||||||||||||
74,250 | Avolon TLB Borrower 1 US, LLC(b) | US0001M + 2.250% | 3.2500 | 12/01/27 | 74,173 | |||||||||
110,000 | Trans Union, LLC(b) | US0001M + 2.250% | 2.7500 | 11/18/28 | 109,706 | |||||||||
183,879 | ||||||||||||||
TECHNOLOGY HARDWARE — 0.1% | ||||||||||||||
90,000 | NCR Corporation(b) | US0003M + 2.500% | 2.7200 | 08/08/26 | 89,244 | |||||||||
TECHNOLOGY SERVICES — 1.1% | ||||||||||||||
179,535 | Blackhawk Network Holdings, Inc.(b) | US0001M + 3.000% | 3.1210 | 05/22/25 | 178,845 | |||||||||
167,931 | Dun & Bradstreet Corporation (The)(b) | US0001M + 3.250% | 3.3520 | 02/08/26 | 167,481 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 10.4% (Continued) | ||||||||||||||
TECHNOLOGY SERVICES — 1.1% (Continued) | ||||||||||||||
20,000 | Dun & Bradstreet Corporation (The)(b) | SOFRRATE + 3.250% | 3.3000 | 01/07/29 | $ | 19,988 | ||||||||
170,000 | NAB Holdings, LLC(b) | SOFRRATE + 3.000% | 3.5000 | 11/18/28 | 169,165 | |||||||||
89,325 | Peraton Corporation(b) | US0001M + 3.750% | 4.5000 | 02/24/28 | 89,430 | |||||||||
195,000 | Tenable, Inc.(b) | US0002M + 2.750% | 3.2500 | 06/17/28 | 194,270 | |||||||||
193,538 | WEX, Inc.(b) | US0001M + 2.250% | 2.3540 | 03/19/28 | 192,615 | |||||||||
1,011,794 | ||||||||||||||
TELECOMMUNICATIONS — 0.3% | ||||||||||||||
39,188 | CenturyLink, Inc.(b) | US0001M + 2.250% | 2.3370 | 03/15/27 | 38,607 | |||||||||
32,130 | Consolidated Communications, Inc.(b) | US0001M + 3.500% | 4.2500 | 10/02/27 | 32,075 | |||||||||
177,957 | SBA Senior Finance II, LLC (b) | US0001M + 1.750% | 1.8580 | 04/11/25 | 176,723 | |||||||||
247,405 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 1.0% | ||||||||||||||
135,000 | AAdvantage Loyalty IP Ltd.(b)(g) | US0003M + 4.750% | 5.5000 | 03/10/28 | 140,325 | |||||||||
24,706 | Air Canada (b) | US0003M + 3.500% | 4.2500 | 07/27/28 | 24,824 | |||||||||
172,398 | Brown Group Holding, LLC (b) | US0003M + 2.500% | 3.2500 | 04/22/28 | 171,734 | |||||||||
185,000 | KKR Apple Bidco, LLC (b) | US0001M + 3.000% | 3.5000 | 07/13/28 | 184,846 | |||||||||
120,000 | Mileage Plus Holdings, LLC (b) | US0003M + 5.250% | 6.2500 | 06/25/27 | 126,870 | |||||||||
119,176 | PODS, LLC (b) | US0001M + 3.000% | 3.7500 | 03/19/28 | 119,027 | |||||||||
175,000 | SkyMiles IP Ltd.(b) | US0003M + 3.750% | 4.7500 | 09/16/27 | 185,073 | |||||||||
952,699 | ||||||||||||||
TOTAL TERM LOANS (Cost $9,338,644) | 9,348,514 | |||||||||||||
U.S. GOVERNMENT & AGENCIES — 21.5% | ||||||||||||||
AGENCY FIXED RATE — 0.8% | ||||||||||||||
9,984 | Fannie Mae Pool 735061 | 6.0000 | 11/01/34 | 11,246 | ||||||||||
11,698 | Fannie Mae Pool 866009 | 6.0000 | 03/01/36 | 13,456 | ||||||||||
88,334 | Fannie Mae Pool 938574 | 5.5000 | 09/01/36 | 99,484 | ||||||||||
31,824 | Fannie Mae Pool 310041 | 6.5000 | 05/01/37 | 37,413 | ||||||||||
14,668 | Fannie Mae Pool 962752 | 5.0000 | 04/01/38 | 16,634 | ||||||||||
15,655 | Fannie Mae Pool 909175 | 5.5000 | 04/01/38 | 17,806 | ||||||||||
58,723 | Fannie Mae Pool 909220 | 6.0000 | 08/01/38 | 67,122 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
U.S. GOVERNMENT & AGENCIES — 21.5% (Continued) | ||||||||||||
AGENCY FIXED RATE — 0.8% (Continued) | ||||||||||||
85,442 | Fannie Mae Pool AA7001 | 5.0000 | 06/01/39 | $ | 96,014 | |||||||
65,805 | Fannie Mae Pool AS7026 | 4.0000 | 04/01/46 | 70,613 | ||||||||
104,102 | Fannie Mae Pool BJ9260 | 4.0000 | 04/01/48 | 110,486 | ||||||||
102,259 | Freddie Mac Gold Pool G01980 | 5.0000 | 12/01/35 | 115,720 | ||||||||
14,587 | Freddie Mac Gold Pool G05888 | 5.5000 | 10/01/39 | 16,720 | ||||||||
672,714 | ||||||||||||
U.S. TREASURY BILLS — 10.3% | ||||||||||||
1,360,000 | United States Treasury Note | 0.1250 | 08/31/23 | 1,340,716 | ||||||||
535,000 | United States Treasury Note | 0.3750 | 09/30/27 | 497,592 | ||||||||
730,000 | United States Treasury Note | 0.8750 | 11/15/30 | 677,731 | ||||||||
1,415,000 | United States Treasury Note(g) | 1.1250 | 02/15/31 | 1,340,049 | ||||||||
1,525,000 | United States Treasury Note | 1.6250 | 05/15/31 | 1,506,771 | ||||||||
360,000 | United States Treasury Note | 1.2500 | 08/15/31 | 343,519 | ||||||||
2,475,000 | United States Treasury Note(g) | 1.8750 | 02/15/51 | 2,350,284 | ||||||||
135,000 | United States Treasury Note | 2.0000 | 08/15/51 | 132,057 | ||||||||
1,135,000 | United States Treasury Note | 1.8750 | 11/15/51 | 1,079,225 | ||||||||
9,267,944 | ||||||||||||
U.S. TREASURY BONDS — 6.3% | ||||||||||||
590,000 | United States Treasury Bond | 3.0000 | 08/15/48 | 694,610 | ||||||||
1,280,000 | United States Treasury Bond | 2.8750 | 05/15/49 | 1,483,300 | ||||||||
1,440,000 | United States Treasury Bond | 2.0000 | 02/15/50 | 1,407,038 | ||||||||
2,500,000 | United States Treasury Bond | 1.3750 | 08/15/50 | 2,103,710 | ||||||||
5,688,658 | ||||||||||||
U.S. TREASURY NOTES — 4.1% | ||||||||||||
1,010,000 | United States Treasury Note | 0.1250 | 05/31/22 | 1,009,340 | ||||||||
2,505,000 | United States Treasury Note(g) | 2.6250 | 02/15/29 | 2,651,386 | ||||||||
3,660,726 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,940,846) | 19,290,042 | |||||||||||
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 10.3% | ||||||||
9,210,773 | Mount Vernon Prime Portfolio, 0.11% (Cost $9,210,773)(f),(h) | $ | 9,210,773 | |||||
TOTAL INVESTMENTS – 108.2% (Cost $98,138,247) | $ | 97,050,622 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)% | (7,335,213 | ) | ||||||
NET ASSETS - 100.0% | $ | 89,715,409 |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
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 | United States SOFR Secured Overnight Financing Rate |
US0001M | ICE LIBOR USD 1 Month |
US0002M | ICE LIBOR USD 2 Month |
US0003M | ICE LIBOR USD 3 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 January 31, 2022 the total market value of 144A securities is 37,579,057 or 41.9% of net assets. |
(b) | Variable rate security; the rate shown represents the rate on January 31, 2022. |
(c) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2022. |
(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. |
(e) | Percentage rounds to less than 0.1%. |
(f) | Rate disclosed is the seven day effective yield as of January 31, 2022. |
(g) | All or a portion of these securities are on loan. Total loaned securities had a value of $9,022,007 on January 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) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 0.5% | ||||||||
METALS & MINING - 0.2% | ||||||||
23,114 | Covia Holdings, LLC(a) | $ | 309,150 | |||||
OIL & GAS PRODUCERS - 0.1% | ||||||||
2,650 | Quarternorth Energy Holding, Inc.(a) | 276,482 | ||||||
RETAIL - DISCRETIONARY - 0.2% | ||||||||
17,244 | Libbey Glass, Inc.(a) | 181,062 | ||||||
1,963 | NMG Parent, LLC(a) | 309,173 | ||||||
490,235 | ||||||||
TOTAL COMMON STOCKS (Cost $2,238,609) | 1,075,867 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | |||||||||||
ASSET BACKED SECURITIES — 10.8% | ||||||||||||||
CLO — 10.8% | ||||||||||||||
1,500,000 | Apidos 2015-20A CLO (b),(c) | US0003M + 5.700% | 5.9410 | 07/16/31 | 1,417,421 | |||||||||
1,540,000 | Atrium 9A(b),(c) | US0003M + 6.450% | 6.6260 | 05/28/30 | 1,522,981 | |||||||||
2,900,000 | Benefit Street Partners CLO II Ltd.(b),(c) | US0003M + 6.550% | 6.7910 | 07/15/29 | 2,786,347 | |||||||||
2,000,000 | Benefit Street Partners CLO III Ltd.(b),(c) | US0003M + 6.600% | 6.8540 | 07/20/29 | 1,924,002 | |||||||||
2,000,000 | Benefit Street Partners Clo XII Ltd.(b),(c) | US0003M + 6.410% | 6.6510 | 10/15/30 | 1,937,328 | |||||||||
2,000,000 | Carlyle Global Market Strategies CLO 2015-3 Ltd.(b),(c) | US0003M + 5.200% | 5.4780 | 07/28/28 | 1,897,908 | |||||||||
2,000,000 | Carlyle Global Market Strategies CLO 2015-4 Ltd.(b),(c) | US0003M + 6.700% | 6.9540 | 07/20/32 | 1,889,726 | |||||||||
250,000 | CIFC Funding 2013-II Ltd.(b),(c) | US0003M + 6.520% | 6.7590 | 10/18/30 | 242,144 | |||||||||
275,000 | CIFC Funding 2017-I Ltd.(b),(c) | US0003M + 6.350% | 6.6050 | 04/23/29 | 271,184 | |||||||||
1,250,000 | Goldentree Loan Management US Clo 2 Ltd.(b),(c) | US0003M + 4.700% | 4.9540 | 11/28/30 | 1,185,251 | |||||||||
3,005,000 | THL Credit Wind River 2014-2 CLO Ltd.(b),(c) | US0003M + 5.750% | 5.9910 | 01/15/31 | 2,774,282 | |||||||||
1,750,000 | THL Credit Wind River 2019-3 Clo Ltd.(b),(c) | US0003M + 6.750% | 6.9910 | 04/15/31 | 1,708,026 | |||||||||
700,000 | TICP CLO I-2 Ltd.(b),(c) | US0003M + 5.770% | 6.0370 | 04/26/28 | 681,138 | |||||||||
1,850,000 | Voya CLO 2015-1 Ltd.(b),(c) | US0003M + 5.650% | 5.8910 | 01/18/29 | 1,732,101 | |||||||||
21,969,839 | ||||||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $22,172,588) | 21,969,839 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 9.0% | ||||||||||||
BIOTECH & PHARMA — 0.0%(d) | ||||||||||||
86,000 | Bausch Health Companies, Inc.(b) | 6.1250 | 02/01/27 | $ | 86,467 | |||||||
CABLE & SATELLITE — 0.2% | ||||||||||||
500,000 | CSC Holdings, LLC(b),(e) | 5.7500 | 01/15/30 | 470,830 | ||||||||
CHEMICALS — 0.2% | ||||||||||||
500,000 | Consolidated Energy Finance S.A.(b) | 5.6250 | 10/15/28 | 467,610 | ||||||||
COMMERCIAL SUPPORT SERVICES — 0.5% | ||||||||||||
450,000 | Deluxe Corporation(b) | 8.0000 | 06/01/29 | 464,940 | ||||||||
500,000 | Garda World Security Corporation B(b),(e) | 4.6250 | 02/15/27 | 488,788 | ||||||||
953,728 | ||||||||||||
CONSUMER SERVICES — 0.2% | ||||||||||||
437,000 | PROG Holdings, Inc.(b) | 6.0000 | 11/15/29 | 426,768 | ||||||||
ELECTRIC UTILITIES — 0.2% | ||||||||||||
500,000 | Calpine Corporation(b) | 5.0000 | 02/01/31 | 472,198 | ||||||||
FOOD — 0.5% | ||||||||||||
500,000 | HLF Financing Sarl, LLC / Herbalife International,(b),(e) | 4.8750 | 06/01/29 | 474,460 | ||||||||
500,000 | Post Holdings, Inc.(b) | 4.5000 | 09/15/31 | 476,460 | ||||||||
950,920 | ||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.3% | ||||||||||||
500,000 | Sylvamo Corporation(b) | 7.0000 | 09/01/29 | 514,695 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.2% | ||||||||||||
475,000 | Aretec Escrow Issuer, Inc.(b) | 7.5000 | 04/01/29 | 483,916 | ||||||||
INTERNET MEDIA & SERVICES — 0.2% | ||||||||||||
475,000 | GrubHub Holdings, Inc.(b) | 5.5000 | 07/01/27 | 462,686 | ||||||||
LEISURE FACILITIES & SERVICES — 1.2% | ||||||||||||
475,000 | CEC Entertainment Company, LLC(b),(e) | 6.7500 | 05/01/26 | 456,905 | ||||||||
385,000 | Lindblad Expeditions, LLC(b) | 6.7500 | 02/15/27 | 390,030 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 9.0% (Continued) | ||||||||||||||
LEISURE FACILITIES & SERVICES — 1.2% (Continued) | ||||||||||||||
500,000 | Royal Caribbean Cruises Ltd.(b),(e) | 5.5000 | 04/01/28 | $ | 486,322 | |||||||||
525,000 | Wynn Macau Ltd.(b),(e) | 5.6250 | 08/26/28 | 481,123 | ||||||||||
500,000 | Wynn Macau Ltd.(b) | 5.1250 | 12/15/29 | 446,345 | ||||||||||
2,260,725 | ||||||||||||||
METALS & MINING — 0.5% | ||||||||||||||
450,000 | Mineral Resources Ltd.(b) | 8.1250 | 05/01/27 | 482,040 | ||||||||||
510,000 | Warrior Met Coal, Inc.(b) | 7.8750 | 12/01/28 | 536,130 | ||||||||||
1,018,170 | ||||||||||||||
OIL & GAS PRODUCERS — 1.3% | ||||||||||||||
500,000 | Genesis Energy, L.P. / Genesis Energy Finance | 8.0000 | 01/15/27 | 504,504 | ||||||||||
475,000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | 5.7500 | 02/01/29 | 485,284 | ||||||||||
500,000 | ITT Holdings, LLC(b),(e) | 6.5000 | 08/01/29 | 479,440 | ||||||||||
210,000 | PBF Holding Company, LLC / PBF Finance Corporation(b),(e) | 9.2500 | 05/15/25 | 205,505 | ||||||||||
675,000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | 02/15/28 | 475,848 | ||||||||||
500,000 | Strathcona Resources Ltd.(b),(e) | 6.8750 | 08/01/26 | 497,925 | ||||||||||
2,648,506 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 0.2% | ||||||||||||||
525,000 | Service Properties Trust | 4.3750 | 02/15/30 | 450,946 | ||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.3% | ||||||||||||||
500,000 | Kennedy-Wilson, Inc.(e) | 4.7500 | 03/01/29 | 497,353 | ||||||||||
RETAIL - DISCRETIONARY — 0.2% | ||||||||||||||
500,000 | Carvana Company(b) | 4.8750 | 09/01/29 | 444,374 | ||||||||||
SPECIALTY FINANCE — 1.0% | ||||||||||||||
450,000 | AerCap Global Aviation Trust(b),(e),(f) | US0003M + 4.300% | 6.5000 | 06/15/45 | 480,312 | |||||||||
500,000 | Cobra AcquisitionCo, LLC(b) | 6.3750 | 11/01/29 | 486,842 | ||||||||||
475,000 | Curo Group Holdings Corporation(b) | 7.5000 | 08/01/28 | 447,234 | ||||||||||
475,000 | FirstCash, Inc.(b) | 5.6250 | 01/01/30 | 475,532 | ||||||||||
1,889,920 | ||||||||||||||
STEEL — 0.2% | ||||||||||||||
500,000 | Allegheny Technologies, Inc. | 4.8750 | 10/01/29 | 490,703 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 9.0% (Continued) | ||||||||||||||
TECHNOLOGY SERVICES — 0.5% | ||||||||||||||
475,000 | ION Trading Technologies Sarl(b) | 5.7500 | 05/15/28 | $ | 478,047 | |||||||||
500,000 | MoneyGram International, Inc.(b),(e) | 5.3750 | 08/01/26 | 515,648 | ||||||||||
993,695 | ||||||||||||||
TELECOMMUNICATIONS — 0.7% | ||||||||||||||
500,000 | Altice France S.A.(b) | 5.5000 | 10/15/29 | 474,580 | ||||||||||
500,000 | Lumen Technologies, Inc.(b),(e) | 5.3750 | 06/15/29 | 476,063 | ||||||||||
550,000 | Telesat Canada / Telesat, LLC(b) | 4.8750 | 06/01/27 | 445,385 | ||||||||||
1,396,028 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 0.2% | ||||||||||||||
400,000 | American Airlines, Inc.(b),(e) | 11.7500 | 07/15/25 | 485,164 | ||||||||||
WHOLESALE - CONSUMER STAPLES — 0.2% | ||||||||||||||
525,000 | C&S Group Enterprises, LLC(b) | 5.0000 | 12/15/28 | 478,359 | ||||||||||
TOTAL CORPORATE BONDS (Cost $18,866,765) | 18,343,761 | |||||||||||||
TERM LOANS — 78.8% | ||||||||||||||
ADVERTISING & MARKETING — 1.1% | ||||||||||||||
1,079,178 | Dotdash Meredith, Inc.(c) | SOFRRATE + 4.000% | 4.5000 | 11/23/28 | 1,080,527 | |||||||||
1,196,977 | Terrier Media Buyer, Inc.(c) | US0001M + 3.500% | 3.5900 | 12/17/26 | 1,189,909 | |||||||||
2,270,436 | ||||||||||||||
AEROSPACE & DEFENSE — 1.2% | ||||||||||||||
778,429 | Dynasty Acquisition Company, Inc.(c) | US0001M + 3.500% | 3.6320 | 04/08/26 | 763,833 | |||||||||
418,510 | Standard Aero Ltd.(c) | US0001M + 3.500% | 3.7020 | 04/08/26 | 410,663 | |||||||||
1,197,045 | WP CPP Holdings, LLC(c) | US0003M + 3.750% | 4.7500 | 04/30/25 | 1,174,002 | |||||||||
2,348,498 | ||||||||||||||
APPAREL & TEXTILE PRODUCTS — 0.6% | ||||||||||||||
1,196,992 | Samsonite IP Holdings Sarl(c) | US0001M + 3.000% | 3.7500 | 04/25/25 | 1,198,369 | |||||||||
ASSET MANAGEMENT — 0.6% | ||||||||||||||
1,196,947 | Nexus Buyer, LLC(c) | US0001M + 3.750% | 3.9020 | 11/08/26 | 1,194,702 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
AUTOMOTIVE — 0.6% | ||||||||||||||
1,008,000 | Dexko Global, Inc.(c) | US0001M + 3.750% | 4.2500 | 09/24/28 | $ | 1,008,211 | ||||||||
161,887 | Dexko Global, Inc.(c) | US0001M + 3.750% | 4.2500 | 09/24/28 | 161,921 | |||||||||
1,170,132 | ||||||||||||||
BIOTECH & PHARMA — 0.5% | ||||||||||||||
142,199 | Bausch Health Americas, Inc.(c) | US0001M + 2.750% | 2.8710 | 06/01/25 | 142,098 | |||||||||
777,516 | Bausch Health Americas, Inc.(c) | US0001M + 3.000% | 3.1210 | 06/01/25 | 772,333 | |||||||||
914,431 | ||||||||||||||
CABLE & SATELLITE — 0.4% | ||||||||||||||
809,365 | CSC Holdings, LLC(c) | US0003M + 2.250% | 2.3770 | 07/17/25 | 799,248 | |||||||||
CHEMICALS — 3.1% | ||||||||||||||
152,866 | Arc Falcon I, Inc.(c) | US0001M + 3.750% | 4.2500 | 09/30/28 | 152,908 | |||||||||
1,047,134 | Arc Falcon I, Inc.(c) | US0001M + 3.750% | 4.2500 | 09/30/28 | 1,047,416 | |||||||||
1,416,180 | Groupe Solmax, Inc.(c) | US0001M + 4.750% | 5.5000 | 07/23/28 | 1,422,382 | |||||||||
560,625 | Hexion, Inc.(c) | US0003M + 3.500% | 3.7400 | 06/27/26 | 562,027 | |||||||||
1,197,869 | NIC Acquisition Corporation(c) | US0003M + 3.750% | 4.5000 | 01/14/28 | 1,190,880 | |||||||||
735,510 | Nouryon USA, LLC(c) | US0001M + 2.750% | 2.8650 | 10/01/25 | 731,832 | |||||||||
1,200,000 | Olympus Water US Holding Corporation(c) | US0001M + 3.750% | 4.2500 | 10/01/28 | 1,200,096 | |||||||||
6,307,541 | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 5.1% | ||||||||||||||
1,013,805 | AlixPartners LLP(c) | US0001M + 2.750% | 3.2500 | 01/28/28 | 1,011,342 | |||||||||
1,187,025 | Allied Universal Holdco, LLC(c) | US0001M + 3.750% | 4.2500 | 05/05/28 | 1,185,428 | |||||||||
1,200,000 | APX Group, Inc.(c) | US0001M + 3.500% | 4.0000 | 07/01/28 | 1,199,250 | |||||||||
1,200,000 | Cast & Crew Payroll, LLC(c) | US0001M + 3.500% | 3.8970 | 02/07/26 | 1,200,084 | |||||||||
1,197,000 | CHG Healthcare Services, Inc.(c) | US0001M + 3.500% | 4.0000 | 09/30/28 | 1,199,771 | |||||||||
1,200,000 | Creative Artists Agency, LLC(c) | US0001M + 3.750% | 4.2500 | 11/26/26 | 1,198,218 | |||||||||
904,462 | Garda World Security Corporation(c) | US0001M + 4.250% | 4.3600 | 10/30/26 | 907,949 | |||||||||
1,200,000 | Prime Security Services Borrower, LLC(c) | US0001M + 2.750% | 3.5000 | 09/23/26 | 1,197,750 | |||||||||
1,196,992 | Sotheby’s(c) | US0001M + 4.500% | 5.0000 | 01/15/27 | 1,202,228 | |||||||||
10,302,020 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
CONSTRUCTION MATERIALS — 1.3% | ||||||||||||||
1,395,000 | Quikrete Holdings, Inc.(c) | US0001M + 3.000% | 3.7500 | 06/11/28 | $ | 1,393,417 | ||||||||
1,200,000 | US Silica Company(c) | US0003M + 4.000% | 5.0000 | 05/01/25 | 1,185,750 | |||||||||
2,579,167 | ||||||||||||||
CONTAINERS & PACKAGING — 4.8% | ||||||||||||||
163,718 | Anchor Glass Container Corporation(c) | US0003M + 2.750% | 3.7500 | 12/07/23 | 142,537 | |||||||||
947,625 | Berlin Packaging, LLC(c) | US0001M + 3.750% | 4.2500 | 03/11/28 | 949,108 | |||||||||
1,191,021 | Flex Acquisition Company, Inc.(c) | US0001M + 3.500% | 4.0000 | 03/02/28 | 1,190,878 | |||||||||
1,288,136 | LABL, Inc.(c) | US0001M + 5.000% | 5.5000 | 10/22/28 | 1,297,190 | |||||||||
1,458,380 | Mauser Packaging Solutions Holding Company(c) | US0003M + 3.250% | 3.3370 | 03/23/24 | 1,446,873 | |||||||||
1,202,873 | Patriot Container Corporation(c) | US0003M + 3.750% | 4.7500 | 03/16/25 | 1,177,312 | |||||||||
1,351,350 | Reynolds Group Holdings, Inc.(c) | US0001M + 3.250% | 3.3710 | 02/16/26 | 1,343,640 | |||||||||
820,211 | TricorBraun Holdings, Inc.(c) | US0001M + 3.250% | 3.7500 | 01/29/28 | 816,369 | |||||||||
863,301 | Trident TPI Holdings, Inc.(c) | US0003M + 3.250% | 4.0000 | 10/05/24 | 864,018 | |||||||||
519,784 | Trident TPI Holdings, Inc.(c) | US0001M + 4.000% | 4.5000 | 07/29/28 | 521,315 | |||||||||
73,839 | Trident TPI Holdings, Inc.(c) | US0001M + 4.000% | 4.5000 | 07/29/28 | 74,056 | |||||||||
9,823,296 | ||||||||||||||
E-COMMERCE DISCRETIONARY — 0.3% | ||||||||||||||
655,050 | CNT Holdings I Corporation(c) | US0001M + 3.500% | 4.5000 | 10/16/27 | 655,921 | |||||||||
ELECTRIC UTILITIES — 0.0%(d) | ||||||||||||||
635,000 | Texas Competitive Electric Holdings Company, LLC (g) | 11.5000 | 11/22/49 | — | ||||||||||
ELECTRICAL EQUIPMENT — 0.9% | ||||||||||||||
999,577 | Brookfield WEC Holdings, Inc.(c) | US0001M + 2.750% | 3.2500 | 08/01/25 | 996,143 | |||||||||
558,935 | Icebox Holdco III, Inc.(c) | US0001M + 3.750% | 4.2500 | 12/14/28 | 559,285 | |||||||||
115,642 | Icebox Holdco III, Inc.(c) | US0001M + 3.750% | 4.2500 | 12/14/28 | 115,714 | |||||||||
179,825 | Icebox Holdco III, Inc.(c) | US0001M + 6.750% | 7.2500 | 12/15/29 | 181,398 | |||||||||
1,852,540 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
ENGINEERING & CONSTRUCTION — 1.7% | ||||||||||||||
15,000 | Landry’s Finance Acquisition Company(c) | US0001M + 12.000% | 13.0000 | 10/04/23 | $ | 16,050 | ||||||||
1,197,000 | Osmose Utilities Services, Inc.(c) | US0001M + 3.250% | 3.7500 | 06/17/28 | 1,192,326 | |||||||||
1,197,000 | USIC Holdings, Inc.(c) | US0001M + 3.500% | 4.2500 | 05/14/28 | 1,195,504 | |||||||||
1,071,968 | VM Consolidated, Inc.(c) | US0001M + 3.250% | 3.7500 | 03/26/28 | 1,071,073 | |||||||||
3,474,953 | ||||||||||||||
ENTERTAINMENT CONTENT — 1.2% | ||||||||||||||
1,196,915 | NEP Group, Inc.(c) | US0003M + 3.250% | 3.3370 | 10/20/25 | 1,174,473 | |||||||||
1,216,091 | Univision Communications, Inc.(c) | US0003M + 2.750% | 3.7500 | 03/15/24 | 1,217,070 | |||||||||
2,391,543 | ||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.0% | ||||||||||||||
821,700 | LEB Holdings USA, Inc.(c) | US0001M + 3.750% | 4.5000 | 09/25/27 | 824,268 | |||||||||
1,093,333 | Sylvamo Corporation(c) | US0001M + 4.500% | 5.2500 | 09/13/28 | 1,105,863 | |||||||||
1,930,131 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 6.0% | ||||||||||||||
1,197,000 | Bella Holding Company, LLC(c) | US0001M + 3.750% | 4.5000 | 04/01/28 | 1,197,964 | |||||||||
1,196,985 | Cano Health, LLC(c) | US0001M + 4.000% | 5.2500 | 12/15/27 | 1,198,158 | |||||||||
1,252,432 | Legacy LifePoint Health, LLC(c) | US0001M + 3.750% | 3.8420 | 11/16/25 | 1,251,036 | |||||||||
921,085 | Milano Acquisition Corporation(c) | US0001M + 4.000% | 4.7500 | 08/17/27 | 923,387 | |||||||||
1,200,000 | Option Care Health, Inc.(c) | US0001M + 2.750% | 3.5000 | 08/06/26 | 1,199,850 | |||||||||
588,831 | Option Care Health, Inc.(c) | US0001M + 2.750% | 3.5000 | 10/22/28 | 588,758 | |||||||||
1,196,915 | Outcomes Group Holdings, Inc.(c) | US0003M + 3.250% | 3.3820 | 10/24/25 | 1,187,567 | |||||||||
1,216,100 | Packaging Coordinators Midco, Inc.(c) | US0001M + 3.750% | 4.2500 | 09/25/27 | 1,217,748 | |||||||||
1,185,000 | Phoenix Newco, Inc.(c) | US0001M + 3.500% | 4.0000 | 08/11/28 | 1,186,576 | |||||||||
1,196,992 | Radnet Management, Inc.(c) | US0001M + 3.000% | 3.7500 | 04/23/28 | 1,196,244 | |||||||||
1,236,294 | Upstream Newco, Inc.(c) | US0001M + 4.250% | 4.3460 | 11/20/26 | 1,238,420 | |||||||||
12,385,708 | ||||||||||||||
HOUSEHOLD PRODUCTS — 0.2% | ||||||||||||||
451,588 | Sunshine Luxembourg VII Sarl(c) | US0001M + 3.750% | 4.5000 | 10/02/26 | 451,843 | |||||||||
INDUSTRIAL INTERMEDIATE PROD — 0.7% | ||||||||||||||
1,435,446 | Gates Global, LLC(c) | US0001M + 2.750% | 3.5000 | 03/31/27 | 1,433,300 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.5% | ||||||||||||||
950,858 | Deerfield Dakota Holding, LLC(c) | US0001M + 3.750% | 4.7500 | 03/06/27 | $ | 954,942 | ||||||||
INSURANCE — 3.1% | ||||||||||||||
585,549 | Alliant Holdings Intermediate, LLC(c) | US0001M + 3.500% | 4.0000 | 11/06/27 | 585,595 | |||||||||
764,811 | Asurion, LLC(c) | US0001M + 3.250% | 3.3710 | 12/18/26 | 760,222 | |||||||||
670,597 | Asurion, LLC(c) | US0001M + 3.250% | 3.3590 | 07/28/27 | 666,992 | |||||||||
355,000 | Asurion, LLC(c) | US0001M + 5.250% | 5.3630 | 01/29/28 | 355,888 | |||||||||
365,000 | Asurion, LLC(c) | US0001M + 5.250% | 5.3340 | 01/14/29 | 365,914 | |||||||||
1,200,000 | Howden Group Holdings Ltd.(c) | US0001M + 3.250% | 4.0000 | 11/12/27 | 1,197,750 | |||||||||
1,200,000 | HUB International Ltd.(c) | US0001M + 3.250% | 4.0000 | 04/25/25 | 1,199,755 | |||||||||
1,053,271 | Sedgwick Claims Management Services, Inc.(c) | US0003M + 3.250% | 3.3420 | 11/05/25 | 1,047,715 | |||||||||
190,125 | Sedgwick Claims Management Services, Inc.(c) | US0001M + 3.750% | 3.8590 | 09/03/26 | 190,066 | |||||||||
6,369,897 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 9.3% | ||||||||||||||
1,200,000 | Bally’s Corporation(c) | US0001M + 3.250% | 4.0000 | 08/06/28 | 1,200,582 | |||||||||
