DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 32.1% | ||||||||||||||
AUTO LOAN — 6.5% | ||||||||||||||
100,756 | American Credit Acceptance Receivables Trust Series 2021-2 C(a) | 0.9700 | 07/13/27 | $ | 99,722 | |||||||||
220,000 | American Credit Acceptance Receivables Trust Series 2022-1 D(a) | 2.4600 | 03/13/28 | 207,302 | ||||||||||
230,000 | AmeriCredit Automobile Receivables Trust Series 2020-3 C | 1.0600 | 08/18/26 | 217,629 | ||||||||||
155,000 | Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(a) | 2.3600 | 03/20/26 | 147,219 | ||||||||||
611,000 | Avis Budget Rental Car Funding AESOP, LLC Series 2023-3A A(a) | 5.4400 | 02/22/28 | 601,969 | ||||||||||
317,000 | CarNow Auto Receivables Trust Series 2023-1A C(a) | 7.2400 | 09/15/26 | 314,133 | ||||||||||
43,710 | Carvana Auto Receivables Trust Series 2019-3A D(a) | 3.0400 | 04/15/25 | 43,511 | ||||||||||
225,000 | Carvana Auto Receivables Trust Series 2021-P3 B | 1.4200 | 08/10/27 | 193,849 | ||||||||||
78,215 | Carvana Auto Receivables Trust Series 2021-N1 C | 1.3000 | 01/10/28 | 73,113 | ||||||||||
95,297 | Carvana Auto Receivables Trust Series 2021-N2 C | 1.0700 | 03/10/28 | 87,981 | ||||||||||
225,000 | CPS Auto Receivables Trust Series 2019-D E(a) | 3.8600 | 10/15/25 | 221,126 | ||||||||||
31,306 | Credito Real USA Auto Receivables Trust Series 2021-1A A(a) | 1.3500 | 02/16/27 | 30,939 | ||||||||||
529,000 | DT Auto Owner Trust Series 2023-1A B(a) | 5.1900 | 10/16/28 | 522,102 | ||||||||||
195,000 | DT Auto Owner Trust Series 2023-3A C(a) | 6.4000 | 05/15/29 | 195,137 | ||||||||||
310,000 | FHF Trust Series 2023-1A A2(a) | 6.5700 | 06/15/28 | 306,596 | ||||||||||
180,000 | Flagship Credit Auto Trust Series 2020-4 C(a) | 1.2800 | 02/16/27 | 173,914 | ||||||||||
180,000 | Foursight Capital Automobile Receivables Trust Series 2022-1 B(a) | 2.1500 | 05/17/27 | 169,954 | ||||||||||
315,000 | Foursight Capital Automobile Receivables Trust Series 2023-1 A3(a) | 5.3900 | 12/15/27 | 309,953 | ||||||||||
432,000 | GLS Auto Receivables Issuer Trust Series 2019-4A D(a) | 4.0900 | 08/17/26 | 421,098 | ||||||||||
345,000 | Hertz Vehicle Financing III, LLC Series 2022-1A C(a) | 2.6300 | 06/25/26 | 317,442 | ||||||||||
319,227 | LAD Auto Receivables Trust Series 2022-1A A(a) | 5.2100 | 06/15/27 | 315,851 | ||||||||||
129,553 | Lendbuzz Securitization Trust Series 2022-1A A(a) | 4.2200 | 05/17/27 | 125,826 | ||||||||||
255,655 | Lobel Financial Corporation Series 1 A(a) | 6.9700 | 07/15/26 | 254,346 | ||||||||||
140,000 | OneMain Direct Auto Receivables Trust Series 2021-1A B(a) | 1.2600 | 07/14/28 | 126,845 | ||||||||||
698,250 | Santander Drive Auto Receivables Trust Series 2020-2 D | 2.2200 | 09/15/26 | 686,178 | ||||||||||
242,484 | Santander Drive Auto Receivables Trust Series 2021-3 C | 0.9500 | 09/15/27 | 238,598 | ||||||||||
370,000 | Santander Drive Auto Receivables Trust Series 2023-1 B | 4.9800 | 02/15/28 | 363,522 | ||||||||||
195,000 | Santander Drive Auto Receivables Trust Series 2022-5 C | 4.7400 | 10/15/28 | 190,101 | ||||||||||
422,000 | United Auto Credit Securitization Trust Series 2023-1 B(a) | 5.9100 | 07/10/28 | 418,457 | ||||||||||
146,000 | Veros Auto Receivables Trust Series 2022-1 B(a) | 4.3900 | 08/16/27 | 142,540 | ||||||||||
90,500 | Westlake Automobile Receivables Trust Series 2020-3A C(a) | 1.2400 | 11/17/25 | 89,547 | ||||||||||
345,000 | Westlake Automobile Receivables Trust Series 2022-1A B(a) | 2.7500 | 03/15/27 | 336,320 | ||||||||||
415,000 | Westlake Automobile Receivables Trust Series 2023-1A C(a) | 5.7400 | 08/15/28 | 409,918 | ||||||||||
8,352,738 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 32.1% (Continued) | ||||||||||||||
CLO — 0.3% | ||||||||||||||
350,000 | GoldentTree Loan Management US CLO 1 Ltd. Series 2021-9A A(a),(b) | TSFR3M + 1.332% | 6.6580 | 01/20/33 | $ | 348,339 | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5% | ||||||||||||||
794,046 | AJAX Mortgage Loan Trust Series 2021-A A1(a),(c) | 1.0650 | 09/25/65 | 678,096 | ||||||||||
98,217 | Angel Oak Mortgage Trust Series 2020-R1 A2(a),(c) | 1.2470 | 12/26/24 | 88,135 | ||||||||||
66,039 | Angel Oak Mortgage Trust Series 2021-8 A1(a),(c) | 1.8200 | 11/25/66 | 55,484 | ||||||||||
120,451 | Angel Oak Mortgage Trust Series 2022-5 A1(a),(d) | 4.5000 | 05/25/67 | 115,664 | ||||||||||
300,000 | Arm Master Trust, LLC Series 2023-T1 A(a) | 6.5620 | 02/17/25 | 299,201 | ||||||||||
89,945 | Arroyo Mortgage Trust Series 2019-1 A1(a),(c) | 3.8050 | 01/25/49 | 84,563 | ||||||||||
94,583 | Arroyo Mortgage Trust Series 2019-2 A1(a),(c) | 3.3470 | 04/25/49 | 88,201 | ||||||||||
290,561 | Bunker Hill Loan Depositary Trust Series 2019-2 A1(a),(d) | 2.8790 | 07/25/49 | 272,756 | ||||||||||
34,766 | Chase Mortgage Finance Corporation Series 2016-SH2 M2(a),(c) | 3.7500 | 02/25/44 | 31,006 | ||||||||||
45,309 | Chase Mortgage Finance Corporation Series 2016-SH1 M2(a),(c) | 3.7500 | 04/25/45 | 40,651 | ||||||||||
383,436 | CIM TRUST Series 2022-R2 A1(a),(c) | 3.7500 | 12/25/61 | 351,965 | ||||||||||
63,579 | COLT Funding, LLC Series 2021-3R A1(a),(c) | 1.0510 | 12/25/64 | 54,910 | ||||||||||
1,493,665 | COLT Mortgage Loan Trust Series 2022-4 A1(a),(c) | 4.3010 | 03/25/67 | 1,425,785 | ||||||||||
301,210 | COLT Mortgage Loan Trust Series 2022-5 A1(a),(c) | 4.5500 | 04/25/67 | 292,277 | ||||||||||
60,342 | CSMC Series 2021-NQM1 A1(a),(c) | 0.8090 | 05/25/65 | 50,931 | ||||||||||
140,791 | CSMC Trust Series 2020-RPL4 A1(a),(c) | 2.0000 | 01/25/60 | 121,486 | ||||||||||
22,714 | CSMC Trust Series 2020-NQM1 A1(a),(d) | 1.2080 | 05/25/65 | 20,442 | ||||||||||
276,902 | Deephaven Residential Mortgage Trust Series 2022-1 A1(a),(c) | 2.2050 | 01/25/67 | 243,944 | ||||||||||
358,974 | Ellington Financial Mortgage Trust Series 2019-2 A3(a),(c) | 3.0460 | 11/25/59 | 329,981 | ||||||||||
22,133 | Flagstar Mortgage Trust Series 2017-1 1A3(a),(c) | 3.5000 | 03/25/47 | 19,715 | ||||||||||
9,034 | Galton Funding Mortgage Trust Series 2018-1 A23(a),(c) | 3.5000 | 11/25/57 | 8,100 | ||||||||||
25,312 | JP Morgan Mortgage Trust Series 2017-5 A1(a),(c) | 3.3650 | 12/15/47 | 24,921 | ||||||||||
961,314 | JP Morgan Mortgage Trust Series 2017-4 A3(a),(c) | 3.5000 | 11/25/48 | 881,442 | ||||||||||
95,759 | LHOME Mortgage Trust Series 2021-RTL1 A1(a),(c) | 2.0900 | 09/25/26 | 94,789 | ||||||||||
100,000 | METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1(a),(c) | 3.4450 | 04/25/55 | 85,641 | ||||||||||
33,909 | METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A(a),(c) | 3.7500 | 04/25/58 | 32,467 | ||||||||||
1,314,482 | MFA Trust Series 2022-INV1 A1(a),(d) | 3.9070 | 04/25/66 | 1,237,925 | ||||||||||
743,913 | MFA Trust Series 2022-NQM2 A1(a),(d) | 4.0000 | 05/25/67 | 702,205 | ||||||||||
199,632 | Mill City Mortgage Loan Trust Series 2019-1 M2(a),(c) | 3.5000 | 10/25/69 | 172,119 | ||||||||||
170,000 | New Residential Mortgage Loan Trust Series 2022-RTL1 A1F(a) | 4.3360 | 12/25/26 | 163,468 | ||||||||||
149,528 | New Residential Mortgage Loan Trust Series 2014-3A AFX3(a),(c) | 3.7500 | 11/25/54 | 137,219 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 32.1% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5% (Continued) | ||||||||||||||
151,147 | New Residential Mortgage Loan Trust Series 2016-3A B1(a),(c) | 4.0000 | 09/25/56 | $ | 139,278 | |||||||||
37,783 | New Residential Mortgage Loan Trust Series 2016-4A A1(a),(c) | 3.7500 | 11/25/56 | 34,632 | ||||||||||
295,975 | New Residential Mortgage Loan Trust Series 2017-2A A3(a),(c) | 4.0000 | 03/25/57 | 277,395 | ||||||||||
511,494 | New Residential Mortgage Loan Trust Series 2018-1A A1A(a),(c) | 4.0000 | 12/25/57 | 482,744 | ||||||||||
43,968 | New Residential Mortgage Loan Trust Series 2021-NQ2R A1(a),(c) | 0.9410 | 09/25/58 | 39,355 | ||||||||||
215,000 | New Residential Mortgage Loan Trust Series 2019-RPL2 M2(a),(c) | 3.7500 | 02/25/59 | 182,740 | ||||||||||
738,150 | New Residential Mortgage Loan Trust Series 2022-NQM2 A1(a),(c) | 3.0790 | 03/27/62 | 658,117 | ||||||||||
12,417 | OBX Trust Series 2019-INV1 A3(a),(c) | 4.5000 | 11/25/48 | 11,812 | ||||||||||
135,000 | Palisades Mortgage Loan Trust Series 2021-RTL1 A1(a),(d) | 2.8570 | 06/25/26 | 129,993 | ||||||||||
171,252 | PRET, LLC Series 2021-RN3 A1(a),(d) | 1.8430 | 09/25/51 | 156,460 | ||||||||||
30,474 | Provident Funding Mortgage Loan Trust Series 2019-1 A2(a),(c) | 3.0000 | 12/25/49 | 25,958 | ||||||||||
149,241 | PRPM, LLC Series 2021-2 A1(a),(c) | 2.1150 | 03/25/26 | 141,757 | ||||||||||
655,000 | RCKT Mortgage Trust Series 2023-CES1 A1A(a),(c) | 6.5150 | 06/25/43 | 654,897 | ||||||||||
56,579 | RCKT Mortgage Trust Series 2020-1 A1(a),(c) | 3.0000 | 02/25/50 | 48,072 | ||||||||||
51,387 | Residential Mortgage Loan Trust Series 2020-1 A1(a),(c) | 2.3760 | 02/25/24 | 48,856 | ||||||||||
6,090 | Residential Mortgage Loan Trust Series 2019-2 A1(a),(c) | 2.9130 | 05/25/59 | 6,010 | ||||||||||
159,287 | SG Residential Mortgage Trust Series 2021-1 A3(a),(c) | 1.5600 | 07/25/61 | 123,352 | ||||||||||
67,045 | Starwood Mortgage Residential Trust Series 2020-1 A1(a),(c) | 2.2750 | 02/25/50 | 62,319 | ||||||||||
21,820 | Starwood Mortgage Residential Trust Series 2020-3 A1(a),(c) | 1.4860 | 04/25/65 | 20,243 | ||||||||||
725,000 | Towd Point Mortgage Trust Series 2017-1 A2(a),(c) | 3.5000 | 10/25/56 | 698,530 | ||||||||||
265,000 | Towd Point Mortgage Trust Series 2019-HY2 M1(a),(b) | TSFR1M + 1.714% | 7.0120 | 05/25/58 | 260,713 | |||||||||
365,000 | Towd Point Mortgage Trust Series 2021-1 A2(a),(c) | 2.7500 | 11/25/61 | 290,034 | ||||||||||
118,820 | Verus Securitization Trust Series 2019-INV2 A1(a),(c) | 3.8000 | 07/25/59 | 115,177 | ||||||||||
100,000 | Verus Securitization Trust Series 2019-4 M1(a),(c) | 3.2070 | 11/25/59 | 88,671 | ||||||||||
21,927 | Verus Securitization Trust Series 2020-1 A1(a),(d) | 2.4170 | 01/25/60 | 21,215 | ||||||||||
43,238 | Verus Securitization Trust Series 2021-2 A1(a),(c) | 1.0310 | 02/25/66 | 36,473 | ||||||||||
1,711,849 | Verus Securitization Trust Series 2023-1 A1(a),(d) | 5.8500 | 12/25/67 | 1,693,549 | ||||||||||
160,618 | Wells Fargo Mortgage Backed Securities Series 2020-4 A1(a),(c) | 3.0000 | 07/25/50 | 136,464 | ||||||||||
14,790,305 | ||||||||||||||
CREDIT CARD — 0.6% | ||||||||||||||
400,000 | Discover Card Execution Note Trust Series A2 A | 4.9300 | 06/15/28 | 399,003 | ||||||||||
316,000 | Mercury Financial Credit Card Master Trust Series 2023-1A A(a) | 8.0400 | 09/20/27 | 319,385 | ||||||||||
718,388 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 32.1% (Continued) | ||||||||||||||
NON AGENCY CMBS — 3.2% | ||||||||||||||
123,514 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(a),(c) | 2.0680 | 05/25/50 | $ | 112,305 | |||||||||
280,000 | BBCMS 2018-TALL Mortgage Trust(a),(b) | TSFR1M + 0.919% | 6.1410 | 03/15/37 | 255,677 | |||||||||
310,000 | Benchmark Mortgage Trust Series 2023-B38 A2 | 5.6260 | 04/15/56 | 304,222 | ||||||||||
90,000 | BPR Trust Series 2021-KEN A(a),(b) | TSFR1M + 1.364% | 6.5860 | 02/15/29 | 88,597 | |||||||||
510,000 | BPR Trust Series 2022-OANA A(a),(b) | TSFR1M + 1.898% | 7.1200 | 04/15/37 | 499,683 | |||||||||
445,000 | BX Trust Series 2019-OC11 B(a) | 3.6050 | 12/09/41 | 384,574 | ||||||||||
410,000 | BX Trust Series 2019-OC11 D(a),(c) | 4.0750 | 12/09/41 | 343,385 | ||||||||||
150,000 | COMM Mortgage Trust Series 2020-CBM B(a) | 3.0990 | 02/10/37 | 139,628 | ||||||||||
548,635 | CSMC Series 2019-ICE4 A(a),(b) | TSFR1M + 1.027% | 6.2490 | 05/15/36 | 547,216 | |||||||||
201,773 | Extended Stay America Trust Series 2021-ESH C(a),(b) | TSFR1M + 1.814% | 7.0360 | 07/15/38 | 197,671 | |||||||||
305,000 | GCT Commercial Mortgage Trust Series 2021-GCT A(a),(b) | TSFR1M + 0.914% | 6.1360 | 02/15/38 | 253,139 | |||||||||
185,000 | Hilton USA Trust Series 2016-SFP B(a) | 3.3230 | 11/05/35 | 163,927 | ||||||||||
382,500 | KKR Industrial Portfolio Trust Series 2021-KDIP C(a),(b) | TSFR1M + 1.114% | 6.3360 | 12/15/37 | 372,656 | |||||||||
325,000 | MIRA Trust Series 2023-Mile A(a) | 6.7550 | 06/06/28 | 323,939 | ||||||||||
62,000 | WFRBS Commercial Mortgage Trust Series 2014-C24 AS | 3.9310 | 11/15/47 | 59,105 | ||||||||||
4,045,724 | ||||||||||||||
OTHER ABS — 8.4% | ||||||||||||||
102,070 | ACHV A.B.S TRUST Series 2023-1PL A(a) | 6.4200 | 03/18/30 | 102,065 | ||||||||||
1,556,728 | American Homes 4 Rent Series 2015-SFR1 A(a) | 3.4670 | 04/17/52 | 1,493,758 | ||||||||||
230,000 | American Homes 4 Rent Trust Series 2014-SFR2 C(a) | 4.7050 | 10/17/36 | 225,002 | ||||||||||
220,000 | American Homes 4 Rent Trust Series 2015-SFR2 C(a) | 4.6910 | 10/17/45 | 214,291 | ||||||||||
175,000 | AMSR Trust Series 2020-SFR1 B(a) | 2.1200 | 04/17/37 | 162,667 | ||||||||||
250,000 | AMSR Trust Series 2020-SFR2 C(a) | 2.5330 | 07/17/37 | 231,427 | ||||||||||
100,000 | AMSR Trust Series 2020-SFR2 D(a) | 3.2820 | 07/17/37 | 93,408 | ||||||||||
390,000 | Amur Equipment Finance Receivables XII, LLC Series 1A A2(a) | 6.0900 | 12/20/29 | 389,866 | ||||||||||
279,442 | Aqua Finance Trust Series 2017-A A(a) | 3.7200 | 11/15/35 | 276,368 | ||||||||||
61,077 | Aqua Finance Trust Series 2019-A A(a) | 3.1400 | 07/16/40 | 57,113 | ||||||||||
236,423 | Aqua Finance Trust Series 2019-A C(a) | 4.0100 | 07/16/40 | 208,617 | ||||||||||
270,000 | Aqua Finance Trust Series 2020-AA B(a) | 2.7900 | 07/17/46 | 235,250 | ||||||||||
176,200 | BHG Securitization Trust Series 2021-1A A(a) | 1.4200 | 11/17/33 | 164,745 | ||||||||||
220,000 | CCG Receivables Trust Series 2021-1 C(a) | 0.8400 | 06/14/27 | 207,291 | ||||||||||
103,437 | CF Hippolyta, LLC Series 2020-1 A1(a) | 1.6900 | 07/15/60 | 93,253 | ||||||||||
318,825 | CLI Funding VI, LLC Series 2020-1A A(a) | 2.0800 | 09/18/45 | 277,784 | ||||||||||
54,146 | Corevest American Finance Trust Series 2020-1 A1(a) | 1.8320 | 03/15/50 | 51,367 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 32.1% (Continued) | ||||||||||||||
OTHER ABS — 8.4% (Continued) | ||||||||||||||
100,000 | Corevest American Finance Trust Series 2019-3 C(a) | 3.2650 | 10/15/52 | $ | 84,998 | |||||||||
174,829 | Corevest American Finance Trust Series 2020-4 A(a) | 1.1740 | 12/15/52 | 158,075 | ||||||||||
240,000 | Dext A.B.S, LLC Series 2020-1 B(a) | 1.9200 | 11/15/27 | 236,750 | ||||||||||
429,000 | Dext A.B.S, LLC Series 2023-1 A2(a) | 5.9900 | 03/15/32 | 423,349 | ||||||||||
285,000 | FirstKey Homes Trust Series 2021-SFR1 D(a) | 2.1890 | 08/17/28 | 246,902 | ||||||||||
375,000 | FirstKey Homes Trust Series 2020-SFR2 B(a) | 1.5670 | 10/19/37 | 339,130 | ||||||||||
174,110 | Foundation Finance Trust Series 2019-1A A(a) | 3.8600 | 11/15/34 | 171,329 | ||||||||||
79,497 | HIN Timeshare Trust Series 2020-A C(a) | 3.4200 | 10/09/39 | 72,843 | ||||||||||
129,025 | Jersey Mike’s Funding Series 2019-1A A2(a) | 4.4330 | 02/15/50 | 119,001 | ||||||||||
1,080,000 | Kubota Credit Owner Trust Series 2023-1A A2(a) | 5.4000 | 02/17/26 | 1,075,761 | ||||||||||
53,052 | MVW, LLC Series 2020-1A A(a) | 1.7400 | 10/20/37 | 48,701 | ||||||||||
350,869 | MVW, LLC Series 2023-1A B(a) | 5.4200 | 10/20/40 | 343,146 | ||||||||||
3,024 | Octane Receivables Trust Series 2020-1A A(a) | 1.7100 | 02/20/25 | 3,017 | ||||||||||
265,000 | Octane Receivables Trust Series 2023-1A C(a) | 6.3700 | 09/20/29 | 260,859 | ||||||||||
52,796 | Oportun Funding, LLC Series 2022-1 A(a) | 3.2500 | 06/15/29 | 52,144 | ||||||||||
34,686 | Orange Lake Timeshare Trust Series 2019-A B(a) | 3.3600 | 04/09/38 | 33,140 | ||||||||||
265,000 | Progress Residential Series 2021-SFR3 D(a) | 2.2880 | 05/17/26 | 233,838 | ||||||||||
201,000 | Progress Residential Series 2021-SFR1 C(a) | 1.5550 | 04/17/38 | 176,838 | ||||||||||
577,415 | Progress Residential Trust Series 2020-SFR1 A(a) | 1.7320 | 04/17/37 | 537,261 | ||||||||||
550,000 | Progress Residential Trust Series 2020-SFR2 E(a) | 5.1150 | 06/17/37 | 530,691 | ||||||||||
130,801 | Purchasing Power Funding, LLC Series 2021-A A(a) | 1.5700 | 10/15/25 | 129,374 | ||||||||||
265,000 | Regional Management Issuance Trust Series 2021-1 A(a) | 1.6800 | 03/17/31 | 248,240 | ||||||||||
42,581 | Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(a) | 2.3200 | 07/20/37 | 39,887 | ||||||||||
320,000 | Sierra Timeshare Receivables Funding, LLC Series 2023-2A B(a) | 6.2800 | 04/20/40 | 323,984 | ||||||||||
84,600 | Taco Bell Funding, LLC Series 2016-1A A23(a) | 4.9700 | 05/25/46 | 81,657 | ||||||||||
200,000 | Tricon American Homes Trust Series 2020-SFR2 D(a) | 2.2810 | 11/17/27 | 170,505 | ||||||||||
165,000 | Tricon American Homes Trust Series 2019-SFR1 C(a) | 3.1490 | 03/17/38 | 152,581 | ||||||||||
160,000 | Tricon Residential Trust Series 2021-SFR1 B(a) | 2.2440 | 07/17/38 | 143,029 | ||||||||||
10,921,302 | ||||||||||||||
RESIDENTIAL MORTGAGE — 1.6% | ||||||||||||||
79,302 | Ajax Mortgage Loan Trust Series 2019-D A1(a),(d) | 2.9560 | 09/25/65 | 73,207 | ||||||||||
126,151 | Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1(a),(d) | 2.2390 | 09/27/60 | 119,708 | ||||||||||
135,000 | Towd Point Mortgage Trust Series 2016-4 B1(a),(c) | 3.9620 | 07/25/56 | 123,908 | ||||||||||
115,000 | Towd Point Mortgage Trust Series 2017-1 M1(a),(c) | 3.7500 | 10/25/56 | 108,109 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 32.1% (Continued) | ||||||||||||||
RESIDENTIAL MORTGAGE — 1.6% (Continued) | ||||||||||||||
460,000 | Towd Point Mortgage Trust Series 2017-4 A2(a),(c) | 3.0000 | 06/25/57 | $ | 408,569 | |||||||||
160,000 | Towd Point Mortgage Trust Series 2017-6 A2(a),(c) | 3.0000 | 10/25/57 | 144,430 | ||||||||||
140,000 | Towd Point Mortgage Trust Series 2018-6 A1B(a),(c) | 3.7500 | 03/25/58 | 128,720 | ||||||||||
300,000 | Towd Point Mortgage Trust Series 2018-6 A2(a),(c) | 3.7500 | 03/25/58 | 262,583 | ||||||||||
255,000 | Towd Point Mortgage Trust Series 2019-2 A2(a),(c) | 3.7500 | 12/25/58 | 221,526 | ||||||||||
235,000 | Towd Point Mortgage Trust Series 2019-4 A2(a),(c) | 3.2500 | 10/25/59 | 201,707 | ||||||||||
100,000 | Towd Point Mortgage Trust Series 2020-1 M1(a),(c) | 3.5000 | 01/25/60 | 82,070 | ||||||||||
82,773 | VCAT Asset Securitization, LLC Series 2021-NPL3 A1(a),(d) | 1.7430 | 05/25/51 | 77,208 | ||||||||||
47,323 | VCAT, LLC Series 2021-NPL2 A1(a),(d) | 2.1150 | 03/27/51 | 45,005 | ||||||||||
1,996,750 | ||||||||||||||
STUDENT LOANS — 0.0%(e) | ||||||||||||||
61,054 | Commonbond Student Loan Trust Series 2020-1 A(a) | 1.6900 | 10/25/51 | 54,113 | ||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $42,945,704) | 41,227,659 | |||||||||||||
CORPORATE BONDS — 33.2% | ||||||||||||||
AEROSPACE & DEFENSE — 0.7% | ||||||||||||||
200,000 | Boeing Company (The) | 5.8050 | 05/01/50 | 201,127 | ||||||||||
303,000 | Boeing Company (The) | 5.9300 | 05/01/60 | 302,252 | ||||||||||
226,000 | Huntington Ingalls Industries, Inc. | 2.0430 | 08/16/28 | 191,381 | ||||||||||
85,000 | TransDigm, Inc. | 5.5000 | 11/15/27 | 80,719 | ||||||||||
775,479 | ||||||||||||||
ASSET MANAGEMENT — 1.2% | ||||||||||||||
157,000 | Blackstone Private Credit Fund | 2.6250 | 12/15/26 | 134,781 | ||||||||||
330,000 | Blue Owl Finance, LLC(a) | 3.1250 | 06/10/31 | 252,327 | ||||||||||
305,000 | Charles Schwab Corporation (The)(b) | H15T10Y + 3.079% | 4.0000 | 03/01/69 | 239,282 | |||||||||
255,000 | Citadel, L.P.(a) | 4.8750 | 01/15/27 | 248,735 | ||||||||||
250,000 | Drawbridge Special Opportunities Fund, L.P. /(a) | 3.8750 | 02/15/26 | 222,870 | ||||||||||
220,000 | Icahn Enterprises, L.P. / Icahn Enterprises | 5.2500 | 05/15/27 | 194,120 | ||||||||||
128,000 | OWL Rock Core Income Corporation | 4.7000 | 02/08/27 | 116,596 | ||||||||||
164,000 | United Airlines Class A Pass Through Trust Series 2023-1 Class A | 5.8000 | 07/15/36 | 167,235 | ||||||||||
1,575,946 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
AUTOMOTIVE — 0.3% | ||||||||||||||
25,000 | Clarios Global, L.P. / Clarios US Finance Company(a) | 6.7500 | 05/15/28 | $ | 25,132 | |||||||||
106,000 | Ford Motor Company | 3.2500 | 02/12/32 | 83,859 | ||||||||||
70,000 | Ford Motor Company | 4.7500 | 01/15/43 | 54,835 | ||||||||||
200,000 | Ford Motor Credit Company, LLC(f) | 6.8000 | 05/12/28 | 202,035 | ||||||||||
365,861 | ||||||||||||||
BANKING — 5.0% | ||||||||||||||
200,000 | Banco Mercantil del Norte S.A.(a),(b) | H15T10Y + 5.034% | 6.6250 | 01/24/70 | 160,500 | |||||||||
1,200,000 | Bank of America Corporation(b) | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 993,847 | |||||||||
390,000 | Bank of America Corporation(b),(f) | H15T5Y + 1.200% | 2.4820 | 09/21/36 | 298,911 | |||||||||
400,000 | Barclays plc(b),(f) | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 436,085 | |||||||||
200,000 | BBVA Bancomer S.A.(a),(b) | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 174,150 | |||||||||
113,000 | Citigroup, Inc.(b) | SOFRRATE + 1.280% | 6.3830 | 02/24/28 | 113,071 | |||||||||
325,000 | Citigroup, Inc.(b) | US0003M + 1.338% | 3.9800 | 03/20/30 | 301,369 | |||||||||
460,000 | Citigroup, Inc.(b),(f) | SOFRRATE + 2.338% | 6.2700 | 11/17/33 | 487,341 | |||||||||
229,000 | Citigroup, Inc.(b) | SOFRRATE + 2.661% | 6.1740 | 05/25/34 | 232,394 | |||||||||
250,000 | Citizens Bank NA | 2.2500 | 04/28/25 | 231,530 | ||||||||||
250,000 | Fifth Third Bancorp(b),(f) | SOFRRATE + 1.660% | 4.3370 | 04/25/33 | 225,249 | |||||||||
280,000 | Huntington Bancshares, Inc. | 2.5500 | 02/04/30 | 230,459 | ||||||||||
175,000 | JPMorgan Chase & Company(b) | SOFRRATE + 1.180% | 6.2760 | 02/24/28 | 175,775 | |||||||||
710,000 | JPMorgan Chase & Company | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 565,187 | |||||||||
420,000 | JPMorgan Chase & Company(b),(f) | SOFRRATE + 2.580% | 5.7170 | 09/14/33 | 426,363 | |||||||||
82,000 | JPMorgan Chase & Company Series HH(b) | SOFRRATE + 3.125% | 4.6000 | 08/01/68 | 77,695 | |||||||||
200,000 | Texas Capital Bancshares, Inc.(b) | H15T5Y + 3.150% | 4.0000 | 05/06/31 | 160,035 | |||||||||
285,000 | Toronto-Dominion Bank (The)(b) | H15T5Y + 4.075% | 8.1250 | 10/31/82 | 293,493 | |||||||||
285,000 | Truist Financial Corporation(b) | H15T10Y + 4.349% | 5.1000 | 03/01/69 | 256,842 | |||||||||
280,000 | Wells Fargo & Company(b) | SOFRRATE + 2.100% | 4.8970 | 07/25/33 | 268,196 | |||||||||
330,000 | Wells Fargo & Company Series BB(b) | H15T5Y + 3.453% | 3.9000 | 03/15/69 | 296,942 | |||||||||
6,405,434 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
BEVERAGES — 0.4% | ||||||||||||||
185,000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | 4.9000 | 02/01/46 | $ | 175,128 | |||||||||
270,000 | Bacardi Ltd. / Bacardi-Martini BV(a) | 5.4000 | 06/15/33 | 267,567 | ||||||||||
75,000 | Central American Bottling Corp / CBC Bottling(a) | 5.2500 | 04/27/29 | 69,257 | ||||||||||
511,952 | ||||||||||||||
BIOTECH & PHARMA — 1.1% | ||||||||||||||
383,000 | Amgen, Inc. | 5.2500 | 03/02/33 | 382,187 | ||||||||||
93,000 | Amgen, Inc.(f) | 5.6500 | 03/02/53 | 93,164 | ||||||||||
40,000 | Bausch Health Companies, Inc.(a) | 5.7500 | 08/15/27 | 25,764 | ||||||||||
200,000 | Cheplapharm Arzneimittel GmbH(a) | 5.5000 | 01/15/28 | 182,426 | ||||||||||
265,000 | Mylan N.V. | 3.9500 | 06/15/26 | 251,530 | ||||||||||
45,000 | Par Pharmaceutical, Inc.(a) | 7.5000 | 04/01/27 | 33,069 | ||||||||||
155,000 | Royalty Pharma plc | 2.1500 | 09/02/31 | 121,177 | ||||||||||
195,000 | Royalty Pharma plc | 3.3500 | 09/02/51 | 124,406 | ||||||||||
120,000 | Teva Pharmaceutical Finance Netherlands III BV(f) | 3.1500 | 10/01/26 | 108,690 | ||||||||||
681 | Viatris, Inc.(a) | 2.3000 | 06/22/27 | 598 | ||||||||||
150,000 | Viatris, Inc. | 2.3000 | 06/22/27 | 131,824 | ||||||||||
1,454,835 | ||||||||||||||
CABLE & SATELLITE — 0.2% | ||||||||||||||
14,000 | CCO Holdings, LLC / CCO Holdings Capital(a),(f) | 6.3750 | 09/01/29 | 13,398 | ||||||||||
180,000 | CCO Holdings, LLC / CCO Holdings Capital(a) | 4.7500 | 03/01/30 | 156,207 | ||||||||||
45,000 | CCO Holdings, LLC / CCO Holdings Capital(a),(f) | 4.5000 | 08/15/30 | 38,116 | ||||||||||
207,721 | ||||||||||||||
CHEMICALS — 0.2% | ||||||||||||||
235,000 | Bayport Polymers, LLC(a) | 5.1400 | 04/14/32 | 208,521 | ||||||||||
COMMERCIAL SUPPORT SERVICES — 0.0%(e) | ||||||||||||||
50,000 | Aramark Services, Inc.(a),(f) | 6.3750 | 05/01/25 | 50,043 | ||||||||||
CONSTRUCTION MATERIALS — 0.0%(e) | ||||||||||||||
30,000 | Knife River Holding Company(a) | 7.7500 | 05/01/31 | 30,628 | ||||||||||
DIVERSIFIED INDUSTRIALS — 0.2% | ||||||||||||||
313,000 | General Electric Company(b) | US0003M + 3.330% | 8.8820 | 06/15/69 | 314,361 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
ELECTRIC UTILITIES — 2.2% | ||||||||||||||
355,000 | CMS Energy Corporation(b) | H15T5Y + 4.116% | 4.7500 | 06/01/50 | $ | 312,871 | ||||||||
250,000 | Electricite de France S.A.(a),(f) | 6.9000 | 05/23/53 | 263,265 | ||||||||||
235,000 | Enel Finance International N.V.(a) | 7.5000 | 10/14/32 | 262,105 | ||||||||||
540,000 | Exelon Corporation | 5.6000 | 03/15/53 | 539,068 | ||||||||||
188,000 | National Rural Utilities Cooperative Finance(b) | US0003M + 2.910% | 4.7500 | 04/30/43 | 183,041 | |||||||||
384,000 | NRG Energy, Inc.(a) | 7.0000 | 03/15/33 | 383,709 | ||||||||||
403,000 | Puget Energy, Inc. | 2.3790 | 06/15/28 | 347,534 | ||||||||||
404,000 | Southern Company (The)(b) | H15T5Y + 2.915% | 3.7500 | 09/15/51 | 349,584 | |||||||||
245,000 | Vistra Corporation(a),(b),(f) | H15T5Y + 6.930% | 8.0000 | 04/15/70 | 234,673 | |||||||||
2,875,850 | ||||||||||||||
ENGINEERING & CONSTRUCTION — 0.3% | ||||||||||||||
140,000 | Global Infrastructure Solutions, Inc.(a) | 7.5000 | 04/15/32 | 118,584 | ||||||||||
398,000 | Sempra Infrastructure Partners, L.P.(a) | 3.2500 | 01/15/32 | 322,602 | ||||||||||
441,186 | ||||||||||||||
FOOD — 0.2% | ||||||||||||||
300,000 | Pilgrim’s Pride Corporation | 6.2500 | 07/01/33 | 298,397 | ||||||||||
GAS & WATER UTILITIES — 0.4% | ||||||||||||||
260,000 | Brooklyn Union Gas Company (The)(a) | 4.8660 | 08/05/32 | 242,869 | ||||||||||
255,000 | KeySpan Gas East Corporation(a) | 5.9940 | 03/06/33 | 255,694 | ||||||||||
498,563 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 1.5% | ||||||||||||||
225,000 | AdaptHealth, LLC(a) | 5.1250 | 03/01/30 | 186,388 | ||||||||||
290,000 | Catalent Pharma Solutions, Inc.(a),(f) | 3.5000 | 04/01/30 | 243,136 | ||||||||||
318,000 | CVS Health Corporation(f) | 5.8750 | 06/01/53 | 322,913 | ||||||||||
185,000 | HCA, Inc.(f) | 5.5000 | 06/01/33 | 183,896 | ||||||||||
345,000 | HCA, Inc. | 5.2500 | 06/15/49 | 310,311 | ||||||||||
200,000 | IQVIA, Inc.(a) | 5.7000 | 05/15/28 | 199,026 | ||||||||||
540,000 | Universal Health Services, Inc. | 2.6500 | 01/15/32 | 424,053 | ||||||||||
1,869,723 | ||||||||||||||
HOME & OFFICE PRODUCTS — 0.2% | ||||||||||||||
196,000 | Newell Brands, Inc.(f) | 6.3750 | 09/15/27 | 193,305 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
HOME CONSTRUCTION — 0.5% | ||||||||||||||
440,000 | MDC Holdings, Inc. | 3.9660 | 08/06/61 | $ | 265,280 | |||||||||
395,000 | PulteGroup, Inc. | 6.3750 | 05/15/33 | 414,960 | ||||||||||
680,240 | ||||||||||||||
HOUSEHOLD PRODUCTS — 0.3% | ||||||||||||||
370,000 | Church & Dwight Company, Inc. | 5.0000 | 06/15/52 | 357,313 | ||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.7% | ||||||||||||||
405,000 | Ashtead Capital, Inc.(a) | 5.5000 | 08/11/32 | 391,807 | ||||||||||
440,000 | Ferguson Finance plc(a) | 4.6500 | 04/20/32 | 414,309 | ||||||||||
806,116 | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 2.6% | ||||||||||||||
115,000 | Bank of New York Mellon Corporation (The)(b) | SOFRINDX + 2.074% | 5.8340 | 10/25/33 | 119,042 | |||||||||
265,000 | Bank of New York Mellon Corporation (The)(b) | H15T5Y + 4.358% | 4.7000 | 09/20/68 | 259,377 | |||||||||
620,000 | Brookfield Finance, Inc. | 2.7240 | 04/15/31 | 513,012 | ||||||||||
550,000 | Goldman Sachs Group, Inc. (The)(b) | SOFRRATE + 1.090% | 1.9920 | 01/27/32 | 433,198 | |||||||||
310,000 | Goldman Sachs Group, Inc. (The) | 6.4500 | 05/01/36 | 325,481 | ||||||||||
475,000 | Morgan Stanley | 3.1250 | 07/27/26 | 446,450 | ||||||||||
395,000 | Morgan Stanley | 6.3750 | 07/24/42 | 442,734 | ||||||||||
169,000 | Northern Trust Corporation(b) | US0003M + 1.131% | 3.3750 | 05/08/32 | 152,289 | |||||||||
435,000 | State Street Corporation(b) | SOFRRATE + 1.726% | 4.1640 | 08/04/33 | 401,860 | |||||||||
216,000 | State Street Corporation(b) | SOFRRATE + 1.567% | 4.8210 | 01/26/34 | 207,762 | |||||||||
3,301,205 | ||||||||||||||
INSURANCE — 1.5% | ||||||||||||||
300,000 | Allstate Corporation (The)(b) | US0003M + 2.938% | 5.7500 | 08/15/53 | 298,596 | |||||||||
185,000 | Ascot Group Ltd.(a) | 4.2500 | 12/15/30 | 141,860 | ||||||||||
391,000 | Corebridge Financial, Inc.(b) | H15T5Y + 3.846% | 6.8750 | 12/15/52 | 381,649 | |||||||||
118,000 | Global Atlantic Fin Company(a) | 7.9500 | 06/15/33 | 118,254 | ||||||||||
175,000 | Liberty Mutual Group, Inc.(a),(b) | H15T5Y + 3.315% | 4.1250 | 12/15/51 | 140,234 | |||||||||
168,000 | Lincoln National Corporation(b) | US0003M + 2.040% | 7.6280 | 04/20/67 | 115,080 | |||||||||
265,000 | MetLife, Inc.(b) | H15T5Y + 3.576% | 3.8500 | 03/15/69 | 248,282 | |||||||||
126,000 | MetLife, Inc.(b),(f) | US0003M + 2.959% | 5.8750 | 09/15/66 | 123,450 | |||||||||
104,000 | Prudential Financial, Inc.(b),(f) | H15T5Y + 3.162% | 5.1250 | 03/01/52 | 94,872 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
INSURANCE — 1.5% (Continued) | ||||||||||||||
53,000 | Prudential Financial, Inc.(b),(f) | H15T5Y + 3.234% | 6.0000 | 09/01/52 | $ | 50,927 | ||||||||
210,000 | Prudential Financial, Inc.(b) | H15T5Y + 2.848% | 6.7500 | 03/01/53 | 212,369 | |||||||||
1,925,573 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.3% | ||||||||||||||
150,000 | Churchill Downs, Inc.(a) | 6.7500 | 05/01/31 | 146,797 | ||||||||||
145,000 | Hilton Domestic Operating Company, Inc.(a) | 3.6250 | 02/15/32 | 121,810 | ||||||||||
160,000 | Station Casinos, LLC(a) | 4.5000 | 02/15/28 | 144,137 | ||||||||||
412,744 | ||||||||||||||
MACHINERY — 0.3% | ||||||||||||||
430,000 | Regal Rexnord Corporation(a) | 6.4000 | 04/15/33 | 428,855 | ||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.2% | ||||||||||||||
209,000 | Bio-Rad Laboratories, Inc. | 3.3000 | 03/15/27 | 196,008 | ||||||||||
179,000 | Bio-Rad Laboratories, Inc. | 3.7000 | 03/15/32 | 157,262 | ||||||||||
415,000 | DENTSPLY SIRONA, Inc. | 3.2500 | 06/01/30 | 359,461 | ||||||||||
195,000 | GE HealthCare Technologies, Inc. | 5.8570 | 03/15/30 | 200,112 | ||||||||||
468,000 | Illumina, Inc. | 2.5500 | 03/23/31 | 380,840 | ||||||||||
350,000 | Zimmer Biomet Holdings, Inc. | 3.5500 | 03/20/30 | 306,375 | ||||||||||
1,600,058 | ||||||||||||||
METALS & MINING — 0.6% | ||||||||||||||
115,000 | Alliance Resource Operating Partners, L.P. /(a) | 7.5000 | 05/01/25 | 114,904 | ||||||||||
140,000 | FMG Resources August 2006 Pty Ltd.(a) | 5.8750 | 04/15/30 | 134,426 | ||||||||||
295,000 | Glencore Funding, LLC(a) | 2.8500 | 04/27/31 | 242,807 | ||||||||||
345,000 | Teck Resources Ltd. | 6.1250 | 10/01/35 | 348,346 | ||||||||||
840,483 | ||||||||||||||
OIL & GAS PRODUCERS — 2.7% | ||||||||||||||
385,000 | BP Capital Markets plc(b) | H15T5Y + 4.398% | 4.8750 | 12/22/00 | �� | 356,058 | ||||||||
160,000 | CITGO Petroleum Corporation(a) | 7.0000 | 06/15/25 | 158,244 | ||||||||||
130,000 | Civitas Resources, Inc.(a) | 8.7500 | 07/01/31 | 134,713 | ||||||||||
95,000 | CrownRock, L.P. / CrownRock Finance, Inc.(a) | 5.0000 | 05/01/29 | 89,442 | ||||||||||
125,000 | DT Midstream, Inc.(a),(f) | 4.1250 | 06/15/29 | 110,949 | ||||||||||
205,000 | Ecopetrol S.A. | 8.8750 | 01/13/33 | 210,465 | ||||||||||
275,000 | Enbridge, Inc.(b) | H15T5Y + 4.418% | 7.6250 | 01/15/83 | 278,556 | |||||||||
175,000 | Energy Transfer, L.P.(b) | H15T5Y + 5.694% | 6.5000 | 11/15/69 | 158,932 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 2.7% (Continued) | ||||||||||||||
425,000 | Flex Intermediate Holdco, LLC(a) | 3.3630 | 06/30/31 | $ | 339,497 | |||||||||
135,000 | Genesis Energy, L.P. / Genesis Energy Finance | 8.8750 | 04/15/30 | 134,814 | ||||||||||
320,000 | Kinder Morgan, Inc. | 7.7500 | 01/15/32 | 364,442 | ||||||||||
286,000 | Lundin Energy Finance BV(a) | 2.0000 | 07/15/26 | 256,734 | ||||||||||
225,000 | Occidental Petroleum Corporation(f) | 6.1250 | 01/01/31 | 230,456 | ||||||||||
200,000 | Pertamina Persero PT(a) | 6.4500 | 05/30/44 | 210,288 | ||||||||||
185,000 | Petroleos Mexicanos | 7.6900 | 01/23/50 | 128,607 | ||||||||||
250,000 | Reliance Industries Ltd.(a) | 2.8750 | 01/12/32 | 207,698 | ||||||||||
95,000 | Venture Global Calcasieu Pass, LLC(a) | 3.8750 | 08/15/29 | 82,346 | ||||||||||
3,452,241 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.1% | ||||||||||||||
102,000 | Enerflex Ltd.(a) | 9.0000 | 10/15/27 | 102,751 | ||||||||||
90,000 | USA Compression Partners, L.P. / USA Compression | 6.8750 | 04/01/26 | 89,274 | ||||||||||
192,025 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.5% | ||||||||||||||
310,000 | EPR Properties | 4.7500 | 12/15/26 | 284,714 | ||||||||||
255,000 | GLP Capital, L.P. / GLP Financing II, Inc. | 5.7500 | 06/01/28 | 249,804 | ||||||||||
108,000 | GLP Capital, L.P. / GLP Financing II, Inc. | 3.2500 | 01/15/32 | 88,389 | ||||||||||
25,000 | MPT Operating Partnership, L.P. / MPT Finance(f) | 4.6250 | 08/01/29 | 19,882 | ||||||||||
125,000 | MPT Operating Partnership, L.P. / MPT Finance | 3.5000 | 03/15/31 | 90,165 | ||||||||||
170,000 | Office Properties Income Trust(f) | 4.5000 | 02/01/25 | 148,963 | ||||||||||
240,000 | Phillips Edison Grocery Center Operating | 2.6250 | 11/15/31 | 179,859 | ||||||||||
105,000 | Retail Opportunity Investments Partnership, L.P. | 4.0000 | 12/15/24 | 100,820 | ||||||||||
225,000 | Retail Properties of America, Inc. | 4.7500 | 09/15/30 | 205,915 | ||||||||||
75,000 | Service Properties Trust | 4.9500 | 02/15/27 | 64,392 | ||||||||||
205,000 | VICI Properties, L.P. | 4.9500 | 02/15/30 | 194,121 | ||||||||||
165,000 | VICI Properties, L.P. | 5.1250 | 05/15/32 | 155,466 | ||||||||||
150,000 | VICI Properties, L.P. / VICI Note Company, Inc.(a) | 4.1250 | 08/15/30 | 133,146 | ||||||||||
1,915,636 | ||||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.2% | ||||||||||||||
275,000 | Ontario Teachers’ Cadillac Fairview Properties(a) | 2.5000 | 10/15/31 | 216,197 | ||||||||||
RETAIL - DISCRETIONARY — 0.1% | ||||||||||||||
175,000 | BlueLinx Holdings, Inc.(a) | 6.0000 | 11/15/29 | 155,916 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
SEMICONDUCTORS — 0.2% | ||||||||||||||
271,000 | Broadcom, Inc. | 4.1500 | 11/15/30 | $ | 249,150 | |||||||||
SOFTWARE — 0.5% | ||||||||||||||
155,000 | Concentrix Corporation | 6.6500 | 08/02/26 | 154,797 | ||||||||||
90,000 | Consensus Cloud Solutions, Inc.(a),(f) | 6.5000 | 10/15/28 | 77,885 | ||||||||||
215,000 | Oracle Corporation | 6.2500 | 11/09/32 | 227,300 | ||||||||||
188,000 | Oracle Corporation | 5.5500 | 02/06/53 | 179,790 | ||||||||||
75,000 | Oracle Corporation | 3.8500 | 04/01/60 | 52,287 | ||||||||||
692,059 | ||||||||||||||
SPECIALTY FINANCE — 1.7% | ||||||||||||||
355,000 | American Express Company(b) | SOFRRATE + 1.930% | 5.6250 | 07/28/34 | 354,373 | |||||||||
235,000 | Aviation Capital Group, LLC(a) | 3.5000 | 11/01/27 | 211,198 | ||||||||||
210,000 | Avolon Holdings Funding Ltd.(a) | 4.3750 | 05/01/26 | 197,465 | ||||||||||
472,000 | Capital One Financial Corporation(b) | SOFRRATE + 1.337% | 2.3590 | 07/29/32 | 342,431 | |||||||||
209,000 | Discover Financial Services | 6.7000 | 11/29/32 | 214,184 | ||||||||||
290,000 | First American Financial Corporation | 4.0000 | 05/15/30 | 253,817 | ||||||||||
120,000 | Ladder Capital Finance Holdings LLLP / Ladder(a) | 4.2500 | 02/01/27 | 108,073 | ||||||||||
235,000 | OneMain Finance Corporation | 6.8750 | 03/15/25 | 234,464 | ||||||||||
150,000 | Synchrony Financial | 4.8750 | 06/13/25 | 145,006 | ||||||||||
67,000 | Synchrony Financial | 3.7000 | 08/04/26 | 61,373 | ||||||||||
2,122,384 | ||||||||||||||
STEEL — 0.2% | ||||||||||||||
245,000 | ArcelorMittal S.A. | 6.8000 | 11/29/32 | 253,103 | ||||||||||
TECHNOLOGY HARDWARE — 0.5% | ||||||||||||||
349,000 | CDW, LLC / CDW Finance Corporation | 3.5690 | 12/01/31 | 295,559 | ||||||||||
304,000 | Dell International, LLC / EMC Corporation | 8.1000 | 07/15/36 | 353,804 | ||||||||||
649,363 | ||||||||||||||
TECHNOLOGY SERVICES — 1.4% | ||||||||||||||
140,000 | Booz Allen Hamilton, Inc.(a) | 3.8750 | 09/01/28 | 127,251 | ||||||||||
275,000 | Booz Allen Hamilton, Inc.(a) | 4.0000 | 07/01/29 | 248,469 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 33.2% (Continued) | ||||||||||||||
TECHNOLOGY SERVICES — 1.4% (Continued) | ||||||||||||||
485,000 | CoStar Group, Inc.(a) | 2.8000 | 07/15/30 | $ | 405,708 | |||||||||
137,000 | Kyndryl Holdings, Inc. | 2.7000 | 10/15/28 | 112,629 | ||||||||||
545,000 | Leidos, Inc. | 2.3000 | 02/15/31 | 436,235 | ||||||||||
171,000 | MSCI, Inc.(a) | 3.6250 | 09/01/30 | 149,820 | ||||||||||
245,000 | Science Applications International Corporation(a) | 4.8750 | 04/01/28 | 230,578 | ||||||||||
1,710,690 | ||||||||||||||
TELECOMMUNICATIONS — 1.2% | ||||||||||||||
320,000 | AT&T, Inc.(f) | 5.4000 | 02/15/34 | 315,109 | ||||||||||
160,000 | Level 3 Financing, Inc.(a) | 4.2500 | 07/01/28 | 113,407 | ||||||||||
270,000 | Level 3 Financing, Inc.(a) | 3.6250 | 01/15/29 | 178,408 | ||||||||||
205,000 | Sprint Capital Corporation | 8.7500 | 03/15/32 | 247,508 | ||||||||||
87,500 | Sprint Spectrum Company, LLC / Sprint Spectrum(a) | 4.7380 | 03/20/25 | 86,547 | ||||||||||
254,000 | T-Mobile USA, Inc.(f) | 5.0500 | 07/15/33 | 248,435 | ||||||||||
360,000 | Vodafone Group plc(f) | 5.6250 | 02/10/53 | 349,218 | ||||||||||
1,538,632 | ||||||||||||||
TOBACCO & CANNABIS — 0.3% | ||||||||||||||
355,000 | BAT Capital Corporation | 7.7500 | 10/19/32 | 394,163 | ||||||||||
TRANSPORTATION & LOGISTICS — 0.5% | ||||||||||||||
410,859 | Alaska Airlines Class A Pass Through Trust Series 2021-1(a) | 4.8000 | 08/15/27 | 398,964 | ||||||||||
319,867 | Delta Air Lines Class AA Pass Through Trust Series 2015-1 | 3.6250 | 07/30/27 | 301,960 | ||||||||||
700,924 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $44,608,564) | 42,672,875 | |||||||||||||
MUNICIPAL BONDS — 2.7% | ||||||||||||||
CITY — 0.3% | ||||||||||||||
340,000 | City of Bristol VA | 4.2100 | 01/01/42 | 294,678 | ||||||||||
145,000 | City of San Antonio TX | 1.9630 | 02/01/33 | 114,687 | ||||||||||
409,365 | ||||||||||||||
GOVERNMENT LEASE — 0.1% | ||||||||||||||
145,000 | Texas Public Finance Authority | 2.1400 | 02/01/35 | 110,713 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
MUNICIPAL BONDS — 2.7% (Continued) | ||||||||||||
HOSPITALS — 0.1% | ||||||||||||
135,000 | Idaho Health Facilities Authority | 5.0200 | 03/01/48 | $ | 122,399 | |||||||
LOCAL AUTHORITY — 0.6% | ||||||||||||
310,000 | San Diego County Regional Airport Authority | 5.5940 | 07/01/43 | 293,112 | ||||||||
600,000 | State of Texas | 3.2110 | 04/01/44 | 482,232 | ||||||||
35,000 | Texas Transportation Commission State Highway Fund | 4.0000 | 10/01/33 | 32,975 | ||||||||
808,319 | ||||||||||||
MISCELLANEOUS TAX — 0.7% | ||||||||||||
765,000 | Metropolitan Transportation Authority | 5.0000 | 11/15/45 | 839,154 | ||||||||
SALES TAX — 0.0%(e) | ||||||||||||
20,000 | Sales Tax Securitization Corporation | 3.4110 | 01/01/43 | 15,455 | ||||||||
WATER AND SEWER — 0.9% | ||||||||||||
705,000 | Broward County FL Water & Sewer Utility Revenue | 4.0000 | 10/01/47 | 692,672 | ||||||||
315,000 | New York State Environmental Facilities | 5.0000 | 06/15/51 | 344,167 | ||||||||
160,000 | Santa Clara Valley Water District | 2.9670 | 06/01/50 | 109,270 | ||||||||
1,146,109 | ||||||||||||
TOTAL MUNICIPAL BONDS (Cost $3,903,449) | 3,451,514 | |||||||||||
NON U.S. GOVERNMENT & AGENCIES — 1.5% | ||||||||||||
SOVEREIGN — 1.5% | ||||||||||||
200,000 | Brazilian Government International Bond | 6.0000 | 10/20/33 | 198,624 | ||||||||
515,000 | Dominican Republic International Bond(a) | 4.8750 | 09/23/32 | 447,926 | ||||||||
200,000 | Emirate of Dubai Government International Bonds | 5.2500 | 01/30/43 | 189,341 | ||||||||
250,000 | Hungary Government International Bond(a) | 6.2500 | 09/22/32 | 257,312 | ||||||||
200,000 | Mexico Government International Bond | 2.6590 | 05/24/31 | 166,828 | ||||||||
450,000 | Mexico Government International Bond | 6.3500 | 02/09/35 | 473,396 | ||||||||
200,000 | Serbia International Bond(a) | 6.5000 | 09/26/33 | 200,976 | ||||||||
1,934,403 | ||||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,961,991) | 1,934,403 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 6.3% | ||||||||||||||
AEROSPACE & DEFENSE — 0.2% | ||||||||||||||
195,123 | TransDigm, Inc.(b) | TSFR1M + 3.250% | 8.4920 | 08/10/28 | $ | 195,534 | ||||||||
ASSET MANAGEMENT — 0.0%(e) | ||||||||||||||
35,000 | FinCompany I, LLC(b) | TSFR1M + 3.000% | 8.2640 | 06/27/29 | 34,965 | |||||||||
AUTOMOTIVE — 0.2% | ||||||||||||||
215,000 | Clarios Global, L.P.(b) | TSFR1M + 3.750% | 8.8520 | 04/20/30 | 215,242 | |||||||||
BIOTECH & PHARMA — 0.0%(e) | ||||||||||||||
64,350 | Perrigo Investments, LLC(b) | TSFR1M + 2.500% | 7.4520 | 04/07/29 | 64,109 | |||||||||
CABLE & SATELLITE — 0.3% | ||||||||||||||
226,630 | Directv Financing, LLC(b) | TSFR1M + 5.000% | 10.2170 | 07/22/27 | 225,568 | |||||||||
205,000 | Virgin Media Bristol, LLC(b) | TSFR1M + 2.500% | 7.8360 | 01/04/28 | 199,965 | |||||||||
425,533 | ||||||||||||||
CHEMICALS — 0.5% | ||||||||||||||
229,911 | INEOS US Finance, LLC(b) | TSFR1M + 3.750% | 8.9520 | 11/08/27 | 228,451 | |||||||||
249,342 | Trinseo Materials Operating SCA(b) | TSFR1M + 2.000% | 7.5380 | 09/06/24 | 244,724 | |||||||||
165,000 | Windsor Holdings III, LLC(b) | TSFR3M + 4.500% | 0.0000 | 06/22/30 | 164,725 | |||||||||
637,900 | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.5% | ||||||||||||||
214,071 | AlixPartners LLP(b) | TSFR1M + 2.750% | 7.7170 | 01/28/28 | 214,031 | |||||||||
268,794 | Brightview Landscapes, LLC(b) | TSFR1M + 3.250% | 8.2950 | 04/22/29 | 268,010 | |||||||||
233,886 | CHG Healthcare Services, Inc.(b) | US0001M + 3.250% | 8.4430 | 09/30/28 | 233,712 | |||||||||
715,753 | ||||||||||||||
CONTAINERS & PACKAGING — 0.2% | ||||||||||||||
239,776 | Berry Global, Inc.(b) | TSFR3M + 1.750% | 7.2930 | 07/01/26 | 239,879 | |||||||||
ELECTRIC UTILITIES — 0.2% | ||||||||||||||
208,255 | Astoria Energy, LLC(b) | TSFR1M + 3.500% | 8.6930 | 12/10/27 | 207,890 | |||||||||
ELECTRICAL EQUIPMENT — 0.1% | ||||||||||||||
268,685 | Brookfield WEC Holdings, Inc.(b) | TSFR1M + 2.750% | 7.9430 | 08/01/25 | 268,638 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 6.3% (Continued) | ||||||||||||||
ENGINEERING & CONSTRUCTION — 0.2% | ||||||||||||||
200,000 | Pike Corporation(b) | TSFR1M + 3.000% | 3.1300 | 12/21/27 | $ | 200,011 | ||||||||
ENTERTAINMENT CONTENT — 0.2% | ||||||||||||||
249,364 | Univision Communications, Inc.(b) | US0001M + 3.250% | 8.4430 | 03/24/26 | 248,494 | |||||||||
FOOD — 0.5% | ||||||||||||||
174,561 | Del Monte Foods, Inc.(b) | TSFR1M + 4.250% | 9.4390 | 05/16/29 | 169,507 | |||||||||
268,782 | Froneri US, Inc.(b) | TSFR1M + 2.250% | 7.4520 | 01/30/27 | 268,004 | |||||||||
172,025 | Hostess Brands, LLC(b) | TSFR1M + 2.500% | 7.7420 | 06/21/30 | 172,132 | |||||||||
609,643 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.3% | ||||||||||||||
114,154 | Agiliti Health, Inc.(b) | TSFR1M + 3.000% | 8.2470 | 05/01/30 | 114,083 | |||||||||
71,596 | Legacy LifePoint Health, LLC(b) | TSFR3M + 3.750% | 9.0230 | 11/16/25 | 70,768 | |||||||||
159,184 | Milano Acquisition Corporation(b) | TSFR3M + 4.000% | 9.3420 | 08/17/27 | 156,835 | |||||||||
341,686 | ||||||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.1% | ||||||||||||||
68,091 | Resideo Funding, Inc.(b) | TSFR1M + 2.250% | 7.6000 | 02/09/28 | 68,006 | |||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.1% | ||||||||||||||
91,000 | Citadel Securities, L.P.(b) | TSFR1M + 2.500% | 7.9060 | 07/26/30 | 90,388 | |||||||||
INTERNET MEDIA & SERVICES — 0.2% | ||||||||||||||
253,725 | Uber Technologies, Inc.(b) | TSFR1M + 2.750% | 7.9990 | 03/03/30 | 254,161 | |||||||||
LEISURE FACILITIES & SERVICES — 0.5% | ||||||||||||||
59,850 | Caesars Entertainment, Inc.(b) | TSFR1M + 3.250% | 8.4520 | 01/26/30 | 59,962 | |||||||||
20,000 | Entain Holdings Gibraltar Ltd.(b) | TSFR6M + 3.500% | 8.6840 | 10/31/29 | 20,020 | |||||||||
70,000 | Hilton Worldwide Finance, LLC(b) | TSFR3M + 1.750% | 6.9390 | 06/21/26 | 70,032 | |||||||||
40,000 | Ontario Gaming GTA, L.P.(b) | TSFR1M + 4.250% | 9.4440 | 07/20/30 | 40,050 | |||||||||
39,600 | Scientific Games Corporation(b) | SOFRRATE + 3.000% | 8.3020 | 04/07/29 | 39,597 | |||||||||
154,223 | Scientific Games Holdings, L.P.(b) | SOFRRATE + 3.500% | 8.7680 | 02/04/29 | 152,547 | |||||||||
68,047 | Station Casinos, LLC(b) | TSFR1M + 2.250% | 7.4500 | 01/31/27 | 67,903 | |||||||||
251,136 | UFC Holdings, LLC(b) | TSFR1M + 2.750% | 8.0500 | 04/29/26 | 251,170 | |||||||||
701,281 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 6.3% (Continued) | ||||||||||||||
MACHINERY — 0.2% | ||||||||||||||
70,718 | Alliance Laundry Systems, LLC(b) | TSFR3M + 3.500% | 8.9010 | 09/30/27 | $ | 70,700 | ||||||||
124,683 | Filtration Group Corporation(b) | TSFR1M + 3.500% | 8.7170 | 10/19/28 | 124,622 | |||||||||
70,703 | Standard Industries, Inc.(b) | TSFR1M + 2.500% | 7.9060 | 08/06/28 | 70,924 | |||||||||
266,246 | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.2% | ||||||||||||||
213,917 | Mozart Borrower, L.P.(b) | TSFR1M + 3.250% | 8.4670 | 09/30/28 | 212,009 | |||||||||
METALS & MINING — 0.0%(e) | ||||||||||||||
35,000 | Arsenal AIC Parent, LLC(b) | TSFR1M + 4.500% | 9.7460 | 07/27/30 | 35,018 | |||||||||
OIL & GAS PRODUCERS — 0.1% | ||||||||||||||
68,756 | Freeport LNG Investments LLLP(b) | US0003M + 3.500% | 0.3370 | 11/17/28 | 68,058 | |||||||||
97,860 | Oryx Midstream Services Permian Basin, LLC(b) | TSFR1M + 3.250% | 8.5050 | 09/30/28 | 98,062 | |||||||||
166,120 | ||||||||||||||
PUBLISHING & BROADCASTING — 0.0%(e) | ||||||||||||||
37,394 | Nexstar Broadcasting, Inc.(b) | TSFR1M + 2.500% | 7.7170 | 06/20/26 | 37,438 | |||||||||
RETAIL - DISCRETIONARY — 0.1% | ||||||||||||||
153,823 | PetSmart, Inc.(b) | TSFR1M + 3.750% | 8.9520 | 01/29/28 | 153,960 | |||||||||
SOFTWARE — 0.5% | ||||||||||||||
221,276 | Applied Systems, Inc.(b) | TSFR1M + 4.500% | 9.7420 | 09/19/26 | 222,020 | |||||||||
133,625 | CCC Intelligent Solutions, Inc.(b) | TSFR1M + 2.500% | 7.4670 | 09/17/28 | 133,541 | |||||||||
185,000 | Central Parent, Inc.(b) | TSFR3M + 4.500% | 9.4920 | 06/09/29 | 185,298 | |||||||||
54,725 | Open Text Corporation(b) | TSFR1M + 2.750% | 8.7020 | 01/31/30 | 54,879 | |||||||||
67,582 | Sophia, L.P.(b) | US0003M + 3.250% | 9.0380 | 10/07/27 | 67,329 | |||||||||
66,403 | UKG, Inc.(b) | TSFR3M + 3.250% | 8.6180 | 05/03/26 | 66,139 | |||||||||
729,206 | ||||||||||||||
TECHNOLOGY HARDWARE — 0.1% | ||||||||||||||
68,475 | NCR Corporation(b) | TSFR1M + 2.500% | 7.7800 | 08/08/26 | 68,440 | |||||||||
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 6.3% (Continued) | ||||||||||||||
TECHNOLOGY SERVICES — 0.4% | ||||||||||||||
123,225 | Blackhawk Network Holdings, Inc.(b) | TSFR3M + 3.000% | 8.2640 | 05/22/25 | $ | 122,571 | ||||||||
64,423 | Dun & Bradstreet Corporation (The)(b) | TSFR1M + 2.750% | 8.4160 | 02/08/26 | 64,433 | |||||||||
68,703 | NAB Holdings, LLC(b) | SOFRRATE + 3.000% | 8.3920 | 11/18/28 | 68,686 | |||||||||
245,613 | Peraton Corporation(b) | TSFR1M + 3.750% | 8.9520 | 02/24/28 | 244,135 | |||||||||
499,825 | ||||||||||||||
TELECOMMUNICATIONS — 0.2% | ||||||||||||||
203,965 | Cincinnati Bell, Inc.(b) | SOFRRATE + 3.250% | 8.4520 | 11/17/28 | 195,132 | |||||||||
TRANSPORTATION & LOGISTICS — 0.2% | ||||||||||||||
100,565 | Brown Group Holding, LLC(b) | TSFR1M + 2.500% | 7.7020 | 04/22/28 | 99,842 | |||||||||
56,000 | Mileage Plus Holdings, LLC(b) | US0003M + 5.250% | 10.7640 | 06/25/27 | 58,485 | |||||||||
59,500 | SkyMiles IP Ltd.(b) | TSFR1M + 3.750% | 9.0760 | 09/16/27 | 61,944 | |||||||||
220,271 | ||||||||||||||
TOTAL TERM LOANS (Cost $8,073,697) | 8,102,778 | |||||||||||||
U.S. GOVERNMENT & AGENCIES — 21.7% | ||||||||||||||
AGENCY FIXED RATE — 3.8% | ||||||||||||||
7,605 | Fannie Mae Pool 735061 | 6.0000 | 11/01/34 | 7,876 | ||||||||||
9,819 | Fannie Mae Pool 866009 | 6.0000 | 03/01/36 | 10,169 | ||||||||||
65,682 | Fannie Mae Pool 938574 | 5.5000 | 09/01/36 | 67,114 | ||||||||||
24,330 | Fannie Mae Pool 310041 | 6.5000 | 05/01/37 | 25,940 | ||||||||||
11,237 | Fannie Mae Pool 962752 | 5.0000 | 04/01/38 | 11,289 | ||||||||||
14,087 | Fannie Mae Pool 909175 | 5.5000 | 04/01/38 | 14,405 | ||||||||||
55,040 | Fannie Mae Pool 909220 | 6.0000 | 08/01/38 | 56,502 | ||||||||||
45,610 | Fannie Mae Pool AS7026 | 4.0000 | 04/01/46 | 43,344 | ||||||||||
79,086 | Fannie Mae Pool BJ9260 | 4.0000 | 04/01/48 | 75,050 | ||||||||||
915,008 | Fannie Mae Pool FS4438 | 5.0000 | 11/01/52 | 894,989 | ||||||||||
606,722 | Fannie Mae Pool MA5072 | 5.5000 | 06/01/53 | 602,951 | ||||||||||
73,063 | Freddie Mac Gold Pool G01980 | 5.0000 | 12/01/35 | 73,488 | ||||||||||
10,699 | Freddie Mac Gold Pool G05888 | 5.5000 | 10/01/39 | 10,957 | ||||||||||
2,319,931 | Freddie Mac Pool SD2026 | 5.0000 | 11/01/52 | 2,268,716 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
U.S. GOVERNMENT & AGENCIES — 21.7% (Continued) | ||||||||||||
AGENCY FIXED RATE — 3.8% (Continued) | ||||||||||||
651,037 | Freddie Mac Pool SD3238 | 5.5000 | 12/01/52 | $ | 647,619 | |||||||
4,810,409 | ||||||||||||
AGENCY MBS OTHER — 0.5% | ||||||||||||
694,886 | Fannie Mae Pool MA4805 | 4.5000 | 11/01/52 | 665,708 | ||||||||
U.S. TREASURY BONDS — 2.5% | ||||||||||||
1,040,000 | United States Treasury Bond | 2.8750 | 05/15/49 | 834,031 | ||||||||
1,440,000 | United States Treasury Bond | 2.0000 | 02/15/50 | 956,503 | ||||||||
2,500,000 | United States Treasury Bond | 1.3750 | 08/15/50 | 1,406,153 | ||||||||
3,196,687 | ||||||||||||
U.S. TREASURY NOTES — 14.9% | ||||||||||||
925,000 | United States Treasury Note | 3.8750 | 11/30/27 | 910,366 | ||||||||
1,210,000 | United States Treasury Note | 2.6250 | 02/15/29 | 1,117,879 | ||||||||
485,000 | United States Treasury Note | 0.8750 | 11/15/30 | 390,596 | ||||||||
715,000 | United States Treasury Note | 1.6250 | 05/15/31 | 603,351 | ||||||||
540,000 | United States Treasury Note | 2.8750 | 05/15/32 | 495,872 | ||||||||
1,865,000 | United States Treasury Note | 4.1250 | 11/15/32 | 1,885,398 | ||||||||
2,045,000 | United States Treasury Note | 1.8750 | 02/15/51 | 1,310,637 | ||||||||
1,135,000 | United States Treasury Note | 1.8750 | 11/15/51 | 724,937 | ||||||||
310,000 | United States Treasury Note | 2.8750 | 05/15/52 | 249,150 | ||||||||
5,925,000 | United States Treasury Note | 4.0000 | 11/15/52 | 5,909,726 | ||||||||
3,405,000 | United States Treasury Note | 3.6250 | 02/15/53 | 3,170,108 | ||||||||
2,530,000 | United States Treasury Note | 3.6250 | 05/15/53 | 2,358,830 | ||||||||
19,126,850 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $31,858,526) | 27,799,654 | |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS — 6.9% | ||||||||||||
COLLATERAL FOR SECURITIES LOANED - 4.1% | ||||||||||||
5,186,298 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $5,186,298)(g)(h) | 5,186,298 | ||||||||||
MONEY MARKET FUNDS - 2.8% | ||||||||||||
3,647,928 | Fidelity Government Portfolio, CLASS I, 5.03% (Cost $3,647,928)(g) | 3,647,928 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,834,226) | 8,834,226 |
DUNHAM CORPORATE/GOVERNMENT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Fair Value | |||||
TOTAL INVESTMENTS - 104.4% (Cost $142,186,157) | $ | 134,023,109 | |||
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.4)% | (5,666,405 | ) | |||
NET ASSETS - 100.0% | $ | 128,356,704 |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
PLC | - Public Limited Company |
S/A | - Société Anonyme |
H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
SOFRINDX | Secured Overnight Financing Rate Compounded |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
TSFR1M | Secured Overnight Financing Rate 1 month |
TSFR3M | Secured Overnight Financing Rate 3 month |
TSFR6M | Secured Overnight Financing Rate 6 month |
US0001M | ICE LIBOR USD 1 Month |
US0003M | ICE LIBOR USD 3 Month |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 51,463,825 or 40.1% of net assets. |
(b) | Variable rate security; the rate shown represents the rate on July 31, 2023. |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(d) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2023. |
(e) | Percentage rounds to less than 0.1%. |
(f) | All or a portion of these securities are on loan. Total loaned securities had a value of $5,092,138 at July 31, 2023. |
(g) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(h) | The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||||||||
COMMON STOCKS — 0.2% | ||||||||||||||
METALS & MINING - 0.2% | ||||||||||||||
23,114 | Covia Holdings, LLC(a) | $ | 304,342 | |||||||||||
TOTAL COMMON STOCKS (Cost $183,467) | 304,342 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 10.6% | ||||||||||||||
CLO — 10.6% | ||||||||||||||
1,500,000 | Apidos CLO XX Series 2015-20A DR(b),(c) | US0003M + 5.700% | 11.2700 | 07/16/31 | 1,329,185 | |||||||||
1,540,000 | Atrium IX Series 9A ER(b),(c) | US0003M + 6.450% | 11.9130 | 05/28/30 | 1,422,590 | |||||||||
2,900,000 | Benefit Street Partners CLO II Ltd. Series 2013-IIA DR(b),(c) | US0003M + 6.550% | 12.1200 | 07/15/29 | 2,562,651 | |||||||||
2,000,000 | Benefit Street Partners CLO III Ltd. Series 2013-IIIA DR(b),(c) | US0003M + 6.600% | 12.1880 | 07/20/29 | 1,875,124 | |||||||||
2,000,000 | Benefit Street Partners Clo XII Ltd. Series 2017-12A D(b),(c) | US0003M + 6.410% | 11.9800 | 10/15/30 | 1,872,246 | |||||||||
250,000 | CIFC Funding 2013-II Ltd. Series 2013-2A B2LR(b),(c) | US0003M + 6.520% | 12.0920 | 10/18/30 | 216,662 | |||||||||
275,000 | CIFC Funding 2017-I Ltd. Series 2017-1A E(b),(c) | US0003M + 6.350% | 11.9450 | 04/23/29 | 260,662 | |||||||||
1,250,000 | Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E(b),(c) | US0003M + 4.700% | 10.2880 | 11/28/30 | 1,138,629 | |||||||||
1,750,000 | THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(b),(c) | US0003M + 6.750% | 12.3200 | 04/15/31 | 1,409,289 | |||||||||
1,000,000 | VERDE CLO Ltd. Series 1A AR(b),(c) | US0003M + 1.100% | 6.6700 | 04/15/32 | 990,890 | |||||||||
13,077,928 | ||||||||||||||
TOTAL ASSET BACKED SECURITIES (Cost$14,149,829) | 13,077,928 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 8.6% | ||||||||||||||
CABLE & SATELLITE — 0.2% | ||||||||||||||
500,000 | CSC Holdings, LLC(b) | 5.7500 | 01/15/30 | 259,466 | ||||||||||
CHEMICALS — 0.3% | ||||||||||||||
500,000 | Consolidated Energy Finance S.A.(b) | 5.6250 | 10/15/28 | 432,165 | ||||||||||
COMMERCIAL SUPPORT SERVICES — 0.3% | ||||||||||||||
450,000 | Deluxe Corporation(b),(d) | 8.0000 | 06/01/29 | 378,486 | ||||||||||
ELECTRIC UTILITIES — 0.3% | ||||||||||||||
471,000 | Calpine Corporation(b) | 5.0000 | 02/01/31 | 397,138 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 8.6% (Continued) | ||||||||||||||
ENTERTAINMENT CONTENT — 0.3% | ||||||||||||||
424,000 | Paramount Global(e) | H15T5Y + 3.999% | 6.3750 | 03/30/62 | $ | 349,948 | ||||||||
FOOD — 0.3% | ||||||||||||||
524,000 | HLF Financing Sarl, LLC / Herbalife International,(b),(d) | 4.8750 | 06/01/29 | 398,869 | ||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.3% | ||||||||||||||
459,000 | CHS/Community Health Systems, Inc.(b),(d) | 5.6250 | 03/15/27 | 409,194 | ||||||||||
LEISURE FACILITIES & SERVICES — 1.1% | ||||||||||||||
440,000 | Carnival Corporation(b),(d) | 10.5000 | 06/01/30 | 465,994 | ||||||||||
439,000 | CEC Entertainment Company, LLC(b) | 6.7500 | 05/01/26 | 422,548 | ||||||||||
502,000 | NCL Corporation Ltd.(b),(d) | 7.7500 | 02/15/29 | 481,268 | ||||||||||
1,369,810 | ||||||||||||||
OIL & GAS PRODUCERS — 2.0% | ||||||||||||||
95,000 | Civitas Resources, Inc.(b) | 8.3750 | 07/01/28 | 97,832 | ||||||||||
225,000 | Civitas Resources, Inc.(b) | 8.7500 | 07/01/31 | 233,156 | ||||||||||
422,000 | Genesis Energy, L.P. / Genesis Energy Finance(d) | 8.0000 | 01/15/27 | 415,337 | ||||||||||
416,000 | Howard Midstream Energy Partners, LLC(b) | 6.7500 | 01/15/27 | 401,629 | ||||||||||
424,000 | Independence Energy Finance, LLC(b) | 7.2500 | 05/01/26 | 418,253 | ||||||||||
494,000 | ITT Holdings, LLC(b) | 6.5000 | 08/01/29 | 423,126 | ||||||||||
450,000 | Strathcona Resources Ltd.(b),(d) | 6.8750 | 08/01/26 | 395,458 | ||||||||||