527,037 | Carnival Corporation(c) | US0001M + 3.000% | 3.7500 | 06/30/25 | 523,461 | |||||||||
646,419 | Carnival Corporation(c) | US0001M + 3.250% | 4.0000 | 10/08/28 | 641,839 | |||||||||
700,922 | Fertitta Entertainment, LLC/NV(c) | SOFRRATE + 4.000% | 4.5000 | 01/13/29 | 703,988 | |||||||||
1,200,000 | Fogo De Chao, Inc.(c) | US0003M + 4.250% | 5.2500 | 04/05/25 | 1,194,378 | |||||||||
1,142,504 | Golden Nugget, LLC(b),(c) | US0001M + 12.000% | 12.7500 | 10/04/23 | 1,147,622 | |||||||||
693,263 | Hilton Grand Vacations Borrower, LLC(c) | US0001M + 3.000% | 3.5000 | 05/20/28 | 692,687 | |||||||||
1,599,605 | Hornblower Sub, LLC(c) | US0001M + 4.500% | 5.5000 | 04/27/25 | 1,513,636 | |||||||||
1,200,000 | IRB Holding Corporation(c) | US0001M + 2.750% | 3.7500 | 02/05/25 | 1,198,596 | |||||||||
1,200,000 | MIC Glen, LLC(c) | US0001M + 3.500% | 4.2500 | 07/21/28 | 1,199,466 | |||||||||
1,200,000 | Motion Finco, LLC(c) | US0001M + 3.250% | 3.4700 | 11/04/26 | 1,185,642 | |||||||||
1,860,750 | Playa Resorts Holding BV(c) | US0003M + 2.750% | 3.7500 | 04/27/24 | 1,833,156 | |||||||||
1,185,737 | Scientific Games International, Inc.(c) | US0001M + 2.750% | 2.8710 | 08/14/24 | 1,183,591 | |||||||||
1,197,000 | SeaWorld Parks & Entertainment, Inc.(c) | US0001M + 3.000% | 3.5000 | 08/25/28 | 1,198,065 | |||||||||
1,200,000 | Whatabrands, LLC(c) | US0001M + 3.250% | 3.7500 | 08/03/28 | 1,198,752 | |||||||||
1,182,565 | William Morris Endeavor Entertainment, LLC(c) | US0003M + 2.750% | 2.9000 | 05/29/25 | 1,164,661 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
LEISURE FACILITIES & SERVICES — 9.3% (Continued) | ||||||||||||||
1,196,923 | Wok Holdings, Inc.(c) | US0003M + 6.250% | 6.3400 | 03/01/26 | $ | 1,193,099 | ||||||||
18,973,221 | ||||||||||||||
LEISURE PRODUCTS — 0.6% | ||||||||||||||
1,196,886 | Varsity Brands Holding Company, Inc.(c) | US0003M + 3.500% | 5.9830 | 12/15/24 | 1,178,562 | |||||||||
MACHINERY — 2.6% | ||||||||||||||
832,426 | Alliance Laundry Systems, LLC(c) | US0001M + 3.500% | 4.2500 | 09/30/27 | 834,249 | |||||||||
1,224,384 | CIRCOR International, Inc.(c) | US0001M + 4.500% | 5.0000 | 12/15/28 | 1,220,178 | |||||||||
638,284 | Filtration Group Corporation(c) | US0003M + 3.000% | 3.1210 | 03/29/25 | 637,058 | |||||||||
288,825 | Filtration Group Corporation(c) | US0001M + 3.500% | 4.0000 | 10/19/28 | 288,947 | |||||||||
1,196,992 | Madison IAQ, LLC(c) | US0001M + 3.250% | 3.7500 | 06/16/28 | 1,194,377 | |||||||||
1,200,000 | STS Operating, Inc.(c) | US0003M + 4.250% | 4.3710 | 12/07/24 | 1,201,050 | |||||||||
5,375,859 | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.6% | ||||||||||||||
1,200,000 | Mozart Borrower, L.P.(c) | US0001M + 3.250% | 3.7500 | 09/30/28 | 1,196,346 | |||||||||
OIL & GAS PRODUCERS — 3.9% | ||||||||||||||
1,147,118 | CQP Holdco, L.P.(c) | US0001M + 3.750% | 4.2500 | 06/04/28 | 1,147,273 | |||||||||
1,196,893 | EG America, LLC(c) | US0003M + 4.000% | 4.1470 | 02/05/25 | 1,195,876 | |||||||||
1,518,628 | Lucid Energy Group II Borrower, LLC(c) | US0001M + 4.250% | 5.0000 | 11/22/28 | 1,518,901 | |||||||||
1,197,057 | Medallion Midland Acquisition, L.P.(c) | US0001M + 3.750% | 4.5000 | 10/14/28 | 1,197,620 | |||||||||
1,200,000 | Oryx Midstream Services Permian Basin, LLC(c) | US0003M + 3.250% | 3.7500 | 09/30/28 | 1,198,662 | |||||||||
253,747 | RelaDyne, Inc.(c) | SOFRRATE + 4.250% | 4.7500 | 12/23/28 | 253,986 | |||||||||
1,384,126 | TransMontaigne Operating Company, L.P.(c) | US0001M + 3.500% | 4.0000 | 11/05/28 | 1,387,731 | |||||||||
7,900,049 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.0%(d) | ||||||||||||||
1,153 | Paragon Offshore Ltd.(c) | US0003M + 2.750% | 4.9180 | 07/18/22 | — | |||||||||
REAL ESTATE INVESTMENT TRUSTS — 0.6% | ||||||||||||||
1,200,000 | Claros Mortgage Trust, Inc.(c) | US0001M + 4.500% | 6.0000 | 08/09/26 | 1,204,500 | |||||||||
RETAIL - DISCRETIONARY — 4.2% | ||||||||||||||
1,272,174 | Bass Pro Group, LLC(c) | US0001M + 3.750% | 5.0000 | 02/26/28 | 1,274,693 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
RETAIL - DISCRETIONARY — 4.2% (Continued) | ||||||||||||||
737,669 | Hertz Corporation (The)(c) | US0001M + 3.250% | 3.7500 | 06/14/28 | $ | 738,595 | ||||||||
139,557 | Hertz Corporation (The)(c) | US0001M + 3.250% | 4.0000 | 06/14/28 | 139,732 | |||||||||
1,300,000 | JP Intermediate B, LLC(c) | US0003M + 5.500% | 6.5000 | 11/20/25 | 1,199,250 | |||||||||
305,000 | LBM Acquisition, LLC(c) | US0001M + 3.750% | 4.5000 | 12/18/27 | 303,602 | |||||||||
608,471 | LBM Acquisition, LLC(c) | US0001M + 3.750% | 4.5000 | 12/18/27 | 605,681 | |||||||||
1,196,985 | Leslie’s Poolmart, Inc.(c) | US0001M + 2.500% | 3.2500 | 03/08/28 | 1,197,176 | |||||||||
815,900 | Mavis Tire Express Services TopCo, L.P.(c) | US0001M + 4.000% | 4.7500 | 04/30/28 | 819,698 | |||||||||
540,913 | Petco Health & Wellness Company, Inc.(c) | US0001M + 3.250% | 4.0000 | 02/25/28 | 541,126 | |||||||||
518,700 | PetSmart, Inc.(c) | US0003M + 3.750% | 4.5000 | 01/29/28 | 518,620 | |||||||||
1,200,063 | Specialty Building Products Holdings, LLC(c) | US0001M + 3.750% | 4.2500 | 10/05/28 | 1,200,813 | |||||||||
8,538,986 | ||||||||||||||
SEMICONDUCTORS — 0.9% | ||||||||||||||
576,770 | Altar Bidco, Inc.(c) | SOFRRATE + 3.350% | 3.8500 | 11/17/28 | 576,891 | |||||||||
57,359 | Altar Bidco, Inc.(c) | SOFRRATE + 5.600% | 6.1000 | 11/17/29 | 57,837 | |||||||||
1,600,000 | Bright Bidco BV(c) | US0003M + 3.500% | 4.5000 | 06/30/24 | 1,235,064 | |||||||||
1,869,792 | ||||||||||||||
SOFTWARE — 9.0% | ||||||||||||||
1,121,779 | Applied Systems, Inc.(c) | US0003M + 3.200% | 3.7500 | 09/19/24 | 1,121,459 | |||||||||
192,894 | Applied Systems, Inc.(c) | US0001M + 5.500% | 6.2500 | 09/19/25 | 194,612 | |||||||||
233,238 | athenahealth, Inc.(c) | US0001M + 4.250% | 4.3330 | 02/11/26 | 233,529 | |||||||||
1,315,307 | athenahealth, Inc.(c) | SOFRRATE + 3.500% | 4.0000 | 01/27/29 | 1,310,650 | |||||||||
602,375 | Barracuda Networks, Inc.(c) | US0001M + 3.750% | 4.5000 | 02/12/25 | 604,194 | |||||||||
1,490,813 | Boxer Parent Company, Inc.(c) | US0001M + 3.750% | 3.8590 | 10/02/25 | 1,487,585 | |||||||||
598,477 | Dcert Buyer, Inc.(c) | US0003M + 4.000% | 4.1460 | 08/08/26 | 599,378 | |||||||||
600,000 | Dcert Buyer, Inc.(c) | US0001M + 7.000% | 7.0900 | 02/16/29 | 604,800 | |||||||||
1,199,875 | Epicor Software Corporation(c) | US0001M + 3.250% | 4.0000 | 07/31/27 | 1,198,531 | |||||||||
598,354 | Finastra USA, Inc.(c) | US0003M + 3.500% | 4.5000 | 04/28/24 | 597,151 | |||||||||
600,000 | Finastra USA, Inc.(c) | US0003M + 7.250% | 8.2500 | 06/13/25 | 601,353 | |||||||||
565,725 | Greeneden US Holdings II, LLC(c) | US0001M + 4.000% | 4.7500 | 10/08/27 | 566,523 | |||||||||
1,200,000 | Helios Software Holdings, Inc.(c) | US0001M + 3.750% | 3.9170 | 03/11/28 | 1,200,006 | |||||||||
279,561 | MedAssets Software Intermediate Holdings, Inc.(c) | US0001M + 4.000% | 4.5000 | 11/19/28 | 279,649 | |||||||||
121,719 | MedAssets Software Intermediate Holdings, Inc.(c) | US0001M + 6.750% | 7.2500 | 11/19/29 | 121,922 | |||||||||
1,196,939 | Project Boost Purchaser, LLC(c) | US0003M + 3.500% | 3.5900 | 05/30/26 | 1,194,413 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
SOFTWARE — 9.0% (Continued) | ||||||||||||||
1,190,000 | Proofpoint, Inc.(c) | US0001M + 3.250% | 3.7500 | 06/10/28 | $ | 1,185,538 | ||||||||
1,196,985 | Rackspace Technology Global, Inc.(c) | US0001M + 2.750% | 3.5000 | 02/09/28 | 1,187,194 | |||||||||
1,097,875 | RealPage, Inc.(c) | US0001M + 3.250% | 3.7500 | 02/18/28 | 1,094,214 | |||||||||
787,065 | Sophia, L.P.(c) | US0003M + 3.750% | 4.5000 | 09/23/27 | 787,679 | |||||||||
99,791 | UKG, Inc.(c) | US0001M + 5.250% | 5.7500 | 05/03/27 | 100,871 | |||||||||
1,200,000 | Ultimate Software Group, Inc. (The)(c) | US0003M + 3.500% | 3.8420 | 04/08/26 | 1,199,898 | |||||||||
730,452 | Waystar Technologies, Inc.(c) | US0001M + 4.000% | 4.1210 | 10/23/26 | 730,456 | |||||||||
18,201,605 | ||||||||||||||
SPECIALTY FINANCE — 0.6% | ||||||||||||||
1,196,985 | Apollo Commercial Real Estate Finance, Inc.(c) | US0001M + 3.500% | 4.0000 | 03/11/28 | 1,189,504 | |||||||||
TECHNOLOGY HARDWARE — 1.4% | ||||||||||||||
851,414 | Everi Payments, Inc.(c) | US0001M + 2.500% | 3.0000 | 06/30/28 | 850,750 | |||||||||
723,747 | NCR Corporation(c) | US0003M + 2.500% | 2.7200 | 08/08/26 | 717,668 | |||||||||
1,196,915 | VeriFone Systems, Inc.(c) | US0003M + 4.000% | 4.2240 | 08/20/25 | 1,188,524 | |||||||||
2,756,942 | ||||||||||||||
TECHNOLOGY SERVICES — 2.7% | ||||||||||||||
179,100 | ION Trading Finance Ltd.(c) | US0001M + 4.750% | 4.9520 | 03/26/28 | 179,452 | |||||||||
1,152,000 | MoneyGram International, Inc.(c) | US0001M + 4.500% | 5.2500 | 07/21/26 | 1,153,083 | |||||||||
1,219,990 | Peraton Corporation(c) | US0001M + 3.750% | 4.5000 | 02/24/28 | 1,221,430 | |||||||||
675,809 | Tempo Acquisition, LLC(c) | US0001M + 3.000% | 3.7500 | 10/01/26 | 678,205 | |||||||||
1,200,000 | Travelport Finance Luxembourg Sarl(c) | US0001M + 1.500% | 2.5000 | 02/28/25 | 1,235,046 | |||||||||
1,296,657 | Travelport Finance Luxembourg Sarl(c) | US0003M + 5.000% | 5.1320 | 05/29/26 | 1,078,663 | |||||||||
5,545,879 | ||||||||||||||
TELECOMMUNICATIONS — 2.4% | ||||||||||||||
620,750 | Altice France S.A.(c) | US0003M + 2.750% | 2.8710 | 06/22/25 | 614,620 | |||||||||
764,783 | Altice France S.A.(c) | US0003M + 3.688% | 3.8710 | 01/09/26 | 762,202 | |||||||||
227,363 | Altice France S.A.(c) | US0003M + 4.000% | 4.1980 | 01/31/26 | 226,936 | |||||||||
1,200,000 | Connect Finco S.A.RL(c) | US0001M + 3.500% | 4.2500 | 12/12/26 | 1,201,073 | |||||||||
660,000 | Intelsat Jackson Holdings S.A.(c) | US0001M + 5.750% | 8.0000 | 11/27/23 | 659,885 | |||||||||
354,000 | Intelsat Jackson Holdings S.A. | US0001M + 8.625% | 8.6250 | 01/02/24 | 354,112 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 78.8% (Continued) | ||||||||||||||
TELECOMMUNICATIONS — 2.4% (Continued) | ||||||||||||||
1,300,000 | Telesat, LLC(c) | US0001M + 2.750% | 2.9000 | 12/06/26 | $ | 1,081,165 | ||||||||
4,899,993 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 3.9% | ||||||||||||||
420,000 | AAdvantage Loyalty IP Ltd.(c) | US0003M + 4.750% | 5.5000 | 03/10/28 | 436,567 | |||||||||
977,529 | Air Canada(c) | US0001M + 3.500% | 4.2500 | 07/27/28 | 982,212 | |||||||||
474,573 | American Airlines, Inc.(c) | US0003M + 2.000% | 2.1260 | 12/14/23 | 470,176 | |||||||||
1,196,681 | Kenan Advantage Group, Inc. (The)(c) | US0001M + 3.750% | 4.5000 | 03/24/26 | 1,201,169 | |||||||||
568,524 | KKR Apple Bidco, LLC(c) | US0001M + 3.000% | 3.5000 | 07/13/28 | 568,049 | |||||||||
65,000 | KKR Apple Bidco, LLC(c) | US0001M + 5.750% | 6.2500 | 07/13/29 | 66,165 | |||||||||
995,000 | Mileage Plus Holdings, LLC(c) | US0003M + 5.250% | 6.2500 | 06/25/27 | 1,051,964 | |||||||||
1,233,734 | PODS, LLC(c) | US0001M + 3.000% | 3.7500 | 03/19/28 | 1,232,191 | |||||||||
699,713 | United Airlines, Inc.(c) | US0001M + 3.750% | 4.5000 | 04/14/28 | 701,654 | |||||||||
1,223,800 | WestJet Airlines Ltd.(c) | US0003M + 3.000% | 4.0000 | 10/08/26 | 1,197,623 | |||||||||
7,907,770 | ||||||||||||||
TRANSPORTATION EQUIPMENT — 0.6% | ||||||||||||||
1,196,992 | American Trailer World Corporation(c) | US0001M + 3.750% | 4.5000 | 02/17/28 | 1,192,881 | |||||||||
WHOLESALE - DISCRETIONARY — 0.6% | ||||||||||||||
1,196,923 | Fastlane Parent Company, Inc.(c) | US0001M + 4.500% | 4.5870 | 02/04/26 | 1,198,718 | |||||||||
TOTAL TERM LOANS (Cost $159,771,920) | 159,939,225 | |||||||||||||
Shares | Expiration Date | |||||||||||||
RIGHT — 0.0%(d) | ||||||||||||||
10,588 | TRA Rights | 11/22/24 | 14,506 | |||||||||||
TOTAL RIGHT (Cost $17,470) | ||||||||||||||
WARRANT — 0.2% | ||||||||||||||
14,905 | iHeartMedia, Inc. | 12/31/49 | 305,553 | |||||||||||
TOTAL WARRANT (Cost $287,609) |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 3.0% | ||||||||
MONEY MARKET FUNDS - 3.0% | ||||||||
6,060,273 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost $6,060,273)(h),(i) | $ | 6,060,273 | |||||
TOTAL INVESTMENTS - 102.3% (Cost $209,415,234) | $ | 207,709,024 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.3)% | (4,636,060 | ) | ||||||
NET ASSETS - 100.0% | $ | 203,072,964 |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
S/A | - Société Anonyme |
SOFRRATE | - United States SOFR Secured Overnight Financing Rate |
US0001M | - ICE LIBOR USD 1 Month |
US0003M | - ICE LIBOR USD 3 Month |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022 the total market value of 144A securities is 39,041,868 or 19.2% 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) | Percentage rounds to less than 0.1%. |
(e) | All or a portion of these securities are on loan. Total loaned securities had a value of $5,935,765 at January 31, 2022. |
(f) | Variable rate security; the rate shown represents the rate on January 31, 2022. |
(g) | Represents issuer in default on interest payments; non-income producing security. |
(h) | Rate disclosed is the seven day effective yield as of January 31, 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) |
January 31, 2022 |
Shares | Fair Value | |||||||||||
COMMON STOCKS — 0.9% | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.9% | ||||||||||||
2,500,244 | Hi-Crush(a),(h) | $ | 1,025,100 | |||||||||
TOTAL COMMON STOCKS (Cost $1,208,730) | 1,025,100 | |||||||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
CORPORATE BONDS — 93.0% | ||||||||||||
ADVERTISING & MARKETING — 0.3% | ||||||||||||
395,000 | Terrier Media Buyer, Inc. B(b) | 8.8750 | 12/15/27 | 416,518 | ||||||||
AEROSPACE & DEFENSE — 0.9% | ||||||||||||
625,000 | Moog, Inc.(b),(c) | 4.2500 | 12/15/27 | 628,000 | ||||||||
451,000 | Spirit AeroSystems, Inc.(b) | 7.5000 | 04/15/25 | 470,237 | ||||||||
1,098,237 | ||||||||||||
ASSET MANAGEMENT — 0.6% | ||||||||||||
755,000 | NFP Corporation(b) | 4.8750 | 08/15/28 | 735,389 | ||||||||
AUTOMOTIVE — 1.5% | ||||||||||||
320,000 | Dornoch Debt Merger Sub, Inc.(b) | 6.6250 | 10/15/29 | 309,200 | ||||||||
185,000 | Ford Motor Company | 3.2500 | 02/12/32 | 177,108 | ||||||||
1,304,000 | Ford Motor Company | 4.7500 | 01/15/43 | 1,336,300 | ||||||||
1,822,608 | ||||||||||||
BIOTECH & PHARMA — 0.7% | ||||||||||||
101,000 | Bausch Health Companies, Inc.(b) | 6.1250 | 02/01/27 | 101,548 | ||||||||
200,000 | Organon Finance 1, LLC(b) | 4.1250 | 04/30/28 | 198,033 | ||||||||
589,000 | Organon Finance 1, LLC(b) | 5.1250 | 04/30/31 | 589,459 | ||||||||
889,040 | ||||||||||||
CABLE & SATELLITE — 4.4% | ||||||||||||
1,290,000 | Altice Financing S.A.(b) | 5.0000 | 01/15/28 | 1,198,939 | ||||||||
555,000 | Block Communications, Inc.(b) | 4.8750 | 03/01/28 | 545,024 | ||||||||
236,000 | CCO Holdings, LLC / CCO Holdings Capital(b) | 5.5000 | 05/01/26 | 241,841 | ||||||||
378,000 | CCO Holdings, LLC / CCO Holdings Capital(b) | 5.0000 | 02/01/28 | 382,256 | ||||||||
335,000 | CCO Holdings, LLC / CCO Holdings Capital(b) | 5.3750 | 06/01/29 | 345,670 | ||||||||
590,000 | CSC Holdings, LLC(b) | 5.3750 | 02/01/28 | 592,451 | ||||||||
535,000 | CSC Holdings, LLC(b) | 5.7500 | 01/15/30 | 503,788 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
CABLE & SATELLITE — 4.4% (Continued) | ||||||||||||
680,000 | CSC Holdings, LLC(b) | 4.6250 | 12/01/30 | $ | 605,309 | |||||||
751,000 | UPC Broadband Finco BV(b),(c) | 4.8750 | 07/15/31 | 743,794 | ||||||||
5,159,072 | ||||||||||||
CHEMICALS — 1.6% | ||||||||||||
604,000 | Consolidated Energy Finance S.A.(b) | 5.6250 | 10/15/28 | 564,872 | ||||||||
502,000 | Methanex Corporation | 5.1250 | 10/15/27 | 509,656 | ||||||||
387,000 | Minerals Technologies, Inc.(b) | 5.0000 | 07/01/28 | 393,465 | ||||||||
398,000 | Trinseo Materials Operating SCA / Trinseo(b) | 5.1250 | 04/01/29 | 400,627 | ||||||||
1,868,620 | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 5.3% | ||||||||||||
400,000 | Allied Universal Holdco, LLC / Allied Universal(b) | 4.6250 | 06/01/28 | 383,962 | ||||||||
620,000 | APX Group, Inc.(b) | 5.7500 | 07/15/29 | 579,130 | ||||||||
200,000 | Atlas LuxCompany 4 S.A.RL / Allied Universal(b) | 4.6250 | 06/01/28 | 189,523 | ||||||||
340,000 | Brink’s Company (The)(b) | 4.6250 | 10/15/27 | 344,762 | ||||||||
344,000 | Covanta Holding Corporation | 5.0000 | 09/01/30 | 341,308 | ||||||||
187,000 | Covert Mergeco, Inc.(b) | 4.8750 | 12/01/29 | 186,683 | ||||||||
565,000 | Deluxe Corporation(b) | 8.0000 | 06/01/29 | 583,759 | ||||||||
228,000 | Garda World Security Corporation B(b),(c) | 4.6250 | 02/15/27 | 222,887 | ||||||||
532,000 | Garda World Security Corporation(b) | 6.0000 | 06/01/29 | 499,239 | ||||||||
619,000 | Harsco Corporation(b) | 5.7500 | 07/31/27 | 629,861 | ||||||||
380,000 | Korn Ferry(b) | 4.6250 | 12/15/27 | 385,721 | ||||||||
515,000 | Prime Security Services Borrower, LLC / Prime(b) | 5.7500 | 04/15/26 | 534,464 | ||||||||
505,000 | Sotheby’s(b) | 7.3750 | 10/15/27 | 526,101 | ||||||||
340,000 | Sotheby’s/Bidfair Holdings, Inc.(b) | 5.8750 | 06/01/29 | 344,804 | ||||||||
580,000 | TriNet Group, Inc.(b) | 3.5000 | 03/01/29 | 547,485 | ||||||||
6,299,689 | ||||||||||||
CONSTRUCTION MATERIALS — 0.4% | ||||||||||||
505,000 | Standard Industries, Inc.(b) | 3.3750 | 01/15/31 | 460,366 | ||||||||
CONSUMER SERVICES — 0.5% | ||||||||||||
600,000 | PROG Holdings, Inc.(b) | 6.0000 | 11/15/29 | 585,951 | ||||||||
CONTAINERS & PACKAGING — 0.5% | ||||||||||||
507,000 | LABL, Inc.(b) | 5.8750 | 11/01/28 | 503,197 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
CONTAINERS & PACKAGING — 0.5% (Continued) | ||||||||||||
92,000 | LABL, Inc.(b) | 8.2500 | 11/01/29 | $ | 88,263 | |||||||
591,460 | ||||||||||||
ELECTRIC UTILITIES — 2.5% | ||||||||||||
451,000 | Calpine Corporation(b),(c) | 5.0000 | 02/01/31 | 425,922 | ||||||||
332,000 | Calpine Corporation(b) | 3.7500 | 03/01/31 | 302,236 | ||||||||
165,000 | Clearway Energy Operating, LLC(b) | 3.7500 | 01/15/32 | 156,966 | ||||||||
550,000 | NextEra Energy Operating Partners, L.P.(b) | 4.2500 | 07/15/24 | 566,547 | ||||||||
510,000 | NRG Energy Inc(b) | 3.6250 | 02/15/31 | 473,953 | ||||||||
317,000 | Talen Energy Supply, LLC(b) | 6.6250 | 01/15/28 | 279,661 | ||||||||
785,000 | Vistra Operations Company, LLC(b) | 5.0000 | 07/31/27 | 797,458 | ||||||||
3,002,743 | ||||||||||||
ENGINEERING & CONSTRUCTION — 0.5% | ||||||||||||
557,000 | VM Consolidated, Inc.(b) | 5.5000 | 04/15/29 | 554,903 | ||||||||
ENTERTAINMENT CONTENT — 1.2% | ||||||||||||
695,000 | Banijay Entertainment S.A.SU(b),(c) | 5.3750 | 03/01/25 | 702,687 | ||||||||
735,000 | Univision Communications, Inc.(b) | 6.6250 | 06/01/27 | 772,856 | ||||||||
1,475,543 | ||||||||||||
FOOD — 2.8% | ||||||||||||
208,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc.(b) | 7.8750 | 09/01/25 | 218,667 | ||||||||
675,000 | HLF Financing Sarl, LLC / Herbalife International,(b) | 4.8750 | 06/01/29 | 640,521 | ||||||||
205,000 | Kraft Heinz Foods Company | 4.8750 | 10/01/49 | 234,313 | ||||||||
210,000 | Land O’ Lakes, Inc.(b) | 7.0000 | 12/29/49 | 223,375 | ||||||||
484,000 | Land O’Lakes Capital Trust I(b) | 7.4500 | 03/15/28 | 558,737 | ||||||||
520,000 | Pilgrim’s Pride Corporation(b) | 5.8750 | 09/30/27 | 543,508 | ||||||||
570,000 | Post Holdings, Inc.(b) | 4.5000 | 09/15/31 | 543,164 | ||||||||
381,000 | Simmons Foods, Inc./Simmons Prepared Foods,(b) | 4.6250 | 03/01/29 | 365,991 | ||||||||
3,328,276 | ||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.0% | ||||||||||||
454,000 | Glatfelter Corporation(b) | 4.7500 | 11/15/29 | 459,167 | ||||||||
725,000 | Sylvamo Corporation(b) | 7.0000 | 09/01/29 | 746,308 | ||||||||
1,205,475 | ||||||||||||
HEALTH CARE FACILITIES & SERVICES — 2.8% | ||||||||||||
357,000 | Acadia Healthcare Company, Inc.(b) | 5.5000 | 07/01/28 | 362,689 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
HEALTH CARE FACILITIES & SERVICES — 2.8% (Continued) | ||||||||||||
117,000 | Acadia Healthcare Company, Inc.(b) | 5.0000 | 04/15/29 | $ | 115,127 | |||||||
280,000 | Catalent Pharma Solutions, Inc.(b) | 5.0000 | 07/15/27 | 286,720 | ||||||||
342,000 | CHS/Community Health Systems, Inc. B(b) | 5.6250 | 03/15/27 | 344,823 | ||||||||
600,000 | DaVita, Inc.(b) | 4.6250 | 06/01/30 | 584,652 | ||||||||
715,000 | HCA, Inc. | 3.5000 | 09/01/30 | 716,202 | ||||||||
452,000 | Legacy LifePoint Health, LLC(b) | 4.3750 | 02/15/27 | 442,711 | ||||||||
171,000 | Option Care Health, Inc.(b) | 4.3750 | 10/31/29 | 166,484 | ||||||||
215,000 | Tenet Healthcare Corporation | 4.6250 | 07/15/24 | 216,071 | ||||||||
3,235,479 | ||||||||||||
HOME CONSTRUCTION — 0.8% | ||||||||||||
489,000 | Mattamy Group Corporation(b) | 5.2500 | 12/15/27 | 497,438 | ||||||||
475,000 | PGT Innovations, Inc.(b) | 4.3750 | 10/01/29 | 457,921 | ||||||||
955,359 | ||||||||||||
HOUSEHOLD PRODUCTS — 0.8% | ||||||||||||
50,000 | Clearwater Paper Corporation(b) | 4.7500 | 08/15/28 | 49,953 | ||||||||
500,000 | Edgewell Personal Care Company(b) | 4.1250 | 04/01/29 | 488,399 | ||||||||
479,000 | Energizer Holdings, Inc.(b),(c) | 4.3750 | 03/31/29 | 453,635 | ||||||||
991,987 | ||||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.7% | ||||||||||||
375,000 | Ahern Rentals, Inc.(b) | 7.3750 | 05/15/23 | 353,438 | ||||||||
520,000 | H&E Equipment Services, Inc. Series 144A B(b) | 3.8750 | 12/15/28 | 490,679 | ||||||||
844,117 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.6% | ||||||||||||
725,000 | Aretec Escrow Issuer, Inc.(b) | 7.5000 | 04/01/29 | 738,608 | ||||||||
INSURANCE — 0.6% | ||||||||||||
274,000 | NMI Holdings, Inc.(b) | 7.3750 | 06/01/25 | 304,365 | ||||||||
370,000 | Ryan Specialty Group, LLC(b) | 4.3750 | 02/01/30 | 367,687 | ||||||||
672,052 | ||||||||||||
INTERNET MEDIA & SERVICES — 0.3% | ||||||||||||
375,000 | GrubHub Holdings, Inc.(b) | 5.5000 | 07/01/27 | 365,278 | ||||||||
LEISURE FACILITIES & SERVICES — 8.7% | ||||||||||||
289,000 | Brinker International, Inc.(b) | 5.0000 | 10/01/24 | 300,629 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
LEISURE FACILITIES & SERVICES — 8.7% (Continued) | ||||||||||||
530,000 | Caesars Entertainment, Inc.(b) | 6.2500 | 07/01/25 | $ | 547,948 | |||||||
104,000 | Carnival Corporation(b) | 7.6250 | 03/01/26 | 106,268 | ||||||||
835,000 | Carnival Corporation(b) | 5.7500 | 03/01/27 | 803,536 | ||||||||
127,000 | Carnival Corporation(b) | 6.0000 | 05/01/29 | 122,346 | ||||||||
780,000 | Carrols Restaurant Group, Inc.(b) | 5.8750 | 07/01/29 | 671,756 | ||||||||
575,000 | CEC Entertainment Company, LLC(b) | 6.7500 | 05/01/26 | 553,095 | ||||||||
442,000 | Dave & Buster’s, Inc. B(b) | 7.6250 | 11/01/25 | 467,939 | ||||||||
437,000 | Hilton Grand Vacations Borrower Escrow, LLC /(b) | 5.0000 | 06/01/29 | 435,578 | ||||||||
299,000 | Hilton Grand Vacations Borrower Escrow, LLC /(b) | 4.8750 | 07/01/31 | 290,170 | ||||||||
318,000 | Lindblad Expeditions, LLC(b) | 6.7500 | 02/15/27 | 322,155 | ||||||||
629,000 | Melco Resorts Finance Ltd.(b) | 5.3750 | 12/04/29 | 594,446 | ||||||||
710,000 | NCL Corp Ltd. B(b) | 3.6250 | 12/15/24 | 652,643 | ||||||||
187,000 | NCL Corporation Ltd.(b) | 5.8750 | 03/15/26 | 178,437 | ||||||||
335,000 | Premier Entertainment Sub, LLC / Premier(b) | 5.6250 | 09/01/29 | 315,434 | ||||||||
335,000 | Premier Entertainment Sub, LLC / Premier(b) | 5.8750 | 09/01/31 | 316,145 | ||||||||
603,000 | Royal Caribbean Cruises Ltd.(b) | 4.2500 | 07/01/26 | 563,359 | ||||||||
126,000 | Royal Caribbean Cruises Ltd.(b) | 5.5000 | 04/01/28 | 122,553 | ||||||||
445,000 | SeaWorld Parks & Entertainment, Inc.(b) | 8.7500 | 05/01/25 | 465,528 | ||||||||
630,000 | SeaWorld Parks & Entertainment, Inc.(b) | 5.2500 | 08/15/29 | 613,176 | ||||||||
76,000 | Viking Ocean Cruises Ship VII Ltd.(b) | 5.6250 | 02/15/29 | 74,406 | ||||||||
500,000 | VOC Escrow Ltd.(b) | 5.0000 | 02/15/28 | 484,485 | ||||||||
517,000 | Wyndham Destinations, Inc. | 5.7500 | 04/01/27 | 542,204 | ||||||||
865,000 | Wynn Macau Ltd.(b) | 5.1250 | 12/15/29 | 772,177 | ||||||||
10,316,413 | ||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.6% | ||||||||||||
339,000 | Embecta Corporation(b) | 5.0000 | 02/15/30 | 339,590 | ||||||||
419,000 | Mozart Debt Merger Sub, Inc.(b) | 3.8750 | 04/01/29 | 403,721 | ||||||||
743,311 | ||||||||||||
METALS & MINING — 2.9% | ||||||||||||
200,000 | Cleveland-Cliffs, Inc.(b) | 6.7500 | 03/15/26 | 209,904 | ||||||||
473,000 | Cleveland-Cliffs, Inc.(b) | 4.6250 | 03/01/29 | 460,707 | ||||||||
573,000 | FMG Resources August 2006 Pty Ltd.(b) | 4.5000 | 09/15/27 | 588,040 | ||||||||
555,000 | Hudbay Minerals, Inc.(b) | 6.1250 | 04/01/29 | 577,114 | ||||||||
525,000 | Mineral Resources Ltd.(b) | 8.1250 | 05/01/27 | 562,380 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
METALS & MINING — 2.9% (Continued) | ||||||||||||
570,000 | SunCoke Energy, Inc.(b) | 4.8750 | 06/30/29 | $ | 557,241 | |||||||
480,000 | Warrior Met Coal, Inc.(b) | 7.8750 | 12/01/28 | 504,593 | ||||||||
3,459,979 | ||||||||||||
OIL & GAS PRODUCERS — 17.5% | ||||||||||||
576,000 | Antero Midstream Partners, L.P. / Antero Midstream(b),(c) | 5.7500 | 01/15/28 | 587,894 | ||||||||
555,000 | Antero Resources Corporation(b) | 5.3750 | 03/01/30 | 573,676 | ||||||||
405,000 | Apache Corporation(c) | 4.3750 | 10/15/28 | 417,401 | ||||||||
434,000 | Apache Corporation | 4.7500 | 04/15/43 | 439,879 | ||||||||
854,000 | Buckeye Partners, L.P.(b) | 4.5000 | 03/01/28 | 830,144 | ||||||||
800,000 | California Resources Corporation(b) | 7.1250 | 02/01/26 | 830,799 | ||||||||
480,000 | Civitas Resources, Inc.(b) | 5.0000 | 10/15/26 | 479,165 | ||||||||
296,000 | DCP Midstream Operating, L.P. | 5.6250 | 07/15/27 | 320,297 | ||||||||
132,000 | DCP Midstream Operating, L.P.(b) | 6.7500 | 09/15/37 | 170,471 | ||||||||
235,000 | DCP Midstream Operating, L.P. | 5.6000 | 04/01/44 | 272,595 | ||||||||
155,000 | DT Midstream, Inc.(b) | 4.1250 | 06/15/29 | 153,335 | ||||||||
331,000 | DT Midstream, Inc.(b) | 4.3750 | 06/15/31 | 327,470 | ||||||||
855,000 | eG Global Finance plc(b) | 6.7500 | 02/07/25 | 853,152 | ||||||||
270,000 | Endeavor Energy Resources, L.P. / EER Finance,(b) | 5.7500 | 01/30/28 | 279,689 | ||||||||
893,000 | Genesis Energy, L.P. / Genesis Energy Finance | 5.6250 | 06/15/24 | 885,551 | ||||||||
325,000 | Genesis Energy, L.P. / Genesis Energy Finance | 6.5000 | 10/01/25 | 318,505 | ||||||||
307,000 | Genesis Energy, L.P. / Genesis Energy Finance | 8.0000 | 01/15/27 | 309,766 | ||||||||
677,000 | Harvest Midstream I, L.P.(b) | 7.5000 | 09/01/28 | 705,424 | ||||||||
434,000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | 5.7500 | 02/01/29 | 443,396 | ||||||||
479,000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | 6.0000 | 02/01/31 | 491,119 | ||||||||
814,000 | Holly Energy Partners, L.P. / Holly Energy Finance(b) | 5.0000 | 02/01/28 | 792,344 | ||||||||
550,000 | Howard Midstream Energy Partners, LLC(b) | 6.7500 | 01/15/27 | 561,085 | ||||||||
450,000 | Independence Energy Finance, LLC(b) | 7.2500 | 05/01/26 | 462,386 | ||||||||
695,000 | ITT Holdings, LLC(b) | 6.5000 | 08/01/29 | 666,422 | ||||||||
321,000 | MEG Energy Corporation(b) | 7.1250 | 02/01/27 | 333,607 | ||||||||
560,000 | Murphy Oil Corporation | 6.3750 | 07/15/28 | 586,250 | ||||||||
405,000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 411,650 | ||||||||
650,000 | NGL Energy Operating, LLC / NGL Energy Finance(b) | 7.5000 | 02/01/26 | 657,719 | ||||||||
425,000 | NGL Energy Partners, L.P. / NGL Energy Finance | 6.1250 | 03/01/25 | 370,413 | ||||||||
152,000 | NuStar Logistics, L.P. | 5.7500 | 10/01/25 | 158,863 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
OIL & GAS PRODUCERS — 17.5% (Continued) | ||||||||||||
379,000 | NuStar Logistics, L.P. | 6.3750 | 10/01/30 | $ | 410,571 | |||||||
452,000 | Oasis Petroleum, Inc.(b) | 6.3750 | 06/01/26 | 464,923 | ||||||||
326,000 | Occidental Petroleum Corporation | 5.8750 | 09/01/25 | 348,959 | ||||||||
503,000 | Occidental Petroleum Corporation(c) | 6.3750 | 09/01/28 | 572,945 | ||||||||
334,000 | Occidental Petroleum Corporation | 3.5000 | 08/15/29 | 329,499 | ||||||||
251,000 | Occidental Petroleum Corporation(c) | 6.1250 | 01/01/31 | 290,125 | ||||||||
893,000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | 02/15/28 | 629,529 | ||||||||
444,000 | Rockcliff Energy II, LLC(b) | 5.5000 | 10/15/29 | 447,250 | ||||||||
514,000 | Southwestern Energy Company | 5.3750 | 02/01/29 | 523,514 | ||||||||
344,000 | Southwestern Energy Company | 5.3750 | 03/15/30 | 352,994 | ||||||||
60,000 | Southwestern Energy Company | 4.7500 | 02/01/32 | 60,000 | ||||||||
600,000 | Strathcona Resources Ltd.(b) | 6.8750 | 08/01/26 | 597,510 | ||||||||
427,000 | Targa Resources Partners, L.P. / Targa Resources | 4.8750 | 02/01/31 | 446,915 | ||||||||
701,000 | Venture Global Calcasieu Pass, LLC(b) | 3.8750 | 08/15/29 | 700,481 | ||||||||
20,865,682 | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 2.0% | ||||||||||||
663,000 | Archrock Partners, L.P. / Archrock Partners(b) | 6.8750 | 04/01/27 | 680,961 | ||||||||
350,000 | Nabors Industries Ltd.(b) | 7.2500 | 01/15/26 | 337,248 | ||||||||
586,000 | Nabors Industries, Inc.(b),(c) | 7.3750 | 05/15/27 | 599,885 | ||||||||
437,000 | USA Compression Partners, L.P. / USA Compression | 6.8750 | 04/01/26 | 445,397 | ||||||||
337,000 | Weatherford International Ltd.(b) | 6.5000 | 09/15/28 | 348,173 | ||||||||
2,411,664 | ||||||||||||
PUBLISHING & BROADCASTING — 1.1% | ||||||||||||
735,000 | Belo Corporation | 7.7500 | 06/01/27 | 848,903 | ||||||||
425,000 | Gray Television, Inc.(b) | 4.7500 | 10/15/30 | 407,849 | ||||||||
1,256,752 | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 2.0% | ||||||||||||
273,000 | CTR Partnership, L.P. / CareTrust Capital(b) | 3.8750 | 06/30/28 | 270,678 | ||||||||
600,000 | HAT Holdings I, LLC / HAT Holdings II, LLC(b) | 3.3750 | 06/15/26 | 578,945 | ||||||||
180,000 | MPT Operating Partnership, L.P. / MPT Finance | 5.0000 | 10/15/27 | 185,172 | ||||||||
223,000 | MPT Operating Partnership, L.P. / MPT Finance | 3.5000 | 03/15/31 | 214,735 | ||||||||
302,000 | Service Properties Trust | 5.2500 | 02/15/26 | 288,131 | ||||||||
300,000 | Service Properties Trust | 4.7500 | 10/01/26 | 280,395 | ||||||||
46,000 | Service Properties Trust | 5.5000 | 12/15/27 | 45,616 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 2.0% (Continued) | ||||||||||||
57,000 | Service Properties Trust | 3.9500 | 01/15/28 | $ | 50,289 | |||||||
165,000 | Service Properties Trust | 4.9500 | 10/01/29 | 148,728 | ||||||||
374,000 | Service Properties Trust | 4.3750 | 02/15/30 | 321,245 | ||||||||
2,383,934 | ||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.6% | ||||||||||||
438,000 | Kennedy-Wilson, Inc. | 4.7500 | 03/01/29 | 435,680 | ||||||||
330,000 | Kennedy-Wilson, Inc. | 4.7500 | 02/01/30 | 324,737 | ||||||||
760,417 | ||||||||||||
REAL ESTATE SERVICES — 0.5% | ||||||||||||
541,000 | Cushman & Wakefield US Borrower, LLC(b) | 6.7500 | 05/15/28 | 571,932 | ||||||||
RENEWABLE ENERGY — 0.3% | ||||||||||||
300,000 | EnerSys(b) | 4.3750 | 12/15/27 | 302,090 | ||||||||
RETAIL - CONSUMER STAPLES — 0.4% | ||||||||||||
440,000 | Albertsons Companies Inc / Safeway Inc / New(b) | 4.6250 | 01/15/27 | 450,976 | ||||||||
RETAIL - DISCRETIONARY — 2.9% | ||||||||||||
610,000 | Asbury Automotive Group, Inc.(b) | 4.6250 | 11/15/29 | 602,106 | ||||||||
462,000 | Carvana Company(b) | 5.5000 | 04/15/27 | 431,000 | ||||||||
230,000 | Carvana Company(b) | 4.8750 | 09/01/29 | 204,413 | ||||||||
460,000 | Gap, Inc. (The)(b) | 3.6250 | 10/01/29 | 428,635 | ||||||||
145,000 | Gap, Inc. (The)(b) | 3.8750 | 10/01/31 | 134,616 | ||||||||
598,000 | Hertz Corporation (The)(b) | 5.0000 | 12/01/29 | 577,772 | ||||||||
600,000 | Metis Merger Sub, LLC(b) | 6.5000 | 05/15/29 | 573,054 | ||||||||
569,000 | Park River Holdings, Inc.(b) | 6.7500 | 08/01/29 | 547,896 | ||||||||
3,499,492 | ||||||||||||
SOFTWARE — 1.2% | ||||||||||||
115,000 | Clarivate Science Holdings Corporation(b) | 3.8750 | 07/01/28 | 109,969 | ||||||||
343,000 | Clarivate Science Holdings Corporation(b),(c) | 4.8750 | 07/01/29 | 327,935 | ||||||||
466,000 | Minerva Merger Sub, Inc.(b) | 6.5000 | 02/15/30 | 465,126 | ||||||||
595,000 | Rackspace Technology Global, Inc.(b),(c) | 3.5000 | 02/15/28 | 556,430 | ||||||||
1,459,460 | ||||||||||||
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||||
SPECIALTY FINANCE — 7.5% | ||||||||||||||
570,000 | AerCap Global Aviation Trust(b),(d) | US0003M + 4.300% | 6.5000 | 06/15/45 | $ | 608,395 | ||||||||
555,000 | Alliance Data Systems Corporation(b) | 4.7500 | 12/15/24 | 562,703 | ||||||||||
519,000 | Apollo Commercial Real Estate Finance, Inc.(b) | 4.6250 | 06/15/29 | 492,006 | ||||||||||
660,000 | Burford Capital Global Finance, LLC(b) | 6.2500 | 04/15/28 | 690,703 | ||||||||||
831,000 | Cobra AcquisitionCo, LLC(b) | 6.3750 | 11/01/29 | 809,133 | ||||||||||
559,000 | Credit Acceptance Corporation | 6.6250 | 03/15/26 | 576,541 | ||||||||||
548,000 | Curo Group Holdings Corporation(b) | 7.5000 | 08/01/28 | 515,967 | ||||||||||
215,000 | Enova International, Inc.(b) | 8.5000 | 09/01/24 | 216,836 | ||||||||||
430,000 | Enova International, Inc. B(b) | 8.5000 | 09/15/25 | 441,419 | ||||||||||
512,000 | FirstCash, Inc.(b) | 4.6250 | 09/01/28 | 489,178 | ||||||||||
211,000 | FirstCash, Inc.(b) | 5.6250 | 01/01/30 | 211,236 | ||||||||||
418,000 | Genworth Mortgage Holdings, Inc.(b) | 6.5000 | 08/15/25 | 442,677 | ||||||||||
324,000 | goeasy Ltd.(b) | 4.3750 | 05/01/26 | 324,457 | ||||||||||
682,000 | Ladder Capital Finance Holdings LLLP / Ladder(b) | 4.2500 | 02/01/27 | 660,415 | ||||||||||
483,000 | LFS Topco, LLC(b) | 5.8750 | 10/15/26 | 492,877 | ||||||||||
475,000 | Pattern Energy Operations, L.P. / Pattern Energy(b) | 4.5000 | 08/15/28 | 478,992 | ||||||||||
342,000 | Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.(b) | 3.6250 | 03/01/29 | 321,071 | ||||||||||
345,000 | Starwood Property Trust, Inc. | 4.7500 | 03/15/25 | 353,232 | ||||||||||
125,000 | Starwood Property Trust, Inc.(b) | 3.6250 | 07/15/26 | 121,824 | ||||||||||
80,000 | Starwood Property Trust, Inc.(b) | 4.3750 | 01/15/27 | 79,880 | ||||||||||
8,889,542 | ||||||||||||||
STEEL — 1.2% | ||||||||||||||
212,000 | Allegheny Technologies, Inc. | 4.8750 | 10/01/29 | 208,058 | ||||||||||
403,000 | Allegheny Technologies, Inc. | 5.1250 | 10/01/31 | 393,600 | ||||||||||
326,000 | Cleveland-Cliffs, Inc. | 6.2500 | 10/01/40 | 340,884 | ||||||||||
542,000 | Commercial Metals Company | 3.8750 | 02/15/31 | 518,501 | ||||||||||
1,461,043 | ||||||||||||||
TECHNOLOGY HARDWARE — 1.4% | ||||||||||||||
560,000 | Imola Merger Corporation(b) | 4.7500 | 05/15/29 | 545,714 | ||||||||||
550,000 | NCR Corporation(b) | 5.1250 | 04/15/29 | 550,061 | ||||||||||
597,000 | TTM Technologies, Inc.(b) | 4.0000 | 03/01/29 | 570,089 | ||||||||||
1,665,864 | ||||||||||||||
TECHNOLOGY SERVICES — 3.4% | ||||||||||||||
605,000 | Ahead DB Holdings, LLC(b) | 6.6250 | 05/01/28 | 588,163 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
TECHNOLOGY SERVICES — 3.4% (Continued) | ||||||||||||
680,000 | ION Trading Technologies Sarl(b) | 5.7500 | 05/15/28 | $ | 684,362 | |||||||
725,000 | MoneyGram International, Inc.(b) | 5.3750 | 08/01/26 | 747,689 | ||||||||
1,080,000 | MPH Acquisition Holdings, LLC(b),(c) | 5.7500 | 11/01/28 | 973,203 | ||||||||
129,000 | Nielsen Finance, LLC / Nielsen Finance Company(b) | 5.6250 | 10/01/28 | 129,690 | ||||||||
402,000 | Nielsen Finance, LLC / Nielsen Finance Company(b) | 5.8750 | 10/01/30 | 403,333 | ||||||||
570,000 | Paysafe Finance plc / Paysafe Holdings US(b),(c) | 4.0000 | 06/15/29 | 511,028 | ||||||||
4,037,468 | ||||||||||||
TELECOMMUNICATIONS — 4.0% | ||||||||||||
345,000 | Altice France S.A.(b) | 5.1250 | 07/15/29 | 319,903 | ||||||||
1,035,000 | Altice France S.A.(b) | 5.5000 | 10/15/29 | 982,381 | ||||||||
175,000 | CenturyLink, Inc.(b) | 5.1250 | 12/15/26 | 176,460 | ||||||||
680,000 | Connect Finco S.A.RL / Connect US Finco, LLC(b) | 6.7500 | 10/01/26 | 705,541 | ||||||||
535,000 | Hughes Satellite Systems Corporation | 6.6250 | 08/01/26 | 577,134 | ||||||||
201,000 | Iliad Holding S.A.SU(b) | 6.5000 | 10/15/26 | 203,902 | ||||||||
490,000 | Iliad Holding S.A.SU(b) | 7.0000 | 10/15/28 | 498,132 | ||||||||
505,000 | Lumen Technologies, Inc.(b),(c) | 5.3750 | 06/15/29 | 480,824 | ||||||||
302,000 | Telesat Canada / Telesat, LLC(b) | 4.8750 | 06/01/27 | 244,557 | ||||||||
359,000 | Telesat Canada / Telesat, LLC(b) | 6.5000 | 10/15/27 | 221,656 | ||||||||
391,000 | Zayo Group Holdings, Inc.(b) | 6.1250 | 03/01/28 | 370,390 | ||||||||
4,780,880 | ||||||||||||
TRANSPORTATION & LOGISTICS — 2.4% | ||||||||||||
1,065,000 | American Airlines, Inc.(b) | 11.7500 | 07/15/25 | 1,291,750 | ||||||||
650,000 | Cargo Aircraft Management, Inc.(b) | 4.7500 | 02/01/28 | 655,138 | ||||||||
110,000 | United Airlines Holdings, Inc. | 4.8750 | 01/15/25 | 110,783 | ||||||||
271,000 | United Airlines, Inc.(b) | 4.3750 | 04/15/26 | 269,474 | ||||||||
510,000 | United Airlines, Inc.(b) | 4.6250 | 04/15/29 | 505,504 | ||||||||
2,832,649 | ||||||||||||
TRANSPORTATION EQUIPMENT — 0.3% | ||||||||||||
380,000 | JB Poindexter & Company, Inc.(b) | 7.1250 | 04/15/26 | 395,696 | ||||||||
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 93.0% (Continued) | ||||||||||||
WHOLESALE - CONSUMER STAPLES — 0.8% | ||||||||||||
595,000 | C&S Group Enterprises, LLC(b) | 5.0000 | 12/15/28 | $ | 542,140 | |||||||
450,000 | Performance Food Group, Inc.(b) | 5.5000 | 10/15/27 | 457,945 | ||||||||
1,000,085 | ||||||||||||
TOTAL CORPORATE BONDS (Cost $111,706,482) | 110,842,099 | |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS — 0.0%(g) | ||||||||||||
MONEY MARKET FUNDS – 0.0%(g) | ||||||||||||
25,537 | First American Government Obligations Fund, Class Z, 0.02% (Cost $25,537)(e) | 25,537 | ||||||||||
COLLATERAL FOR SECURITIES LOANED – 5.7% | ||||||||||||
6,800,543 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost $6,800,543)(e),(f) | 6,800,543 | ||||||||||
TOTAL INVESTMENTS - 99.6% (Cost $119,741,292) | $ | 118,693,279 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4% | 533,014 | |||||||||||
NET ASSETS - 100.0% | $ | 119,226,293 | ||||||||||
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
PLC | - Public Limited Company |
US0003M | - ICE LIBOR USD 3 Month |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022 the total market value of 144A securities is 91,644,955 or 76.9% of net assets. |
(c) | All or a portion of these securities are on loan. Total loaned securities had a value of $6,682,608 at January 31, 2022. |
(d) | Variable rate security; the rate shown represents the rate on January 31, 2022. |
(e) | Rate disclosed is the seven day effective yield as of January 31, 2022. |
(f) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
(g) | Percentage rounds to less than 0.1%. |
(h) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.9% of net assets. The total value of these securities is $1,025,100. |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 0.1% | ||||||||||||||||
RESIDENTIAL MORTGAGE — 0.1% | ||||||||||||||||
54,824 EUR | Bankinter 10 FTA(a) | EUR003M + 0.160% | — | 06/21/43 | $ | 61,419 | ||||||||||
23,799 EUR | Fondo de Titulizacion de Activos Santander(a) | EUR003M + 0.150% | — | 01/18/49 | 26,711 | |||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $83,532) | 88,130 | |||||||||||||||
CORPORATE BONDS — 62.8% | ||||||||||||||||
AEROSPACE & DEFENSE — 0.6% | ||||||||||||||||
250,000 EUR | Airbus S.E. | 2.3750 | 06/09/40 | 305,869 | ||||||||||||
100,000 EUR | Rolls-Royce plc | 4.6250 | 02/16/26 | 122,414 | ||||||||||||
428,283 | ||||||||||||||||
ASSET MANAGEMENT — 0.9% | ||||||||||||||||
300,000 EUR | JAB Holdings BV | 1.0000 | 12/20/27 | 336,495 | ||||||||||||
300,000 USD | UBS Group A.G.(a),(b) | H15T1Y + 0.850% | 1.4940 | 08/10/27 | 286,064 | |||||||||||
622,559 | ||||||||||||||||
AUTOMOTIVE — 2.1% | ||||||||||||||||
300,000 EUR | Daimler A.G. | 0.7500 | 02/08/30 | 338,493 | ||||||||||||
200,000 USD | Hyundai Capital America(b) | 1.0000 | 09/17/24 | 194,589 | ||||||||||||
300,000 USD | Hyundai Capital America(b) | 1.3000 | 01/08/26 | 287,272 | ||||||||||||
325,000 USD | Nissan Motor Acceptance Company, LLC(b) | 1.8500 | 09/16/26 | 310,499 | ||||||||||||
40,000 USD | Uzauto Motors AJ(b) | 4.8500 | 05/04/26 | 38,757 | ||||||||||||
200,000 EUR | Volkswagen International Finance N.V. | 1.8750 | 03/30/27 | 235,596 | ||||||||||||
100,000 EUR | ZF Finance GmbH | 3.7500 | 09/21/28 | 117,070 | ||||||||||||
1,522,276 | ||||||||||||||||
BANKING — 7.9% | ||||||||||||||||
250,000 EUR | AIB Group plc | 2.2500 | 07/03/25 | 297,610 | ||||||||||||
300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. | 3.5000 | 02/10/27 | 371,715 | ||||||||||||
715,000 USD | Banco Mercantil del Norte S.A.(a),(b) | H15T5Y + 4.967% | 6.7500 | 09/27/68 | 729,908 | |||||||||||
300,000 EUR | Banco Santander S.A. | 1.1250 | 01/17/25 | 344,898 | ||||||||||||
300,000 EUR | Banque Federative du Credit Mutuel S.A. | 2.6250 | 03/18/24 | 355,763 | ||||||||||||
350,000 USD | Barclays plc(d) | 4.8360 | 05/09/28 | 377,016 | ||||||||||||
200,000 EUR | BPCE S.A. | 4.6250 | 07/18/23 | 239,092 | ||||||||||||
300,000 USD | Canadian Imperial Bank of Commerce(d) | 1.2500 | 06/22/26 | 287,431 | ||||||||||||
225,000 EUR | Cooperatieve Rabobank UA | 1.3750 | 02/03/27 | 265,513 | ||||||||||||
300,000 EUR | Credit Agricole S.A. | 1.8750 | 12/20/26 | 356,382 | ||||||||||||
250,000 USD | Danske Bank A/S(a),(b) | H15T1Y + 1.350% | 1.6210 | 09/11/26 | 242,212 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
BANKING — 7.9% (Continued) | ||||||||||||||||
250,000 USD | Deutsche Bank AG/New York NY(a) | SOFRRATE + 1.870% | 2.1290 | 11/24/26 | $ | 244,547 | ||||||||||
175,000 USD | HSBC Holdings plc(a) | SOFRRATE + 1.538% | 1.6450 | 04/18/26 | 171,046 | |||||||||||
100,000 USD | HSBC Holdings PLC(a) | SOFRRATE + 1.290% | 1.5890 | 05/24/27 | 95,899 | |||||||||||
300,000 USD | Mizuho Financial Group, Inc. | 2.5640 | 09/13/31 | 283,675 | ||||||||||||
250,000 EUR | Natwest Group plc(a) | EUR003M + 1.080% | 1.7500 | 03/02/26 | 289,980 | |||||||||||
150,000 USD | Standard Chartered plc(a),(b) | US0003M + 1.209% | 2.8190 | 01/30/26 | 151,560 | |||||||||||
150,000 USD | Standard Chartered plc(a),(b) | H15T5Y + 2.300% | 3.2650 | 02/18/36 | 142,279 | |||||||||||
150,000 USD | Standard Chartered plc(b),(c) | 5.7000 | 03/26/44 | 181,951 | ||||||||||||
300,000 USD | Sumitomo Mitsui Financial Group, Inc. | 2.1420 | 09/23/30 | 279,034 | ||||||||||||
5,707,511 | ||||||||||||||||
BEVERAGES — 1.1% | ||||||||||||||||
300,000 EUR | Anheuser-Busch InBev S.A./NV | 1.1500 | 01/22/27 | 347,758 | ||||||||||||
200,000 EUR | Heineken N.V. | 3.5000 | 03/19/24 | 241,349 | ||||||||||||
200,000 EUR | Pernod Ricard S.A. | 1.5000 | 05/18/26 | 234,613 | ||||||||||||
823,720 | ||||||||||||||||
BIOTECH & PHARMA — 2.6% | ||||||||||||||||
300,000 EUR | Bayer A.G. | 1.3750 | 07/06/32 | 332,557 | ||||||||||||
250,000 GBP | GlaxoSmithKline Capital plc | 1.2500 | 10/12/28 | 322,650 | ||||||||||||
100,000 EUR | Grifols S.A. | 3.2000 | 05/01/25 | 111,223 | ||||||||||||
100,000 EUR | Grifols S.A. | 2.2500 | 11/15/27 | 109,352 | ||||||||||||
300,000 EUR | Mylan N.V. | 3.1250 | 11/22/28 | 374,576 | ||||||||||||
100,000 EUR | Nidda BondCompany GmbH | 5.0000 | 09/30/25 | 109,642 | ||||||||||||
100,000 EUR | Nidda Healthcare Holding GmbH | 3.5000 | 09/30/24 | 110,174 | ||||||||||||
300,000 USD | Perrigo Finance Unlimited Company(d) | 3.1500 | 06/15/30 | 289,057 | ||||||||||||
1,759,231 | ||||||||||||||||
CABLE & SATELLITE — 1.2% | ||||||||||||||||
100,000 EUR | Telenet Finance Luxembourg Notes Sarl | 3.5000 | 03/01/28 | 113,865 | ||||||||||||
200,000 EUR | UPCB Finance VII Ltd. | 3.6250 | 06/15/29 | 223,470 | ||||||||||||
100,000 GBP | Virgin Media Secured Finance plc | 5.0000 | 04/15/27 | 136,852 | ||||||||||||
100,000 GBP | Virgin Media Secured Finance plc | 4.2500 | 01/15/30 | 126,593 | ||||||||||||
100,000 EUR | Ziggo Bond Company BV(b) | 3.3750 | 02/28/30 | 104,102 | ||||||||||||
100,000 EUR | Ziggo BV | 2.8750 | 01/15/30 | 106,874 | ||||||||||||
811,756 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
CHEMICALS — 1.2% | ||||||||||||||||
100,000 EUR | Chemours Company (The) | 4.0000 | 05/15/26 | $ | 112,590 | |||||||||||
100,000 EUR | INEOS Quattro Finance 1 plc | 3.7500 | 07/15/26 | 108,892 | ||||||||||||
190,000 EUR | INEOS Quattro Finance 1 plc(b) | 3.7500 | 07/15/26 | 204,575 | ||||||||||||
200,000 EUR | Nobian Finance BV(b) | 3.6250 | 07/15/26 | 215,569 | ||||||||||||
100,000 EUR | Solvay Finance S.A.CA(a) | EUSA5 + 5.223% | 5.8690 | 06/03/68 | 122,431 | |||||||||||
100,000 EUR | SPCM S.A. | 2.0000 | 02/01/26 | 112,198 | ||||||||||||
876,255 | ||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.2% | ||||||||||||||||
100,000 EUR | Intertrust Group BV | 3.3750 | 11/15/25 | 113,626 | ||||||||||||
CONSTRUCTION MATERIALS — 1.3% | ||||||||||||||||
911,000 USD | Cemex S.A.B. de C.V.(a),(b) | H15T5Y + 4.534% | 5.1250 | 09/08/69 | 915,792 | |||||||||||
CONTAINERS & PACKAGING — 1.3% | ||||||||||||||||
200,000 EUR | Ardagh Metal Packaging Finance USA, LLC / Ardagh | 3.0000 | 09/01/29 | 211,800 | ||||||||||||
200,000 GBP | Ardagh Packaging Finance plc / Ardagh Holdings | 4.7500 | 07/15/27 | 262,485 | ||||||||||||
85,000 USD | Klabin Austria GmbH(b) | 3.2000 | 01/12/31 | 76,971 | ||||||||||||
100,000 EUR | Smurfit Kappa Treasury ULC | 1.5000 | 09/15/27 | 116,625 | ||||||||||||
200,000 EUR | Trivium Packaging Finance BV | 3.7500 | 08/15/26 | 223,372 | ||||||||||||
891,253 | ||||||||||||||||
ELEC & GAS MARKETING & TRADING — 0.5% | ||||||||||||||||
250,000 EUR | Orsted A/S | 1.5000 | 11/26/29 | 297,109 | ||||||||||||
ELECTRIC UTILITIES — 4.2% | ||||||||||||||||
1,341,000 USD | Eskom Holdings SOC Ltd.(b) | 6.7500 | 08/06/23 | 1,363,153 | ||||||||||||
95,000 USD | Eskom Holdings SOC Ltd.(b) | 7.1250 | 02/11/25 | 96,652 | ||||||||||||
158,000 USD | Eskom Holdings SOC Ltd.(b) | 8.4500 | 08/10/28 | 164,435 | ||||||||||||
65,010 USD | Greenko Dutch BV(b) | 3.8500 | 03/29/26 | 64,164 | ||||||||||||
200,000 EUR | Iberdrola Finanzas S.A. | 1.0000 | 03/07/25 | 230,489 | ||||||||||||
180,000 USD | Inkia Energy Ltd.(b) | 5.8750 | 11/09/27 | 181,165 | ||||||||||||
250,000 EUR | innogy Finance BV | 1.0000 | 04/13/25 | 287,706 | ||||||||||||
300,000 EUR | Naturgy Finance BV | 1.5000 | 01/29/28 | 356,074 | ||||||||||||
233,000 USD | Star Energy Geothermal Darajat II / Star Energy(b) | 4.8500 | 10/14/38 | 243,674 | ||||||||||||
2,987,512 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