2,384,791 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 0.3% | ||||||||||||||
514,000 | Service Properties Trust | 4.3750 | 02/15/30 | 383,171 | ||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.3% | ||||||||||||||
458,000 | Kennedy-Wilson, Inc. | 4.7500 | 03/01/29 | 371,671 | ||||||||||
REAL ESTATE SERVICES — 0.2% | ||||||||||||||
300,000 | Cushman & Wakefield US Borrower, LLC(b) | 6.7500 | 05/15/28 | 275,331 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 8.6% (Continued) | ||||||||||||||
SOFTWARE — 0.3% | ||||||||||||||
380,000 | Helios Software Holdings, Inc. / ION Corporate(b) | 4.6250 | 05/01/28 | $ | 330,861 | |||||||||
SPECIALTY FINANCE — 0.8% | ||||||||||||||
505,000 | Apollo Commercial Real Estate Finance, Inc.(b) | 4.6250 | 06/15/29 | 405,173 | ||||||||||
236,000 | Burford Capital Global Finance, LLC(b) | 6.8750 | 04/15/30 | 215,490 | ||||||||||
500,000 | Cobra AcquisitionCo, LLC(b) | 6.3750 | 11/01/29 | 340,540 | ||||||||||
961,203 | ||||||||||||||
TECHNOLOGY SERVICES — 0.3% | ||||||||||||||
475,000 | ION Trading Technologies Sarl(b) | 5.7500 | 05/15/28 | 414,485 | ||||||||||
TELECOMMUNICATIONS — 0.9% | ||||||||||||||
500,000 | Altice France S.A.(b) | 5.5000 | 10/15/29 | 355,633 | ||||||||||
464,000 | Sable International Finance Ltd.(b) | 5.7500 | 09/07/27 | 431,947 | ||||||||||
550,000 | Telesat Canada / Telesat, LLC(b),(d) | 4.8750 | 06/01/27 | 324,530 | ||||||||||
1,112,110 | ||||||||||||||
WHOLESALE -CONSUMER STAPLES — 0.4% | ||||||||||||||
571,000 | C&S Group Enterprises, LLC(b) | 5.0000 | 12/15/28 | 443,125 | ||||||||||
TOTAL CORPORATE BONDS (Cost $12,266,124) | 10,671,824 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% | ||||||||||||||
AEROSPACE & DEFENSE — 1.5% | ||||||||||||||
766,483 | Dynasty Acquisition Company, Inc.(c) | US0001M + 3.500% | 8.7020 | 04/08/26 | 766,300 | |||||||||
733,772 | Spirit AeroSystems, Inc.(c) | TSFR1M + 4.228% | 9.5450 | 11/23/27 | 735,973 | |||||||||
412,088 | Standard Aero Ltd.(c) | US0001M + 3.500% | 8.7020 | 04/08/26 | 411,989 | |||||||||
1,914,262 | ||||||||||||||
APPAREL & TEXTILE PRODUCTS — 0.6% | ||||||||||||||
683,600 | Birkenstock US BidCo, Inc.(c) | US0001M + 3.161% | 8.5930 | 04/28/28 | 684,113 | |||||||||
ASSET MANAGEMENT — 2.4% | ||||||||||||||
1,177,795 | Advisor Group Holdings, Inc.(c) | US0001M + 4.500% | 9.6930 | 07/31/26 | 1,180,433 | |||||||||
680,980 | Hightower Holding, LLC(c) | US0001M + 3.718% | 9.1500 | 04/21/28 | 669,703 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% (Continued) | ||||||||||||||
ASSET MANAGEMENT — 2.4% (Continued) | ||||||||||||||
1,093,387 | Nexus Buyer, LLC(c) | US0001M + 3.750% | 8.9520 | 11/08/26 | $ | 1,064,516 | ||||||||
42 | NFP Corporation(c) | ICE LIBOR USD 1 Month + 3.035% | 8.4670 | 02/04/27 | 41 | |||||||||
2,914,693 | ||||||||||||||
BEVERAGES — 1.1% | ||||||||||||||
1,342,747 | Pegasus Bidco BV(c) | TSFR1M + 4.019% | 9.3360 | 05/05/29 | 1,343,586 | |||||||||
BIOTECH & PHARMA — 0.6% | ||||||||||||||
767,358 | Curium Bidco Sarl(c) | US0001M + 4.250% | 9.7880 | 09/10/27 | 768,317 | |||||||||
CABLE & SATELLITE — 1.4% | ||||||||||||||
1,188,865 | CSC Holdings, LLC(c) | ICE LIBOR USD 3 Month + 0.318% | 9.7220 | 07/17/25 | 1,096,133 | |||||||||
650,000 | UPC Financing Partnership(c) | US0001M + 3.000% | 8.2610 | 01/31/29 | 635,213 | |||||||||
1,731,346 | ||||||||||||||
CHEMICALS — 1.5% | ||||||||||||||
1,394,830 | Groupe Solmax, Inc.(c) | US0001M + 4.750% | 9.9670 | 07/23/28 | 1,324,914 | |||||||||
521,645 | Windsor Holdings III, LLC(c) | TSFR3M + 5.365% | 5.3650 | 06/22/30 | 520,776 | |||||||||
1,845,690 | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 4.2% | ||||||||||||||
774,027 | Amentum Government Services Holdings, LLC(c) | SOFRRATE + 4.000% | 9.2220 | 02/07/29 | 750,807 | |||||||||
1,179,000 | APX Group, Inc.(c) | US0001M + 2.500% | 10.5000 | 07/01/28 | 1,179,277 | |||||||||
987,277 | Creative Artists Agency, LLC(c) | TSFR1M + 3.285% | 8.6020 | 11/16/28 | 984,015 | |||||||||
1,121,462 | Garda World Security Corporation(c) | US0001M + 4.250% | 9.6410 | 10/30/26 | 1,121,961 | |||||||||
1,178,947 | Sotheby’s(c) | US0001M + 4.500% | 10.0700 | 01/15/27 | 1,154,631 | |||||||||
5,190,691 | ||||||||||||||
CONSTRUCTION MATERIALS — 2.2% | ||||||||||||||
1,093,915 | Foley Products Company, LLC(c) | SOFRRATE + 4.750% | 10.1420 | 02/10/29 | 1,087,078 | |||||||||
881,331 | Quikrete Holdings, Inc.(c) | US0001M + 3.000% | 8.2170 | 06/11/28 | 883,350 | |||||||||
750,051 | US Silica Company(c) | TSFR1M + 4.581% | 9.9520 | 03/17/30 | 751,270 | |||||||||
2,721,698 | ||||||||||||||
CONSUMER SERVICES — 1.5% | ||||||||||||||
729,447 | KUEHG Corporation(c) | TSFR1M + 4.924% | 10.2420 | 05/31/30 | 727,036 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% (Continued) | ||||||||||||||
CONSUMER SERVICES — 1.5% (Continued) | ||||||||||||||
1,174,565 | Mckissock Investment Holdings, LLC(c) | SOFRRATE + 5.000% | 10.4480 | 03/04/29 | $ | 1,144,467 | ||||||||
1,871,503 | ||||||||||||||
CONTAINERS & PACKAGING — 2.9% | ||||||||||||||
1,178,330 | Clydesdale Acquisition Holdings, Inc.(c) | TSFR1M + 4.250% | 9.3770 | 03/30/29 | 1,169,180 | |||||||||
1,268,814 | LABL, Inc.(c) | US0001M + 5.000% | 10.2020 | 10/22/28 | 1,264,297 | |||||||||
656,519 | Patriot Container Corporation(c) | ICE LIBOR USD 3 Month + 3.750% | 8.9520 | 03/16/25 | 622,393 | |||||||||
584,942 | Trident TPI Holdings, Inc.(c) | US0001M + 4.000% | 9.5380 | 09/17/28 | 582,123 | |||||||||
3,637,993 | ||||||||||||||
E-COMMERCE DISCRETIONARY — 1.3% | ||||||||||||||
1,038,130 | CNT Holdings I Corporation(c) | ICE LIBOR USD 1 Month + 3.500% | 8.8000 | 10/16/27 | 1,037,013 | |||||||||
524,000 | CNT Holdings I Corporation(c) | US0001M + 6.617%% | 12.0490 | 11/06/28 | 517,888 | |||||||||
1,554,901 | ||||||||||||||
ELECTRIC UTILITIES — %(f) | ||||||||||||||
635,000 | Texas Competitive Electric Holdings Company, LLC /(g) | — | 11/22/49 | — | ||||||||||
ELECTRICAL EQUIPMENT — 0.7% | ||||||||||||||
666,723 | Icebox Holdco III, Inc.(c) | US0001M + 3.750% | 9.0920 | 12/22/28 | 656,235 | |||||||||
179,825 | Icebox Holdco III, Inc.(c) | US0001M + 6.750% | 12.2530 | 12/15/29 | 158,246 | |||||||||
814,481 | ||||||||||||||
ENGINEERING & CONSTRUCTION — 0.9% | ||||||||||||||
1,179,000 | USIC Holdings, Inc.(c) | US0001M + 3.500% | 8.6930 | 05/14/28 | 1,141,844 | |||||||||
ENTERTAINMENT CONTENT — 1.3% | ||||||||||||||
592,939 | NEP Group, Inc.(c) | US0003M + 3.250% | 8.4670 | 10/20/25 | 550,063 | |||||||||
1,114,724 | Univision Communications, Inc.(c) | TSFR1M + 4.174% | 9.4920 | 06/10/29 | 1,115,772 | |||||||||
1,665,835 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 4.6% | ||||||||||||||
1,179,000 | Bella Holding Company, LLC(c) | US0001M + 3.750% | 8.9520 | 04/01/28 | 1,163,207 | |||||||||
1,177,692 | Corgi BidCo, Inc.(c) | TSFR1M + 4.924% | 10.2420 | 09/20/29 | 1,140,466 | |||||||||
1,188,246 | Milano Acquisition Corporation(c) | US0001M + 4.000% | 9.3420 | 08/17/27 | 1,170,720 | |||||||||
995,321 | Phoenix Newco, Inc.(c) | US0001M + 3.250% | 8.4670 | 08/11/28 | 992,469 | |||||||||
324,136 | Team Health Holdings, Inc.(c) | US0003M + 2.277% | 7.9040 | 01/12/24 | 286,949 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% (Continued) | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 4.6% (Continued) | ||||||||||||||
1,359,581 | Team Health Holdings, Inc.(c) | SOFRRATE + 5.250% | 10.3520 | 02/17/27 | $ | 940,048 | ||||||||
5,693,859 | ||||||||||||||
INDUSTRIAL INTERMEDIATE PROD — 0.5% | ||||||||||||||
642,427 | Crosby US Acquisition Corporation(c) | TSFR1M + 4.974% | 10.2910 | 06/27/26 | 641,226 | |||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.9% | ||||||||||||||
1,174,699 | Aretec Group, Inc.(c) | US0003M + 4.250% | 9.4520 | 10/01/25 | 1,176,785 | |||||||||
INSURANCE — 3.8% | ||||||||||||||
574,658 | Alliant Holdings Intermediate, LLC(c) | US0001M + 3.488% | 8.9200 | 11/06/27 | 573,896 | |||||||||
454,754 | Asurion, LLC(c) | ICE LIBOR USD 1 Month + 3.250% | 8.7880 | 12/18/26 | 443,785 | |||||||||
660,462 | Asurion, LLC(c) | ICE LIBOR USD 1 Month + 3.250% | 8.7880 | 07/28/27 | 633,115 | |||||||||
355,000 | Asurion, LLC(c) | US0001M + 5.250% | 10.4670 | 01/29/28 | 316,964 | |||||||||
365,000 | Asurion, LLC(c) | US0001M + 5.250% | 10.4670 | 01/14/29 | 320,629 | |||||||||
550,435 | BroadStreet Partners, Inc.(c) | TSFR1M + 3.795% | 9.1130 | 01/26/29 | 549,403 | |||||||||
551,874 | HUB International Ltd.(c) | TSFR1M + 4.082% | 9.4000 | 06/08/30 | 554,821 | |||||||||
1,227,511 | Sedgwick Claims Management Services, Inc.(c) | TSFR1M + 3.535% | 8.8520 | 02/17/28 | 1,224,860 | |||||||||
4,617,473 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 6.4% | ||||||||||||||
1,321,055 | Aimbridge Acquisition Company, Inc.(c) | US0003M + 3.750% | 8.9430 | 02/01/26 | 1,286,588 | |||||||||
636,723 | Carnival Corporation(c) | US0001M + 3.250% | 8.4670 | 10/08/28 | 635,729 | |||||||||
1,334,083 | Dave & Buster’s, Inc.(c) | TSFR1M + 3.682% | 9.0000 | 06/29/29 | 1,335,751 | |||||||||
746,444 | Fogo De Chao, Inc.(c) | US0003M + 4.250% | 9.7260 | 04/05/25 | 736,983 | |||||||||
2,534,655 | Hornblower Sub, LLC(c) | US0001M + 4.500% | 10.2310 | 04/27/25 | 1,313,788 | |||||||||
399,952 | Ontario Gaming GTA, L.P.(c) | TSFR1M + 4.126% | 9.4440 | 07/20/30 | 400,452 | |||||||||
863,477 | Playa Resorts Holding BV(c) | TSFR1M + 4.154% | 9.4720 | 11/22/28 | 862,980 | |||||||||
1,444,681 | Wok Holdings, Inc.(c) | US0003M + 6.250% | 11.4430 | 03/01/26 | 1,381,932 | |||||||||
7,954,203 | ||||||||||||||
LEISURE PRODUCTS — 1.2% | ||||||||||||||
1,570,468 | Varsity Brands Holding Company, Inc.(c) | US0003M + 3.500% | 10.2170 | 12/15/24 | 1,529,903 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% (Continued) | ||||||||||||||
MACHINERY — 1.6% (Continued) | ||||||||||||||
819,642 | Alliance Laundry Systems, LLC(c) | US0001M + 3.500% | 8.9010 | 09/30/27 | $ | 819,438 | ||||||||
1,178,182 | STS Operating, Inc.(c) | US0003M + 4.250% | 9.4520 | 12/07/24 | 1,177,445 | |||||||||
1,996,883 | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.7% | ||||||||||||||
1,562,180 | Mozart Borrower, L.P.(c) | US0001M + 3.250% | 8.4670 | 09/30/28 | 1,548,246 | |||||||||
504,384 | Sotera Health Holdings, LLC(c) | TSFR1M + 3.498% | 8.8160 | 12/11/26 | 505,014 | |||||||||
2,053,260 | ||||||||||||||
METALS & MINING — 0.5% | ||||||||||||||
600,166 | Arsenal AIC Parent, LLC(c) | TSFR1M + 4.374% | 9.7460 | 07/27/30 | 600,478 | |||||||||
OIL & GAS PRODUCERS — 4.0% | ||||||||||||||
1,543,354 | CQP Holdco, L.P.(c) | US0001M + 3.750% | 8.6930 | 06/04/28 | 1,545,283 | |||||||||
781,437 | EG America, LLC(c) | US0003M + 4.000% | 9.1640 | 02/05/25 | 779,851 | |||||||||
329,000 | EG America, LLC(c) | TSFR1M + 5.295% | 10.6130 | 02/07/28 | 317,485 | |||||||||
1,166,901 | M6 ETX Holdings II Midco, LLC(c) | TSFR1M + 4.573% | 9.8910 | 08/11/29 | 1,164,194 | |||||||||
1,182,056 | Medallion Midland Acquisition, L.P.(c) | US0001M + 3.750% | 9.2530 | 10/14/28 | 1,179,692 | |||||||||
4,986,505 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — %(f) | ||||||||||||||
1,140 | Paragon Offshore Finance Company(c) | ICE LIBOR USD 3 Month + 5.627% | 0.0001 | 07/15/22 | — | |||||||||
PUBLISHING & BROADCASTING — 0.6% | ||||||||||||||
1,002,208 | Sinclair Television Group, Inc.(c) | TSFR1M + 3.750% | 8.9520 | 04/13/29 | 738,708 | |||||||||
REAL ESTATE INVESTMENT TRUSTS — 0.9% | ||||||||||||||
1,181,910 | Claros Mortgage Trust, Inc.(c) | US0001M + 4.500% | 9.8550 | 08/09/26 | 1,140,543 | |||||||||
RETAIL -DISCRETIONARY — 3.7% | ||||||||||||||
725,697 | Hertz Corporation (The)(c) | US0001M + 3.250% | 8.4670 | 06/14/28 | 726,201 | |||||||||
139,557 | Hertz Corporation (The)(c) | US0001M + 3.250% | 8.4670 | 06/14/28 | 139,654 | |||||||||
1,047,798 | JP Intermediate B, LLC(c) | US0003M + 5.500% | 10.7730 | 11/20/25 | 419,119 | |||||||||
1,272,600 | LBM Acquisition, LLC(c) | US0001M + 3.750% | 8.9520 | 12/18/27 | 1,236,809 | |||||||||
1,017,791 | Park River Holdings, Inc.(c) | ICE LIBOR USD 1 Month + 3.351% | 8.7830 | 01/22/28 | 984,840 | |||||||||
516,227 | Petco Health & Wellness Company, Inc.(c) | US0001M + 3.250% | 8.7530 | 02/25/28 | 515,210 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% (Continued) | ||||||||||||||
RETAIL -DISCRETIONARY — 3.7% (Continued) | ||||||||||||||
509,600 | PetSmart, Inc.(c) | US0003M + 3.750% | 8.9520 | 01/29/28 | $ | 510,054 | ||||||||
4,531,887 | ||||||||||||||
SOFTWARE — 11.4% | ||||||||||||||
704,794 | Applied Systems, Inc.(c) | US0003M + 2.000% | 9.7420 | 09/19/24 | 707,162 | |||||||||
190,250 | Applied Systems, Inc.(c) | US0001M + 5.500% | 11.9920 | 09/19/25 | 191,043 | |||||||||
139,606 | athenahealth, Inc.(c) | SOFRRATE + 3.279% | 8.5890 | 01/27/29 | 135,838 | |||||||||
1,133,556 | athenahealth, Inc.(c) | SOFRRATE + 3.500% | 8.8050 | 01/27/29 | 1,102,956 | |||||||||
1,179,239 | Barracuda Networks, Inc.(c) | TSFR1M + 4.174% | 9.5450 | 08/15/29 | 1,161,090 | |||||||||
1,152,328 | Central Parent, Inc.(c) | TSFR1M + 4.120% | 9.4920 | 06/09/29 | 1,154,183 | |||||||||
1,801,007 | Condor Merger Sub, Inc.(c) | SOFRRATE + 4.000% | 8.9630 | 02/03/29 | 1,747,616 | |||||||||
589,340 | Dcert Buyer, Inc.(c) | US0003M + 4.000% | 9.2640 | 08/08/26 | 587,867 | |||||||||
600,000 | Dcert Buyer, Inc.(c) | US0001M + 7.000% | 12.2640 | 02/16/29 | 561,939 | |||||||||
1,180,654 | Epicor Software Corporation(c) | US0001M + 3.250% | 8.4670 | 07/31/27 | 1,174,633 | |||||||||
771,707 | Greeneden US Holdings II, LLC(c) | ICE LIBOR USD 1 Month + 4.000% | 9.1930 | 10/08/27 | 771,854 | |||||||||
211,661 | Helios Software Holdings, Inc.(c) | US0001M + 3.750% | 9.1420 | 03/11/28 | 207,930 | |||||||||
121,719 | MedAssets Software Intermediate Holdings, Inc.(c) | US0001M + 6.750% | 11.9430 | 11/19/29 | 73,107 | |||||||||
1,172,150 | Proofpoint, Inc.(c) | US0001M + 3.250% | 8.4670 | 06/10/28 | 1,156,619 | |||||||||
1,081,366 | RealPage, Inc.(c) | US0001M + 3.250% | 8.2170 | 02/18/28 | 1,064,242 | |||||||||
775,229 | Sophia, L.P.(c) | US0003M + 3.250% | 9.0380 | 09/23/27 | 772,322 | |||||||||
265,660 | Sophia, L.P.(c) | SOFRRATE + 4.250% | 9.3520 | 10/07/27 | 265,246 | |||||||||
1,178,571 | Ultimate Software Group, Inc. (The)(c) | ICE LIBOR USD 3 Month + 3.750% | 8.8950 | 04/08/26 | 1,178,577 | |||||||||
14,014,224 | ||||||||||||||
SPECIALTY FINANCE — 1.1% | ||||||||||||||
619,443 | Apollo Commercial Real Estate Finance, Inc.(c) | US0001M + 3.500% | 8.7170 | 03/11/28 | 585,374 | |||||||||
878,000 | Fly Funding II Sarl(c) | US0003M + 1.463% | 7.0900 | 08/09/25 | 837,063 | |||||||||
1,422,437 | ||||||||||||||
TECHNOLOGY HARDWARE — 1.8% | ||||||||||||||
1,178,406 | VeriFone Systems, Inc.(c) | ICE LIBOR USD 3 Month + 4.000% | 9.4760 | 08/20/25 | 1,118,667 | |||||||||
1,207,862 | Viasat, Inc.(c) | SOFRRATE + 4.500% | 9.6020 | 02/24/29 | 1,166,215 | |||||||||
2,284,882 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 79.8% (Continued) | ||||||||||||||
TECHNOLOGY SERVICES — 3.7% | ||||||||||||||
176,400 | ION Trading Finance Ltd.(c) | US0001M + 4.750% | 10.0920 | 03/26/28 | $ | 172,778 | ||||||||
463,315 | MoneyGram International, Inc.(c) | TSFR1M + 5.405% | 10.7770 | 06/01/30 | 419,474 | |||||||||
1,209,482 | MPH Acquisition Holdings, LLC(c) | US0001M + 4.250% | 9.7260 | 08/17/28 | 1,142,205 | |||||||||
1,179,176 | Peraton Corporation(c) | US0001M + 3.750% | 8.9520 | 02/24/28 | 1,172,082 | |||||||||
1,163,161 | Sitel Worldwide Corporation(c) | US0001M + 3.750% | 8.9500 | 07/29/28 | 1,154,583 | |||||||||
584,121 | Verscend Holding Corporation(c) | US0001M + 4.000% | 9.2170 | 08/27/25 | 584,547 | |||||||||
4,645,669 | ||||||||||||||
TELECOMMUNICATIONS — 2.4% | ||||||||||||||
1,590,447 | Altice France S.A.(c) | ICE LIBOR USD 3 Month + 3.688% | 10.8080 | 01/09/26 | 1,317,590 | |||||||||
887,614 | CCI Buyer, Inc.(c) | US0001M + 4.000% | 9.2420 | 12/12/27 | 870,603 | |||||||||
1,201,429 | Telesat, LLC(c) | US0001M + 2.750% | 8.0300 | 12/06/26 | 738,987 | |||||||||
2,927,180 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 4.0% | ||||||||||||||
646,000 | AAdvantage Loyalty IP Ltd.(c) | US0003M + 4.750% | 10.3380 | 03/10/28 | 669,954 | |||||||||
967,754 | Air Canada(c) | US0001M + 3.500% | 8.8390 | 07/27/28 | 969,482 | |||||||||
1,178,550 | Kenan Advantage Group, Inc. (The)(c) | US0001M + 3.750% | 9.4770 | 03/24/26 | 1,179,391 | |||||||||
548,497 | United Airlines, Inc.(c) | US0001M + 3.750% | 9.3770 | 04/14/28 | 550,211 | |||||||||
1,466,898 | WestJet Airlines Ltd.(c) | US0003M + 2.624% | 8.2510 | 10/08/26 | 1,437,259 | |||||||||
4,806,297 | ||||||||||||||
WHOLESALE - DISCRETIONARY — 0.9% | ||||||||||||||
1,178,462 | Fastlane Parent Company, Inc.(c) | US0001M + 4.500% | 9.6930 | 02/04/26 | 1,176,499 | |||||||||
TOTAL TERM LOANS (Cost $101,843,853) | 98,739,854 | |||||||||||||
Shares | Expiration Date | Exercise Price | Fair Value | |||||||||||
RIGHT — 0.0%(f) | ||||||||||||||
NON-LISTED RIGHT - 0.0% (f) | ||||||||||||||
10,588 | TRA Rights | 11/22/2024 | $ 0.00 | 11,822 | ||||||||||
TOTAL RIGHT (Cost$17,470) | 11,822 |
DUNHAM FLOATING RATE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Expiration Date | Exercise Price | Fair Value | |||||||||||
WARRANT — 0.0%(f) | ||||||||||||||
PUBLISHING & BROADCASTING - 0.0% (f) | ||||||||||||||
14,905 | iHeartMedia, Inc. | 05/02/2039 | $ | 0.00 | $ | 48,441 | ||||||||
TOTAL WARRANT (Cost $287,609) | 48,441 | |||||||||||||
Shares | Fair Value | |||||||||||||
SHORT-TERM INVESTMENTS — 4.2% | ||||||||||||||
COLLATERAL FOR SECURITIES LOANED - 2.3% | ||||||||||||||
2,940,820 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (h)(i) | 2,940,820 | ||||||||||||
MONEY MARKET FUND - 1.9% | ||||||||||||||
2,314,179 | Fidelity Government Portfolio, CLASS I, 5.03% (h) | 2,314,179 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost$5,254,999) | 5,254,999 | |||||||||||||
TOTAL INVESTMENTS - 103.4% (Cost $134,003,351) | $ | 128,109,210 | ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.4)% | (4,166,565 | ) | ||||||||||||
NET ASSETS - 100.0% | $ | 123,942,645 |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
TSFR1M | TSFR1M |
TSFR3M | TSFR3M |
US0001M | ICE LIBOR USD 1 Month |
US0003M | ICE LIBOR USD 3 Month |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 22,229,625 or 17.9% of net assets. |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(d) | All or a portion of these securities are on loan. Total loaned securities had a value of $2,884,956 at July 31, 2023. |
(e) | Variable rate security; the rate shown represents the rate on July 31, 2023. |
(f) | Percentage rounds to less than 0.1%. |
(g) | Represents issuer in default on interest payments; non-income producing security. |
(h) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(i) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||||||
COMMON STOCKS — 2.0% | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT -2.0% | ||||||||||||
50 | Hi-Crush(a)(g) | $ | 2,387,700 | |||||||||
TOTAL COMMON STOCKS (Cost $1,196,933) | 2,387,700 | |||||||||||
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% | ||||||||||||
AEROSPACE & DEFENSE — 1.0% | ||||||||||||
493,000 | Rolls-Royce plc(b) | 5.7500 | 10/15/27 | 486,448 | ||||||||
732,000 | Spirit AeroSystems, Inc.(b),(c) | 7.5000 | 04/15/25 | 732,457 | ||||||||
1,218,905 | ||||||||||||
ASSET MANAGEMENT — 0.9% | ||||||||||||
415,000 | AG Issuer, LLC(b) | 6.2500 | 03/01/28 | 400,688 | ||||||||
683,000 | NFP Corporation(b) | 4.8750 | 08/15/28 | 614,891 | ||||||||
1,015,579 | ||||||||||||
AUTOMOTIVE — 1.7% | ||||||||||||
185,000 | Ford Motor Company | 3.2500 | 02/12/32 | 146,358 | ||||||||
404,000 | Ford Motor Company | 4.7500 | 01/15/43 | 316,479 | ||||||||
461,000 | Ford Motor Credit Co LLC | 4.0000 | 11/13/30 | 396,431 | ||||||||
440,000 | Ford Motor Credit Company, LLC | 4.9500 | 05/28/27 | 417,876 | ||||||||
728,000 | Ford Motor Credit Company, LLC | 7.3500 | 11/04/27 | 747,797 | ||||||||
2,024,941 | ||||||||||||
BIOTECH & PHARMA — 1.3% | ||||||||||||
200,000 | Organon Finance 1, LLC(b) | 4.1250 | 04/30/28 | 179,438 | ||||||||
589,000 | Organon Finance 1, LLC(b),(c) | 5.1250 | 04/30/31 | 499,844 | ||||||||
200,000 | Teva Pharmaceutical Finance Netherlands III BV | 5.1250 | 05/09/29 | 183,434 | ||||||||
625,000 | Teva Pharmaceutical Finance Netherlands III BV | 7.8750 | 09/15/29 | 651,308 | ||||||||
1,514,024 | ||||||||||||
CABLE & SATELLITE — 5.7% | ||||||||||||
1,290,000 | Altice Financing S.A.(b),(c) | 5.0000 | 01/15/28 | 998,903 | ||||||||
555,000 | Block Communications, Inc.(b),(c) | 4.8750 | 03/01/28 | 465,294 | ||||||||
710,000 | Cable One, Inc.(b),(c) | 4.0000 | 11/15/30 | 562,036 | ||||||||
378,000 | CCO Holdings, LLC / CCO Holdings Capital(b) | 5.0000 | 02/01/28 | 349,677 | ||||||||
825,000 | CCO Holdings, LLC / CCO Holdings Capital(b),(c) | 5.3750 | 06/01/29 | 754,697 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
CABLE & SATELLITE — 5.7% (Continued) | ||||||||||||
1,180,000 | CCO Holdings, LLC / CCO Holdings Capital(b),(c) | 6.3750 | 09/01/29 | $ | 1,129,251 | |||||||
775,000 | CSC Holdings, LLC(b) | 5.7500 | 01/15/30 | 402,172 | ||||||||
1,045,000 | CSC Holdings, LLC(b) | 4.6250 | 12/01/30 | 526,050 | ||||||||
1,290,000 | Sirius XM Radio, Inc.(b) | 4.0000 | 07/15/28 | 1,123,614 | ||||||||
435,000 | UPC Broadband Finco BV(b) | 4.8750 | 07/15/31 | 365,723 | ||||||||
6,677,417 | ||||||||||||
CHEMICALS — 2.7% | ||||||||||||
854,000 | Consolidated Energy Finance S.A.(b) | 5.6250 | 10/15/28 | 738,137 | ||||||||
670,000 | Methanex Corporation | 5.1250 | 10/15/27 | 632,801 | ||||||||
531,000 | Minerals Technologies, Inc.(b) | 5.0000 | 07/01/28 | 491,266 | ||||||||
525,000 | Olympus Water US Holding Corporation(b) | 9.7500 | 11/15/28 | 508,594 | ||||||||
596,000 | Trinseo Materials Operating SCA / Trinseo(b) | 5.1250 | 04/01/29 | 351,020 | ||||||||
463,000 | Windsor Holdings III, LLC(b),(c) | 8.5000 | 06/15/30 | 465,894 | ||||||||
3,187,712 | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 4.4% | ||||||||||||
400,000 | Allied Universal Holdco, LLC / Allied Universal(b) | 4.6250 | 06/01/28 | 340,428 | ||||||||
312,000 | Covanta Holding Corporation | 5.0000 | 09/01/30 | 270,559 | ||||||||
456,000 | Covert Mergeco, Inc.(b) | 4.8750 | 12/01/29 | 403,130 | ||||||||
630,000 | Deluxe Corporation(b),(c) | 8.0000 | 06/01/29 | 529,880 | ||||||||
505,000 | Garda World Security Corporation(b) | 9.5000 | 11/01/27 | 494,930 | ||||||||
222,000 | Garda World Security Corporation(b) | 6.0000 | 06/01/29 | 184,981 | ||||||||
980,000 | Harsco Corporation(b) | 5.7500 | 07/31/27 | 847,652 | ||||||||
380,000 | Korn Ferry(b) | 4.6250 | 12/15/27 | 357,665 | ||||||||
515,000 | Prime Security Services Borrower, LLC / Prime(b) | 5.7500 | 04/15/26 | 505,474 | ||||||||
505,000 | Sotheby’s(b) | 7.3750 | 10/15/27 | 447,958 | ||||||||
350,000 | Sotheby’s/Bidfair Holdings, Inc.(b) | 5.8750 | 06/01/29 | 271,880 | ||||||||
580,000 | TriNet Group, Inc.(b),(c) | 3.5000 | 03/01/29 | 507,285 | ||||||||
5,161,822 | ||||||||||||
CONSTRUCTION MATERIALS — 0.8% | ||||||||||||
328,000 | Standard Industries, Inc.(b) | 4.7500 | 01/15/28 | 305,932 | ||||||||
724,000 | Standard Industries, Inc.(b) | 3.3750 | 01/15/31 | 585,403 | ||||||||
891,335 | ||||||||||||
CONSUMER SERVICES — 1.1% | ||||||||||||
600,000 | PROG Holdings, Inc.(b) | 6.0000 | 11/15/29 | 543,678 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||||
CONSUMER SERVICES — 1.1% (Continued) | ||||||||||||||
801,000 | Rent-A-Center, Inc.(b) | 6.3750 | 02/15/29 | $ | 735,675 | |||||||||
1,279,353 | ||||||||||||||
CONTAINERS & PACKAGING — 2.7% | ||||||||||||||
764,000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh(b) | 3.2500 | 09/01/28 | 660,869 | ||||||||||
139,000 | Ball Corporation | 5.2500 | 07/01/25 | 137,900 | ||||||||||
199,000 | Ball Corporation | 2.8750 | 08/15/30 | 164,232 | ||||||||||
600,000 | Clydesdale Acquisition Holdings, Inc.(b) | 6.6250 | 04/15/29 | 574,674 | ||||||||||
479,000 | Crown Americas, LLC(c) | 5.2500 | 04/01/30 | 457,445 | ||||||||||
507,000 | LABL, Inc.(b) | 5.8750 | 11/01/28 | 462,957 | ||||||||||
33,000 | LABL, Inc.(b) | 9.5000 | 11/01/28 | 33,866 | ||||||||||
382,000 | Mauser Packaging Solutions Holding Company(b),(c) | 7.8750 | 08/15/26 | 380,181 | ||||||||||
465,000 | Silgan Holdings, Inc. | 4.1250 | 02/01/28 | 423,006 | ||||||||||
3,295,130 | ||||||||||||||
ELECTRIC UTILITIES — 2.5% | ||||||||||||||
703,000 | Calpine Corporation(b) | 5.0000 | 02/01/31 | 592,755 | ||||||||||
332,000 | Calpine Corporation(b) | 3.7500 | 03/01/31 | 272,438 | ||||||||||
670,000 | Clearway Energy Operating, LLC(b) | 3.7500 | 01/15/32 | 548,234 | ||||||||||
365,000 | NextEra Energy Operating Partners, L.P.(b) | 4.5000 | 09/15/27 | — | ||||||||||
510,000 | NRG Energy Inc(b),(c) | 3.6250 | 02/15/31 | 400,709 | ||||||||||
555,000 | NRG Energy, Inc.(b) | 5.2500 | 06/15/29 | 501,392 | ||||||||||
685,000 | Vistra Operations Company, LLC(b) | 5.0000 | 07/31/27 | 647,778 | ||||||||||
2,963,306 | ||||||||||||||
ENGINEERING & CONSTRUCTION — 0.4% | ||||||||||||||
557,000 | VM Consolidated, Inc.(b) | 5.5000 | 04/15/29 | 511,663 | ||||||||||
ENTERTAINMENT CONTENT — 1.7% | ||||||||||||||
445,000 | Banijay Entertainment S.A.SU(b),(c) | 5.3750 | 03/01/25 | 435,390 | ||||||||||
604,000 | Paramount Global(d) | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 498,511 | |||||||||
735,000 | Univision Communications, Inc.(b) | 6.6250 | 06/01/27 | 716,448 | ||||||||||
421,000 | Univision Communications, Inc.(b) | 7.3750 | 06/30/30 | 410,146 | ||||||||||
2,060,495 | ||||||||||||||
FOOD — 1.8% | ||||||||||||||
208,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc.(b) | 7.8750 | 09/01/25 | 197,755 | ||||||||||
925,000 | HLF Financing Sarl, LLC / Herbalife International,(b),(c) | 4.8750 | 06/01/29 | 704,111 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
FOOD — 1.8% (Continued) | ||||||||||||
209,000 | Land O’Lakes Capital Trust I(b) | 7.4500 | 03/15/28 | $ | 197,505 | |||||||
656,000 | Post Holdings, Inc.(b),(c) | 4.5000 | 09/15/31 | 558,415 | ||||||||
686,000 | Simmons Foods, Inc./Simmons Prepared Foods,(b) | 4.6250 | 03/01/29 | 573,482 | ||||||||
2,231,268 | ||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.3% | ||||||||||||
456,000 | Glatfelter Corporation(b) | 4.7500 | 11/15/29 | 315,275 | ||||||||
GAS & WATER UTILITIES — 0.5% | ||||||||||||
615,000 | Ferrellgas Escrow, LLC / FG Operating Finance(b) | 5.3750 | 04/01/26 | 579,551 | ||||||||
30,000 | Ferrellgas Escrow, LLC / FG Operating Finance(b) | 5.8750 | 04/01/29 | 25,837 | ||||||||
605,388 | ||||||||||||
HEALTH CARE FACILITIES & SERVICES — 3.4% | ||||||||||||
1,065,000 | CHS/Community Health Systems, Inc.(b) | 5.6250 | 03/15/27 | 949,436 | ||||||||
983,000 | DaVita, Inc.(b),(c) | 4.6250 | 06/01/30 | 838,009 | ||||||||
597,000 | HCA, Inc. | 3.5000 | 09/01/30 | 524,772 | ||||||||
530,000 | Legacy LifePoint Health, LLC(b) | 4.3750 | 02/15/27 | 457,777 | ||||||||
575,000 | Molina Healthcare Inc 3.875% 11/15/2030(b),(c) | 3.8750 | 11/15/30 | 492,307 | ||||||||
695,000 | Select Medical Corporation(b),(c) | 6.2500 | 08/15/26 | 689,686 | ||||||||
3,951,987 | ||||||||||||
HOME CONSTRUCTION — 0.8% | ||||||||||||
361,000 | Mattamy Group Corporation(b) | 5.2500 | 12/15/27 | 341,697 | ||||||||
210,000 | Mattamy Group Corporation(b) | 4.6250 | 03/01/30 | 183,735 | ||||||||
475,000 | PGT Innovations, Inc.(b),(c) | 4.3750 | 10/01/29 | 441,160 | ||||||||
966,592 | ||||||||||||
HOUSEHOLD PRODUCTS — 0.8% | ||||||||||||
456,000 | Coty, Inc.(b) | 5.0000 | 04/15/26 | 439,952 | ||||||||
600,000 | Edgewell Personal Care Company(b),(c) | 4.1250 | 04/01/29 | 525,435 | ||||||||
965,387 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.9% | ||||||||||||
550,000 | Aretec Escrow Issuer, Inc.(b) | 7.5000 | 04/01/29 | 497,604 | ||||||||
689,000 | LPL Holdings, Inc.(b) | 4.0000 | 03/15/29 | 618,210 | ||||||||
1,115,814 | ||||||||||||
INSURANCE — 1.1% | ||||||||||||
544,000 | Jones Deslauriers Insurance Management, Inc.(b) | 8.5000 | 03/15/30 | 555,380 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
INSURANCE — 1.1% (Continued) | ||||||||||||
345,000 | NMI Holdings, Inc.(b) | 7.3750 | 06/01/25 | $ | 348,722 | |||||||
450,000 | Ryan Specialty Group, LLC(b) | 4.3750 | 02/01/30 | 398,672 | ||||||||
1,302,774 | ||||||||||||