ELECTRICAL EQUIPMENT — 0.9% | ||||||||||||||||
300,000 GBP | Siemens Financieringsmaatschappij N.V. | 1.0000 | 02/20/25 | $ | 396,601 | |||||||||||
200,000 EUR | Vertical Midco GmbH | 4.3750 | 07/15/27 | 227,340 | ||||||||||||
623,941 | ||||||||||||||||
ENGINEERING & CONSTRUCTION — 1.3% | ||||||||||||||||
613,000 USD | IHS Holding Ltd.(b) | 6.2500 | 11/29/28 | 620,117 | ||||||||||||
248,000 USD | IHS Netherlands Holdco BV(b) | 8.0000 | 09/18/27 | 260,812 | ||||||||||||
880,929 | ||||||||||||||||
FOOD — 1.7% | ||||||||||||||||
488,000 USD | Adecoagro S.A.(b) | 6.0000 | 09/21/27 | 499,842 | ||||||||||||
495,000 USD | Minerva Luxembourg S.A.(b),(c) | 4.3750 | 03/18/31 | 460,612 | ||||||||||||
250,000 USD | Nestle Holdings, Inc.(b) | 1.8750 | 09/14/31 | 237,356 | ||||||||||||
100,000 EUR | Sigma Holdco BV | 5.7500 | 05/15/26 | 101,497 | ||||||||||||
1,299,307 | ||||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.1% | ||||||||||||||||
100,000 EUR | WEPA Hygieneprodukte GmbH | 2.8750 | 12/15/27 | 104,607 | ||||||||||||
GAS & WATER UTILITIES — 0.3% | ||||||||||||||||
200,000 EUR | Veolia Environnement S.A. | 1.4960 | 11/30/26 | 235,840 | ||||||||||||
HOUSEHOLD PRODUCTS — 0.1% | ||||||||||||||||
100,000 EUR | Energizer Gamma Acquisition BV(b) | 3.5000 | 06/30/29 | 105,160 | ||||||||||||
INDUSTRIAL INTERMEDIATE PROD — 0.6% | ||||||||||||||||
407,000 USD | HTA Group Ltd./Mauritius(b) | 7.0000 | 12/18/25 | 425,164 | ||||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.5% | ||||||||||||||||
100,000 EUR | Loxam S.A.S | 3.7500 | 07/15/26 | 110,350 | ||||||||||||
87,920 EUR | Techem Verwaltungsgesellschaft 674 mbH | 6.0000 | 07/30/26 | 100,977 | ||||||||||||
100,000 EUR | Techem Verwaltungsgesellschaft 675 mbH(b) | 2.0000 | 07/15/25 | 109,050 | ||||||||||||
320,377 | ||||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.6% | ||||||||||||||||
250,000 USD | LSEGA Financing plc(b) | 2.0000 | 04/06/28 | 240,884 | ||||||||||||
225,000 USD | Nomura Holdings, Inc. | 1.6530 | 07/14/26 | 216,449 | ||||||||||||
457,333 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
INSURANCE — 0.7% | ||||||||||||||||
200,000 EUR | Allianz S.E.(a) | EUR003M + 3.350% | 3.0990 | 07/06/47 | $ | 245,842 | ||||||||||
250,000 EUR | NN Group N.V. | 1.6250 | 06/01/27 | 294,367 | ||||||||||||
540,209 | ||||||||||||||||
LEISURE FACILITIES & SERVICES — 1.4% | ||||||||||||||||
115,000 EUR | Carnival Corporation | 7.6250 | 03/01/26 | 135,919 | ||||||||||||
100,000 EUR | Gamma Bidco SpA(b) | 5.1250 | 07/15/25 | 112,736 | ||||||||||||
100,000 EUR | Gamma Bidco SpA | 6.2500 | 07/15/25 | 115,309 | ||||||||||||
100,000 EUR | Motion Finco Sarl | 7.0000 | 05/15/25 | 117,097 | ||||||||||||
100,000 EUR | Scientific Games International, Inc. | 5.5000 | 02/15/26 | 114,390 | ||||||||||||
100,000 EUR | Scientific Games International, Inc.(b) | 5.5000 | 02/15/26 | 114,390 | ||||||||||||
140,000 GBP | Stonegate Pub Company Financing 2019 plc(b) | 8.2500 | 07/31/25 | 194,641 | ||||||||||||
73,000 USD | Studio City Finance Ltd.(b) | 6.0000 | 07/15/25 | 68,830 | ||||||||||||
973,312 | ||||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.5% | ||||||||||||||||
300,000 EUR | Medtronic Global Holdings SCA | 0.7500 | 10/15/32 | 324,652 | ||||||||||||
METALS & MINING — 1.9% | ||||||||||||||||
106,000 USD | Endeavour Mining plc(b) | 5.0000 | 10/14/26 | 103,350 | ||||||||||||
71,000 USD | First Quantum Minerals Ltd. B(b) | 6.8750 | 03/01/26 | 73,409 | ||||||||||||
300,000 EUR | Glencore Capital Finance DAC | 1.1250 | 03/10/28 | 337,345 | ||||||||||||
40,000 USD | Indika Energy Capital IV Pte Ltd.(b) | 8.2500 | 10/22/25 | 40,430 | ||||||||||||
111,000 USD | Indonesia Asahan Aluminium Persero PT(b) | 6.7570 | 11/15/48 | 130,646 | ||||||||||||
26,000 USD | Indonesia Asahan Aluminium Persero PT(b) | 5.8000 | 05/15/50 | 27,595 | ||||||||||||
300,000 USD | Rio Tinto Finance USA Ltd.(c) | 2.7500 | 11/02/51 | 275,910 | ||||||||||||
58,000 USD | Southern Copper Corporation(c) | 6.7500 | 04/16/40 | 78,351 | ||||||||||||
63,000 USD | Vedanta Resources Finance II plc(b) | 8.9500 | 03/11/25 | 59,974 | ||||||||||||
204,000 USD | Vedanta Resources Ltd.(b) | 6.3750 | 07/30/22 | 202,138 | ||||||||||||
1,329,148 | ||||||||||||||||
OIL & GAS PRODUCERS — 6.9% | ||||||||||||||||
57,000 USD | AI Candelaria Spain SLU(b) | 7.5000 | 12/15/28 | 59,357 | ||||||||||||
325,000 USD | BP Capital Markets plc(a),(c) | H15T5Y + 4.036% | 4.3750 | 09/22/68 | 333,938 | |||||||||||
250,000 USD | Cenovus Energy, Inc. | 3.7500 | 02/15/52 | 241,084 | ||||||||||||
100,000 EUR | eG Global Finance plc | 6.2500 | 10/30/25 | 113,022 | ||||||||||||
97,000 USD | Geopark Ltd.(b) | 5.5000 | 01/17/27 | 91,467 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
OIL & GAS PRODUCERS — 6.9% (Continued) | ||||||||||||||||
223,000 USD | Gran Tierra Energy International Holdings Ltd.(b) | 6.2500 | 02/15/25 | $ | 206,332 | |||||||||||
80,000 USD | Gran Tierra Energy, Inc.(b) | 7.7500 | 05/23/27 | 73,368 | ||||||||||||
233,000 USD | KazMunayGas National Company JSC(b) | 5.7500 | 04/19/47 | 261,607 | ||||||||||||
92,000 USD | MC Brazil Downstream Trading S.A.RL(b) | 7.2500 | 06/30/31 | 88,412 | ||||||||||||
22,000 USD | Oil and Gas Holding Company BSCC (The)(b) | 7.6250 | 11/07/24 | 23,608 | ||||||||||||
100,000 USD | Pertamina Persero PT(b) | 2.3000 | 02/09/31 | 91,780 | ||||||||||||
108,000 USD | Petroleos Mexicanos(b) | 6.7000 | 02/16/32 | 106,749 | ||||||||||||
175,000 USD | Petroleos Mexicanos | 6.6250 | 06/15/35 | 163,446 | ||||||||||||
13,000 USD | Petroleos Mexicanos | 6.6250 | 06/15/38 | 11,569 | ||||||||||||
159,000 USD | Petroleos Mexicanos | 6.9500 | 01/28/60 | 136,417 | ||||||||||||
571,000 USD | SierraCol Energy Andina, LLC(b) | 6.0000 | 06/15/28 | 532,232 | ||||||||||||
1,623,000 USD | Tullow Oil plc(b) | 7.0000 | 03/01/25 | 1,365,478 | ||||||||||||
305,000 USD | Tullow Oil plc(b) | 10.2500 | 05/15/26 | 308,602 | ||||||||||||
988,000 USD | YPF S.A.(b),(c) | 8.5000 | 07/28/25 | 755,820 | ||||||||||||
4,964,288 | ||||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.5% | ||||||||||||||||
344,265 USD | Poinsettia Finance Ltd. | 6.6250 | 06/17/31 | 343,695 | ||||||||||||
PUBLISHING & BROADCASTING — 0.4% | ||||||||||||||||
250,000 EUR | Informa plc | 2.1250 | 10/06/25 | 291,848 | ||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 4.4% | ||||||||||||||||
636,000 USD | China SCE Group Holdings Ltd. | 7.3750 | 04/09/24 | 486,540 | ||||||||||||
700,000 USD | China SCE Group Holdings Ltd. | 7.0000 | 05/02/25 | 486,500 | ||||||||||||
500,000 USD | Theta Capital Pte Ltd. | 8.1250 | 01/22/25 | 515,725 | ||||||||||||
250,000 USD | Theta Capital Pte Ltd. | 6.7500 | 10/31/26 | 243,894 | ||||||||||||
1,300,000 USD | Wanda Properties International Company Ltd. | 7.2500 | 01/29/24 | 1,217,320 | ||||||||||||
200,000 USD | Wanda Properties Overseas Ltd. | 6.9500 | 12/05/22 | 189,860 | ||||||||||||
3,139,839 | ||||||||||||||||
REAL ESTATE SERVICES — 0.8% | ||||||||||||||||
557,000 USD | ESR Cayman Ltd. | 7.8750 | 04/04/22 | 556,415 | ||||||||||||
REIT — 1.0% | ||||||||||||||||
400,000 USD | LMIRT Capital Pte Ltd. | 7.2500 | 06/19/24 | 401,440 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
REIT — 1.0% (Continued) | ||||||||||||||||
200,000 GBP | Westfield America Management Ltd. | 2.1250 | 03/30/25 | $ | 266,129 | |||||||||||
667,569 | ||||||||||||||||
RENEWABLE ENERGY — 0.7% | ||||||||||||||||
439,000 USD | Aydem Yenilenebilir Enerji A/S(b) | 7.7500 | 02/02/27 | 372,939 | ||||||||||||
125,000 USD | Investment Energy Resources Ltd.(b) | 6.2500 | 04/26/29 | 132,500 | ||||||||||||
505,439 | ||||||||||||||||
RETAIL - CONSUMER STAPLES — 0.5% | ||||||||||||||||
100,000 GBP | Bellis Acquisition Company plc(b) | 3.2500 | 02/16/26 | 124,794 | ||||||||||||
100,000 GBP | Bellis Finco plc(b) | 4.0000 | 02/16/27 | 122,229 | ||||||||||||
100,000 EUR | Quatrim S.A.SU | 5.8750 | 01/15/24 | 114,750 | ||||||||||||
361,773 | ||||||||||||||||
SEMICONDUCTORS — 0.2% | ||||||||||||||||
150,000 USD | TSMC Global Ltd.(b) | 1.0000 | 09/28/27 | 139,508 | ||||||||||||
SPECIALTY FINANCE — 0.4% | ||||||||||||||||
100,000 EUR | Parts Europe S.A.(b) | 6.5000 | 07/16/25 | 116,078 | ||||||||||||
184,000 USD | Studio City Finance Ltd.(b) | 6.5000 | 01/15/28 | 172,441 | ||||||||||||
288,519 | ||||||||||||||||
STEEL — 2.5% | ||||||||||||||||
132,000 USD | CSN Inova Ventures(b) | 6.7500 | 01/28/28 | 139,075 | ||||||||||||
435,000 USD | CSN Resources S.A.(b) | 7.6250 | 04/17/26 | 453,944 | ||||||||||||
1,374,000 USD | Metinvest BV(b) | 7.7500 | 10/17/29 | 1,189,780 | ||||||||||||
1,782,799 | ||||||||||||||||
TECHNOLOGY HARDWARE — 0.5% | ||||||||||||||||
100,000 EUR | Nokia OYJ | 3.1250 | 05/15/28 | 122,159 | ||||||||||||
250,000 USD | Seagate HDD Cayman | 4.1250 | 01/15/31 | 245,665 | ||||||||||||
367,824 | ||||||||||||||||
TELECOMMUNICATIONS — 3.2% | ||||||||||||||||
100,000 EUR | Altice France Holding S.A.(b) | 8.0000 | 05/15/27 | 117,537 | ||||||||||||
100,000 EUR | Altice France S.A.(b) | 2.1250 | 02/15/25 | 107,296 | ||||||||||||
110,000 EUR | Altice France S.A.(b) | 4.2500 | 10/15/29 | 117,767 | ||||||||||||
250,000 EUR | Deutsche Telekom International Finance BV | 0.8750 | 01/30/24 | 286,138 | ||||||||||||
378,000 USD | Digicel International Finance Ltd./Digicel(b) | 8.7500 | 05/25/24 | 387,870 | ||||||||||||
180,000 USD | Millicom International Cellular S.A.(b) | 5.1250 | 01/15/28 | 182,709 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 62.8% (Continued) | ||||||||||||||||
TELECOMMUNICATIONS — 3.2% (Continued) | ||||||||||||||||
300,000 EUR | Orange S.A. | 2.0000 | 01/15/29 | $ | 366,913 | |||||||||||
100,000 EUR | SoftBank Group Corporation | 2.8750 | 01/06/27 | 103,251 | ||||||||||||
100,000 EUR | Telecom Italia SpA | 3.6250 | 05/25/26 | 116,709 | ||||||||||||
100,000 EUR | Telefonica Europe BV(a) | EUSA6 + 4.107% | 4.3750 | 03/14/68 | 119,629 | |||||||||||
250,000 USD | VF Ukraine PAT via VFU Funding plc(b) | 6.2000 | 02/11/25 | 235,000 | ||||||||||||
100,000 EUR | Vodafone Group plc(a) | EUSA5 + 2.669% | 3.1000 | 01/03/79 | 115,015 | |||||||||||
100,000 EUR | Vodafone Group plc(a) | EUSA5 + 3.002% | 2.6250 | 08/27/80 | 111,935 | |||||||||||
2,367,769 | ||||||||||||||||
TOBACCO & CANNABIS — 0.5% | ||||||||||||||||
300,000 USD | BAT Capital Corporation | 4.7000 | 04/02/27 | 323,259 | ||||||||||||
TRANSPORTATION & LOGISTICS — 4.6% | ||||||||||||||||
200,000 EUR | Abertis Infraestructuras S.A. | 2.3750 | 09/27/27 | 240,642 | ||||||||||||
139,000 USD | Aerovias de Mexico S.A. de CV(b),(d) | 7.0000 | 02/05/25 | 131,897 | ||||||||||||
64,000 USD | DP World plc(b) | 5.6250 | 09/25/48 | 74,629 | ||||||||||||
6,000 USD | DP World plc(b) | 4.7000 | 09/30/49 | 6,196 | ||||||||||||
1,245,000 USD | DP World Salaam(c) | H15T5Y + 5.750% | 6.0000 | 01/01/70 | 1,334,627 | |||||||||||
662,000 USD | Gol Finance S.A.(b) | 7.0000 | 01/31/25 | 572,629 | ||||||||||||
300,000 USD | Gol Finance S.A.(b) | 8.0000 | 06/30/26 | 276,785 | ||||||||||||
200,000 GBP | Heathrow Finance plc | 6.2500 | 03/03/25 | 284,601 | ||||||||||||
100,000 GBP | Heathrow Funding Ltd. | 7.1250 | 02/14/24 | 147,317 | ||||||||||||
155,000 USD | Rumo Luxembourg Sarl(b) | 5.2500 | 01/10/28 | 159,109 | ||||||||||||
218,000 USD | Simpar Europe S.A.(b) | 5.2000 | 01/26/31 | 193,495 | ||||||||||||
3,421,927 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $46,719,887) | 44,899,333 | |||||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 30.9% | ||||||||||||||||
GOVERNMENT GUARANTEED — 0.1% | ||||||||||||||||
39,200 USD | Brazil Minas SPE via State of Minas Gerais(b) | 5.3330 | 02/15/28 | 39,936 | ||||||||||||
GOVERNMENT OWNED, NO GUARANTEE — 0.2% | ||||||||||||||||
162,000 USD | Gabon Government International Bond(b) | 7.0000 | 11/24/31 | 159,027 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 30.9% (Continued) | ||||||||||||||||
LOCAL AUTHORITY — 0.4% | ||||||||||||||||
150,000 CAD | Province of British Columbia Canada | 3.2000 | 06/18/44 | $ | 124,644 | |||||||||||
250,000 CAD | Province of Ontario Canada | 2.8000 | 06/02/48 | 192,602 | ||||||||||||
317,246 | ||||||||||||||||
NON U.S. TREASURY — 13.9% | ||||||||||||||||
860,000 AUD | Australia Government Bond | 1.2500 | 05/21/32 | 571,450 | ||||||||||||
1,120,000 BRL | Brazilian Government International Bond | 8.5000 | 01/05/24 | 206,173 | ||||||||||||
550,000 CAD | Canadian Government Bond | 2.2500 | 06/01/29 | 451,068 | ||||||||||||
1,894,000,000 COP | Colombian TES | 6.0000 | 04/28/28 | 418,655 | ||||||||||||
6,900,000 EGP | Egypt Government Bond | 13.7650 | 01/05/24 | 438,772 | ||||||||||||
3,300,000 EGP | Egypt Government Bond | 14.4830 | 04/06/26 | 210,806 | ||||||||||||
1,800,000,000 IDR | Indonesia Treasury Bond | 9.0000 | 03/15/29 | 144,434 | ||||||||||||
8,020,000,000 IDR | Indonesia Treasury Bond | 7.0000 | 09/15/30 | 575,574 | ||||||||||||
930,000,000 IDR | Indonesia Treasury Bond | 8.2500 | 06/15/32 | 71,863 | ||||||||||||
755,000,000 IDR | Indonesia Treasury Bond | 8.3750 | 03/15/34 | 59,108 | ||||||||||||
76,000 EUR | Ireland Government Bond | 5.4000 | 03/13/25 | 100,601 | ||||||||||||
50,000 EUR | Ireland Government Bond | 0.9000 | 05/15/28 | 59,210 | ||||||||||||
130,000 EUR | Ireland Government Bond | 1.3000 | 05/15/33 | 158,937 | ||||||||||||
240,000 EUR | Italy Buoni Poliennali Del Tesoro | 4.5000 | 03/01/24 | 295,489 | ||||||||||||
750,000 EUR | Italy Buoni Poliennali Del Tesoro | 2.8000 | 12/01/28 | 953,479 | ||||||||||||
640,000 EUR | Italy Buoni Poliennali Del Tesoro(b) | 2.4500 | 09/01/33 | 799,960 | ||||||||||||
180,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 08/01/39 | 301,757 | ||||||||||||
235,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 09/01/40 | 399,283 | ||||||||||||
6,150,000 JPY | Japan Government Forty Year Bond | 0.8000 | 03/20/58 | 53,686 | ||||||||||||
17,000,000 JPY | Japan Government Thirty Year Bond | 1.5000 | 03/20/45 | 175,129 | ||||||||||||
17,150,000 JPY | Japan Government Thirty Year Bond | 0.5000 | 09/20/46 | 143,524 | ||||||||||||
4,739,000 MXN | Mexican Bonos | 7.5000 | 06/03/27 | 229,172 | ||||||||||||
9,060,000 MXN | Mexican Bonos | 7.7500 | 11/13/42 | 428,917 | ||||||||||||
100,000 EUR | Portugal Obrigacoes do Tesouro OT | 4.1250 | 04/14/27 | 136,525 | ||||||||||||
995,000 ZAR | Republic of South Africa Government Bond | 6.2500 | 03/31/36 | 45,550 | ||||||||||||
10,370,000 RUB | Russian Federal Bond - OFZ | 7.4000 | 12/07/22 | 132,112 | ||||||||||||
2,020,000 RUB | Russian Federal Bond - OFZ | 6.9000 | 05/23/29 | 22,886 | ||||||||||||
21,770,000 RUB | Russian Federal Bond - OFZ | 7.7000 | 03/23/33 | 252,679 | ||||||||||||
200,000 USD | Russian Foreign Bond - Eurobond | 5.2500 | 06/23/47 | 213,020 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 30.9% (Continued) | ||||||||||||||||
NON U.S. TREASURY — 13.9% (Continued) | ||||||||||||||||
350,000 EUR | Spain Government Bond | 1.2500 | 10/31/30 | $ | 415,402 | |||||||||||
170,000 EUR | Spain Government Bond | 4.2000 | 01/31/37 | 275,073 | ||||||||||||
250,000 EUR | Spain Government Bond | 2.7000 | 10/31/48 | 359,379 | ||||||||||||
300,000 GBP | United Kingdom Gilt | 4.5000 | 09/07/34 | 546,720 | ||||||||||||
8,920,000 UYU | Uruguay Government International Bond | 9.8750 | 06/20/22 | 204,868 | ||||||||||||
9,851,261 | ||||||||||||||||
SOVEREIGN — 15.3% | ||||||||||||||||
62,000 USD | Abu Dhabi Government International Bond(b) | 3.8750 | 04/16/50 | 69,041 | ||||||||||||
175,000 USD | Angolan Government International Bond(b) | 9.1250 | 11/26/49 | 167,967 | ||||||||||||
1,293,000 USD | Argentine Republic Government International Bond(e) | 0.5000 | 07/09/30 | 439,633 | ||||||||||||
246,000 USD | Argentine Republic Government International Bond(e) | 1.1250 | 07/09/35 | 75,955 | ||||||||||||
63,000 USD | Bahrain Government International Bond(b) | 7.0000 | 01/26/26 | 68,205 | ||||||||||||
26,000 USD | Bahrain Government International Bond(b) | 7.0000 | 10/12/28 | 27,746 | ||||||||||||
22,000 USD | Bahrain Government International Bond(b) | 5.6250 | 09/30/31 | 21,239 | ||||||||||||
100,000 EUR | Banque Centrale de Tunisie International Bond | 5.6250 | 02/17/24 | 91,994 | ||||||||||||
17,000 USD | Banque Centrale de Tunisie International Bond(b) | 5.7500 | 01/30/25 | 13,216 | ||||||||||||
100,000 EUR | Banque Centrale de Tunisie International Bond(b) | 6.3750 | 07/15/26 | 86,923 | ||||||||||||
87,000 USD | Brazilian Government International Bond(c) | 4.6250 | 01/13/28 | 89,201 | ||||||||||||
117,000 USD | Brazilian Government International Bond | 4.5000 | 05/30/29 | 116,444 | ||||||||||||
22,000 USD | Brazilian Government International Bond(c) | 3.7500 | 09/12/31 | 20,075 | ||||||||||||
100,000 EUR | Colombia Government International Bond | 3.8750 | 03/22/26 | 120,663 | ||||||||||||
62,000 USD | Colombia Government International Bond | 3.0000 | 01/30/30 | 54,172 | ||||||||||||
126,000 USD | Colombia Government International Bond | 3.1250 | 04/15/31 | 108,524 | ||||||||||||
25,000 USD | Colombia Government International Bond(c) | 3.2500 | 04/22/32 | 21,288 | ||||||||||||
12,000 USD | Colombia Government International Bond | 7.3750 | 09/18/37 | 13,386 | ||||||||||||
60,000 USD | Colombia Government International Bond | 6.1250 | 01/18/41 | 58,793 | ||||||||||||
29,000 USD | Colombia Government International Bond | 4.1250 | 02/22/42 | 23,055 | ||||||||||||
14,000 USD | Colombia Government International Bond(c) | 5.6250 | 02/26/44 | 12,838 | ||||||||||||
59,000 USD | Colombia Government International Bond | 5.2000 | 05/15/49 | 51,046 | ||||||||||||
122,000 USD | Colombia Government International Bond | 3.8750 | 02/15/61 | 89,030 | ||||||||||||
108,000 USD | Costa Rica Government International Bond | 6.1250 | 02/19/31 | 105,975 | ||||||||||||
137,000 USD | Costa Rica Government International Bond | 5.6250 | 04/30/43 | 111,999 | ||||||||||||
200,000 USD | Development Bank of the Republic of Belarus JSC | 6.7500 | 05/02/24 | 175,952 | ||||||||||||
129,000 USD | Dominican Republic International Bond(b) | 4.5000 | 01/30/30 | 126,873 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 30.9% (Continued) | ||||||||||||||||
SOVEREIGN — 15.3% (Continued) | ||||||||||||||||
82,000 USD | Dominican Republic International Bond(b) | 7.4500 | 04/30/44 | $ | 93,034 | |||||||||||
26,000 USD | Dominican Republic International Bond | 6.4000 | 06/05/49 | 26,036 | ||||||||||||
101,000 USD | Dominican Republic International Bond(b) | 5.8750 | 01/30/60 | 91,891 | ||||||||||||
52,074 USD | Ecuador Government International Bond(b),(f) | – | 07/31/30 | 30,791 | ||||||||||||
106,000 USD | Ecuador Government International Bond(b),(e) | 5.0000 | 07/31/30 | 92,220 | ||||||||||||
20,000 USD | Ecuador Government International Bond(e) | 1.0000 | 07/31/35 | 14,230 | ||||||||||||
231,060 USD | Ecuador Government International Bond(b),(e) | 1.0000 | 07/31/35 | 164,400 | ||||||||||||
23,000 USD | Ecuador Government International Bond(e) | 0.5000 | 07/31/40 | 14,148 | ||||||||||||
90,000 USD | Ecuador Government International Bond(b),(e) | 0.5000 | 07/31/40 | 55,361 | ||||||||||||
94,000 USD | Egypt Government International Bond(b) | 5.2500 | 10/06/25 | 93,398 | ||||||||||||
29,000 USD | Egypt Government International Bond(b) | 7.0530 | 01/15/32 | 25,626 | ||||||||||||
228,000 USD | Egypt Government International Bond(b) | 7.6250 | 05/29/32 | 205,546 | ||||||||||||
63,000 USD | Egypt Government International Bond(b) | 7.3000 | 09/30/33 | 55,178 | ||||||||||||
26,000 USD | Egypt Government International Bond(b) | 8.7000 | 03/01/49 | 22,105 | ||||||||||||
375,000 USD | Egypt Government International Bond(b) | 8.8750 | 05/29/50 | 322,264 | ||||||||||||
79,000 USD | Egypt Government International Bond(b) | 8.1500 | 11/20/59 | 63,975 | ||||||||||||
138,000 USD | El Salvador Government International Bond(b) | 6.3750 | 01/18/27 | 79,007 | ||||||||||||
37,000 USD | El Salvador Government International Bond(b) | 8.2500 | 04/10/32 | 21,719 | ||||||||||||
104,000 USD | El Salvador Government International Bond | 7.6500 | 06/15/35 | 57,408 | ||||||||||||
25,000 USD | El Salvador Government International Bond | 7.1250 | 01/20/50 | 13,375 | ||||||||||||
142,000 USD | Finance Department Government of Sharjah(b) | 3.6250 | 03/10/33 | 133,806 | ||||||||||||
62,000 USD | Finance Department Government of Sharjah(b) | 4.0000 | 07/28/50 | 52,876 | ||||||||||||
17,000 USD | Ghana Government International Bond(b) | 6.3750 | 02/11/27 | 13,698 | ||||||||||||
49,000 USD | Ghana Government International Bond(b) | 7.8750 | 03/26/27 | 40,850 | ||||||||||||
103,000 USD | Ghana Government International Bond(b) | 7.7500 | 04/07/29 | 81,215 | ||||||||||||
118,000 USD | Ghana Government International Bond(b) | 7.6250 | 05/16/29 | 92,608 | ||||||||||||
258,000 USD | Ghana Government International Bond(b) | 7.8750 | 02/11/35 | 194,469 | ||||||||||||
21,000 USD | Ghana Government International Bond(b) | 8.8750 | 05/07/42 | 15,884 | ||||||||||||
63,000 USD | Ghana Government International Bond(b) | 8.6270 | 06/16/49 | 47,353 | ||||||||||||
124,000 USD | Ghana Government International Bond(b) | 8.9500 | 03/26/51 | 93,552 | ||||||||||||
37,000 USD | Guatemala Government Bond(b) | 5.3750 | 04/24/32 | 40,095 | ||||||||||||
31,000 USD | Guatemala Government Bond | 5.3750 | 04/24/32 | 33,593 | ||||||||||||
71,000 USD | Guatemala Government Bond(b) | 3.7000 | 10/07/33 | 67,597 | ||||||||||||
100,000 EUR | Indonesia Government International Bond(b) | 2.1500 | 07/18/24 | 117,335 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 30.9% (Continued) | ||||||||||||||||
SOVEREIGN — 15.3% (Continued) | ||||||||||||||||
35,000 USD | Indonesia Government International Bond | 5.1250 | 01/15/45 | $ | 40,768 | |||||||||||
40,000,000 IDR | Indonesia Treasury Bond | 8.3750 | 03/15/24 | 3,018 | ||||||||||||
113,000 EUR | Ivory Coast Government International Bond | 5.2500 | 03/22/30 | 127,387 | ||||||||||||
123,000 EUR | Ivory Coast Government International Bond(b) | 5.8750 | 10/17/31 | 139,689 | ||||||||||||
189,000 USD | Kenya Government International Bond(b) | 8.0000 | 05/22/32 | 198,718 | ||||||||||||
396,000 USD | Lebanon Government International Bond(d) | 8.2500 | 04/12/22 | 45,044 | ||||||||||||
56,000 USD | Lebanon Government International Bond(d) | 6.3750 | 03/09/23 | 6,090 | ||||||||||||
72,000 USD | Lebanon Government International Bond(d) | 6.4000 | 05/26/23 | 7,872 | ||||||||||||
54,000 USD | Lebanon Government International Bond(d) | 6.1500 | 06/19/23 | 5,873 | ||||||||||||
56,000 USD | Lebanon Government International Bond(d) | 6.7500 | 11/29/27 | 6,183 | ||||||||||||
81,000 USD | Lebanon Government International Bond(d) | 6.8500 | 05/25/29 | 8,801 | ||||||||||||
175,000 USD | Lebanon Government International Bond(d) | 6.6500 | 02/26/30 | 19,841 | ||||||||||||
100,000 EUR | Mexico Government International Bond | 1.6250 | 04/08/26 | 115,643 | ||||||||||||
130,000 USD | Mexico Government International Bond | 4.7500 | 04/27/32 | 142,545 | ||||||||||||
143,000 USD | Mexico Government International Bond | 3.5000 | 02/12/34 | 138,210 | ||||||||||||
56,000 USD | Mexico Government International Bond | 6.0500 | 01/11/40 | 66,685 | ||||||||||||
200,000 USD | Mozambique International Bond(b),(e) | 5.0000 | 09/15/31 | 168,915 | ||||||||||||