INTERNET MEDIA & SERVICES — 0.5% | ||||||||||||
879,000 | GrubHub Holdings, Inc.(b) | 5.5000 | 07/01/27 | 623,062 | ||||||||
LEISURE FACILITIES & SERVICES — 8.0% | ||||||||||||
510,000 | AMC Entertainment Holdings, Inc.(b) | 7.5000 | 02/15/29 | 352,512 | ||||||||
506,000 | Brinker International, Inc.(b) | 5.0000 | 10/01/24 | 498,157 | ||||||||
643,000 | Caesars Entertainment, Inc.(b) | 6.2500 | 07/01/25 | 640,113 | ||||||||
1,297,000 | Carnival Corporation(b),(c) | 5.7500 | 03/01/27 | 1,200,995 | ||||||||
322,000 | Carnival Corporation(b) | 6.0000 | 05/01/29 | 289,734 | ||||||||
470,000 | Carnival Corporation(b),(c) | 10.5000 | 06/01/30 | 497,766 | ||||||||
715,000 | CEC Entertainment Company, LLC(b) | 6.7500 | 05/01/26 | 688,204 | ||||||||
295,000 | Dave & Buster’s, Inc. B(b) | 7.6250 | 11/01/25 | 298,327 | ||||||||
211,000 | Hilton Grand Vacations Borrower Escrow, LLC /(b) | 5.0000 | 06/01/29 | 188,802 | ||||||||
555,000 | Hilton Grand Vacations Borrower Escrow, LLC /(b) | 4.8750 | 07/01/31 | 474,916 | ||||||||
435,000 | Melco Resorts Finance Ltd.(b) | 5.3750 | 12/04/29 | 372,065 | ||||||||
710,000 | NCL Corporation Ltd.(b) | 3.6250 | 12/15/24 | 682,464 | ||||||||
187,000 | NCL Corporation Ltd.(b) | 5.8750 | 03/15/26 | 177,124 | ||||||||
243,000 | NCL Corporation Ltd.(b),(c) | 7.7500 | 02/15/29 | 232,965 | ||||||||
415,000 | Ontario Gaming GTA, L.P.(b) | 8.0000 | 08/01/30 | 419,524 | ||||||||
603,000 | Royal Caribbean Cruises Ltd.(b) | 4.2500 | 07/01/26 | 561,095 | ||||||||
126,000 | Royal Caribbean Cruises Ltd.(b) | 5.5000 | 04/01/28 | 118,871 | ||||||||
200,000 | Sands China Ltd. | 4.8750 | 06/18/30 | 182,540 | ||||||||
445,000 | SeaWorld Parks & Entertainment, Inc.(b) | 8.7500 | 05/01/25 | 452,481 | ||||||||
610,000 | SeaWorld Parks & Entertainment, Inc.(b) | 5.2500 | 08/15/29 | 549,549 | ||||||||
556,000 | Wyndham Destinations, Inc. | 6.0000 | 04/01/27 | 539,900 | ||||||||
9,418,104 | ||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.7% | ||||||||||||
482,000 | Mozart Debt Merger Sub, Inc.(b) | 3.8750 | 04/01/29 | 422,452 | ||||||||
505,000 | Mozart Debt Merger Sub, Inc.(b),(c) | 5.2500 | 10/01/29 | 446,667 | ||||||||
869,119 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
METALS & MINING — 2.2% (Continued) | ||||||||||||
697,000 | FMG Resources August 2006 Pty Ltd.(b),(c) | 4.5000 | 09/15/27 | $ | 652,424 | |||||||
555,000 | Hudbay Minerals, Inc.(b),(c) | 6.1250 | 04/01/29 | 532,239 | ||||||||
305,000 | Mineral Resources Ltd.(b) | 8.1250 | 05/01/27 | 305,651 | ||||||||
530,000 | Mineral Resources Ltd.(b) | 8.5000 | 05/01/30 | 536,220 | ||||||||
505,000 | Warrior Met Coal, Inc.(b) | 7.8750 | 12/01/28 | 510,741 | ||||||||
2,537,275 | ||||||||||||
OIL & GAS PRODUCERS — 15.0% | ||||||||||||
576,000 | Antero Midstream Partners, L.P. / Antero Midstream(b) | 5.7500 | 01/15/28 | 554,386 | ||||||||
340,000 | Antero Resources Corporation(b),(c) | 5.3750 | 03/01/30 | 317,334 | ||||||||
148,000 | Apache Corporation | 4.3750 | 10/15/28 | 136,482 | ||||||||
652,000 | Apache Corporation | 4.7500 | 04/15/43 | 511,090 | ||||||||
290,000 | Buckeye Partners, L.P.(b) | 4.5000 | 03/01/28 | 262,199 | ||||||||
415,000 | Civitas Resources, Inc.(b) | 5.0000 | 10/15/26 | 392,071 | ||||||||
195,000 | Civitas Resources, Inc.(b) | 8.3750 | 07/01/28 | 200,813 | ||||||||
445,000 | Civitas Resources, Inc.(b) | 8.7500 | 07/01/31 | 461,131 | ||||||||
61,000 | Comstock Resources, Inc.(b) | 6.7500 | 03/01/29 | 56,965 | ||||||||
282,000 | Comstock Resources, Inc.(b) | 5.8750 | 01/15/30 | 249,877 | ||||||||
84,000 | Crescent Energy Finance, LLC(b) | 9.2500 | 02/15/28 | 85,520 | ||||||||
132,000 | DCP Midstream Operating, L.P.(b) | 6.7500 | 09/15/37 | 140,839 | ||||||||
235,000 | DCP Midstream Operating, L.P. | 5.6000 | 04/01/44 | 223,352 | ||||||||
498,000 | Earthstone Energy Holdings, LLC(b) | 8.0000 | 04/15/27 | 493,278 | ||||||||
291,000 | Earthstone Energy Holdings, LLC(b),(c) | 9.8750 | 07/15/31 | 300,584 | ||||||||
775,000 | eG Global Finance plc(b) | 6.7500 | 02/07/25 | 761,868 | ||||||||
45,000 | EQM Midstream Partners, L.P.(b) | 7.5000 | 06/01/27 | 45,711 | ||||||||
80,000 | EQM Midstream Partners, L.P. | 5.5000 | 07/15/28 | 77,054 | ||||||||
222,000 | EQM Midstream Partners, L.P.(b) | 7.5000 | 06/01/30 | 229,109 | ||||||||
54,000 | Genesis Energy, L.P. / Genesis Energy Finance | 6.2500 | 05/15/26 | 51,570 | ||||||||
507,000 | Genesis Energy, L.P. / Genesis Energy Finance | 8.0000 | 01/15/27 | 498,995 | ||||||||
674,000 | Genesis Energy, L.P. / Genesis Energy Finance | 8.8750 | 04/15/30 | 673,074 | ||||||||
902,000 | Harvest Midstream I, L.P.(b) | 7.5000 | 09/01/28 | 887,284 | ||||||||
659,000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | 5.7500 | 02/01/29 | 610,168 | ||||||||
279,000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | 6.0000 | 02/01/31 | 253,732 | ||||||||
865,000 | Holly Energy Partners, L.P. / Holly Energy Finance(b) | 5.0000 | 02/01/28 | 809,896 | ||||||||
904,000 | Howard Midstream Energy Partners, LLC(b) | 6.7500 | 01/15/27 | 872,771 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
OIL & GAS PRODUCERS — 15.0% (Continued) | ||||||||||||
282,000 | Howard Midstream Energy Partners, LLC(b) | 8.8750 | 07/15/28 | $ | 288,627 | |||||||
769,000 | Independence Energy Finance, LLC(b) | 7.2500 | 05/01/26 | 758,576 | ||||||||
980,000 | ITT Holdings, LLC(b) | 6.5000 | 08/01/29 | 839,402 | ||||||||
610,000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 559,956 | ||||||||
650,000 | NGL Energy Operating, LLC / NGL Energy Finance(b) | 7.5000 | 02/01/26 | 644,619 | ||||||||
425,000 | NGL Energy Partners, L.P. / NGL Energy Finance(c) | 6.1250 | 03/01/25 | 416,513 | ||||||||
152,000 | NuStar Logistics, L.P. | 5.7500 | 10/01/25 | 149,477 | ||||||||
379,000 | NuStar Logistics, L.P. | 6.3750 | 10/01/30 | 365,602 | ||||||||
301,000 | Oasis Petroleum, Inc.(b) | 6.3750 | 06/01/26 | 299,001 | ||||||||
503,000 | Occidental Petroleum Corporation(c) | 6.3750 | 09/01/28 | 516,910 | ||||||||
476,000 | Occidental Petroleum Corporation | 6.1250 | 01/01/31 | 487,543 | ||||||||
372,000 | Rockcliff Energy II, LLC(b) | 5.5000 | 10/15/29 | 341,015 | ||||||||
335,000 | Southwestern Energy Company | 5.3750 | 03/15/30 | 313,784 | ||||||||
855,000 | Strathcona Resources Ltd.(b),(c) | 6.8750 | 08/01/26 | 751,371 | ||||||||
831,000 | Venture Global Calcasieu Pass, LLC(b) | 3.8750 | 08/15/29 | 720,309 | ||||||||
17,609,858 | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 1.7% | ||||||||||||
491,000 | Archrock Partners, L.P. / Archrock Partners(b) | 6.8750 | 04/01/27 | 479,160 | ||||||||
434,000 | Nabors Industries, Inc.(b) | 7.3750 | 05/15/27 | 424,882 | ||||||||
510,000 | USA Compression Partners, L.P. / USA Compression | 6.8750 | 04/01/26 | 505,886 | ||||||||
635,000 | Valaris Ltd.(b) | 8.3750 | 04/30/30 | 651,446 | ||||||||
2,061,374 | ||||||||||||
PUBLISHING & BROADCASTING — 0.5% | ||||||||||||
577,000 | Belo Corporation | 7.7500 | 06/01/27 | 570,150 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.4% | ||||||||||||
905,000 | HAT Holdings I, LLC / HAT Holdings II, LLC(b) | 3.3750 | 06/15/26 | 819,578 | ||||||||
141,000 | Service Properties Trust | 5.2500 | 02/15/26 | 128,902 | ||||||||
461,000 | Service Properties Trust | 4.7500 | 10/01/26 | 404,095 | ||||||||
46,000 | Service Properties Trust | 5.5000 | 12/15/27 | 40,414 | ||||||||
385,000 | Service Properties Trust | 4.9500 | 10/01/29 | 296,884 | ||||||||
1,689,873 | ||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.6% | ||||||||||||
713,000 | Kennedy-Wilson, Inc. | 4.7500 | 03/01/29 | 578,606 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 0.6% (Continued) | ||||||||||||
119,000 | Kennedy-Wilson, Inc. | 4.7500 | 02/01/30 | $ | 92,982 | |||||||
671,588 | ||||||||||||
REAL ESTATE SERVICES — 0.7% | ||||||||||||
844,000 | Cushman & Wakefield US Borrower, LLC(b) | 6.7500 | 05/15/28 | 774,598 | ||||||||
RENEWABLE ENERGY — 0.9% | ||||||||||||
558,000 | AtlanticaSustainable Infrastructure plc (b),(c) | 4.1250 | 06/15/28 | 505,858 | ||||||||
554,000 | EnerSys(b) | 4.3750 | 12/15/27 | 514,367 | ||||||||
1,020,225 | ||||||||||||
RETAIL -CONSUMER STAPLES — 0.8% | ||||||||||||
440,000 | Albertsons Companies Inc / Safeway Inc / New(b) | 4.6250 | 01/15/27 | 417,524 | ||||||||
506,000 | Albertsons Companies Inc / Safeway Inc / New(b) | 5.8750 | 02/15/28 | 493,185 | ||||||||
910,709 | ||||||||||||
RETAIL -DISCRETIONARY — 2.2% | ||||||||||||
567,000 | Ken Garff Automotive, LLC(b) | 4.8750 | 09/15/28 | 497,270 | ||||||||
975,000 | LBM Acquisition, LLC(b) | 6.2500 | 01/15/29 | 842,035 | ||||||||
364,000 | Metis Merger Sub, LLC(b) | 6.5000 | 05/15/29 | 309,618 | ||||||||
569,000 | Park River Holdings, Inc.(b) | 6.7500 | 08/01/29 | 461,729 | ||||||||
524,000 | Specialty Building Products Holdings, LLC / SBP(b) | 6.3750 | 09/30/26 | 499,165 | ||||||||
2,609,817 | ||||||||||||
SEMICONDUCTORS — 0.4% | ||||||||||||
520,000 | Entegris Escrow Corporation(b) | 5.9500 | 06/15/30 | 498,244 | ||||||||
SOFTWARE — 3.0% | ||||||||||||
740,000 | Capstone Borrower, Inc.(b) | 8.0000 | 06/15/30 | 733,273 | ||||||||
335,000 | Central Parent, Inc. / Central Merger Sub, Inc.(b) | 7.2500 | 06/15/29 | 331,959 | ||||||||
800,000 | Condor Merger Sub, Inc.(b) | 7.3750 | 02/15/30 | 692,155 | ||||||||
600,000 | Helios Software Holdings, Inc. / ION Corporate(b) | 4.6250 | 05/01/28 | 522,412 | ||||||||
164,000 | NortonLifeLock, Inc.(b) | 6.7500 | 09/30/27 | 164,059 | ||||||||
321,000 | NortonLifeLock, Inc.(b),(c) | 7.1250 | 09/30/30 | 323,772 | ||||||||
34,000 | Open Text Corporation(b) | 3.8750 | 02/15/28 | 30,276 | ||||||||
436,000 | Open Text Corporation(b) | 3.8750 | 12/01/29 | 369,232 | ||||||||
890,000 | Rackspace Technology Global, Inc.(b) | 3.5000 | 02/15/28 | 399,130 | ||||||||
3,566,268 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||||
SPECIALTY FINANCE — 7.9% | ||||||||||||||
780,000 | AerCap Global Aviation Trust(b),(d) | US0003M + 4.300% | 6.5000 | 06/15/45 | $ | 762,442 | ||||||||
555,000 | Alliance Data Systems Corporation(b) | 4.7500 | 12/15/24 | 542,992 | ||||||||||
845,000 | Apollo Commercial Real Estate Finance, Inc.(b) | 4.6250 | 06/15/29 | 677,963 | ||||||||||
420,000 | Avolon Holdings Funding Ltd.(b) | 6.3750 | 05/04/28 | 417,974 | ||||||||||
660,000 | Burford Capital Global Finance, LLC(b) | 6.2500 | 04/15/28 | 611,140 | ||||||||||
831,000 | Cobra AcquisitionCo, LLC(b) | 6.3750 | 11/01/29 | 565,977 | ||||||||||
505,000 | Curo Group Holdings Corporation(b) | 7.5000 | 08/01/28 | 115,611 | ||||||||||
215,000 | Enova International, Inc.(b) | 8.5000 | 09/01/24 | 213,927 | ||||||||||
430,000 | Enova International, Inc.(b),(c) | 8.5000 | 09/15/25 | 424,109 | ||||||||||
512,000 | FirstCash, Inc.(b) | 4.6250 | 09/01/28 | 457,413 | ||||||||||
202,000 | FirstCash, Inc.(b) | 5.6250 | 01/01/30 | 186,625 | ||||||||||
903,000 | Genworth Mortgage Holdings, Inc.(b) | 6.5000 | 08/15/25 | 894,919 | ||||||||||
324,000 | goeasy Ltd.(b) | 4.3750 | 05/01/26 | 296,613 | ||||||||||
682,000 | Ladder Capital Finance Holdings LLLP / Ladder(b) | 4.2500 | 02/01/27 | 614,216 | ||||||||||
483,000 | LFS Topco, LLC(b) | 5.8750 | 10/15/26 | 431,824 | ||||||||||
685,000 | OneMainFinance Corporation | 5.3750 | 11/15/29 | 594,287 | ||||||||||
690,000 | Pattern Energy Operations, L.P. / Pattern Energy(b) | 4.5000 | 08/15/28 | 627,573 | ||||||||||
345,000 | Starwood Property Trust, Inc. | 4.7500 | 03/15/25 | 333,349 | ||||||||||
125,000 | Starwood Property Trust, Inc.(b) | 3.6250 | 07/15/26 | 111,021 | ||||||||||
439,000 | Starwood Property Trust, Inc.(b),(c) | 4.3750 | 01/15/27 | 390,062 | ||||||||||
9,270,037 | ||||||||||||||
STEEL — 0.9% | ||||||||||||||
433,000 | Allegheny Technologies, Inc. | 4.8750 | 10/01/29 | 395,611 | ||||||||||
287,000 | Cleveland-Cliffs, Inc. | 6.2500 | 10/01/40 | 244,426 | ||||||||||
477,000 | Commercial Metals Company | 3.8750 | 02/15/31 | 414,547 | ||||||||||
1,054,584 | ||||||||||||||
TECHNOLOGY HARDWARE — 1.4% | ||||||||||||||
585,000 | Imola Merger Corporation(b) | 4.7500 | 05/15/29 | 515,028 | ||||||||||
295,000 | NCR Corporation(b) | 5.1250 | 04/15/29 | 264,067 | ||||||||||
350,000 | Seagate HDD Cayman | 4.0910 | 06/01/29 | 307,929 | ||||||||||
605,000 | TTM Technologies, Inc.(b),(c) | 4.0000 | 03/01/29 | 514,079 | ||||||||||
1,601,103 | ||||||||||||||
TECHNOLOGY SERVICES — 2.0% | ||||||||||||||
204,000 | Acuris Finance US, Inc. / Acuris Finance S.A.RL(b) | 5.0000 | 05/01/28 | 162,265 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 94.7% (Continued) | ||||||||||||
TECHNOLOGY SERVICES — 2.0% (Continued) | ||||||||||||
955,000 | Ahead DB Holdings, LLC(b) | 6.6250 | 05/01/28 | $ | 824,991 | |||||||
880,000 | ION Trading Technologies Sarl(b) | 5.7500 | 05/15/28 | 767,888 | ||||||||
665,000 | Mobius Merger Sub, Inc.(b) | 9.0000 | 06/01/30 | 600,123 | ||||||||
2,355,267 | ||||||||||||
TELECOMMUNICATIONS — 3.5% | ||||||||||||
1,585,000 | Altice France S.A.(b) | 5.5000 | 10/15/29 | 1,127,356 | ||||||||
625,000 | Cogent Communications Group, Inc.(b) | 7.0000 | 06/15/27 | 603,800 | ||||||||
880,000 | Connect Finco S.A.RL / Connect US Finco, LLC(b) | 6.7500 | 10/01/26 | 843,865 | ||||||||
535,000 | Hughes Satellite Systems Corporation | 6.6250 | 08/01/26 | 483,651 | ||||||||
690,000 | Iliad Holding S.A.SU(b) | 7.0000 | 10/15/28 | 648,432 | ||||||||
760,000 | TelesatCanada / Telesat, LLC (b),(c) | 4.8750 | 06/01/27 | 448,441 | ||||||||
4,155,545 | ||||||||||||
TRANSPORTATION & LOGISTICS — 2.8% | ||||||||||||
550,000 | Air Canada(b) | 3.8750 | 08/15/26 | 510,885 | ||||||||
600,000 | American Airlines, Inc.(b) | 11.7500 | 07/15/25 | 660,161 | ||||||||
725,000 | American Airlines, Inc.(b) | 7.2500 | 02/15/28 | 720,704 | ||||||||
775,000 | Cargo Aircraft Management, Inc.(b),(c) | 4.7500 | 02/01/28 | 690,050 | ||||||||
271,000 | United Airlines, Inc.(b) | 4.3750 | 04/15/26 | 256,907 | ||||||||
510,000 | United Airlines, Inc.(b) | 4.6250 | 04/15/29 | 461,814 | ||||||||
3,300,521 | ||||||||||||
WHOLESALE - CONSUMER STAPLES — 1.1% | ||||||||||||
1,258,000 | C&S Group Enterprises, LLC(b) | 5.0000 | 12/15/28 | 976,272 | ||||||||
285,000 | Performance Food Group, Inc.(b) | 5.5000 | 10/15/27 | 276,221 | ||||||||
1,252,493 | ||||||||||||
TOTAL CORPORATE BONDS (Cost $118,961,705) | 111,675,981 | |||||||||||
Shares | Fair Value | |||||||||||
SHORT-TERM INVESTMENTS — 21.9% | ||||||||||||
COLLATERAL FOR SECURITIES LOANED - 17.9% | ||||||||||||
21,180,497 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (e)(f) | 21,180,497 |
DUNHAM HIGH YIELD BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 21.9% (Continued) | ||||||||
MONEY MARKET FUND - 4.0% | ||||||||
4,668,395 | First American Government Obligations Fund, Class Z, 5.01%(e) | $ | 4,668,395 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $25,848,892) | 25,848,892 | |||||||
TOTAL INVESTMENTS - 118.6% (Cost $146,007,530) | $ | 139,912,573 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (18.6)% | (21,922,157 | ) | ||||||
NET ASSETS - 100.0% | $ | 117,990,416 |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
US0003M | ICE LIBOR USD 3 Month |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 94,611,511 or 80.2% of net assets. |
(c) | All or a portion of these securities are on loan. Total loaned securities had a value of $20,750,812 at July 31, 2023. |
(d) | Variable rate security; the rate shown represents the rate on July 31, 2023. |
(e) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(f) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
(g) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.0% of net assets. The total value of this security is $2,387,700. |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 0.1% | ||||||||||||||
RESIDENTIAL MORTGAGE — 0.1% | ||||||||||||||
38,626 EUR | Bankinter FTA Series 10 A2(b) | EUR003M + 0.160% | 3.7110 | 06/21/43 | $ | 42,460 | ||||||||
14,337 EUR | Fondo de Titulizacion de Activos Santander Series 2 A(b) | EUR003M + 0.150% | 3.8100 | 01/18/49 | 15,515 | |||||||||
TOTAL ASSET BACKED SECURITIES (Cost $56,344) | 57,975 | |||||||||||||
CORPORATE BONDS — 63.5% | ||||||||||||||
ASSET MANAGEMENT — 1.2% | ||||||||||||||
200,000 USD | Huarong Finance II Company Ltd. | 4.8750 | 11/22/26 | 179,000 | ||||||||||
300,000 EUR | JAB Holdings BV | 1.0000 | 12/20/27 | 290,923 | ||||||||||
275,000 USD | UBS Group A.G.(a),(b) | H15T1Y + 0.850% | 1.4940 | 08/10/27 | 241,176 | |||||||||
711,099 | ||||||||||||||
AUTOMOTIVE — 3.2% | ||||||||||||||
150,000 EUR | Clarios Global, L.P. / Clarios US Finance Company | 4.3750 | 05/15/26 | 160,626 | ||||||||||
300,000 EUR | Daimler A.G. | 0.7500 | 02/08/30 | 278,178 | ||||||||||
150,000 EUR | Ford Motor Credit Company, LLC | 2.3300 | 11/25/25 | 156,895 | ||||||||||
210,000 EUR | Grupo Antolin-Irausa S.A. | 3.3750 | 04/30/26 | 195,774 | ||||||||||
120,000 EUR | Grupo Antolin-Irausa S.A. | 3.5000 | 04/30/28 | 98,844 | ||||||||||
200,000 USD | Hyundai Capital America(a) | 3.0000 | 02/10/27 | 183,473 | ||||||||||
325,000 USD | Nissan Motor Acceptance Company, LLC(a) | 1.8500 | 09/16/26 | 283,021 | ||||||||||
169,000 USD | Uzauto Motors AJ(a) | 4.8500 | 05/04/26 | 148,010 | ||||||||||
200,000 EUR | Volkswagen International Finance N.V. | 1.8750 | 03/30/27 | 204,055 | ||||||||||
100,000 EUR | ZF Finance GmbH | 3.7500 | 09/21/28 | 102,128 | ||||||||||
1,811,004 | ||||||||||||||
BANKING — 6.9% | ||||||||||||||
250,000 EUR | AIB Group PLC | 2.2500 | 07/03/25 | 266,366 | ||||||||||
300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. | 3.5000 | 02/10/27 | 324,620 | ||||||||||
622,000 USD | Banco Mercantil del Norte S.A.(a),(b) | H15T5Y + 4.967% | 6.7500 | 09/27/68 | 611,767 | |||||||||
167,000 USD | Banco Mercantil del Norte S.A.(a),(b) | H15T5Y + 4.643% | 5.8750 | 11/24/71 | 144,171 | |||||||||
200,000 USD | Banco Santander S.A.(b) | H15T1Y + 2.000% | 4.1750 | 03/24/28 | 188,399 | |||||||||
350,000 USD | Barclays PLC | 4.8360 | 05/09/28 | 325,720 | ||||||||||
175,000 USD | BBVA Bancomer S.A.(a),(b) | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 152,381 | |||||||||
50,000 USD | BPCE S.A.(a),(b) | SOFRRATE + 2.100% | 5.9750 | 01/18/27 | 49,825 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
BANKING — 6.9% (Continued) | ||||||||||||||
225,000 EUR | Cooperatieve Rabobank UA | 1.3750 | 02/03/27 | $ | 230,351 | |||||||||
250,000 USD | Danske Bank A/S(a),(b) | H15T1Y + 1.350% | 1.6210 | 09/11/26 | 226,218 | |||||||||
250,000 USD | Deutsche Bank AG/New York NY(b) | SOFRRATE + 1.870% | 2.1290 | 11/24/26 | 226,592 | |||||||||
100,000 USD | HSBC Holdings PLC(b) | SOFRRATE + 1.290% | 1.5890 | 05/24/27 | 88,965 | |||||||||
240,000 USD | HSBC Holdings PLC(b) | SOFRRATE + 1.187% | 2.8040 | 05/24/32 | 194,909 | |||||||||
250,000 EUR | Natwest Group PLC(b) | EUR003M + 1.080% | 1.7500 | 03/02/26 | 262,817 | |||||||||
300,000 USD | Societe Generale S.A.(a),(b) | H15T1Y + 1.300% | 2.8890 | 06/09/32 | 236,823 | |||||||||
150,000 USD | Standard Chartered PLC(a),(b) | H15T1Y + 2.580% | 6.2960 | 07/06/34 | 152,812 | |||||||||
150,000 USD | Standard Chartered PLC(a),(b) | H15T5Y + 2.300% | 3.2650 | 02/18/36 | 118,961 | |||||||||
3,801,697 | ||||||||||||||
BEVERAGES — 1.6% | ||||||||||||||
250,000 EUR | Anheuser-Busch InBev S.A./NV | 1.1500 | 01/22/27 | 255,017 | ||||||||||
200,000 USD | Bacardi Ltd. / Bacardi-Martini BV(a) | 5.2500 | 01/15/29 | 198,336 | ||||||||||
250,000 EUR | Diageo Capital BV | 1.5000 | 06/08/29 | 248,438 | ||||||||||
110,000 EUR | Primo Water Holdings, Inc. | 3.8750 | 10/31/28 | 106,957 | ||||||||||
808,748 | ||||||||||||||
BIOTECH & PHARMA — 2.3% | ||||||||||||||
300,000 EUR | Bayer A.G. | 1.3750 | 07/06/32 | 264,656 | ||||||||||
200,000 USD | CSL Finance PLC(a) | 4.0500 | 04/27/29 | 190,712 | ||||||||||
250,000 GBP | GlaxoSmithKline Capital PLC | 1.2500 | 10/12/28 | 264,347 | ||||||||||
110,000 EUR | Grifols S.A. | 3.2000 | 05/01/25 | 117,417 | ||||||||||
100,000 EUR | Grifols S.A. | 2.2500 | 11/15/27 | 99,766 | ||||||||||
300,000 EUR | Mylan N.V. | 3.1250 | 11/22/28 | 309,982 | ||||||||||
1,246,880 | ||||||||||||||
CABLE & SATELLITE — 0.5% | ||||||||||||||
300,000 EUR | United Group BV | 3.1250 | 02/15/26 | 290,789 | ||||||||||
CHEMICALS — 2.2% | ||||||||||||||
375,000 USD | Braskem Idesa S.A.PI(a) | 6.9900 | 02/20/32 | 242,013 | ||||||||||
100,000 EUR | INEOS Quattro Finance 1 PLC | 3.7500 | 07/15/26 | 95,179 | ||||||||||
190,000 EUR | INEOS Quattro Finance 1 PLC(a) | 3.7500 | 07/15/26 | 180,839 | ||||||||||
200,000 EUR | Nobian Finance BV(a) | 3.6250 | 07/15/26 | 189,457 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
CHEMICALS — 2.2% (Continued) | ||||||||||||||
135,000 USD | OCP S.A.(a) | 5.1250 | 06/23/51 | $ | 102,548 | |||||||||
166,000 USD | Sasol Financing USA, LLC | 4.3750 | 09/18/26 | 150,222 | ||||||||||
132,000 USD | Sasol Financing USA, LLC(a) | 8.7500 | 05/03/29 | 132,148 | ||||||||||
150,000 EUR | Synthomer PLC | 3.8750 | 07/01/25 | 149,303 | ||||||||||
1,241,709 | ||||||||||||||
CONSTRUCTION MATERIALS — 0.8% | ||||||||||||||
123,000 USD | Cemex S.A.B. de C.V.(a),(b) | H15T5Y + 4.907% | 9.1250 | 03/14/28 | 128,327 | |||||||||
363,000 USD | Cemex S.A.B. de C.V.(a),(b) | H15T5Y + 4.534% | 5.1250 | 09/08/69 | 335,793 | |||||||||
464,120 | ||||||||||||||
CONTAINERS & PACKAGING — 1.3% | ||||||||||||||
200,000 EUR | Ardagh Metal Packaging Finance USA, LLC / Ardagh | 3.0000 | 09/01/29 | 167,793 | ||||||||||
200,000 GBP | Ardagh Packaging Finance plc / Ardagh Holdings | 4.7500 | 07/15/27 | 208,316 | ||||||||||
150,000 EUR | Canpack S.A. / Canpack US, LLC | 2.3750 | 11/01/27 | 141,398 | ||||||||||
200,000 EUR | Trivium Packaging Finance BV | 3.7500 | 08/15/26 | 203,275 | ||||||||||
720,782 | ||||||||||||||
ELEC & GAS MARKETING & TRADING — 0.5% | ||||||||||||||
250,000 EUR | Orsted A/S | 1.5000 | 11/26/29 | 243,177 | ||||||||||
ELECTRIC UTILITIES — 6.9% | ||||||||||||||
200,000 USD | Adani Electricity Mumbai Ltd. | 3.9490 | 02/12/30 | 150,297 | ||||||||||
200,000 USD | Adani Green Energy Ltd. | 4.3750 | 09/08/24 | 186,705 | ||||||||||
160,200 USD | Adani Renewable Energy RJ Ltd./Kodangal Solar(a) | 4.6250 | 10/15/39 | 118,997 | ||||||||||
144,000 USD | Adani Transmission Step-One Ltd.(a) | 4.0000 | 08/03/26 | 127,329 | ||||||||||
23,000 USD | Comision Federal de Electricidad(a) | 4.6880 | 05/15/29 | 20,999 | ||||||||||
250,000 USD | Electricite de France S.A.(a) | 4.5000 | 09/21/28 | 238,810 | ||||||||||
250,000 USD | Enel Finance International N.V.(a) | 5.5000 | 06/15/52 | 227,800 | ||||||||||
285,000 USD | Eskom Holdings SOC Ltd.(a) | 7.1250 | 02/11/25 | 283,729 | ||||||||||
189,000 USD | Eskom Holdings SOC Ltd.(a) | 8.4500 | 08/10/28 | 187,254 | ||||||||||
297,040 USD | Greenko Dutch BV(a) | 3.8500 | 03/29/26 | 271,049 | ||||||||||
200,000 EUR | Iberdrola Finanzas S.A. | 1.0000 | 03/07/25 | 210,836 | ||||||||||
250,000 EUR | innogy Finance BV | 1.0000 | 04/13/25 | 263,396 | ||||||||||
300,000 USD | Minejesa Capital BV(a) | 4.6250 | 08/10/30 | 275,625 | ||||||||||
7,000 USD | Minejesa Capital BV(a) | 5.6250 | 08/10/37 | 5,814 | ||||||||||
400,000 USD | Mong Duong Finance Holdings BV(a) | 5.1250 | 05/07/29 | 361,989 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
ELECTRIC UTILITIES — 6.9% (Continued) | ||||||||||||||
188,000 USD | MSU Energy S.A. / UGEN S.A. / UENSA S.A.(a) | 6.8750 | 02/01/25 | $ | 135,562 | |||||||||
500,000 EUR | National Grid PLC | 0.1630 | 01/20/28 | 466,504 | ||||||||||
300,000 EUR | Naturgy Finance BV | 1.5000 | 01/29/28 | 302,050 | ||||||||||
8,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik | 3.3750 | 02/05/30 | 7,086 | ||||||||||
33,000 USD | Star Energy Geothermal Darajat II / Star Energy(a) | 4.8500 | 10/14/38 | 29,543 | ||||||||||
3,871,374 | ||||||||||||||
ELECTRICAL EQUIPMENT — 1.2% | ||||||||||||||
300,000 GBP | Siemens Financieringsmaatschappij N.V. | 1.0000 | 02/20/25 | 359,915 | ||||||||||
108,900 EUR | TK Elevator Holdco GmbH | 6.6250 | 07/15/28 | 104,987 | ||||||||||
200,000 EUR | Vertical Midco GmbH | 4.3750 | 07/15/27 | 200,940 | ||||||||||
665,842 | ||||||||||||||
ENGINEERING & CONSTRUCTION — 1.3% | ||||||||||||||
397,000 USD | ATP Tower Holdings, LLC / Andean Tower Partners(a) | 4.0500 | 04/27/26 | 350,549 | ||||||||||
363,000 USD | IHS Holding Ltd.(a) | 6.2500 | 11/29/28 | 300,695 | ||||||||||
98,000 USD | IHS Netherlands Holdco BV(a) | 8.0000 | 09/18/27 | 89,692 | ||||||||||
740,936 | ||||||||||||||
ENTERTAINMENT CONTENT — 1.1% | ||||||||||||||
185,000 EUR | Banijay Group S.A.S | 6.5000 | 03/01/26 | 201,395 | ||||||||||
320,000 GBP | Pinewood Finance Company Ltd. | 3.2500 | 09/30/25 | 379,893 | ||||||||||
581,288 | ||||||||||||||
FOOD — 0.1% | ||||||||||||||
96,000 USD | Minerva Luxembourg S.A.(a) | 4.3750 | 03/18/31 | 78,411 | ||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.4% | ||||||||||||||
250,000 EUR | Catalent Pharma Solutions, Inc. | 2.3750 | 03/01/28 | 232,174 | ||||||||||
HOUSEHOLD PRODUCTS — 1.0% | ||||||||||||||
100,000 EUR | Energizer Gamma Acquisition BV(a) | 3.5000 | 06/30/29 | 90,348 | ||||||||||
210,000 EUR | Energizer Gamma Acquisition BV | 3.5000 | 06/30/29 | 189,732 | ||||||||||
300,000 EUR | Unilever Finance Netherlands BV | 1.7500 | 03/25/30 | 298,131 | ||||||||||
578,211 | ||||||||||||||
INDUSTRIAL INTERMEDIATE PROD — 0.6% | ||||||||||||||
376,000 USD | HTA Group Ltd./Mauritius(a) | 7.0000 | 12/18/25 | 359,873 | ||||||||||
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.8% | ||||||||||||||
97,323 EUR | Loxam S.A.S | 6.0000 | 04/15/25 | $ | 106,411 | |||||||||
210,000 EUR | Loxam S.A.S | 3.7500 | 07/15/26 | 219,508 | ||||||||||
87,920 EUR | Techem Verwaltungsgesellschaft 674 mbH | 6.0000 | 07/30/26 | 95,656 | ||||||||||
421,575 | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.5% | ||||||||||||||
150,000 USD | Nomura Holdings, Inc. | 1.6530 | 07/14/26 | 132,872 | ||||||||||
175,000 USD | Nomura Holdings, Inc. | 2.1720 | 07/14/28 | 147,512 | ||||||||||
280,384 | ||||||||||||||
INSURANCE — 0.9% | ||||||||||||||
200,000 EUR | Allianz S.E.(b) | EUR003M + 3.350% | 3.0990 | 07/06/47 | 207,133 | |||||||||
250,000 EUR | NN Group N.V. | 1.6250 | 06/01/27 | 254,615 | ||||||||||
461,748 | ||||||||||||||
INTERNET MEDIA & SERVICES — 0.8% | ||||||||||||||
385,000 USD | Prosus N.V.(a) | 3.0610 | 07/13/31 | 302,255 | ||||||||||
200,000 USD | Prosus N.V. | 3.0610 | 07/13/31 | 157,015 | ||||||||||
459,270 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 1.8% | ||||||||||||||
215,000 EUR | Carnival Corporation | 7.6250 | 03/01/26 | 233,937 | ||||||||||
133,000 USD | Melco Resorts Finance Ltd. | 5.7500 | 07/21/28 | 119,051 | ||||||||||
103,000 USD | Sands China Ltd. | 5.9000 | 08/08/28 | 100,323 | ||||||||||
10,000 USD | Sands China Ltd. | 4.8750 | 06/18/30 | 9,127 | ||||||||||
142,000 USD | Sands China Ltd.(c) | 3.7500 | 08/08/31 | 119,234 | ||||||||||
140,000 GBP | Stonegate Pub Company Financing 2019 PLC(a) | 8.2500 | 07/31/25 | 168,710 | ||||||||||
200,000 USD | Studio City Company Ltd. | 7.0000 | 02/15/27 | 190,293 | ||||||||||
73,000 USD | Studio City Finance Ltd.(a) | 6.0000 | 07/15/25 | 69,143 | ||||||||||
1,009,818 | ||||||||||||||
MACHINERY — 0.4% | ||||||||||||||
180,000 EUR | Renk A.G./Frankfurt am Main | 5.7500 | 07/15/25 | 197,405 | ||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.5% | ||||||||||||||
300,000 EUR | Medtronic Global Holdings SCA | 0.7500 | 10/15/32 | 258,972 | ||||||||||
METALS & MINING — 1.0% | ||||||||||||||
10,000 USD | Corp Nacional del Cobre de Chile | 3.0000 | 09/30/29 | 8,817 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
METALS & MINING — 1.0% (Continued) | ||||||||||||||
7,000 USD | Freeport Indonesia PT(a) | 6.2000 | 04/14/52 | $ | 6,550 | |||||||||
300,000 EUR | Glencore Capital Finance DAC | 1.1250 | 03/10/28 | 287,624 | ||||||||||
132,000 USD | Indika Energy Capital III Pte Ltd.(c) | 5.8750 | 11/09/27 | 129,141 | ||||||||||
20,000 USD | Indika Energy Capital IV Pte Ltd.(a) | 8.2500 | 10/22/25 | 19,961 | ||||||||||
88,000 USD | Indika Energy Capital IV Pte Ltd. | 8.2500 | 10/22/25 | 87,827 | ||||||||||
26,000 USD | Indonesia Asahan Aluminium Persero PT(a) | 5.8000 | 05/15/50 | 23,453 | ||||||||||
563,373 | ||||||||||||||
OIL & GAS PRODUCERS — 11.0% | ||||||||||||||
59,000 USD | Abu Dhabi Crude Oil Pipeline, LLC(a) | 3.6500 | 11/02/29 | 55,840 | ||||||||||
78,000 USD | AI Candelaria Spain S.A.(a) | 5.7500 | 06/15/33 | 59,471 | ||||||||||
652,000 USD | AI Candelaria Spain S.A. | 5.7500 | 06/15/33 | 497,120 | ||||||||||
40,633 USD | AI Candelaria Spain SLU(a) | 7.5000 | 12/15/28 | 37,950 | ||||||||||
350,000 USD | Ecopetrol S.A. | 5.8750 | 05/28/45 | 252,312 | ||||||||||
184,943 EUR | eG Global Finance PLC | 6.2500 | 10/30/25 | 197,272 | ||||||||||
250,000 USD | Enbridge, Inc. | 2.5000 | 02/14/25 | 238,583 | ||||||||||
160,000 USD | Energean Israel Finance Ltd. | 4.8750 | 03/30/26 | 149,740 | ||||||||||
250,000 EUR | Exxon Mobil Corporation | 0.5240 | 06/26/28 | 238,495 | ||||||||||
271,000 USD | Geopark Ltd.(a) | 5.5000 | 01/17/27 | 233,103 | ||||||||||
543,000 USD | Gran Tierra Energy International Holdings Ltd.(a) | 6.2500 | 02/15/25 | 472,672 | ||||||||||
87,000 USD | Gran Tierra Energy, Inc.(a) | 7.7500 | 05/23/27 | 69,357 | ||||||||||
46,000 USD | Gran Tierra Energy, Inc. | 7.7500 | 05/23/27 | 36,672 | ||||||||||
400,000 USD | KazMunayGas National Company JSC | 3.5000 | 04/14/33 | 317,299 | ||||||||||
54,000 USD | KazMunayGas National Company JSC(a) | 5.7500 | 04/19/47 | 45,575 | ||||||||||
2,000 USD | KazMunayGas National Company JSC(a) | 6.3750 | 10/24/48 | 1,777 | ||||||||||
486,000 USD | Kosmos Energy Ltd. | 7.7500 | 05/01/27 | 447,417 | ||||||||||
89,000 USD | Leviathan Bond Ltd. | 6.1250 | 06/30/25 | 87,443 | ||||||||||
56,000 USD | Leviathan Bond Ltd. | 6.5000 | 06/30/27 | 54,320 | ||||||||||
79,233 USD | MC Brazil Downstream Trading S.A.RL(a) | 7.2500 | 06/30/31 | 51,878 | ||||||||||
318,863 USD | MC Brazil Downstream Trading S.A.RL | 7.2500 | 06/30/31 | 207,126 | ||||||||||
76,000 USD | Petroleos del Peru S.A. | 4.7500 | 06/19/32 | 58,153 | ||||||||||
63,000 USD | Petroleos Mexicanos | 6.5000 | 03/13/27 | 56,300 | ||||||||||
270,000 USD | Petroleos Mexicanos | 5.3500 | 02/12/28 | 221,902 | ||||||||||
53,000 USD | Petroleos Mexicanos | 6.8400 | 01/23/30 | 42,773 | ||||||||||
240,000 USD | Petroleos Mexicanos | 6.7000 | 02/16/32 | 184,990 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 11.0% (Continued) | ||||||||||||||
27,000 USD | Petroleos Mexicanos(a) | 10.0000 | 02/07/33 | $ | 25,171 | |||||||||
13,000 USD | Petroleos Mexicanos | 6.6250 | 06/15/38 | 8,852 | ||||||||||
42,000 USD | Petroleos Mexicanos | 6.9500 | 01/28/60 | 26,883 | ||||||||||
753,000 USD | SierraCol Energy Andina, LLC(a) | 6.0000 | 06/15/28 | 594,513 | ||||||||||
673,000 USD | Tullow Oil PLC(a) | 7.0000 | 03/01/25 | 431,609 | ||||||||||
305,000 USD | Tullow Oil PLC(a) | 10.2500 | 05/15/26 | 248,331 | ||||||||||
267,000 USD | YPF S.A.(a) | 8.5000 | 07/28/25 | 249,766 | ||||||||||
5,900,665 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 2.1% | ||||||||||||||
252,014 USD | Guara Norte Sarl(a) | 5.1980 | 06/15/34 | 225,112 | ||||||||||
469,890 USD | MV24 Capital BV(a) | 6.7480 | 06/01/34 | 434,457 | ||||||||||
613,305 USD | Poinsettia Finance Ltd. | 6.6250 | 06/17/31 | 510,254 | ||||||||||
1,169,823 | ||||||||||||||
PUBLISHING & BROADCASTING — 0.5% | ||||||||||||||
250,000 EUR | Informa PLC | 2.1250 | 10/06/25 | 263,784 | ||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 2.1% | ||||||||||||||
236,000 USD | China SCE Group Holdings Ltd. | 7.3750 | 04/09/24 | 48,380 | ||||||||||
700,000 USD | China SCE Group Holdings Ltd. | 7.0000 | 05/02/25 | 84,000 | ||||||||||
200,000 USD | Country Garden Holdings Company Ltd. | 4.8000 | 08/06/30 | 29,475 | ||||||||||
200,000 USD | Longfor Group Holdings Ltd. | 3.9500 | 09/16/29 | 145,022 | ||||||||||
330,000 USD | MAF Global Securities Ltd.(b) | H15T5Y + 3.539% | 6.3750 | 09/20/70 | 322,433 | |||||||||
300,000 USD | Theta Capital Pte Ltd. | 8.1250 | 01/22/25 | 252,060 | ||||||||||
250,000 USD | Theta Capital Pte Ltd. | 6.7500 | 10/31/26 | 179,750 | ||||||||||
1,061,120 | ||||||||||||||
REIT — 0.2% | ||||||||||||||
200,000 USD | LMIRT Capital Pte Ltd. | 7.2500 | 06/19/24 | 131,000 | ||||||||||
RENEWABLE ENERGY — 0.9% | ||||||||||||||
439,000 USD | Aydem Yenilenebilir Enerji A/S(a) | 7.7500 | 02/02/27 | 388,647 | ||||||||||
102,000 USD | Investment Energy Resources Ltd.(a) | 6.2500 | 04/26/29 | 95,702 | ||||||||||
484,349 | ||||||||||||||
RETAIL - CONSUMER STAPLES — 0.4% | ||||||||||||||
100,000 GBP | Bellis Acquisition Company PLC(a) | 3.2500 | 02/16/26 | 110,586 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
RETAIL - CONSUMER STAPLES — 0.4% (Continued) | ||||||||||||||
100,000 GBP | Bellis Finco PLC(a) | 4.0000 | 02/16/27 | $ | 99,654 | |||||||||
210,240 | ||||||||||||||
RETAIL - DISCRETIONARY — 0.3% | ||||||||||||||
120,000 EUR | Avis Budget Finance PLC | 4.7500 | 01/30/26 | 130,378 | ||||||||||
SPECIALTY FINANCE — 0.3% | ||||||||||||||
184,000 USD | Studio City Finance Ltd.(a) | 6.5000 | 01/15/28 | 156,590 | ||||||||||
STEEL — 0.9% | ||||||||||||||
870,000 USD | Metinvest BV(a) | 7.7500 | 10/17/29 | 526,350 | ||||||||||
TECHNOLOGY SERVICES — 0.6% | ||||||||||||||
338,000 USD | Sixsigma Networks Mexico S.A. de CV(a) | 7.5000 | 05/02/25 | 308,476 | ||||||||||
TELECOMMUNICATIONS — 3.3% | ||||||||||||||
100,000 EUR | Altice France Holding S.A.(a) | 8.0000 | 05/15/27 | 43,435 | ||||||||||
100,000 EUR | Altice France S.A.(a) | 2.1250 | 02/15/25 | 97,046 | ||||||||||
100,000 EUR | Altice France S.A. | 2.1250 | 02/15/25 | 97,046 | ||||||||||
192,000 USD | Digicel International Finance Ltd./Digicel(a) | 8.7500 | 05/25/24 | 174,536 | ||||||||||
16,200 USD | Millicom International Cellular S.A.(a) | 5.1250 | 01/15/28 | 14,536 | ||||||||||
270,000 USD | Network i2i Ltd.(b) | H15T5Y + 4.274% | 5.6500 | 04/15/71 | 265,680 | |||||||||
300,000 EUR | Orange S.A. | 2.0000 | 01/15/29 | 307,486 | ||||||||||
210,000 EUR | SoftBank Group Corporation | 2.8750 | 01/06/27 | 210,885 | ||||||||||
200,000 EUR | Telefonica Emisiones S.A. | 2.5920 | 05/25/31 | 205,558 | ||||||||||
250,000 USD | VF Ukraine PAT via VFU Funding plc(a) | 6.2000 | 02/11/25 | 187,500 | ||||||||||
220,000 GBP | Vmed O2 UK Financing I PLC | 4.0000 | 01/31/29 | 231,102 | ||||||||||
1,834,810 | ||||||||||||||
TOBACCO & CANNABIS — 0.2% | ||||||||||||||
130,000 USD | BAT Capital Corporation | 6.3430 | 08/02/30 | 130,673 | ||||||||||
TRANSPORTATION & LOGISTICS — 0.9% | ||||||||||||||
200,000 EUR | Abertis Infraestructuras S.A. | 2.3750 | 09/27/27 | 207,347 | ||||||||||
6,000 USD | DP World PLC(a) | 4.7000 | 09/30/49 | 5,138 | ||||||||||
208,000 USD | Grupo Aeromexico S.A.B. de C.V.(a) | 8.5000 | 03/17/27 | 188,593 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.5% (Continued) | ||||||||||||||
TRANSPORTATION & LOGISTICS — 0.9% (Continued) | ||||||||||||||
100,000 GBP | Heathrow Funding Ltd. | 7.1250 | 02/14/24 | $ | 128,625 | |||||||||
529,703 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $38,729,628) | 34,938,620 | |||||||||||||
NON U.S. GOVERNMENT & AGENCIES — 25.9% | ||||||||||||||
GOVERNMENT GUARANTEED — 0.1% | ||||||||||||||
28,000 USD | Brazil Minas SPE via State of Minas Gerais(a) | 5.3330 | 02/15/28 | 27,540 | ||||||||||
LOCAL AUTHORITY — 0.6% | ||||||||||||||
150,000 CAD | Province of British Columbia Canada | 3.2000 | 06/18/44 | 95,964 | ||||||||||
250,000 CAD | Province of Ontario Canada | 2.8000 | 06/02/48 | 146,481 | ||||||||||
296,000 USD | Provincia de Buenos Aires/Government Bonds(d) | 5.2500 | 09/01/37 | 115,810 | ||||||||||
358,255 | ||||||||||||||
NON U.S. TREASURY — 7.7% | ||||||||||||||
860,000 AUD | Australia Government Bond | 1.2500 | 05/21/32 | 459,489 | ||||||||||
370,000 BRL | Brazil Notas do Tesouro Nacional Serie F | 0.0000 | 01/01/31 | 76,263 | ||||||||||
550,000 CAD | Canadian Government Bond | 2.2500 | 06/01/29 | 387,112 | ||||||||||
115,200,000 COP | Colombian TES | 7.5000 | 08/26/26 | 27,611 | ||||||||||
382,300,000 COP | Colombian TES | 6.0000 | 04/28/28 | 83,555 | ||||||||||
2,150,000 CZK | Czech Republic Government Bond | 2.4000 | 09/17/25 | 93,771 | ||||||||||
1,480,000,000 IDR | Indonesia Treasury Bond | 8.7500 | 05/15/31 | 112,974 | ||||||||||
612,000,000 IDR | Indonesia Treasury Bond | 8.2500 | 05/15/36 | 46,764 | ||||||||||
76,000 EUR | Ireland Government Bond | 5.4000 | 03/13/25 | 86,525 | ||||||||||
50,000 EUR | Ireland Government Bond | 0.9000 | 05/15/28 | 50,385 | ||||||||||
130,000 EUR | Ireland Government Bond | 1.3000 | 05/15/33 | 123,480 | ||||||||||
240,000 EUR | Italy Buoni Poliennali Del Tesoro | 4.5000 | 03/01/24 | 265,044 | ||||||||||
750,000 EUR | Italy Buoni Poliennali Del Tesoro | 2.8000 | 12/01/28 | 793,307 | ||||||||||
640,000 EUR | Italy Buoni Poliennali Del Tesoro(a) | 2.4500 | 09/01/33 | 613,742 | ||||||||||
180,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 08/01/39 | 213,255 | ||||||||||
235,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 09/01/40 | 279,128 | ||||||||||
1,280,000 MXN | Mexican Bonos | 7.7500 | 05/29/31 | 71,812 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued) | ||||||||||||
NON U.S. TREASURY — 7.7% (Continued) | ||||||||||||
1,700,000 MXN | Mexican Bonos | 7.7500 | 11/13/42 | $ | 90,683 | |||||||
170,000 EUR | Spain Government Bond | 4.2000 | 01/31/37 | 197,244 | ||||||||
250,000 EUR | Spain Government Bond | 2.7000 | 10/31/48 | 222,382 | ||||||||
360,000 THB | Thailand Government Bond | 2.8750 | 12/17/28 | 10,767 | ||||||||
1,720,000 THB | Thailand Government Bond | 1.5850 | 12/17/35 | 44,454 | ||||||||
4,349,747 | ||||||||||||
SOVEREIGN — 17.1% | ||||||||||||
72,000 USD | Angolan Government International Bond(a) | 8.2500 | 05/09/28 | 66,501 | ||||||||
102,000 USD | Angolan Government International Bond(a) | 8.7500 | 04/14/32 | 89,820 | ||||||||
51,000 USD | Angolan Government International Bond(a) | 9.1250 | 11/26/49 | 41,404 | ||||||||
478,000 USD | Argentine Republic Government International Bond(d) | 0.7500 | 07/09/30 | 165,941 | ||||||||
95,000 USD | Argentine Republic Government International Bond(d) | 3.6250 | 07/09/35 | 29,874 | ||||||||
200,000 USD | Bahrain Government International Bond | 6.7500 | 09/20/29 | 201,792 | ||||||||
112,000 USD | Bahrain Government International Bond(a) | 5.6250 | 09/30/31 | 105,439 | ||||||||
60,000 USD | Bahrain Government International Bond(a) | 5.2500 | 01/25/33 | 53,955 | ||||||||
277,000 USD | Bahrain Government International Bond(a) | 5.6250 | 05/18/34 | 249,556 | ||||||||
100,000 EUR | Banque Centrale de Tunisie International Bond | 5.6250 | 02/17/24 | 94,518 | ||||||||
100,000 EUR | Banque Centrale de Tunisie International Bond(a) | 6.3750 | 07/15/26 | 68,259 | ||||||||
3,000 USD | Bermuda Government International Bond(a) | 4.7500 | 02/15/29 | 2,943 | ||||||||
550,000 BRL | Brazilian Government International Bond | 10.2500 | 01/10/28 | 114,511 | ||||||||
82,000 USD | Brazilian Government International Bond | 4.5000 | 05/30/29 | 78,187 | ||||||||
110,000 USD | Brazilian Government International Bond | 6.0000 | 10/20/33 | 109,243 | ||||||||
301,000 USD | Brazilian Government International Bond | 4.7500 | 01/14/50 | 231,533 | ||||||||
5,000 USD | Chile Government International Bond | 2.7500 | 01/31/27 | 4,652 | ||||||||
8,000 USD | Chile Government International Bond | 2.4500 | 01/31/31 | 6,861 | ||||||||
4,000 USD | Chile Government International Bond | 3.1000 | 05/07/41 | 3,002 | ||||||||
3,000 USD | Chile Government International Bond | 4.3400 | 03/07/42 | 2,659 | ||||||||
5,000 USD | Chile Government International Bond | 3.8600 | 06/21/47 | 4,093 | ||||||||
100,000 EUR | Colombia Government International Bond | 3.8750 | 03/22/26 | 105,899 | ||||||||
139,000 USD | Colombia Government International Bond | 4.5000 | 03/15/29 | 124,489 | ||||||||
66,000 USD | Colombia Government International Bond | 3.0000 | 01/30/30 | 53,100 | ||||||||
32,000 USD | Colombia Government International Bond | 6.1250 | 01/18/41 | 27,342 | ||||||||
173,000 USD | Colombia Government International Bond | 4.1250 | 02/22/42 | 116,617 | ||||||||
66,000 USD | Colombia Government International Bond(c) | 5.6250 | 02/26/44 | 51,717 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued) | ||||||||||||
SOVEREIGN — 17.1% (Continued) | ||||||||||||
238,000 USD | Colombia Government International Bond | 5.0000 | 06/15/45 | $ | 172,151 | |||||||
33,000 USD | Colombia Government International Bond | 5.2000 | 05/15/49 | 24,084 | ||||||||
37,000 USD | Colombia Government International Bond | 4.1250 | 05/15/51 | 23,404 | ||||||||
126,000 USD | Costa Rica Government International Bond(a) | 6.5500 | 04/03/34 | 127,890 | ||||||||
46,000 USD | Dominican Republic International Bond | 5.5000 | 02/22/29 | 43,794 | ||||||||
65,000 USD | Dominican Republic International Bond | 4.8750 | 09/23/32 | 56,534 | ||||||||
236,000 USD | Dominican Republic International Bond(a) | 4.8750 | 09/23/32 | 205,262 | ||||||||
133,000 USD | Dominican Republic International Bond(a) | 6.0000 | 02/22/33 | 125,385 | ||||||||
82,000 USD | Dominican Republic International Bond(a) | 7.4500 | 04/30/44 | 82,288 | ||||||||
142,000 USD | Dominican Republic International Bond | 5.8750 | 01/30/60 | 112,889 | ||||||||
45,000 USD | Dominican Republic International Bond(a) | 5.8750 | 01/30/60 | 35,775 | ||||||||
170,000 USD | Ecuador Government International Bond(a),(d) | 6.0000 | 07/31/30 | 81,444 | ||||||||
560,000 USD | Ecuador Government International Bond(d) | 6.0000 | 07/31/30 | 268,287 | ||||||||
34,500 USD | Ecuador Government International Bond(d) | 3.5000 | 07/31/35 | 12,032 | ||||||||
5,000 USD | Egypt Government International Bond(a) | 5.8750 | 06/11/25 | 4,372 | ||||||||
178,000 EUR | Egypt Government International Bond(a) | 4.7500 | 04/16/26 | 149,261 | ||||||||
187,000 USD | Egypt Government International Bond(a) | 5.8000 | 09/30/27 | 137,354 | ||||||||
200,000 EUR | Egypt Government International Bond(a) | 6.3750 | 04/11/31 | 132,679 | ||||||||
173,000 USD | Egypt Government International Bond(a) | 7.0530 | 01/15/32 | 110,582 | ||||||||
186,000 USD | El Salvador Government International Bond | 6.3750 | 01/18/27 | 138,912 | ||||||||
51,000 USD | El Salvador Government International Bond | 9.5000 | 07/15/52 | 35,576 | ||||||||
193,000 USD | Ethiopia International Bond(a) | 6.6250 | 12/11/24 | 133,664 | ||||||||
30,000 USD | Export-Import Bank of India | 5.5000 | 01/18/33 | 29,880 | ||||||||
24,667 USD | Gabon Government International Bond(a) | 6.3750 | 12/12/24 | 24,098 | ||||||||
11,000 USD | Ghana Government International Bond(a) | 6.3750 | 02/11/27 | 5,055 | ||||||||
225,000 USD | Ghana Government International Bond(a) | 10.7500 | 10/14/30 | 160,813 | ||||||||
92,000 USD | Ghana Government International Bond(a) | 8.6250 | 04/07/34 | 42,320 | ||||||||
18,000 USD | Ghana Government International Bond(a) | 8.9500 | 03/26/51 | 8,106 | ||||||||
333,000 USD | Guatemala Government Bond(c) | 6.1250 | 06/01/50 | 309,799 | ||||||||
6,000 USD | Hungary Government International Bond(a) | 6.1250 | 05/22/28 | 6,117 | ||||||||
30,000 USD | Hungary Government International Bond(a) | 6.2500 | 09/22/32 | 30,878 | ||||||||
14,000 USD | Indonesia Government International Bond | 4.5500 | 01/11/28 | 13,845 | ||||||||
9,000 USD | Indonesia Government International Bond | 4.8500 | 01/11/33 | 9,002 | ||||||||
6,000 USD | Indonesia Government International Bond | 4.2000 | 10/15/50 | 5,204 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued) | ||||||||||||
SOVEREIGN — 17.1% (Continued) | ||||||||||||
140,625 USD | Iraq International Bond | 5.8000 | 01/15/28 | $ | 130,958 | |||||||
223,000 EUR | Ivory Coast Government International Bond(a) | 5.8750 | 10/17/31 | 213,211 | ||||||||
100,000 EUR | Ivory Coast Government International Bond | 4.8750 | 01/30/32 | 89,501 | ||||||||
99,000 USD | Jordan Government International Bond(a) | 7.5000 | 01/13/29 | 100,983 | ||||||||
2,000 USD | Kazakhstan Government International Bond(a) | 4.8750 | 10/14/44 | 1,829 | ||||||||
20,000 USD | Kazakhstan Government International Bond(a) | 6.5000 | 07/21/45 | 21,472 | ||||||||
166,000 USD | Kenya Government International Bond(a) | 8.0000 | 05/22/32 | 143,774 | ||||||||
509,000 USD | Lebanon Government International Bond(e)(i) | 6.1000 | 10/04/22 | 38,144 | ||||||||
66,000 USD | Lebanon Government International Bond(e)(i) | 6.3750 | 03/09/23 | 4,946 | ||||||||
395,000 USD | Lebanon Government International Bond(e)(i) | 8.2500 | 04/12/23 | 29,331 | ||||||||
72,000 USD | Lebanon Government International Bond(e)(i) | 6.4000 | 05/26/23 | 5,406 | ||||||||
156,000 USD | Lebanon Government International Bond(e)(i) | 6.1500 | 06/19/23 | 11,700 | ||||||||
175,000 USD | Lebanon Government International Bond(e)(i) | 6.6500 | 02/26/30 | 13,104 | ||||||||
11,000 USD | Magyar Export-Import Bank Zrt(a) | 6.1250 | 12/04/27 | 11,023 | ||||||||
11,000 USD | Mexico Government International Bond | 4.7500 | 04/27/32 | 10,531 | ||||||||
32,000 USD | Mexico Government International Bond | 4.8750 | 05/19/33 | 30,709 | ||||||||
1,000 USD | Mexico Government International Bond | 6.3380 | 05/04/53 | 1,022 | ||||||||
19,000 USD | Mexico Government International Bond | 3.7710 | 05/24/61 | 12,995 | ||||||||
25,000 USD | Mongolia Government International Bond(a) | 8.6500 | 01/19/28 | 25,690 | ||||||||
200,000 USD | Mozambique International Bond(a),(d) | 5.0000 | 09/15/31 | 158,320 | ||||||||
135,000 USD | Nigeria Government International Bond(a) | 6.1250 | 09/28/28 | 117,055 | ||||||||
23,000 USD | Nigeria Government International Bond(a) | 8.3750 | 03/24/29 | 21,648 | ||||||||
124,000 USD | Nigeria Government International Bond(a) | 7.8750 | 02/16/32 | 108,655 | ||||||||
120,000 USD | Nigeria Government International Bond(a) | 7.3750 | 09/28/33 | 99,645 | ||||||||
200,000 USD | Nigeria Government International Bond | 7.6250 | 11/28/47 | 150,214 | ||||||||
8,000 USD | Oman Government International Bond(a) | 6.0000 | 08/01/29 | 8,098 | ||||||||
277,000 USD | Pakistan Government International Bond(a) | 6.0000 | 04/08/26 | 151,310 | ||||||||
25,000 USD | Panama Government International Bond | 2.2520 | 09/29/32 | 19,296 | ||||||||
16,000 USD | Panama Government International Bond | 4.5000 | 04/01/56 | 12,068 | ||||||||
48,000 USD | Papua New Guinea Government International Bond(a) | 8.3750 | 10/04/28 | 44,844 | ||||||||
54,000 USD | Paraguay Government International Bond(a) | 5.8500 | 08/21/33 | 54,230 | ||||||||
2,000 USD | Peruvian Government International Bond | 2.3920 | 01/23/26 | 1,864 | ||||||||
27,000 USD | Peruvian Government International Bond | 2.7830 | 01/23/31 | 22,959 | ||||||||
1,000 USD | Peruvian Government International Bond | 3.0000 | 01/15/34 | 822 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued) | ||||||||||||
SOVEREIGN — 17.1% (Continued) | ||||||||||||
28,000 USD | Philippine Government International Bond | 2.4570 | 05/05/30 | $ | 24,140 | |||||||
3,000 USD | Philippine Government International Bond | 5.0000 | 07/17/33 | 3,042 | ||||||||
4,000 USD | Philippine Government International Bond | 2.9500 | 05/05/45 | 2,870 | ||||||||
1,000 USD | Philippine Government International Bond | 4.2000 | 03/29/47 | 870 | ||||||||
16,000 USD | Qatar Government International Bond(a) | 3.7500 | 04/16/30 | 15,381 | ||||||||
10,000 USD | Qatar Government International Bond(a) | 4.4000 | 04/16/50 | 9,066 | ||||||||
165,714 USD | Republic of Angola Via Avenir Issuer II Ireland | 6.9270 | 02/19/27 | 155,771 | ||||||||
132,000 USD | Republic of Kenya Government International Bond(a) | 6.8750 | 06/24/24 | 126,361 | ||||||||
6,000 USD | Republic of Poland Government International Bond | 5.7500 | 11/16/32 | 6,346 | ||||||||
9,000 USD | Republic of Poland Government International Bond | 4.8750 | 10/04/33 | 8,909 | ||||||||
3,642,000 ZAR | Republic of South Africa Government Bond | 8.5000 | 01/31/37 | 158,152 | ||||||||
46,000 USD | Republic of South Africa Government International | 4.3000 | 10/12/28 | 41,706 | ||||||||
99,000 USD | Republic of South Africa Government International | 5.8750 | 04/20/32 | 91,024 | ||||||||
72,000 USD | Republic of South Africa Government International | 6.3000 | 06/22/48 | 58,334 | ||||||||
21,000 USD | Republic of South Africa Government International | 5.7500 | 09/30/49 | 15,785 | ||||||||
64,000 USD | Republic of South Africa Government International | 7.3000 | 04/20/52 | 57,112 | ||||||||
8,000 EUR | Romanian Government International Bond | 2.3750 | 04/19/27 | 8,129 | ||||||||
1,000 USD | Romanian Government International Bond(a) | 6.6250 | 02/17/28 | 1,039 | ||||||||
48,000 USD | Romanian Government International Bond(a) | 7.1250 | 01/17/33 | 51,713 | ||||||||
2,000 EUR | Romanian Government International Bond | 4.1250 | 03/11/39 | 1,774 | ||||||||
13,000 USD | Saudi Government International Bond(a) | 5.5000 | 10/25/32 | 13,676 | ||||||||
35,000 USD | Saudi Government International Bond(a) | 2.2500 | 02/02/33 | 28,204 | ||||||||
9,000 USD | Saudi Government International Bond(a) | 4.8750 | 07/18/33 | 9,015 | ||||||||
2,000 USD | Saudi Government International Bond(a) | 4.6250 | 10/04/47 | 1,758 | ||||||||
100,000 EUR | Senegal Government International Bond(a) | 5.3750 | 06/08/37 | 78,170 | ||||||||
200,000 USD | Sri Lanka Government International Bond(a) | 7.8500 | 03/14/29 | 90,707 | ||||||||
332,000 USD | Turkey Government International Bond | 9.8750 | 01/15/28 | 353,854 | ||||||||
57,000 USD | Turkey Government International Bond | 9.3750 | 03/14/29 | 59,850 | ||||||||
43,000 USD | Turkey Government International Bond | 9.3750 | 03/14/29 | 45,150 | ||||||||
107,000 USD | Turkey Government International Bond | 9.1250 | 07/13/30 | 111,591 | ||||||||
536,000 USD | Turkey Government International Bond | 5.7500 | 05/11/47 | 395,528 | ||||||||
56,000 USD | Ukraine Government International Bond(a)(i) | 7.7500 | 09/01/25 | 17,745 | ||||||||
369,000 USD | Ukraine Government International Bond(a)(i) | 7.7500 | 09/01/26 | 117,290 | ||||||||
136,000 USD | Ukraine Government International Bond(i) | 0.0000 | 09/01/27 | 43,095 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
NON U.S. GOVERNMENT & AGENCIES — 25.9% (Continued) | ||||||||||||
SOVEREIGN — 17.1% (Continued) | ||||||||||||
139,000 USD | Ukraine Government International Bond(a)(i) | 7.3750 | 09/25/32 | $ | 41,881 | |||||||
2,000 USD | Uruguay Government International Bond | 4.3750 | 01/23/31 | 1,959 | ||||||||
1,900,000 UYU | Uruguay Government International Bond | 8.2500 | 05/21/31 | 47,996 | ||||||||
1,000 USD | Uruguay Government International Bond | 5.1000 | 06/18/50 | 995 | ||||||||
79,000 USD | Zambia Government International Bond(a)(i) | 5.3750 | 09/20/23 | 42,027 | ||||||||
87,000 USD | Zambia Government International Bond(a) | 8.9700 | 07/30/27 | 50,469 | ||||||||
9,318,484 | ||||||||||||
SUPRANATIONAL — 0.4% | ||||||||||||
4,500,000 INR | European Bank for Reconstruction & Development | 6.3000 | 10/26/27 | 53,185 | ||||||||
200,000 EUR | European Investment Bank | 1.1250 | 09/15/36 | 170,895 | ||||||||
224,080 | ||||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $15,466,949) | 14,278,106 | |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS — 8.2% | ||||||||||||
COLLATERAL FOR SECURITIES LOANED - 0.9% | ||||||||||||
488,025 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $488,025)(f)(h) | 488,025 | ||||||||||
MONEY MARKET FUNDS - 7.3% | ||||||||||||
4,043,453 | Fidelity Government Portfolio, CLASS I, 5.03% (Cost $4,043,453)(f) | 4,043,453 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,531,478) | 4,531,478 | |||||||||||
TOTAL INVESTMENTS - 97.7% (Cost $58,784,399) | $ | 53,806,179 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3% | 1,251,498 | |||||||||||
NET ASSETS - 100.0% | $ | 55,057,677 |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(g) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
44 | Eurex 10 Year Euro BUND Future | 09/07/2023 | $ | 6,435,012 | $ | (52,306 | ) | |||||||
6 | Eurex 30 Year Euro BUXL Future | 09/07/2023 | 887,926 | (24,301 | ) | |||||||||
25 | Long Gilt Future | 09/27/2023 | 3,084,451 | 7,852 | ||||||||||
7 | TSE Japanese 10 Year Bond Futures | 09/12/2023 | 7,222,937 | (63,131 | ) | |||||||||
4 | Ultra U.S. Treasury Bond Futures | 09/20/2023 | 528,875 | (6,375 | ) | |||||||||
TOTAL FUTURES CONTRACTS | $ | (138,261 | ) |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(g) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
39 | CBOT 10 Year US Treasury Note | 09/20/2023 | $ | 4,344,844 | $ | 62,208 | ||||||||
16 | CBOT 5 Year US Treasury Note | 09/29/2023 | 1,709,125 | 39,875 | ||||||||||
4 | CBOT US Treasure Bond Futures | 09/20/2023 | 497,750 | 12,125 | ||||||||||
13 | Euro-BTP Italian Bond Futures | 09/07/2023 | 1,658,236 | (5,467 | ) | |||||||||
TOTAL FUTURES CONTRACTS | $ | 108,741 |
CREDIT DEFAULT SWAP AGREEMENTS | ||||||||||||||||||||||||||
Description and Payment Frequency | Payment Frequency | Counterparty | Fixed Deal (Pay)Rate | Implied Credit Spread | Maturity Date | Notional Value | Fair Value | Amortized Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
CDX.EM SERIES 39 | To Buy Monthly | Citibank | 1.00% | 191 | 6/20/2028 | $ | 2,775,000.00 | 101,950 | 163,527 | (61,577 | ) | |||||||||||||||
ITRAXX EUROPE CROSSOVER SERIES 39 | To Sell Monthly | Citibank | 5.00% | 379 | 6/20/2028 | 2,575,000.00 | (150,170 | ) | (75,327 | ) | (74,843 | ) | ||||||||||||||
TOTAL | $ | (48,220 | ) | $ | 88,200 | $ | (136,420 | ) |
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/ (Depreciation) | |||||||||||
To Buy: | ||||||||||||||||
Euro | 08/04/2023 | JP Morgan Chase | 73,203 | $ | 80,505 | $ | 505 | |||||||||
Thailand Baht | 08/11/2023 | JP Morgan Chase | 1,875,000 | 54,841 | 1,331 | |||||||||||
Swiss Franc | 08/14/2023 | Capstone Global Markets | 230,000 | 264,100 | 343 | |||||||||||
Mexican Peso | 08/24/2023 | Capstone Global Markets | 4,340,000 | 258,049 | 3,958 | |||||||||||
Mexican Peso | 08/28/2023 | JP Morgan Chase | 2,110,000 | 125,356 | 822 | |||||||||||
Australian Dollar | 08/31/2023 | Capstone Global Markets | 400,000 | 268,959 | (2,394 | ) | ||||||||||
Japanese Yen | 08/31/2023 | Capstone Global Markets | 31,770,000 | 224,445 | (568 | ) | ||||||||||
Brazilian Real | 09/05/2023 | JP Morgan Chase | 257,000 | 53,999 | 966 | |||||||||||
Euro | 10/20/2023 | JP Morgan Chase | 253 | 280 | (1 | ) | ||||||||||
$ | 1,330,534 | $ | 4,962 | |||||||||||||
To Sell: | ||||||||||||||||
Euro | 08/02/2023 | JP Morgan Chase | 253 | $ | 279 | $ | 1 | |||||||||
Euro | 08/04/2023 | JP Morgan Chase | 5,726,821 | 6,298,045 | (42,046 | ) | ||||||||||
Swiss Franc | 08/14/2023 | Capstone Global Markets | 460,000 | 528,200 | 4,675 | |||||||||||
Singapore Dollar | 08/18/2023 | Capstone Global Markets | 360,000 | 270,971 | 1,882 | |||||||||||
Mexican Peso | 08/24/2023 | JP Morgan Chase | 4,340,000 | 258,049 | (839 | ) | ||||||||||
Mexican Peso | 08/28/2023 | Capstone Global Markets | 2,110,000 | 125,356 | (158 | ) | ||||||||||
Singapore Dollar | 08/28/2023 | Capstone Global Markets | 370,000 | 278,645 | 820 | |||||||||||
Brazilian Real | 09/05/2023 | JP Morgan Chase | 362,000 | 76,062 | (1,098 | ) | ||||||||||
Australian Dollar | 10/20/2023 | JP Morgan Chase | 693,900 | 467,319 | 7,160 |
DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Unrealized Appreciation/ (Depreciation) | |||||||||||
To Sell: (continued) | ||||||||||||||||
British Pound | 10/20/2023 | Capstone Global Markets | 1,051,500 | $ | 1,349,838 | $ | 24,143 | |||||||||
Canadian Dollar | 10/20/2023 | JP Morgan Chase | 863,100 | 655,268 | 504 | |||||||||||
Euro | 10/20/2023 | JP Morgan Chase | 10,456,600 | 11,543,760 | 260,961 | |||||||||||
Japanese Yen | 10/20/2023 | Capstone Global Markets | 50,762,000 | 361,334 | 9,984 | |||||||||||
$ | 22,213,126 | $ | 265,989 | |||||||||||||
Total | $ | 270,951 |
Local Currency | ||||||||||||||||||||||||||
Settlement | Local Currency Amount | Amount Purchased | U.S. Dollar Market | U.S. Dollar Market | Unrealized Appreciation/ | |||||||||||||||||||||
Foreign Currency | Date | Counterparty | Purchased Buy | Sell | Value Buy | Value Sell | (Depreciation) | |||||||||||||||||||
To Buy: | To Sell: | |||||||||||||||||||||||||
Euro | British Pound | 8/7/2023 | JP Morgan Chase | 220,000 | 189,206 | 241,983 | (242,844 | ) | $ | (861 | ) | |||||||||||||||
Euro | British Pound | 8/24/2023 | JP Morgan Chase | 220,000 | 189,219 | 242,207 | (242,882 | ) | (675 | ) | ||||||||||||||||
Japanese Yen | Euro | 8/28/2023 | Capstone Global Markets | 59,002,124 | 380,000 | 416,613 | (418,448 | ) | (1,835 | ) | ||||||||||||||||