408,000 USD | Nigeria Government International Bond(b) | 7.8750 | 02/16/32 | 398,310 | ||||||||||||
93,000 USD | Nigeria Government International Bond(b) | 7.3750 | 09/28/33 | 86,890 | ||||||||||||
200,000 USD | Nigeria Government International Bond | 7.6250 | 11/28/47 | 176,677 | ||||||||||||
23,000 USD | Nigeria Government International Bond(b) | 9.2480 | 01/21/49 | 23,036 | ||||||||||||
152,000 USD | Nigeria Government International Bond(b) | 8.2500 | 09/28/51 | 139,591 | ||||||||||||
139,000 USD | Oman Government International Bond(b) | 7.3750 | 10/28/32 | 158,201 | ||||||||||||
40,000 USD | Oman Government International Bond(b) | 6.7500 | 01/17/48 | 39,253 | ||||||||||||
133,000 USD | Pakistan Government International Bond(b) | 6.0000 | 04/08/26 | 128,511 | ||||||||||||
9,000 USD | Panama Government International Bond | 3.1600 | 01/23/30 | 9,098 | ||||||||||||
362,000 USD | Panama Government International Bond | 2.2520 | 09/29/32 | 332,098 | ||||||||||||
50,000 USD | Panama Government International Bond | 3.8700 | 07/23/60 | 46,188 | ||||||||||||
140,000 USD | Panama Government International Bond | 4.5000 | 01/19/63 | 142,240 | ||||||||||||
77,000 USD | Papua New Guinea Government International Bond(b) | 8.3750 | 10/04/28 | 75,211 | ||||||||||||
191,000 USD | Qatar Government International Bond(b) | 3.7500 | 04/16/30 | 209,675 | ||||||||||||
191,000 USD | Qatar Government International Bond(b) | 4.4000 | 04/16/50 | 227,123 | ||||||||||||
21,538 USD | Republic of Angola Via Avenir II BV(a) | US0006M + 7.500% | 7.8540 | 07/01/23 | 21,969 | |||||||||||
157,143 USD | Republic of Angola Via Avenir Issuer II Ireland | 6.9270 | 02/19/27 | 147,714 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 30.9% (Continued) | ||||||||||||||||
SOVEREIGN — 15.3% (Continued) | ||||||||||||||||
156,000 USD | Republic of Armenia International Bond(b) | 3.6000 | 02/02/31 | $ | 140,732 | |||||||||||
135,000 USD | Republic of Belarus International Bond(b) | 6.8750 | 02/28/23 | 128,354 | ||||||||||||
7,020,000 ZAR | Republic of South Africa Government Bond | 8.5000 | 01/31/37 | 388,884 | ||||||||||||
11,000 EUR | Romanian Government International Bond | 2.8750 | 03/11/29 | 12,758 | ||||||||||||
27,000 EUR | Romanian Government International Bond(b) | 3.3750 | 02/08/38 | 28,719 | ||||||||||||
19,000 EUR | Romanian Government International Bond(b) | 2.7500 | 04/14/41 | 17,901 | ||||||||||||
46,000 EUR | Romanian Government International Bond(b) | 2.8750 | 04/13/42 | 43,539 | ||||||||||||
25,000 EUR | Romanian Government International Bond(b) | 4.6250 | 04/03/49 | 29,579 | ||||||||||||
200,000 USD | Russian Foreign Bond - Eurobond | 4.2500 | 06/23/27 | 201,022 | ||||||||||||
204,000 USD | Saudi Government International Bond(b) | 2.2500 | 02/02/33 | 194,299 | ||||||||||||
233,000 USD | Saudi Government International Bond(b) | 4.6250 | 10/04/47 | 266,397 | ||||||||||||
111,000 EUR | Senegal Government International Bond(b) | 4.7500 | 03/13/28 | 124,797 | ||||||||||||
117,000 EUR | Senegal Government International Bond(b) | 5.3750 | 06/08/37 | 121,556 | ||||||||||||
47,000 USD | Turkey Government International Bond | 5.7500 | 03/22/24 | 47,153 | ||||||||||||
27,000 USD | Turkey Government International Bond | 6.3500 | 08/10/24 | 27,232 | ||||||||||||
57,000 USD | Turkey Government International Bond | 5.1250 | 02/17/28 | 50,801 | ||||||||||||
30,000 USD | Turkey Government International Bond | 5.9500 | 01/15/31 | 26,461 | ||||||||||||
100,000 USD | Turkey Government International Bond | 5.8750 | 06/26/31 | 87,565 | ||||||||||||
35,000 USD | Turkey Government International Bond | 5.7500 | 05/11/47 | 26,955 | ||||||||||||
15,000 USD | Ukraine Government International Bond(b) | 7.7500 | 09/01/24 | 13,416 | ||||||||||||
56,000 USD | Ukraine Government International Bond(b) | 7.7500 | 09/01/25 | 49,414 | ||||||||||||
247,000 USD | Ukraine Government International Bond(b) | 7.7500 | 09/01/26 | 216,689 | ||||||||||||
139,000 USD | Ukraine Government International Bond(b) | 7.3750 | 09/25/32 | 117,958 | ||||||||||||
108,000 USD | Ukraine Government International Bond(b) | 7.2530 | 03/15/33 | 91,020 | ||||||||||||
14,000 USD | Zambia Government International Bond(b) | 5.3750 | 09/20/22 | 10,153 | ||||||||||||
87,000 USD | Zambia Government International Bond(b) | 8.9700 | 07/30/27 | 65,117 | ||||||||||||
11,059,414 | ||||||||||||||||
SUPRANATIONAL — 1.0% | ||||||||||||||||
1,390,000 BRL | European Investment Bank | 7.2500 | 11/08/22 | 254,148 | ||||||||||||
200,000 EUR | European Investment Bank | 1.1250 | 09/15/36 | 243,104 | ||||||||||||
1,280,000 BRL | International Finance Corporation | 4.6000 | 01/27/23 | 229,470 | ||||||||||||
726,722 | ||||||||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $23,294,120) | 22,153,606 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED - 4.2% | ||||||||
3,030,673 | Mount Vernon Prime Portfolio, 0.11% (Cost $3,030,673)(g),(h) | $ | 3,030,673 | |||||
TOTAL INVESTMENTS - 98.0% (Cost $73,128,212) | $ | 70,171,742 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0% | 1,446,493 | |||||||
NET ASSETS - 100.0% | $ | 71,618,235 |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(i) | Unrealized Depreciation | ||||||||||||
10 | CBOT 10 Year US Treasury Note | 03/22/2022 | $ | 1,279,690 | $ | (15,154 | ) | |||||||||
10 | Eurex 30 Year Euro BUXL Future | 03/08/2022 | 2,284,270 | (151,642 | ) | |||||||||||
28 | Long Gilt Future | 03/29/2022 | 4,593,164 | (134,144 | ) | |||||||||||
8 | TSE Japanese 10 Year Bond Futures | 03/14/2022 | 10,477,308 | (89,914 | ) | |||||||||||
TOTAL FUTURES CONTRACTS | $ | (390,854 | ) |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(i) | Unrealized Appreciation | ||||||||||||
64 | CBOT 5 Year US Treasury Note | 03/31/2022 | $ | 7,628,992 | $ | 95,024 | ||||||||||
8 | Eurex 10 Year Euro BUND Future | 03/08/2022 | 1,520,090 | 45,830 | ||||||||||||
TOTAL FUTURES CONTRACTS | $ | 140,854 |
Unrealized | ||||||||||||||||
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/ (Depreciation) | |||||||||||
To Buy: | ||||||||||||||||
Euro | 02/04/2022 | JP Morgan Chase | 527,609 | $ | 592,840 | $ | (7,400 | ) | ||||||||
British Pound | 02/10/2022 | JP Morgan Chase | 270,000 | 363,144 | (2,818 | ) | ||||||||||
Euro | 02/14/2022 | JP Morgan Chase | 1,270,000 | 1,427,285 | (12,825 | ) | ||||||||||
Japanese Yen | 02/22/2022 | JP Morgan Chase | 80,999,999 | 703,940 | (8,750 | ) | ||||||||||
$ | 3,087,209 | $ | (31,793 | ) |
Unrealized | ||||||||||||||||
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/ (Depreciation) | |||||||||||
To Sell: | ||||||||||||||||
Euro | 02/04/2022 | JP Morgan Chase | 6,938,778 | $ | 7,796,670 | $ | 74,330 | |||||||||
Australian Dollar | 04/28/2022 | JP Morgan Chase | 807,100 | 570,835 | 5,163 | |||||||||||
British Pound | 04/28/2022 | Barclay | 1,447,100 | 1,945,524 | 3,247 | |||||||||||
Canadian Dollar | 04/28/2022 | JP Morgan Chase | 984,000 | 773,941 | 4,549 | |||||||||||
Euro | 04/28/2022 | JP Morgan Chase | 13,923,600 | 15,677,290 | 53,415 | |||||||||||
Japanese Yen | 04/28/2022 | Barclay | 65,981,901 | 573,949 | 6,191 | |||||||||||
$ | 27,338,209 | $ | 146,895 | |||||||||||||
Total | $ | 115,102 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 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 | 4/28/2022 | JP Morgan Chase | 1,138,701 | 955,000 | 1,282,121 | (1,283,930 | ) | $ | (1,809 | ) | |||||||||||||||
1,138,701 | 955,000 | $ | 1,282,121 | $ | 1,283,930 | $ | (1,809 | ) |
A/S | - Anonim Sirketi |
LLC | - Limited Liability Company |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
SA de CV | - Sociedad Anonima de Capital Variable |
EUR003M | Euribor 3 Month ACT/360 |
EUSA5 | EUR SWAP ANN (VS 6M) 5Y |
EUSA6 | EUR SWAP ANN (VS 6M) 6Y |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
US0003M | ICE LIBOR USD 3 Month |
US0006M | ICE LIBOR USD 6 Month |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
COP | Columbian Peso |
EGP | Egyptian Pound |
EUR | Euro |
GBP | British Pound |
IDR | Indonesia Rupiah |
JPY | Japanese Yen |
MXN | Mexican Peso |
RUB | Russian Ruble |
USD | US Dollars |
UYU | Uruguayan Peso |
ZAR | South African Rand |
(a) | Variable rate security; the rate shown represents the rate on January 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 January 31, 2022 the total market value of 144A securities is 27,414,247 or 38.3% of net assets. |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
(c) | All or a portion of these securities are on loan. Total loaned securities had a value of $2,981,614 at January 31, 2022. |
(d) | Represents issuer in default on interest payments; non-income producing security. |
(e) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2022. |
(f) | Zero coupon bond. |
(g) | Rate disclosed is the seven day effective yield as of January 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 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%. |
(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. |
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
AEROSPACE & DEFENSE - 2.0% | ||||||||
9,406 | L3Harris Technologies, Inc. | $ | 1,968,582 | |||||
3,485 | Lockheed Martin Corporation | 1,356,118 | ||||||
3,324,700 | ||||||||
ASSET MANAGEMENT - 3.0% | ||||||||
2,647 | BlackRock, Inc. | 2,178,322 | ||||||
31,149 | Charles Schwab Corporation (The) | 2,731,767 | ||||||
4,910,089 | ||||||||
AUTOMOTIVE - 1.2% | ||||||||
37,417 | General Motors Company(a) | 1,972,998 | ||||||
BANKING - 9.2% | ||||||||
113,300 | Bank of America Corporation | 5,227,662 | ||||||
30,916 | JPMorgan Chase & Company | 4,594,118 | ||||||
39,123 | Truist Financial Corporation | 2,457,707 | ||||||
53,705 | Wells Fargo & Company | 2,889,329 | ||||||
15,168,816 | ||||||||
BIOTECH & PHARMA - 5.7% | ||||||||
15,000 | AbbVie, Inc. | 2,053,350 | ||||||
36,850 | Bristol-Myers Squibb Company | 2,391,197 | ||||||
18,958 | Johnson & Johnson | 3,266,274 | ||||||
20,486 | Merck & Company, Inc. | 1,669,199 | ||||||
9,380,020 | ||||||||
CABLE & SATELLITE - 0.3% | ||||||||
39,807 | Altice USA, Inc., Class A(a) | 574,017 | ||||||
CHEMICALS - 3.3% | ||||||||
6,240 | Air Products and Chemicals, Inc. | 1,760,429 | ||||||
30,676 | Corteva, Inc. | 1,474,902 | ||||||
63,250 | Huntsman Corporation | 2,266,247 | ||||||
5,501,578 | ||||||||
CONSTRUCTION MATERIALS - 1.5% | ||||||||
2,786 | Martin Marietta Materials, Inc. | 1,084,088 | ||||||
15,412 | Owens Corning(b) | 1,367,045 | ||||||
2,451,133 |
1
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
CONSUMER SERVICES - 1.1% | ||||||||
29,718 | Service Corp International | $ | 1,834,195 | |||||
CONTAINERS & PACKAGING - 0.5% | ||||||||
16,986 | Westrock Company | 784,074 | ||||||
DIVERSIFIED INDUSTRIALS - 2.9% | ||||||||
26,544 | Emerson Electric Company | 2,440,721 | ||||||
11,253 | Honeywell International, Inc. | 2,301,013 | ||||||
4,741,734 | ||||||||
ELECTRIC UTILITIES - 3.8% | ||||||||
47,942 | NextEra Energy, Inc.(b) | 3,745,229 | ||||||
35,595 | Xcel Energy, Inc. | 2,479,548 | ||||||
6,224,777 | ||||||||
ELECTRICAL EQUIPMENT - 1.2% | ||||||||
26,536 | Johnson Controls International plc | 1,928,371 | ||||||
ENGINEERING & CONSTRUCTION - 1.4% | ||||||||
22,411 | Quanta Services, Inc. | 2,302,058 | ||||||
ENTERTAINMENT CONTENT - 1.6% | ||||||||
18,469 | Walt Disney Company (The)(a) | 2,640,513 | ||||||
FOOD - 2.4% | ||||||||
30,433 | Mondelez International, Inc., Class A | 2,039,925 | ||||||
22,351 | Tyson Foods, Inc., Class A | 2,031,482 | ||||||
4,071,407 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 6.0% | ||||||||
15,507 | AmerisourceBergen Corporation | 2,112,053 | ||||||
30,146 | CVS Health Corporation | 3,210,850 | ||||||
9,760 | UnitedHealth Group, Inc. | 4,612,284 | ||||||
9,935,187 | ||||||||
HOUSEHOLD PRODUCTS - 1.3% | ||||||||
13,593 | Procter & Gamble Company (The) | 2,180,997 |
2
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
INDUSTRIAL REIT - 1.3% | ||||||||
13,275 | Prologis, Inc. | $ | 2,081,785 | |||||
INFRASTRUCTURE REIT - 0.8% | ||||||||
5,519 | American Tower Corporation, A | 1,388,029 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.9% | ||||||||
47,673 | Bank of New York Mellon Corporation (The)(b) | 2,825,102 | ||||||
15,320 | Intercontinental Exchange, Inc. | 1,940,431 | ||||||
4,765,533 | ||||||||
INSURANCE - 6.1% | ||||||||
18,229 | Allstate Corporation (The) | 2,199,693 | ||||||
5,978 | Berkshire Hathaway, Inc., Class B(a) | 1,871,234 | ||||||
31,554 | Hartford Financial Services Group, Inc. (The) | 2,267,787 | ||||||
17,428 | Prudential Financial, Inc.(b) | 1,944,442 | ||||||
10,702 | Travelers Companies, Inc. (The)(b) | 1,778,458 | ||||||
10,061,614 | ||||||||
INTERNET MEDIA & SERVICES - 2.7% | ||||||||
1,634 | Alphabet, Inc., Class A(a) | 4,421,718 | ||||||
LEISURE FACILITIES & SERVICES - 0.9% | ||||||||
10,334 | Darden Restaurants, Inc.(b) | 1,445,417 | ||||||
MACHINERY - 2.2% | ||||||||
7,232 | Caterpillar, Inc.(b) | 1,457,682 | ||||||
6,895 | Parker-Hannifin Corporation | 2,137,519 | ||||||
3,595,201 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 6.6% | ||||||||
22,305 | Abbott Laboratories | 2,842,995 | ||||||
28,279 | Baxter International, Inc. | 2,416,158 | ||||||
6,206 | Stryker Corporation | 1,539,398 | ||||||
6,919 | Thermo Fisher Scientific, Inc. | 4,022,015 | ||||||
10,820,566 | ||||||||
OFFICE REIT - 0.8% | ||||||||
11,276 | Boston Properties, Inc.(b) | 1,263,814 |
3
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
OIL & GAS PRODUCERS - 4.9% | ||||||||
43,686 | ConocoPhillips(b) | $ | 3,871,454 | |||||
22,880 | EOG Resources, Inc. | 2,550,662 | ||||||
18,538 | Phillips 66(b) | 1,571,837 | ||||||
7,993,953 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.8% | ||||||||
77,791 | Schlumberger N.V. | 3,039,294 | ||||||
RESIDENTIAL REIT - 1.2% | ||||||||
26,180 | Equity LifeStyle Properties, Inc. | 2,049,632 | ||||||
RETAIL - CONSUMER STAPLES - 1.6% | ||||||||
11,643 | Target Corporation | 2,566,466 | ||||||
RETAIL - DISCRETIONARY - 1.2% | ||||||||
8,581 | Lowe’s Companies, Inc. | 2,036,700 | ||||||
SEMICONDUCTORS - 4.1% | ||||||||
3,198 | Broadcom, Inc. | 1,873,644 | ||||||
17,582 | Intel Corporation | 858,353 | ||||||
22,232 | Micron Technology, Inc. | 1,829,027 | ||||||
38,093 | ON Semiconductor Corporation(a) | 2,247,487 | ||||||
6,808,511 | ||||||||
SOFTWARE - 1.3% | ||||||||
6,874 | Microsoft Corporation | 2,137,677 | ||||||
SPECIALTY FINANCE - 1.0% | ||||||||
9,088 | American Express Company | 1,634,204 | ||||||
TECHNOLOGY HARDWARE - 2.3% | ||||||||
35,347 | Cisco Systems, Inc. | 1,967,767 | ||||||
7,756 | Motorola Solutions, Inc. | 1,798,927 | ||||||
3,766,694 | ||||||||
TECHNOLOGY SERVICES - 1.1% | ||||||||
11,913 | Global Payments, Inc. | 1,785,520 |
4
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
TELECOMMUNICATIONS - 1.7% | ||||||||
52,147 | Verizon Communications, Inc. | $ | 2,775,785 | |||||
TRANSPORTATION & LOGISTICS - 3.1% | ||||||||
58,539 | CSX Corporation | 2,003,204 | ||||||
30,625 | Knight-Swift Transportation Holdings, Inc. | 1,732,763 | ||||||
34,465 | Southwest Airlines Company(a),(b) | 1,542,653 | ||||||
5,278,620 | ||||||||
TOTAL COMMON STOCKS (Cost $110,556,671) | 161,643,397 | |||||||
COLLATERAL FOR SECURITIES LOANED – 11.5% | ||||||||
18,978,175 | Mount Vernon Prime Portfolio, 0.11% (Cost $18,978,175)(c),(d) | 18,978,175 | ||||||
TOTAL INVESTMENTS - 109.5% (Cost $129,534,846) | $ | 180,621,572 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (9.5)% | (15,684,772 | ) | ||||||
NET ASSETS - 100.0% | $ | 164,936,800 |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $18,690,581 at January 31, 2022. |
(c) | Rate disclosed is the seven day effective yield as of January 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) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
AEROSPACE & DEFENSE - 1.5% | ||||||||
12,057 | Barnes Group, Inc. | $ | 544,615 | |||||
18,820 | Kaman Corporation | 752,235 | ||||||
1,296,850 | ||||||||
AUTOMOTIVE - 0.7% | ||||||||
67,339 | Modine Manufacturing Company(a) | 616,152 | ||||||
BANKING - 17.2% | ||||||||
18,826 | Banner Corporation | 1,169,283 | ||||||
10,600 | BOK Financial Corporation(b) | 1,087,030 | ||||||
35,051 | Central Pacific Financial Corporation(b) | 1,019,984 | ||||||
23,450 | Customers Bancorp, Inc.(a),(b) | 1,367,136 | ||||||
14,756 | First Financial Corporation | 662,397 | ||||||
24,000 | Hancock Whitney Corporation | 1,265,281 | ||||||
22,081 | Heartland Financial USA, Inc. | 1,148,874 | ||||||
35,793 | Heritage Financial Corporation | 868,338 | ||||||
30,915 | Independent Bank Corporation(b) | 756,799 | ||||||
24,544 | TriCompany Bancshares | 1,066,928 | ||||||
36,780 | Trustmark Corporation(b) | 1,198,292 | ||||||
11,885 | UMB Financial Corporation(b) | 1,170,078 | ||||||
32,356 | United Community Banks, Inc. | 1,145,079 | ||||||
19,900 | WSFS Financial Corporation(b) | 1,042,362 | ||||||
14,967,861 | ||||||||
BIOTECH & PHARMA - 5.1% | ||||||||
26,600 | Amphastar Pharmaceuticals, Inc.(a),(b) | 614,194 | ||||||
18,778 | AnaptysBio, Inc.(a) | 600,333 | ||||||
11,738 | Anika Therapeutics, Inc.(a),(b) | 373,268 | ||||||
4,300 | Blueprint Medicines Corporation(a),(b) | 331,530 | ||||||
28,542 | Coherus Biosciences, Inc.(a),(b) | 352,779 | ||||||
8,500 | Eagle Pharmaceuticals, Inc.(a) | 390,490 | ||||||
36,756 | Jounce Therapeutics, Inc.(a) | 274,935 | ||||||
10,100 | Sage Therapeutics, Inc.(a) | 398,142 | ||||||
20,562 | Supernus Pharmaceuticals, Inc.(a),(b) | 634,337 | ||||||
30,851 | Vanda Pharmaceuticals, Inc.(a) | 467,701 | ||||||
4,437,709 |
1
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
CHEMICALS - 2.3% | ||||||||
20,212 | Cabot Corporation | $ | 1,111,457 | |||||
13,177 | Minerals Technologies, Inc. | 921,995 | ||||||
2,033,452 | ||||||||
CONSUMER SERVICES - 1.0% | ||||||||
1,443 | Graham Holdings Company, Class B(b) | 858,758 | ||||||
CONTAINERS & PACKAGING - 0.8% | ||||||||
11,854 | Greif, Inc., Class A(b) | 701,283 | ||||||
ELECTRIC UTILITIES - 3.0% | ||||||||
24,200 | Avista Corporation(b) | 1,075,932 | ||||||
17,694 | NorthWestern Corporation(b) | 1,028,375 | ||||||
10,837 | Unitil Corporation | 508,689 | ||||||
2,612,996 | ||||||||
ENGINEERING & CONSTRUCTION - 1.1% | ||||||||
36,719 | Primoris Services Corporation(b) | 944,413 | ||||||
FOOD - 0.7% | ||||||||
12,130 | Seneca Foods Corporation, Class A(a) | 567,078 | ||||||
GAS & WATER UTILITIES - 2.3% | ||||||||
13,141 | SJW Group | 904,889 | ||||||
15,747 | Southwest Gas Holdings, Inc. | 1,073,631 | ||||||
1,978,520 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.5% | ||||||||
15,987 | National HealthCare Corporation | 1,045,550 | ||||||
27,819 | Owens & Minor, Inc.(b) | 1,170,902 | ||||||
2,216,452 | ||||||||
HOME CONSTRUCTION - 0.9% | ||||||||
7,827 | Meritage Homes Corporation(a),(b) | 798,589 | ||||||
HOTEL REIT - 0.9% | ||||||||
57,063 | Chatham Lodging Trust(a) | 757,226 |
2
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
HOTEL REITS - 1.0% | ||||||||
52,544 | Apple Hospitality REIT, Inc. | $ | 847,535 | |||||
HOUSEHOLD PRODUCTS - 0.5% | ||||||||
13,541 | Clearwater Paper Corporation(a),(b) | 428,166 | ||||||
INDUSTRIAL INTERMEDIATE PROD - 2.4% | ||||||||
13,681 | AZZ, Inc. | 650,942 | ||||||
27,052 | Mueller Industries, Inc.(b) | 1,397,506 | ||||||
2,048,448 | ||||||||
INDUSTRIAL REIT - 1.3% | ||||||||
6,550 | PS Business Parks, Inc. | 1,093,588 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.4% | ||||||||
8,142 | Piper Sandler Cos | 1,255,659 | ||||||
INSURANCE - 2.6% | ||||||||
17,596 | American Equity Investment Life Holding Company | 723,899 | ||||||
20,618 | Mercury General Corporation | 1,126,980 | ||||||
2,033 | National Western Life Group, Inc., Class A | 434,798 | ||||||
2,285,677 | ||||||||
LEISURE FACILITIES & SERVICES - 1.2% | ||||||||
19,006 | Travel + Leisure Company | 1,079,541 | ||||||
LEISURE PRODUCTS - 1.1% | ||||||||
10,300 | Thor Industries, Inc.(b) | 974,277 | ||||||
MACHINERY - 2.4% | ||||||||
16,367 | Altra Industrial Motion Corporation | 790,200 | ||||||
4,936 | Curtiss-Wright Corporation(b) | 655,451 | ||||||
14,680 | Hillenbrand, Inc. | 682,326 | ||||||
2,127,977 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 0.9% | ||||||||
7,200 | Quidel Corporation(a) | 744,192 |
3
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
MORTGAGE FINANCE - 1.9% | ||||||||
58,900 | Chimera Investment Corporation | $ | 854,050 | |||||
51,036 | Dynex Capital, Inc.(b) | 820,659 | ||||||
1,674,709 | ||||||||
MULTI ASSET CLASS REIT - 1.2% | ||||||||
75,696 | Armada Hoffler Properties, Inc. | 1,062,015 | ||||||
MULTI ASSET CLASS REITS - 1.0% | ||||||||
63,209 | Global Net Lease, Inc. | 906,417 | ||||||
OFFICE REIT - 2.0% | ||||||||
68,722 | Brandywine Realty Trust | 883,765 | ||||||
20,300 | Highwoods Properties, Inc. | 875,336 | ||||||
1,759,101 | ||||||||
OIL & GAS PRODUCERS - 5.2% | ||||||||
74,567 | Antero Midstream Corporation | 741,942 | ||||||
28,300 | HollyFrontier Corporation | 995,028 | ||||||
17,183 | Laredo Petroleum, Inc.(a),(b) | 1,154,010 | ||||||
36,150 | Matador Resources Company(b) | 1,618,435 | ||||||
4,509,415 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 2.4% | ||||||||
115,838 | Archrock, Inc. | 977,673 | ||||||
94,801 | Liberty Oilfield Services, Inc., Class A(a),(b) | 1,147,092 | ||||||
2,124,765 | ||||||||
RESIDENTIAL REIT - 1.5% | ||||||||
53,570 | UMH Properties, Inc. | 1,264,251 | ||||||
RETAIL - CONSUMER STAPLES - 1.7% | ||||||||
12,902 | Big Lots, Inc.(b) | 540,723 | ||||||
12,976 | Ingles Markets, Inc., Class A(b) | 998,243 | ||||||
1,538,966 | ||||||||
RETAIL - DISCRETIONARY - 4.7% | ||||||||
32,534 | Abercrombie & Fitch Company, Class A(a),(b) | 1,268,826 | ||||||
40,000 | Conn’s, Inc.(a),(b) | 970,800 | ||||||
18,890 | Foot Locker, Inc.(b) | 844,005 |
4
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
RETAIL - DISCRETIONARY - 4.7% (Continued) | ||||||||
18,731 | Sonic Automotive, Inc., Class A(b) | $ | 955,468 | |||||
4,039,099 | ||||||||
RETAIL REIT - 1.3% | ||||||||
75,100 | SITE Centers Corporation | 1,112,231 | ||||||
SEMICONDUCTORS - 3.3% | ||||||||
46,561 | Amkor Technology, Inc. | 1,025,273 | ||||||
17,800 | Cohu, Inc.(a),(b) | 587,044 | ||||||
46,747 | Rambus, Inc.(a),(b) | 1,180,362 | ||||||
2,792,679 | ||||||||
SOFTWARE - 2.2% | ||||||||
31,200 | Donnelley Financial Solutions, Inc.(a) | 1,161,264 | ||||||
40,190 | NextGen Healthcare, Inc.(a) | 776,069 | ||||||
1,937,333 | ||||||||
SPECIALTY FINANCE - 2.7% | ||||||||
33,894 | Mr. Cooper Group, Inc.(a),(b) | 1,360,844 | ||||||
13,869 | Stewart Information Services Corporation | 990,663 | ||||||
2,351,507 | ||||||||
TECHNOLOGY HARDWARE - 1.4% | ||||||||
58,502 | Knowles Corporation(a) | 1,240,827 | ||||||
TECHNOLOGY SERVICES - 1.9% | ||||||||
28,800 | Green Dot Corporation, Class A(a) | 913,248 | ||||||
9,000 | Science Applications International Corporation | 738,270 | ||||||
1,651,518 | ||||||||
TELECOMMUNICATIONS - 1.1% | ||||||||
39,700 | EchoStar Corporation, Class A(a),(b) | 940,493 | ||||||
TIMBER REIT - 1.3% | ||||||||
21,500 | PotlatchDeltic Corporation | 1,156,485 | ||||||
TRANSPORTATION & LOGISTICS - 3.6% | ||||||||
61,952 | Heartland Express, Inc. | 926,802 | ||||||
13,422 | Matson, Inc.(b) | 1,310,792 |
5
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 3.6% (Continued) | ||||||||
12,150 | Ryder System, Inc. | $ | 889,259 | |||||
3,126,853 | ||||||||
TRANSPORTATION EQUIPMENT - 1.0% | ||||||||
37,000 | Meritor, Inc.(a) | 852,850 | ||||||
WHOLESALE - CONSUMER STAPLES - 0.9% | ||||||||
19,800 | Andersons, Inc. (The) | 754,380 | ||||||
WHOLESALE - DISCRETIONARY - 2.2% | ||||||||
34,644 | G-III Apparel Group Ltd.(a),(b) | 941,278 | ||||||
65,683 | KAR Auction Services, Inc.(a),(b) | 934,012 | ||||||
1,875,290 | ||||||||
TOTAL COMMON STOCKS (Cost $72,169,655) | 86,343,583 | |||||||
COLLATERAL FOR SECURITIES LOANED – 31.3% | ||||||||
27,245,188 | Mount Vernon Prime Portfolio, 0.11% (Cost $27,245,188)(c),(d) | 27,245,188 | ||||||
TOTAL INVESTMENTS - 130.6% (Cost $99,414,843) | $ | 113,588,771 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (30.6)% | (26,645,772 | ) | ||||||
NET ASSETS - 100.0% | $ | 86,942,999 |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $26,801,768 at January 31, 2022. |
(c) | Rate disclosed is the seven day effective yield as of January 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%. |
6
DUNHAM FOCUSED LARGE CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% | ||||||||
E-COMMERCE DISCRETIONARY - 8.7% | ||||||||
4,185 | Amazon.com, Inc.(a) | $ | 12,519,302 | |||||
3,129 | MercadoLibre, Inc.(a) | 3,542,216 | ||||||
16,061,518 | ||||||||
INTERNET MEDIA & SERVICES - 7.7% | ||||||||
31,181 | Meta Platforms, Inc., Class A(a) | 9,767,760 | ||||||
10,529 | Netflix, Inc.(a) | 4,497,357 | ||||||
14,265,117 | ||||||||
LEISURE FACILITIES & SERVICES - 2.3% | ||||||||
2,931 | Chipotle Mexican Grill, Inc.(a),(b) | 4,354,235 | ||||||
MEDICAL EQUIPMENT & DEVICES - 12.5% | ||||||||
9,227 | Align Technology, Inc.(a) | 4,566,996 | ||||||
11,159 | DexCom, Inc.(a) | 4,803,726 | ||||||
41,628 | Edwards Lifesciences Corporation(a) | 4,545,778 | ||||||
14,000 | Insulet Corporation(a),(b) | 3,472,000 | ||||||
20,290 | Intuitive Surgical, Inc.(a) | 5,766,012 | ||||||
23,154,512 | ||||||||
RETAIL - DISCRETIONARY - 6.2% | ||||||||
14,619 | Burlington Stores, Inc.(a),(b) | 3,463,680 | ||||||
11,658 | Lululemon Athletica, Inc.(a) | 3,890,974 | ||||||
19,447 | Tractor Supply Company | 4,245,474 | ||||||
11,600,128 | ||||||||
SEMICONDUCTORS - 13.9% | ||||||||
28,105 | Advanced Micro Devices, Inc.(a) | 3,210,996 | ||||||
5,762 | ASML Holding N.V. - ADR | 3,902,026 | ||||||
18,963 | Marvell Technology, Inc. | 1,353,958 | ||||||
54,316 | NVIDIA Corporation | 13,299,816 | ||||||
22,966 | QUALCOMM, Inc. | 4,036,504 | ||||||
25,803,300 | ||||||||
SOFTWARE - 26.6% | ||||||||
12,700 | Adobe, Inc.(a) | 6,785,610 | ||||||
39,138 | Microsoft Corporation | 12,171,136 | ||||||
31,367 | salesforce.com, Inc.(a) | 7,296,905 | ||||||
21,066 | ServiceNow, Inc.(a) | 12,340,042 |
DUNHAM FOCUSED LARGE CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
SOFTWARE - 26.6% (Continued) | ||||||||
15,269 | Twilio, Inc., Class A(a) | $ | 3,147,246 | |||||
12,019 | Unity Software, Inc.(a),(b) | 1,263,798 | ||||||
26,881 | Veeva Systems, Inc., Class A(a) | 6,358,432 | ||||||
49,363,169 | ||||||||
TECHNOLOGY HARDWARE - 4.1% | ||||||||
43,747 | Apple, Inc. | 7,646,101 | ||||||
TECHNOLOGY SERVICES - 15.8% | ||||||||
31,905 | Block, Inc., Class A(a),(b) | 3,901,662 | ||||||
29,633 | Mastercard, Inc., Class A | 11,449,598 | ||||||
42,488 | PayPal Holdings, Inc.(a),(b) | 7,305,387 | ||||||
29,745 | Visa, Inc., Class A(b) | 6,727,427 | ||||||
29,384,074 | ||||||||
TOTAL COMMON STOCKS (Cost $90,527,330) | 181,632,154 | |||||||
COLLATERAL FOR SECURITIES LOANED - 13.4% | ||||||||
24,906,299 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost $24,906,299)(c),(d) | 24,906,299 | ||||||
TOTAL INVESTMENTS - 111.2% (Cost $115,433,629) | $ | 206,538,453 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (11.2)% | (20,743,325 | ) | ||||||
NET ASSETS - 100.0% | $ | 185,795,128 |
ADR | - American Depositary Receipt |
LLC | - Limited Liability Company |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $25,462,852 at January 31, 2022. |
(c) | Rate disclosed is the seven day effective yield as of January 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) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
ADVERTISING & MARKETING - 2.1% | ||||||||
12,140 | Cardlytics, Inc.(a),(b) | $ | 814,594 | |||||
49,904 | Magnite, Inc.(a),(b) | 677,197 | ||||||
1,491,791 | ||||||||
AEROSPACE & DEFENSE - 1.1% | ||||||||
15,579 | Hexcel Corporation(a),(b) | 812,756 | ||||||
APPAREL & TEXTILE PRODUCTS - 1.8% | ||||||||
6,384 | Crocs, Inc.(a) | 655,126 | ||||||
1,884 | Deckers Outdoor Corporation(a),(b) | 603,313 | ||||||
1,258,439 | ||||||||
BANKING - 3.1% | ||||||||
10,602 | First Merchants Corporation | 449,843 | ||||||
13,257 | Glacier Bancorp, Inc.(b) | 688,436 | ||||||
18,754 | Seacoast Banking Corp of Florida(b) | 684,521 | ||||||
3,633 | Silvergate Capital Corporation(a) | 391,419 | ||||||
2,214,219 | ||||||||
BIOTECH & PHARMA - 10.1% | ||||||||
23,680 | Alector, Inc.(a) | 375,565 | ||||||
59,911 | Allogene Therapeutics, Inc.(a),(b) | 685,981 | ||||||
30,496 | ALX Oncology Holdings, Inc.(a),(b) | 487,936 | ||||||
36,080 | Anavex Life Sciences Corporation(a),(b) | 471,926 | ||||||
17,207 | Apellis Pharmaceuticals, Inc.(a) | 692,926 | ||||||
15,540 | Avid Bioservices, Inc.(a),(b) | 293,240 | ||||||
6,637 | Biohaven Pharmaceutical Holding Company Ltd.(a) | 881,857 | ||||||
8,562 | CRISPR Therapeutics A.G.(a) | 545,828 | ||||||
18,737 | Immunocore Holdings plc - ADR(a) | 422,894 | ||||||
57,221 | IVERIC bio, Inc.(a),(b) | 797,661 | ||||||
9,564 | Maravai LifeSciences Holdings, Inc.(a),(b) | 276,591 | ||||||
79,397 | MaxCyte, Inc.(a),(b) | 512,905 | ||||||
21,934 | Myovant Sciences Ltd.(a) | 286,458 | ||||||
29,827 | Seer, Inc.(a) | 469,179 | ||||||
7,200,947 |
1
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
CHEMICALS - 0.3% | ||||||||
11,857 | Codexis, Inc.(a) | $ | 243,069 | |||||
COMMERCIAL SUPPORT SERVICES - 1.1% | ||||||||
6,876 | Avalara, Inc.(a) | 753,747 | ||||||
ELECTRICAL EQUIPMENT - 1.7% | ||||||||
30,337 | Bloom Energy Corporation, Class A(a),(b) | 457,482 | ||||||
12,552 | Itron, Inc.(a) | 778,224 | ||||||
1,235,706 | ||||||||
ENGINEERING & CONSTRUCTION - 3.6% | ||||||||
7,883 | Exponent, Inc. | 748,727 | ||||||
37,351 | Latham Group, Inc.(a) | 623,015 | ||||||
11,143 | Montrose Environmental Group, Inc.(a) | 510,015 | ||||||
19,765 | WillScot Mobile Mini Holdings Corporation(a) | 732,096 | ||||||
2,613,853 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 5.1% | ||||||||
13,541 | HealthEquity, Inc.(a),(b) | 723,631 | ||||||
6,734 | LHC Group, Inc.(a) | 835,689 | ||||||
9,493 | Progyny, Inc.(a),(b) | 384,467 | ||||||
25,000 | RadNet, Inc.(a) | 643,750 | ||||||
10,687 | Surgery Partners, Inc.(a) | 456,014 | ||||||
36,172 | Vapotherm, Inc.(a) | 584,901 | ||||||
3,628,452 | ||||||||
HOME CONSTRUCTION - 2.1% | ||||||||
21,411 | AZEK Company, Inc. (The)(a) | 707,205 | ||||||
11,729 | Skyline Champion Corporation(a),(b) | 789,831 | ||||||
1,497,036 | ||||||||
HOUSEHOLD PRODUCTS - 2.9% | ||||||||
28,622 | elf Beauty, Inc.(a) | 846,066 | ||||||
12,528 | Inter Parfums, Inc. | 1,239,896 | ||||||
2,085,962 | ||||||||
INDUSTRIAL INTERMEDIATE PROD - 0.8% | ||||||||
4,583 | Chart Industries, Inc.(a),(b) | 558,530 |
2
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.9% | ||||||||
8,597 | Houlihan Lokey, Inc. | $ | 913,690 | |||||
8,154 | Moelis & Company, Class A(b) | 460,456 | ||||||
1,374,146 | ||||||||
INTERNET MEDIA & SERVICES - 4.6% | ||||||||
44,571 | Eventbrite, Inc., Class A(a),(b) | 638,702 | ||||||
20,365 | Pinterest, Inc., Class A(a) | 601,989 | ||||||
8,704 | TechTarget, Inc.(a),(b) | 721,910 | ||||||
19,963 | Upwork, Inc.(a) | 542,994 | ||||||
5,614 | Wix.com Ltd.(a) | 737,512 | ||||||
3,243,107 | ||||||||
LEISURE FACILITIES & SERVICES - 6.1% | ||||||||
15,694 | Dutch Bros, Inc.(a),(b) | 818,442 | ||||||
65,384 | Lindblad Expeditions Holdings, Inc.(a) | 1,103,029 | ||||||
6,707 | Papa John’s International, Inc.(b) | 827,979 | ||||||
12,257 | Shake Shack, Inc., Class A(a),(b) | 809,820 | ||||||
5,340 | Wingstop, Inc.(b) | 818,355 | ||||||
4,377,625 | ||||||||
LEISURE PRODUCTS - 1.0% | ||||||||
5,325 | Fox Factory Holding Corporation(a),(b) | 708,598 | ||||||
MACHINERY - 1.3% | ||||||||
6,734 | MSA Safety, Inc. | 925,252 | ||||||
MEDICAL EQUIPMENT & DEVICES - 5.6% | ||||||||
22,145 | Adaptive Biotechnologies Corporation(a) | 386,209 | ||||||
50,521 | Alphatec Holdings, Inc.(a) | 522,387 | ||||||
11,731 | BioLife Solutions, Inc.(a) | 350,053 | ||||||
134,196 | Cerus Corporation(a) | 719,291 | ||||||
7,836 | Inari Medical, Inc.(a) | 576,416 | ||||||
3,770 | Insulet Corporation(a),(b) | 934,959 | ||||||
2,352 | Repligen Corporation(a) | 466,496 | ||||||
3,955,811 | ||||||||
RENEWABLE ENERGY - 1.8% | ||||||||
29,016 | Fluence Energy, Inc.(a) | 542,599 |
3
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
RENEWABLE ENERGY - 1.8% (Continued) | ||||||||
3,188 | SolarEdge Technologies, Inc.(a) | $ | 759,446 | |||||
1,302,045 | ||||||||
RETAIL - CONSUMER STAPLES - 1.2% | ||||||||
17,734 | Ollie’s Bargain Outlet Holdings, Inc.(a),(b) | 850,168 | ||||||
RETAIL - DISCRETIONARY - 2.4% | ||||||||
38,931 | American Eagle Outfitters, Inc.(b) | 888,795 | ||||||
8,713 | Freshpet, Inc.(a),(b) | 810,570 | ||||||
1,699,365 | ||||||||
SEMICONDUCTORS - 9.3% | ||||||||
28,196 | Allegro MicroSystems, Inc.(a) | 800,202 | ||||||
15,703 | Axcelis Technologies, Inc.(a) | 983,165 | ||||||
5,866 | Azenta, Inc. | 494,738 | ||||||
24,741 | FormFactor, Inc.(a) | 1,057,431 | ||||||
10,967 | Lattice Semiconductor Corporation(a) | 605,598 | ||||||
5,241 | Onto Innovation, Inc.(a),(b) | 479,761 | ||||||
8,209 | Power Integrations, Inc. | 662,548 | ||||||
7,740 | Semtech Corporation(a),(b) | 550,314 | ||||||
10,627 | Wolfspeed, Inc.(a),(b) | 1,001,489 | ||||||
6,635,246 | ||||||||
SOFTWARE - 14.4% | ||||||||
11,745 | Bandwidth, Inc., Class A(a),(b) | 735,354 | ||||||
16,166 | BigCommerce Holdings, Inc.(a),(b) | 528,467 | ||||||
7,952 | Blackline, Inc.(a) | 730,550 | ||||||
3,620 | Coupa Software, Inc.(a) | 486,057 | ||||||
17,671 | DoubleVerify Holdings, Inc.(a) | 488,780 | ||||||
7,950 | Elastic N.V.(a) | 741,338 | ||||||
7,450 | Everbridge, Inc.(a),(b) | 380,844 | ||||||
17,113 | Expensify, Inc.(a) | 500,555 | ||||||
38,845 | Jamf Holding Corporation(a) | 1,284,215 | ||||||
28,136 | JFrog Ltd.(a),(b) | 751,794 | ||||||
21,311 | LivePerson, Inc.(a),(b) | 636,560 | ||||||
4,881 | Omnicell, Inc.(a),(b) | 732,833 | ||||||
5,571 | Sprout Social, Inc., Class A(a) | 383,563 |
4
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
SOFTWARE - 14.4% (Continued) | ||||||||
17,923 | Tenable Holdings, Inc.(a) | $ | 921,242 | |||||
7,081 | Workiva, Inc.(a) | 837,541 | ||||||
10,139,693 | ||||||||
TECHNOLOGY HARDWARE - 3.3% | ||||||||
9,053 | Fabrinet(a) | 1,024,437 | ||||||
5,720 | Kornit Digital Ltd.(a) | 600,943 | ||||||
22,678 | PagerDuty, Inc.(a),(b) | 748,828 | ||||||
2,374,208 | ||||||||
TECHNOLOGY SERVICES - 5.3% | ||||||||
5,783 | Endava plc - ADR(a) | 703,328 | ||||||
10,458 | MAXIMUS, Inc. | 808,613 | ||||||
14,843 | Shift4 Payments, Inc.(a),(b) | 782,523 | ||||||
38,445 | Telos Corporation(a),(b) | 449,422 | ||||||
11,662 | WNS Holdings Ltd. - ADR(a) | 981,474 | ||||||
3,725,360 | ||||||||
TRANSPORTATION & LOGISTICS - 2.8% | ||||||||
32,903 | Air Transport Services Group, Inc.(a) | 883,446 | ||||||
7,182 | CryoPort, Inc.(a),(b) | 299,992 | ||||||
2,778 | Saia, Inc.(a) | 789,730 | ||||||
1,973,168 | ||||||||
TRANSPORTATION EQUIPMENT - 1.2% | ||||||||
36,325 | Meritor, Inc.(a) | 837,291 | ||||||
TOTAL COMMON STOCKS (Cost $65,864,130) | 69,715,590 | |||||||
COLLATERAL FOR SECURITIES LOANED - 25.4% | ||||||||
18,075,839 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost $18,075,839)(c),(d) | 18,075,839 | ||||||
TOTAL INVESTMENTS - 123.4% (Cost $83,939,969) | $ | 87,791,429 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (23.4)% | (16,649,730 | ) | ||||||
NET ASSETS - 100.0% | $ | 71,141,699 |
5
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
ADR | - American Depositary Receipt |
LLC | - Limited Liability Company |
LTD | - Limited Company |
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 $18,775,061 at January 31, 2022. |
(c) | Rate disclosed is the seven day effective yield as of January 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) |
January 31, 2022 |
Shares | Fair Value | |||||||
CLOSED END FUNDS — 1.1% | ||||||||
MIXED ALLOCATION - 1.1% | ||||||||
136,545 | Vietnam Enterprise Investments Ltd.(a) | $ | 1,374,424 | |||||
TOTAL CLOSED END FUNDS (Cost $861,698) | 1,374,424 | |||||||
COMMON STOCKS — 97.7% | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.6% | ||||||||
41,200 | Shenzhou International Group Holdings Ltd.(b) | 764,472 | ||||||
AUTOMOTIVE - 0.9% | ||||||||
560,000 | Geely Automobile Holdings Ltd. | 1,212,277 | ||||||
BANKING - 14.0% | ||||||||
152,499 | Banco Bradesco S.A. - ADR | 654,221 | ||||||
64,200 | Banco Santander Chile - ADR | 1,289,136 | ||||||
1,493,400 | Bank Central Asia Tbk P.T. | 796,773 | ||||||
1,663,900 | Bank Negara Indonesia Persero Tbk P.T. | 856,610 | ||||||
6,889,500 | Bank Rakyat Indonesia Persero Tbk P.T. | 1,967,014 | ||||||
257,000 | China Merchants Bank Company Ltd., H Shares(b) | 2,148,061 | ||||||
12,500 | HDFC Bank Ltd. - ADR | 857,875 | ||||||
70,300 | ICICI Bank Ltd. - ADR | 1,527,619 | ||||||
160,900 | Itau Unibanco Holding S.A. - ADR | 759,448 | ||||||
425,300 | Kasikornbank PCL - ADR | 1,929,072 | ||||||
58,695 | KB Financial Group, Inc. | 2,908,834 | ||||||
12,521 | OTP Bank Nyrt(a) | 726,460 | ||||||
1,729,500 | Public Bank Bhd | 1,741,717 | ||||||
18,162,840 | ||||||||
BEVERAGES - 4.1% | ||||||||
258,300 | Budweiser Brewing Company APAC Ltd. | 682,315 | ||||||
210,500 | Carabao Group PCL | 647,383 | ||||||
19,800 | Heineken Malaysia Bhd | 96,963 | ||||||
203,259 | Varun Beverages Ltd. | 2,478,298 | ||||||
46,600 | Wuliangye Yibin Company Ltd. | 1,468,006 | ||||||
5,372,965 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.7% (Continued) | ||||||||
CHEMICALS - 0.9% | ||||||||
9,433,500 | AKR Corporindo Tbk P.T. | $ | 482,307 | |||||
12,700 | Sociedad Quimica y Minera de Chile S.A. - ADR | 687,705 | ||||||
1,170,012 | ||||||||
CONSUMER SERVICES - 0.6% | ||||||||
917,000 | China Education Group Holdings Ltd. | 802,620 | ||||||
E-COMMERCE DISCRETIONARY - 4.2% | ||||||||
332,600 | Alibaba Group Holding Ltd.(a),(b) | 5,213,081 | ||||||
4,905 | JD.com, Inc.(a) | 185,899 | ||||||
5,398,980 | ||||||||
ELECTRICAL EQUIPMENT - 0.6% | ||||||||
42,000 | Sungrow Power Supply Company Ltd. | 763,028 | ||||||
ENGINEERING & CONSTRUCTION - 2.2% | ||||||||
84,797 | Larsen & Toubro Ltd. | 2,186,820 | ||||||
39,741 | Mytilineos S.A. | 679,921 | ||||||
2,866,741 | ||||||||
FOOD - 1.9% | ||||||||
7,545,300 | Monde Nissin Corporation(a) | 2,419,594 | ||||||
GAS & WATER UTILITIES - 0.7% | ||||||||
624,000 | Guangdong Investment Ltd. | 891,353 | ||||||
HEALTH CARE FACILITIES & SERVICES - 2.3% | ||||||||
64,000 | Hangzhou Tigermed Consulting Company Ltd. | 670,461 | ||||||
278,801 | Max Healthcare Institute Ltd.(a) | 1,380,902 | ||||||
96,500 | Wuxi Biologics Cayman, Inc.(a),(b) | 967,207 | ||||||
3,018,570 | ||||||||
HOME & OFFICE PRODUCTS - 2.2% | ||||||||
412,000 | Haier Smart Home Company Ltd., H Shares(b) | 1,651,743 | ||||||
103,400 | Midea Group Company Ltd. | 1,203,035 | ||||||
2,854,778 | ||||||||
INSURANCE - 4.5% | ||||||||
172,800 | AIA Group Ltd.(b) | 1,804,018 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.7% (Continued) | ||||||||
INSURANCE - 4.5% (Continued) | ||||||||
891,000 | Cathay Financial Holding Company Ltd.(b) | $ | 2,067,684 | |||||
115,492 | Prudential plc | 1,946,911 | ||||||
5,818,613 | ||||||||
INTERNET MEDIA & SERVICES - 7.5% | ||||||||
14,905 | Kakao Corporation(a) | 1,076,587 | ||||||
5,625 | NAVER Corporation(b) | 1,485,754 | ||||||
103,000 | Tencent Holdings Ltd.(b) | 6,454,280 | ||||||
16,500 | Yandex N.V., Class A(a) | 792,990 | ||||||
9,809,611 | ||||||||
LEISURE FACILITIES & SERVICES - 3.2% | ||||||||
155,340 | Jollibee Foods Corporation | 728,407 | ||||||
1,179,387 | Lemon Tree Hotels Ltd.(a) | 827,804 | ||||||
982,500 | Minor International PCL - ADR(a) | 909,840 | ||||||
115,587 | OPAP S.A. | 1,717,033 | ||||||
4,183,084 | ||||||||
MACHINERY - 0.8% | ||||||||
339,990 | Sany Heavy Industry Company Ltd., Class A | 1,086,464 | ||||||
OIL & GAS PRODUCERS - 3.5% | ||||||||
376,189 | Gazprom PJSC | 1,627,400 | ||||||
523,400 | PTT Exploration & Production PCL | 2,058,021 | ||||||
815,700 | PTT PCL - ADR | 964,800 | ||||||
4,650,221 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 2.0% | ||||||||
41,260 | Ayala Corporation | 702,457 | ||||||
44,891 | Godrej Properties Ltd.(a) | 1,039,211 | ||||||
230,490 | Vinhomes JSC(b) | 815,741 | ||||||
2,557,409 | ||||||||
REAL ESTATE SERVICES - 0.8% | ||||||||
300,000 | ESR Cayman Ltd.(a) | 1,017,221 | ||||||
RENEWABLE ENERGY - 2.9% | ||||||||
27,300 | Contemporary Amperex Technology Company Ltd. | 2,638,636 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.7% (Continued) | ||||||||
RENEWABLE ENERGY - 2.9% (Continued) | ||||||||
97,315 | LONGi Green Energy Technology Company Ltd., Class A | $ | 1,091,653 | |||||
3,730,289 | ||||||||
RETAIL - CONSUMER STAPLES - 0.9% | ||||||||
212,700 | Atacadao S.A. | 668,531 | ||||||
8,512 | Magnit PJSC | 555,948 | ||||||
1,224,479 | ||||||||
RETAIL - DISCRETIONARY - 0.8% | ||||||||
13,449 | CCC S.A.(a) | 254,575 | ||||||
1,940,400 | Home Product Center PCL | 829,617 | ||||||
1,084,192 | ||||||||
SEMICONDUCTORS - 13.1% | ||||||||
11,000 | ASPEED Technology, Inc. | 1,236,687 | ||||||
61,000 | MediaTek, Inc. | 2,424,004 | ||||||
18,690 | SK Hynix, Inc.(b) | 1,934,513 | ||||||
457,000 | Taiwan Semiconductor Manufacturing Company Ltd. | 10,571,692 | ||||||
7,000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 858,410 | ||||||
17,025,306 | ||||||||
SOFTWARE - 0.6% | ||||||||
80,000 | Glodon Company Ltd. | 779,698 | ||||||
SPECIALTY FINANCE - 3.0% | ||||||||
115,700 | Housing Development Finance Corp Ltd. | 3,950,541 | ||||||
TECHNOLOGY HARDWARE - 9.6% | ||||||||
174,000 | Accton Technology Corporation | 1,681,045 | ||||||
305,000 | Flat Glass Group Company Ltd. | 1,224,477 | ||||||
106,893 | Samsung Electronics Company Ltd.(b) | 6,648,482 | ||||||
21,990 | Samsung Electronics Company Ltd. - Pref(b) | 1,236,847 | ||||||
217,000 | Unimicron Technology Corporation | 1,627,554 | ||||||
12,418,405 | ||||||||
TECHNOLOGY SERVICES - 4.4% | ||||||||
157,200 | Infosys Ltd. | 3,701,150 | ||||||
235,680 | Shanghai Baosight Software Company Ltd. | 2,017,482 | ||||||
5,718,632 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.7% (Continued) | ||||||||
TELECOMMUNICATIONS - 1.8% | ||||||||
150,497 | Bharti Airtel Ltd.(a) | $ | 1,479,205 | |||||
8,506 | Bharti Airtel Ltd.- PP (a) | 43,545 | ||||||
78,400 | Vnet Group, Inc. - ADR(a),(b) | 777,728 | ||||||
2,300,478 | ||||||||
TRANSPORTATION & LOGISTICS - 2.3% | ||||||||
185,376 | Spring Airlines Company Ltd.(a) | 1,670,683 | ||||||
22,404 | Wizz Air Holdings plc(a) | 1,228,130 | ||||||
2,898,813 | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.8% | ||||||||
455,283 | Devyani International Ltd.(a) | 1,035,828 | ||||||
TOTAL COMMON STOCKS (Cost $114,159,928) | 126,987,514 |
Maturity Date | ||||||||||
WARRANT — 0.0% | ||||||||||
LEISURE FACILITIES & SERVICES - 0.0% | ||||||||||
42,772 | Minor International PCL (Thailand) | 5/8/2023 | $ | 5,681 | ||||||
42,772 | Minor International PCL (Thailand) | 7/31/2023 | 5,681 | |||||||
38,762 | Minor International PCL (Thailand) | 2/16/2024 | 3,878 | |||||||
TOTAL WARRANT (Cost $5,303) | 17,190 | |||||||||
COLLATERAL FOR SECURITIES LOANED— 0.5% | ||||||||||
679,140 | Mount Vernon Prime Portfolio, 0.11% (Cost $679,140)(c),(d) | 679,140 | ||||||||
TOTAL INVESTMENTS - 99.3% (Cost $115,706,069) | $ | 129,058,268 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7% | 852,592 | |||||||||
NET ASSETS - 100.0% | $ | 129,910,860 | ||||||||
ADR | - American Depositary Receipt |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PJSC | - Public Joint-Stock Company |
PLC | - Public Limited Company |
PT | - Perseroan Terbatas |
S/A | - Société Anonyme |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $769,951 at January 31, 2022. |
(c) | Rate disclosed is the seven day effective yield as of January 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 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) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
ADVERTISING & MARKETING - 0.3% | ||||||||
30,600 | Hakuhodo DY Holdings, Inc. | $ | 468,710 | |||||
APPAREL & TEXTILE PRODUCTS - 1.5% | ||||||||
2,775 | adidas A.G. | 761,607 | ||||||
3,174 | Cie Financiere Richemont S.A. - ADR | 45,991 | ||||||
11,041 | Cie Financiere Richemont S.A. | 1,604,631 | ||||||
182 | Swatch Group A.G. (The) | 53,093 | ||||||
10,100 | Swatch Group A.G. (The) - ADR | 147,006 | ||||||
2,612,328 | ||||||||
ASSET MANAGEMENT - 1.9% | ||||||||
37,168 | Industrivarden A.B., C Shares | 1,154,483 | ||||||
47,569 | Investor A.B. | 1,082,182 | ||||||
183 | Partners Group Holding A.G. | 255,138 | ||||||
1,533 | Sofina S.A. | 610,440 | ||||||
11,399 | UBS Group A.G. | 211,446 | ||||||
3,313,689 | ||||||||
AUTOMOTIVE - 4.8% | ||||||||
14,073 | Continental A.G. (a) | 1,364,556 | ||||||
2,100 | Ferrari N.V. | 485,016 | ||||||
27,484 | Ford Otomotiv Sanayi A/S | 512,603 | ||||||
6,461 | Hyundai Motor Company | 476,220 | ||||||
58,500 | Mitsubishi Motors Corporation(a) | 167,025 | ||||||
77,900 | Nissan Motor Company Ltd.(a) | 412,282 | ||||||
1,305 | Porsche Automobil Holding S.E. | 122,228 | ||||||
118,322 | Porsche Automobil Holding S.E. - ADR | 1,096,845 | ||||||
15,100 | Renault S.A.(a) | 600,188 | ||||||
4,721 | Stellantis N.V. | 91,175 | ||||||
60,512 | Stellantis N.V. | 1,168,570 | ||||||
5,562 | Volkswagen A.G. | 1,158,560 | ||||||
35,700 | Yamaha Motor Company Ltd. | 850,121 | ||||||
8,505,389 | ||||||||
BANKING - 8.3% | ||||||||
1,055,223 | Akbank T.A.S. | 635,564 | ||||||
18,719 | Bank AlBilad(a) | 278,237 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
BANKING - 8.3% (Continued) | ||||||||
43,009 | Bank Leumi Le-Israel BM | $ | 461,271 | |||||
47,790 | Bank of China Ltd. - ADR | 464,041 | ||||||
1,815,000 | Bank of Communications Company Ltd. | 1,357,690 | ||||||
124,000 | Bank of Communications Company Ltd., H Shares | 83,173 | ||||||
750,500 | Bank of Jiangsu Company Ltd. | 781,544 | ||||||
31,712 | BNK Financial Group, Inc.(a) | 213,878 | ||||||
57,900 | Chiba Bank Ltd. (The) | 374,295 | ||||||
272,000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | 99,696 | ||||||
19,395 | Danske Bank A/S | 376,490 | ||||||
181,595 | Gulf Bank KSCP | 178,382 | ||||||
10,225 | Hana Financial Group, Inc. | 385,252 | ||||||
12,614 | Industrial & Commercial Bank of China Ltd. - ADR | 153,260 | ||||||
12,641 | KB Financial Group, Inc. | 626,469 | ||||||
449,900 | Mebuki Financial Group, Inc. | 1,003,599 | ||||||
218,800 | Mitsubishi UFJ Financial Group, Inc. | 1,326,174 | ||||||
12,417 | Nordea Bank Abp | 147,488 | ||||||
74,724 | Quinenco S.A. | 194,106 | ||||||