Japanese Yen | Euro | 8/28/2023 | JP Morgan Chase | 58,890,751 | 380,000 | 415,827 | (418,448 | ) | (2,621 | ) | ||||||||||||||||
Euro | British Pound | 10/20/2023 | Capstone Global Markets | 10,908 | 9,500 | 12,042 | (12,195 | ) | (153 | ) | ||||||||||||||||
Euro | British Pound | 10/20/2023 | JP Morgan Chase | 1,106,752 | 955,300 | 1,221,819 | (1,226,344 | ) | (4,525 | ) | ||||||||||||||||
119,450,535 | 2,103,225 | $ | 2,550,491 | $ | 2,561,161 | $ | (10,670 | ) | ||||||||||||||||||
Total | $ | (10,670 | ) |
A/S | - Anonim Sirketi |
LLC | - Limited Liability Company |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Societe Anonyme |
SA de CV | - Sociedad Anonima de Capital Variable |
EUR003M | Euribor 3 Month |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
COP | Columbian Peso |
CZK | Czech Koruna |
EUR | Euro |
GBP | British Pound |
IDR | Indonesia Rupiah |
INR | Indian Rupee |
MXN | Mexican Peso |
THB | Thailand Baht |
USD | US Dollars |
UYU | Uruguayan Peso |
ZAR | South African Rand |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 18,925,113 or 34.4% of net assets. |
(b) | Variable rate security; the rate shown represents the rate on July 31, 2023. |
(c) | All or a portion of these securities are on loan. Total loaned securities had a value of $476,349 at July 31, 2023. |
(d) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2023. |
(e) | Represents issuer in default on interest payments; non-income producing security. |
(f) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(g) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
(h) | The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
(i) | Non-income producing security. |
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
AEROSPACE & DEFENSE - 2.9% | ||||||||
10,055 | L3Harris Technologies, Inc. | $ | 1,905,322 | |||||
29,252 | Raytheon Technologies Corporation | 2,572,128 | ||||||
4,477,450 | ||||||||
ASSET MANAGEMENT - 1.8% | ||||||||
3,721 | BlackRock, Inc. | 2,749,261 | ||||||
AUTOMOTIVE - 0.9% | ||||||||
34,752 | General Motors Company | 1,333,434 | ||||||
BANKING - 6.5% | ||||||||
88,894 | Bank of America Corporation | 2,844,608 | ||||||
28,712 | JPMorgan Chase & Company | 4,535,348 | ||||||
18,362 | Truist Financial Corporation | 609,986 | ||||||
49,881 | Wells Fargo & Company | 2,302,507 | ||||||
10,292,449 | ||||||||
BIOTECH & PHARMA - 6.0% | ||||||||
10,626 | AbbVie, Inc. | 1,589,437 | ||||||
37,454 | Bristol-Myers Squibb Company | 2,329,264 | ||||||
12,843 | Johnson & Johnson | 2,151,588 | ||||||
30,918 | Merck & Company, Inc. | 3,297,405 | ||||||
9,367,694 | ||||||||
CHEMICALS - 3.3% | ||||||||
7,072 | Air Products and Chemicals, Inc. | 2,159,293 | ||||||
31,958 | Corteva, Inc. | 1,803,390 | ||||||
39,328 | Huntsman Corporation | 1,170,795 | ||||||
5,133,478 | ||||||||
CONSTRUCTION MATERIALS - 2.3% | ||||||||
5,223 | Martin Marietta Materials, Inc. | 2,331,861 | ||||||
9,405 | Owens Corning | 1,316,606 | ||||||
3,648,467 | ||||||||
CONSUMER SERVICES - 1.2% | ||||||||
27,605 | Service Corp International(a) | 1,839,873 |
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
DIVERSIFIED INDUSTRIALS - 1.7% | ||||||||
13,614 | Honeywell International, Inc. | $ | 2,642,886 | |||||
ELECTRIC UTILITIES - 4.2% | ||||||||
20,832 | Duke Energy Corporation | 1,950,292 | ||||||
47,407 | NextEra Energy, Inc. | 3,474,933 | ||||||
18,944 | Xcel Energy, Inc. | 1,188,357 | ||||||
6,613,582 | ||||||||
ELECTRICAL EQUIPMENT - 1.4% | ||||||||
31,556 | Johnson Controls International PLC | 2,194,720 | ||||||
ENGINEERING & CONSTRUCTION - 1.7% | ||||||||
12,985 | Quanta Services, Inc. | 2,618,036 | ||||||
ENTERTAINMENT CONTENT - 2.5% | ||||||||
42,521 | Fox Corporation, Class A | 1,422,327 | ||||||
28,388 | Walt Disney Company (The)(b) | 2,523,409 | ||||||
3,945,736 | ||||||||
FOOD - 2.8% | ||||||||
41,395 | Mondelez International, Inc., Class A | 3,068,610 | ||||||
20,757 | Tyson Foods, Inc., Class A | 1,156,580 | ||||||
4,225,190 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 4.3% | ||||||||
12,568 | AmerisourceBergen Corporation | 2,348,959 | ||||||
27,998 | CVS Health Corporation | 2,091,171 | ||||||
4,448 | UnitedHealth Group, Inc. | 2,252,334 | ||||||
6,692,464 | ||||||||
HOUSEHOLD PRODUCTS - 1.9% | ||||||||
19,255 | Procter & Gamble Company (The) | 3,009,557 | ||||||
INDUSTRIAL REIT - 1.0% | ||||||||
12,328 | Prologis, Inc. | 1,537,918 |
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
INFRASTRUCTURE REIT - 1.1% | ||||||||
9,246 | American Tower Corporation, A | $ | 1,759,606 | |||||
INSTITUTIONAL FINANCIAL SERVICES - 2.2% | ||||||||
26,740 | Bank of New York Mellon Corporation (The) | 1,212,926 | ||||||
19,815 | Intercontinental Exchange, Inc. | 2,274,762 | ||||||
3,487,688 | ||||||||
INSURANCE - 5.8% | ||||||||
16,690 | Allstate Corporation (The) | 1,880,629 | ||||||
5,555 | Berkshire Hathaway, Inc., Class B(b) | 1,955,138 | ||||||
29,306 | Hartford Financial Services Group, Inc. (The) | 2,106,515 | ||||||
12,037 | Prudential Financial, Inc.(a) | 1,161,450 | ||||||
11,391 | Travelers Companies, Inc. (The) | 1,966,201 | ||||||
9,069,933 | ||||||||
INTERNET MEDIA & SERVICES - 2.9% | ||||||||
15,880 | Alphabet, Inc., Class A(b) | 2,107,594 | ||||||
8,029 | Meta Platforms, Inc., Class A(b) | 2,558,039 | ||||||
4,665,633 | ||||||||
LEISURE FACILITIES & SERVICES - 1.2% | ||||||||
10,929 | Darden Restaurants, Inc. | 1,846,127 | ||||||
MACHINERY - 2.4% | ||||||||
5,675 | Caterpillar, Inc. | 1,504,840 | ||||||
5,600 | Parker-Hannifin Corporation | 2,296,056 | ||||||
3,800,896 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 6.2% | ||||||||
34,595 | Abbott Laboratories | 3,851,461 | ||||||
59,148 | Avantor, Inc.(b) | 1,216,674 | ||||||
5,809 | Stryker Corporation | 1,646,329 | ||||||
5,522 | Thermo Fisher Scientific, Inc. | 3,029,701 | ||||||
9,744,165 | ||||||||
OIL & GAS PRODUCERS - 7.4% | ||||||||
23,890 | ConocoPhillips | 2,812,331 | ||||||
17,106 | EOG Resources, Inc. | 2,267,058 | ||||||
46,527 | Exxon Mobil Corporation | 4,989,556 |
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
OIL & GAS PRODUCERS - 7.4% (Continued) | ||||||||
13,299 | Phillips 66 | $ | 1,483,503 | |||||
11,552,448 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.7% | ||||||||
46,012 | Schlumberger Ltd. | 2,684,340 | ||||||
RESIDENTIAL REIT - 1.1% | ||||||||
24,315 | Equity LifeStyle Properties, Inc.(a) | 1,730,742 | ||||||
RETAIL - CONSUMER STAPLES - 0.9% | ||||||||
10,814 | Target Corporation | 1,475,787 | ||||||
RETAIL - DISCRETIONARY - 1.5% | ||||||||
10,558 | Lowe’s Companies, Inc. | 2,473,423 | ||||||
SELF-STORAGE REIT - 1.2% | ||||||||
6,766 | Public Storage(a) | 1,906,320 | ||||||
SEMICONDUCTORS - 3.9% | ||||||||
2,142 | Broadcom, Inc. | 1,924,908 | ||||||
24,197 | Micron Technology, Inc. | 1,727,424 | ||||||
22,206 | ON Semiconductor Corporation(b) | 2,392,696 | ||||||
6,045,028 | ||||||||
SOFTWARE - 2.9% | ||||||||
5,947 | Microsoft Corporation | 1,997,716 | ||||||
22,096 | Oracle Corporation | 2,590,314 | ||||||
4,588,030 | ||||||||
SPECIALTY FINANCE - 0.9% | ||||||||
8,441 | American Express Company | 1,425,516 | ||||||
TECHNOLOGY HARDWARE - 1.6% | ||||||||
8,604 | Motorola Solutions, Inc. | 2,466,165 | ||||||
TECHNOLOGY SERVICES - 2.8% | ||||||||
26,104 | PayPal Holdings, Inc.(b) | 1,979,205 |
DUNHAM LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
TECHNOLOGY SERVICES - 2.8% (Continued) | ||||||||
6,140 | S&P Global, Inc. | $ | 2,422,292 | |||||
4,401,497 | ||||||||
TELECOMMUNICATIONS - 1.1% | ||||||||
48,395 | Verizon Communications, Inc.(a) | 1,649,302 | ||||||
TRANSPORTATION & LOGISTICS - 2.8% | ||||||||
71,369 | CSX Corporation | 2,378,014 | ||||||
16,609 | Knight-Swift Transportation Holdings, Inc.(a) | 1,008,997 | ||||||
32,069 | Southwest Airlines Company | 1,095,477 | ||||||
4,482,488 | ||||||||
TOTAL COMMON STOCKS (Cost $108,268,724) | 153,577,329 | |||||||
SHORT-TERM INVESTMENTS — 5.1% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 3.1% | ||||||||
4,864,437 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $4,864,437)(c)(d) | 4,864,437 | ||||||
MONEY MARKET FUNDS - 2.0% | ||||||||
3,193,249 | Invesco Treasury Portfolio Inst., 5.07% (Cost $3,193,249)(c) | 3,193,249 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,057,686) | 8,057,686 | |||||||
TOTAL INVESTMENTS - 103.1% (Cost $116,326,410) | $ | 161,635,015 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.1)% | (4,806,279 | ) | ||||||
NET ASSETS - 100.0% | $ | 156,828,736 | ||||||
LLC | - Limited Liability Company |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | All or a portion of these securities are on loan. Total loaned securities had a value of $4,768,068 at July 31, 2023. |
(b) | Non-income producing security. |
(c) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(d) | The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
APPAREL & TEXTILE PRODUCTS - 1.2% | ||||||||
7,640 | Oxford Industries, Inc.(a) | $ | 823,974 | |||||
ASSET MANAGEMENT - 1.0% | ||||||||
20,900 | Victory Capital Holdings, Inc.(a) | 693,044 | ||||||
AUTOMOTIVE - 1.4% | ||||||||
100,777 | American Axle & Manufacturing Holdings, Inc.(b) | 952,343 | ||||||
BANKING - 15.4% | ||||||||
28,181 | Amalgamated Financial Corporation | 562,493 | ||||||
14,134 | Banner Corporation(a) | 672,920 | ||||||
27,001 | Berkshire Hills Bancorp, Inc. | 615,893 | ||||||
31,216 | Central Pacific Financial Corporation | 569,380 | ||||||
18,700 | Enterprise Financial Services Corporation | 766,700 | ||||||
14,409 | First Financial Corporation | 550,568 | ||||||
19,898 | Hancock Whitney Corporation(a) | 875,711 | ||||||
38,021 | Hanmi Financial Corporation | 722,399 | ||||||
19,574 | Heartland Financial USA, Inc. | 672,171 | ||||||
31,118 | Heritage Financial Corporation(a) | 583,774 | ||||||
23,735 | Independent Bank Corporation | 490,365 | ||||||
62,620 | Old National Bancorp | 1,066,418 | ||||||
48,490 | Old Second Bancorp, Inc. | 775,355 | ||||||
14,233 | Pathward Financial, Inc.(a) | 739,547 | ||||||
22,659 | Peoples Bancorp, Inc. | 638,304 | ||||||
19,242 | TrustCompany Bank Corp NY | 584,764 | ||||||
10,886,762 | ||||||||
BIOTECH & PHARMA - 6.6% | ||||||||
8,200 | ANI Pharmaceuticals, Inc.(b) | 430,910 | ||||||
27,249 | Anika Therapeutics, Inc.(b) | 635,719 | ||||||
16,000 | Arcturus Therapeutics Holdings, Inc.(a),(b) | 559,360 | ||||||
61,000 | Assertio Holdings, Inc.(a),(b) | 347,090 | ||||||
27,298 | Bridgebio Pharma, Inc.(a),(b) | 955,704 | ||||||
17,073 | Eagle Pharmaceuticals, Inc.(b) | 354,435 | ||||||
27,435 | Ideaya Biosciences, Inc.(b) | 613,447 |
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
BIOTECH & PHARMA - 6.6% (Continued) | ||||||||
48,771 | Liquidia Technologies, Inc.(a),(b) | $ | 376,512 | |||||
23,514 | Vir Biotechnology, Inc.(a),(b) | 331,077 | ||||||
4,604,254 | ||||||||
CHEMICALS - 2.7% | ||||||||
24,651 | AdvanSix, Inc.(a) | 988,753 | ||||||
14,284 | Minerals Technologies, Inc. | 876,323 | ||||||
1,865,076 | ||||||||
COMMERCIAL SUPPORT SERVICES - 1.6% | ||||||||
11,850 | Huron Consulting Group, Inc.(b) | 1,120,655 | ||||||
CONTAINERS & PACKAGING - 1.4% | ||||||||
43,025 | O-I Glass, Inc.(b) | 987,854 | ||||||
ELECTRIC UTILITIES - 2.5% | ||||||||
24,781 | Avista Corporation(a) | 957,538 | ||||||
17,639 | Portland General Electric Company(a) | 840,851 | ||||||
1,798,389 | ||||||||
ELECTRICAL EQUIPMENT - 0.9% | ||||||||
6,600 | Belden, Inc. | 637,824 | ||||||
FOOD - 1.0% | ||||||||
25,717 | Fresh Del Monte Produce, Inc. | 683,558 | ||||||
FORESTRY, PAPER & WOOD PRODUCTS - 1.3% | ||||||||
11,973 | Louisiana-Pacific Corporation | 911,504 | ||||||
GAS & WATER UTILITIES - 2.2% | ||||||||
11,030 | ONE Gas, Inc.(a) | 872,804 | ||||||
9,124 | SJW Group(a) | 642,877 | ||||||
1,515,681 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 1.9% | ||||||||
51,902 | AdaptHealth Corporation(b) | 713,133 | ||||||
20,300 | Select Medical Holdings Corporation(a) | 609,203 | ||||||
1,322,336 |
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
HEALTH CARE REIT - 1.2% | ||||||||
39,802 | CareTrust REIT, Inc.(a) | $ | 827,484 | |||||
HOME CONSTRUCTION - 2.6% | ||||||||
7,650 | M/I Homes, Inc.(b) | 765,000 | ||||||
7,304 | Meritage Homes Corporation | 1,087,931 | ||||||
1,852,931 | ||||||||
HOTEL REIT - 1.0% | ||||||||
81,259 | DiamondRock Hospitality Company(a) | 690,702 | ||||||
INDUSTRIAL INTERMEDIATE PROD - 3.2% | ||||||||
7,680 | EnPro Industries, Inc. | 1,065,830 | ||||||
14,493 | Mueller Industries, Inc.(a) | 1,174,803 | ||||||
2,240,633 | ||||||||
INDUSTRIAL REIT - 1.2% | ||||||||
36,744 | Plymouth Industrial REIT, Inc. | 836,661 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.2% | ||||||||
6,450 | Evercore, Inc., Class A | 871,137 | ||||||
INSURANCE - 1.1% | ||||||||
13,544 | Axis Capital Holdings Ltd. | 746,545 | ||||||
INTERNET MEDIA & SERVICES - 0.9% | ||||||||
35,287 | TripAdvisor, Inc.(a),(b) | 658,103 | ||||||
LEISURE FACILITIES & SERVICES - 1.0% | ||||||||
26,831 | Bloomin’ Brands, Inc.(a) | 720,949 | ||||||
MACHINERY - 2.4% | ||||||||
16,315 | Columbus McKinnon Corporation | 690,777 | ||||||
18,747 | Hillenbrand, Inc. | 973,719 | ||||||
1,664,496 |
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
MEDICAL EQUIPMENT & DEVICES - 0.9% | ||||||||
27,118 | Avanos Medical, Inc.(b) | $ | 663,577 | |||||
METALS & MINING - 0.8% | ||||||||
3,334 | Encore Wire Corporation(a) | 569,080 | ||||||
MORTGAGE FINANCE - 2.1% | ||||||||
71,544 | Ladder Capital Corporation | 786,268 | ||||||
60,187 | Ready Capital Corporation(a) | 696,364 | ||||||
1,482,632 | ||||||||
OFFICE REIT - 1.3% | ||||||||
38,427 | Cousins Properties, Inc.(a) | 938,772 | ||||||
OIL & GAS PRODUCERS - 7.0% | ||||||||
13,748 | Callon Petroleum Company(a),(b) | 516,375 | ||||||
34,400 | CNX Resources Corporation(a),(b) | 701,760 | ||||||
51,100 | Earthstone Energy, Inc., Class A(a),(b) | 816,578 | ||||||
7,400 | Gulfport Energy Corporation(a),(b) | 758,130 | ||||||
10,400 | Par Pacific Holdings, Inc.(b) | 327,392 | ||||||
21,979 | PBF Energy, Inc., Class A | 1,042,684 | ||||||
22,196 | SilverBow Resources, Inc.(a),(b) | 794,839 | ||||||
4,957,758 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 2.2% | ||||||||
44,618 | Liberty Oilfield Services, Inc., Class A | 734,858 | ||||||
97,524 | RPC, Inc.(a) | 811,400 | ||||||
1,546,258 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 0.8% | ||||||||
6,600 | Howard Hughes Corporation (The)(b) | 557,238 | ||||||
RESIDENTIAL REIT - 0.7% | ||||||||
8,321 | Centerspace | 516,984 | ||||||
RETAIL - CONSUMER STAPLES - 1.3% | ||||||||
11,333 | Ingles Markets, Inc., Class A | 961,038 |
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
RETAIL - DISCRETIONARY - 5.3% | ||||||||
12,901 | Academy Sports & Outdoors, Inc.(a) | $ | 771,351 | |||||
3,220 | Asbury Automotive Group, Inc.(a),(b) | 726,432 | ||||||
32,854 | Ethan Allen Interiors, Inc.(a) | 1,033,915 | ||||||
42,458 | Sally Beauty Holdings, Inc.(a),(b) | 508,222 | ||||||
8,405 | Signet Jewelers Ltd.(a) | 676,518 | ||||||
3,716,438 | ||||||||
RETAIL REIT - 3.9% | ||||||||
50,057 | Acadia Realty Trust | 786,395 | ||||||
43,751 | Essential Properties Realty Trust, Inc. | 1,074,086 | ||||||
21,513 | Spirit Realty Capital, Inc.(a) | 867,619 | ||||||
2,728,100 | ||||||||
SEMICONDUCTORS - 2.7% | ||||||||
11,561 | Diodes, Inc.(b) | 1,092,399 | ||||||
19,690 | Ultra Clean Holdings, Inc.(b) | 750,189 | ||||||
1,842,588 | ||||||||
SOFTWARE - 1.2% | ||||||||
81,125 | SolarWinds Corporation(b) | 855,058 | ||||||
SPECIALTY FINANCE - 2.5% | ||||||||
15,625 | Essent Group Ltd. | 775,000 | ||||||
17,179 | Mr Cooper Group, Inc.(b) | 995,867 | ||||||
1,770,867 | ||||||||
SPECIALTY REIT - 0.6% | ||||||||
10,192 | EPR Properties(a) | 454,971 | ||||||
TECHNOLOGY SERVICES - 1.6% | ||||||||
40,056 | LiveRamp Holdings, Inc.(b) | 1,143,198 | ||||||
TELECOMMUNICATIONS - 1.0% | ||||||||
34,092 | EchoStar Corporation, Class A(a),(b) | 662,407 | ||||||
TRANSPORTATION & LOGISTICS - 6.0% | ||||||||
8,760 | ArcBest Corporation | 1,018,963 | ||||||
12,316 | Matson, Inc.(a) | 1,151,053 |
DUNHAM SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 6.0% (Continued) | ||||||||
10,759 | Ryder System, Inc. | $ | 1,099,032 | |||||
21,811 | SkyWest, Inc.(a),(b) | 959,466 | ||||||
4,228,514 | ||||||||
WHOLESALE - DISCRETIONARY - 0.7% | ||||||||
3,600 | Veritiv Corporation(a) | 504,468 | ||||||
TOTAL COMMON STOCKS (Cost $61,713,200) | 70,012,841 | |||||||
SHORT-TERM INVESTMENTS — 33.7% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 33.2% | ||||||||
23,312,163 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $23,312,163)(c)(d) | 23,312,163 | ||||||
MONEY MARKET FUNDS – 0.5% | ||||||||
352,395 | Invesco Treasury Portfolio Inst., 5.07% (Cost $352,395)(c) | 352,395 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $23,664,558) | 23,664,558 | |||||||
TOTAL INVESTMENTS – 133.2% (Cost $85,377,758) | $ | 93,677,399 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (33.2)% | (23,323,528 | ) | ||||||
NET ASSETS - 100.0% | $ | 70,353,871 | ||||||
LLC | - Limited Liability Company |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
(a) | All or a portion of these securities are on loan. Total loaned securities had a value of $22,870,332 at July 31, 2023. |
(b) | Non-income producing security. |
(c) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(d) | The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM FOCUSED LARGE CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% | ||||||||
ADVERTISING & MARKETING - 1.6% | ||||||||
29,319 | Trade Desk, Inc. (The), Class A(a),(b) | $ | 2,675,652 | |||||
ASSET MANAGEMENT - 2.4% | ||||||||
37,017 | Blackstone, Inc.(b) | 3,879,011 | ||||||
E-COMMERCE DISCRETIONARY - 8.6% | ||||||||
80,561 | Amazon.com, Inc.(a) | 10,769,394 | ||||||
2,764 | MercadoLibre, Inc.(a),(b) | 3,421,970 | ||||||
14,191,364 | ||||||||
INTERNET MEDIA & SERVICES - 2.4% | ||||||||
8,867 | Netflix, Inc.(a) | 3,892,347 | ||||||
LEISURE FACILITIES & SERVICES - 3.1% | ||||||||
2,552 | Chipotle Mexican Grill, Inc.(a) | 5,007,739 | ||||||
MEDICAL EQUIPMENT & DEVICES - 12.2% | ||||||||
8,202 | Align Technology, Inc.(a) | 3,099,454 | ||||||
38,970 | DexCom, Inc.(a) | 4,854,103 | ||||||
35,657 | Edwards Lifesciences Corporation(a) | 2,926,370 | ||||||
12,089 | Insulet Corporation(a) | 3,345,631 | ||||||
17,361 | Intuitive Surgical, Inc.(a) | 5,631,908 | ||||||
19,857,466 | ||||||||
RETAIL - DISCRETIONARY - 4.8% | ||||||||
10,319 | Lululemon Athletica, Inc.(a) | 3,906,051 | ||||||
17,294 | Tractor Supply Company(b) | 3,873,683 | ||||||
7,779,734 | ||||||||
SEMICONDUCTORS - 15.4% | ||||||||
32,782 | Advanced Micro Devices, Inc.(a) | 3,750,261 | ||||||
6,865 | ASML Holding N.V. - ADR | 4,918,155 | ||||||
42,583 | Marvell Technology, Inc. | 2,773,431 | ||||||
29,273 | NVIDIA Corporation | 13,678,980 | ||||||
25,120,827 | ||||||||
SOFTWARE - 31.0% | ||||||||
11,906 | Adobe, Inc.(a) | 6,502,700 |
DUNHAM FOCUSED LARGE CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
SOFTWARE -31.0% (Continued) | ||||||||
7,177 | Cadence Design Systems, Inc.(a) | $ | 1,679,490 | |||||
6,155 | Intuit, Inc. | 3,149,514 | ||||||
37,792 | Microsoft Corporation | 12,695,088 | ||||||
10,689 | Palo Alto Networks, Inc.(a),(b) | 2,671,822 | ||||||
28,791 | Salesforce, Inc.(a) | 6,478,263 | ||||||
18,692 | ServiceNow, Inc.(a) | 10,897,436 | ||||||
8,360 | Snowflake, Inc.(a) | 1,485,656 | ||||||
23,885 | Veeva Systems, Inc., Class A(a) | 4,877,795 | ||||||
50,437,764 | ||||||||
TECHNOLOGY HARDWARE -5.4% | ||||||||
45,060 | Apple, Inc. | 8,852,037 | ||||||
TECHNOLOGY SERVICES - 11.6% | ||||||||
27,754 | Block, Inc., Class A(a) | 2,235,030 | ||||||
26,320 | Mastercard, Inc., Class A | 10,377,449 | ||||||
26,485 | Visa, Inc., Class A(b) | 6,296,279 | ||||||
18,908,758 | ||||||||
TOTAL COMMON STOCKS (Cost $68,800,775) | 160,602,699 | |||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 14.7% | ||||||||
COLLATERAL FOR SECURITIES LOANED -13.1% | ||||||||
21,398,714 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (c)(d) | 21,398,714 | ||||||
MONEY MARKET FUND -1.6% | ||||||||
2,562,505 | STIT -Treasury Obligations Portfolio, 5.08% (c) | 2,562,505 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost$23,961,219) | 23,961,219 | |||||||
TOTAL INVESTMENTS -113.2% (Cost $92,761,994) | $ | 184,563,918 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS -(13.2)% | (21,528,373 | ) | ||||||
NET ASSETS -100.0% | $ | 163,035,545 | ||||||
ADR | - American Depositary Receipt |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $21,080,505 at July 31, 2023. |
(c) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(d) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% | ||||||||
ADVERTISING & MARKETING - 1.1% | ||||||||
8,445 | Trade Desk, Inc. (The), Class A(a),(b) | $ | 770,691 | |||||
AEROSPACE & DEFENSE - 1.6% | ||||||||
15,670 | Hexcel Corporation | 1,107,556 | ||||||
BANKING - 0.5% | ||||||||
13,538 | Seacoast Banking Corp of Florida(b) | 334,524 | ||||||
BEVERAGES - 0.8% | ||||||||
19,799 | Vita Coco Company, Inc. (The)(a),(b) | 523,090 | ||||||
BIOTECH & PHARMA - 8.0% | ||||||||
12,642 | Akero Therapeutics, Inc.(a),(b) | 548,663 | ||||||
10,613 | Denali Therapeutics, Inc.(a) | 301,728 | ||||||
11,773 | Halozyme Therapeutics, Inc.(a),(b) | 505,768 | ||||||
5,389 | Immunocore Holdings plc - ADR(a),(b) | 355,566 | ||||||
11,502 | Intra-Cellular Therapies, Inc.(a),(b) | 711,284 | ||||||
25,242 | Maravai LifeSciences Holdings, Inc.(a) | 285,487 | ||||||
71,021 | Point Biopharma Global, Inc.(a) | 634,928 | ||||||
4,968 | Prothena Corp plc(a) | 342,146 | ||||||
52,263 | Roivant Sciences Ltd.(a),(b) | 626,111 | ||||||
19,044 | TG Therapeutics, Inc.(a) | 394,020 | ||||||
16,804 | Vaxcyte, Inc.(a),(b) | 807,599 | ||||||
5,513,300 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.0% | ||||||||
4,066 | AMN Healthcare Services, Inc.(a),(b) | 435,672 | ||||||
5,314 | FTI Consulting, Inc.(a) | 930,800 | ||||||
1,366,472 | ||||||||
CONSTRUCTION MATERIALS - 0.5% | ||||||||
2,734 | Advanced Drainage Systems, Inc. | 333,521 | ||||||
E-COMMERCE DISCRETIONARY - 1.1% | ||||||||
16,933 | Global-e Online Ltd.(a),(b) | 762,832 |
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
ELECTRICAL EQUIPMENT - 3.0% | ||||||||
24,686 | Bloom Energy Corporation, Class A(a),(b) | $ | 440,892 | |||||
15,292 | BWX Technologies, Inc. | 1,055,148 | ||||||
7,015 | Itron, Inc.(a) | 551,870 | ||||||
2,047,910 | ||||||||
ENGINEERING & CONSTRUCTION - 3.1% | ||||||||
7,107 | Exponent, Inc. | 636,645 | ||||||
5,219 | Installed Building Products, Inc. | 772,516 | ||||||
14,900 | WillScot Mobile Mini Holdings Corporation(a) | 714,455 | ||||||
2,123,616 | ||||||||
ENTERTAINMENT CONTENT - 1.2% | ||||||||
43,035 | IMAX Corporation(a) | 792,274 | ||||||
FOOD - 0.8% | ||||||||
37,169 | Krispy Kreme, Inc.(b) | 572,403 | ||||||
HEALTH CARE FACILITIES & SERVICES - 6.5% | ||||||||
8,168 | Amedisys, Inc.(a) | 741,981 | ||||||
20,872 | Option Care Health, Inc.(a) | 705,056 | ||||||
10,902 | Progyny, Inc.(a) | 455,268 | ||||||
24,201 | RadNet, Inc.(a) | 800,569 | ||||||
31,649 | SI-BONE, Inc.(a) | 815,278 | ||||||
23,015 | Surgery Partners, Inc.(a),(b) | 889,070 | ||||||
4,407,222 | ||||||||
HOME CONSTRUCTION - 1.0% | ||||||||
20,885 | AZEK Company, Inc. (The)(a) | 651,612 | ||||||
HOUSEHOLD PRODUCTS - 1.4% | ||||||||
3,096 | elf Beauty, Inc.(a) | 361,365 | ||||||
3,795 | Inter Parfums, Inc. | 567,580 | ||||||
928,945 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 2.7% | ||||||||
5,129 | Applied Industrial Technologies, Inc. | 743,654 | ||||||
4,570 | Herc Holdings, Inc. | 611,603 |
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 2.7% (Continued) | ||||||||
2,932 | SiteOne Landscape Supply, Inc.(a),(b) | $ | 498,440 | |||||
1,853,697 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 3.6% | ||||||||
6,336 | Evercore, Inc., Class A | 855,740 | ||||||
8,047 | Houlihan Lokey, Inc. | 803,493 | ||||||
9,592 | Tradeweb Markets, Inc., Class A | 784,530 | ||||||
2,443,763 | ||||||||
INTERNET MEDIA & SERVICES - 0.9% | ||||||||
6,131 | Roku, Inc.(a) | 590,231 | ||||||
LEISURE FACILITIES & SERVICES - 6.2% | ||||||||
16,337 | Dave & Buster’s Entertainment, Inc.(a) | 748,235 | ||||||
66,575 | Lindblad Expeditions Holdings, Inc.(a) | 786,916 | ||||||
62,705 | OneSpaWorld Holdings Ltd.(a) | 805,445 | ||||||
8,618 | Papa John’s International, Inc.(b) | 712,709 | ||||||
5,878 | Texas Roadhouse, Inc.(b) | 655,691 | ||||||
3,309 | Wingstop, Inc. | 557,831 | ||||||
4,266,827 | ||||||||
LEISURE PRODUCTS - 1.3% | ||||||||
2,293 | Axon Enterprise, Inc.(a) | 426,337 | ||||||
4,242 | Fox Factory Holding Corporation(a),(b) | 474,680 | ||||||
901,017 | ||||||||
MACHINERY - 3.5% | ||||||||
25,486 | Flowserve Corporation | 962,352 | ||||||
4,314 | Lindsay Corporation | 571,734 | ||||||
4,939 | MSA Safety, Inc. | 819,874 | ||||||
2,353,960 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 6.9% | ||||||||
64,045 | Adaptive Biotechnologies Corporation(a) | 540,540 | ||||||
42,073 | Alphatec Holdings, Inc.(a) | 743,430 | ||||||
14,517 | BioLife Solutions, Inc.(a) | 288,598 | ||||||
4,723 | DexCom, Inc.(a) | 588,297 | ||||||
6,019 | Inari Medical, Inc.(a),(b) | 343,504 | ||||||
1,849 | Insulet Corporation(a) | 511,711 |
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
MEDICAL EQUIPMENT & DEVICES - 6.9% (Continued) | ||||||||
5,453 | Repligen Corporation(a),(b) | $ | 935,516 | |||||
15,755 | Silk Road Medical, Inc.(a) | 359,844 | ||||||
1,049 | West Pharmaceutical Services, Inc. | 386,074 | ||||||
4,697,514 | ||||||||
OIL & GAS PRODUCERS - 0.9% | ||||||||
3,697 | Cheniere Energy, Inc. | 598,396 | ||||||
OIL & GAS SERVICES & EQUIPMENT - 1.3% | ||||||||
46,969 | TechnipFMC plc(a),(b) | 861,411 | ||||||
RENEWABLE ENERGY - 2.7% | ||||||||
28,122 | Array Technologies, Inc.(a) | 535,724 | ||||||
31,749 | Shoals Technologies Group, Inc., Class A(a) | 824,205 | ||||||
2,065 | SolarEdge Technologies, Inc.(a) | 498,615 | ||||||
1,858,544 | ||||||||
RETAIL - CONSUMER STAPLES - 2.4% | ||||||||
3,748 | Five Below, Inc.(a) | 780,858 | ||||||
12,011 | Ollie’s Bargain Outlet Holdings, Inc.(a),(b) | 875,362 | ||||||
1,656,220 | ||||||||
RETAIL - DISCRETIONARY - 2.0% | ||||||||
5,908 | Floor & Decor Holdings, Inc., Class A(a),(b) | 678,534 | ||||||
8,872 | Freshpet, Inc.(a),(b) | 652,447 | ||||||
1,330,981 | ||||||||
SEMICONDUCTORS - 6.9% | ||||||||
8,258 | Aehr Test Systems(a),(b) | 430,737 | ||||||
4,021 | Axcelis Technologies, Inc.(a) | 806,130 | ||||||
7,795 | Lattice Semiconductor Corporation(a) | 708,877 | ||||||
584 | Monolithic Power Systems, Inc. | 326,742 | ||||||
6,150 | Onto Innovation, Inc.(a) | 764,568 | ||||||
7,776 | Power Integrations, Inc.(b) | 755,361 | ||||||
3,628 | Silicon Laboratories, Inc.(a) | 541,080 | ||||||
3,505 | SiTime Corporation(a),(b) | 452,180 | ||||||
4,785,675 |
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
SOFTWARE - 17.2% | ||||||||
3,619 | Appfolio, Inc., Class A(a) | $ | 653,555 | |||||
11,721 | Blackline, Inc.(a) | 680,756 | ||||||
22,674 | Calix, Inc.(a) | 1,022,824 | ||||||
12,376 | Confluent, Inc., Class A(a),(b) | 427,467 | ||||||
4,807 | Crowdstrike Holdings, Inc., Class A(a) | 777,100 | ||||||
18,239 | DoubleVerify Holdings, Inc.(a),(b) | 767,862 | ||||||
20,207 | Doximity, Inc.(a),(b) | 721,996 | ||||||
2,432 | Duolingo, Inc.(a) | 377,422 | ||||||
5,765 | Five9, Inc.(a),(b) | 505,879 | ||||||
18,499 | Gitlab, Inc.(a) | 918,105 | ||||||
17,972 | JFrog Ltd.(a) | 552,998 | ||||||
970 | MongoDB, Inc.(a),(b) | 410,698 | ||||||
27,054 | Privia Health Group, Inc.(a),(b) | 755,348 | ||||||
9,634 | Procore Technologies, Inc.(a) | 730,739 | ||||||
16,901 | Smartsheet, Inc., Class A(a) | 750,404 | ||||||
48,812 | Sprinklr, Inc., Class A(a) | 685,320 | ||||||
2,064 | Veeva Systems, Inc., Class A(a) | 421,510 | ||||||
29,967 | Vertex, Inc., CLASS A(a) | 622,115 | ||||||
11,782,098 | ||||||||
TECHNOLOGY HARDWARE - 1.0% | ||||||||
5,459 | Fabrinet(a) | 674,951 | ||||||
TECHNOLOGY SERVICES - 6.2% | ||||||||
1,955 | ExlService Holdings, Inc.(a) | 275,557 | ||||||
4,823 | Globant S.A.(a),(b) | 842,723 | ||||||
10,000 | LiveRamp Holdings, Inc.(a) | 285,400 | ||||||