775,890 | Sberbank of Russia PJSC | 2,677,163 | ||||||
142,450 | Sberbank of Russia PJSC - Pref | 468,689 | ||||||
36,156 | Skandinaviska Enskilda Banken A.B. | 467,392 | ||||||
35,636 | Sumitomo Mitsui Financial Group, Inc. - ADR | 256,223 | ||||||
6,900 | Sumitomo Mitsui Trust Holdings, Inc. | 238,604 | ||||||
361,019 | Turkiye Garanti Bankasi A/S | 323,505 | ||||||
1,915,580,000 | VTB Bank PJSC | 1,083,778 | ||||||
14,655,963 | ||||||||
BEVERAGES - 0.9% | ||||||||
4,475 | Carlsberg A/S - Series B | 724,658 | ||||||
21,361 | Cia Cervecerias Unidas S.A. | 177,269 | ||||||
1,635 | Coca-Cola HBC A.G. | 54,158 | ||||||
2,961 | Diageo plc - ADR | 603,896 | ||||||
1,559,981 | ||||||||
BIOTECH & PHARMA - 4.5% | ||||||||
5,530 | Bayer A.G. | 336,012 | ||||||
56,246 | GlaxoSmithKline plc - ADR(d) | 2,520,946 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
BIOTECH & PHARMA - 4.5% (Continued) | ||||||||
10,448 | Novartis A.G. - ADR(d) | $ | 908,036 | |||||
6,834 | Novartis A.G. | 593,803 | ||||||
9,491 | Novo Nordisk A/S - ADR | 947,866 | ||||||
8,202 | Novo Nordisk A/S, Class B | 815,859 | ||||||
4,784 | Roche Holding A.G. | 1,851,406 | ||||||
7,973,928 | ||||||||
CHEMICALS - 5.5% | ||||||||
15,084 | Brenntag S.E. | 1,292,509 | ||||||
22,437 | Clariant A.G. | 475,554 | ||||||
20,889 | Covestro A.G. | 1,253,356 | ||||||
2,300 | Daicel Corporation | 16,965 | ||||||
261,795 | Fangda Carbon New Material Company Ltd. | 401,185 | ||||||
8,100 | Kaneka Corporation | 263,850 | ||||||
475 | KCC Corporation | 153,874 | ||||||
1,673 | Kumho Petrochemical Company Ltd.(a) | 114,572 | ||||||
21,400 | Mitsubishi Chemical Holdings Corporation | 167,861 | ||||||
8,400 | Mitsui Chemicals, Inc. | 224,649 | ||||||
145,276 | National Industrialization Company (a) | 886,554 | ||||||
3,200 | Nitto Denko Corporation | 249,144 | ||||||
10,128 | PhosAgro PJSC | 716,552 | ||||||
14,171 | Sasol Ltd. (a) | 319,058 | ||||||
26,739 | Saudi Arabian Fertilizer Company | 1,212,250 | ||||||
35,565 | Saudi Industrial Investment Group | 325,219 | ||||||
6,800 | Shin-Etsu Chemical Company Ltd. | 1,137,674 | ||||||
15,771 | Sinopec Shanghai Petrochemical Company Ltd. - ADR | 360,683 | ||||||
9,200 | Sumitomo Chemical Company Ltd. | 46,395 | ||||||
1,096 | Yara International ASA | 56,271 | ||||||
900 | Yara International ASA – ADR (d) | 23,139 | ||||||
9,697,314 | ||||||||
COMMERCIAL SUPPORT SERVICES - 1.7% | ||||||||
12,310 | Adecco Group A.G. | 586,365 | ||||||
28,900 | Persol Holdings Company Ltd. | 746,058 | ||||||
12,994 | Randstad N.V. | 845,417 | ||||||
289 | SGS S.A. | 824,104 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
COMMERCIAL SUPPORT SERVICES - 1.7% (Continued) | ||||||||
2,400 | SGS S.A. - ADR | $ | 68,208 | |||||
3,070,152 | ||||||||
CONSTRUCTION MATERIALS - 0.4% | ||||||||
1,100 | AGC, Inc. | 50,484 | ||||||
10,910 | James Hardie Industries plc - ADR(d) | 363,521 | ||||||
4,900 | James Hardie Industries plc - ADR | 164,879 | ||||||
8,762 | Titan Cement International S.A. | 137,103 | ||||||
715,987 | ||||||||
DIVERSIFIED INDUSTRIALS - 0.8% | ||||||||
2,940 | Doosan Company Ltd.(a) | 181,874 | ||||||
16,100 | Hitachi Ltd. | 836,792 | ||||||
5,700 | Omron Corporation | 416,713 | ||||||
1,435,379 | ||||||||
ELECTRIC UTILITIES - 0.8% | ||||||||
5,943 | CEZ A/S | 220,491 | ||||||
682,000 | Huadian Power International Corp Ltd. | 249,302 | ||||||
1,218,000 | Huaneng Power International, Inc. | 641,169 | ||||||
52,622 | Origin Energy Ltd. | 210,526 | ||||||
24,000 | Tenaga Nasional Bhd | 52,635 | ||||||
1,374,123 | ||||||||
ELECTRICAL EQUIPMENT - 3.4% | ||||||||
32,548 | ABB Ltd. - ADR(d) | 1,131,694 | ||||||
76,728 | ABB Ltd. | 2,660,298 | ||||||
5,715 | Assa Abloy A.B., Class B | 156,492 | ||||||
4,100 | Daikin Industries Ltd. | 860,749 | ||||||
58,205 | Hexagon A.B. | 785,088 | ||||||
261 | Schindler Holding A.G. | 65,507 | ||||||
1,566 | Schindler Holding A.G. | 392,867 | ||||||
6,052,695 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.2% | ||||||||
8,478 | UPM-Kymmene OYJ | 309,034 | ||||||
HEALTH CARE FACILITIES & SERVICES - 0.1% | ||||||||
2,747 | Fresenius Medical Care A.G. & Company KGaA - ADR(d) | 92,931 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
HOME & OFFICE PRODUCTS - 0.0%(b) | ||||||||
1 | Arcelik A/S | $ | 4 | |||||
HOME CONSTRUCTION - 0.5% | ||||||||
651 | Geberit A.G. | 442,309 | ||||||
8,700 | TOTO Ltd. | 374,443 | ||||||
816,752 | ||||||||
HOUSEHOLD PRODUCTS - 0.4% | ||||||||
35 | AMOREPACIFIC Group(a) | 1,204 | ||||||
15,370 | Unilever plc - ADR | 789,864 | ||||||
791,068 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.6% | ||||||||
302,016 | China Development Financial Holding Corporation | 201,560 | ||||||
275,589 | China Development Financial Holding Corporation - Pref(a) | 93,380 | ||||||
62,600 | Daiwa Securities Group, Inc. | 377,199 | ||||||
268,400 | Haitong Securities Company Ltd. | 241,539 | ||||||
110,420 | Mirae Asset Daewoo Company Ltd. | 404,052 | ||||||
13,776 | NH Investment & Securities Company Ltd.(a) | 122,696 | ||||||
329,400 | Nomura Holdings, Inc. | 1,455,102 | ||||||
2,895,528 | ||||||||
INSURANCE - 5.9% | ||||||||
133,613 | Aegon N.V. | 753,875 | ||||||
19,301 | Allianz S.E. - ADR | 494,781 | ||||||
46,317 | China Life Insurance Company Ltd. - ADR | 413,611 | ||||||
5,700 | COFCO Capital Holdings Company Ltd. | 7,187 | ||||||
6,500 | Dai-ichi Life Holdings, Inc. | 146,308 | ||||||
7,097 | Hyundai Marine & Fire Insurance Company Ltd.(a) | 150,993 | ||||||
74,000 | Japan Post Holdings Company Ltd. | 631,613 | ||||||
50,800 | MS&AD Insurance Group Holdings, Inc. | 1,742,371 | ||||||
21,204 | NN Group N.V. | 1,186,774 | ||||||
2,312,000 | People’s Insurance Company Group of China Ltd., H Shares | 731,639 | ||||||
3,712 | Samsung Fire & Marine Insurance Company Ltd. | 620,451 | ||||||
3,206 | Samsung Fire & Marine Insurance Company Ltd. - Pref | 416,526 | ||||||
36,900 | Sompo Holdings, Inc. | 1,726,634 | ||||||
3,500 | T&D Holdings, Inc. | 51,723 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
INSURANCE - 5.9% (Continued) | ||||||||
2,542 | Talanx A.G. | $ | 121,679 | |||||
2,354 | Zurich Insurance Group A.G. | 1,125,938 | ||||||
10,322,103 | ||||||||
MACHINERY - 2.3% | ||||||||
35,259 | CNH Industrial N.V. | 537,491 | ||||||
7,034 | GEA Group A.G. | 332,365 | ||||||
4,000 | Keyence Corporation | 2,051,638 | ||||||
153 | Rational A.G. | 128,279 | ||||||
780 | Techtronic Industries Company Ltd. - ADR | 64,155 | ||||||
7,000 | Techtronic Industries Company Ltd. | 115,502 | ||||||
460,500 | Tian Di Science & Technology Company Ltd. | 277,554 | ||||||
29,300 | Yokogawa Electric Corporation | 480,082 | ||||||
3,987,066 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 0.8% | ||||||||
2,800 | Hoya Corporation | 363,062 | ||||||
21,900 | Olympus Corporation | 490,044 | ||||||
6,700 | Shimadzu Corporation | 241,741 | ||||||
13,130 | Smith & Nephew plc | 223,326 | ||||||
1,318,173 | ||||||||
METALS & MINING – 7.9% | ||||||||
16,642 | Anglo American plc - ADR | 367,455 | ||||||
33,742 | Anglo American plc | 1,487,694 | ||||||
36,022 | BHP Group Ltd.(a) | 1,137,149 | ||||||
46,241 | BHP Group Ltd. – ADR (d) | 2,940,928 | ||||||
33,921 | BHP Group Ltd. | 1,087,656 | ||||||
230,400 | China Shenhua Energy Company Ltd. | 822,822 | ||||||
21,500 | China Shenhua Energy Company Ltd., H Shares | 52,883 | ||||||
11,094 | Fortescue Metals Group Ltd. | 155,753 | ||||||
3,785 | MMC Norilsk Nickel PJSC | 1,062,875 | ||||||
8,838 | Norsk Hydro ASA | 67,915 | ||||||
39,026 | Northam Platinum Holdings Ltd.(a) | 516,554 | ||||||
9,035 | Rio Tinto Ltd. | 718,195 | ||||||
4,296 | Rio Tinto plc | 302,838 | ||||||
16,608 | Rio Tinto plc - ADR(d) | 1,185,811 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
METALS & MINING – 7.9% (Continued) | ||||||||
64,600 | Vale S.A. | $ | 986,622 | |||||
65,014 | Vale S.A. - ADR | 986,913 | ||||||
13,956,212 | ||||||||
OIL & GAS PRODUCERS - 14.4% | ||||||||
25,562 | BP plc - ADR(d) | 790,377 | ||||||
743,000 | China Petroleum & Chemical Corporation | 494,683 | ||||||
1,550,000 | China Petroleum & Chemical Corporation, H Shares | 811,573 | ||||||
13,223 | Enbridge, Inc. | 559,020 | ||||||
17,700 | ENEOS Holdings, Inc. | 70,491 | ||||||
32,540 | Eni SpA - ADR | 974,898 | ||||||
13,665 | Eni SpA | 205,291 | ||||||
4,099 | Equinor ASA | 112,988 | ||||||
87,530 | Gazprom PJSC - ADR | 757,135 | ||||||
247,390 | Gazprom PJSC | 1,070,213 | ||||||
1,287,540 | Guanghui Energy Company Ltd.(a) | 1,188,076 | ||||||
58,300 | Idemitsu Kosan Company Ltd. | 1,493,703 | ||||||
37,200 | Inpex Corporation | 376,064 | ||||||
50,467 | KOC Holding A/S | 123,349 | ||||||
24,250 | LUKOIL PJSC | 2,155,575 | ||||||
1,320 | Lundin Energy A.B. | 53,683 | ||||||
97,528 | MOL Hungarian Oil & Gas plc | 850,375 | ||||||
22,511 | Motor Oil Hellas Corinth Refineries S.A. | 360,547 | ||||||
9,000 | OMV A.G. | 550,911 | ||||||
10,881 | PetroChina Company Ltd. - ADR(d) | 538,501 | ||||||
2,085,400 | PetroChina Company Ltd. | 1,660,218 | ||||||
96,000 | PetroChina Company Ltd., H Shares | 47,606 | ||||||
291,100 | Petroleo Brasileiro S.A. | 1,943,370 | ||||||
452,000 | Petroleo Brasileiro S.A. - Pref | 2,755,360 | ||||||
281,953 | Polskie Gornictwo Naftowe i Gazownictwo S.A. | 368,205 | ||||||
13,600 | PTT Exploration & Production PCL | 53,476 | ||||||
9,462 | Repsol S.A. | 120,255 | ||||||
117,940 | Rosneft Oil Company PJSC | 880,651 | ||||||
48,621 | Shell plc - ADR(a) | 2,499,119 | ||||||
6,830 | Tatneft PJSC | 44,024 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
OIL & GAS PRODUCERS - 14.4% (Continued) | ||||||||
12,727 | TC Energy Corporation | $ | 657,350 | |||||
14,784 | TotalEnergies S.E. | 840,837 | ||||||
25,407,924 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.4% | ||||||||
1,256,700 | CNOOC Energy Technology & Services Ltd. | 533,789 | ||||||
2,292,000 | Sinopec Oilfield Service Corporation(a) | 201,565 | ||||||
735,354 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 0.1% | ||||||||
37,000 | Hang Lung Group Ltd. | 82,345 | ||||||
RETAIL - CONSUMER STAPLES - 0.4% | ||||||||
66,193 | Cencosud S.A. | 121,925 | ||||||
77,648 | CK Hutchison Holdings Ltd. - ADR | 553,630 | ||||||
462 | George Weston Ltd. | 50,381 | ||||||
1,379 | Kesko OYJ | 39,659 | ||||||
765,595 | ||||||||
RETAIL - DISCRETIONARY - 0.6% | ||||||||
16,800 | Jardine Matheson Holdings Ltd. | 988,512 | ||||||
662 | Pandora A/S | 71,987 | ||||||
1,060,499 | ||||||||
SEMICONDUCTORS - 9.3% | ||||||||
6,700 | Advantest Corporation | 570,240 | ||||||
307 | ASM International N.V. | 105,493 | ||||||
6,647 | ASML Holding N.V. | 4,502,558 | ||||||
1,400 | ASML Holding N.V. - ADR | 948,080 | ||||||
3,800 | Lasertec Corporation | 852,460 | ||||||
14,214 | SK Hynix, Inc. | 1,471,224 | ||||||
20,531 | STMicroelectronics N.V. – ADR (d) | 963,725 | ||||||
55,000 | Taiwan Semiconductor Manufacturing Company Ltd. | 1,272,304 | ||||||
32,895 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4,033,913 | ||||||
2,500 | Tokyo Electron Ltd. | 1,222,801 | ||||||
4,100 | Tokyo Electron Ltd. - ADR | 499,503 | ||||||
16,442,301 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
SOFTWARE - 1.8% | ||||||||
796 | Atlassian Corp plc, Class A(a) | $ | 258,175 | |||||
6,223 | Check Point Software Technologies Ltd.(a) | 753,046 | ||||||
100 | Constellation Software, Inc. | 172,232 | ||||||
3,750 | Nemetschek S.E. | 346,665 | ||||||
325 | SAP S.E. | 40,780 | ||||||
6,443 | SAP S.E. - ADR(d) | 806,728 | ||||||
3,691 | Temenos A.G. | 442,421 | ||||||
10,300 | TIS, Inc. | 270,890 | ||||||
3,090,937 | ||||||||
SPECIALTY FINANCE - 1.3% | ||||||||
678,400 | Bohai Leasing Company Ltd.(a) | 286,676 | ||||||
58,900 | ORIX Corporation | 1,214,906 | ||||||
2,688 | ORIX Corporation - ADR | 278,719 | ||||||
20,481 | Samsung Card Company Ltd. | 527,277 | ||||||
2,307,578 | ||||||||
STEEL - 1.7% | ||||||||
398,000 | Angang Steel Company Ltd. | 174,646 | ||||||
27,897 | BlueScope Steel Ltd. | 365,571 | ||||||
72,608 | Eregli Demir ve Celik Fabrikalari TAS | 149,769 | ||||||
100 | Hitachi Metals Ltd.(a) | 1,803 | ||||||
8,272 | Hyundai Steel Company | 273,202 | ||||||
81,300 | JFE Holdings, Inc. | 1,044,423 | ||||||
268,000 | Maanshan Iron & Steel Company Ltd. | 105,136 | ||||||
19,000 | Mitsui & Company Ltd. | 473,760 | ||||||
4,700 | Nippon Steel Corporation | 76,817 | ||||||
383 | POSCO | 85,672 | ||||||
6,208 | Ternium S.A. - ADR | 250,058 | ||||||
3,000,857 | ||||||||
TECHNOLOGY HARDWARE - 7.1% | ||||||||
10,100 | Brother Industries Ltd. | 185,997 | ||||||
19,241 | Canon, Inc. – ADR (d) | 456,397 | ||||||
12,000 | Canon, Inc. | 283,801 | ||||||
103,000 | Chicony Electronics Company Ltd. | 330,646 | ||||||
1,005 | FUJIFILM Holdings Corporation - ADR | 67,104 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
TECHNOLOGY HARDWARE - 7.1% (Continued) | ||||||||
8,000 | FUJIFILM Holdings Corporation | $ | 536,274 | |||||
2,200 | Kyocera Corporation | 135,673 | ||||||
8,191 | LG Electronics, Inc. | 421,604 | ||||||
37,500 | MINEBEA MITSUMI, Inc. | 917,623 | ||||||
66,300 | Nikon Corporation | 691,953 | ||||||
20,218 | Nokia OYJ(a) | 120,588 | ||||||
113,676 | Nokia OYJ - ADR(a) | 670,688 | ||||||
8,400 | Ricoh Company Ltd. | 70,931 | ||||||
395 | Samsung Electronics Company Ltd. - ADR | 609,880 | ||||||
78,420 | Samsung Electronics Company Ltd. | 4,877,532 | ||||||
19,632 | Samsung Electronics Company Ltd. - Pref | 1,104,220 | ||||||
22 | Samsung Electronics Company Ltd. 144A - ADR(c) | 30,800 | ||||||
87,010 | Telefonaktiebolaget LM Ericsson, B Shares | 1,086,437 | ||||||
12,598,148 | ||||||||
TECHNOLOGY SERVICES - 3.0% | ||||||||
30,600 | Adyen N.V. - ADR(a) | 621,792 | ||||||
8,665 | CGI, Inc.(a) | 739,731 | ||||||
7,000 | Fujitsu Ltd. | 925,365 | ||||||
11,600 | Nomura Research Institute Ltd. | 406,058 | ||||||
35,100 | NTT Data Corporation | 672,875 | ||||||
13,825 | RELX plc - ADR(d) | 423,460 | ||||||
6,978 | Thomson Reuters Corporation | 749,158 | ||||||
5,551 | Wolters Kluwer N.V. | 565,046 | ||||||
2,435 | Wolters Kluwer N.V. - ADR | 248,053 | ||||||
5,351,538 | ||||||||
TELECOMMUNICATIONS - 0.7% | ||||||||
29,600 | Nippon Telegraph & Telephone Corporation | 847,063 | ||||||
699,290 | Turk Telekomunikasyon A/S | 504,417 | ||||||
1,351,480 | ||||||||
TOBACCO & CANNABIS - 1.2% | ||||||||
46,310 | British American Tobacco plc – ADR (d) | 1,989,941 | ||||||
20,760 | Swedish Match A.B. | 160,629 | ||||||
2,150,570 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 1.3% | ||||||||
4,173 | AP Moller - Maersk A/S - ADR | $ | 75,197 | |||||
34 | AP Moller - Maersk A/S - Series B | 122,136 | ||||||
211 | AP Moller - Maersk A/S - Series A | 706,921 | ||||||
142,000 | COSCO SHIPPING Ports Ltd. | 113,119 | ||||||
3,536 | Deutsche Post A.G. | 212,826 | ||||||
3,268 | DSV A/S | 664,011 | ||||||
39,000 | Evergreen Marine Corp Taiwan Ltd. | 165,544 | ||||||
1,000 | Nippon Yusen KK | 78,391 | ||||||
2,100 | SG Holdings Company Ltd. | 44,578 | ||||||
1 | Turk Hava Yollari AO(a) | 2 | ||||||
11,000 | Yang Ming Marine Transport Corporation(a) | 40,762 | ||||||
2,223,487 | ||||||||
TRANSPORTATION EQUIPMENT - 0.2% | ||||||||
37,800 | Hino Motors Ltd. | 328,564 | ||||||
7,051 | Iveco Group N.V.(a) | 75,026 | ||||||
403,590 | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.2% | ||||||||
29,500 | Marubeni Corporation | 303,545 | ||||||
WHOLESALE - DISCRETIONARY - 0.5% | ||||||||
21,700 | Toyota Tsusho Corporation | 879,988 | ||||||
TOTAL COMMON STOCKS (Cost $153,731,737) | 174,080,246 | |||||||
EXCHANGE-TRADED FUNDS — 1.1% | ||||||||
EQUITY - 1.1% | ||||||||
26,769 | Global X MSCI Argentina ETF | 829,304 | ||||||
11,300 | iShares MSCI EAFE ETF, EQUITY (d) | 856,766 | ||||||
4,205 | iShares MSCI Eurozone ETF | 199,233 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,727,149) | 1,885,303 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED - 7.7% | ||||||||
13,640,088 | Mount Vernon Prime Portfolio, 0.11% (Cost $13,640,088) (e) (f) | $ | 13,640,088 | |||||
TOTAL INVESTMENTS – 107.5% (Cost $169,098,974) | 189,605,637 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- (7.5)% | (13,302,255 | ) | ||||||
NET ASSETS - 100.0% | $ | 176,303,382 |
ADR | - American Depositary Receipt |
A/S | - Anonim Sirketi |
EAFE | - Europe, Australasia and Far East |
ETF | - Exchange-Traded Fund |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
NV | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PJSC | - Public Joint-Stock Company |
PLC | - Public Limited Company |
S/A | - Société Anonyme |
TAS | - Turkish Accounting Standards |
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31,2022, the total market value of 144A securities is 30,800 or 0.0% of net assets. |
(d) | All or a portion of these securities are on loan. Total loaned securities held had a value of $13,412,734. |
(e) | The rate disclosed is the seven-day effective yield as of January 31,2022. |
(f) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% (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%. |
DUNHAM DYNAMIC MACRO FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||||||||||||||
EXCHANGE-TRADED FUNDS — 38.2% | ||||||||||||||||||||
COMMODITY - 10.8% | ||||||||||||||||||||
82,662 | iShares GSCI Commodity Dynamic | $ | 2,765,871 | |||||||||||||||||
EQUITY - 27.4% | ||||||||||||||||||||
12,945 | iShares Currency Hedged MSCI Germany ETF(a) | 417,935 | ||||||||||||||||||
9,910 | iShares MSCI Emerging Markets ETF, EQUITY | 484,004 | ||||||||||||||||||
13,580 | SPDR S&P 500 ETF Trust(a) | 6,109,777 | ||||||||||||||||||
7,011,716 | ||||||||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,144,426) | 9,777,587 | |||||||||||||||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||||||||||
U.S. GOVERNMENT & AGENCIES — 46.6% | ||||||||||||||||||||
U.S. TREASURY BILLS — 46.6% | ||||||||||||||||||||
11,538,000 | United States Treasury Bill | 0.0271 | 03/17/22 | 11,537,609 | ||||||||||||||||
397,000 | United States Treasury Bill(b) | 0.2551 | 05/19/22 | 396,696 | ||||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $11,934,227) | 11,934,305 | |||||||||||||||||||
Shares | ||||||||||||||||||||
SHORT-TERM INVESTMENTS — 7.0% | ||||||||||||||||||||
MONEY MARKET FUNDS – 7.0% | ||||||||||||||||||||
1,791,462 | Morgan Stanley Institutional Liquidity Funds -, Institutional Class, 0.03% (Cost $1,791,462)(c) | 1,791,462 | ||||||||||||||||||
COLLATERAL FOR SECURITIES LOANED - 25.2% | ||||||||||||||||||||
6,452,969 | Mount Vernon Prime Portfolio, 0.11% (Cost $6,452,969)(c),(d) | 6,452,969 | ||||||||||||||||||
Contracts(e) | Broker/Counterparty | Expiration Date | Exercise Price | Notional Value | ||||||||||||||||
FUTURE OPTIONS PURCHASED - 3.4% | ||||||||||||||||||||
CALL OPTIONS PURCHASED - 3.4% | ||||||||||||||||||||
58 | S&P 500 E-Mini, Expiring March 2022 | GS | 02/18/2022 | $ | 4,700 | $ | 13,630,000 | 35,525 | ||||||||||||
65 | US 10 Year Future, Expiring March 2022 | GS | 02/18/2022 | 115 | 7,475,000 | 842,972 | ||||||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $934,719) | 878,497 |
DUNHAM DYNAMIC MACRO FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
TOTAL INVESTMENTS - 120.4% (Cost $27,257,803) | $ | 30,834,820 | ||||||
PUT OPTIONS WRITTEN - 0.0% (Proceeds - $34,179) | (17,475 | ) | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (20.4)% | (5,213,671 | ) | ||||||
NET ASSETS - 100.0% | $ | 25,603,674 |
Contracts(e) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN FUTURE OPTIONS - 0.0% | ||||||||||||||||||||
PUT OPTIONS WRITTEN - 0.0% | ||||||||||||||||||||
6 | S&P 500 E-Mini, Expiring March 2022 | GS | 02/25/2022 | $ | 4,180 | $ | 1,254,000 | $ | 8,250 | |||||||||||
6 | S&P 500 E-Mini, Expiring March 2022 | GS | 02/25/2022 | 4,210 | 1,263,000 | 9,225 | ||||||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $34,179) | 17,475 |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(f) | Unrealized Appreciation (Depreciation) | ||||||||||
2 | CBOT 10 Year US Treasury Note | 03/22/2022 | $ | 255,938 | $ | (1,125 | ) | |||||||
15 | CME E-mini Russell 2000 Index Futures | 03/18/2022 | 1,518,300 | (109,279 | ) | |||||||||
17 | CME E-Mini Standard & Poor’s 500 Index Future | 03/18/2022 | 3,828,613 | (90,582 | ) | |||||||||
1 | Eurex DAX Index Future | 03/18/2022 | 432,697 | (4,047 | ) | |||||||||
2 | Euronext Amsterdam Index Future | 02/18/2022 | 338,881 | (6,560 | ) | |||||||||
12 | Euronext CAC 40 Index Future | 02/18/2022 | 943,348 | (20,865 | ) | |||||||||
2 | FTSE 100 Index Future | 03/18/2022 | 198,972 | (459 | ) | |||||||||
3 | Montreal Exchange 10 Year Canadian Bond Future | 03/22/2022 | 328,283 | 2,400 | ||||||||||
3 | Montreal Exchange S&P/TSX 60 Index Future | 03/17/2022 | 602,709 | 4,890 | ||||||||||
24 | SFE 10 Year Australian Bond Future | 03/15/2022 | 2,324,608 | (18,602 | ) | |||||||||
1 | SFE S&P ASX Share Price Index 200 Future | 03/17/2022 | 121,377 | (3,980 | ) | |||||||||
13 | TSE TOPIX (Tokyo Price Index) Future | 03/10/2022 | 2,144,583 | (72,071 | ) | |||||||||
TOTAL FUTURES CONTRACTS | $ | (320,280 | ) |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(f) | Unrealized Appreciation | ||||||||||
6 | Eurex Swiss Market New Index Future | 03/18/2022 | $ | 786,705 | $ | 9,947 | ||||||||
8 | Long Gilt Future | 03/29/2022 | 1,312,333 | 40,380 | ||||||||||
TOTAL FUTURES CONTRACTS | $ | 50,327 |
ETF | - Exchange-Traded Fund |
MSCI | - Morgan Stanley Capital International |
SPDR | - Standard & Poor’s Depositary Receipt |
GS | Goldman Sachs |
DUNHAM DYNAMIC MACRO FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
(a) | All or a portion of these securities are on loan. Total loaned securities had a value of $6,432,786 at January 31, 2022. |
(b) | All of this security is segregated as collateral for futures contracts. |
(c) | Rate disclosed is the seven day effective yield as of January 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%. |
(e) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
(f) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 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 | |||||||||||||
PREFERRED STOCKS — 3.3% | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.4% | ||||||||||||||
138,000 | Inpoint Commercial Real Estate Income, Inc. | 3,369,960 | ||||||||||||
REAL ESTATE SERVICES - 0.9% | ||||||||||||||
2,000 | UIRC-GSA International, LLC 144A©,(k) | 2,040,000 | ||||||||||||
SPECIALTY FINANCE - 1.0% | ||||||||||||||
97,485 | TPG RE Finance Trust, Inc. | 2,321,118 | ||||||||||||
TOTAL PREFERRED STOCKS (Cost $7,887,125) | 7,731,078 | |||||||||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | |||||||||||
CORPORATE BONDS — 40.8% | ||||||||||||||
ASSET MANAGEMENT — 3.1% | ||||||||||||||
1,255,000 | Blackstone Secured Lending Fund(d) | 3.6250 | 01/15/26 | 1,286,832 | ||||||||||
2,265,000 | FS KKR Capital Corporation | 1.6500 | 10/12/24 | 2,199,865 | ||||||||||
1,040,000 | Main Street Capital Corporation(d) | 4.5000 | 12/01/22 | 1,065,481 | ||||||||||
2,780,000 | PennantPark Investment Corporation | 4.0000 | 11/01/26 | 2,747,649 | ||||||||||
7,299,827 | ||||||||||||||
AUTOMOTIVE — 0.9% | ||||||||||||||
2,065,000 | Hyundai Capital America© | 1.0000 | 09/17/24 | 2,009,132 | ||||||||||
BANKING — 4.1% | ||||||||||||||
2,005,000 | JPMorgan Chase & Company(e) | ICE LIBOR USD 3 Month + 0.550% | 0.6800 | 02/01/27 | 1,938,651 | |||||||||
3,505,000 | KeyCorp Capital II(d) | 6.8750 | 03/17/29 | 4,155,922 | ||||||||||
1,645,000 | SVB Financial Group(d),(f) | H15T10Y + 3.064% | 4.7000 | 02/15/70 | 1,639,160 |
1
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 40.8% (Continued) | ||||||||||||||
BANKING — 4.1% (Continued) | ||||||||||||||
1,000,000 | Wells Fargo & Company(e),(f) | US0003M + 0.500% | 0.7410 | 01/15/27 | $ | 978,440 | ||||||||
795,000 | Wells Fargo & Company | 5.9500 | 12/01/86 | 1,030,716 | ||||||||||
9,742,889 | ||||||||||||||
BIOTECH & PHARMA — 1.1% | ||||||||||||||
1,350,000 | AstraZeneca plc | 6.4500 | 09/15/37 | 1,902,050 | ||||||||||
575,000 | Takeda Pharmaceutical Company Ltd. | 5.0000 | 11/26/28 | 656,840 | ||||||||||
2,558,890 | ||||||||||||||
CONSUMER SERVICES — 1.9% | ||||||||||||||
2,300,000 | Grand Canyon University | 4.1250 | 10/01/24 | 2,334,049 | ||||||||||
2,300,000 | Grand Canyon University(d) | 5.1250 | 10/01/28 | 2,336,115 | ||||||||||
4,670,164 | ||||||||||||||
CONTAINERS & PACKAGING — 0.4% | ||||||||||||||
900,000 | LABL, Inc.(c),(d) | 5.8750 | 11/01/28 | 893,250 | ||||||||||
ELECTRIC UTILITIES — 4.3% | ||||||||||||||
4,400,000 | Alfa Desarrollo SpA(c) | 4.5500 | 09/27/51 | 4,036,605 | ||||||||||
3,310,000 | American Electric Power Company, Inc. | 2.0310 | 03/15/24 | 3,317,109 | ||||||||||
2,785,000 | Pacific Gas and Electric Company(d) | 1.7000 | 11/15/23 | 2,763,912 | ||||||||||
10,117,626 | ||||||||||||||
ENTERTAINMENT CONTENT — 0.3% | ||||||||||||||
695,000 | ViacomCBS, Inc.(d),(f) | US0003M + 3.895% | 5.8750 | 02/28/57 | 690,924 | |||||||||
FOOD — 1.7% | ||||||||||||||
2,875,000 | Del Monte Foods, Inc.(c) | 11.8750 | 05/15/25 | 3,180,167 | ||||||||||
700,000 | Kraft Heinz Foods Company | 5.0000 | 06/04/42 | 799,676 | ||||||||||
3,979,843 | ||||||||||||||
INDUSTRIAL SUPPORT SERVICES — 1.2% | ||||||||||||||
3,000,000 | Resideo Funding, Inc.(c) | 4.0000 | 09/01/29 | 2,832,060 | ||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.5% | ||||||||||||||
1,150,000 | Goldman Sachs Capital I(d) | 6.3450 | 02/15/34 | 1,503,406 | ||||||||||
2,050,000 | Goldman Sachs Group, Inc. (The)(d),(e) | SOFRRATE + 0.490% | 0.5370 | 10/21/24 | 2,044,688 | |||||||||
3,548,094 |
2
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 40.8% (Continued) | ||||||||||||||
INSURANCE — 2.6% | ||||||||||||||
2,155,000 | Mutual of Omaha Insurance Company©,(f) | US0003M + 2.640% | 4.2970 | 07/15/54 | $ | 2,203,087 | ||||||||
1,980,000 | Ohio National Financial Services, Inc.© | 5.5500 | 01/24/30 | 2,178,736 | ||||||||||
1,000,000 | Pacific Life Insurance Company© | 9.2500 | 06/15/39 | 1,670,274 | ||||||||||
6,052,097 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.9% | ||||||||||||||
2,050,000 | Mohegan Gaming & Entertainment©,(d) | 8.0000 | 02/01/26 | 2,092,333 | ||||||||||
METALS & MINING — 0.5% | ||||||||||||||
1,110,000 | Freeport-McMoRan, Inc. | 4.1250 | 03/01/28 | 1,136,768 | ||||||||||
OIL & GAS PRODUCERS — 7.9% | ||||||||||||||
1,845,000 | Comstock Resources, Inc.©,(d) | 5.8750 | 01/15/30 | 1,836,698 | ||||||||||
2,100,000 | EIG Pearl Holdings Sarl© | 3.5450 | 08/31/36 | 2,098,026 | ||||||||||
2,100,000 | EIG Pearl Holdings Sarl© | 4.3870 | 11/30/46 | 2,095,561 | ||||||||||
2,525,000 | Energean Israel Finance Ltd. | 5.8750 | 03/30/31 | 2,458,781 | ||||||||||
1,370,000 | Energean plc© | 6.5000 | 04/30/27 | 1,334,038 | ||||||||||
1,700,000 | New Fortress Energy, Inc.©,(d) | 6.5000 | 09/30/26 | 1,592,518 | ||||||||||
1,045,000 | Northern Oil and Gas, Inc.©,(d) | 8.1250 | 03/01/28 | 1,091,043 | ||||||||||
845,000 | Rockcliff Energy II, LLC© | 5.5000 | 10/15/29 | 851,185 | ||||||||||
2,230,000 | Saudi Arabian Oil Company© | 1.2500 | 11/24/23 | 2,216,063 | ||||||||||
3,025,000 | Tullow Oil plc© | 10.2500 | 05/15/26 | 3,060,724 | ||||||||||
18,634,637 | ||||||||||||||
SPECIALTY FINANCE — 5.7% | ||||||||||||||
3,475,000 | AerCap Ireland Capital DAC / AerCap Global(d) | 1.1500 | 10/29/23 | 3,433,157 | ||||||||||
1,440,000 | Finance of America Funding, LLC B©,(d) | 7.8750 | 11/15/25 | 1,411,366 | ||||||||||
424,000 | GE Capital International Funding Company Unlimited | 4.4180 | 11/15/35 | 482,773 | ||||||||||
1,600,000 | LFS Topco, LLC© | 5.8750 | 10/15/26 | 1,632,720 | ||||||||||
3,300,000 | PRA Group, Inc.©,(d) | 5.0000 | 10/01/29 | 3,262,925 | ||||||||||
3,500,000 | World Acceptance Corporation B© | 7.0000 | 11/01/26 | 3,365,074 | ||||||||||
13,588,015 | ||||||||||||||
TELECOMMUNICATIONS — 1.4% | ||||||||||||||
2,250,000 | HC2 Holdings, Inc.© | 8.5000 | 02/01/26 | 2,264,444 |
3
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 40.8% (Continued) | ||||||||||||||
TELECOMMUNICATIONS — 1.4% (Continued) | ||||||||||||||
930,000 | Sprint Spectrum Company, LLC / Sprint Spectrum(c) | 5.1520 | 03/20/28 | $ | 1,014,956 | |||||||||
3,279,400 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 1.3% | ||||||||||||||
3,050,000 | Aeropuerto Internacional de Tocumen S.A.(c) | 5.1250 | 08/11/61 | 3,002,710 | ||||||||||
TOTAL CORPORATE BONDS (Cost $96,679,184) | 96,128,659 | |||||||||||||
TERM LOANS — 1.5% | ||||||||||||||
LEISURE FACILITIES & SERVICES — 1.5% | ||||||||||||||
1,588,125 | Enterprise Development Authority (The)(e) | US0001M + 4.920% | 5.0000 | 02/19/28 | 1,592,095 | |||||||||
2,000,000 | Lucky Bucks, LLC(e) | US0001M + 6.170% | 6.2500 | 07/20/27 | 1,992,500 | |||||||||
TOTAL TERM LOANS (Cost $3,530,433) | 3,584,595 | |||||||||||||
U.S. GOVERNMENT & AGENCIES — 38.5% | ||||||||||||||
U.S. TREASURY BILLS — 38.5% | ||||||||||||||
26,970,000 | United States Treasury Bill(g) | 0.0375 | 02/03/22 | 26,969,957 | ||||||||||
23,200,000 | United States Treasury Bill(g) | 0.0375 | 03/03/22 | 23,199,420 | ||||||||||
23,390,000 | United States Treasury Bill(g) | 0.1675 | 04/21/22 | 23,381,659 | ||||||||||
3,140,000 | United States Treasury Note | 1.5000 | 01/31/27 | 3,122,828 | ||||||||||
3,220,000 | United States Treasury Note | 1.7500 | 01/31/29 | 3,221,761 | ||||||||||
3,624,000 | United States Treasury Note | 1.3750 | 11/15/31 | 3,492,913 | ||||||||||
4,205,000 | United States Treasury Note | 1.7500 | 08/15/41 | 3,923,791 | ||||||||||
3,560,000 | United States Treasury Note(d) | 2.0000 | 08/15/51 | 3,482,403 | ||||||||||
90,794,732 | ||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $91,216,464) | 90,794,732 | |||||||||||||
Shares | ||||||||||||||
SHORT-TERM INVESTMENTS — 8.4% | ||||||||||||||
MONEY MARKET FUNDS – 8.4% | ||||||||||||||
19,748,287 | First American Government Obligations Fund, Class X, 0.03% (Cost - $19,748,287)(h) | 19,748,287 |
4
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 6.7% | ||||||||
15,811,159 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost - $15,811,159)(h),(j) | $ | 15,811,159 | |||||
TOTAL INVESTMENTS - 99.2% (Cost $234,930,382) | $ | 233,804,210 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8% | 1,791,242 | |||||||
NET ASSETS - 100.0% | $ | 235,595,452 |
OPEN FUTURES CONTRACTS | ||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(i) | Unrealized Appreciation | ||||||||
(116) | CBOT 10 Year US Treasury Note | 03/22/2022 | $ | 14,844,404 | $ | 173,065 | ||||||
(51) | CBOT 5 Year US Treasury Note | 03/31/2022 | 6,079,353 | 72,911 | ||||||||
(33) | CBOT US Long Bond Future | 03/22/2022 | 5,135,625 | 118,336 | ||||||||
(46) | CME Ultra Long Term US Treasury Bond Future | 03/22/2022 | 8,691,148 | 277,774 | ||||||||
(51) | Ultra 10-Year US Treasury Note Futures | 03/22/2022 | 7,284,228 | 94,020 | ||||||||
TOTAL FUTURES CONTRACTS | $ | 736,106 |
CREDIT DEFAULT SWAP AGREEMENTS | ||||||||||||||||||||||
Description | Counterparty | Fixed Deal (Pay) Rate | Maturity Date | Notional Value | Fair Value | Amortized Upfront Payments Paid | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
BATH & BODY WORKS, INC. | JP Morgan | 1.00% | 12/20/2026 | $ | 5,000,000 | 289,555 | 143,170 | $ | 146,385 | |||||||||||||
CDX.NA.HY.36 | HSBC Securities | 5.00% | 6/20/2026 | 14,000,000 | (956,803 | ) | (1,266,877 | ) | 310,074 | |||||||||||||
CDX.NA.HY.37 | HSBC Securities | 5.00% | 12/20/2026 | 7,000,000 | (477,631 | ) | (478,030 | ) | 399 | |||||||||||||
COX COMMUNICATIONS, INC. | Barclays | 1.00% | 12/20/2026 | 5,000,000 | (100,010 | ) | (138,011 | ) | 38,001 | |||||||||||||
D.R. HORTON, INC. | US Bank | 1.00% | 3/20/2025 | 3,000,000 | (60,604 | ) | (63,630 | ) | 3,026 | |||||||||||||
ELECTRICITE DE FRANCE SA | Barclays | 1.00% | 12/20/2026 | 5,000,000 | (81,255 | ) | (108,345 | ) | 27,090 | |||||||||||||
FISERV | Barclays | 1.00% | 12/20/2025 | 5,000,000 | (121,669 | ) | (169,458 | ) | 47,789 | |||||||||||||
GAP, INC.(l) | JP Morgan | 1.00% | 12/20/2026 | (5,000,000 | ) | (387,151 | ) | (275,463 | ) | (111,688 | ) | |||||||||||
JOHNSON & JOHNSON(l) | Barclays | 1.00% | 12/20/2025 | (5,000,000 | ) | 152,413 | 169,458 | (17,045 | ) | |||||||||||||
MARKIT CDX.NA.IG.37 | Credit Suisse | 1.00% | 12/20/2026 | 41,000,000 | (390,721 | ) | (937,350 | ) | 546,629 | |||||||||||||
UNITED RENTALS | JP Morgan | 1.00% | 6/20/2022 | 3,000,000 | (54,150 | ) | (52,816 | ) | (1,334 | ) | ||||||||||||
VERIZON COMMUNICATIONS(l) | Barclays | 1.00% | 7/20/2022 | (3,000,000 | ) | 8,631 | 5,671 | 2,960 | ||||||||||||||
VIACOM, INC.(l) | Barclays | 1.00% | 12/20/2026 | (5,000,000 | ) | 42,627 | 68,652 | (26,025 | ) | |||||||||||||
KRAFT HEINZ FOOD | JPMorgan | 1.00% | 6/20/2023 | 2,000,000 | (32,839 | ) | (31,954 | ) | (885 | ) | ||||||||||||
KRAFT HEINZ FOOD(I) | Goldman Sachs | 1.00% | 6/20/2023 | (2,000,000 | ) | 34,676 | 14,987 | 19,689 | ||||||||||||||
NEWELL BRANDS | Goldman Sachs | 1.00% | 6/20/2023 | 2,000,000 | 34,057 | 22,030 | 12,027 | |||||||||||||||
NEWELL BRANDS(I) | JPMorgan | 1.00% | 6/20/2023 | (2,000,000 | ) | (32,614 | ) | (32,614 | ) | (3,280 | ) | |||||||||||
TOTAL | $ | 993,812 |
5
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
LLC | - Limited Liability Company |
LTD | - Limited Company |
PLC | - Public Limited Company |
SA | - Société Anonyme |
H15T10Y | - US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
SOFRRATE | - United States SOFR Secured Overnight Financing Rate |
US0001M | - ICE LIBOR USD 1 Month |
US0003M | - ICE LIBOR USD 3 Month |
(a) | Percentage rounds to less than 0.1%. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022 the total market value of 144A securities is 55,271,395 or 23.5% of net assets. |
(d) | All or a portion of these securities are on loan. Total loaned securities had a value of $15,507,880 at January 31, 2022. |
(e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(f) | Variable rate security; the rate shown represents the rate on January 31, 2022. |
(g) | Zero coupon bond. |
(h) | Rate disclosed is the seven day effective yield as of January 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 $2,045,700. |
(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. |
6
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||
CLOSED END FUNDS — 4.1% | ||||||||
EQUITY - 4.1% | ||||||||
1,879,402 | Altaba, Inc.(i) | $ | 11,088,472 | |||||
TOTAL CLOSED END FUNDS (Cost $19,301,440) | 11,088,472 | |||||||
COMMON STOCKS — 78.2% | ||||||||
AEROSPACE & DEFENSE - 4.3% | ||||||||
177,165 | Aerojet Rocketdyne Holdings, Inc.(a) | 6,836,797 | ||||||
469,491 | Meggitt plc(b) | 4,704,572 | ||||||
11,541,369 | ||||||||
ASSET MANAGEMENT - 4.7% | ||||||||
159,500 | Altaba, Inc.(b) | 953,013 | ||||||
589,316 | Pershing Square Tontine Holdings Ltd.(b) | 11,697,922 | ||||||
12,650,935 | ||||||||
BANKING - 1.8% | ||||||||
35,000 | Investors Bancorp, Inc. | 571,200 | ||||||
211,541 | People’s United Financial, Inc. | 4,099,665 | ||||||
10,400 | Umpqua Holdings Corporation | 210,912 | ||||||
4,881,777 | ||||||||
BIOTECH & PHARMA - 0.0%(c) | ||||||||
336 | AstraZeneca plc - ADR | 19,558 | ||||||
CABLE & SATELLITE - 5.8% | ||||||||
48,530 | Liberty Broadband Corporation - Series C(b) | 7,202,337 | ||||||
286,576 | Shaw Communications, Inc., Class B | 8,542,092 | ||||||
15,744,429 | ||||||||
COMMERCIAL SUPPORT SERVICES - 1.3% | ||||||||
81,100 | Terminix Global Holdings, Inc.(b) | 3,498,654 | ||||||
DATA CENTER REITS - 3.8% | ||||||||
112,067 | CyrusOne, Inc. | 10,069,221 | ||||||
ELECTRIC UTILITIES - 4.0% | ||||||||
3,277,541 | AusNet Services | 6,024,040 |
1
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 78.2% (Continued) | ||||||||
ELECTRIC UTILITIES - 4.0% (Continued) | ||||||||
105,979 | PNM Resources, Inc. | $ | 4,748,919 | |||||
10,772,959 | ||||||||
ENTERTAINMENT CONTENT - 10.3% | ||||||||
84,519 | Activision Blizzard, Inc. | 6,677,846 | ||||||
219,620 | Discovery, Inc. - Series A(a),(b) | 6,129,594 | ||||||
163,751 | Fox Corporation, Class B | 6,088,262 | ||||||
934,922 | Zynga, Inc., Class A(b) | 8,479,743 | ||||||
27,375,445 | ||||||||
INDUSTRIAL REIT - 2.0% | ||||||||
256,051 | Monmouth Real Estate Investment Corporation | 5,374,510 | ||||||
INSURANCE - 3.1% | ||||||||
36,202 | Willis Towers Watson plc | 8,469,820 | ||||||
INTERNET MEDIA & SERVICES - 0.0%(c) | ||||||||
1 | Just Eat Takeaway.com N.V. - ADR(b) | 10 | ||||||
METALS & MINING - 2.1% | ||||||||
150,728 | Kirkland Lake Gold Ltd. | 5,677,924 | ||||||
RETAIL - DISCRETIONARY - 0.5% | ||||||||
124,253 | Sportsman’s Warehouse Holdings, Inc.(a),(b) | 1,361,813 | ||||||
SEMICONDUCTORS - 7.4% | ||||||||
23,899 | Coherent, Inc.(b) | 6,177,414 | ||||||
37,058 | Siltronic A.G. | 4,830,031 | ||||||
45,611 | Xilinx, Inc. | 8,828,009 | ||||||
19,835,454 | ||||||||
SOFTWARE - 14.9% | ||||||||
1,187,344 | Avast plc | 9,792,989 | ||||||
58,693 | Cerner Corporation | 5,352,802 | ||||||
623,682 | Change Healthcare, Inc.(b) | 12,274,062 | ||||||
225,241 | Nuance Communications, Inc.(b) | 12,444,565 |
2
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 78.2% (Continued) | ||||||||
SOFTWARE - 14.9% (Continued) | ||||||||
19 | salesforce.com, Inc.(b) | $ | 4,420 | |||||
39,868,838 | ||||||||
TECHNOLOGY SERVICES - 7.4% | ||||||||
30,712 | Block, Inc.(b) | 3,504,301 | ||||||
139,015 | IHS Markit Ltd. | 16,235,562 | ||||||
19,739,863 | ||||||||
TELECOMMUNICATIONS - 1.5% | ||||||||
205,893 | NII Holdings, Inc. 144A(b),(d),(i) | 61,768 | ||||||
192,730 | Vonage Holdings Corporation(a),(b) | 4,016,493 | ||||||
4,078,261 | ||||||||
TRANSPORTATION & LOGISTICS - 3.3% | ||||||||
1,025 | American Airlines Group, Inc.(a),(b) | 16,882 | ||||||
101,283 | American Airlines Group, Inc. Escrow Security(b) | 1,013 | ||||||
1,430,786 | Sydney Airport(b),(e) | 8,759,088 | ||||||
8,776,983 | ||||||||
TOTAL COMMON STOCKS (Cost $210,868,422) | 209,737,823 | |||||||
Exercise Price | Expiration Date | |||||||||||||
RIGHT — 0.0%(c) | ||||||||||||||
10,079 | Alder BioPharmaceuticals, Inc. 144A(b),(i) | $ | 20 | 12/31/2024 | 19,150 | |||||||||
TOTAL RIGHT (Cost $20,158) | 19,150 | |||||||||||||
SHORT-TERM INVESTMENTS — 6.5% | ||||||||||||||
MONEY MARKET FUNDS – 6.5% | ||||||||||||||
17,442,581 | Fidelity Government Portfolio, CLASS I, 0.01% (Cost $17,442,581)(f) | 17,442,581 | ||||||||||||
COLLATERAL FOR SECURITIES LOANED – 8.3% | ||||||||||||||
22,117,798 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost $22,117,798)(f),(h) | 22,117,798 |
3
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||||||||||||||||
TOTAL INVESTMENTS - 97.1% (Cost $269,750,399) | $ | 260,405,824 | ||||||||||||||||||||
CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $426,520) | (358,760 | ) | ||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 3.0% | 7,451,019 | |||||||||||||||||||||
NET ASSETS - 100.0% | $ | 267,498,083 | ||||||||||||||||||||
Contracts(g) | Counterparty | Expiration Date | Exercise Price | Notional Value | ||||||||||||||||||
WRITTEN EQUITY OPTIONS - (0.1)% | ||||||||||||||||||||||
CALL OPTIONS WRITTEN- (0.1)% | ||||||||||||||||||||||
652 | Activision Blizzard, Inc. | USB | 05/20/2022 | $ | 83 | $ | 5,151,452 | 91,280 | ||||||||||||||
3,715 | Zynga, Inc. | USB | 05/20/2022 | 9 | 3,369,505 | 267,480 | ||||||||||||||||
TOTAL CALL OPTIONS WRITTEN (Proceeds - $426,520) | 358,760 | |||||||||||||||||||||
TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $426,520) | $ | 358,760 |
ADR | - American Depositary Receipt |
LLC | - Limited Liability Company |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
USB | - US Bank |
(a) | All or a portion of these securities are on loan. Total loaned securities had a value of $21,848,750 at January 31, 2022. |
(b) | Non-income producing security. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022 the total market value of 144A securities is 80,918 or 0.0% of net assets. |
(e) | The value of this security has been determined in good faith under policies of the Board of Trustees. |
(f) | Rate disclosed is the seven day effective yield as of January 31, 2022. |
(g) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
(h) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
(i) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 4.2% of net assets. The total value of these securities is $11,169,390. |
4
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — (27.2)% | ||||||||
AEROSPACE & DEFENSE – (0.0)% (a) | ||||||||
(50 | ) | Teledyne Technologies, Inc. | $ | (21,072 | ) | |||
BANKING - (1.8)% | ||||||||
(10,442 | ) | Citizens Financial Group, Inc. | (537,450 | ) | ||||
(6,100 | ) | Columbia Banking System, Inc. | (212,097 | ) | ||||
(24,900 | ) | M&T Bank Corporation | (4,217,562 | ) | ||||
(4,967,109 | ) | |||||||
CABLE & SATELLITE - (2.5)% | ||||||||
(11,437 | ) | Charter Communications, Inc., Class A | (6,786,030 | ) | ||||
COMMERCIAL SUPPORT SERVICES - (0.6)% | ||||||||
(242,241 | ) | Rentokil Initial plc | (1,688,424 | ) | ||||
ENTERTAINMENT CONTENT - (5.5)% | ||||||||
(219,620 | ) | Discovery, Inc. - Series C | (6,006,607 | ) | ||||
(150,879 | ) | Fox Corporation, Class A | (6,127,196 | ) | ||||
(15,996 | ) | Take-Two Interactive Software, Inc. | (2,612,787 | ) | ||||
(14,746,590 | ) | |||||||
INSURANCE - (3.0)% | ||||||||
(29,264 | ) | Aon plc, Class A | (8,089,740 | ) | ||||
METALS & MINING - (2.1)% | ||||||||
(119,604 | ) | Agnico Eagle Mines Ltd. | (5,714,679 | ) | ||||
OIL & GAS PRODUCERS – (0.0)% (a) | ||||||||
(1,071 | ) | Santos Ltd. | (5,406 | ) | ||||
RETAIL - CONSUMER STAPLES – (0.0)% (a) | ||||||||
(1 | ) | Just Eat Takeaway.com N.V. | (49 | ) | ||||
RETAIL REIT – (0.0)% (a) | ||||||||
(1 | ) | Realty Income Corporation | (56 | ) |
5
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — (27.2)% (Continued) | ||||||||
SEMICONDUCTORS - (3.9)% | ||||||||
(78,524 | ) | Advanced Micro Devices, Inc. | $ | (8,971,367 | ) | |||
(1 | ) | Analog Devices, Inc. | (164 | ) | ||||
(21,798 | ) | II-VI, Inc. | (1,381,993 | ) | ||||
(10,353,524 | ) | |||||||
SOFTWARE - (0.3)% | ||||||||
(35,861 | ) | NortonLifeLock, Inc. | (932,745 | ) | ||||
TECHNOLOGY SERVICES - (7.5)% | ||||||||
(30,713 | ) | Block, Inc., Class A | (3,755,893 | ) | ||||
(39,456 | ) | S&P Global, Inc. | (16,382,921 | ) | ||||
(20,138,814 | ) | |||||||
TOTAL SECURITIES SOLD SHORT - (Proceeds - $73,311,003) | $ | (73,444,238 | ) |
Unrealized | ||||||||||||||||
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/ (Depreciation) | |||||||||||
To Buy USD and To Sell: | ||||||||||||||||
British Pound | 02/01/2022 | J.P. Morgan | 67,493 | $ | 90,781 | $ | 246 | |||||||||
$ | 90,781 | $ | 246 | |||||||||||||
To Sell USD and To Buy: | ||||||||||||||||
British Pound | 02/01/2022 | J.P. Morgan | 502,422 | $ | 675,780 | $ | (1,675 | ) | ||||||||
Canadian Dollar | 04/12/2022 | J.P. Morgan | 11,606,330 | 9,129,202 | 44,636 | |||||||||||
Australian Dollar | 04/21/2022 | J.P. Morgan | 19,676,119 | 13,915,554 | 283,658 | |||||||||||
British Pound | 04/21/2022 | J.P. Morgan | 3,379,216 | 4,543,256 | 60,975 | |||||||||||
Euro | 04/21/2022 | J.P. Morgan | 5,373,410 | 6,049,058 | 59,423 | |||||||||||
$ | 34,312,850 | $ | 447,017 | |||||||||||||
Total | $ | 447,263 |
6
DUNHAM REAL ESTATE STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
DATA CENTER REIT - 3.7% | ||||||||
4,981 | Equinix, Inc. | $ | 3,610,727 | |||||
INDUSTRIAL REIT - 10.1% | ||||||||
8,146 | Innovative Industrial Properties, Inc. | 1,614,456 | ||||||
18,307 | Prologis, Inc. | 2,870,904 | ||||||
53,163 | Rexford Industrial Realty, Inc. | 3,889,937 | ||||||
19,715 | Terreno Realty Corporation | 1,474,091 | ||||||
9,849,388 | ||||||||
INFRASTRUCTURE REIT - 11.7% | ||||||||
16,789 | American Tower Corporation, A | 4,222,433 | ||||||
29,509 | Crown Castle International Corporation | 5,385,687 | ||||||
5,828 | SBA Communications Corporation | 1,896,664 | ||||||
11,504,784 | ||||||||
LEISURE FACILITIES & SERVICES - 9.0% | ||||||||
59,050 | Caesars Entertainment, Inc.(a),(b) | 4,496,067 | ||||||
999,965 | Drive Shack, Inc.(a),(b) | 1,399,951 | ||||||
68,898 | MGM Resorts International | 2,943,323 | ||||||
8,839,341 | ||||||||
MULTI ASSET CLASS REIT - 5.9% | ||||||||
777,019 | DigitalBridge Group, Inc.(a),(b) | 5,672,238 | ||||||
OFFICE REIT - 4.0% | ||||||||
20,000 | Alexandria Real Estate Equities, Inc. | 3,896,800 | ||||||
REAL ESTATE OWNERS & DEVELOPERS - 3.1% | ||||||||
402,596 | WeWork, Inc.(a),(b) | 2,991,288 | ||||||
RESIDENTIAL REIT - 16.4% | ||||||||
69,203 | American Homes 4 Rent, Class A | 2,707,913 | ||||||
8,524 | AvalonBay Communities, Inc. | 2,081,817 | ||||||
12,453 | Camden Property Trust | 1,993,601 | ||||||
31,629 | Equity LifeStyle Properties, Inc. | 2,476,234 | ||||||
94,071 | Invitation Homes, Inc. | 3,949,101 |
DUNHAM REAL ESTATE STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
RESIDENTIAL REIT - 16.4% (Continued) | ||||||||
15,288 | Sun Communities, Inc.(b) | $ | 2,888,820 | |||||
16,097,486 | ||||||||
SELF-STORAGE REIT - 9.3% | ||||||||
17,993 | Extra Space Storage, Inc. | 3,566,033 | ||||||
19,344 | Life Storage, Inc. | 2,610,473 | ||||||
47,221 | National Storage Affiliates Trust | 2,906,925 | ||||||
9,083,431 | ||||||||
SPECIALTY FINANCE - 6.6% | ||||||||
241,827 | Fortress Transportation and Infrastructure Investors, LLC | 6,454,363 | ||||||
SPECIALTY REITS - 3.5% | ||||||||
134,797 | NewLake Capital Partners, Inc. | 3,396,884 | ||||||
TELECOMMUNICATIONS - 16.3% | ||||||||
576,576 | Chindata Group Holdings Ltd. - ADR(a) | 2,952,069 | ||||||
72,076 | GDS Holdings Ltd. - ADR(a),(b) | 3,162,695 | ||||||
229,124 | Switch, Inc., Class A | 5,872,448 | ||||||
400,313 | Vnet Group, Inc. - ADR(a),(b) | 3,971,105 | ||||||
15,958,317 | ||||||||
TOTAL COMMON STOCKS (Cost $87,821,004) | 97,355,047 | |||||||
COLLATERAL FOR SECURITIES LOANED - 20.7% | ||||||||
20,241,489 | Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (Cost $20,241,489)(c),(d) | 20,241,489 | ||||||
TOTAL INVESTMENTS - 120.3% (Cost $108,062,493) | $ | 117,596,536 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (20.3)% | (19,861,226 | ) | ||||||
NET ASSETS - 100.0% | $ | 97,735,310 |
ADR | - American Depositary Receipt |
LLC | - Limited Liability Company |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
DUNHAM REAL ESTATE STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2022 |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $20,924,645 at January 31, 2022. |
(c) | Rate disclosed is the seven day effective yield as of January 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%. |