14,033 | MAXIMUS, Inc. | 1,175,404 | ||||||
1,151 | MSCI, Inc. | 630,840 | ||||||
5,420 | Shift4 Payments, Inc.(a),(b) | 373,926 | ||||||
8,722 | WNS Holdings Ltd. - ADR(a) | 602,778 | ||||||
4,186,628 | ||||||||
TOTAL COMMON STOCKS (Cost $51,958,312) | 67,077,881 |
DUNHAM SMALL CAP GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 25.8% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 23.8% | ||||||||
16,270,652 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (c) (d) | $ | 16,270,652 | |||||
MONEY MARKET FUND - 2.0% | ||||||||
1,331,937 | Fidelity Government Portfolio, CLASS I, 5.03% (c) | 1,331,937 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost$17,602,589) | 17,602,589 | |||||||
TOTAL INVESTMENTS - 124.1% (Cost $69,560,901) | $ | 84,680,470 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (24.1)% | (16,441,586 | ) | ||||||
NET ASSETS - 100.0% | $ | 68,238,884 | ||||||
ADR | - American Depositary Receipt |
LLC | - Limited Liability Company |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
PLC | - Public Limited Company |
S/A | - Société Anonyme |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $16,071,166 at July 31, 2023. |
(c) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(d) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of thevalue of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
CLOSED END FUNDS — 1.0% | ||||||||
MIXED ALLOCATION - 1.0% | ||||||||
136,545 | Vietnam Enterprise Investments Ltd.(a) TOTAL CLOSED END FUNDS (Cost $861,698) | $ | 1,146,762 | |||||
COMMON STOCKS — 98.0% | ||||||||
ASSET MANAGEMENT - 0.8% | ||||||||
400,280 | East Money Information Company Ltd. | 903,409 | ||||||
AUTOMOTIVE - 2.8% | ||||||||
18,400 | BYD Company Ltd. | 702,541 | ||||||
5,961 | Hyundai Mobis Company Ltd. | 1,087,032 | ||||||
12,297 | Kia Motors Corporation | 796,498 | ||||||
85,277 | Sona Blw Precision Forgings Ltd. | 591,837 | ||||||
3,177,908 | ||||||||
BANKING - 11.9% | ||||||||
167,748 | Banco Bradesco S.A. - ADR(c) | 592,150 | ||||||
1,777,700 | Bank Central Asia Tbk P.T. | 1,076,489 | ||||||
34,417 | Bank Polska Kasa Opieki S.A. | 1,016,579 | ||||||
235,265 | FirstRand Ltd. | 957,266 | ||||||
11,900 | HDFC Bank Ltd. - ADR | 812,532 | ||||||
194,036 | HDFC Bank Ltd. | 3,896,633 | ||||||
1,496,000 | Industrial & Commercial Bank of China Ltd., H Shares | 730,539 | ||||||
210,148 | Itau Unibanco Holding S.A. - ADR | 1,262,989 | ||||||
1,620,700 | Public Bank Bhd | 1,498,829 | ||||||
117,820 | Qatar National Bank QPSC | 549,426 | ||||||
388,400 | SCB X PCL | 1,277,782 | ||||||
13,671,214 | ||||||||
BEVERAGES - 4.1% | ||||||||
19,800 | Heineken Malaysia Bhd | 114,761 | ||||||
4,300 | Kweichow Moutai Company Ltd. | 1,135,208 | ||||||
348,514 | Varun Beverages Ltd. | 3,411,447 | ||||||
4,661,416 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
BIOTECH & PHARMA - 0.5% | ||||||||
720,000 | CSPC Pharmaceutical Group Ltd. | $ | 601,399 | |||||
CHEMICALS - 2.2% | ||||||||
3,906 | LG Chem Ltd. | 1,983,101 | ||||||
7,577 | Sociedad Quimica y Minera de Chile S.A. - ADR(c) | 558,349 | ||||||
2,541,450 | ||||||||
CONSUMER SERVICES - 0.8% | ||||||||
946,000 | China Education Group Holdings Ltd. | 875,636 | ||||||
E-COMMERCE DISCRETIONARY - 5.5% | ||||||||
314,341 | Alibaba Group Holding Ltd.(a), | 4,017,091 | ||||||
121,940 | Meituan(a), | 2,327,852 | ||||||
6,344,943 | ||||||||
ELECTRIC UTILITIES - 1.0% | ||||||||
77,040 | ACEN Corporation(a) | 7,347 | ||||||
290,486 | Shenzhen Envicool Technology Company Ltd. | 1,156,104 | ||||||
1,163,451 | ||||||||
ELECTRICAL EQUIPMENT - 1.8% | ||||||||
374,628 | NARI Technology Company Ltd. | 1,276,154 | ||||||
105,267 | Zhejiang Supcon Technology Company Ltd. | 798,036 | ||||||
2,074,190 | ||||||||
ENGINEERING & CONSTRUCTION - 2.8% | ||||||||
69,518 | Larsen & Toubro Ltd. | 2,268,953 | ||||||
21,907 | Mytilineos S.A. | 911,781 | ||||||
3,180,734 | ||||||||
ENTERTAINMENT CONTENT - 2.4% | ||||||||
125,090 | NetEase, Inc. | 2,724,505 | ||||||
FOOD - 0.6% | ||||||||
4,480,700 | Monde Nissin Corporation | 669,595 | ||||||
HEALTH CARE FACILITIES & SERVICES - 3.2% | ||||||||
113,400 | Hangzhou Tigermed Consulting Company Ltd. | 737,238 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
HEALTH CARE FACILITIES & SERVICES - 3.2% (Continued) | ||||||||
408,910 | Max Healthcare Institute Ltd.(a) | $ | 2,960,514 | |||||
3,697,752 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.7% | ||||||||
45,900 | Hong Kong Exchanges & Clearing Ltd. | 1,935,240 | ||||||
INSURANCE - 3.0% | ||||||||
185,600 | AIA Group Ltd. | 1,856,882 | ||||||
113,170 | Prudential PLC | 1,571,639 | ||||||
3,428,521 | ||||||||
INTERNET MEDIA & SERVICES - 9.1% | ||||||||
70,700 | KE Holdings, Inc., Institutional Class - ADR(a) | 1,231,594 | ||||||
4,266 | Naspers Ltd., N Shares | 838,422 | ||||||
143,000 | Tencent Holdings Ltd. | 6,572,453 | ||||||
42,100 | Trip.com Group Ltd. - ADR(a),(c) | 1,727,784 | ||||||
10,370,253 | ||||||||
LEISURE FACILITIES & SERVICES - 4.1% | ||||||||
182,930 | Jollibee Foods Corporation | 852,376 | ||||||
896,757 | Lemon Tree Hotels Ltd.(a) | 1,009,987 | ||||||
1,052,400 | Minor International PCL | 1,015,530 | ||||||
104,298 | OPAP S.A. | 1,834,558 | ||||||
4,712,451 | ||||||||
MACHINERY - 1.1% | ||||||||
70,200 | Jiangsu Hengli Hydraulic Company Ltd. | 705,279 | ||||||
235,026 | Sany Heavy Industry Company Ltd., Class A | 584,820 | ||||||
1,290,099 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.3% | ||||||||
35,200 | Shenzhen Mindray Bio-Medical Electronics Company | 1,461,099 | ||||||
OIL & GAS PRODUCERS - 1.9% | ||||||||
376,189 | Gazprom PJSC(b) | — | ||||||
89,100 | Petroleo Brasileiro S.A. - ADR | 1,307,988 | ||||||
198,010 | PTT Exploration & Production PCL | 924,760 | ||||||
2,232,748 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 1.0% | ||||||||
667,729 | Indiabulls Real Estate Ltd.(a) | $ | 562,922 | |||||
230,490 | Vinhomes JSC(a), | 613,006 | ||||||
1,175,928 | ||||||||
RENEWABLE ENERGY - 1.0% | ||||||||
34,920 | Contemporary Amperex Technology Company Ltd. | 1,164,471 | ||||||
RETAIL - CONSUMER STAPLES - 1.7% | ||||||||
8,512 | Magnit PJSC(b) | — | ||||||
472,337 | Wal-Mart de Mexico S.A.B. de C.V. | 1,967,554 | ||||||
1,967,554 | ||||||||
RETAIL - DISCRETIONARY - 0.6% | ||||||||
1,598,700 | Home Product Center PCL | 663,798 | ||||||
SEMICONDUCTORS - 12.1% | ||||||||
22,000 | Alchip Technologies Ltd. | 1,397,141 | ||||||
13,000 | eMemory Technology, Inc. | 768,610 | ||||||
11,000 | Global Unichip Corporation | 574,044 | ||||||
26,047 | SK Hynix, Inc. | 2,517,565 | ||||||
451,608 | Taiwan Semiconductor Manufacturing Company Ltd. | 8,136,448 | ||||||
5,300 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 525,495 | ||||||
13,919,303 | ||||||||
TECHNOLOGY HARDWARE - 11.6% | ||||||||
62,099 | Accton Technology Corporation | 755,911 | ||||||
194,000 | Delta Electronics, Inc. | 2,259,560 | ||||||
268,000 | E Ink Holdings, Inc. | 1,917,685 | ||||||
133,855 | Samsung Electronics Company Ltd. | 7,314,515 | ||||||
177,000 | Unimicron Technology Corporation | 1,042,602 | ||||||
13,290,273 | ||||||||
TECHNOLOGY SERVICES - 1.7% | ||||||||
285,033 | Shanghai Baosight Software Company Ltd. | 1,918,323 | ||||||
TELECOMMUNICATIONS - 2.6% | ||||||||
148,450 | Bharti Airtel Ltd. | 1,608,185 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||||||||
COMMON STOCKS — 98.0% (Continued) | ||||||||||||||
TELECOMMUNICATIONS - 2.6% (Continued) | ||||||||||||||
5,577,900 | Telekomunikasi Indonesia Persero Tbk P.T. | $ | 1,374,078 | |||||||||||
2,982,263 | ||||||||||||||
TRANSPORTATION & LOGISTICS - 2.6% | ||||||||||||||
159,503 | Container Corp Of India Ltd. | 1,349,043 | ||||||||||||
185,376 | Spring Airlines Company Ltd.(a) | 1,589,387 | ||||||||||||
2,938,430 | ||||||||||||||
WHOLESALE - CONSUMER STAPLES - 0.5% | ||||||||||||||
245,734 | Devyani International Ltd.(a) | 577,856 | ||||||||||||
TOTAL COMMON STOCKS (Cost $100,861,799) | 112,316,212 | |||||||||||||
PREFERRED STOCKS — 1.6% | ||||||||||||||
TECHNOLOGY HARDWARE — 1.6% | ||||||||||||||
40,616 | Samsung Electronics Company Ltd. TOTAL PREFERRED STOCKS (Cost $1,985,575) | 1,825,781 | ||||||||||||
Expiration Date | Exercise Price | |||||||||||||
WARRANT — 0.0%(d) | ||||||||||||||
LEISURE FACILITIES & SERVICES - 0.0% (d) | ||||||||||||||
38,762 | Minor International PCL (Thailand) | 02/16/2024 | $ | 31.00 | 3,381 | |||||||||
TOTAL WARRANT (Cost $2,109) | 3,381 | |||||||||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||||||||
COLLATERAL FOR SECURITIES LOANED - 1.0% | ||||||||||||||
1,159,721 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $1,159,721)(e) (f) | 1,159,721 |
DUNHAM EMERGING MARKETS STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 1.8%(Continued) | ||||||||
MONEY MARKET FUNDS -0.8% | ||||||||
892,878 | First American Government Obligations Fund, Class X, 5.05%(Cost $892,878)(e) | $ | 892,878 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,052,599) | 2,052,599 | |||||||
TOTAL INVESTMENTS – 102.4% (Cost $105,763,780) | $ | 117,344,735 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.4)% | (2,794,612 | ) | ||||||
NET ASSETS - 100.0% | $ | 114,550,123 | ||||||
ADR | - American Depositary Receipt |
LLC | - Limited Liability Company |
LTD | - Limited Company |
PJSC | - Public Joint-Stock Company |
PLC | - Public Limited Company |
PT | - Perseroan Terbatas |
S/A | - Société Anonyme |
(a) | Non-income producing security. |
(b) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities are $0. |
(c) | All or a portion of these securities are on loan. Total loaned securities had a value of $1,107,351 at July 31, 2023. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(f) | The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% | ||||||||
AUTOMOTIVE - 8.5% | ||||||||
5,000 | Aisin Corporation | $ | 162,471 | |||||
23,857 | Bayerische Motoren Werke A.G. | 2,909,693 | ||||||
3,364 | Bayerische Motoren Werke A.G. | 377,992 | ||||||
10,835 | Continental A.G. | 865,162 | ||||||
9,100 | Honda Motor Company Ltd. | 290,113 | ||||||
4,244 | Hyundai Mobis Company Ltd. | 773,924 | ||||||
753 | Hyundai Motor Company | 115,549 | ||||||
1,761 | Kia Motors Corporation | 114,063 | ||||||
17,169 | Mercedes-Benz Group A.G. | 1,371,324 | ||||||
77,900 | Nissan Motor Company Ltd. | 343,151 | ||||||
99,253 | Stellantis N.V. | 2,036,743 | ||||||
26,400 | Subaru Corporation | 500,361 | ||||||
37,700 | Sumitomo Electric Industries Ltd. | 483,375 | ||||||
6,600 | Suzuki Motor Corporation | 265,085 | ||||||
34,900 | Zhejiang Cfmoto Power Company Ltd. | 731,138 | ||||||
11,340,144 | ||||||||
BANKING - 11.4% | ||||||||
167,000 | Agricultural Bank of China Ltd., H Shares | 60,746 | ||||||
1,559,658 | Akbank T.A.S. | 1,618,242 | ||||||
30,481 | Banco Bilbao Vizcaya Argentaria S.A. | 241,632 | ||||||
85,730 | Banco Santander S.A. | 347,442 | ||||||
6,714 | Bank Hapoalim BM | 59,637 | ||||||
43,009 | Bank Leumi Le-Israel BM | 343,311 | ||||||
279,200 | Bank of Beijing Company Ltd., Class A | 182,534 | ||||||
14,968 | Bank of China Ltd. - ADR | 138,454 | ||||||
3,575,000 | Bank of China Ltd., H Shares | 1,325,962 | ||||||
1,150,000 | Bank of Communications Company Ltd., H Shares | 694,751 | ||||||
6,913 | Barclays plc - ADR | 55,235 | ||||||
31,712 | BNK Financial Group, Inc. | 167,857 | ||||||
5,821 | BNP Paribas S.A. | 383,926 | ||||||
1,240,000 | China Construction Bank Corporation, H Shares | 722,746 | ||||||
350,500 | China Minsheng Banking Corp Ltd., H Shares | 133,598 | ||||||
272,000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | 100,619 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
BANKING - 11.4% (Continued) | ||||||||
27,662 | Commercial International Bank Egypt S.A.E | $ | 33,305 | |||||
1,861 | Erste Group Bank A.G. | 70,346 | ||||||
694,354 | Haci Omer Sabanci Holding A/S | 1,484,924 | ||||||
10,225 | Hana Financial Group, Inc. | 314,469 | ||||||
59,435 | Industrial & Commercial Bank of China Ltd. - ADR | 577,851 | ||||||
1,449,000 | Industrial & Commercial Bank of China Ltd., H Shares | 707,588 | ||||||
26,400 | Industrial Bank Company Ltd. | 61,643 | ||||||
12,641 | KB Financial Group, Inc. | 505,295 | ||||||
357,800 | Mebuki Financial Group, Inc. | 950,539 | ||||||
121,567 | Quinenco S.A. | 423,169 | ||||||
775,890 | Sberbank of Russia PJSC(a)(b) | — | ||||||
2,831 | Shinhan Financial Group Company Ltd. | 77,765 | ||||||
36,156 | Skandinaviska Enskilda Banken A.B. | 438,283 | ||||||
6,000 | Swedbank A.B., A Shares | 110,048 | ||||||
529,219 | Turkiye Garanti Bankasi A/S | 863,028 | ||||||
119,320 | Turkiye Is Bankasi A/S | 66,976 | ||||||
21,414 | UniCredit SpA | 542,270 | ||||||
1,284,860,000 | VTB Bank PJSC(a)(b) | — | ||||||
2,410,939 | Yapi ve Kredi Bankasi A/S | 1,274,064 | ||||||
15,078,255 | ||||||||
BEVERAGES - 0.1% | ||||||||
1,857 | Anheuser-Busch InBev S.A./NV - ADR(c) | 106,406 | ||||||
BIOTECH & PHARMA - 5.4% | ||||||||
12,451 | Bayer A.G. | 728,261 | ||||||
1,100 | Eisai Company Ltd. | 69,401 | ||||||
58,236 | GSK plc - ADR | 2,071,455 | ||||||
2,500 | Otsuka Holdings Company Ltd. | 91,916 | ||||||
13,679 | Roche Holding A.G. | 4,240,901 | ||||||
7,201,934 | ||||||||
CHEMICALS - 1.6% | ||||||||
8,100 | Kaneka Corporation | 238,649 | ||||||
3,200 | Nitto Denko Corporation | 227,549 | ||||||
10,128 | PhosAgro PJSC(a)(b) | — |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
CHEMICALS - 1.6% (Continued) | ||||||||
34,000 | Shin-Etsu Chemical Company Ltd. | $ | 1,120,094 | |||||
72,200 | Toray Industries, Inc. | 404,266 | ||||||
6,408 | Yara International ASA - ADR | 131,236 | ||||||
2,121,794 | ||||||||
COMMERCIAL SUPPORT SERVICES - 0.2% | ||||||||
3,824 | Randstad N.V. | 224,057 | ||||||
CONSTRUCTION MATERIALS - 0.0%(d) | ||||||||
1,100 | AGC, Inc. | 39,745 | ||||||
0 | Turkiye Sise ve Cam Fabrikalari A/S | 1 | ||||||
39,746 | ||||||||
DIVERSIFIED INDUSTRIALS - 0.7% | ||||||||
18,900 | Mitsubishi Heavy Industries Ltd. | 896,667 | ||||||
E-COMMERCE DISCRETIONARY - 0.4% | ||||||||
4,705 | Alibaba Group Holding Ltd. - ADR(b),(c) | 480,663 | ||||||
ELECTRIC UTILITIES - 0.5% | ||||||||
1,200 | Chubu Electric Power Company, Inc. | 15,033 | ||||||
19,994 | Engie S.A. | 328,045 | ||||||
52,622 | Origin Energy Ltd. | 299,551 | ||||||
642,629 | ||||||||
ELECTRICAL EQUIPMENT - 0.5% | ||||||||
7,240 | ABB Ltd. | 290,503 | ||||||
82,976 | Hefei Meiya Optoelectronic Technology, Inc. | 306,717 | ||||||
7,600 | Mitsubishi Electric Corporation | 109,674 | ||||||
706,894 | ||||||||
ENGINEERING & CONSTRUCTION - 1.5% | ||||||||
1,198,200 | China State Construction Engineering Corp Ltd. | 1,026,542 | ||||||
1 | Enka Insaat ve Sanayi A/S | 1 | ||||||
1,666,800 | Metallurgical Corp of China Ltd., Class A | 978,497 | ||||||
2,005,040 | ||||||||
ENTERTAINMENT CONTENT - 1.0% | ||||||||
215,400 | 37 Interactive Entertainment Network Technology | 811,590 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
ENTERTAINMENT CONTENT - 1.0% (Continued) | ||||||||
21,900 | Bandai Namco Holdings, Inc. | $ | 495,464 | |||||
1,307,054 | ||||||||
FOOD - 0.3% | ||||||||
741,000 | WH Group Ltd. | 404,431 | ||||||
HOME & OFFICE PRODUCTS - 0.0%(d) | ||||||||
1 | Arcelik A/S(b) | 6 | ||||||
INDUSTRIAL INTERMEDIATE PROD - 0.0%(d) | ||||||||
1,134 | China International Marine Containers Group | 1,174 | ||||||
INDUSTRIAL SUPPORT SERVICES - 0.2% | ||||||||
13,200 | Sumitomo Corporation | 283,170 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.5% | ||||||||
3,396 | Deutsche Boerse A.G. | 650,753 | ||||||
14,800 | Haitong Securities Company Ltd. | 10,355 | ||||||
329,400 | Nomura Holdings, Inc. | 1,362,681 | ||||||
2,023,789 | ||||||||
INSURANCE - 7.1% | ||||||||
231,585 | China Life Insurance Company Ltd., H Shares | 406,574 | ||||||
6,500 | Dai-ichi Life Holdings, Inc. | 132,802 | ||||||
7,097 | Hyundai Marine & Fire Insurance Company Ltd. | 159,027 | ||||||
74,000 | Japan Post Holdings Company Ltd. | 540,376 | ||||||
28,900 | MS&AD Insurance Group Holdings, Inc. | 1,074,857 | ||||||
4,367 | Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | 1,644,128 | ||||||
23,705 | NN Group N.V. | 908,834 | ||||||
1,375,300 | People’s Insurance Company Group of China Ltd. | 1,217,162 | ||||||
2,312,000 | People’s Insurance Company Group of China Ltd., H Shares | 890,096 | ||||||
3,712 | Samsung Fire & Marine Insurance Company Ltd. | 708,142 | ||||||
28,200 | Sompo Holdings, Inc. | 1,246,708 | ||||||
5,130 | Swiss Re A.G. | 535,224 | ||||||
9,463,930 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
LEISURE FACILITIES & SERVICES - 0.5% | ||||||||
8,985 | Restaurant Brands International, Inc. | $ | 687,892 | |||||
MACHINERY - 1.8% | ||||||||
4,000 | Keyence Corporation | 1,794,918 | ||||||
29,300 | Yokogawa Electric Corporation | 550,207 | ||||||
2,345,125 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.0% | ||||||||
934 | Alcon, Inc. | 79,470 | ||||||
2,390 | Alcon, Inc. | 202,959 | ||||||
4,800 | Hoya Corporation | 558,990 | ||||||
7,600 | Shimadzu Corporation | 230,812 | ||||||
13,130 | Smith & Nephew plc | 199,762 | ||||||
1,271,993 | ||||||||
METALS & MINING - 1.8% | ||||||||
67,500 | China Shenhua Energy Company Ltd. | 268,561 | ||||||
17,000 | China Shenhua Energy Company Ltd., H Shares | 50,956 | ||||||
3,785 | MMC Norilsk Nickel PJSC(a)(b) | — | ||||||
1,994 | Rio Tinto plc | 131,809 | ||||||
17,172 | Rio Tinto plc - ADR(c) | 1,142,796 | ||||||
362,000 | Shanxi Coal International Energy Group Company | 739,911 | ||||||
2,334,033 | ||||||||
OIL & GAS PRODUCERS - 16.0% | ||||||||
73,743 | BP plc - ADR | 2,750,614 | ||||||
105,666 | BP PLC | 655,651 | ||||||
991,900 | China Petroleum & Chemical Corporation | 862,023 | ||||||
1,214,000 | China Petroleum & Chemical Corporation, H Shares | 679,885 | ||||||
17,700 | ENEOS Holdings, Inc. | 64,216 | ||||||
25,103 | Eni SpA - ADR(c) | 769,407 | ||||||
13,665 | Eni SpA | 208,646 | ||||||
2,334 | Equinor ASA - ADR(c) | 71,607 | ||||||
6,389 | Equinor ASA | 195,436 | ||||||
87,530 | Gazprom PJSC - ADR(a)(b) | — | ||||||
247,390 | Gazprom PJSC(a)(b) | — | ||||||
57,600 | Idemitsu Kosan Company Ltd. | 1,216,296 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
OIL & GAS PRODUCERS - 16.0% (Continued) | ||||||||
37,200 | Inpex Corporation | $ | 480,321 | |||||
486,725 | KOC Holding A/S | 2,439,418 | ||||||
24,250 | LUKOIL PJSC(a)(b) | — | ||||||
22,511 | Motor Oil Hellas Corinth Refineries S.A. | 568,972 | ||||||
9,000 | OMV A.G. | 405,533 | ||||||
2,062,700 | PetroChina Company Ltd. | 2,291,381 | ||||||
1,184,100 | PetroChina Company Ltd., H Shares | 868,227 | ||||||
126,800 | Petroleo Brasileiro S.A. | 933,449 | ||||||
3,417 | Petroleo Brasileiro S.A.- A - ADR | 45,104 | ||||||
21,279 | Petroleo Brasileiro S.A. - ADR | 312,376 | ||||||
60,434 | Polski Koncern Naftowy ORLEN S.A. | 1,077,486 | ||||||
11,600 | PTT Exploration & Production PCL | 54,175 | ||||||
9,462 | Repsol S.A. | 144,477 | ||||||
117,940 | Rosneft Oil Company PJSC(a)(b) | — | ||||||
31,418 | Shell plc - ADR | 1,936,291 | ||||||
76,652 | Shell plc | 2,358,154 | ||||||
6,830 | Tatneft PJSC(a)(b) | — | ||||||
21,389,145 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.6% | ||||||||
1,256,700 | CNOOC Energy Technology & Services Ltd. | 547,235 | ||||||
606,300 | Sinopec Oilfield Service Corporation-A(b) | 184,260 | ||||||
1,708,000 | Sinopec Oilfield Service Corporation-H(b) | 129,356 | ||||||
860,851 | ||||||||
PUBLISHING & BROADCASTING - 0.1% | ||||||||
68,800 | Jiangsu Phoenix Publishing & Media Corp Ltd. | 100,906 | ||||||
RETAIL - CONSUMER STAPLES - 1.3% | ||||||||
7,372 | Dollarama, Inc. | 485,630 | ||||||
70,700 | Shanghai Bailian Group Company Ltd. | 48,500 | ||||||
47,593 | Woolworths Group Ltd. | 1,235,819 | ||||||
1,769,949 | ||||||||
RETAIL - DISCRETIONARY - 0.4% | ||||||||
3,842 | Hennes & Mauritz A.B., Class B | 64,620 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
RETAIL - DISCRETIONARY - 0.4% (Continued) | ||||||||
3,800 | Nitori Holdings Company Ltd. | $ | 465,307 | |||||
529,927 | ||||||||
SEMICONDUCTORS - 7.9% | ||||||||
17,000 | ASE Technology Holding Company Ltd. | 62,080 | ||||||
5,153 | ASML Holding N.V. | 3,691,357 | ||||||
1,312 | ASML Holding N.V. - ADR | 939,930 | ||||||
3,100 | Lasertec Corporation | 469,271 | ||||||
33,000 | MediaTek, Inc. | 724,514 | ||||||
281,400 | MLS Company Ltd. | 366,537 | ||||||
63,000 | Novatek Microelectronics Corporation | 850,049 | ||||||
55,000 | Taiwan Semiconductor Manufacturing Company Ltd. | 990,914 | ||||||
10,483 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1,039,389 | ||||||
10,000 | Tokyo Electron Ltd. | 1,500,828 | ||||||
10,634,869 | ||||||||
SOFTWARE - 1.4% | ||||||||
108 | Constellation Software, Inc. | 228,191 | ||||||
1,442 | Open Text Corporation | 61,934 | ||||||
6,857 | SAP S.E. | 935,482 | ||||||
8,869 | Shopify, Inc., Class A(b) | 599,367 | ||||||
1,824,974 | ||||||||
SPECIALTY FINANCE - 1.1% | ||||||||
49,600 | ORIX Corporation | 954,106 | ||||||
20,481 | Samsung Card Company Ltd. | 456,818 | ||||||
1,410,924 | ||||||||
STEEL - 0.5% | ||||||||
17,800 | Mitsui & Company Ltd. | 694,716 | ||||||
TECHNOLOGY HARDWARE - 4.2% | ||||||||
70,300 | Anker Innovations Technology Company Ltd. | 799,837 | ||||||
10,100 | Brother Industries Ltd. | 157,434 | ||||||
74,000 | BYD Electronic International Company Ltd. | 285,682 | ||||||
12,000 | Canon, Inc. | 310,136 | ||||||
103,000 | Chicony Electronics Company Ltd. | 342,341 | ||||||
5,400 | FUJIFILM Holdings Corporation | 313,546 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
TECHNOLOGY HARDWARE - 4.2% (Continued) | ||||||||
296,425 | Hisense Visual Technology Company Ltd. | $ | 897,748 | |||||
28,000 | Inventec Corporation | 56,828 | ||||||
2,200 | Kyocera Corporation | 118,383 | ||||||
84,000 | Lenovo Group Ltd. | 96,700 | ||||||
538 | LG Electronics, Inc. | 45,705 | ||||||
5,466 | Logitech International S.A. | 379,231 | ||||||
27,000 | Micro-Star International Company Ltd. | 167,089 | ||||||
25,050 | Samsung Electronics Company Ltd. | 1,368,859 | ||||||
5,292 | Shenzhen Transsion Holdings Company Ltd. | 90,947 | ||||||
35,200 | ZTE Corporation, H Shares | 128,826 | ||||||
5,559,292 | ||||||||
TECHNOLOGY SERVICES - 2.7% | ||||||||
11,851 | Experian plc | 458,024 | ||||||
7,000 | Fujitsu Ltd. | 906,403 | ||||||
2,800 | Nomura Research Institute Ltd. | 79,560 | ||||||
27,000 | NTT Data Corporation | 375,592 | ||||||
13,825 | RELX plc - ADR | 465,350 | ||||||
1,870 | Thomson Reuters Corporation(c) | 252,927 | ||||||
7,689 | Wolters Kluwer N.V. | 965,666 | ||||||
3,503,522 | ||||||||
TELECOMMUNICATIONS - 4.2% | ||||||||
2,583,200 | China United Network Communications Ltd. | 1,869,569 | ||||||
137,923 | Deutsche Telekom A.G. | 3,007,237 | ||||||
154,974 | Telefonica S.A. | 660,384 | ||||||
7,402 | Telenor ASA | 79,240 | ||||||
5,616,430 | ||||||||
TRANSPORTATION & LOGISTICS - 4.9% | ||||||||
211 | AP Moller - Maersk A/S - Series A | 424,260 | ||||||
467,960 | COSCO SHIPPING Holdings Company Ltd., Class A | 663,723 | ||||||
2,888 | Deutsche Post A.G. | 148,527 | ||||||
5,900 | Japan Airlines Company Ltd. | 127,735 | ||||||
20,000 | Mitsui OSK Lines Ltd. | 517,022 | ||||||
8,500 | Nippon Express Holdings Company Ltd. | 498,351 | ||||||
21,300 | Nippon Yusen KK | 518,133 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 93.5% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 4.9% (Continued) | ||||||||
342,900 | TangShan Port Group Company Ltd. | $ | 178,542 | |||||
391,593 | Turk Hava Yollari AO(b) | 3,404,851 | ||||||
6,481,144 | ||||||||
TRANSPORTATION EQUIPMENT - 0.1% | ||||||||
2,442 | Daimler Truck Holding A.G. | 91,660 | ||||||
39,196 | Sinotruk Jinan Truck Company Ltd. | 98,084 | ||||||
189,744 | ||||||||
WHOLESALE - CONSUMER STAPLES - 1.1% | ||||||||
38,800 | Marubeni Corporation | 686,935 | ||||||
13,900 | Mitsubishi Corporation | 711,194 | ||||||
1,398,129 | ||||||||
WHOLESALE - DISCRETIONARY - 1.0% | ||||||||
21,700 | Toyota Tsusho Corporation | 1,269,526 | ||||||
TOTAL COMMON STOCKS (Cost $115,382,747) | 124,200,874 | |||||||
EXCHANGE-TRADED FUNDS — 1.0% | ||||||||
EQUITY - 1.0% | ||||||||
13,599 | Global X MSCI Argentina ETF | 636,841 | ||||||
8,883 | iShares MSCI EAFE ETF(c) | 661,428 | ||||||
1,298,269 | ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $960,257) | 1,298,269 | |||||||
PREFERRED STOCKS — 4.3% | ||||||||
AUTOMOTIVE — 1.4% | ||||||||
5,604 | Hyundai Motor Company | 456,001 | ||||||
11,130 | Volkswagen A.G. | 1,474,623 | ||||||
1,930,624 |
DUNHAM INTERNATIONAL STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.2% | ||||||||
110,420 | Mirae Asset Securities Company Ltd. | $ | 306,857 | |||||
INSURANCE — 0.4% | ||||||||
3,206 | Samsung Fire & Marine Insurance Company Ltd. | 434,683 | ||||||
OIL & GAS PRODUCERS — 1.6% | ||||||||
334,600 | Petroleo Brasileiro S.A. | 2,202,079 | ||||||
TECHNOLOGY HARDWARE — 0.7% | ||||||||
19,632 | Samsung Electronics Company Ltd. | 882,503 | ||||||
TOTAL PREFERRED STOCKS (Cost $6,013,295) | 5,756,746 | |||||||
SHORT-TERM INVESTMENTS — 2.5% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 2.2% | ||||||||
2,938,671 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (Cost $2,938,671)(e)(f) | 2,938,671 | ||||||
MONEY MARKET FUNDS - 0.3% | ||||||||
326,599 | Fidelity Government Portfolio, CLASS I, 5.03% (Cost $326,599)(e) | 326,599 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,265,270) | 3,265,270 | |||||||
TOTAL INVESTMENTS - 101.3% (Cost $125,621,569) | $ | 134,521,159 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)% | (1,677,022 | ) | ||||||
NET ASSETS - 100.0% | $ | 132,844,137 | ||||||
ADR | - American Depositary Receipt |
A/S | - Anonim Sirketi |
EAFE | - Europe, Australasia and Far East |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
NV | - Naamioze Vennootschap |
PJSC | - Public Joint-Stock Company |
PLC | - Public Limited Company |
S/A | - Société Anonyme |
(a) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities are $0. |
(b) | Non-income producing security. |
(c) | All or a portion of these securities are on loan. Total loaned securities had a value of $2,887,837 at July 31, 2023. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(f) | The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM DYNAMIC MACRO FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||||||
EXCHANGE-TRADED FUNDS — 42.1% | ||||||||||||
COMMODITY - 0.1% | ||||||||||||
1,267 | iShares GSCI Commodity Dynamic | $ | 36,021 | |||||||||
EQUITY - 42.0% | ||||||||||||
81,300 | Franklin FTSE Japan ETF | 2,257,701 | ||||||||||
107,700 | Franklin FTSE United Kingdom ETF | 2,716,194 | ||||||||||
29,800 | Invesco Nasdaq 100 ETF | 4,706,314 | ||||||||||
55,100 | SPDR EURO STOXX 50 ETF | 2,591,353 | ||||||||||
12,843 | SPDR S&P 500 ETF Trust | 5,879,397 | ||||||||||
18,150,959 | ||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $14,037,672) | 18,186,980 | |||||||||||
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | ||||||||||
NON U.S. GOVERNMENT & AGENCIES — 4.4% | ||||||||||||
SUPRANATIONAL — 4.4% | ||||||||||||
1,000,000 | Inter-American Development Bank | 2.6250 | 01/16/24 | 986,529 | ||||||||
1,000,000 | International Bank for Reconstruction & Development | 0.3750 | 07/28/25 | 914,414 | ||||||||
1,900,943 | ||||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,915,054) | 1,900,943 | |||||||||||
U.S. GOVERNMENT & AGENCIES — 29.3% | ||||||||||||
U.S. TREASURY NOTES — 29.3% | ||||||||||||
1,200,000 | United States Treasury Note | 0.1250 | 09/15/23 | 1,192,507 | ||||||||
1,000,000 | United States Treasury Note | 0.3750 | 10/31/23 | 987,786 | ||||||||
1,500,000 | United States Treasury Note | 2.5000 | 05/15/24 | 1,466,306 | ||||||||
1,500,000 | United States Treasury Note | 0.3750 | 07/15/24 | 1,431,219 | ||||||||
1,000,000 | United States Treasury Note | 1.5000 | 09/30/24 | 957,344 | ||||||||
5,000,000 | United States Treasury Note | 1.0000 | 12/15/24 | 4,722,363 | ||||||||
2,000,000 | United States Treasury Note | 1.1250 | 02/28/25 | 1,879,883 | ||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,683,624) | 12,637,408 |
DUNHAM DYNAMIC MACRO FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Discount Rate | ||||||||||||
Shares | (%) | Maturity | Fair Value | |||||||||
SHORT-TERM INVESTMENTS — 20.7% | ||||||||||||
MONEY MARKET FUNDS - 10.6% | ||||||||||||
4,587,542 | Morgan Stanley Institutional Liquidity Fund, Institutional Class, 5.07% (Cost $4,587,542)(b) | $ | 4,587,542 | |||||||||
Principal | ||||||||||||
Amount ($) | ||||||||||||
U.S. TREASURY BILLS — 10.1% | ||||||||||||
4,500,000 | United States Treasury Bill (Cost $4,373,285)(a) | 5.1053 | 02/22/24 | 4,368,537 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,960,827) | 8,956,079 | |||||||||||
TOTAL INVESTMENTS - 96.5% (Cost $37,597,177) | $ | 41,681,410 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5% | 1,503,507 | |||||||||||
NET ASSETS - 100.0% | $ | 43,184,917 |
OPEN FUTURES CONTRACTS
Number of | Value and Unrealized | |||||||||||||
Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Appreciation | ||||||||||
5 | CME E-Mini NASDAQ 100 Index Future | 09/15/2023 | $ | 1,585,750 | $ | 111,950 | ||||||||
2 | CME E-Mini Standard & Poor’s 500 Index Futures | 09/15/2023 | 461,450 | 26,570 | ||||||||||
77 | Eurex EURO STOXX 50 Future | 09/15/2023 | 3,806,818 | 125,296 | ||||||||||
36 | FTSE 100 Index Future | 09/15/2023 | 3,552,641 | 45,391 | ||||||||||
63 | TSE TOPIX (Tokyo Price Index) Future | 09/07/2023 | 10,304,493 | 548,828 | ||||||||||
TOTAL FUTURES CONTRACTS | $ | 858,035 | ||||||||||||
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of | Value and Unrealized | |||||||||||||
Contracts | Open Short Futures Contracts | Expiration | Notional Amount(c) | Appreciation (Depreciation) | ||||||||||
51 | CBOT 10 Year US Treasury Note | 09/20/2023 | $ | 5,681,719 | $ | 79,080 | ||||||||
7 | Eurex 10 Year Euro BUND Future | 09/07/2023 | 1,023,752 | (1,812 | ) | |||||||||
3 | Euro-BTP Italian Bond Futures | 09/07/2023 | 382,670 | (2,066 | ) | |||||||||
17 | French Government Bond Futures | 09/07/2023 | 2,384,187 | 13,486 | ||||||||||
15 | Long Gilt Future | 09/27/2023 | 1,850,671 | (19,950 | ) | |||||||||
TOTAL FUTURES CONTRACTS | $ | 68,738 |
DUNHAM DYNAMIC MACRO FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Unrealized | ||||||||||||||||
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation | |||||||||||
To Sell: | ||||||||||||||||
British Pound | 09/21/2023 | US Bank | 1,940,000 | $ | 2,490,436 | $ | 49,301 | |||||||||
Euro | 09/21/2023 | US Bank | 2,200,000 | 2,425,313 | 53,746 | |||||||||||
Japanese Yen | 09/21/2023 | US Bank | 290,000,000 | 2,054,968 | 54,528 | |||||||||||
$ | 6,970,717 | $ | 157,575 | |||||||||||||
Total | $ | 157,575 |
ETF | - Exchange-Traded Fund |
SPDR | - Standard & Poor’s Depositary Receipt |
(a) | Zero coupon bond. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(c) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||||||||
COMMON STOCKS — 0.0%(a) | ||||||||||||||
TELECOMMUNICATIONS - 0.0%(a) | ||||||||||||||
10,000 | NII Holdings, Inc. 144A(b),(c) | $ | 5,700 | |||||||||||
TOTAL COMMON STOCKS (Cost $57,730) | 5,700 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 54.5% | ||||||||||||||
ASSET MANAGEMENT — 2.3% | ||||||||||||||
3,440,000 | CI Financial Corporation | 4.1000 | 06/15/51 | 2,105,527 | ||||||||||
2,780,000 | PennantPark Investment Corporation | 4.0000 | 11/01/26 | 2,437,262 | ||||||||||
4,542,789 | ||||||||||||||
AUTOMOTIVE — 1.9% | ||||||||||||||
1,885,000 | Ford Motor Credit Company, LLC(d) | 3.3700 | 11/17/23 | 1,867,783 | ||||||||||
2,065,000 | Hyundai Capital America(c) | 1.0000 | 09/17/24 | 1,952,540 | ||||||||||
3,820,323 | ||||||||||||||
BANKING — 19.6% | ||||||||||||||
2,510,000 | Bank of America Corporation(e) | SOFRRATE + 0.670% | 1.8430 | 02/04/25 | 2,458,885 | |||||||||
7,265,000 | BPCE S.A.(c),(e) | SOFRRATE + 2.100% | 5.9750 | 01/18/27 | 7,239,637 | |||||||||
1,210,000 | Danske Bank A/S(c),(e) | H15T1Y + 2.100% | 6.4660 | 01/09/26 | 1,214,697 | |||||||||
3,545,000 | HSBC Holdings plc(f) | SOFRRATE + 1.430% | 6.5030 | 03/10/26 | 3,568,221 | |||||||||
2,005,000 | JPMorgan Chase & Company(f) | ICE LIBOR USD 3 Month + 0.550% | 5.8490 | 02/01/27 | 1,871,296 | |||||||||
3,260,000 | KeyCorp Capital II | 6.8750 | 03/17/29 | 2,979,360 | ||||||||||
1,080,000 | Lloyds Banking Group plc(e) | H15T1Y + 3.500% | 3.8700 | 07/09/25 | 1,056,839 | |||||||||
950,000 | Mitsubishi UFJ Financial Group, Inc.(e) | H15T1Y + 1.080% | 5.7190 | 02/20/26 | 947,276 | |||||||||
3,550,000 | NatWest Group plc(e) | H15T1Y + 2.850% | 7.4720 | 11/10/26 | 3,662,421 | |||||||||
4,110,000 | Societe Generale S.A.(c) | 7.3670 | 01/10/53 | 4,107,486 | ||||||||||
4,735,000 | Synchrony Bank | 5.4000 | 08/22/25 | 4,558,719 | ||||||||||
5,145,000 | Wells Fargo & Company(f) | US0003M + 0.500% | 6.0700 | 01/15/27 | 4,911,032 | |||||||||
795,000 | Wells Fargo & Company | 5.9500 | 12/01/86 | 787,467 | ||||||||||
39,363,336 | ||||||||||||||
CHEMICALS — 2.5% | ||||||||||||||
4,970,000 | Celanese US Holdings, LLC | 5.9000 | 07/05/24 | 4,962,310 |
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 54.5% (Continued) | ||||||||||||||
CONSUMER SERVICES — 2.2% | ||||||||||||||
2,300,000 | Grand Canyon University | 4.1250 | 10/01/24 | $ | 2,176,950 | |||||||||
2,300,000 | Grand Canyon University | 5.1250 | 10/01/28 | 2,126,741 | ||||||||||
4,303,691 | ||||||||||||||
ELECTRIC UTILITIES — 6.8% | ||||||||||||||
3,310,000 | American Electric Power Company, Inc. | 2.0310 | 03/15/24 | 3,231,290 | ||||||||||
3,465,000 | American Electric Power Company, Inc. | 5.6990 | 08/15/25 | 3,457,163 | ||||||||||
2,785,000 | Pacific Gas and Electric Company | 1.7000 | 11/15/23 | 2,750,380 | ||||||||||
4,397,000 | Vistra Operations Company, LLC(c) | 4.8750 | 05/13/24 | 4,335,720 | ||||||||||
13,774,553 | ||||||||||||||
FOOD — 2.7% | ||||||||||||||
5,470,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA(c),(d) | 6.5000 | 12/01/52 | 5,361,230 | ||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 4.1% | ||||||||||||||
3,515,000 | Credit Suisse Group A.G.(c),(e) | SOFRRATE + 3.340% | 6.3730 | 07/15/26 | 3,519,983 | |||||||||
4,185,000 | Credit Suisse Group A.G.(c),(e) | USSW5 + 4.598% | 7.5000 | 06/11/70 | 251,100 | |||||||||
2,485,000 | Goldman Sachs Capital I | 6.3450 | 02/15/34 | 2,499,417 | ||||||||||
2,050,000 | Goldman Sachs Group, Inc. (The)(f) | SOFRRATE + 0.490% | 5.6300 | 10/21/24 | 2,046,275 | |||||||||
8,316,775 | ||||||||||||||
INSURANCE — 2.7% | ||||||||||||||
2,155,000 | Mutual of Omaha Insurance Company(c),(e) | ICE LIBOR USD 3 Month + 2.640% | 4.2970 | 07/15/54 | 2,098,171 | |||||||||
2,285,000 | Ohio National Financial Services, Inc.(c) | 5.8000 | 01/24/30 | 2,126,219 | ||||||||||
1,000,000 | Pacific Life Insurance Company(c) | 9.2500 | 06/15/39 | 1,286,778 | ||||||||||
5,511,168 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.8% | ||||||||||||||
1,600,000 | Mohegan Tribal Gaming Authority(c) | 13.2500 | 12/15/27 | 1,700,731 | ||||||||||
OIL & GAS PRODUCERS — 4.3% | ||||||||||||||
2,135,000 | Earthstone Energy Holdings, LLC(c),(d) | 8.0000 | 04/15/27 | 2,114,755 | ||||||||||
2,525,000 | Energean Israel Finance Ltd. | 5.8750 | 03/30/31 | 2,214,551 | ||||||||||
845,000 | Rockcliff Energy II, LLC(c) | 5.5000 | 10/15/29 | 774,618 | ||||||||||
2,230,000 | Saudi Arabian Oil Company(c) | 1.2500 | 11/24/23 | 2,196,847 |
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS — 54.5% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 4.3% (Continued) | ||||||||||||||
1,725,000 | Tullow Oil plc(c) | 10.2500 | 05/15/26 | $ | 1,404,495 | |||||||||
$ | 8,705,266 | |||||||||||||
SPECIALTY FINANCE — 3.1% | ||||||||||||||
5,150,000 | AerCap Ireland Capital DAC / AerCap Global | 1.1500 | 10/29/23 | 5,086,999 | ||||||||||
1,195,000 | Antares Holdings, L.P.(c) | 6.0000 | 08/15/23 | 1,194,040 | ||||||||||
6,281,039 | ||||||||||||||
TELECOMMUNICATIONS — 1.5% | ||||||||||||||
2,150,000 | Sprint Corporation | 7.1250 | 06/15/24 | 2,172,142 | ||||||||||
883,500 | Sprint Spectrum Company, LLC / Sprint Spectrum(c) | 5.1520 | 03/20/28 | 874,185 | ||||||||||
3,046,327 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $116,679,187) | 109,689,538 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
TERM LOANS — 0.9% | ||||||||||||||
FOOD — 0.9% | ||||||||||||||
1,965,125 | Del Monte Foods, Inc.(f) | SOFRRATE -– % | 9.4390 | 05/16/29 | 1,908,225 | |||||||||
TOTAL TERM LOANS (Cost $1,945,717) | 1,908,225 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
U.S. GOVERNMENT & AGENCIES — 41.4% | ||||||||||||||
U.S. TREASURY BILLS — 41.4% | ||||||||||||||
29,000,000 | United States Treasury Bill B(g) | — | 10/26/23 | 28,635,645 | ||||||||||
18,275,000 | United States Treasury Bill(g) | — | 11/16/23 | 17,988,693 | ||||||||||
20,690,000 | United States Treasury Bill(g) | — | 12/14/23 | 20,281,696 | ||||||||||
220,000 | United States Treasury Note | 4.0000 | 06/30/28 | 218,118 | ||||||||||
3,045,000 | United States Treasury Note | 4.1250 | 07/31/28 | 3,037,744 | ||||||||||
3,310,000 | United States Treasury Note | 4.0000 | 07/31/30 | 3,295,002 | ||||||||||
6,610,000 | United States Treasury Note | 3.3750 | 05/15/33 | 6,300,673 | ||||||||||
3,915,000 | United States Treasury Note | 3.6250 | 02/15/53 | 3,644,926 | ||||||||||
83,402,497 | ||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost$83,667,475) | 83,402,497 |
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 6.2% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 3.2% | ||||||||
6,449,530 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47%(h) | $ | 6,449,530 | |||||
MONEY MARKET FUND - 3.0% | ||||||||
6,010,983 | First American Government Obligations Fund Class X, 5.05% (h) | 6,010,983 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,460,513) | 12,460,513 | |||||||
TOTAL INVESTMENTS - 103.0% (Cost $214,810,622) | $ | 207,466,473 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)% | (6,018,613 | ) | ||||||
NET ASSETS - 100.0% | $ | 201,447,860 |
OPEN FUTURES CONTRACTS
Number of | Value and Unrealized | |||||||||||||
Contracts | Open Short Futures Contracts | Expiration | Notional Amount(i) | Appreciation | ||||||||||
72 | CBOT 10 Year US Treasury Note | 09/20/2023 | $ | 8,021,250 | $ | 204,076 | ||||||||
33 | CBOT 5 Year US Treasury Note | 09/29/2023 | 3,525,070 | 77,897 | ||||||||||
22 | CBOT US Treasure Bond Futures | 09/20/2023 | 2,737,625 | 58,952 | ||||||||||
96 | Ultra 10-Year US Treasury Note Futures | 09/20/2023 | 11,230,501 | 240,138 | ||||||||||
79 | Ultra U.S. Treasury Bond Futures | 09/20/2023 | 10,445,281 | 187,471 | ||||||||||
TOTAL FUTURES CONTRACTS | $ | 768,534 |
DUNHAM LONG/SHORT CREDIT FUND |
SCHEDULE OF FUTURES CONTRACTS |
July 31, 2023 (Unaudited) |
CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency | Payment Frequency | Counterparty | Fixed Deal (Pay)Rate | Implied Credit Spread | Maturity Date | Notional Value | Fair Value(l) | Amortized Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
CDX.NA.HY SERIES 40 | To Buy Monthly | HSBC Securities | 5.00% | (39.10) | 6/20/2028 | $ | 17,000,000 | (602,814 | ) | (49,934 | ) | (558,880 | ) | |||||||||||||
CDX.NA.IG SERIES 40 | To Buy Monthly | JP Morgan | 1.00% | 81.69 | 6/20/2028 | 41,000,000 | (660,208 | ) | (336,647 | ) | (323,561 | ) | ||||||||||||||
DARDEN RESTAURANTS INC | To Buy Monthly | Barclays | 1.00% | — | 6/20/2027 | 7,000,000 | (143,401 | ) | (18,113 | ) | (128,288 | ) | ||||||||||||||
DR HORTON INC | To Buy Monthly | US Bank | 1.00% | — | 12/20/2027 | 3,500,000 | (70,464 | ) | 59,590 | (130,054 | ) | |||||||||||||||
OMNICOM GROUP | To Buy Monthly | Barclays | 1.00% | — | 6/20/2028 | 5,000,000 | (111,723 | ) | (103,903 | ) | (7,820 | ) | ||||||||||||||
THE WALT DISNEY COMPANY | To Buy Monthly | Barclays | 1.00% | — | 6/20/2028 | 5,000,000 | 97,545 | 103,903 | (6,358 | ) | ||||||||||||||||
UNITED STATES STEEL CORP | To Buy Monthly | Barclays | 5.00% | — | 12/20/2027 | 2,800,000 | (165,407 | ) | (69,141 | ) | (96,266 | ) | ||||||||||||||
VERIZON COMMUNICATIONS INC (k) | To Buy Monthly | Barclays | 1.00% | — | 6/20/2027 | 7,000,000 | 27,730 | 3,260 | 24,470 | |||||||||||||||||
TOTAL | $ | (1,628,742 | ) | $ | (410,985 | ) | $ | 1,223,757 |
TOTAL RETURN SWAPS
Description | Frequency | Counterparty | Notional Value | Variable Rate Premium Paid | Premium Paid | Maturity Date | Unrealized Depreciation | |||||||||||||
Markit IBoxx US Dollar Liquid High Yield Index | At Maturity | Barclays | $ | 14,000,000 | 1D SOFRRATE | $ | 166,826 | 9/20/2023 | $ | (351,226 | ) |
A/S | - Anonim Sirketi |
LLC | - Limited Liability |
Company LP | - Limited Partnership |
LTD | - Limited Company |
PLC | - Public Limited Company |
S/A | - Société Anonyme |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
US0003M | ICE LIBOR USD 3 Month |
USSW5 | USD SWAP SEMI 30/360 5YR |
(a) | Percentage rounds to less than 0.1%. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 43,758,932 or 21.7% of net assets. (d) All or a portion of these securities are on loan. Total loaned securities had a value of $6,316,460 at July 31, 2023. |
(e) | Variable rate security; the rate shown represents the rate on July 31, 2023. |
(f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(g) | Zero coupon bond. |
(h) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(i) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
(j) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
(k) | If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. |
(l) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
CLOSED END FUNDS — 2.9% | ||||||||
EQUITY - 2.9% | ||||||||
2,468,782 | Altaba, Inc. (i) | $ | 5,678,199 | |||||
TOTAL CLOSED END FUNDS (Cost $22,837,384) | 5,678,199 | |||||||
Shares | Fair Value | |||||||
COMMON STOCKS — 80.8% | ||||||||
AEROSPACE & DEFENSE - 3.1% | ||||||||
43,432 | HEICO Corporation, Class A | 6,095,681 | ||||||
ASSET MANAGEMENT - 2.2% | ||||||||
658,933 | Canaccord Genuity Group, Inc. | 4,147,815 | ||||||
469,792 | Pershing Square Tontine Holdings Ltd.(a) | 46,979 | ||||||
4,194,794 | ||||||||
BIOTECH & PHARMA - 6.1% | ||||||||
66,706 | Horizon Therapeutics plc(a) | 6,688,612 | ||||||
25,348 | Seagen, Inc.(a),(b) | 4,861,239 | ||||||
11,549,851 | ||||||||
CABLE & SATELLITE - 8.1% | ||||||||
105,691 | Liberty Broadband Corporation - Series C(a) | 9,420,239 | ||||||
335,012 | Liberty Global plc, Class A(a) | 6,221,173 | ||||||
15,641,412 | ||||||||
CHEMICALS - 3.0% | ||||||||
160,320 | Univar Solutions, Inc.(a) | 5,793,964 | ||||||
ELECTRIC UTILITIES - 8.3% | ||||||||
969,430 | Origin Energy Ltd. | 5,514,858 | ||||||
237,084 | PNM Resources, Inc.(b) | 10,626,105 | ||||||
16,140,963 | ||||||||
ELECTRICAL EQUIPMENT - 5.1% | ||||||||
53,346 | National Instruments Corporation | 3,147,414 | ||||||
205,795 | Toshiba Corporation | 6,638,082 | ||||||
9,785,496 |
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 80.8% (Continued) | ||||||||
ENTERTAINMENT CONTENT - 7.9% | ||||||||
162,996 | Activision Blizzard, Inc. | $ | 15,119,509 | |||||
HEALTH CARE FACILITIES & SERVICES - 4.1% | ||||||||
43,519 | Amedisys, Inc.(a) | 3,953,266 | ||||||
91,956 | Syneos Health, Inc.(a) | 3,899,854 | ||||||
7,853,120 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 4.0% | ||||||||
92,627 | Triton International Ltd. | 7,809,382 | ||||||
INSURANCE - 1.7% | ||||||||
63,380 | American Equity Investment Life Holding Company | 3,401,605 | ||||||
LEISURE FACILITIES & SERVICES - 0.0%(c) | ||||||||
— | Atlanta Braves Holdings, Inc.(a) | — | ||||||
MACHINERY - 0.0%(c) | ||||||||
— | Xylem, Inc. | — | ||||||
MEDICAL EQUIPMENT & DEVICES - 2.3% | ||||||||
34,956 | ABIOMED, Inc. - CVR(a) | 61,173 | ||||||
74,000 | Globus Medical, Inc., Class A(a) | 4,459,980 | ||||||
4,521,153 | ||||||||
METALS & MINING - 1.0% | ||||||||
111,561 | Newcrest Mining Ltd. | 1,978,861 | ||||||
OIL & GAS PRODUCERS - 7.3% | ||||||||
84,102 | Columbia Pipeline Group, Inc.(a) | — | ||||||
66,635 | Denbury, Inc.(a) | 5,857,883 | ||||||
110,672 | PDC Energy, Inc.(b) | 8,398,898 | ||||||
14,256,781 | ||||||||
PUBLISHING & BROADCASTING - 3.5% | ||||||||
42,533 | Liberty Media Corp-Liberty Formula One - Series A(a) | 2,734,021 | ||||||
237,846 | TEGNA, Inc.(b)(g) | 4,019,598 | ||||||
6,753,619 |
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||||||||
COMMON STOCKS — 80.8% (Continued) | ||||||||||||||
RETAIL - CONSUMER STAPLES - 2.5% | ||||||||||||||
223,028 | Albertsons Companies, Inc., Class A | $ | 4,846,398 | |||||||||||
RETAIL - DISCRETIONARY - 0.2% | ||||||||||||||
71,634 | Sportsman’s Warehouse Holdings, Inc.(a),(b)(g) | 451,294 | ||||||||||||
SELF-STORAGE REIT - 0.0%(c) | ||||||||||||||
— | Extra Space Storage, Inc. | — | ||||||||||||
SEMICONDUCTORS - 3.9% | ||||||||||||||
200,525 | Tower Semiconductor Ltd.(a) | 7,569,819 | ||||||||||||
SOFTWARE - 5.0% | ||||||||||||||
99,364 | ForgeRock, Inc.(a),(b) (g) | 2,051,867 | ||||||||||||
49,165 | VMware, Inc., Class A(a) | 7,749,879 | ||||||||||||
9,801,746 | ||||||||||||||
TELECOMMUNICATIONS - 0.0%(c) | ||||||||||||||
205,893 | NII Holdings, Inc. 144A(a),(d), (i) | 72,063 | ||||||||||||
TRANSPORTATION & LOGISTICS - 1.5% | ||||||||||||||
1,025 | American Airlines Group, Inc.(a) | 17,169 | ||||||||||||
155,000 | Spirit Airlines, Inc. | 2,836,500 | ||||||||||||
2,853,669 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $157,134,020) | 156,491,180 | |||||||||||||
Shares | Expiration Date | Exercise Price | Fair Value | |||||||||||
RIGHT — 0.5% | ||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.5% | ||||||||||||||
532,221 | Resolute Forest Products, Inc. - CVR(i) | 12/20/2023 | $ | 20.50 | 1,064,442 | |||||||||
TOTAL RIGHT (Cost $798,332) | 1,064,442 |
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||||||||||||||
SHORT-TERM INVESTMENTS — 11.7% | ||||||||||||||||||||
COLLATERAL FOR SECURITIES LOANED - 1.3% | ||||||||||||||||||||
2,527,045 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47%(e)(h) | $ | 2,527,045 | |||||||||||||||||
MONEY MARKET FUND - 10.4% | ||||||||||||||||||||
20,217,478 | Fidelity Government Portfolio, CLASS I, 5.03% (e) | 20,217,478 | ||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $22,744,523) | 22,744,523 | |||||||||||||||||||
TOTAL INVESTMENTS - 95.9% (Cost $203,514,259) | $ | 185,978,344 | ||||||||||||||||||
SECURITIES SOLD SHORT – (26.7)% (Proceeds - $$47,711,703) | (51,971,109 | ) | ||||||||||||||||||
CALL OPTIONS WRITTEN - (0.2)% (Proceeds - $584,282) | (414,463 | ) | ||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 31.0% | 60,060,157 | |||||||||||||||||||
NET ASSETS - 100.0% | $ | 193,652,929 | ||||||||||||||||||
Contracts(f) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN EQUITY OPTIONS - (0.2)% | ||||||||||||||||||||
CALL OPTIONS WRITTEN- (0.2)% | ||||||||||||||||||||
395 | Globus Medical, Inc. | Morgan Stanley | 09/15/2023 | $ | 60 | $ | 2,380,665 | $ | 89,863 | |||||||||||
345 | Globus Medical, Inc. | Morgan Stanley | 09/15/2023 | 63 | 2,079,315 | 82,800 | ||||||||||||||
1,550 | Spirit Airlines, Inc. | Morgan Stanley | 09/15/2023 | 18 | 2,836,500 | 241,800 | ||||||||||||||
TOTAL CALL OPTIONS WRITTEN (Proceeds - $584,282) | 414,463 | |||||||||||||||||||
TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $584,282) | $ | 414,463 | ||||||||||||||||||
LLC | - Limited Liability Company |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Restricted security. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023 the total market value of 144A securities is 72,063 or 0.0% of net assets. |
(e) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(f) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
(g) | All or a portion of these securities are on loan. Total loaned securities had a value of $2,472,854 at July 31, 2023. |
(h) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
(i) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 3.54% of net assets. The total value of these securities is $6,814,704. |
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — (26.7)% | ||||||||
AEROSPACE & DEFENSE - (3.2)% | ||||||||
(35,017 | ) | HEICO Corporation | $ | (6,162,291 | ) | |||
ASSET MANAGEMENT - (0.5)% | ||||||||
(20,202 | ) | Brookfield Infrastructure Corporation, Class A | (943,837 | ) | ||||
CABLE & SATELLITE - (8.8)% | ||||||||
(25,902 | ) | Charter Communications, Inc., Class A | (10,495,232 | ) | ||||
(315,924 | ) | Liberty Global plc - Series C | (6,242,658 | ) | ||||
(16,737,890 | ) | |||||||
METALS & MINING - (1.3)% | ||||||||
(59,021 | ) | Newmont Corporation | (2,533,181 | ) | ||||
OIL & GAS PRODUCERS - (7.6)% | ||||||||
(51,331 | ) | Chevron Corporation | (8,400,832 | ) | ||||
(55,975 | ) | Exxon Mobil Corporation | (6,002,759 | ) | ||||
(14,403,591 | ) | |||||||
PUBLISHING & BROADCASTING - (1.4)% | ||||||||
(38,018 | ) | Liberty Media Corp-Liberty Formula One - Series C | (2,760,107 | ) | ||||
SEMICONDUCTORS - (2.9)% | ||||||||
(6,135 | ) | Broadcom, Inc. | (5,513,218 | ) | ||||
SOFTWARE - (1.0)% | ||||||||
(27,261 | ) | Black Knight, Inc. | (1,916,994 | ) | ||||
TOTAL SECURITIES SOLD SHORT - (Proceeds - $47,711,703) | $ | (51,971,109 | ) |
DUNHAM MONTHLY DISTRIBUTION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 (Unaudited) |
Unrealized | ||||||||||||||||
Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/ (Depreciation) | |||||||||||
To Buy: | ||||||||||||||||
Canadian Dollar | 08/14/2023 | US Bank | 132,509 | $ | 100,512 | $ | 2,077 | |||||||||
$ | 100,512 | $ | 2,077 | |||||||||||||
To Sell: | ||||||||||||||||
Australian Dollar | 08/08/2023 | US Bank | 3,735,536 | $ | 2,509,511 | $ | (8,863 | ) | ||||||||
Canadian Dollar | 08/08/2023 | US Bank | 1,030,439 | 781,554 | (15,862 | ) | ||||||||||
Canadian Dollar | 08/08/2023 | US Bank | 6,293,768 | 4,773,607 | (136,478 | ) | ||||||||||
Canadian Dollar | 08/14/2023 | US Bank | 132,509 | 100,512 | (2,105 | ) | ||||||||||
Japanese Yen | 09/07/2023 | US Bank | 950,772,900 | 6,723,838 | 158,270 | |||||||||||
$ | 14,889,022 | $ | (5,038 | ) | ||||||||||||
Total | $ | (2,961 | ) |
DUNHAM REAL ESTATE STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
ASSET MANAGEMENT - 2.8% | ||||||||
601,726 | FTAI Infrastructure, LLC(a) | $ | 2,136,127 | |||||
DATA CENTER REIT - 11.7% | ||||||||
27,818 | Digital Realty Trust, Inc.(a) | 3,466,679 | ||||||
6,676 | Equinix, Inc. | 5,407,026 | ||||||
8,873,705 | ||||||||
FOOD - 2.0% | ||||||||
358,685 | Cadiz, Inc.(a),(b) | 1,484,956 | ||||||
GAMING REIT - 3.0% | ||||||||
71,112 | VICI Properties, Inc. | 2,238,606 | ||||||
HEALTH CARE REIT - 1.0% | ||||||||
33,073 | Healthpeak Properties, Inc. | 721,984 | ||||||
INDUSTRIAL REIT - 14.7% | ||||||||
57,685 | Prologis, Inc. | 7,196,203 | ||||||
71,419 | Rexford Industrial Realty, Inc. | 3,934,473 | ||||||
11,130,676 | ||||||||
INFRASTRUCTURE REIT - 13.9% | ||||||||
32,331 | American Tower Corporation, A | 6,152,913 | ||||||
26,618 | Crown Castle, Inc. | 2,882,463 | ||||||
6,783 | SBA Communications Corporation, A | 1,485,138 | ||||||
10,520,514 | ||||||||
LEISURE FACILITIES & SERVICES - 12.7% | ||||||||
51,654 | Caesars Entertainment, Inc.(b) | 3,048,618 | ||||||
28,015 | Las Vegas Sands Corporation(a),(b) | 1,675,577 | ||||||
46,436 | MGM Resorts International | 2,357,556 | ||||||
23,201 | Wynn Resorts Ltd. | 2,528,445 | ||||||
9,610,196 | ||||||||
OFFICE REIT - 4.1% | ||||||||
24,555 | Alexandria Real Estate Equities, Inc.(a) | 3,086,072 |
DUNHAM REAL ESTATE STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.9% (Continued) | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 0.4% | ||||||||
1,388,886 | WeWork, Inc.(b) | $ | 300,694 | |||||
REAL ESTATE SERVICES - 2.1% | ||||||||
18,961 | CBRE Group, Inc., Class A(b) | 1,579,641 | ||||||
RESIDENTIAL REIT - 7.1% | ||||||||
33,316 | American Homes 4 Rent, Class A | 1,248,684 | ||||||
16,325 | Equity LifeStyle Properties, Inc.(a) | 1,162,014 | ||||||
39,327 | Invitation Homes, Inc.(a) | 1,396,109 | ||||||
12,871 | Sun Communities, Inc. | 1,677,091 | ||||||
5,483,898 | ||||||||
SELF-STORAGE REIT - 5.3% | ||||||||
8,104 | Extra Space Storage, Inc. | 1,131,075 | ||||||
5,203 | National Storage Affiliates Trust(a) | 175,809 | ||||||
9,779 | Public Storage | 2,755,233 | ||||||
4,062,117 | ||||||||
SELF-STORAGE REITS - 0.8% | ||||||||
13,855 | CubeSmart(a) | 600,753 | ||||||
SPECIALTY FINANCE - 4.0% | ||||||||
93,783 | FTAI Aviation Ltd. | 3,020,751 | ||||||
SPECIALTY REITS - 5.2% | ||||||||
52,856 | Americold Realty Trust, Inc. | 1,713,592 | ||||||
18,300 | Iron Mountain, Inc.(a) | 1,123,620 | ||||||
86,954 | NewLake Capital Partners, Inc. | 1,086,925 | ||||||
3,924,137 | ||||||||
TECHNOLOGY SERVICES - 2.7% | ||||||||
24,669 | CoStar Group, Inc.(b) | 2,071,456 |
DUNHAM REAL ESTATE STOCK FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.9% (Continued) | ||||||||
TELECOMMUNICATIONS - 5.4% | ||||||||
255,156 | DigitalBridge Group, Inc.(a) | $ | 4,087,599 | |||||
TOTAL COMMON STOCKS (Cost $66,204,389) | 74,933,882 | |||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 26.5% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 25.3% | ||||||||
19,151,012 | Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (c)(d) | 19,151,012 | ||||||
MONEY MARKET FUND - 1.2% | ||||||||
892,208 | Fidelity Government Portfolio, CLASS I, 5.03% (c) | 892,208 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $20,043,220) | 20,043,220 | |||||||
TOTAL INVESTMENTS - 125.4% (Cost $86,247,609) | $ | 94,977,102 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (25.4)% | (19,262,942 | ) | ||||||
NET ASSETS - 100.0% | $ | 75,714,160 | ||||||
LLC | - Limited Liability Company |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are on loan. Total loaned securities had a value of $18,549,353 at July 31, 2023. |
(c) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(d) | The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
DUNHAM U.S. ENHANCED MARKET FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2023 |
Principal | Coupon Rate | |||||||||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||||||||
U.S. GOVERNMENT & AGENCIES — 22.7% | ||||||||||||||||||||
U.S. TREASURY NOTES — 22.7% | ||||||||||||||||||||
20,000,000 | United States Treasury Note | 1.2500 | 09/30/28 | $ | 17,291,797 | |||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,954,322) | 17,291,797 | |||||||||||||||||||
Shares | ||||||||||||||||||||
SHORT-TERM INVESTMENTS — 41.3% | ||||||||||||||||||||
MONEY MARKET FUNDS - 9.6% | ||||||||||||||||||||
7,348,838 | Fidelity Government Portfolio, CLASS I, 5.03% (Cost $7,348,838)(b) | 7,348,838 | ||||||||||||||||||
Principal | Discount Rate | |||||||||||||||||||
Amount ($) | (%) | |||||||||||||||||||
U.S. TREASURY BILLS — 31.7% | ||||||||||||||||||||
24,500,000 | United States Treasury Bill (Cost $24,172,821)(a) | 5.2303 | 11/02/23 | 24,165,405 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $31,521,659) | 31,514,243 | |||||||||||||||||||
Contracts(c) | Broker/ Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
FLEX OPTIONS PURCHASED - 35.6% | ||||||||||||||||||||
CALL OPTIONS PURCHASED - 35.6% | ||||||||||||||||||||
200 | S&P 500 INDEX SPXW US | SOC | 05/16/2028 | $ | 4,150 | $ | 83,000,000 | $ | 27,101,050 | |||||||||||
TOTAL CALL OPTIONS PURCHASED (Cost - $18,580,256) | ||||||||||||||||||||
TOTAL FLEX OPTIONS PURCHASED (Cost - $18,580,256) | 27,101,050 | |||||||||||||||||||
TOTAL INVESTMENTS - 99.6% (Cost $68,056,237) | $ | 75,907,090 | ||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4% | 313,345 | |||||||||||||||||||
NET ASSETS - 100.0% | $ | 76,220,435 | ||||||||||||||||||
OPEN FUTURES CONTRACTS | ||||||||||||||||||||
Value and Unrealized | ||||||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(d) | Appreciation (Depreciation) | ||||||||||||||||
35 | CBOT 10 Year US Treasury Note | 09/20/2023 | $ | 3,899,219 | $ | (93,932 | ) | |||||||||||||
41 | CBOT 2 Year US Treasury Note Future | 09/29/2023 | 8,324,281 | (114,964 | ) | |||||||||||||||
248 | CBOT 5 Year US Treasury Note | 09/29/2023 | 26,491,437 | (549,095 | ) | |||||||||||||||
23 | CBOT US Treasure Bond Futures | 09/20/2023 | 2,862,063 | (65,312 | ) | |||||||||||||||
58 | CME E-Mini Standard & Poor’s 500 Index Futures | 09/15/2023 | 13,382,050 | 551,362 | ||||||||||||||||
TOTAL FUTURES CONTRACTS | $ | (271,941 | ) | |||||||||||||||||
(a) | Zero coupon bond. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
(c) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
(d) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |