Dunham Funds NPORT-P Dunham Small Cap Growth Fund (Jan 2020 report)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 64.0%
AEROSPACE / DEFENSE - 0.4%
Bombardier, Inc. - 144A		$	50,000	5.750		3/15/2022	$	49,964
Signature Aviation US Holdings, Inc. - 144A			105,000	4.000		3/1/2028		104,046
TransDigm, Inc. - 144A			90,000	5.500		11/15/2027		90,720
								244,730
AGRICULTURE - 0.2%
Bunge Ltd. Finance Corp.			110,000	4.350		3/15/2024		117,233
APPAREL - 0.1%
Under Armour, Inc. ^			75,000	3.250		6/15/2026		73,368
AUTO PARTS & EQUIPMENT - 0.8%
American Axle & Manufacturing, Inc.			80,000	6.500		4/1/2027		82,002
Dana, Inc.			105,000	5.375		11/15/2027		108,544
Lear Corp. ^			165,000	3.800		9/15/2027		172,173
Tenneco, Inc.			65,000	5.000		7/15/2026		60,127
								422,846
AUTOMOBILE ABS - 5.6%
American Credit Acceptance Receivables Trust 2017-2 - 144A			16,919	2.860		6/12/2023		16,932
American Credit Acceptance Receivables Trust 2018-3 - 144A			165,000	3.750		10/15/2024		166,292
American Credit Acceptance Receivables Trust 2019-2 - 144A			125,000	3.170		6/12/2025		127,082
Americredit Automobile Receivables Trust 2018-1			135,000	3.820		3/18/2024		140,741
Avid Automobile Receivables Trust 2018-1 - 144A			49,521	2.840		8/15/2023		49,607
Avis Budget Rental Car Funding AESOP LLC - 144A			150,000	3.070		9/20/2023		154,320
Capital Auto Receivables Asset Trust 2017-1 - 144A			160,000	2.700		9/20/2022		161,918
Carmax Auto Owner Trust 2019-1			140,000	3.740		1/15/2025		147,566
Carvana Auto Receivables Trust 2019-1 - 144A			145,000	3.880		10/15/2024		150,420
Carvana Auto Receivables Trust 2019-3 - 144A			185,000	2.710		10/15/2024		186,939
Centre Point Funding LLC - 144A			16,310	2.610		8/20/2020		16,286
CPS Auto Receivables Trust 2017-D - 144A			24,590	2.430		1/18/2022		24,601
Drive Auto Receivables Trust 2017-3			16,890	2.800		7/15/2022		16,895
Drive Auto Receivables Trust 2017-A - 144A			1,498	2.980		1/18/2022		1,498
Drive Auto Receivables Trust 2019-1			165,000	3.780		4/15/2025		168,326
Drive Auto Receivables Trust 2019-4			135,000	2.510		11/17/2025		136,440
DT Auto Owner Trust 2017-3 - 144A			23,985	3.010		5/15/2023		24,001
DT Auto Owner Trust 2019-1 - 144A			120,000	3.610		11/15/2024		122,678
First Investors Auto Owner Trust 2017-2 - 144A			135,000	2.650		11/15/2022		135,464
First Investors Auto Owner Trust 2019-1 - 144A			150,000	3.260		3/17/2025		153,841
Flagship Credit Auto Trust 2017-3 - 144A			160,000	2.910		9/15/2023		161,518
GLS Auto Receivables Issuer Trust 2020-1 - 144A			190,000	2.430		11/15/2024		189,997
Hertz Vehicle Financing II LP - 144A			135,000	2.670		9/25/2021		135,547
OneMain Direct Auto Receivables Trust 2017-2 - 144A			135,000	2.820		7/15/2024		135,498
OneMain Direct Auto Receivables Trust 2018-1 - 144A			125,000	3.850		10/14/2025		128,826
Santander Drive Auto Receivables Trust 2017-1			42,965	2.580		5/16/2022		43,000
Westlake Automobile Receivables Trust 2018-3 - 144A			150,000	3.610		10/16/2023		152,585
								3,048,818
BANKS - 5.1%
Bank of America Corp.			106,000	4.200		8/26/2024		115,378
Bank of Montreal	5 Year Swap Rate US + 1.432%		234,000	3.803	+	12/15/2032		249,775
BBVA Bancomer SA/Texas - 144A	5 Year Treasury Note + 2.650%		200,000	5.125	+	1/18/2033		213,505
Citigroup, Inc.			160,000	4.050		7/30/2022		168,193
Citigroup, Inc.			222,000	3.200		10/21/2026		235,251
Goldman Sachs Group, Inc.			230,000	4.250		10/21/2025		254,288
JPMorgan Chase & Co.			47,000	4.600		8/1/2168		47,961
M&T Bank Corp.	3 Month LIBOR + 3.520%		109,000	5.125	+	12/29/2049		119,174
Morgan Stanley			120,000	6.375		7/24/2042		183,069
PNC Financial Services Group, Inc.	3 Month LIBOR + 3.300%		170,000	5.000	+	12/29/2049		183,635
Santander Holdings USA, Inc.			65,000	4.400		7/13/2027		71,216
Santander Holdings USA, Inc.			133,000	3.700		3/28/2022		137,360
Santander Holdings USA, Inc.			105,000	3.500		6/7/2024		109,616
Synovus Financial Corp.	5 Year Swap Rate US + 3.379%		70,000	5.900	+	2/7/2029		75,248
Toronto-Dominion Bank ^	5 Year Swap Rate US + 2.205%		195,000	3.625	+	9/15/2031		209,615

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 64.0% (Continued)
BANKS - 5.1% (Continued)
UBS AG/Stamford CT		$	250,000	7.625		8/17/2022	$	282,378
Wells Fargo & Co.	3 Month LIBOR + 3.110%		115,000	5.900	+	Perpetual		125,095
								2,780,757
BEVERAGES - 0.6%
Anheuser-Busch InBev Worldwide, Inc.			50,000	4.000		4/13/2028		56,064
Anheuser-Busch InBev Worldwide, Inc.			40,000	4.750		1/23/2029		47,365
Bacardi Ltd. - 144A			200,000	4.700		5/15/2028		226,323
								329,752
BUILDING MATERIALS - 0.4%
Owens Corning			165,000	3.400		8/15/2026		172,736
Owens Corning			25,000	3.950		8/15/2029		27,162
								199,898
CHEMICALS - 0.9%
Celanese US Holdings LLC			130,000	3.500		5/8/2024		135,942
Olin Corp.			120,000	5.625		8/1/2029		126,822
SABIC Capital II BV - 144A			200,000	4.500		10/10/2028		225,216
								487,980
COAL - 0.1%
Alliance Resource Operating Partners LP - 144A			70,000	7.500		5/1/2025		60,725
COMMERCIAL MBS - 5.5%
Aventura Mall Trust 2013-AVM - 144A			155,000	3.867	++	12/5/2032		155,961
Aventura Mall Trust 2013-AVM - 144A			100,000	3.867	++	12/5/2032		100,620
BAMLL Commercial Mortgage Securities Trust 2015-200P - 144A			105,000	3.218		4/14/2033		112,037
BX Trust 2019-OC11 - 144A			130,000	4.075		12/9/2041		139,237
BXMT 2020-FL2 Ltd. - 144A	1 Month LIBOR + 0.900%		135,000	2.560	+	2/16/2037		135,000
CHC Commercial Mortgage Trust 2019 - CHC - 144A	1 Month LIBOR + 1.120%		235,000	2.796	+	6/15/2034		235,475
Citigroup Commercial Mortgage Trust 2013-375P - 144A			135,000	3.635	++	5/10/2035		140,194
Citigroup Commercial Mortgage Trust 2015-GC27			130,000	2.878		2/10/2048		135,702
Citigroup Commercial Mortgage Trust 2019-SST2 - 144A	1 Month LIBOR + 0.920%		145,000	2.596	+	12/15/2036		145,053
Credit Suisse Mortgage Capital Certificates 2019-ICE4 - 144A	1 Month LIBOR + 0.980%		205,000	2.656	+	5/15/2036		205,448
GS Mortgage Securities Corp. Trust 2012-ALOHA - 144A			252,000	3.551		4/10/2022		259,724
GS Mortgage Securities Trust 2020-GC45			135,000	3.173		2/13/2053		143,053
Hilton USA Trust 2016-SFP - 144A			185,000	3.323		11/5/2035		185,580
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 - 144A			74,581	4.388		5/15/2021		76,166
JPMBB Commercial Mortgage Securities Trust 2015-C28			155,000	3.986		10/15/2048		164,974
JPMBB Commercial Mortgage Securities Trust 2015-C31			125,000	4.106		8/15/2048		136,383
Morgan Stanley Capital I Trust 2017-CLS - 144A	1 Month LIBOR + 0.700%		85,000	2.376	+	11/15/2034		85,001
One Market Plaza Trust 2017-1MKT - 144A			105,000	3.614		2/10/2024		109,170
Sutherland Commercial Mortgage Loans 2018-SBC7 - 144A			57,172	4.720	++	5/25/2039		58,024
Wells Fargo Commercial Mortgage Trust 2015-LC20			125,000	3.184		4/15/2050		132,658
WFRBS Commercial Mortgage Trust 2014-C24			125,000	3.931		11/15/2047		133,834
								2,989,294
COMMERCIAL SERVICES - 0.4%
ASGN, Inc. - 144A			55,000	4.625		5/15/2028		56,202
DP World PLC - 144A			100,000	6.850		7/2/2037		134,123
Garda World Security Corp. - 144A			55,000	4.625		2/15/2027		54,579
								244,904
COMPUTERS - 0.5%
Dell International LLC / EMC Corp. - 144A			155,000	6.020		6/15/2026		181,126
Hewlett Packard Enterprise Co.			100,000	4.900		10/15/2025		113,034
								294,160
DIVERSIFIED FINANCIAL SERVICES - 2.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust			150,000	3.650		7/21/2027		157,489
Avolon Holdings Funding Ltd. - 144A			125,000	4.375		5/1/2026		135,432
Brightsphere Investment Group, Inc.			165,000	4.800		7/27/2026		178,452
Brookfield Finance LLC			174,000	4.000		4/1/2024		187,826
Capital One Financial Corp.			120,000	4.200		10/29/2025		131,153
Capital One Financial Corp.			165,000	3.750		7/28/2026		175,828
Citadel LP - 144A			105,000	4.875		1/15/2027		113,793
Navient Corp.			70,000	6.750		6/25/2025		76,300
Navient Corp.			25,000	5.000		3/15/2027		25,000
Springleaf Finance Corp.			70,000	6.875		3/15/2025		79,099
Springleaf Finance Corp.			25,000	7.125		3/15/2026		28,731
Springleaf Finance Corp.			10,000	5.375		11/15/2029		10,417
Synchrony Financial			135,000	3.950		12/1/2027		144,027
								1,443,547

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 64.0% (Continued)
ELECTRIC - 1.6%
CenterPoint Energy, Inc.		$	150,000	4.250		11/1/2028	$	168,693
DPL, Inc. - 144A			155,000	4.350		4/15/2029		154,423
Exelon Corp.			175,000	3.497		6/1/2022		180,388
Pennsylvania Electric Co. - 144A			140,000	3.600		6/1/2029		152,494
Talen Energy Supply LLC - 144A			60,000	6.625		1/15/2028		60,171
Vistra Operations Co. LLC - 144A			130,000	4.300		7/15/2029		133,916
								850,085
ENERGY - ALTERNATE SOURCES - 0.2%
TerraForm Power Operating LLC - 144A			90,000	5.000		1/31/2028		97,367
ENTERTAINMENT - 0.3%
Eldorado Resorts, Inc.			35,000	6.000		9/15/2026		38,434
Gateway Casinos & Entertainment Ltd. - 144A			45,000	8.250		3/1/2024		47,006
Scientific Games International, Inc. - 144A			50,000	8.250		3/15/2026		54,344
Scientific Games International, Inc. - 144A			20,000	7.000		5/15/2028		21,143
								160,927
FOOD - 0.3%
Albertsons Cos Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC - 144A			105,000	4.625		1/15/2027		106,651
Albertsons Cos Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC - 144A			65,000	4.875		2/15/2030		66,884
Kraft Heinz Foods Co.			165,000	3.000		6/1/2026		167,975
								341,510
HEALTHCARE - SERVICES - 0.8%
Anthem, Inc.			105,000	2.875		9/15/2029		106,149
Catalent Pharma Solutions, Inc. - 144A			15,000	5.000		7/15/2027		15,817
Centene Corp. - 144A			45,000	4.625		12/15/2029		48,454
Charles River Laboratories International, Inc. - 144A			25,000	4.250		5/1/2028		25,411
HCA, Inc.			65,000	5.375		2/1/2025		72,780
HCA, Inc.			135,000	4.125		6/15/2029		146,376
								414,987
HOME BUILDERS - 0.7%
M/I Homes, Inc. - 144A			105,000	4.950		2/1/2028		108,412
PulteGroup, Inc.			125,000	6.375		5/15/2033		151,653
TRI Pointe Group, Inc.			85,000	5.875		6/15/2024		92,473
								352,538
HOME EQUITY ABS - 0.2%
GSAA Trust 2005-1 AF4 (a)			20,307	5.619		11/25/2034		20,311
NovaStar Mortgage Funding Trust Series 2004-4	1 Month LIBOR + 1.725%		62,604	3.386	+	3/25/2035		63,266
								83,577
INSURANCE - 1.7%
Allstate Corp.	3 Month LIBOR + 2.938%		150,000	5.750	+	8/15/2053		162,637
Athene Holding Ltd.			135,000	4.125		1/12/2028		143,564
MetLife, Inc.	3 Month LIBOR + 2.959%		76,000	5.875	+	Perpetual		85,995
Prudential Financial, Inc.	3 Month LIBOR + 3.920%		230,000	5.625	+	6/15/2043		249,129
Teachers Insurance & Annuity Association of America - 144A	3 Month LIBOR + 2.661%		110,000	4.375	+	9/15/2054		116,310
Trinity Acquisition PLC			60,000	4.400		3/15/2026		66,794
Voya Financial, Inc.	3 Month LIBOR + 3.580%		105,000	5.650	+	5/15/2053		111,746
								936,175
INVESTMENT COMPANIES - 0.3%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.			130,000	6.250		5/15/2026		136,702
MACHINERY- CONSTRUCTION & MINING - 0.4%
Oshkosh Corp.			183,000	4.600		5/15/2028		198,616
MANUFACTURED HOUSING ABS - 0.3%
Towd Point Mortgage Trust 2019-MH1 - 144A			145,406	3.000	++	11/25/2058		147,694

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 64.0% (Continued)
MEDIA - 0.8%
Diamond Sports Group LLC / Diamond Sports Finance Co. - 144A		$	55,000	5.375		8/15/2026	$	54,889
Diamond Sports Group LLC / Diamond Sports Finance Co. - 144A ^			30,000	6.625		8/15/2027		28,105
Discovery Communications LLC			160,000	3.950		3/20/2028		172,895
DISH DBS Corp.			25,000	5.000		3/15/2023		25,438
Meredith Corp.			85,000	6.875		2/1/2026		87,716
Sirius XM Radio, Inc. - 144A			35,000	5.500		7/1/2029		37,730
								406,773
MINING - 0.9%
BHP Billiton Finance USA Ltd. - 144A	5 Year Swap Rate USD + 5.093%		200,000	6.750	+	10/19/2075		235,349
Glencore Funding LLC - 144A			165,000	4.000		3/27/2027		174,911
Novelis Corp. - 144A			55,000	4.750		1/30/2030		55,345
								465,605
MISCELLANEOUS MANUFACTURING - 0.9%
General Electric Co.	3 Month LIBOR + 3.330%		136,000	5.000	+	12/29/2049		135,593
Hillenbrand, Inc.			135,000	4.500		9/15/2026		145,374
Pentair Finance Sarl			180,000	4.500		7/1/2029		198,807
								479,774
OIL & GAS - 1.9%
CrownRock LP / CrownRock Finance, Inc. - 144A			75,000	5.625		10/15/2025		75,852
Holly Frontier Corp.			165,000	5.875		4/1/2026		187,859
Nabors Industries, Inc.			60,000	5.750		2/1/2025		49,375
Patterson-UTI Energy, Inc.			80,000	5.150		11/15/2029		82,375
Pertamina Persero PT - 144A			200,000	6.450		5/30/2044		258,936
Petroleos Mexicanos - 144A			100,000	7.690		1/23/2050		110,204
State Oil Co. of the Azerbaijan Republic			200,000	6.950		3/18/2030		248,102
Transocean Guardian Ltd. - 144A			33,400	5.875		1/15/2024		34,193
								1,046,896
OIL & GAS SERVICES - 0.2%
USA Compression Partners LP / USA Compression Finance Corp.			105,000	6.875		4/1/2026		109,397
OTHER ABS  - 10.0%
Ajax Mortgage Loan Trust 2019-D - 144A (a)			189,314	2.956		9/25/2065		190,307
American Homes 4 Rent 2014-SFR2 Trust - 144A			230,000	4.705		10/17/2036		248,178
American Homes 4 Rent 2015-SFR2 Trust - 144A			220,000	4.691		10/17/2045		239,939
Amur Equipment Finance Receivables VI LLC - 144A			117,318	3.890		7/20/2022		119,425
Aqua Finance Trust 2019-A - 144A			144,542	3.140		7/16/2040		146,096
Bayview Opportunity Master Fund IVa Trust 2017-RT1 - 144A			61,030	3.000	++	3/28/2057		62,087
Bayview Opportunity Master Fund IVa Trust 2017-SPL5 - 144A			100,000	4.000	++	6/28/2057		104,610
BRE Grand Islander Timeshare Issuer 2019-A LLC - 144A			127,364	3.280		9/26/2033		131,261
CCG Receivables Trust 2019-2 - 144A			100,000	2.550		3/15/2027		101,151
CoreVest American Finance 2018-1 Trust - 144A			197,566	3.804		5/15/2023		205,671
CoreVest American Finance 2018-2 Trust - 144A			229,565	4.026		11/15/2052		243,717
CoreVest American Finance 2019-3 Trust - 144A			100,000	3.265		10/15/2052		103,380
Diamond Resorts Owner Trust - 144A			57,612	3.270		10/22/2029		58,480
Foundation Finance Trust 2019-1 - 144A			105,442	3.860		11/15/2034		107,855
Jersey Mike’s Funding - 144A			130,000	4.433		2/15/2050		133,086
Marlette Funding Trust 2019-4 - 144A			136,323	2.390		12/17/2029		136,946
Mill City Mortgage Loan Trust 2017-1 - 144A			67,581	2.750	++	11/25/2058		68,006
Mill City Mortgage Loan Trust 2018-4 - 144A			295,000	3.500	++	4/25/2066		305,184
MVW 2019-2 LLC - 144A			149,733	2.220		10/20/2038		150,564
MVW Owner Trust 2016-1 - 144A			46,509	2.250		12/20/2033		46,496
MVW Owner Trust 2017-1 - 144A			68,796	2.420		12/20/2034		69,522
Orange Lake Timeshare Trust 2019-A - 144A			120,947	3.360		4/9/2038		123,492
PRPM 2019-2 LLC - 144A (a)			175,331	3.967		4/25/2024		176,285
Small Business Lending Trust 2019-A - 144A			106,192	2.850		7/15/2026		106,599
Sofi Consumer Loan Program 2017-5 LLC - 144A			72,796	2.780		9/25/2026		73,230
Sofi Consumer Loan Program 2017-6 LLC - 144A			67,564	2.820		11/25/2026		67,896
SoFi Consumer Loan Program 2019-3 Trust - 144A			106,734	2.900		5/25/2028		107,683
Taco Bell Funding LLC - 144A			126,750	4.970		5/25/2046		137,668
Towd Point Mortgage Trust 2015-1 - 144A			172,000	3.250	++	10/25/2053		173,262
Towd Point Mortgage Trust 2015-6 - 144A			130,000	3.750	++	4/25/2055		139,939
Towd Point Mortgage Trust 2017-1 - 144A			230,560	2.750	++	10/25/2056		233,386
Towd Point Mortgage Trust 2017-1 - 144A			115,000	3.750	++	10/25/2056		121,636
Towd Point Mortgage Trust 2018-4 - 144A			198,069	3.000	++	6/25/2058		205,315
Towd Point Mortgage Trust 2018-6 - 144A			185,000	3.750	++	3/25/2058		198,662
Towd Point Mortgage Trust 2018-SJ1 - 144A			145,630	4.000	++	10/25/2058		147,152
Tricon American Homes 2017-SFR1 Trust - 144A			99,354	2.716		9/17/2022		100,157
Trinity Rail Leasing 2019 LLC - 144A			121,717	3.820		4/17/2049		126,816
TRIP Rail Master Funding LLC - 144A			94,873	2.709		8/15/2047		95,064
VOLT LXIV LLC - 144A (a)			53,495	3.375		10/25/2047		53,649
VSE 2017-A VOI Mortgage LLC - 144A			66,014	2.330		3/20/2035		66,503
								5,426,355

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 64.0% (Continued)
PACKAGING & CONTAINERS - 0.1%
Greif, Inc. - 144A		$	70,000	6.500		3/1/2027	$	75,510
PHARMACEUTICALS - 0.4%
Mylan NV			145,000	3.950		6/15/2026		154,884
Par Pharmaceutical, Inc. - 144A			50,000	7.500		4/1/2027		51,001
								205,885
PIPELINES - 2.0%
Cheniere Energy Partners LP			55,000	5.625		10/1/2026		57,716
Cheniere Energy Partners LP - 144A			55,000	4.500		10/1/2029		56,064
Energy Transfer Partners LP			165,000	4.200		4/15/2027		176,094
Kinder Morgan Inc/DE			45,000	7.750		1/15/2032		62,749
Kinder Morgan Inc/DE			160,000	4.300		6/1/2025		175,531
MPLX LP			55,000	4.875		12/1/2024		60,564
MPLX LP - 144A			135,000	4.250		12/1/2027		144,283
Sabine Pass Liquefaction LLC			100,000	6.250		3/15/2022		107,387
Sabine Pass Liquefaction LLC			25,000	4.200		3/15/2028		26,779
Targa Resources Partners LP			100,000	5.875		4/15/2026		105,687
Valero Energy Partners LP			120,000	4.500		3/15/2028		133,712
								1,106,566
PRIVATE EQUITY - 0.3%
Apollo Management Holdings LP - 144A			135,000	4.000		5/30/2024		145,155
REC VEHICLE LOAN ABS - 0.2%
Octane Receivables Trust 2019-1 - 144A			124,091	3.160		9/20/2023		124,360
REITS - 4.1%
Corporate Office Properties LP			196,000	3.600		5/15/2023		203,986
EPR Properties			220,000	4.750		12/15/2026		244,974
ESH Hospitality, Inc. - 144A			80,000	4.625		10/1/2027		80,548
GLP Capital LP / GLP Financing II, Inc.			155,000	5.750		6/1/2028		181,192
Healthcare Realty Trust, Inc.			90,000	3.875		5/1/2025		96,499
Healthcare Trust of America Holdings LP			150,000	3.750		7/1/2027		162,359
Iron Mountain, Inc. - 144A			110,000	4.875		9/15/2029		112,466
iStar, Inc.			105,000	4.250		8/1/2025		105,788
Ladder Capital Finance Holdings LLLP - 144A			80,000	4.250		2/1/2027		79,941
LifeStorage LP/CA			205,000	3.500		7/1/2026		215,277
MPT Operating Partnership LP / MPT Finance Corp.			85,000	5.000		10/15/2027		89,567
MPT Operating Partnership LP / MPT Finance Corp.			25,000	4.625		8/1/2029		26,172
Office Properties Income Trust			170,000	4.500		2/1/2025		181,485
Retail Opportunity Investments Partnership LP			105,000	4.000		12/15/2024		110,378
SBA Tower Trust - 144A			135,000	2.836		1/15/2025		139,908
Service Properties Trust			165,000	4.950		2/15/2027		174,501
								2,205,041
RETAIL - 0.9%
Dollar Tree, Inc.			150,000	4.000		5/15/2025		162,532
Lithia Motors, Inc. - 144A			40,000	4.625		12/15/2027		41,000
QVC, Inc.			195,000	4.375		3/15/2023		202,116
QVC, Inc.			85,000	4.750		2/15/2027		85,908
								491,556
SOFTWARE - 0.6%
Citrix Systems, Inc.			120,000	4.500		12/1/2027		132,729
MSCI, Inc. - 144A			81,000	4.000		11/15/2029		82,871
Vmware, Inc.			88,000	3.900		8/21/2027		93,524
								309,124
TELECOMMUNICATIONS - 1.2%
AT&T, Inc.	3 Month LIBOR + 1.180%		50,000	3.067	+	6/12/2024		50,926
AT&T, Inc.			71,000	4.100		2/15/2028		78,658
Frontier Communications Corp. - 144A			70,000	8.500		4/1/2026		71,880
Juniper Networks, Inc.			120,000	3.750		8/15/2029		127,789
Motorola Solutions, Inc.			96,429	4.600		2/23/2028		107,213
Motorola Solutions, Inc.			50,000	4.600		5/23/2029		56,264
Sprint Spectrum Co. LLC - 144A			87,500	3.360		9/20/2021		88,320
Telesat Canada - 144A			45,000	4.875		6/1/2027		46,343
								627,393
TRUCKING & LEASING - 0.7%
Aviation Capital Group LLC - 144A			205,000	3.500		11/1/2027		209,701
Penske Truck Leasing Co. LP - 144A			140,000	4.125		8/1/2023		149,794
								359,495

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 64.0% (Continued)
WHOLE LOAN COLLATERAL CMO - 8.7%
Angel Oak Mortgage Trust 2019-3 - 144A		$	122,461	2.930	++	5/25/2059	$	124,511
Angel Oak Mortgage Trust I LLC 2018-2 - 144A			29,995	3.674	++	7/27/2048		30,433
Angel Oak Mortgage Trust I LLC 2019-1 - 144A			148,518	3.920	++	11/25/2048		151,685
Arroyo Mortgage Trust 2019-2 - 144A			84,782	3.347	++	4/25/2049		86,356
Banc of America Funding 2005-1 Trust			38,225	5.500		2/25/2035		39,625
Bunker Hill Loan Depositary Trust 2019-1 - 144A (a)			78,203	3.613		10/26/2048		81,961
Chase Home Lending Mortgage Trust 2019-ATR1 - 144A			64,981	4.000	++	4/25/2049		67,898
Chase Mortgage Finance Corp. - 144A			111,372	3.750	++	4/25/2045		116,624
Chase Mortgage Finance Corp. - 144A			75,997	3.750	++	2/25/2044		80,142
Citigroup Mortgage Loan Trust 2019-IMC1 - 144A			112,866	2.720	++	7/25/2049		113,770
Citigroup Mortgage Loan Trust 2019-RP1 - 144A			175,586	3.500	++	1/25/2066		183,345
Citigroup Mortgage Loan Trust, Inc.			42,100	6.750		8/25/2034		46,998
COLT 2018-1 Mortgage Loan Trust - 144A			22,106	2.930	++	2/25/2048		22,196
COLT 2019-3 Mortgage Loan Trust - 144A			173,968	2.764	++	8/25/2049		176,469
Deephaven Residential Mortgage Trust 2017-2 - 144A			39,651	2.453	++	6/25/2047		39,741
Ellington Financial Mortgage Trust 2019-1 - 144A			85,206	2.934	++	6/25/2059		86,159
Ellington Financial Mortgage Trust 2019-2 - 144A			96,393	3.046	++	11/25/2059		97,171
Galton Funding Mortgage Trust 2017-1 - 144A			78,971	3.500	++	11/25/2057		79,902
Galton Funding Mortgage Trust 2018-2 - 144A			56,671	4.500	++	10/25/2058		58,083
Galton Funding Mortgage Trust 2019-H1 - 144A			145,188	2.657	++	10/25/2059		146,341
Homeward Opportunities Fund I Trust 2018-2 - 144A			179,198	3.985	++	11/25/2058		183,741
JP Morgan Mortgage Trust 2005-A5			81,254	4.106	++	8/25/2035		83,463
JP Morgan Mortgage Trust 2017-5 - 144A			224,999	3.149	++	12/15/2047		228,696
LHOME Mortgage Trust 2019-RTL1 - 144A (a)			145,000	4.580		10/25/2023		148,768
MASTR Alternative Loan Trust 2004-4			42,862	5.500		4/25/2034		44,145
Metlife Securitization Trust - 144A			100,000	3.691	++	4/25/2055		106,185
Metlife Securitization Trust 2019-1 - 144A			129,340	3.750	++	4/25/2058		133,900
New Residential Mortgage Loan Trust 2016-4 - 144A			87,586	3.750	++	11/25/2056		92,064
New Residential Mortgage Loan Trust 2018-1 - 144A			178,437	4.000	++	12/25/2057		187,941
New Residential Mortgage Loan Trust 2019-NQM4 - 144A			120,725	2.492	++	9/25/2059		121,927
New Residential Mortgage Loan Trust 2020-1 - 144A			132,461	3.500	++	10/25/2059		137,097
OBX 2018-EXP2 Trust - 144A			104,205	4.000	++	11/25/2048		105,880
OBX 2019-INV1 Trust - 144A			119,735	4.500	++	11/25/2048		124,390
Provident Funding Mortgage Trust 2019-1 - 144A			208,612	3.000	++	12/25/2049		212,207
RCO V Mortgage LLC 2019-1 - 144A (a)			181,417	3.721		5/24/2024		182,737
Residential Asset Securitization Trust 2005-A1			120,380	5.500		4/25/2035		123,987
Residential Mortgage Loan Trust 2019-2 - 144A			158,096	2.913	++	5/25/2059		158,955
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4			55,844	4.276	++	4/25/2034		58,623
Thornburg Mortgage Securities Trust 2004-2	1 Month LIBOR + 0.620%		80,772	2.281	+	6/25/2044		81,566
Towd Point HE Trust 2019-HE1 - 144A	1 Month LIBOR + 0.900%		155,662	2.561	+	4/25/2048		156,197
Verus Securitization Trust 2018-1 - 144A			35,749	2.929	++	2/25/2048		35,887
Verus Securitization Trust 2018-2 - 144A			105,000	4.426	++	6/1/2058		106,883
Verus Securitization Trust 2018-3 - 144A			91,770	4.108	++	10/25/2058		93,217
								4,737,866
TOTAL CORPORATE BONDS & NOTES (Cost - $33,196,635)								34,780,941
FOREIGN GOVERNMENT BONDS - 0.7%
Dominican Republic International Bond - 144A			150,000	6.000		7/19/2028		166,702
Turkey Government International Bond			200,000	7.375		2/5/2025		226,243
TOTAL FOREIGN GOVERNMENT BONDS - (Cost - $358,877)								392,945
MUNICIPAL BONDS - 5.4%
City of Bristol VA			340,000	4.210		1/1/2042		358,918
Idaho Health Facilities Authority			135,000	5.020		3/1/2048		174,041
Rockdale County Water & Sewerage Authority			305,000	3.060		7/1/2024		318,688
Sales Tax Securitization Corp.			20,000	3.411		1/1/2043		20,917
San Diego County Regional Airport Authority			325,000	5.594		7/1/2043		372,887
State of California			385,000	7.600		11/1/2040		670,770
State of Texas			245,000	3.011		10/1/2026		262,514
State of Texas			600,000	3.211		4/1/2044		626,313
University of California			115,000	4.428		5/15/2048		128,509
TOTAL MUNICIPAL - (Cost - $2,672,210)								2,933,557
U.S. GOVERNMENT & AGENCY - 22.2%
U.S. GOVERNMENT AGENCY - 5.7%
Fannie Mae Pool			16,463	6.000		11/1/2034		18,959
Fannie Mae Pool			14,253	6.000		3/1/2036		16,392
Fannie Mae Pool			133,192	5.500		9/1/2036		149,770
Fannie Mae Pool			59,746	6.500		5/1/2037		71,694
Fannie Mae Pool			25,355	5.500		4/1/2038		28,495
Fannie Mae Pool			21,684	5.000		4/1/2038		24,300

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
U.S. GOVERNMENT & AGENCY - 22.2% (Continued)
U.S. GOVERNMENT AGENCY - 5.7% (Continued)
Fannie Mae Pool		$	63,097	6.000		8/1/2038	$	72,447
Fannie Mae Pool			136,160	5.000		6/1/2039		151,166
Fannie Mae Pool			178,474	4.000		9/1/2044		190,442
Fannie Mae Pool			161,975	3.500		1/1/2046		169,735
Fannie Mae Pool			261,161	4.000		4/1/2046		275,914
Fannie Mae Pool			417,246	4.000		4/1/2048		439,008
Fannie Mae Pool			175,534	3.000		9/1/2049		179,935
Fannie Mae Pool			512,757	3.500		10/1/2049		530,998
Fannie Mae Pool			553,422	3.000		1/1/2050		566,296
Freddie Mac Gold Pool			148,601	5.000		12/1/2035		166,745
Freddie Mac Gold Pool			24,294	5.500		10/1/2039		27,316
								3,079,612
U.S. TREASURY OBLIGATIONS - 16.5%
United States Treasury Bond			695,000	1.375		4/30/2020		694,579
United States Treasury Bond			105,000	2.625		8/31/2020		105,621
United States Treasury Bond			660,000	2.250		3/31/2021		665,917
United States Treasury Bond			1,115,000	1.750		6/15/2022		1,126,324
United States Treasury Bond			850,000	2.000		2/15/2025		877,343
United States Treasury Bond			1,540,000	2.875		8/15/2028		1,711,656
United States Treasury Bond			160,000	2.625		2/15/2029		175,197
United States Treasury Bond			2,990,000	3.000		8/15/2048		3,630,339
								8,986,976
TOTAL U.S. GOVERNMENT & AGENCY (Cost - $11,177,934)								12,066,588
BANK LOANS - 4.5%
AEROSPACE - 0.3%
American Airlines, Inc. 2018 Replacement Term Loan	1 Month LIBOR + 1.750%		105,000	3.411	+	6/28/2025		104,156
Atlantic Aviation FBO, Inc. Term Loan	1 Month LIBOR + 3.750%		14,850	5.395	+	12/06/2025		15,017
TransDigm, Inc. New Tranche E Term Loan	1 Month LIBOR + 2.500%		49,372	4.145	+	5/30/2025		49,418
								168,591
CONSUMER NON-DURABLES - 0.2%
KIK Custom Products, Inc. Initial Loan	1 Month LIBOR + 4.000%		108,120	5.645	+	5/16/2023		107,106
ENERGY - 0.2%
Buckeye Partners, L.P. Term Loan	1 Month LIBOR + 2.750%		25,000	4.531	+	10/31/2026		25,255
CITGO Petroleum Corporation 2019 Incremental Term B Loan	3 Month LIBOR + 5.000%		64,513	6.945	+	3/28/2024		64,714
								89,969
FOOD/TOBACCO - 0.1%
Aramark Services, Inc. U.S. Term B-4 Loan	3 Month LIBOR + 1.750%		25,000	3.427	+	12/10/2026		25,078
FOREST PROD/CONTAINERS - 0.1%
Berry Global, Inc. Term U Loan	3 Month LIBOR + 2.000%		54,725	3.781	+	6/30/2026		55,033
Reynolds Consumer Products, Inc. Term Loan	1 Month LIBOR + 1.750%		15,000	3.299	+	2/4/2027		15,083
								70,116
GAMING / LEISURE - 0.4%
Seminole Tribe of Florida 2018 Replacement Term B Loan	1 Month LIBOR + 1.750%		95,680	3.395	+	7/08/2024		96,362
Station Casinos LLC Term B Facility Loan	1 Month LIBOR + 2.500%		54,915	4.145	+	6/08/2023		55,066
Station Casinos LLC 7-year Term Loan B	1 Month LIBOR + 2.250%		40,000	3.818	+	1/31/2027		39,950
								191,378
HEALTHCARE - 0.6%
Bausch Health Companies, Inc. Initial Term Loan	1 Month LIBOR + 3.000%		8,476	4.670	+	6/02/2025		8,521
Bausch Health Companies, Inc. First Incremental Term Loan	1 Month LIBOR + 2.750%		25,500	4.420	+	11/28/2025		25,620
CHG Healthcare Services, Inc. New Term Loan (2017)	1 Month LIBOR + 3.000%		77,413	4.645	+	6/8/2023		77,820
Iqvia, Inc. Term B-3 Dollar Loan	3 Month LIBOR + 1.750%		108,350	3.695	+	6/12/2025		109,053
Regionalcare Hospital Partners Holdings, Inc. Term B Loan	3 Month LIBOR + 3.750%		87,732	5.549	+	11/16/2025		88,296
Select Medical Corp. Tranche B Term Loan	3 Month LIBOR + 2.500%		14,981	4.435	+	3/6/2025		15,080
								324,390
HOUSING - 0.5%
American Builders & Contractors Supply Co., Inc. Term B2	1 Month LIBOR + 2.000%		104,738	3.645	+	1/16/2027		105,021
Azek Co. LLC New Term Loan	3 Month LIBOR + 3.750%		69,033	5.695	+	5/04/2024		69,270
Summit Materials, LLC New Term Loan	1 Month LIBOR + 2.000%		98,741	3.645	+	11/20/2024		99,321
								273,612
INFORMATION TECHNOLOGY - 0.2%
Boxer Parent Company, Inc. Initial Dollar Term Loan	1 Month LIBOR + 4.250%		44,064	5.895	+	10/02/2025		43,486
Kronos Incorporated Incremental Term Loan	3 Month LIBOR + 3.000%		78,600	4.909	+	10/31/2023		78,963
Presidio Holding, Inc. Term Loan B	1 Month LIBOR + 3.500%		5,000	4.979	+	12/19/2026		5,025
								127,474

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 4.5% (Continued)
MEDIA / TELECOMMUNICATIONS - 0.6%
CenturyLink, Inc. Term B Loan	1 Month LIBOR + 2.250%	$	45,000	3.900	+	3/15/2027	$	45,004
CenturyLink, Inc. Initial Term B Loan	1 Month LIBOR + 2.750%		88,742	4.794	+	2/01/2025		88,749
Commscope, Inc. Initial Term Loan	1 Month LIBOR + 3.250%		39,900	4.895	+	4/06/2026		39,941
Nexstar Broadcasting, Inc. Term B-4 Loan	1 Month LIBOR + 2.750%		84,788	4.531	+	9/18/2026		85,323
Telenet Term Loan AR Facility	6 Month LIBOR + 2.000%		72,903	3.663	+	4/30/2028		72,852
Ziggo BV Term Loan I Facility	3 Month LIBOR + 2.500%		20,000	4.159	+	4/30/2028		20,024
								351,893
SERVICE - 0.6%
Dun & Bradstreet Corporation Initial Term Borrowing	1 Month LIBOR + 5.000%		95,000	6.661	+	2/06/2026		95,677
PUG LLC Term Loan	1 Month LIBOR + 3.500%		65,000	5.171	+	2/13/2027		64,959
Sedgwick Claims Management Services, Inc. Initial Term Loan	1 Month LIBOR + 3.250%		104,198	4.895	+	1/01/2026		104,412
TKC Holdings, Inc. Initial Term Loan	1 Month LIBOR + 3.750%		82,069	5.395	+	1/31/2023		75,383
								340,431
TRANSPORTATION - AUTOMOTIVE - 0.3%
Cooper-Standard Automotive Additional Term B-1 Loan	1 Month LIBOR + 2.000%		20,000	3.650	+	11/02/2023		19,240
Navistar, Inc. Tranche B Term Loan	1 Month LIBOR + 3.500%		88,425	5.170	+	11/06/2024		88,801
Panther BF Aggregator 2 L P Initial Dollar Term Loan	1 Month LIBOR + 3.500%		64,838	5.160	+	4/30/2026		65,340
								173,381
UTILITY - 0.4%
Brookfield WEC Holdings, Inc. Initial Term Loan	1 Month LIBOR + 3.000%		118,999	4.645	+	7/31/2025		119,445
Calpine Corporation Term Loan (2019)	3 Month LIBOR + 2.250%		99,500	4.195	+	4/04/2026		100,031
								219,476
TOTAL BANK LOANS - (Cost - $2,453,536)								2,462,895
COLLATERAL FOR SECURITIES LOANED - 0.9%
Mount Vernon Prime Portfolio  #			499,012	1.770	+			499,012
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $499,012)
TOTAL INVESTMENTS - 97.7% (Cost - $50,358,204)							$	53,135,938
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3%								1,262,530
NET ASSETS - 100.0%							$	54,398,468

LLC - Limited Liability Corporation

ABS - Asset Backed Security

MBS - Mortgage Backed Security

CMO - Collateralized Mortgage Obligation

LP - Limited Partnership

REITS - Real Estate Investment Trust

Perpetual - Perpetual bonds are fixed income instruments without defined maturity dates

^ All or a portion of these securities are on loan. Total loaned securities had a value of $489,252 at January 31, 2020.

+ Variable rate security. Interest rate is as of January 31, 2020.

++ 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.

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The 144A securities amounted to $20,157,966 or 37.06% of net assets.

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

(a) Step-Up Bond; the interest rate shown is the rate in effect as of January 31, 2020.

Portfolio Composition* - (Unaudited)
Corporate Bonds & Notes	65.5	%	Foreign Government Bonds	0.7	%
U.S. Government & Agencies	22.7	%	Others	1.0	%
Municipal	5.5	%	Total	100.0	%
Bank Loans	4.6	%

* Based on total value of investments as of January 31, 2020.

^** Includes collateral for securities loaned as of January 31, 2020.

Percentage may differ from Schedule of Investments which is based on Fund net assets.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
ASSET BACKED SECURITIES - 0.6%
Drive Auto Receivables Trust		$	470,000	2.900		8/15/2025	$	478,749
Ellington Financial Mortgage Trust - 144A			377,341	2.934		6/25/2059		381,562
Pretium Mortgage Credit Partners - 144A			275,480	4.826		9/25/2058		278,042
TOTAL ASSET BACKED SECURITIES (Cost - $1,125,473)								1,138,353
BANK LOANS - 94.2%
BASIC MATERIALS - 3.3%
Acuity Specialty Products, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000%		273,700	5.945	+	8/12/2024		217,318
Ascend Performance Materials Operations LLC, Initial Term Loan	LIBOR + 5.250%		224,438	6.895	+	8/28/2026		226,121
ClearWater Paper Corp., Initial Term Loan	LIBOR + 3.250%		135,000	4.984	+	7/24/2026		135,844
Covia Holdings Corp., Initial Term Loan	LIBOR + 4.000%		462,875	5.874	+	5/31/2025		373,772
Element Solutions, Inc., Tranche B-1 Term Loan	LIBOR + 2.000%		727,664	3.645	+	1/30/2026		732,212
Graftech International Ltd., Initial Term Loan	LIBOR + 3.500%		333,992	5.145	+	2/12/2025		332,739
H.B. Fuller Co., Commitment Loan	LIBOR + 2.000%		584,529	3.658	+	10/20/2024		586,221
Hexion, Inc., USD Term Loan	LIBOR + 3.500%		572,125	5.409	+	6/30/2026		577,489
Ineos US Finance LLC, New 2024 Dollar Term Loan	LIBOR + 2.000%		1,881,600	3.645	+	3/31/2024		1,883,425
Kraton Polymers LLC, Dollar Replacement Term Loan (2018)	LIBOR + 2.500%		312,278	4.145	+	3/08/2025		312,734
Omnova Solutions, Inc., Term B-2 Loan	LIBOR + 3.250%		494,011	4.895	+	8/24/2023		494,937
US Salt LLC, Initial Term Loan	LIBOR + 4.750%		272,938	6.395	+	1/16/2026		274,643
								6,147,455
COMMUNICATIONS - 17.2%
Advantage Sales & Marketing, Inc., Initial Term Loan (First Lien)	LIBOR + 3.250%		385,237	4.895	+	7/24/2021		374,381
Altice France SA, USD TLB-13 Incremental Term Loan	LIBOR + 4.000%		232,063	5.676	+	8/14/2026		232,499
Aventiv Technologies LLC, Initial Term Loan (First Lien)	LIBOR + 4.500%		198,933	6.145	+	10/31/2024		155,710
Aventiv Technologies LLC, Initial Loan (Second Lien)	LIBOR + 8.250%		255,000	9.895	+	10/31/2025		123,373
CenturyLink, Inc., Term B Loan	LIBOR + 2.250%		735,000	3.895	+	3/15/2027		735,059
Charter Communications Operating LLC, Term B-2 Loan	LIBOR + 1.750%		2,239,400	3.395	+	1/31/2027		2,251,795
Clear Channel Outdoor Holdings, Inc., Term B Loan	LIBOR + 3.500%		573,563	5.145	+	8/20/2026		576,700
Commscope, Inc., Initial Term Loan	LIBOR + 3.250%		613,463	4.895	+	4/06/2026		614,100
Consolidated Communications, Inc., Initial Term Loan	LIBOR + 3.000%		671,548	4.645	+	10/04/2023		650,354
CSC Holdings LLC, March 2017 Refinancing Term Loan	LIBOR + 2.250%		1,742,858	3.926	+	7/16/2025		1,749,394
CSC Holdings LLC, October 2018 Incremental Term Loan	LIBOR + 2.250%		376,200	3.926	+	1/16/2026		377,611
Diamond Sports Group LLC, Term Loan	LIBOR + 3.250%		907,725	4.910	+	8/24/2026		908,855
Frontier Communications Corp., Term B-1 Loan	LIBOR + 3.750%		1,529,012	5.395	+	6/16/2024		1,546,634
Go Daddy Operating Co. LLC, Tranche B-2 Term Loan	LIBOR + 1.750%		561,939	3.395	+	2/16/2024		563,650
Hoya Midco LLC., Initial Term Loan (First Lien)	LIBOR + 3.500%		867,936	5.145	+	6/28/2024		865,766
iHeart Communications, Inc., Escrow Bond #			1,605,000	-		5/01/2023		—
iHeart Communications, Inc., Initial Term Loan	LIBOR + 4.000%		272,555	5.781	+	4/30/2026		273,270
iHeart Communications, Inc., Term Loan	LIBOR + 2.750%		1,440,000	4.655	+	5/01/2026		1,443,780
Iridium Satellite LLC, Initial Term Loan	LIBOR + 3.750%		125,000	5.395	+	11/04/2026		126,016
LCPR Loan Financing LLC, Initial Term Loan	LIBOR + 5.000%		205,000	6.676	+	10/16/2026		207,990
Level 3 Financing, Inc., Tranche B 2027 Term Loan	LIBOR + 1.750%		1,936,567	3.395	+	2/28/2027		1,935,115
MCC Iowa LLC, Tranche M Term Loan	LIBOR + 2.000%		777,224	3.561	+	1/16/2025		783,053
Mcgraw-Hill Global Education Holdings LLC, Term B Loan (First Lien)	LIBOR + 4.000%		986,362	5.645	+	5/04/2022		947,016
Mediacom Illinois LLC, Tranche N Term Loan	LIBOR + 1.750%		641,854	3.311	+	2/16/2024		645,866
Meredith Corp., Tranche B-1 Term Loan	LIBOR + 2.750%		520,864	4.395	+	2/01/2025		524,674
Nexstar Broadcasting, Inc., Term B-4 Loan	LIBOR + 2.750%		1,236,900	4.531	+	9/18/2026		1,244,711
Numericable US LLC, USD TLB-11 Term Loan	LIBOR + 2.750%		633,750	4.395	+	8/01/2025		629,460
Numericable US LLC, USD TLB-12 Term Loan	LIBOR + 3.688%		320,758	5.364	+	2/01/2026		320,196
Plantronics, Inc., Initial Term B Loan	LIBOR + 2.500%		385,000	4.145	+	7/02/2025		371,044
Pug LLC, Term Loan (USD)	LIBOR + 3.500%		750,000	5.162	+	1/29/2027		749,531
Radiate Holdco LLC, Closing Date Term Loan	LIBOR + 3.000%		1,156,719	4.645	+	1/31/2024		1,159,674
Red Ventures LLC, Term B-2 Loan (First Lien)	LIBOR + 2.500%		725,118	4.161	+	11/08/2024		727,104
Rodan & Fields LLC, Closing Date Term Loan	LIBOR + 4.000%		635,325	5.676	+	6/16/2025		445,998
SBA Senior Finance II LLC, Initial Term Loan	LIBOR + 1.750%		1,142,142	3.395	+	4/12/2025		1,145,003
Sinclair Television Group, Inc., Tranche B Term Loan	LIBOR + 2.250%		358,294	3.895	+	1/04/2024		359,727
Sprint Communications, Inc., Initial Term Loan	LIBOR + 2.500%		1,035,259	4.145	+	2/02/2024		1,015,201
Sprint Communications, Inc., 2019 Incremental Term Loan	LIBOR + 3.000%		650,584	4.645	+	2/02/2024		643,268
Telenet Financing USD LLC., Term Loan AR Facility	LIBOR + 2.000%		566,791	3.777	+	4/30/2028		566,394
Univision Communications, Inc., 2017 Replacement Repriced First-Lien Term Loan	LIBOR + 2.750%		2,264,710	4.395	+	3/16/2024		2,242,777
Virgin Media Bristol LLC, N Facility	LIBOR + 2.500%		690,000	4.176	+	2/01/2028		691,294

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 94.2% (Continued)
COMMUNICATIONS - 17.2% (Continued)
West Corporation, Initial Term B Loan	LIBOR + 4.000%	$	441,141	5.645	+	10/10/2024	$	376,809
West Corporation, Incremental Term B-1 Loan	LIBOR + 3.500%		246,875	5.145	+	10/10/2024		209,006
Ziggo Financing Partnership, Term Loan I Facility	LIBOR + 2.500%		475,000	4.159	+	4/30/2028		475,565
								31,985,423
CONSUMER, CYCLICAL - 20.5%
84 Lumber Co., Term Loan	LIBOR + 4.250%		415,000	5.912	+	11/08/2026		420,362
Accuride Corp., 2017 Refinancing Term Loan	LIBOR + 5.250%		447,402	7.195	+	11/16/2023		344,500
Affinity Gaming, Initial Term Loan	LIBOR + 3.250%		355,457	4.895	+	6/30/2023		350,569
American Airlines, Inc., 2017 Class B Term Loan	LIBOR + 2.000%		86,330	3.649	+	4/28/2023		86,330
American Airlines, Inc., 2017 Class B Term Loan	LIBOR + 2.000%		484,564	3.676	+	12/14/2023		484,900
American Airlines, Inc., 2018 Replacement Term Loan	LIBOR + 1.750%		422,358	3.411	+	6/28/2025		418,960
American Axle & Manufacturing, Inc., Tranche B Term Loan	LIBOR + 2.250%		505,482	3.911	+	4/06/2024		505,166
American Builders & Contractors Supply Co., Inc., Restatement Effective Date Term Loan	LIBOR + 2.000%		1,476,300	3.645	+	1/16/2027		1,480,293
American Greetings Corp., Initial Term Loan	LIBOR + 4.500%		623,655	6.145	+	4/06/2024		600,268
Aramark Intermediate HoldCo Corp., U.S. Term B-2 Loan	LIBOR + 1.750%		195,170	3.395	+	3/28/2024		196,316
Aramark Intermediate HoldCo Corp., U.S. Term B-3 Loan	LIBOR + 1.750%		1,357,024	3.395	+	3/12/2025		1,364,827
Aramark Intermediate HoldCo Corp., U.S. Term B-4 Loan	LIBOR + 1.750%		315,000	3.427	+	12/10/2026		315,984
Aristocrat Leisure Ltd., Term B-3 Loan	LIBOR + 1.750%		1,368,045	3.569	+	10/20/2024		1,373,319
Bass Pro Group LLC, Initial Term Loan	LIBOR + 5.000%		926,594	6.645	+	9/24/2024		925,246
Boyd Gaming Corp., Refinancing Term B Loan	LIBOR + 2.250%		535,133	3.811	+	9/16/2023		537,894
Caesars Resort Collection LLC, Term B Loan	LIBOR + 2.750%		1,935,500	4.395	+	12/24/2024		1,937,145
Carlisle FoodService Products, Inc., Initial Term Loan (First Lien)	LIBOR + 3.000%		550,994	4.645	+	3/20/2025		540,663
CDS US Intermediate Holdings, Inc., Term B Loan (First Lien)	LIBOR + 3.750%		617,586	5.695	+	7/08/2022		588,337
CEOC LLC, Term B Loan	LIBOR + 2.000%		1,150,867	3.645	+	10/08/2024		1,153,468
CityCenter Holdings LLC, Term B Loan	LIBOR + 2.250%		1,164,855	3.895	+	4/18/2024		1,168,128
Cooper-Standard Automotive, Inc., Additional Term B-1 Loan	LIBOR + 2.000%		140,000	3.650	+	11/02/2023		134,680
Crown Finance US, Inc., Initial Dollar Tranche Term Loan	LIBOR + 2.250%		678,212	3.895	+	2/28/2025		673,285
DexKo Global, Inc., Replacement U.S. Dollar Term B Loan (First Lien)	LIBOR + 3.500%		510,565	5.145	+	7/24/2024		511,365
Eldorado Resorts, Inc., Term Loan	LIBOR + 2.250%		403,182	3.898	+	4/16/2024		403,434
Everi Payments, Inc., Term B Loan	LIBOR + 2.750%		694,081	4.395	+	5/08/2024		698,419
Formula One Management Ltd., Facility B3 (USD)	LIBOR + 2.500%		815,202	4.145	+	1/31/2024		816,648
Gateway Casinos & Entertainment Ltd., Initial Term Loan	LIBOR + 3.000%		497,425	4.945	+	11/30/2023		499,524
Global Appliance, Inc., Tranche B Term Loan	LIBOR + 4.000%		926,926	5.645	+	9/28/2024		927,505
Golden Nugget, Inc., Initial B Term Loan	LIBOR + 2.750%		1,319,397	4.401	+	10/04/2023		1,324,476
Golden Nugget, Inc., Term Loan	LIBOR + 2.500%		140,000	4.395	+	10/04/2023		140,539
GVC Holdings PLC, Facility B2 (USD)	LIBOR + 2.500%		564,938	4.145	+	3/28/2024		568,909
HD Supply, Inc., Term B-5 Loan	LIBOR + 1.750%		838,876	3.395	+	10/16/2023		844,555
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term loan	LIBOR + 1.750%		1,208,344	3.411	+	6/22/2026		1,215,897
Isagenix International LLC, Senior Lien Term Loan	LIBOR + 5.750%		545,391	7.710	+	6/14/2025		299,965
Kestrel Bidco, Inc., Term Loan	LIBOR + 3.000%		780,000	4.684	+	12/12/2026		786,287
Libbey Glass, Inc., Initial Loan	LIBOR + 3.000%		550,408	4.699	+	4/08/2021		419,882
Michaels Stores, Inc., 2018 New Replacement Term B Loan	LIBOR + 2.500%		885,515	4.153	+	1/30/2023		857,400
Navistar, Inc., Tranche B Term Loan	LIBOR + 3.500%		923,550	5.170	+	11/06/2024		927,475
Neiman Marcus Group Ltd. LLC, Cash Pay Extended Term Loan	LIBOR + 6.000%		993,879	7.734	+	10/24/2023		846,452
Panther BF Aggregator 2 LP, Initial Dollar Term Loan (First Lien)	LIBOR + 3.500%		1,042,388	5.160	+	4/30/2026		1,050,466
PCI Gaming Authority, Term B Facility Loan	LIBOR + 2.500%		566,484	4.145	+	5/28/2026		570,557
PetSmart, Inc., Amended Loan	LIBOR + 4.000%		568,092	5.670	+	3/12/2022		567,598
Playa Resorts Holding BV, Initial Term Loan	LIBOR + 2.750%		833,323	4.395	+	4/28/2024		826,902
Scientific Games International, Inc., Initial Term B-5 Loan	LIBOR + 2.750%		1,078,149	4.395	+	8/14/2024		1,076,801
Serta Simmons Bedding LLC, Initial Term Loan (First Lien)	LIBOR + 3.500%		296,820	5.167	+	11/08/2023		195,530
Siteone Landscape Supply LLC, Tranche E Term Loan	LIBOR + 2.750%		687,278	4.395	+	10/28/2024		692,003
Stars Group Holdings BV, USD Term Loan	LIBOR + 3.500%		513,427	5.445	+	7/10/2025		517,149
Station Casinos LLC, Term B Facility Loan	LIBOR + 2.500%		862,135	4.145	+	6/08/2023		864,506
Station Casinos LLC, 7-Year Term Loan B	LIBOR + 2.500%		450,000	3.890	+	2/08/2027		449,437
Tenneco, Inc., Tranche B Term Loan	LIBOR + 3.000%		787,050	4.645	+	9/30/2025		773,178
TI Group Automotive Systems LLC, Initial US Term Loan	LIBOR + 2.500%		356,576	4.145	+	6/30/2022		358,248
TKC Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750%		700,027	5.395	+	1/31/2023		643,003
UFC Holdings LLC, Term Loan (First Lien)	LIBOR + 3.250%		1,272,555	4.895	+	4/28/2026		1,278,020
Univar USA, Inc., Term B-3 Loan	LIBOR + 2.250%		631,575	3.895	+	6/30/2024		634,339
								38,187,109

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 94.2% (Continued)
CONSUMER, NON-CYCLICAL - 20.2%
21st Century Oncology, Inc., Tranche B Term Loan	LIBOR + 6.125%	$	143,680	7.881	+	1/16/2023	$	143,380
Accelerated Health Systems LLC, Initial Term Loan	LIBOR + 3.500%		460,350	5.184	+	11/01/2025		462,364
Advanz Pharma Corp., Initial Dollar Term Loan	LIBOR + 5.500%		88,725	7.447	+	9/06/2024		84,196
Agiliti Health, Inc., Initial Term Loan	LIBOR + 3.000%		431,738	4.781	+	1/04/2026		432,266
AHP Health Partners, Inc., Term Loan	LIBOR + 4.500%		576,225	6.145	+	6/30/2025		581,555
Albertson’s LLC, 2019-1 Term B-7 Loan	LIBOR + 2.750%		431,762	4.395	+	11/16/2025		432,733
Albertson’s LLC, 2019 Term B-8 Loan	LIBOR + 2.750%		382,867	4.395	+	8/16/2026		383,728
AlixPartners LLP, 2017 Refinancing Term Loan	LIBOR + 2.500%		938,013	4.145	+	4/04/2024		939,626
Amneal Pharmaceuticals LLC, Initial Term Loan	LIBOR + 3.500%		600,709	5.145	+	5/04/2025		552,154
Avantor, Inc., Initial B-3 Dollar Term Loan	LIBOR + 2.250%		230,580	3.895	+	11/20/2024		232,358
Bausch Health Companies, Inc., Initial Term Loan	LIBOR + 3.000%		1,066,182	4.670	+	6/02/2025		1,071,849
Bausch Health Companies, Inc., First Incremental Term Loan	LIBOR + 2.750%		182,750	4.420	+	11/28/2025		183,613
Change Healthcare Holdings, Inc., Closing Date Term Loan	LIBOR + 2.500%		1,117,732	4.145	+	2/29/2024		1,120,174
CHG Healthcare Services, Inc., New Term Loan (2017) (First Lien)	LIBOR + 3.000%		361,959	4.645	+	6/08/2023		363,859
CHG PPC Parent LLC, Initial Term Loan (First Lien)	LIBOR + 2.750%		581,150	4.395	+	4/01/2025		585,023
Chobani LLC, New Term Loan (First Lien)	LIBOR + 3.500%		1,036,450	5.145	+	10/10/2023		1,037,559
CPI Acquisition, Inc., Term Loan (First Lien)	LIBOR + 4.500%		1,013,336	6.378	+	8/16/2022		781,282
CPI Holdco LLC, Closing Date Term Loan (First Lien)	LIBOR + 4.250%		190,000	6.195	+	11/04/2026		191,306
Diamond BV, Initial USD Term Loan	LIBOR + 3.000%		966,180	4.777	+	9/06/2024		942,025
Dole Food Company, Inc., Tranche B Term Loan	LIBOR + 2.750%		898,407	4.404	+	4/04/2024		898,748
Endo Luxembourg Finance Company I SARL, Initial Term Loan	LIBOR + 4.250%		400,000	6.044	+	4/28/2024		386,928
Envision Healthcare Corp., Initial Term Loan	LIBOR + 3.750%		1,335,013	5.395	+	10/10/2025		1,129,020
Explorer Holdings, Inc., Initial Term Loan	LIBOR + 3.750%		582,405	5.622	+	5/02/2023		588,957
Explorer Holdings, Inc., Term Loan	LIBOR + 4.500%		455,000	6.162	+	11/20/2026		460,642
Froneri International PLC, Term Loan (USD)	LIBOR + 2.250%		345,000	3.895	+	1/29/2027		346,294
Garda World Security Corp., Initial Term Loan	LIBOR + 4.750%		515,299	6.664	+	10/30/2026		519,890
Gentiva Health Services, Inc., Term B Loan (First Lien)	LIBOR + 3.250%		293,514	4.895	+	7/02/2025		294,981
Greatbatch Ltd., New Term B Loan (2019)	LIBOR + 2.500%		546,865	4.192	+	10/28/2022		552,744
Greenrock Finance, Inc., Initial USD Term B Loan (First Lien)	LIBOR + 3.500%		249,900	5.445	+	6/28/2024		249,744
Heartland Dental LLC, Initial Term Loan	LIBOR + 3.750%		601,865	5.395	+	4/30/2025		601,112
Herbalife Nutrition Ltd., Term Loan B	LIBOR + 2.750%		241,938	4.395	+	8/18/2025		243,971
H-Food Holdings LLC, Initial Term Loan	LIBOR + 3.688%		672,356	5.333	+	5/24/2025		666,473
Hostess Brands LLC, 2019 Refinancing Term B Loan (First Lien)	LIBOR + 2.250%		913,811	3.990	+	8/04/2025		916,238
Jaguar Holding Company I LLC, 2018 Term Loan	LIBOR + 2.500%		1,146,313	4.145	+	8/18/2022		1,147,586
JBS USA Lux S.A., New Term Loan	LIBOR + 2.000%		770,324	3.645	+	4/30/2026		775,443
Kronos Acquisition Intermediate, Inc., Initial Loan	LIBOR + 4.000%		1,186,837	5.645	+	5/16/2023		1,175,710
Milk Specialties Company, New Term Loan	LIBOR + 4.000%		526,373	5.645	+	8/16/2023		510,582
NAB Holdings LLC, 2018 Refinancing Term Loan	LIBOR + 3.000%		959,914	4.945	+	6/30/2024		962,314
National Mentor Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000%		200,963	5.645	+	3/08/2026		202,183
National Mentor Holdings, Inc., Initial Term C Loan (First Lien)	LIBOR + 4.000%		7,895	5.645	+	3/08/2026		7,943
NVA Holdings, Inc., Term B-3 Loan (First Lien)	LIBOR + 2.750%		766,399	6.500	+	2/02/2025		766,479
NVA Holdings, Inc., Incremental Term B-4 Loan	LIBOR + 3.500%		19,900	7.250	+	2/02/2025		19,937
One Call Corp., Extended Term Loan (First Lien)	LIBOR + 5.250%		254,067	7.160	+	11/28/2022		244,984
Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan	LIBOR + 3.250%		982,514	5.012	+	6/30/2025		973,917
Parexel International Corp., Initial Term Loan	LIBOR + 2.750%		865,405	4.395	+	9/28/2024		854,453
Parfums Holding Co., Inc., Initial Term Loan (First Lien)	LIBOR + 4.250%		637,041	6.159	+	6/30/2024		635,716
PetVet Care Centers LLC, Initial Term Loan (First Lien)	LIBOR + 2.750%		893,824	4.395	+	2/14/2025		885,815
Phoenix Guarantor, Inc., Initial Term Loan (First Lien)	LIBOR + 4.500%		134,325	6.199	+	3/04/2026		134,862
Refinitiv US Holdings, Inc., Initial Dollar Term Loan	LIBOR + 3.250%		930,600	4.895	+	9/30/2025		940,488
Regionalcare Hospital Partners Holdings, Inc., Term B Loan (First Lien)	LIBOR + 3.750%		706,246	5.549	+	11/16/2025		710,780
Revlon Consumer Products Corp., Initial Term B Loan	LIBOR + 3.500%		646,712	5.409	+	9/08/2023		510,366
Sage Borrowco LLC, Term B Loan (First Lien)	LIBOR + 4.750%		283,575	6.395	+	6/20/2026		284,993
Select Medical Corp., Tranche B Term Loan	LIBOR + 2.500%		632,966	4.435	+	3/06/2025		637,185
Shearer’s Foods LLC, Refinancing Term Loan (First Lien)	LIBOR + 4.250%		693,108	5.895	+	4/01/2022		694,148
Sigma Holdco BV, Facility B2	LIBOR + 3.000%		850,135	4.909	+	7/02/2025		848,715
Sotera Health Holdings LLC, Initial Term Loan (First Lien)	LIBOR + 4.500%		955,000	6.162	+	11/22/2026		959,780
St. George’s University Scholastic Services LLC, Term Loan	LIBOR + 3.500%		845,861	5.145	+	7/16/2025		855,381
Surgery Center Holdings, Inc., Initial Term Loan	LIBOR + 3.250%		957,788	4.895	+	9/02/2024		956,590
Trans Union LLC, 2019 Replacement Term B-5 Loan	LIBOR + 1.750%		1,236,835	3.395	+	11/16/2026		1,242,469
Viant Medical Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750%		452,813	5.695	+	7/02/2025		445,907
WEX, Inc., Term B-3 Loan	LIBOR + 2.250%		874,948	3.895	+	5/16/2026		879,296
								37,640,814

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 94.2% (Continued)
ENERGY - 3.1%
Buckeye Partners LP, Initial Term Loan	LIBOR + 2.750%	$	265,000	4.531	+	10/31/2026	$	267,706
California Resources Corp., Initial Loan	LIBOR + 4.750%		405,000	6.400	+	1/01/2023		369,690
CITGO Holding, Inc., Term Loan	LIBOR + 7.000%		144,638	8.645	+	7/31/2023		147,937
CITGO Petroleum Corp., 2019 Incremental Term B Loan	LIBOR + 5.000%		871,721	6.945	+	3/28/2024		874,445
Fieldwood Energy LLC, Closing Date Loan (First Lien)	LIBOR + 5.250%		605,554	7.027	+	4/12/2022		520,928
Gavilan Resources LLC, Initial Term Loan (Second Lien)	LIBOR + 6.000%		490,000	7.645	+	2/29/2024		204,063
McDermott International, Inc., Term Facility	LIBOR + 10.000%		573,269	11.900	+	10/20/2021		623,430
McDermott International, Inc., Term Loan	LIBOR + 5.000%		1,095,488	6.945	+	5/08/2025		686,049
Medallion Midland Acquisition LLC, Initial Term Loan	LIBOR + 3.250%		657,248	4.895	+	10/30/2024		650,265
MRC Global Inc., 2018 Refinancing Term Loan	LIBOR + 3.000%		748,364	4.645	+	9/20/2024		752,577
Paragon Offshore Finance Co., Term Loan	LIBOR + 2.750%		1,153	4.586	+	7/18/2021		—
Traverse Midstream Partners LLC, Advance	LIBOR + 4.000%		373,885	5.645	+	9/28/2024		333,149
Ultra Resources, Inc., Loan	LIBOR + 4.000%		660,013	5.645	+	4/12/2024		393,615
								5,823,854
FINANCIAL - 5.1%
Asurion LLC, Amendment No. 14 Replacement B-4 Term Loan	LIBOR + 3.000%		512,719	4.645	+	8/04/2022		514,322
Asurion LLC, Replacement B-6 Term Loan	LIBOR + 3.000%		321,389	4.645	+	11/04/2023		322,152
Asurion LLC, New B-7 Term Loan	LIBOR + 3.000%		384,150	4.645	+	11/04/2024		384,951
Asurion LLC, Second Lien Replacement B-2 Term Loan	LIBOR + 6.500%		607,456	8.145	+	8/04/2025		617,895
Blackhawk Network Holdings, Inc., Term Loan (First Lien)	LIBOR + 3.000%		864,108	4.645	+	6/16/2025	��	866,653
Ellie Mae, Inc., Term Loan (First Lien)	LIBOR + 4.000%		1,042,388	5.946	+	4/16/2026		1,049,226
FinCo I LLC, 2018 Replacement Loan	LIBOR + 2.000%		282,020	3.645	+	12/28/2022		283,481
iStar, Inc., Loan	LIBOR + 2.750%		648,813	4.457	+	6/28/2023		651,246
Lightstone Holdco LLC, Refinancing Term B Loan	LIBOR + 3.750%		470,678	5.395	+	1/30/2024		443,762
Lightstone Holdco LLC, Refinancing Term C Loan	LIBOR + 3.750%		26,547	5.395	+	1/30/2024		25,029
MGM Growth Properties Operating Partnership LP, Term B Loan	LIBOR + 2.000%		663,668	3.566	+	3/20/2025		666,097
Pl UK Holdco II Ltd., Facility B1	LIBOR + 3.250%		1,842,188	4.895	+	1/04/2025		1,851,693
Sedgwick Claims Management Services, Inc., Initial Term Loan	LIBOR + 3.250%		1,356,300	4.895	+	1/01/2026		1,359,080
Sedgwick Claims Management Services, Inc., 2019 Term Loan	LIBOR + 4.000%		194,025	5.645	+	9/04/2026		195,633
Uniti Group, Inc., Shortfall Term Loan	LIBOR + 5.000%		291,377	6.645	+	10/24/2022		290,468
								9,521,688
INDUSTRIALS - 15.9%
Anchor Glass Container Corp., July 2017 Additional Term Loan (First Lien)	LIBOR + 2.750%		424,807	4.475	+	12/08/2023		314,536
Anchor Glass Container Corp., Term Loan (Second Lien)	LIBOR + 7.750%		244,000	9.464	+	12/08/2024		128,253
Atlantic Aviation FBO, Inc., Term Loan	LIBOR + 3.750%		128,700	5.395	+	12/06/2025		130,148
Berlin Packaging LLC, Initial Term Loan (First Lien)	LIBOR + 3.000%		586,075	5.721	+	11/08/2025		585,465
Berry Global, Inc., Term W Loan	LIBOR + 2.000%		308,192	3.677	+	9/30/2022		309,939
Berry Global, Inc., Term X Loan	LIBOR + 2.000%		517,173	3.677	+	1/20/2024		520,664
Berry Global, Inc., Term Y Loan	LIBOR + 2.000%		1,182,038	3.781	+	6/30/2026		1,188,686
Brookfield WEC Holdings, Inc., Initial Term Loan (2020)	LIBOR + 3.000%		837,271	4.645	+	7/31/2025		840,411
BWay Holding Co., Initial Term Loan	LIBOR + 3.250%		1,015,504	5.084	+	4/04/2024		1,010,218
Circor International, Inc., Initial Term Loan	LIBOR + 3.500%		578,886	5.184	+	12/12/2024		581,509
Cobham PLC, USD Term Loan B	LIBOR + 3.500%		25,000	5.162	+	2/03/2027		24,875
CPG International LLC, New Term Loan	LIBOR + 3.750%		1,932,678	5.695	+	5/04/2024		1,939,316
Dynasty Acquisition Co., Inc., Initial Term B-1 Loan	LIBOR + 4.000%		398,965	5.945	+	4/06/2026		401,584
Dynasty Acquisition Co., Inc., Initial Term B-2 Loan	LIBOR + 4.000%		214,497	5.945	+	4/06/2026		215,906
Filtration Group Corp., Initial Dollar Term Loan	LIBOR + 3.000%		817,682	4.645	+	3/28/2025		822,793
Fluidra SA, Tranche B-1 USD Term Loan	LIBOR + 2.000%		718,278	3.659	+	7/02/2025		721,122
Fort Dearborn Holding Company, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000%		389,590	5.905	+	10/20/2023		383,505
Gardner Denver, Inc., Tranche B-1 Dollar Term Loan	LIBOR + 2.750%		999,411	4.395	+	7/30/2024		1,003,538
Gates Global LLC, Initial B-2 Dollar Term Loan	LIBOR + 2.750%		914,747	4.395	+	3/31/2024		914,697
Genesee & Wyoming, Inc., Initial Term Loan	LIBOR + 2.000%		310,000	3.961	+	12/30/2026		312,195
GFL Environmental, Inc., Effective Date Incremental Term Loan	LIBOR + 3.000%		607,293	4.645	+	5/30/2025		606,762
Hillman Group, Inc., Initial Term Loan	LIBOR + 4.000%		699,350	5.645	+	5/30/2025		688,545
Klockner Pentaplast Of America, Inc., Dollar Term Loan	LIBOR + 4.250%		1,054,804	5.961	+	6/30/2022		953,015
KSBR Holding Corp., Initial Term Loan	LIBOR + 4.250%		562,175	5.910	+	4/16/2026		565,691
NN, Inc., Extended 2017 Incremental Term Loan	LIBOR + 5.250%		169,100	6.895	+	10/20/2022		167,145
NN, Inc., Tranche B Term Loan	LIBOR + 5.250%		211,389	6.895	+	10/20/2022		208,945
Patriot Container Corp., Closing Date Term Loan (First Lien)	LIBOR + 3.500%		628,800	5.145	+	3/20/2025		631,551
Quikrete Holdings, Inc., Initial Loan (First Lien)	LIBOR + 2.500%		786,538	4.549	+	11/16/2023		788,013

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 94.2% (Continued)
INDUSTRIALS - 15.9% (Continued)
RBS Global, Inc., Term B Loan (2019)	LIBOR + 1.750%	$	690,492	3.409	+	8/20/2024	$	694,680
Reynolds Consumer Products, Inc., Term Loan	LIBOR + 1.750%		480,000	3.501	+	1/29/2027		482,652
Reynolds Group Holdings, Inc., Incremental U.S. Term Loan	LIBOR + 2.750%		1,172,541	4.395	+	2/04/2023		1,176,006
Spectrum Holdings III Corp., Closing Date Term Loan (First Lien)	LIBOR + 3.250%		433,626	4.895	+	2/01/2025		403,968
Summit Materials LLC, New Term Loan	LIBOR + 2.000%		1,322,024	3.645	+	11/20/2024		1,329,791
Terrapure Environmental Ltd., Term Loan	LIBOR + 5.000%		655,000	6.662	+	11/24/2026		661,550
Titan Acquisition Ltd., Initial Term Loan	LIBOR + 3.000%		1,002,150	4.645	+	3/28/2025		983,360
Transdigm, Inc., New Tranche F Term Loan (2018)	LIBOR + 2.500%		1,282,819	4.145	+	6/08/2023		1,283,620
Transdigm, Inc., New Tranche G Term Loan	LIBOR + 2.500%		732,303	4.145	+	8/22/2024		733,218
Transdigm, Inc., New Tranche E Term Loan (2018)	LIBOR + 2.500%		788,139	4.145	+	5/30/2025		788,879
TRC Companies, Inc., 2019 Incremental Term Loan	LIBOR + 5.000%		500,000	6.654	+	6/20/2024		501,355
Tricorbraun Holdings, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.750%		912,223	5.693	+	11/30/2023		910,854
Trident TPI Holdings, Inc., Tranche B-1 Term Loan	LIBOR + 3.000%		720,877	4.645	+	10/16/2024		710,605
Tunnel Hill Partners LP, Initial Term Loan	LIBOR + 3.500%		650,088	5.145	+	2/06/2026		648,872
US Farathane LLC, Term B-4 Loan	LIBOR + 3.500%		781,442	5.145	+	12/24/2021		750,184
Vertiv Group Corp., Term B Loan	LIBOR + 4.000%		565,000	5.645	+	11/30/2023		565,353
								29,583,974
TECHNOLOGY - 7.4%
Applied Systems, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.250%		690,084	5.195	+	9/20/2024		693,224
Applied Systems, Inc., Initial Term Loan (Second Lien)	LIBOR + 7.000%		105,000	8.945	+	9/20/2025		107,925
Astin Finco SARL, Dollar Term Loan (First Lien)	LIBOR + 4.250%		240,000	6.128	+	10/08/2026		239,250
Azalea TopCo, Inc., Initial Term Loan (First Lien)	LIBOR + 3.500%		299,250	5.145	+	7/24/2026		300,933
Boxer Parent Company, Inc., Initial Dollar Term Loan	LIBOR + 4.250%		1,310,890	5.895	+	10/02/2025		1,293,697
Dell International LLC, Refinancing Term B-1 Loan	LIBOR + 2.000%		1,401,612	3.645	+	9/20/2025		1,409,307
Dun & Bradstreet Corp., Initial Term Borrowing	LIBOR + 5.000%		565,000	6.661	+	2/06/2026		569,026
DynCorp International, Inc., Term Loan	LIBOR + 6.000%		306,125	7.670	+	8/18/2025		306,890
Iqvia, Inc., Term B-1 Dollar Loan	LIBOR + 1.750%		144,019	3.695	+	3/08/2024		144,889
Iqvia, Inc., Incremental Term B-2 Dollar Loan	LIBOR + 1.750%		73,313	3.695	+	1/16/2025		73,734
Iqvia, Inc., Term B-3 Dollar Loan	LIBOR + 1.750%		1,135,727	3.695	+	6/12/2025		1,143,093
Kronos, Inc., Incremental Term Loan (First Lien)	LIBOR + 3.000%		2,249,914	4.909	+	10/31/2023		2,260,309
Kronos, Inc., Initial Term Loan (Second Lien)	LIBOR + 8.250%		120,000	10.159	+	10/31/2024		123,050
Navircure, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000%		340,000	5.645	+	10/22/2026		342,975
NCR Corp., Initial Term Loan (2019)	LIBOR + 2.500%		292,437	4.145	+	8/28/2026		293,901
Neustar, Inc., TLB4 (First Lien)	LIBOR + 3.500%		229,713	5.145	+	8/08/2024		215,714
Presidio LLC, Term Loan B	LIBOR + 3.500%		95,000	5.280	+	1/22/2027		95,475
Rackspace Hosting, Inc., Term B Loan (First Lien)	LIBOR + 3.000%		560,041	4.902	+	11/04/2023		540,426
SS&C Technologies Holdings, Inc., Term B-3 Loan	LIBOR + 1.750%		525,788	4.049	+	4/16/2025		526,884
SS&C Technologies Holdings, Inc., Term B-4 Loan	LIBOR + 1.750%		364,555	4.049	+	4/16/2025		365,315
SS&C Technologies Holdings, Inc., Term B-5 Loan	LIBOR + 1.750%		271,525	4.049	+	4/16/2025		271,927
Tempo Acquisition LLC, Initial Term Loan	LIBOR + 2.750%		583,404	4.395	+	4/30/2024		585,776
Vertafore, Inc., Initial Term Loan (First Lien)	LIBOR + 3.250%		1,537,755	4.895	+	7/02/2025		1,524,300
Zelis Cost Management Buyer, Inc., Initial Term Loan	LIBOR + 4.750%		310,000	6.395	+	9/30/2026		312,875
								13,740,895
UTILITIES - 1.5%
APLP Holdings LP, Term Loan	LIBOR + 2.750%		241,571	4.395	+	4/12/2023		242,578
Calpine Construction Finance Co. LP, Term B Loan	LIBOR + 2.000%		709,678	3.645	+	1/16/2025		712,119
Calpine Corp., Term Loan B10	LIBOR + 2.500%		373,101	4.145	+	8/12/2026		374,500
Pacific Gas and Electric Company, Initial Term Loan (DIP)	LIBOR + 2.250%		154,713	3.949	+	1/01/2021		155,486
Pacific Gas and Electric Company, Delayed Draw Term Loan (DIP)	LIBOR + 2.250%		50,000	4.159	+	1/01/2021		50,250
Talen Energy Supply LLC, Initial Term Loan	LIBOR + 3.750%		513,713	5.395	+	7/08/2026		515,210
Texas Competitive Electric Holdings Co. LLC Escrow Bonds #			635,000	-		10/01/2049		445
Vistra Operations Co. LLC, 2018 Incremental Term Loan	LIBOR + 1.750%		811,563	3.400	+	1/01/2026		815,576
								2,866,164
TOTAL BANK LOANS (Cost - $177,976,867)								175,497,376
BONDS & NOTES - 4.1%
COMMERCIAL SERVICES - 0.1%
Garda World Security Corp. - 144A			225,000	4.625		2/15/2027		223,279
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Springleaf Finance Corp.			250,000	6.125		5/15/2022		266,875

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 4.1% (Continued)
ELECTRIC - 0.6%
Vistra Operations Co. LLC -144A	$	460,000	3.550	7/15/2024	$	473,651
Vistra Operations Co. LLC -144A		590,000	3.700	1/30/2027		593,254
						1,066,905
FOOD - 0.1%
Dole Food Co., Inc. - 144A		175,000	7.250	6/15/2025		171,135
HEALTHCARE-SERVICES - 0.9%
Community Health Systems - 144A		215,000	6.625	2/15/2025		217,726
Eagle Holding Co. II LLC - 144A		175,000	7.625	5/15/2022		177,186
Eagle Holding Co. II LLC - 144A		280,000	7.750	5/15/2022		283,298
One Call Corp. - 144A		673,363	7.500	7/01/2024		524,382
Tenet Healthcare Corp.		405,000	4.625	7/15/2024		415,969
						1,618,561
HOME BUILDERS - 0.2%
Lennar Corp.		420,000	2.950	11/29/2020		422,268
INSURANCE - 0.1%
Acrisure LLC - 144A		90,000	8.125	2/15/2024		96,356
MEDIA - 0.5%
CCO Holdings LLC - 144A		180,000	4.000	3/01/2023		183,148
Clear Channel Worldwide Holdings, Inc. - 144A		65,000	5.125	8/15/2027		67,070
Diamond Sports Group LLC - 144A		210,000	5.375	8/15/2026		209,575
iHeartCommunications, Inc.		96,514	6.375	5/01/2026		104,416
iHeartCommunications, Inc.		174,933	8.375	5/01/2027		190,562
Sirius XM Radio, Inc. - 144A		85,000	4.625	7/15/2024		88,312
						843,083
PACKAGING & CONTAINERS - 0.1%
Ardagh Packaging Finance PLC - 144A		235,000	6.000	2/15/2025		246,163
PHARMACEUTICALS - 0.3%
Bausch Health Companies, Inc. - 144A		445,000	5.500	11/01/2025		461,872
PRIVATE EQUITY - 0.2%
Icahn Enterprises LP - 144A		360,000	4.750	9/15/2024		368,158
REAL ESTATE INVESTMENT TRUSTS - 0.3%
iStar, Inc.		460,000	4.250	8/15/2025		463,450
Ladder Capital Finance Holdings LLLP - 144A		140,000	4.250	2/01/2027		139,896
						603,346
SEMICONDUCTORS - 0.6%
Broadcom, Inc. - 144A		1,000,000	3.125	10/15/2022		1,025,840
SOFTWARE - 0.0%
PTC, Inc. - 144A		65,000	3.625	2/15/2025		65,731
TELECOMMUNICATIONS - 0.0%
Frontier Communications Corp.		90,000	8.500	4/15/2020		43,425
TOTAL BONDS & NOTES (Cost - $7,595,702)						7,522,997
	Shares
COMMON STOCK - 0.1%
ADVERTISING - 0.1%
Clear Channel Outdoor Holdings, Inc. *		40,131				109,558
MEDIA - 0.0%
iHeartMedia, Inc. - Class A *		2,133				37,711
iHeartMedia, Inc. - Class B *		29				450
						38,161
TOTAL COMMON STOCK (Cost - $271,898)						147,719

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2020

Security	Shares					Value
EXCHANGE TRADED FUNDS - 0.5%
iShares iBoxx High Yield Corporate Bond ETF ^		1,751				$	153,265
SPDR Bloomberg Barclays High Yield Bond ETF ^		2,408					262,568
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		20,000					537,200
TOTAL EXCHANGE TRADED FUNDS - (Cost - $956,870)							953,033
					Expiration
					Date
RIGHTS - 0.0%
TRA Rights		10,588			11/22/2049		10,943
TOTAL RIGHTS (Cost - $17,470)
WARRANTS - 0.1%
iHeartMedia, Inc.		14,905			5/01/2039		251,175
TOTAL WARRANTS (Cost - $287,609)
			Interest
			Rate %
SHORT-TERM INVESTMENT - 3.4%
MONEY MARKET FUND - 3.4%
Fidelity Investments Money Market Fund - Class I		6,366,264	1.460	+			6,366,264
TOTAL SHORT-TERM INVESTMENT - (Cost - $6,366,264)
COLLATERAL FOR SECURITIES LOANED - 0.2%
Mount Vernon Prime Portfolio !		390,737	1.770	+			390,737
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $390,737)
TOTAL INVESTMENTS - 103.2% (Cost - $194,988,890)						$	192,278,597
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.2)%							(5,935,422	)
NET ASSETS - 100.0%						$	186,343,175

ETF - Exchange Traded Fund

LIBOR - London Inter-bank Offered Rate

LP - Limited Partnership

LLC - Limited Liability Company

LLLP - Limited Liability Limited Partnership

LLP - Limited Liability Partnership

PLC - Public Limited Company

SARL - Société à Responsabilité Limitée

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2020 the total market value of 144A securities is $6,275,636 or 3.37% of net assets.

* Non-Income producing security.

+ Variable rate security. Interest rate is as of January 31, 2020.

# Fair Value estimated using fair value procedures adopted by Board of Trustees. Total Value of such securities is $445 or 0.0% of net assets as of January 31, 2020.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $380,673 at January 31, 2020.

! 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%.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund

January 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 96.1%
ADVERTISING - 0.5%
National CineMedia LLC - 144A	$	515,000	5.875	4/15/2028	$	539,284
AEROSPACE/DEFENSE - 0.6%
Moog, Inc. - 144A		472,000	4.250	12/15/2027		485,051
UAL 2007-1 Pass Through Trust		202,259	6.636	7/2/2022		216,140
						701,191
AUTO MANUFACTURERS - 1.0%
Allison Transmission, Inc. - 144A		551,000	5.000	10/1/2024		562,714
Tesla, Inc. - 144A ^		550,000	5.300	8/15/2025		556,880
						1,119,594
AUTO PARTS & EQUIPMENT - 0.6%
Dana, Inc.		367,000	5.375	11/15/2027		379,386
Delphi Technologies PLC - 144A		232,000	5.000	10/1/2025		257,520
						636,906
BUILDING MATERIALS - 0.7%
Standard Industries, Inc. - 144A		750,000	6.000	10/15/2025		784,680
CHEMICALS - 0.8%
Consolidated Energy Finance SA - 144A		385,000	6.875	6/15/2025		382,590
OCI NV -144A		517,000	5.250	11/1/2024		535,095
						917,685
COAL - 0.5%
SunCoke Energy Partners LP - 144A		627,000	7.500	6/15/2025		603,481
COMMERCIAL SERVICES - 4.5%
Ahern Rentals, Inc. - 144A		596,000	7.375	5/15/2023		474,067
Ashtead Capital, Inc. - 144A		328,000	4.250	11/1/2029		341,940
BidFair MergeRight, Inc. - 144A		550,000	7.375	10/15/2027		561,275
GW B-CR Security Corp. - 144A		610,000	9.500	11/1/2027		652,303
Harsco Corp. - 144A		493,000	5.750	7/31/2027		505,337
Korn Ferry - 144A		89,000	4.625	12/15/2027		89,565
MPH Acquisition Holdings LLC - 144A		500,000	7.125	6/1/2024		485,555
Nielsen Finance LLC - 144A		645,000	5.000	4/15/2022		646,954
Prime Security Services Borrower LLC - 144A		631,000	5.250	4/15/2024		659,133
Prime Security Services Borrower LLC - 144A		540,000	5.750	4/15/2026		570,712
						4,986,841
COMPUTERS - 3.2%
Dell International LLC - 144A		1,325,000	6.020	6/15/2026		1,548,332
Diebold Nixdorf, Inc.		693,000	8.500	4/15/2024		667,300
NCR Corp. - 144A		251,000	5.750	9/1/2027		267,949
NCR Corp. - 144A		392,000	6.125	9/1/2029		428,456
Seagate HDD Cayman		525,000	4.875	3/1/2024		562,424
						3,474,461
COSMETICS/PERSONAL CARE - 1.1%
Coty, Inc. - 144A		575,000	6.500	4/15/2026		600,889
First Quality Finance Co., Inc. - 144A		600,000	5.000	7/1/2025		628,749
						1,229,638
DISTRIBUTION/WHOLESALE - 1.3%
American Builders & Contractors Supply Co., Inc. - 144A		525,000	4.000	1/15/2028		530,297
Anixter, Inc.		319,000	6.000	12/1/2025		339,070
H&E Equipment Services, Inc.		514,000	5.625	9/1/2025		537,343
						1,406,710
DIVERSIFIED FINANCIAL SERVICES - 7.0%
AG Issuer LLC - 144A		62,000	6.250	3/1/2028		—
Alliance Data Systems Corp. - 144A		550,000	4.750	12/15/2024		549,753
Avolon Holdings Funding Ltd. - 144A		725,000	5.125	10/1/2023		790,964
Credit Acceptance Corp. - 144A		97,000	5.125	12/31/2024		101,608
Credit Acceptance Corp. - 144A		542,000	6.625	3/15/2026		585,291
Enova International, Inc. - 144A		765,000	8.500	9/1/2024		753,842

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 96.1% (Continued)
DIVERSIFIED FINANCIAL SERVICES - 7.0% (Continued)
Fairstone Financial, Inc. - 144A	$	529,000	7.875	7/15/2024	$	573,523
goeasy Ltd. - 144A		554,000	5.375	12/1/2024		568,313
LPL Holdings, Inc. - 144A		775,000	5.750	9/15/2025		809,867
Navient Corp.		325,000	5.000	3/15/2027		325,000
Navient Corp.		623,000	5.625	8/1/2033		566,819
Quicken Loans, Inc. - 144A		875,000	5.750	5/1/2025		907,449
Springleaf Finance Corp.		800,000	6.875	3/15/2025		903,992
Springleaf Finance Corp.		250,000	5.375	11/15/2029		260,438
						7,696,859
ELECTRIC - 2.9%
Calpine Corp. - 144A		310,000	4.500	2/15/2028		308,837
Clearway Energy Operating LLC		551,000	5.750	10/15/2025		580,250
Clearway Energy Operating LLC		539,000	5.000	9/15/2026		556,705
NextEra Energy Operating Partners LP - 144A		550,000	4.250	7/15/2024		574,643
Talen Energy Supply LLC - 144A		229,000	7.250	5/15/2027		235,149
Talen Energy Supply LLC - 144A		317,000	6.625	1/15/2028		317,903
Vistra Operations Co. LLC - 144A		535,000	5.000	7/31/2027		552,040
						3,125,527
ELECTRICAL COMPONENTS & EQUIPMENT - 1.4%
Energizer Holdings, Inc. - 144A		640,000	6.375	7/15/2026		682,816
EnerSys - 144A		794,000	5.000	4/30/2023		838,000
						1,520,816
ELECTRONICS - 1.0%
Ingram Micro, Inc.		1,040,000	5.450	12/15/2024		1,111,352
ENERGY - 0.8%
Pattern Energy Group, Inc. - 144A		839,000	5.875	2/1/2024		864,518
ENGINEERING & CONSTRUCTION - 0.9%
Frontdoor, Inc. - 144A		560,000	6.750	8/15/2026		613,761
Tutor Perini Corp. - 144A ^		396,000	6.875	5/1/2025		373,230
						986,991
ENTERTAINMENT - 0.7%
Eldorado Resorts, Inc.		660,000	6.000	9/15/2026		724,762
ENVIRONMENTAL CONTROLS - 0.3%
Clean Harbors, Inc. - 144A		343,000	4.875	7/15/2027		361,608
FOOD - 4.0%
Albertsons Companies LLC		562,000	5.750	3/15/2025		583,319
Albertsons Companies LLC - 144A		330,000	5.875	2/15/2028		352,886
Dole Food Co., Inc. - 144A		550,000	7.250	6/15/2025		537,853
JBS USA LLC - 144A		508,000	5.875	7/15/2024		521,335
JBS USA LLC - 144A		272,000	5.750	6/15/2025		282,449
Lamb Weston Holdings, Inc. - 144A		370,000	4.625	11/1/2024		389,271
Land O’Lakes Capital Trust I - 144A		484,000	7.450	3/15/2028		544,500
Land O’Lakes, Inc. - 144A		210,000	7.000	12/29/2049		193,594
Pilgrim’s Pride Corp. - 144A		520,000	5.875	9/30/2027		552,526
Post Holdings, Inc. - 144A		430,000	5.500	3/1/2025		446,303
						4,404,036
FOREST PRODUCTS & PAPER - 0.9%
Cascades, Inc. - 144A		527,000	5.750	7/15/2023		541,553
Cascades, Inc. - 144A		79,000	5.125	1/15/2026		81,765
Cascades, Inc. - 144A		385,000	5.375	1/15/2028		399,322
						1,022,640
HEALTHCARE-PRODUCTS - 0.5%
Hologic, Inc. - 144A		525,000	4.375	10/15/2025		535,718
HEALTHCARE-SERVICES - 3.8%
Catalent Pharma Solutions, Inc. - 144A		280,000	5.000	7/15/2027		295,260
Centene Corp.		174,000	4.750	1/15/2025		179,945
Centene Corp. - 144A		547,000	5.375	6/1/2026		582,883

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2020

	Variable		Principal		Interest		Maturity
Security	Rate		Amount		Rate %		Date	Value
BONDS & NOTES - 96.1% (Continued)
HEALTHCARE-SERVICES - 3.8% (Continued)
Centene Corp. - 144A			$	375,000	4.250		12/15/2027	$	391,631
Centene Corp. - 144A				89,000	4.625		12/15/2029		95,831
Community Health Systems, Inc. - 144A				435,000	6.625		2/15/2025		440,516
DaVita, Inc.				537,000	5.125		7/15/2024		550,202
HCA, Inc.				1,475,000	5.375		2/1/2025		1,651,535
									4,187,803
HOME BUILDERS - 0.5%
Mattamy Group Corp. - 144A				489,000	5.250		12/15/2027		512,228
HOUSEHOLD PRODUCTS - 0.9%
Central Garden & Pet Co.				600,000	5.125		2/1/2028		624,209
Prestige Brands, Inc. - 144A				345,000	5.125		1/15/2028		361,388
									985,597
INSURANCE - 0.1%
AmWINS Group, Inc. - 144A				103,000	7.750		7/1/2026		112,734
INTERNET - 3.2%
Cogent Communications Group, Inc. - 144A				505,000	5.375		3/1/2022		527,883
Grubhub Holdings, Inc. - 144A				695,000	5.500		7/1/2027		679,780
Netflix, Inc.				994,000	4.375		11/15/2026		1,046,533
Netflix, Inc. - 144A				1,165,000	4.875		6/15/2030		1,217,396
									3,471,592
INVESTMENT COMPANIES - 0.3%
FS Energy & Power Fund - 144A				308,000	7.500		8/15/2023		317,888
IRON/STEEL - 1.4%
Cleveland-Cliffs, Inc. - 144A				475,000	4.875		1/15/2024		478,365
Commercial Metals Co.				462,000	5.750		4/15/2026		487,351
Mineral Resources Ltd. - 144A				525,000	8.125		5/1/2027		574,782
									1,540,498
LEISURE PRODUCTS - 0.5%
Silversea Cruise Finance Ltd. - 144A				550,000	7.250		2/1/2025		581,963
LODGING - 1.2%
Boyd Gaming Corp. - 144A				382,000	4.750		12/1/2027		391,302
Hilton Grand Vacations Borrower LLC				298,000	6.125		12/1/2024		321,964
Wyndham Destinations, Inc.				346,000	4.150		4/1/2024		370,364
Wyndham Destinations, Inc.				175,000	5.750		4/1/2027		191,467
									1,275,097
MEDIA - 10.4%		��
Altice Financing SA - 144A				801,000	5.000		1/15/2028		788,192
Altice Luxembourg SA - 144A				695,000	7.625		2/15/2025		724,329
Belo Corp.				735,000	7.750		6/1/2027		860,480
Belo Corp.				235,000	7.250		9/15/2027		273,269
Block Communications, Inc. - 144A				778,000	6.875		2/15/2025		808,140
CCO Holdings LLC - 144A				232,000	5.875		4/1/2024		239,926
CCO Holdings LLC - 144A				275,000	5.375		5/1/2025		284,511
CCO Holdings LLC - 144A				478,000	5.500		5/1/2026		500,620
CCO Holdings LLC - 144A				378,000	5.000		2/1/2028		396,182
CCO Holdings LLC - 144A				335,000	5.375		6/1/2029		359,070
Charter Communications Operating LLC	3 mo LIBOR + 1.650%			545,000	3.559	+	2/1/2024		561,802
Charter Communications Operating LLC				355,000	5.050		3/30/2029		408,926
CSC Holdings LLC - 144A				225,000	5.375		7/15/2023		230,262
CSC Holdings LLC				440,000	5.250		6/1/2024		476,117
CSC Holdings LLC - 144A				1,800,000	5.500		4/15/2027		1,913,580
EW Scripps Co. - 144A				854,000	5.125		5/15/2025		877,839
Sirius XM Radio, Inc. - 144A				1,275,000	4.625		7/15/2024		1,324,674
Sirius XM Radio, Inc. - 144A				342,000	5.375		7/15/2026		361,598
									11,389,517

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 96.1% (Continued)
MINING - 2.2%
First Quantum Minerals Ltd. - 144A	$	473,000	7.250	4/1/2023	$	470,734
FMG Resources (August 2006) Pty Ltd. - 144A		825,000	4.500	9/15/2027		837,870
Freeport-McMoRan, Inc.		525,000	3.875	3/15/2023		536,595
Freeport-McMoRan, Inc.		352,000	5.250	9/1/2029		373,771
Novelis Corp. - 144A		182,000	4.750	1/30/2030		183,142
						2,402,112
OIL & GAS - 4.2%
Callon Petroleum Co.		565,000	6.375	7/1/2026		535,534
Chaparral Energy, Inc. - 144A		886,000	8.750	7/15/2023		317,410
Extraction Oil & Gas, Inc. - 144A		725,000	5.625	2/1/2026		357,314
Hilcorp Energy I LP - 144A		1,160,000	5.000	12/1/2024		1,058,981
Lonestar Resources America, Inc. - 144A		576,000	11.250	1/1/2023		398,880
MEG Energy Corp. - 144A		725,000	6.500	1/15/2025		759,891
MEG Energy Corp. - 144A		550,000	7.125	2/1/2027		546,046
PBF Holding Co. LLC - 144A		385,000	6.000	2/15/2028		394,664
Southwestern Energy Co.		264,000	7.500	4/1/2026		221,027
						4,589,747
OIL & GAS SERVICES - 1.0%
Calfrac Holdings LP - 144A		210,000	8.500	6/15/2026		80,330
Hi-Crush Partners LP - 144A ^		961,000	9.500	8/1/2026		406,356
Nine Energy Service, Inc. - 144A		265,000	8.750	11/1/2023		225,449
Pioneer Energy Service, Inc.		652,000	6.125	3/15/2022		151,590
SESI LLC		375,000	7.750	9/15/2024		234,572
						1,098,297
PACKAGING & CONTAINERS - 3.7%
Ardagh Packaging Finance PLC - 144A		550,000	4.125	8/15/2026		566,844
Berry Global, Inc. - 144A		352,000	4.500	2/15/2026		357,931
Crown Americas LLC		300,000	4.500	1/15/2023		316,177
Crown Cork & Seal Co., Inc.		122,000	7.375	12/15/2026		144,612
Intertape Polymer Group, Inc. - 144A		524,000	7.000	10/15/2026		555,622
Owens-Brockway Glass Container, Inc. - 144A		539,000	5.375	1/15/2025		574,932
Sealed Air Corp. - 144A		405,000	5.125	12/1/2024		438,413
Silgan Holdings, Inc.		550,000	4.750	3/15/2025		562,603
Trivium Packaging Finance B.V. - 144A		525,000	8.500	8/15/2027		578,471
						4,095,605
PHARMACEUTICALS - 0.9%
Bausch Health Companies, Inc. - 144A		610,000	6.125	4/15/2025		628,730
Bausch Health Companies, Inc. - 144A		185,000	5.000	1/30/2028		187,775
Bausch Health Companies, Inc. - 144A		185,000	5.250	1/30/2030		188,931
						1,005,436
PIPELINES - 3.1%
Cheniere Energy Partners LP		432,000	5.250	10/1/2025		446,036
Cheniere Energy Partners LP - 144A		248,000	4.500	10/1/2029		252,799
Genesis Energy LP.		893,000	5.625	6/15/2024		871,046
Genesis Energy LP.		325,000	6.500	10/1/2025		317,684
Holly Energy Partners LP - 144A		525,000	6.000	8/1/2024		550,037
Holly Energy Partners LP - 144A		650,000	5.000	2/1/2028		661,580
Summit Midstream Holdings LLC		353,000	5.500	8/15/2022		311,412
						3,410,594
REAL ESTATE - 1.6%
Kennedy-Wilson, Inc.		935,000	5.875	4/1/2024		956,028
Newmark Group, Inc.		679,000	6.125	11/15/2023		745,105
						1,701,133
REAL ESTATE INVESTMENT TRUSTS - 6.6%
CTR Partnership LP		604,000	5.250	6/1/2025		628,411
ESH Hospitality, Inc. - 144A		700,000	5.250	5/1/2025		718,960
Extended Stay America, Inc. - 144A		355,000	4.625	10/1/2027		357,432

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2020

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
BONDS & NOTES - 96.1% (Continued)
REAL ESTATE INVESTMENT TRUSTS - 6.6% (Continued)
GLP Capital LP	$	550,000	5.375		4/15/2026	$	625,103
Hat Holdings I LLC - 144A		621,000	5.250		7/15/2024		653,345
iStar, Inc.		733,000	5.250		9/15/2022		750,180
Ladder Capital Finance Holdings LLLP - 144A		351,000	4.250		2/1/2027		350,740
MGM Growth Properties Operating Partnership LP		513,000	5.750		2/1/2027		571,354
MPT Operating Partnership LP		419,000	5.000		10/15/2027		441,511
Sabra Health Care LP		812,000	5.125		8/15/2026		888,704
Starwood Property Trust, Inc.		544,000	4.750		3/15/2025		570,120
VICI Properties LP - 144A		131,000	4.250		12/1/2026		134,690
VICI Properties LP - 144A		320,000	3.750		2/15/2027		322,200
VICI Properties LP - 144A		196,000	4.625		12/1/2029		205,183
							7,217,933
RETAIL - 2.1%
Brinker International, Inc. - 144A		547,000	5.000		10/1/2024		577,312
Conn’s, Inc. ^		260,000	7.250		7/15/2022		259,431
EG Global Finance PLC - 144A		605,000	6.750		2/7/2025		613,824
Murphy Oil USA, Inc.		375,000	4.750		9/15/2029		392,569
Yum! Brands, Inc. - 144A		380,000	4.750		1/15/2030		406,828
							2,249,964
SEMICONDUCTORS - 0.5%
Amkor Technology, Inc. - 144A		500,000	6.625		9/15/2027		544,050
SOFTWARE - 3.5%
Camelot Finance SA - 144A		322,000	4.500		11/1/2026		328,238
CDK Global, Inc.		503,000	5.875		6/15/2026		535,368
Donnelley Financial Solutions, Inc.		530,000	8.250		10/15/2024		551,420
Fair Isaac Corp. - 144A		592,000	4.000		6/15/2028		603,840
MSCI, Inc. - 144A		550,000	4.000		11/15/2029		562,705
Rackspace Hosting, Inc. - 144A ^		550,000	8.625		11/15/2024		545,875
SS&C Technologies, Inc. - 144A		630,000	5.500		9/30/2027		667,595
							3,795,041
TELECOMMUNICATIONS - 8.9%
Altice France SA - 144A		875,000	7.375		5/1/2026		933,564
Altice France SA - 144A		213,000	8.125		2/1/2027		238,422
C&W Senior Financing Designated Activity Co. - 144A		833,000	6.875		9/15/2027		896,368
CenturyLink, Inc. ^		1,435,000	7.500		4/1/2024		1,622,146
Hughes Satellite Systems Corp.		646,000	6.625		8/1/2026		716,477
Level 3 Financing, Inc. - 144A		462,000	4.625		9/15/2027		475,569
Sprint Corp.		2,490,000	7.875		9/15/2023		2,650,543
Telesat Canada - 144A		302,000	4.875		6/1/2027		311,015
Telesat Canada - 144A		540,000	6.500		10/15/2027		566,649
T-Mobile USA, Inc.		288,000	6.500		1/15/2024		296,277
T-Mobile USA, Inc.		240,000	6.375		3/1/2025		248,226
YPSO Finance Bis SA - 144A		830,000	6.000		2/15/2028		824,331
							9,779,587
TRANSPORTATION - 0.3%
Cargo Aircraft Management, Inc. - 144A		319,000	4.750		2/1/2028		324,595
TOTAL BONDS & NOTES(Cost - $103,805,674)							105,344,309
	Shares
SHORT-TERM INVESTMENT - 0.1%
MONEY MARKET FUND - 0.1%
First American Government Obligations Fund - Class Z		153,635	1.450	+			153,635
TOTAL SHORT-TERM INVESTMENT (Cost - $153,635)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2020

			Interest
Security	Shares		Rate %		Value
COLLATERAL FOR SECURITIES LOANED - 3.6%
HSBC US Government Money Market Fund - Class I #		1,958,375	1.508	+	$	1,958,375
Morgan Stanley Institutional Liquidity Fund Prime Portfolio - Class Institutional #		1,964,233	1.693	+		1,965,608
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $3,922,608)						3,923,983
TOTAL INVESTMENTS - 99.8% (Cost - $107,881,917)					$	109,421,927
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%						217,003
NET ASSETS - 100.0%					$	109,638,930

LIBOR - London Inter-bank Offered Rate

LLC - Limited Liability Corporation

LLLP - Limited Liabilitiy Limited Partnership

LP - Limited Partnership

PLC - Public Limited Company

^ All or a portion of these securities are on loan. Total loaned securities had a value of $373,923,830 at January 31, 2020.

+ Variable rate security. Interest rate is as of January 31, 2020.

# 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%.

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2020 the total market value of 144A securities is $70,554,213 or 64.35% of net assets.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund

January 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
CORPORATE BONDS & NOTES - 56.7%
AGRICULTURE - 1.5%
Adecoagro SA -144A		634,000	USD	6.0000		9/21/2027	$	637,081
AIRLINES - 2.4%
Aerovias de Mexico SA de CV -144A		250,000	USD	7.0000		2/5/2025		252,500
Gol Finance SA - 144A		775,000	USD	7.0000		1/31/2025		788,628
								1,041,128
BANKS - 9.3%
AIB Group PLC		250,000	EUR	2.2500		7/3/2025		301,702
Banco Mercantil del Norte SA/Grand Cayman - 144A	H15T5Y + 4.97%	70,000	USD	6.7500	+	9/27/2168		76,382
Banco Santander SA		200,000	EUR	1.1250		1/17/2025		230,558
Banque Federative du Credit Mutuel SA		200,000	EUR	2.6250		3/18/2024		245,756
BPCE SA		200,000	EUR	4.6250		7/18/2023		255,369
Cooperatieve Rabobank UA		200,000	EUR	1.3750		2/3/2027		242,704
Credit Agricole SA/London		300,000	EUR	1.8750		12/20/2026		366,710
HSBC Holdings PLC	3M Euro LIBOR + 1.36%	350,000	EUR	1.5000	+	12/4/2024		407,787
ING Bank NV	Euro 5 Year Swap Rate + 2.25%	200,000	EUR	3.6250	+	2/25/2026		229,753
Royal Bank of Scotland Group PLC	3M Euro LIBOR + 1.08%	250,000	EUR	1.7500	+	3/2/2026		292,690
Societe Generale SA -144A		300,000	USD	2.6250		10/16/2024		304,316
Standard Chartered PLC - 144A	3M Euro LIBOR + 1.21%	300,000	USD	2.8190		1/30/2026		303,993
UBS Group AG		200,000	EUR	1.2500	+	9/1/2026		235,609
Westpac Banking Corp		500,000	EUR	0.3750		3/5/2023		562,023
								4,055,352
BEVERAGES - 1.1%
Heineken NV		200,000	EUR	3.5000		3/19/2024		254,177
Pernod Richard SA		200,000	EUR	1.5000		5/18/2026		241,702
								495,879
CHEMICALS - 2.9%
Air Liquide Finance SA		200,000	EUR	0.7500		6/13/2024		231,092
ENN Clean Energy International Investment Ltd.		900,000	USD	7.5000		2/27/2021		929,257
OCI NV		100,000	EUR	3.1250		11/1/2024		113,147
								1,273,496
COMMERCIAL SERVICES - 0.5%
Loxam SAS		100,000	EUR	3.7500		7/15/2026		115,790
Techem Verwaltungsgesellschaft 675 mbH - 144A		100,000	EUR	2.0000		7/15/2025		110,774
								226,564
ELECTRIC - 4.1%
Acwa Power Management And Investments One Ltd. - 144A		34,000	USD	5.9500		12/15/2039		37,075
EDP Finance BV		250,000	EUR	1.5000		11/22/2027		301,746
Enel Finance International NV		200,000	EUR	1.9660		1/27/2025		242,879
Engie SA		300,000	EUR	2.3750		5/19/2026		383,584
Iberdrola Finanzas SA		200,000	EUR	1.0000		3/7/2025		233,587
innogy Finance BV		250,000	EUR	1.0000		4/13/2025		290,515
Orsted A/S		250,000	EUR	1.5000		11/26/2029		310,597
								1,799,983
ENGINEERING & CONSTRUCTION - 0.7%
Heathrow Funding Ltd.		100,000	GBP	7.1250		2/14/2024		160,627
Heathrow Finance PLC		100,000	GBP	3.8750		3/1/2027		134,753
								295,380
FOOD - 2.4%
BRF GmbH - 144A		279,000	USD	4.3500		9/29/2026		283,843
Danone SA		200,000	EUR	0.7090		11/3/2024		230,057
Minerva Luxembourg SA - 144A		512,000	USD	6.5000		9/20/2026		544,462
								1,058,362
FOREST PRODUCTS & PAPER - 0.3%
WEPA Hygieneprodukte GmbH - 144A		100,000	EUR	2.8750		12/15/2027		113,164
INSURANCE - 1.5%
Great-West Lifeco, Inc.		300,000	EUR	2.5000		4/18/2023		359,743
NN Group NV		250,000	EUR	1.6250		6/1/2027		303,647
								663,390

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

January 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %	Maturity Date	Value
CORPORATE BONDS & NOTES - 56.7% (Continued)
INTERNET - 0.2%
United Group BV - 144A		100,000	EUR	3.1250	2/15/2026	$	110,179
IRON/STEEL - 3.9%
CSN Resources SA - 144A		651,000	USD	7.6250	4/17/2026		684,953
Metinvest BV - 144A		882,000	USD	7.7500	10/17/2029		931,718
thyssenkrupp AG		100,000	EUR	1.3750	3/3/2022		111,234
							1,727,905
MEDIA - 1.1%
Altice Luxembourg SA		100,000	EUR	8.0000	5/15/2027		125,504
UPCB Finance VII Ltd		100,000	EUR	3.6250	6/15/2029		117,216
Virgin Media Secured Finance PLC		100,000	GBP	5.0000	4/15/2027		139,558
Ziggo BV		100,000	EUR	2.8750	1/15/2030		114,947
							497,225
MINING - 1.7%
Corp Nacional del Cobre de Chile - 144A		125,000	USD	4.3750	2/5/2049		140,456
First Quantum Minerals Ltd - 144A		632,000	USD	6.8750	3/1/2026		611,049
							751,505
MULTI-NATIONAL - 0.9%
European Investment Bank		480,000	BRL	7.2500	6/28/2021		117,432
European Investment Bank		200,000	EUR	1.1250	9/15/2036		259,132
							376,564
OIL & GAS - 7.9%
BG Energy Capital PLC		350,000	EUR	1.2500	11/21/2022		401,967
Geopark Ltd. - 144A		651,000	USD	6.5000	9/21/2024		688,052
Kosmos Energy Ltd. - 144A		561,000	USD	7.1250	4/4/2026		568,363
Petrobras Global Finance BV		63,000	USD	5.9990	1/27/2028		73,607
Petroleos Mexicanos		82,000	USD	6.5000	3/13/2027		89,135
Petroleos Mexicanos		21,000	USD	6.5000	1/23/2029		22,446
Petroleos Mexicanos - 144A		26,000	USD	6.8400	1/23/2030		28,216
Petroleos Mexicanos - 144A		203,000	USD	7.6900	1/23/2050		223,713
Tullow Oil PLC - 144A		927,000	USD	7.0000	3/1/2025		752,038
YPF SA - 144A		652,000	USD	8.5000	7/28/2025		600,111
							3,447,648
PACKAGING & CONTAINERS - 1.4%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.		200,000	GBP	4.7500	7/15/2027		274,913
Crown European Holdings SA		100,000	EUR	3.3750	5/15/2025		121,074
Smurfit Kappa Treasury ULC		100,000	EUR	1.5000	9/15/2027		111,492
Trivium Packaging Finance BV		100,000	EUR	3.7500	8/15/2026		116,316
							623,795
PHARMACEUTICALS - 1.4%
Grifols SA		100,000	EUR	2.2500	11/15/2027		113,591
Mylan NV		200,000	EUR	3.1250	11/22/2028		257,734
Nidda BondCo GmbH		100,000	EUR	5.0000	9/30/2025		112,411
Nidda Healthcare Holding GmbH		100,000	EUR	3.5000	9/30/2024		112,626
							596,362
PIPELINES - 0.4%
Southern Gas Corridor CJSC - 144A		133,000	USD	6.8750	3/24/2026		159,473
REAL ESTATE - 4.5%
ESR Cayman Ltd.		557,000	USD	7.8750	4/4/2022		573,103
Theta Capital Pte Ltd.		370,000	USD	7.0000	4/11/2022		374,316
Wanda Properties International Co. Ltd.		1,000,000	USD	7.2500	1/29/2024		1,007,050
							1,954,469
REITS - 0.6%
Westfield America Management Ltd.		200,000	GBP	2.1250	3/30/2025		273,744

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

January 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
CORPORATE BONDS & NOTES - 56.7% (Continued)
TELECOMMUNICATIONS - 4.2%
Altice France SA/France - 144A		100,000	EUR	2.1250		2/15/2025	$	108,881
Altice France SA/France		100,000	EUR	3.3750		1/15/2028		112,785
Axtel SAB de CV - 144A		660,000	USD	6.3750		11/14/2024		698,501
Deutsche Telekom International Finance BV		250,000	EUR	0.8750		1/30/2024		287,487
Orange SA		200,000	EUR	2.0000		1/15/2029		253,270
Telecom Italia SpA/Milano		100,000	EUR	3.6250		5/25/2026		123,770
Telefonica Europe BV	Euro 6 Year Swap Rate + 4.11%	100,000	EUR	4.3750	+	3/14/2168		123,476
Vodafone Group PLC	Euro 5 Year Swap Rate + 2.67%	100,000	EUR	3.1000	+	1/3/2079		116,336
								1,824,506
TRANSPORTATION - 1.3%
JSL Europe SA - 144A		519,000	USD	7.7500		7/26/2024		560,305
WATER - 0.5%
Veolia Environnement SA		200,000	EUR	1.4960		11/30/2026		243,058
TOTAL CORPORATE BONDS & NOTES (Cost - $24,815,248)								24,806,517
FOREIGN GOVERNMENT BONDS - 29.8%
Angolan Government International Bond - 144A		300,000	USD	9.1250		11/26/2049		317,056
Argentine Republic Government International Bond		480,260	EUR	7.8200		12/31/2033		286,140
Benin Government International Bond - 144A		100,000	EUR	5.7500		3/26/2026		114,939
Brazil Notas do Tesouro Nacional Serie F		1,570,000	BRL	10.0000		1/1/2023		413,259
Brazilian Government International Bond		130,000	USD	4.6250		1/13/2028		143,619
Canadian Government Bond		1,350,000	CAD	2.2500		6/1/2029		1,108,285
Canadian Government Bond		105,000	CAD	5.0000		6/1/2037		123,412
Colombia Government International Bond		200,000	EUR	3.8750		3/22/2026		263,794
Czech Republic Government Bond		2,970,000	CZK	0.7500		2/23/2021		129,261
Czech Republic Government Bond		2,100,000	CZK	0.9500		5/15/2030		87,926
Dominican Republic International Bond - 144A		74,000	USD	5.8750		1/30/2060		74,148
Ecuador Government International Bond - 144A		218,000	USD	10.7500		1/31/2029		198,456
Egypt Government International Bond - 144A		203,000	EUR	6.3750		4/11/2031		245,055
Egypt Government International Bond - 144A		77,000	USD	8.5000		1/31/2047		88,298
Egypt Government International Bond - 144A		200,000	USD	8.1500		11/20/2059		219,404
El Salvador Government International Bond		100,000	USD	7.6500		6/15/2035		116,593
Ghana Government International Bond - 144A		136,000	USD	8.9500		3/26/2051		139,440
Indonesia Government International Bond - 144A		200,000	EUR	2.1500		7/18/2024		237,346
Indonesia Treasury Bond		4,252,000,000	IDR	7.0000		5/15/2027		318,478
Indonesia Treasury Bond		1,320,000,000	IDR	8.3750		3/15/2034		106,518
Ireland Government Bond		130,000	EUR	5.4000		3/13/2025		187,253
Ireland Government Bond		50,000	EUR	0.9000		5/15/2028		60,590
Ireland Government Bond		130,000	EUR	1.3000		5/15/2033		166,936
Italy Buoni Poliennali Del Tesoro		240,000	EUR	4.5000		3/1/2024		312,386
Italy Buoni Poliennali Del Tesoro		255,000	EUR	3.7500		9/1/2024		327,328
Italy Buoni Poliennali Del Tesoro		750,000	EUR	2.8000		12/1/2028		974,606
Italy Buoni Poliennali Del Tesoro		50,000	EUR	3.0000		8/1/2029		66,320
Italy Buoni Poliennali Del Tesoro - 144A		235,000	EUR	5.0000		9/1/2040		408,345
Ivory Coast Government International Bond - 144A		123,000	EUR	5.8750		10/17/2031		144,651
Japan Government Thirty Year Bond		53,450,000	JPY	1.5000		3/20/2045		635,626
Japan Government Thirty Year Bond		53,800,000	JPY	0.5000		9/20/2046		518,176
Japan Government Forty Year Bond		9,850,000	JPY	0.8000		3/20/2058		104,001
Kenya Government International Bond - 144A		99,000	USD	8.0000		5/22/2032		107,933
Lebanon Government International Bond		175,000	USD	6.6500		2/26/2030		64,269
Mexican Bonos		3,190,000	MXN	5.7500		3/5/2026		161,510
Mexican Bonos		850,000	MXN	7.5000		6/3/2027		47,201
Mexican Bonos		1,880,000	MXN	7.7500		11/13/2042		108,163
Mexico Government International Bond		100,000	EUR	1.6250		4/8/2026		116,333
Mexico Government International Bond		47,000	USD	4.5000		4/22/2029		52,687
Mexico Government International Bond		195,000	USD	3.2500		4/16/2030		198,559
Mozambique International Bond - 144A		200,000	USD	5.0000		9/15/2031		191,750
Nigeria Government International Bond - 144A		178,000	USD	6.5000		11/28/2027		183,563
Nigeria Government International Bond		200,000	USD	7.6250		11/28/2047		195,178
Papua New Guinea Government International Bond - 144A		204,000	USD	8.3750		10/4/2028		221,411

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

January 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
FOREIGN GOVERNMENT BONDS - 29.8% (Continued)
Peru Government Bond - 144A		615,000	PEN	6.1500		8/12/2032	$	211,032
Portugal Obrigacoes do Tesouro OT - 144A		100,000	EUR	4.1250		4/14/2027		143,754
Province of British Columbia Canada		150,000	CAD	3.2000		6/18/2044		135,852
Province of Ontario Canada		250,000	CAD	2.8000		6/2/2048		212,614
Russian Federal Bond - OFZ		390,000	RUB	—		12/7/2022		6,403
Russian Federal Bond - OFZ		25,000,000	RUB	6.9000		5/23/2029		413,558
Russian Foreign Bond - Eurobond		400,000	USD	4.2500		6/23/2027		442,450
Spain Government Bond - 144A		140,000	EUR	4.2000		1/31/2037		243,450
Spain Government Bond - 144A		250,000	EUR	2.7000		10/31/2048		383,730
Turkey Government International Bond		130,000	USD	7.6250		4/26/2029		151,343
Ukraine Government International Bond -144A		100,000	EUR	4.3750		1/27/2030		110,204
Ukraine Government International Bond -144A		260,000	USD	7.3750		9/25/2032		288,141
TOTAL FOREIGN GOVERNMENT BONDS (Cost - $12,548,434)								13,028,733
WHOLE LOAN COLLATERAL - 0.7%
Bankinter 10 FTA	3M Euro LIBOR + 0.16%	77,937	EUR	0.0001	+	6/21/2043		86,344
Dutch Property Finance 2017-1 BV	3M Euro LIBOR + 0.68%	189,282	EUR	0.2940	+	1/28/2048		211,007
Fondo de Titulizacion de Activos Santander Hipotecario 2	3M Euro LIBOR + 0.15%	33,333	EUR	0.0001	+	1/18/2049		36,650
TOTAL WHOLE LOAN COLLATERAL(Cost - $336,379)								334,001
		Shares
SHORT - TERM INVESTMENT - 1.8%
MONEY MARKET FUND - 1.8%
Fidelity Institutional Money Market Fund - Government Portfolio - Institutional Class		790,303		1.4600	+			790,303
TOTAL SHORT-TERM INVESTMENT (Cost - $790,303)
TOTAL INVESTMENTS - 89.0% (Cost - $38,490,364)							$	38,959,554
OTHER ASSETS IN EXCESS OF LIABILITIES - 11.0%								4,795,824
NET ASSETS - 100.0%							$	43,755,378

BRL - Brazilian Real	EUR - Euro	JPY - Japanese Yen	RUB - Russian Ruble
CAD - Canadian Dollar	GBP - United Kingdom Pound	MXN - Mexican Peso	USD - US Dollar
CZK - Czech Koruna	IDR - Indonesian Rupiah	PEN - Peruvian Sol

+ Variable rate security. Interest rate is as of January 31, 2020.

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The 144A securities amounted to $14,590,332 or 33.4% of net assets.

H15T5Y - 5 Year Treasury Rate

Futures Contracts *	Counterparty	Contracts			Notional			Expiration	Unrealized Appreciation (Depreciation)
LONG FUTURES CONTRACTS - (0.2)%
EURO-BUXL 30 Year Bond Future	Barclays		3			701,159		3/6/2020		32,484
Japanese 10 Year Bond (OSE)	Barclays		6			8,462,057		3/13/2020		36,373
Long Gilt Future	Barclays		20			3,557,559		3/27/2020		32,504
NET UNREALIZED GAIN FROM FUTURES CONTRACTS PURCHASED										101,361
SHORT FUTURES CONTRACTS - (0.4)%
US 5 Year NOTE (CBT)	Barclays		(65	)		(7,820,820	)	3/31/2020		(92,930	)
US 10 Year NOTE (CBT)	Barclays		(38	)		(5,002,938	)	3/20/2020		(95,000	)
NET UNREALIZED LOSS FROM FUTURES CONTRACTS SOLD										(187,930	)
NET UNREALIZED LOSS FROM FUTURES CONTRACTS									$	(86,569	)

* Face amounts are the underlying reference notional amounts to stock exchange indices and bonds upon which the fair value of the futures contracts traded by the Fund are based. While face amounts do not represent the current fair value and are not necessarily indicative of the future cash flows of the Fund’s futures contracts, the underlying price changes in relation to the variables specified by the face amounts affect the fair value of these derivative financial instruments. Instrument is non-income producing.

OPEN CREDIT DEFAULT SWAP AGREEMENTS

Amortized

Notional

Upfront

Fixed Deal

Value at

Fair

Payments

Unrealized

Reference Entity

Counter Party

Termination Date

(Pay) Rate

January 31, 2020

Value

Paid

Appreciation

CDX.EM.32-V1

Citibank

12/24/2020

1.00%

$

(1,270,000

)

$

14,695

$

13,215

$

1,087

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

January 31, 2020

Portfolio Composition ** - (Unaudited)
Netherlands	10.8	%	Mexico	5.3	%
Luxembourg	8.6	%	British Virgin Islands	5.0	%
France	8.2	%	Ghana	3.7	%
Canada	6.5	%	Spain	3.4	%
Italy	5.7	%	Other Countries	37.5	%
Great Britain	5.3	%	Total	100.00	%

** Based on total value of investments as of January 31, 2020.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

January 31, 2020

As of January 31, 2020 the following Forward Foreign Currency Exchange Contracts were open:

Forward Foreign Currency Exchange Contracts
																Unrealized
		Settlement		Local Currency						U.S. Dollar						Appreciation
Foreign Currency		Date	Counterparty	Amount Purchased						Market Value						(Depreciation)
To Sell USD and To Buy:
Euro		2/4/2020	Barclays	$	450,800					$	499,577					$	(423	)
Euro		2/10/2020	JP Morgan Chase		296,000						328,144						795
Euro		2/13/2020	JP Morgan Chase		296,000						328,202						785
Mexican Peso		2/20/2020	JP Morgan Chase		4,100,000						216,227						(1,471	)
British Pound		3/25/2020	Barclays		1,955,000						2,580,637						15,667
Euro		3/25/2020	Barclays		2,538,644						2,822,187						(32,441	)
Euro		3/25/2020	Barclays		827,469						919,890						(6,992	)
Euro		3/25/2020	Barclays		441,905						491,261						(3,734	)
Euro		3/25/2020	Barclays		240,267						267,102						(1,103	)
Euro		3/25/2020	Barclays		200,000						222,338						(918	)
Euro		3/25/2020	Barclays		308,990						343,502						(1,204	)
Euro		3/25/2020	Barclays		338,960						376,819						(2,128	)
Euro		3/25/2020	Barclays		145,387						161,625						(1,159	)
Euro		3/25/2020	Barclays		65,994						73,365						(135	)
Japanese Yen		3/25/2020	Barclays		313,050,000						2,896,320						42,518
Japanese Yen		3/25/2020	Barclays		275,078,362						2,545,009						36,370
Japanese Yen		3/25/2020	Barclays		285,426,098						2,640,746						23,061
New Zealand Dollar		3/25/2020	Barclays		2,550,000						1,651,316						(41,541	)
																$	25,947
																Unrealized
		Settlement		Local Currency						U.S. Dollar						Appreciation
Foreign Currency		Date	Counterparty	Amount Sold						Market Value						(Depreciation)
To Buy USD and To Sell:
Indonesian Rupiah		2/4/2020	JP Morgan Chase	$	(164,879,089	)				$	(12,075	)				$	(57	)
British Pound		2/6/2020	Barclays		(167,000	)					(220,151	)					(1,167	)
Euro		2/6/2020	Barclays		(476,216	)					(527,805	)					5,195
Euro		2/6/2020	Barclays		(187,254	)					(207,540	)					2,385
Euro		2/6/2020	Barclays		(432,499	)					(479,353	)					3,647
Euro		2/6/2020	Barclays		(211,313	)					(234,205	)					795
Euro		2/6/2020	Barclays		(105,078	)					(116,461	)					539
Euro		2/6/2020	Barclays		(194,641	)					(215,727	)					1,357
Euro		2/6/2020	Barclays		(535,778	)					(593,820	)					1,180
Euro		2/6/2020	Barclays		(453,665	)					(502,811	)					(2,811	)
Euro		2/6/2020	Barclays		(450,746	)					(499,577	)					423
Japanese Yen		2/6/2020	Barclays		(71,779,000	)					(662,327	)					(5,683	)
Japanese Yen		2/6/2020	Citigroup		(23,880,000	)					(220,573	)					(1,259	)
British Pound		3/25/2020	Barclays		(1,955,000	)					(2,580,637	)					14,496
British Pound		3/25/2020	Barclays		(335,000	)					(442,206	)					2,484
British Pound		3/25/2020	Citigroup		(97,000	)					(128,042	)					(310	)
Canadian Dollar		3/25/2020	Barclays		(2,020,000	)					(1,527,312	)					28,551
Euro		3/25/2020	Barclays		(695,026	)					(772,654	)					7,578
Euro		3/25/2020	Barclays		(109,603	)					(121,845	)					415
Euro		3/25/2020	Barclays		(564,000	)					(626,994	)					8,828
Euro		3/25/2020	Barclays		(6,296,000	)					(6,999,204	)					98,554
Euro		3/25/2020	Barclays		(9,532,000	)					(10,596,635	)					149,208
Euro		3/25/2020	Barclays		(100,000	)					(111,169	)					(344	)
Euro		3/25/2020	Barclays		(105,000	)					(116,728	)					(574	)
Japanese Yen		3/25/2020	Barclays		(1,008,500,000	)					(9,330,584	)					(10,346	)
Japanese Yen		3/25/2020	Barclays		(11,875,000	)					(109,867	)					(506	)
New Zealand Dollar		3/25/2020	Barclays		(2,550,000	)					(1,651,316	)					67,043
																$	369,621
				Local Currency			Local Currency			U.S. Dollar			U.S. Dollar			Unrealized
		Settlement		Amount Purchased			Amount Purchased			Market Value			Market Value			Appreciation
Foreign Currency		Date	Counterparty	Buy			Sell			Buy			Sell			(Depreciation)
To Buy:	To Sell:
British Pound	Euro	2/4/2020	Barclays	$	104,801		$	(124,683	)	$	138,148		$	(138,173	)	$	(25	)
Euro	British Pound	2/13/2020	Barclays		395,000			(333,085	)		437,972			(439,176	)		(1,204	)
Euro	British Pound	3/25/2020	Barclays		251,989			(215,685	)		280,133			(284,709	)		(4,575	)
Euro	British Pound	3/25/2020	Barclays		121,965			(104,057	)		135,587			(137,357	)		(1,770	)
Euro	British Pound	3/25/2020	Barclays		124,464			(104,801	)		138,366			(138,339	)		27
																$	(7,547	)
Net Unrealized Gain on Forward Foreign Currency Exchange Contracts																$	388,021

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Large Cap Value Fund

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 97.9%
AEROSPACE/DEFENSE - 2.7%
Lockheed Martin Corp.		2,224	$	952,139
Northrop Grumman Corp.		3,701		1,386,283
				2,338,422
AIRLINES - 1.4%
Delta Air Lines, Inc.		21,033		1,172,379
APPAREL- 0.8%
PVH Corp.		8,382		730,659
AUTO PARTS & EQUIPMENT - 0.4%
BorgWarner, Inc.		9,343		320,372
BANKS - 11.0%
Bank of America Corp.		89,142		2,926,532
JPMorgan Chase & Co.		27,495		3,639,238
State Street Corp. ^		15,943		1,205,769
Truist Financial Corporation		20,620		1,063,373
Wells Fargo & Co.		11,856		556,521
				9,391,433
BEVERAGES - 1.8%
PepsiCo, Inc.		10,597		1,504,986
BIOTECHNOLOGY - 1.5%
Biogen, Inc. *		1,959		526,677
Gilead Sciences, Inc.		12,213		771,862
				1,298,539
BUILDING MATERIALS - 0.7%
Owens Corning		10,560		638,774
CHEMICALS - 2.6%
Air Products & Chemicals, Inc.		4,564		1,089,473
CF Industries Holdings, Inc.		11,383		458,507
Huntsman Corp.		31,338		644,309
				2,192,289
COMMERCIAL SERVICES - 1.3%
Quanta Services, Inc.		28,324		1,108,885
COSMETICS / PERSONAL CARE - 3.0%
Procter & Gamble Co.		20,651		2,573,528
DIVERSIFIED FINANCIAL SERVICES - 5.3%
American Express Co.		5,713		741,947
Charles Schwab Corp. ^		19,023		866,498
Discover Financial Services		14,387		1,080,895
E*TRADE Financial Corp.		17,456		743,975
Intercontinental Exchange, Inc.		11,128		1,109,907
				4,543,222
ELECTRIC - 6.3%
American Electric Power Co., Inc. ^		16,303		1,699,099
DTE Energy Co.		10,347		1,372,116
Duke Energy Corp.		9,742		951,111
Xcel Energy, Inc.		20,081		1,389,404
				5,411,730
ELECTRONICS - 1.0%
Honeywell International, Inc.		4,952		857,785
ENVIRONMENTAL CONTROL - 1.2%
Waste Management, Inc.		8,516		1,036,397
FOOD - 2.0%
Mondelez International, Inc.		20,757		1,191,037
Tyson Foods, Inc.		5,856		483,881
				1,674,918

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Large Cap Value Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 97.9% (Continued)
HEALTHCARE-PRODUCTS - 4.9%
Hill-Rom Holdings, Inc.		8,744	$	931,148
Medtronic PLC		18,566		2,143,259
Thermo Fisher Scientific, Inc.		3,635		1,138,446
				4,212,853
HEALTHCARE-SERVICES - 0.9%
UnitedHealth Group, Inc.		2,745		747,875
HOUSEHOLD PRODUCTS / WARES - 1.6%
Kimberly-Clark Corp. ^		9,392		1,345,310
INSURANCE - 7.4%
Allstate Corp.		7,781		922,360
Berkshire Hathaway, Inc. * ^		4,472		1,003,651
Hartford Financial Services Group, Inc.		21,094		1,250,452
Prudential Financial, Inc.		15,330		1,395,950
Travelers Cos., Inc.		5,271		693,769
Willis Towers Watson PLC		5,142		1,086,453
				6,352,635
INTERNET - 1.1%
Alphabet, Inc. *		673		964,261
LEISURE TIME - 1.1%
Royal Caribbean Cruises Ltd.		8,156		954,904
MACHINERY-CONSTRUCTION & MINING - 1.0%
Caterpillar, Inc.		6,830		897,121
MEDIA - 4.6%
Comcast Corp.		40,418		1,745,653
Discovery, Inc. * ^		38,998		1,141,082
Walt Disney Co.		7,932		1,097,075
				3,983,810
MISCELLANEOUS MANUFACTORING - 1.7%
Ingersoll-Rand PLC		6,658		887,045
Textron, Inc.		11,874		545,373
				1,432,418
OIL & GAS - 7.3%
Chevron Corp.		15,979		1,711,990
ConocoPhillips		17,978		1,068,433
Diamondback Energy, Inc.		12,347		918,617
EOG Resources, Inc.		11,965		872,368
Marathon Petroleum Corp.		15,685		854,832
Phillips 66		8,734		798,026
				6,224,266
PACKAGING & CONTAINERS - 0.7%
Westrock Co.		14,733		574,587
PHARMACEUTICALS - 5.4%
Cigna Corp.		4,609		886,679
Eli Lilly & Co. ^		6,432		898,164
Johnson & Johnson		11,248		1,674,490
Merck & Co., Inc.		13,674		1,168,307
				4,627,640
REITS - 4.8%
AvalonBay Communities, Inc.		2,979		645,520
Boston Properties, Inc.		9,126		1,308,212
Equity LifeStyle Properties, Inc.		6,522		474,476
Highwoods Properties, Inc.		9,611		481,607
Prologis, Inc.		13,066		1,213,570
				4,123,385
RETAIL - 0.9%
Best Buy Co., Inc.		8,755		741,461

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Large Cap Value Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 97.9% (Continued)
SEMICONDUCTORS - 3.2%
Broadcom, Inc.		3,448	$	1,052,192
Intel Corp. ^		13,483		861,968
ON Semiconductor Corp. *		35,669		825,737
				2,739,897
SOFTWARE - 1.7%
Microsoft Corp.		4,949		842,468
Oracle Corp.		11,923		625,362
				1,467,830
TELECOMMUNICATIONS - 6.6%
AT&T, Inc. ^		59,077		2,222,477
Cisco Systems, Inc.		21,713		998,147
Verizon Communications, Inc.		40,901		2,431,155
				5,651,779
TOTAL COMMON STOCKS (Cost - $64,368,367)				83,836,350
COLLATERAL FOR SECURITIES LOANED - 6.0%
Mount Vernon Prime Portfolio, 1.77% + #		5,176,152		5,176,152
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $5,176,152)
TOTAL INVESTMENTS - 103.9%(Cost - $69,544,519)			$	89,012,502
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.9)%				(3,359,387	)
NET ASSETS - 100.0%			$	85,653,115

PLC - Public Limited Company

REITS - Real Estate Investment Trust

* Non-income producing security.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $4,997,420 at January 31, 2020.

+ Variable rate security. Interest rate is as of January 31, 2020.

# 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%.

Portfolio Composition*- (Unaudited)
Financial	27.4	%	Utilities	6.1	%
Consumer, Non-cyclical	21.5	%	Technology	4.7	%
Communications	11.9	%	Consumer, Cyclical	4.4	%
Industrial	8.7	%	Basic Materials	2.5	%
Energy	7.0	%	Others	5.8	%
			Total	100.0	%

^* Based on total value of investments as of January 31, 2020.

^** Includes collateral for securities loaned as of January 31, 2020.

Percentage may differ from Schedule of Investments which is based on Fund net assets

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.3%
AIRLINES - 0.9%
SkyWest, Inc.		8,660	$	477,772
APPAREL- 1.0%
Oxford Industries, Inc.		8,000		555,200
AUTO PARTS & EQUIPMENT - 1.8%
Cooper Tire & Rubber Co.		6,104		161,695
Goodyear Tire & Rubber Co.		25,400		333,502
Standard Motor Products, Inc.		10,500		510,090
				1,005,287
BANKS - 20.3%
BancFirst Corp.		5,440		314,432
Bancorp, Inc. *		34,278		405,509
BankUnited, Inc.		15,452		509,916
Banner Corp.		10,960		564,988
Central Pacific Financial Corp.		18,270		506,627
First Bancorp/Southern Pines NC		8,500		301,580
First Bancshares, Inc.		9,600		330,432
First Interstate BancSystem, Inc.		11,970		460,845
First Midwest Bancorp, Inc.		30,710		612,358
Flagstar Bancorp, Inc.		16,762		590,693
Heartland Financial USA, Inc.		11,960		584,964
Heritage Commerce Corp.		31,930		370,388
Independent Bank Corp.		17,780		380,136
International Bancshares Corp.		15,380		605,972
Old National Bancorp		37,800		676,998
Peapack Gladstone Financial Corp.		9,180		268,331
Simmons First National Corp.		25,230		605,015
TriCo Bancshares		11,513		419,073
TrustCo Bank Corp.		33,500		265,655
UMB Financial Corp.		9,530		633,364
United Community Banks, Inc.		25,560		713,635
Walker & Dunlop, Inc.		6,320		419,459
Wintrust Financial Corp.		9,540		603,691
				11,144,061
BUILDING MATERIALS - 0.9%
Masonite International Corp. *		6,800		510,748
CHEMICALS - 1.6%
Koppers Holdings, Inc. *		10,723		336,488
Minerals Technologies, Inc.		10,038		543,357
				879,845
COMMERCIAL SERVICES - 2.8%
CBIZ, Inc. *		21,310		575,370
FTI Consulting, Inc. *		8,000		960,480
				1,535,850
COMPUTERS - 0.6%
MTS Systems Corp.		6,410		324,923
COSMETICS / PERSONAL CARE - 1.2%
Edgewell Personal Care Co. *		11,768		303,850
elf Beauty, Inc. *		23,800		373,184
				677,034
DISTRIBUTION / WHOLESALE - 0.9%
WESCO International, Inc. *		10,471		506,901
DIVERSIFIED FINANCIAL SERVICES - 1.1%
Piper Sandler Cos		7,480		616,577

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.3% (Continued)
ELECTRIC - 4.2%
PNM Resources, Inc.		16,520	$	895,880
Portland General Electric Co.		15,300		940,950
Unitil Corp.		7,220		445,402
				2,282,232
ELECTRONICS - 2.8%
Coherent, Inc. * ^		1,400		198,002
Comtech Telecommunications Corp.		17,400		503,034
Sanmina Corp. *		19,510		621,198
Vishay Precision Group, Inc. *		5,574		192,526
				1,514,760
ENGINEERING & CONSTRUCTION - 1.1%
Primoris Services Corp.		29,000		618,570
FOOD - 0.8%
Simply Good Foods Co. *		19,790		454,576
GAS - 1.4%
Spire, Inc.		9,370		790,078
HAND / MACHINE TOOLS - 1.0%
Regal Beloit Corp.		7,150		560,989
HEALTHCARE-PRODUCTS - 2.7%
Integer Holdings Corp. *		6,910		590,114
Lantheus Holdings, Inc. *		20,600		360,706
Varex Imaging Corp. *		18,665		516,087
				1,466,907
HEALTHCARE-SERVICES - 1.5%
National HealthCare Corp.		4,910		412,047
Tenet Healthcare Corp. *		12,300		389,172
				801,219
HOME BUILDERS - 1.6%
Taylor Morrison Home Corp. *		33,430		865,168
HOME FURNISHINGS - 1.6%
Ethan Allen Interiors, Inc. ^		17,790		287,309
Sleep Number Corp. * ^		11,160		575,744
				863,053
HOUSEHOLD PRODUCTS / WARES - 0.6%
ACCO Brands Corp.		37,727		325,961
INSURANCE - 5.8%
American Equity Investment Life Holding Co.		25,400		670,814
Assured Guaranty Ltd.		13,760		630,758
Essent Group Ltd.		14,300		709,423
Mercury General Corp.		12,373		607,391
Selective Insurance Group, Inc.		8,940		592,275
				3,210,661
INTERNET - 1.8%
ePlus, Inc. *		7,300		581,956
Stamps.com, Inc. *		5,720		426,083
				1,008,039
INVESTMENT COMPANIES - 0.8%
Ellington Financial, Inc.		25,060		457,846
IRON / STEEL - 0.5%
Schnitzer Steel Industries, Inc.		18,427		296,306
LEISURE TIME - 0.2%
Johnson Outdoors, Inc.		1,326		104,224

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.3% (Continued)
LODGING - 1.5%
Hilton Grand Vacations, Inc. *		16,350	$	521,729
Marcus Corp.		10,620		309,573
				831,302
MACHINERY-DIVERSIFIED - 1.5%
Altra Industrial Motion Corp.		16,420		546,129
Columbus McKinnon Corp.		8,680		303,713
				849,842
MEDIA - 0.9%
Gray Television, Inc. *		23,560		477,797
METAL FABRICATE / HARDWARE - 2.6%
AZZ, Inc.		13,600		561,136
Mueller Industries, Inc.		19,790		577,274
TriMas Corp. *		10,330		296,781
				1,435,191
MISCELLANEOUS MANUFACTORING - 2.4%
Federal Signal Corp.		15,710		505,234
Lydall, Inc. *		16,800		343,392
Materion Corp.		8,900		483,270
				1,331,896
OIL & GAS - 2.4%
Bonanza Creek Energy, Inc. *		15,510		282,127
CVR Energy, Inc.		7,300		252,653
Delek US Holdings, Inc.		15,560		427,278
Penn Virginia Corp. *		16,000		341,920
				1,303,978
OIL & GAS SERVICES - 2.2%
Archrock, Inc.		47,000		392,450
Helix Energy Solutions Group, Inc. * ^		63,050		525,837
Newpark Resources, Inc. * ^		60,827		304,135
				1,222,422
PACKAGING & CONTAINERS - 1.0%
Silgan Holdings, Inc.		18,600		573,996
PHARMACEUTICALS - 0.7%
Anika Therapeutics, Inc. *		9,003		370,113
REITS - 13.7%
Alexander & Baldwin, Inc.		27,200		594,592
Arbor Realty Trust, Inc. ^		39,800		587,846
Armada Hoffler Properties, Inc.		17,970		329,570
Corporate Office Properties Trust		21,900		651,963
Hersha Hospitality Trust		27,920		362,122
Ladder Capital Corp.		33,820		620,597
Piedmont Office Realty Trust, Inc.		25,400		589,026
Preferred Apartment Communities, Inc.		31,522		371,329
QTS Realty Trust, Inc.		2,720		154,714
Rexford Industrial Realty, Inc.		20,640		994,642
RLJ Lodging Trust		33,550		522,038
Sabra Health Care REIT, Inc.		26,050		560,075
STAG Industrial, Inc.		21,510		693,482
TPG RE Finance Trust, Inc.		23,170		474,290
				7,506,286
RETAIL - 2.1%
Foot Locker, Inc. ^		15,700		596,129
Sonic Automotive, Inc. ^		17,000		537,710
				1,133,839
SEMICONDUCTORS - 4.0%
Diodes, Inc. *		14,110		728,640
Rambus, Inc. *		37,480		594,808
Synaptics, Inc. * ^		12,960		864,302
				2,187,750

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.3% (Continued)
SOFTWARE - 1.3%
Progress Software Corp.		15,310	$	690,940
TELECOMMUNICATIONS - 0.5%
United States Cellular Corp. *		9,140		292,663
WATER - 1.0%
SJW Group		7,635		560,027
TOTAL COMMON STOCKS (Cost - $53,177,553)				54,622,829
COLLATERAL FOR SECURITIES LOANED - 6.7%
Mount Vernon Prime Portfolio, 1.77% + #		3,660,278		3,660,278
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $3,660,278)
TOTAL INVESTMENTS - 106.0% (Cost - $56,837,831)			$	58,283,107
LIABILITIES IN EXCESS OF OTHER ASSETS - (6.0)%				(3,299,571	)
NET ASSETS - 100.0%			$	54,983,536

REITS - Real Estate Investment Trust

* Non-income producing security.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $3,453,993 at January 31, 2020.

+ Variable rate security. Interest rate is as of January 31, 2020.

# 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%.

Portfolio Composition*- (Unaudited)
Financial	39.4	%	Technology	5.5	%
Industrial	12.7	%	Energy	4.3	%
Consumer, Cyclical	10.9	%	Communications	3.0	%
Consumer, Non-cyclical	9.7	%	Basic Materials	2.0	%
Utilities	6.2	%	Others	6.3	%
			Total	100.0	%

^* Based on total value of investments as of January 31, 2020.

^** Includes collateral for securities loaned as of January 31, 2020.

Percentage may differ from Schedule of Investments which is based on Fund net assets

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Focused Large Cap Growth Fund

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.4%
AEROSPACE/DEFENSE - 1.7%
TransDigm Group, Inc.		3,012	$	1,937,559
BIOTECHNOLOGY - 0.9%
Illumina, Inc. *		3,564		1,033,810
COMMERCIAL SERVICES - 11.0%
Global Payments, Inc.		6,615		1,292,902
PayPal Holdings, Inc. *		40,935		4,662,087
S&P Global, Inc.		8,651		2,541,058
Square, Inc. *		29,379		2,194,318
TransUnion		24,347		2,232,620
				12,922,985
DIVERSIFIED FINANCIAL SERVICES - 14.4%
Mastercard, Inc.		27,245		8,607,785
Visa, Inc.		41,686		8,294,263
				16,902,048
HEALTHCARE-PRODUCTS - 7.3%
Align Technology, Inc. *		6,572		1,689,661
Edwards Lifesciences Corp. *		14,976		3,292,623
Intuitive Surgical, Inc. *		6,493		3,634,652
				8,616,936
INTERNET - 18.6%
Alibaba Group Holding Ltd. - ADR *		11,684		2,413,798
Alphabet, Inc. *		3,113		4,464,758
Amazon.com, Inc. *		4,060		8,155,403
Facebook, Inc. *		17,644		3,562,500
MercadoLibre, Inc. *		3,275		2,171,325
Zendesk, Inc. *		12,000		1,036,800
				21,804,584
PHARMACEUTICALS - 2.8%
DexCom, Inc. *		13,479		3,245,069
RETAIL - 6.2%
Burlington Stores, Inc. *		21,555		4,687,566
Ulta Beauty, Inc. *		9,598		2,571,400
				7,258,966
SEMICONDUCTORS - 3.0%
NVIDIA Corp.		15,024		3,552,124
SOFTWARE - 32.5%
Adobe, Inc. *		11,700		4,108,338
Autodesk, Inc. *		25,812		5,081,092
Microsoft Corp.		44,638		7,598,727
Salesforce.com, Inc. *		34,367		6,265,448
ServiceNow, Inc. *		16,566		5,603,118
Splunk, Inc. *		18,086		2,808,032
Veeva Systems, Inc. *		26,088		3,824,762
Workday, Inc. *		15,388		2,841,087
				38,130,604
TOTAL COMMON STOCKS (Cost - $54,731,323)				115,404,685
TOTAL INVESTMENTS - 98.4% (Cost - $54,731,323)			$	115,404,685
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6%				1,858,278
NET ASSETS - 100.0%			$	117,262,963

ADR - American Depositary Receipt.

* Non-Income producing security.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 95.4%
AEROSPACE/DEFENSE - 2.0%
Kratos Defense & Security Solutions, Inc. *		25,634	$	470,127
Mercury Systems, Inc. *		8,266		634,415
				1,104,542
APPAREL - 0.6%
Crocs, Inc. *		8,293		314,388
AUTO PARTS & EQUIPMENT - 0.5%
Methode Electronics, Inc.		8,379		274,412
BANKS - 3.4%
First Merchants Corp.		13,996		556,341
Seacoast Banking Corp. of Florida *		26,704		725,014
United Community Banks, Inc.		19,255		537,600
				1,818,955
BIOTECHNOLOGY - 5.7%
Biohaven Pharmaceutical Holding Co. Ltd. *		5,091		246,863
Emergent BioSolutions, Inc. *		9,980		549,798
Exact Sciences Corp. *		3,049		284,411
Guardant Health, Inc. *		4,956		376,854
Livongo Health, Inc. * ^		13,549		327,344
Mirati Therapeutics, Inc. *		4,912		426,509
PTC Therapeutics, Inc. *		10,529		542,243
REGENXBIO, Inc. *		8,405		365,870
				3,119,892
BUILDING MATERIALS - 1.1%
Trex Co., Inc. *		5,900		579,616
COMMERICAL SERVICES - 3.7%
Avalara, Inc. *		5,581		475,166
Chegg, Inc. *		13,862		571,530
LiveRamp Holdings, Inc. *		9,409		378,618
Progyny, Inc. * ^		21,719		603,788
				2,029,102
COMPUTERS - 5.6%
Cubic Corp.		8,268		539,818
Globant SA *		3,110		381,597
Virtusa Corp. *		13,111		545,942
Vocera Communications, Inc. *		16,566		364,949
WNS Holdings Ltd. - ADR *		9,140		652,230
Zscaler, Inc. *		10,141		568,809
				3,053,345
COSMETICS/PERSONAL CARE - 1.1%
Inter Parfums, Inc.		8,842		611,071
DISTRIBUTION/WHOLESALE - 0.7%
SiteOne Landscape Supply, Inc. *		4,087		394,600
DIVERSIFIED FINANCIAL SERVICES - 4.3%
Evercore, Inc.		8,133		623,150
Houlihan Lokey, Inc.		12,752		661,191
LendingTree, Inc. *		2,060		641,072
Moelis & Co.		11,140		401,040
				2,326,453
ELECTRICAL COMPONENTS & EQUIPMENT - 0.7%
nLight, Inc. *		20,353		357,602
ELECTRONICS - 1.1%
Itron, Inc. *		7,186		587,455
ENGINEERING & CONSTRUCTION - 1.1%
Primoris Services Corp.		28,636		610,806

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 95.4% (Continued)
ENVIRONMENTAL CONTROL - 1.0%
US Ecology, Inc.		9,607	$	518,874
FOOD - 2.1%
BellRing Brands, Inc. *		24,474		529,617
Grocery Outlet Holding Corp. *		18,711		612,598
				1,142,215
HEALTHCARE-PRODUCTS - 5.9%
Cerus Corp. *		142,004		569,436
Glaukos Corp. *		6,510		366,187
Insulet Corp. *		2,338		453,666
Repligen Corp. *		4,393		441,013
Shockwave Medical, Inc. *		11,911		517,176
Tandem Diabetes Care, Inc. *		7,501		570,376
ViewRay, Inc. *		97,283		303,523
				3,221,377
HEALTHCARE-SERVICES - 5.1%
Addus HomeCare Corp. *		6,640		626,418
Amedisys, Inc. *		3,198		564,415
Catalent, Inc. *		9,365		572,202
LHC Group, Inc. *		4,567		665,640
SI-BONE, Inc. *		16,195		341,876
				2,770,551
HOME BUILDERS - 4.4%
Century Communities, Inc. *		22,426		665,379
Installed Building Products, Inc. *		7,438		551,379
LGI Homes, Inc. *		7,762		618,942
Skyline Corp. *		19,251		553,466
				2,389,166
INTERNET - 9.8%
Cadlytics, Inc. *		6,703		562,516
Chewy, Inc. * ^		27,791		736,739
Mimecast Ltd. *		5,477		279,491
Okta, Inc. *		2,468		316,027
Pinterest, Inc. *		28,757		633,517
Q2 Holdings, Inc. *		3,336		290,866
Rubicon Project, Inc. *		69,611		651,559
Spotify Technology SA *		4,421		624,687
TechTarget, Inc. *		20,874		529,991
Zendesk, Inc. *		8,255		713,232
				5,338,625
LEISURE PRODUCTS - 0.9%
Lindblad Expeditions Holdings, Inc. *		28,371		467,838
LODGING - 1.0%
Boyd Gaming Corp.		18,195		543,121
MACHINERY-CONSTRUCTION/MINING - 0.8%
BWX Technologies, Inc.		7,263		461,854
MISCELLANEOUS MANUFACTURERS - 1.2%
ESCO Technologies, Inc.		4,007		384,512
Raven Industries, Inc.		8,472		265,682
				650,194
OIL & GAS - 0.8%
Matador Resources Co. * ^		31,431		461,093
PHARMACEUTICALS - 1.4%
DexCom, Inc . *		1,782		429,017
UroGen Pharma Ltd. *		11,983		352,420
				781,437

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

January 31, 2020

Security	Shares					Value
COMMON STOCKS - 95.4% (Continued)
RETAIL - 4.5%
Freshpet, Inc. *		5,604				$	352,380
Ollie’s Bargain Outlet Holdings, Inc. *		6,692					354,944
Papa John’s International, Inc.		11,958					774,639
Texas Roadhouse, Inc.		6,220					388,750
Wingstop, Inc.		5,995					556,156
							2,426,869
SEMICONDUCTORS - 4.3%
Brooks Automation, Inc.		14,278					543,706
Impinj, Inc. *		11,030					354,945
Lattice Semiconductor Corp. *		27,052					503,167
Semtech Corp. *		7,345					353,956
Silicon Laboratories, Inc. *		5,968					586,714
							2,342,488
SOFTWARE - 16.0%
Alteryx, Inc. *		2,282					318,271
Appfolio, Inc. *		2,499					328,469
Appian Corp. * ^		11,280					575,731
Bandwidth, Inc. *		9,336					662,483
Blackline, Inc. *		5,995					366,714
Coupa Software, Inc. *		1,746					281,368
Elastic NV *		8,102					525,658
Everbridge, Inc. *		3,357					304,278
Five9, Inc. *		7,985					572,764
Intelligent Systems Corp. *		6,571					278,939
LivePerson, Inc. *		11,688					479,325
MongoDB, Inc. *		2,771					454,195
MSCI, Inc.		1,173					335,243
Omnicell, Inc. *		4,360					354,381
Pluralsight, Inc. *		30,030					582,282
PROS Holdings, Inc. *		4,645					278,700
Smartsheet, Inc. *		9,340					452,803
Tabula Rasa HealthCare, Inc. * ^		8,912					517,520
Twilio, Inc. *		3,977					494,500
Workiva, Inc. *		11,881					540,467
							8,704,091
STORAGE/WAREHOUSING - 1.5%
Mobile Mini, Inc.		19,084					796,566
TRANSPORTATION - 3.1%
Air Transport Services Group, Inc. *		26,878					563,632
CryoPort, Inc. * ^		31,949					572,207
Saia, Inc. *		6,193					539,410
							1,675,249
TOTAL COMMON STOCKS (Cost - $44,023,300)							51,873,847
			Interest Rate %
COLLATERAL FOR SECURITIES LOANED - 6.5%
HSBC US Government Money Market Fund - Class I #		2,540,724		1.51	+		2,540,724
Morgan Stanley Institutional Liquidity Fund Prime Portfolio - Class Institutional #		1,010,439		1.69	+		1,011,146
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $3,551,163)							3,551,870
TOTAL INVESTMENTS - 101.9% (Cost - $47,574,463)						$	55,425,717
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%							(1,061,267	)
TOTAL NET ASSETS - 100.00%						$	54,364,450

ADR - American Depositary Receipt.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $3,377,530 at January 31, 2020.

# 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%.

* Non-Income producing security.

+ Variable rate security. Interest rate is as of January 31, 2020.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Emerging Markets Stock Fund

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 95.0%
APPAREL - 1.0%
Shenzhou International Group Holdings Ltd.		58,200	$	769,562
AUTO PARTS & EQUIPMENT - 1.4%
Minth Group Ltd.		336,000		1,027,949
BANKS - 11.8%
Banco Bradesco SA - ADR		125,900		960,617
Banco Santander Chile - ADR		26,200		525,048
Bank of the Philippine Islands		303,150		491,528
Bank Rakyat Indonesia Persero Tbk PT		3,874,200		1,259,522
China Merchants Bank Co. Ltd.		213,000		1,027,217
Credicorp Ltd. ^		2,500		516,450
FirstRand Ltd.		119,262		457,339
Grupo Financiero Banorte SAB de CV		105,600		650,022
HDFC Bank Ltd.		33,417		572,406
Itau Unibanco Holding SA - ADR		50,000		380,500
Sberbank of Russia PJSC 144A - ADR *		77,535		1,240,560
Standard Bank Group Ltd.		65,797		686,725
				8,767,934
BEVERAGES - 2.1%
Fomento Economico Mexicano SAB de CV - ADR		7,800		703,326
Varun Beverages Ltd.		82,017		880,366
				1,583,692
BIOTECHNOLOGY - 0.1%
I-Mab - ADR * ^		7,324		90,525
BUILDING MATERIALS - 1.4%
Anhui Conch Cement Co. Ltd.		162,500		1,037,414
CHEMICALS - 0.9%
LG Chem Ltd.		2,388		665,869
COMMERCIAL SERVICES - 1.0%
China Education Group Holdings Ltd.		617,000		755,270
COMPUTERS - 1.4%
Venustech Group, Inc.		185,600		1,020,558
COSMETICS/PERSONAL CARE - 0.6%
Amorepacific Corp. *		2,963		458,623
DIVERSIFIED FINANCIAL SERVICES - 5.5%
Housing Development Finance Corp. Ltd.		72,767		2,459,238
KB Financial Group, Inc. *		30,545		1,123,610
Tisco Financial Group PCL		148,400		488,265
				4,071,113
ELECTRONICS - 0.8%
Hangzhou Hikvision Digital Technology Co. Ltd.		122,022		610,296
ENGINEERING & CONSTRUCTION - 0.9%
Mytilineos Holdings SA		62,652		641,482
ENTERTAINMENT - 1.0%
OPAP SA		56,843		707,272
FOOD - 0.9%
Ulker Biskuvi Sanayi AS *		162,601		633,443
HOME FURNISHINGS - 2.0%
Hangzhou Robam Appliances Co. Ltd.		160,572		740,158
Joyoung Co. Ltd.		192,700		731,953
				1,472,111
INSURANCE - 5.2%
AIA Group Ltd.		108,800		1,078,330
Odontoprev SA *		86,400		355,244
Ping An Insurance Group Co. of China Ltd.		161,000		1,820,964
Powszechny Zaklad Ubezpieczen SA *		23,241		240,523
Samsung Life Insurance Co. Ltd.		6,858		396,843
				3,891,904

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Emerging Markets Stock Fund (Continued)

January 31, 2020

Security			Shares		Value
COMMON STOCKS - 95.0% (Continued)
INTERNET - 16.9%
58.com, Inc. - ADR * ^				10,300	$	572,886
Alibaba Group Holding Ltd. - ADR *				24,500		5,061,455
Baidu, Inc. - ADR *				7,300		901,988
Momo, Inc. ^				15,000		459,000
Naspers Ltd.				3,500		568,028
Tencent Holdings Ltd.				90,100		4,297,828
Yandex NV *				15,500		694,555
						12,555,740
LODGING - 3.1%
Lemon Tree Hotels Ltd. *				1,876,048		1,448,419
Minor International PCL - ADR				848,300		833,112
						2,281,531
MISCELLANEOUS MANUFACTURING - 2.5%
Airtac International Group				69,000		1,042,853
Hiwin Technologies Corp.				78,000		776,122
						1,818,975
OIL & GAS - 5.2%
LUKOIL PJSC - ADR				13,000		1,326,000
Oil & Natural Gas Corp. Ltd.				278,492		423,754
PTT Exploration & Production PCL				217,300		859,931
Reliance Industries Ltd. *				64,663		1,275,441
						3,885,126
REAL ESTATE - 3.6%
Ayala Corp.				40,780		580,729
China Overseas Land & Investment Ltd.				282,000		906,667
ESR Cayman Ltd. *				322,200		796,693
Pakuwon Jati Tbk PT				10,525,700		399,509
						2,683,598
RETAIL - 4.3%
Atacadao SA				141,000		747,029
Li Ning Co. Ltd.				219,000		639,703
Lojas Renner SA *				94,670		1,276,741
President Chain Store Corp.				55,000		541,101
						3,204,574
SEMICONDUCTORS - 16.2%
MediaTek, Inc.				145,000		1,834,596
Samsung Electronics Co. Ltd. - ADR				279		326,988
Samsung Electronics Co. Ltd.				78,000		3,613,976
Samsung Electronics Co. Ltd.				17,399		680,140
SK Hynix, Inc. *				14,381		1,094,199
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR ^				20,900		1,127,346
Taiwan Semiconductor Manufacturing Co. Ltd. *				255,000		2,630,124
Win Semiconductors Corp.				82,000		743,355
						12,050,724
SOFTWARE - 3.4%
Beijing Thunisoft Corp. Ltd.				172,500		683,870
CD Projekt SA				17,900		1,297,505
Chinasoft International Ltd.				860,000		502,319
						2,483,694
TELECOMMUNICATIONS - 0.7%
Accton Technology Corp.				99,000		526,203
WATER - 1.1%
Guangdong Investment Ltd.				394,000		799,865
TOTAL COMMON STOCKS (Cost - $65,031,167)						70,495,047
	Interest		Principal
	Rate %		Amount $
PREFERRED STOCK - 0.7%
OIL & GAS - 0.7%
TATNEFT PJSC		0.000		48,900		548,292
TOTAL PREFERRED STOCK (Cost - $491,843)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Emerging Markets Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
CLOSED END FUND - 1.0%
Vietnam Enterprise Investments Limited *		117,461	$	705,471
TOTAL CLOSED END FUND (Cost - $679,829)
WARRANT - 0.0%
Minor International PCL - NVDR - Warrant ++		51,085		3,491
TOTAL CLOSED END FUND (Cost - $0)
COLLATERAL FOR SECURITIES LOANED - 3.9%
Mount Vernon Prime Portfolio, 1.77% + # (Cost - $2,874,791)		2,874,791		2,874,791
TOTAL INVESTMENTS - 100.6% (Cost - $69,077,630)			$	74,627,092
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%				(410,549	)
NET ASSETS - 100.0%			$	74,216,543

ADR - American Depositary Receipt

* Non-income producing security

^ All or a portion of these securities are on loan. Total loaned securities had a value of $2,735,025 at January 31, 2020.

+ Variable rate security. Interest rate is as of January 31, 2020.

++ The value of this security has been determined in good faith under policies of the Board of Trustees. The total of these securities is $3,491 or 0.0% of net assets.

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The 144A securities amounted to $1,240,560 or 1.7% of net assets.

# The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% (105% for non US Shares) of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

Portfolio Composition * - (Unaudited)
China	28.0	%	Brazil	5.0	%
Taiwan	12.4	%	Hong Kong	4.8	%
South Korea	11.2	%	Thailand	2.9	%
India	9.5	%	Other Countries **	21.1	%
Russia	5.1	%	Total	100.0	%

^* Based on total value of investments as of January 31, 2020.

** Includes Collateral for Securities Loaned as of January 31, 2020.

Percentage may differ from Schedule of Investments which is based on Fund net assets.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2%
AEROSPACE/DEFENSE - 0.5%
Embraer SA - ADR ^ *		12,528	$	210,972
Leonardo SpA		7,050		86,550
Rolls-Royce Holdings PLC - ADR ^		9,506		85,440
Safran SA		1,991		320,777
				703,739
AIRLINES - 0.5%
Deutsche Lufthansa AG		23,170		352,694
Qantas Airways Ltd.		55,475		235,220
Turk Hava Yollari AO *		1		2
				587,916
APPAREL- 1.5%
adidas AG		3,228		1,019,636
Burberry Group PLC - ADR ^		5,697		148,578
Kering		458		279,633
Pou Chen Corp. *		92,000		106,260
Puma SE		5,650		452,065
				2,006,172
AUTO MANUFACTURERS - 2.2%
Fiat Chrysler Automobiles NV		60,512		787,700
Hino Motors Ltd.		12,300		115,145
Kia Motors Corp.		11,634		395,705
Peugeot SA		9,267		190,664
Porsche Automobil Holding SE - ADR		11,600		77,778
Porsche Automobil Holding SE		3,193		215,142
Renault SA		3,188		124,598
Subaru Corp.		17,800		445,099
Tofas Turk Otomobil Fabrikasi AS		121,994		537,978
				2,889,809
AUTO PARTS & EQUIPMENT - 3.6%
Aisin Seiki Co., Ltd.		17,100		569,102
Cie Generale des Etablissements Michelin		1,588		184,104
Continental AG		4,015		457,830
Faurecia		4,396		209,294
Hankook Tire Co., Ltd. *		7,314		174,533
Hyundai Mobis Co., Ltd.		553		105,747
Magna International, Inc.		19,482		987,543
NGK Insulators Ltd.		7,000		117,334
Schaeffler AG		12,065		120,270
Yokohama Rubber Co., Ltd.		13,900		236,196
Toyoda Gosei Co., Ltd.		27,000		612,423
Valeo SA		25,831		766,623
Weifu High-Technology Group Co., Ltd. *		138,000		229,108
				4,770,107
BANKS - 4.7%
Agricultural Bank of China Ltd.		1,016,000		392,342
Alliance Bank Malaysia Bhd		202,400		120,379
Banco de Sabadell SA		213,813		192,508
Banco do Brasil SA *		25,300		285,963
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		51,300		73,514
Bancolombia SA		7,149		93,301
Bank of China Ltd.		1,336,000		516,914
Bank of Communications Co., Ltd.		384,000		246,031
Bank of Zhengzhou Co., Ltd.		114,000		35,390
BNP Paribas SA		3,158		167,459
China CITIC Bank Corp., Ltd.		397,000		207,283
China Everbright Bank Co., Ltd.		475,000		190,600
China Minsheng Banking Corp., Ltd.		288,500		201,453
Eurobank Ergasias SA *		56,951		52,214
Fukuoka Financial Group, Inc. *		10,700		185,373

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2% (Continued)
BANKS - 4.7% (Continued)
Industrial & Commercial Bank of China Ltd. - ADR ^		14,633	$	193,595
Industrial & Commercial Bank of China Ltd.		815,000		541,094
Mediobanca SpA		27,046		269,594
National Bank of Greece SA *		83,517		264,900
Shinsei Bank Ltd.		21,200		324,508
Societe Generale SA		9,676		312,873
Turkiye Garanti Bankasi AS *		66,475		131,912
Turkiye Is Bankasi *		81,167		98,034
Turkiye Vakiflar Bankasi TAO *		555,336		612,279
UniCredit SpA		26,976		360,051
Yapi ve Kredi Bankasi AS *		184,313		91,364
				6,160,928
BEVERAGES - 0.3%
Carlsberg A/S		3,075		448,691
BUILDING MATERIALS - 0.7%
Asia Cement Corp.		118,000		175,516
BBMG Corp.		327,000		87,382
Cie de Saint-Gobain		4,573		172,400
CSG Holding Co., Ltd.		619,000		187,440
Imerys SA		5,380		232,071
KCC Glass Corp. *		727		20,800
				875,609
CHEMICALS - 2.1%
Akzo Nobel NV		4,336		408,864
Covestro AG		7,604		320,209
Hanwha Solutions Corp. *		6,809		94,468
Kaneka Corp.		14,500		444,433
KCC Corp.		774		129,709
Koninklijke DSM NV		1,924		233,982
Kumho Petrochemical Co., Ltd. *		2,215		119,925
Nitto Denko Corp.		3,200		177,833
Shin-Etsu Chemical Co., Ltd.		6,800		777,458
				2,706,881
COAL - 0.3%
China Shenhua Energy Co., Ltd.		70,500		123,919
Inner Mongolia Yitai Coal Co., Ltd. *		333,400		263,720
				387,639
COMMERCIAL SERVICES - 3.2%
Adyen NV *		175		160,686
Amadeus IT Group SA		2,894		226,734
Ashtead Group PLC		11,360		366,038
Brambles Ltd. - ADR ^		12,000		199,800
Brambles Ltd.		25,057		209,302
CCR SA *		13,400		56,915
Cielo SA		48,300		80,137
Experian PLC		20,616		716,352
Guangdong Provincial Expressway Development Co., Ltd. *		92,100		70,737
RELX PLC		8,912		236,040
RELX PLC *		18,172		480,662
Sichuan Expressway Co., Ltd.		400,000		109,264
StoneCo Ltd. ^ *		14,700		638,568
Wirecard AG ^		4,894		717,308
				4,268,543
COMPUTERS - 3.8%
Advantech Co., Ltd. *		32,000		305,222
Asustek Computer., Inc.		21,000		154,661
CGI., Inc. *		7,890		603,743
Check Point Software Technologies Ltd. * ^		2,581		295,034
Chicony Electronics Co., Ltd. *		144,000		405,462
Compal Electronics, Inc.		276,000		166,197
Computershare Ltd.		25,961		306,572

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2% (Continued)
COMPUTERS - 3.8% (Continued)
CyberArk Software Ltd. * ^		2,200	$	304,106
Eastern Communications Co., Ltd. *		205,700		110,667
Fujitsu Ltd.		3,600		380,533
Lenovo Group Ltd. - ADR		4,300		56,545
Lenovo Group Ltd.		396,000		258,447
Lite-On Technology Corp. *		269,000		416,736
NTT Data Corp.		28,900		405,852
Obic Co., Ltd.		1,100		149,846
Otsuka Corp. *		7,900		307,974
Quanta Computer, Inc.		196,000		397,948
				5,025,545
COSMETICS / PERSONAL CARE - 1.1%
Unilever NV		20,683		1,205,975
Unilever PLC		4,648		276,777
				1,482,752
DISTRIBUTION / WHOLESALE - 0.3%
Hanwha Corp. *		12,423		223,210
Toyota Tsusho Corp.		5,700		197,006
				420,216
DIVERSIFIED FINANCIAL SERVICES - 3.1%
ASX Ltd.		9,208		520,988
B3 SA - Brasil Bolsa Balcao		35,500		398,428
BNK Financial Group, Inc. *		31,712		178,862
China Merchants Securities Co., Ltd.		75,600		86,474
CI Financial Corp.		21,754		381,441
CSC Financial Co., Ltd.		153,500		119,965
Deutsche Boerse AG		3,126		507,035
Far East Horizon Ltd.		233,000		205,904
GF Securities Co., Ltd.		80,600		88,054
Haitong Securities Co., Ltd.		268,400		259,431
Hana Financial Group, Inc.		10,225		282,574
Hargreaves Lansdown PLC		7,275		164,852
Investec Ltd. *		42,643		236,491
Magellan Financial Group Ltd. *		948		41,752
Mebuki Financial Group, Inc.		118,800		263,198
Orient Securities Co., Ltd.		98,000		53,949
Yuanta Financial Holding Co., Ltd. *		498,000		322,495
				4,111,893
ELECTRIC - 2.9%
Centrais Eletricas Brasileiras SA *		11,400		104,523
Enel Americas SA		1,507,008		296,796
Enel Chile SA		829,780		78,653
Enel SpA *		224,751		1,957,502
Engie Brasil Energia SA		32,500		395,788
Iberdrola SA		50,363		550,617
Interconexion Electrica SA ESP		23,946		131,439
Tokyo Electric Power Co. Holdings, Inc. *		79,600		315,120
				3,830,438
ELECTRICAL COMPONENTS & EQUIPMENT - 0.7%
Brother Industries Ltd.		10,100		195,001
Delta Electronics, Inc. *		76,000		355,093
Dongfang Electric Corp., Ltd.		202,800		105,650
LG Innotek Co., Ltd.		1,945		242,388
				898,132
ELECTRONICS - 2.6%
Alps Alpine Co., Ltd.		9,400		168,710
Delta Electronics Thailand PCL		134,200		237,510
Hitachi High-Technologies Corp.		3,300		235,884
Hoya Corp.		10,600		1,014,197
Kyocera Corp.		11,600		761,983
LG Display Co., Ltd. - ADR *		26,600		166,516
Omron Corp.		7,000		400,743
TDK Corp.		4,000		423,385
				3,408,928

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2% (Continued)
ENERGY - ALTERNATE SOURCES - 0.3%
Vestas Wind Systems A/S - ADR		3,700	$	122,311
Xinyi Solar Holdings Ltd.		372,000		260,029
				382,340
ENGINEERING & CONSTRUCTION - 0.6%
ACS Actividades de Construccion y Servicios SA		7,566		251,355
Enka Insaat ve Sanayi AS		139,679		164,411
Grupo Aeroportuario del Pacifico SAB de CV - ADR		3,414		422,243
				838,009
ENTERTAINMENT - 0.6%
Aristocrat Leisure Ltd.		29,681		707,921
Astro Malaysia Holdings Bhd		234,900		68,473
				776,394
ENVIRONMENTAL CONTROL - 0.1%
China Conch Venture Holdings Ltd.		37,000		164,561
FOOD - 2.9%
Associated British Foods PLC - ADR		4,622		159,667
CJ CheilJedang Corp. *		362		31,097
Coles Group Ltd.		43,616		478,636
JBS SA *		87,700		565,820
Nestle SA		11,877		1,308,249
NH Foods Ltd. *		2,900		127,266
Want Want China Holdings Ltd.		350,000		288,971
WH Group Ltd.		167,500		157,669
Woolworths Group Ltd.		26,512		736,395
				3,853,770
FOOD SERVICE - 0.2%
Compass Group PLC - ADR		9,390		232,778
FOREST PRODUCTS & PAPER - 0.1%
Nine Dragons Paper Holdings Ltd.		51,000		48,206
Shandong Chenming Paper Holdings Ltd. *		73,800		30,948
				79,154
GAS - 0.3%
Gas Natural SDG SA		12,697		334,624
HAND / MACHINE TOOLS - 0.3%
Disco Corp.		800		184,224
Techtronic Industries Co., Ltd. - ADR		5,200		208,624
				392,848
HEALTHCARE-PRODUCTS - 2.5%
Coloplast A/S - ADR ^		5,800		72,732
Getinge AB		12,450		211,768
Koninklijke Philips NV		25,356		1,160,351
Olympus Corp.		36,400		587,961
Smith & Nephew PLC - ADR ^		3,925		188,439
Smith & Nephew PLC		27,710		665,567
Terumo Corp.		12,300		442,626
				3,329,444
HEALTHCARE-SERVICES - 0.5%
ICON PLC *		3,070		517,663
Notre Dame Intermedica Participacoes SA		9,700		157,988
				675,651
HOLDING COMPANIES - DIVERSIFIED - 0.0%
Haci Omer Sabanci Holding AS *		1		1
HOME BUILDERS - 0.1%
Taylor Wimpey PLC		36,241		102,616
HOME FURNISHINGS - 0.8%
Arcelik AS *		64,164		223,655
LG Electronics, Inc. *		2,286		124,653
Nien Made Enterprise Co., Ltd.		16,000		129,584
Panasonic Corp.		57,700		573,265
				1,051,157

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2% (Continued)
HOUSEWARES - 0.6%
Turkiye Sise ve Cam Fabrikalari AS		780,321	$	724,256
INSURANCE - 5.0%
Aegon NV - ADR		54,233		217,474
Aegon NV		19,140		77,456
Allianz SE		4,607		1,099,050
Assicurazioni Generali SpA		30,414		592,183
Aviva PLC - ADR		18,700		195,041
AXA SA		30,706		815,896
BB Seguridade Participacoes SA		28,700		233,724
China Pacific Insurance Group Co., Ltd.		84,800		282,913
China Reinsurance Group Corp.		568,000		80,671
CNP Assurances		14,352		258,142
Dai-ichi Life Holdings, Inc.		17,800		264,100
Mapfre SA		63,895		163,392
MS&AD Insurance Group Holdings, Inc.		20,500		680,672
NN Group NV		14,996		520,091
People’s Insurance Co Group of China Ltd.		206,000		73,723
Sul America SA		13,100		192,519
T&D Holdings, Inc.		16,600		176,895
Tokio Marine Holdings, Inc.		12,700		689,181
				6,613,123
INTERNET - 1.3%
Auto Trader Group PLC		48,367		356,268
NAVER Corp.		804		119,900
Trend Micro, Inc. *		6,600		344,757
Vipshop Holdings Ltd. - ADR *		19,300		245,689
Yandex NV *		15,200		681,112
				1,747,726
INVESTMENT COMPANIES - 0.2%
Grupo de Inversiones Suramericana SA		15,162		123,507
Itausa - Investimentos Itau SA *		50,738		151,861
				275,368
IRON / STEEL - 0.9%
Fortescue Metals Group Ltd.		8,249		61,112
Fortescue Metals Group Ltd. - ADR		14,700		219,471
Iskenderun Demir ve Celik AS		251,984		327,339
POSCO - ADR		5,400		239,814
POSCO		1,122		203,271
Ternium SA - ADR ^		7,141		149,461
				1,200,468
LEISURE TIME - 0.5%
Carnival PLC		8,014		326,736
Giant Manufacturing Co., Ltd.		23,000		135,437
Yamaha Motor Co., Ltd.		7,100		131,723
				593,896
LODGING - 0.8%
Genting Malaysia Berhad *		604,800		443,348
Melco Resorts & Entertainment Ltd. - ADR		8,240		166,201
NagaCorp Ltd.		66,000		93,117
Sands China Ltd. - ADR		4,200		199,080
Shanghai Jinjiang International Hotels Co., Ltd. *		48,300		84,477
				986,223
MACHINERY-CONSTRUCTION & MINING - 1.1%
Doosan Bobcat, Inc.		11,133		286,266
Doosan Fuel Cell Co., Ltd. *		2,769		8,745
Hitachi Ltd. - ADR		1,793		133,758
Hitachi Ltd.		21,200		807,232
Mitsubishi Heavy Industries Ltd.		5,000		182,337
				1,418,338
MACHINERY-DIVERSIFIED - 1.0%
CNH Industrial NV		51,375		488,972
Doosan Co., Ltd.		828		39,138
GEA Group AG *		17,059		510,402
Hexagon AB		5,836		316,880
				1,355,392

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2% (Continued)
MEDIA - 0.1%
ProSiebenSat.1 Media SE - ADR		11,069	$	35,880
Wolters Kluwer NV *		1,876		140,858
				176,738
MINING - 6.5%
Anglo American PLC		46,438		1,209,648
AngloGold Ashanti Ltd. - ADR		17,900		364,444
BHP Group Ltd.		38,130		977,875
BHP Group Ltd. - ADR ^		9,825		502,156
BHP Group PLC - ADR		8,300		360,469
BHP Group PLC		36,022		782,712
China Hongqiao Group Ltd. *		291,500		143,275
Cia de Minas Buenaventura SAA - ADR		5,140		66,460
Doosan Solus Co., Ltd. *		1,526		10,431
Glencore PLC - ADR		27,416		158,739
Glencore PLC		116,121		339,016
Grupo Mexico SAB de CV		113,900		302,421
MMC Norilsk Nickel PJSC - ADR		3,591		116,061
MMC Norilsk Nickel PJSC *		252		82,014
Newcrest Mining Ltd.		15,245		305,228
Rio Tinto Ltd.		9,035		586,310
Rio Tinto PLC - ADR ^		29,192		1,559,729
Rio Tinto PLC		4,296		229,325
Shandong Gold Mining Co., Ltd.		82,750		205,157
Teck Resources Ltd.		19,452		251,506
				8,552,976
MISCELLANEOUS MANUFACTORING - 0.7%
Siemens AG		7,652		943,061
OFFICE/BUSINESS EQUIPMENT - 0.8%
Canon, Inc. - ADR		7,400		193,658
FUJIFILM Holdings Corp.		12,400		615,669
Konica Minolta, Inc.		25,900		158,053
Seiko Epson Corp. - ADR ^		15,900		117,024
				1,084,404
OIL & GAS - 3.0%
China Petroleum & Chemical Corp.		1,550,000		816,442
Gazprom PJSC - ADR		30,800		215,292
Gazprom PJSC - ADR		67,456		474,216
Lundin Petroleum AB		3,064		93,077
Petrobras Distribuidora SA		35,500		239,588
PetroChina Co., Ltd. - ADR *		8,450		371,884
Surgutneftegas PJSC *		1,345,800		969,584
Tourmaline Oil Corp.		21,648		218,518
Ultrapar Participacoes SA *		102,100		603,772
				4,002,373
OIL & GAS SERVICES - 0.5%
China Oilfield Services Ltd.		482,000		699,525
PHARMACEUTICALS - 12.9%
Alfresa Holdings Corp.		11,300		226,979
Astellas Pharma, Inc.		39,200		692,477
AstraZeneca PLC - ADR		21,482		1,046,173
Bayer AG		12,279		984,704
Chugai Pharmaceutical Co., Ltd.		9,900		1,013,764
Eisai Co., Ltd. - ADR		2,600		195,832
GlaxoSmithKline PLC - ADR ^		20,400		954,720
Grifols SA		2,976		67,645
Hisamitsu Pharmaceutical Co., Inc.		6,600		333,668
Hypera SA		46,300		385,395
Kyowa Kirin Co., Ltd.		13,300		312,587
Livzon Pharmaceutical Group, Inc.		120,400		412,920
Medipal Holdings Corp.		9,100		192,776
Novartis AG		21,381		2,017,206
Novo Nordisk A/S - ADR ^		3,302		200,861
Novo Nordisk A/S		16,055		976,505
Ono Pharmaceutical Co., Ltd.		16,200		372,932

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.2% (Continued)
PHARMACEUTICALS - 12.9% (Continued)
Otsuka Holdings Co., Ltd. - ADR		5,900	$	130,691
Otsuka Holdings Co., Ltd.		2,800		124,357
Roche Holding AG - ADR		13,300		555,940
Roche Holding AG		11,030		3,695,423
Sanofi		4,137		398,660
Shionogi & Co., Ltd.		8,000		475,661
Suzuken Co Ltd/Aichi Japan		3,200		122,654
Tong Ren Tang Technologies Co., Ltd.		73,000		67,579
UCB SA		12,178		1,119,789
				17,077,898
PRIVATE EQUITY - 0.6%
3i Group PLC		51,117		742,293
REAL ESTATE - 0.3%
Hang Lung Group Ltd.		37,000		91,453
Hysan Development Co., Ltd.		36,000		134,416
REA Group Ltd.		2,068		156,487
				382,356
REITS - 0.1%
Fortress REIT Ltd.		148,565		73,918
RETAIL - 0.9%
Hennes & Mauritz AB		16,983		372,149
Kingfisher PLC		130,026		348,481
Lao Feng Xiang Co., Ltd.		18,100		58,879
Lojas Americanas SA *		203		1,106
Pandora A/S - ADR		4,800		61,968
Wesfarmers Ltd.		12,057		361,761
				1,204,344
SEMICONDUCTORS - 8.9%
Advantest Corp.		11,000		573,720
ASM Pacific Technology Ltd.		14,900		200,818
ASML Holding NV - ADR		830		232,948
Infineon Technologies AG		23,880		512,620
MediaTek, Inc.		36,000		455,486
Novatek Microelectronics Corp. *		62,000		437,172
NXP Semiconductors NV ^		4,226		536,110
Powertech Technology, Inc. *		48,000		170,064
Renesas Electronics Corp. *		25,700		161,642
Samsung Electronics Co., Ltd. - ADR		126		147,672
Samsung Electronics Co., Ltd. - ADR		375		364,500
Samsung Electronics Co., Ltd.		67,400		3,122,846
Samsung Electronics Co., Ltd.		8,550		334,226
SK Hynix, Inc. *		14,214		1,081,492
STMicroelectronics NV ^		8,951		249,112
STMicroelectronics NV - ADR		1,890		52,637
SUMCO Corp.		38,900		594,669
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR ^		10,218		551,159
Taiwan Semiconductor Manufacturing Co., Ltd. *		35,000		360,997
Tokyo Electron Ltd.		5,200		1,143,403
United Microelectronics Corp. *		965,000		471,070
				11,754,363
SOFTWARE - 2.5%
Constellation Software, Inc.		300		315,538
Dassault Systemes SE		550		95,140
Konami Holdings Corp.		2,200		85,177
Micro Focus International PLC		20,549		275,482
NetEase, Inc. - ADR		615		197,267
Oracle Corp. Japan		2,100		181,721
Sage Group PLC		16,965		164,877
SAP SE		11,299		1,470,357
Temenos AG		1,811		290,955
Xero Ltd. *		3,984		224,586
				3,301,100

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Security		Shares		Value
COMMON STOCKS - 98.2% (Continued)
TELECOMMUNICATIONS - 2.5%
Deutsche Telekom AG			52,610	$	851,409
Hellenic Telecommunications Organization SA *			10,966		163,648
Koninklijke KPN NV			19,681		55,101
Nice Ltd. - ADR *			1,319		227,264
Nippon Telegraph & Telephone Corp			29,600		754,503
Telecom Italia SpA/Milano - ADR *			29,581		155,300
Telecom Italia SpA/Milano - ADR			7,800		40,248
Telecom Italia SpA/Milano			450,379		236,614
Telefonica Brasil SA *			7,000		97,712
Telefonica SA			103,506		699,549
					3,281,348
TOYS/GAMES/HOBBIES - 0.9%
Nintendo Co., Ltd.			3,300		1,213,588
TRANSPORTATION - 1.6%
Aurizon Holdings Ltd.			56,206		201,486
Deutsche Post AG			17,402		606,689
East Japan Railway Co.			6,100		536,966
Nippon Express Co., Ltd.			3,000		156,284
Rumo SA *			8,700		47,193
West Japan Railway Co.			5,800		490,601
					2,039,219
WATER - 0.6%
Aguas Andinas SA			236,846		88,735
Cia de Saneamento Basico do Estado de Sao Paulo - ADR			41,311		584,964
Cia de Saneamento Basico do Estado de Sao Paulo *			12,000		171,579
					845,278
TOTAL COMMON STOCKS (Cost - $119,079,706)					129,486,857
EXCHANGE TRADED FUND - 0.6%
EQUITY FUND - 0.6%
Global X MSCI Argentina ETF			6,197		158,209
iShares MSCI Eurozone ETF ^			16,700		676,016
TOTAL EXCHANGE TRADED FUND (Cost - $851,719)					834,225
	Expiration Date
WARRANT- 0.0%
Barito Pacific TBK PT * ++	6/4/2021		178,610		12,099
TOTAL WARRANTS (Cost - $0)
COLLATERAL FOR SECURITIES LOANED - 5.9%
Mount Vernon Prime Portfolio, 1.77% + #			7,791,934		7,791,934
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $7,791,934)
TOTAL INVESTMENTS - 104.7% (Cost - $127,723,359)				$	138,125,115
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.7)%					(6,166,134	)
NET ASSETS - 100.0%				$	131,958,981

PLC - Public Limited Company

REITS - Real Estate Investment Trust

* Non-income producing security.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $7,427,764 at January 31, 2020.

+ Variable rate security. Interest rate is as of January 31, 2020.

# 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%.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

January 31, 2020

Portfolio Composition* - (Unaudited)
Japan	18.6	%	Australia	4.8	%
Britain	10.9	%	Brazil	4.1	%
Germany	8.1	%	Taiwan	4.0	%
China	6.5	%	France	3.3	%
Switzerland	6.1	%	Other Countries **	27.6	%
South Korea	6.0	%	Total	100.0	%

^*Based on total value of investments as of January 31, 2020.

^**Includes collateral for securities loaned as of January 31, 2020.

Percentage may differ from Schedule of Investments which is based on Fund net assets

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Dynamic Macro Fund

January 31, 2020

Security								Shares	Value
EXCHANGE TRADED FUNDS - 22.3%
COMMODITY EXCHANGE TRADED FUNDS - 5.6%
iShares Commodities Select Strategy ETF								71,528	$	2,152,993
DEBT EXCHANGE TRADED FUNDS - 5.0%
SPDR Bloomberg Barclays High Yield Bond ETF								17,890		1,950,726
EQUITY EXCHANGE TRADED FUNDS - 11.7%
iShares Currency Hedged MSCI Germany ETF								6,239		177,936
iShares Currency Hedged MSCI Japan ETF								17,368		557,339
SPDR S&P 500 ETF Trust								11,839		3,808,961
										4,544,236
TOTAL EXCHANGE TRADED FUNDS(Cost - $7,238,008)										8,647,955
					Exercise			Expiration
	Counterparty	Contracts	Notional		Price			Date
PURCHASED OPTIONS * + - 4.2%
CALL OPTION ON FUTURES PURCHASED - 4.0%
US 10 Year Future	Goldman Sachs	104	$	12,116,000		US $116.50		2/21/2020		1,576,250
										1,576,250
PUT OPTIONS ON FUTURES PURCHASED - 0.2%
S&P 500 E-Mini Option	Goldman Sachs	40		5,640,000		US $2,820		3/20/2020		19,800
S&P 500 E-Mini Option	Goldman Sachs	36		5,310,000		US $2,950		4/17/2020		56,880
										76,680
TOTAL PURCHASED OPTIONS (Cost - $1,450,000)										1,652,930
		Principal			Discount
		Amount ($)			Rate (%)			Maturity
SHORT-TERM INVESTMENTS - 70.2%
U.S. GOVERNMENT SECURITIES - 65.5%
US Treasury Bill ^^		1,141,000				1.4703		3/12/2020		1,139,159
US Treasury Bill ++		24,327,000				1.4450		3/19/2020		24,281,007
										25,420,166
		Shares				Interest Rate (%)
MONEY MARKET - 4.7%
Morgan Stanley Institutional Liquidity Fund		1,811,192				1.4800	^			1,811,192
TOTAL SHORT-TERM INVESTMENTS - (Cost - $27,228,794)										27,231,358
COLLATERAL FOR SECURITIES LOANED - 33.0%
Mount Vernon Prime Portfolio # (Cost - $12,795,500)		12,795,500				1.7700				12,795,500
TOTAL INVESTMENTS - 129.7% (Cost - $48,712,302)									$	50,327,743
LIABILITIES IN EXCESS OF OTHER ASSETS - (29.7)%										(11,513,329	)
NET ASSETS - 100.0%									$	38,814,414

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Dynamic Macro Fund (Continued)

January 31, 2020

								Unrealized
							Expiration	Appreciation
Open Futures Contracts **	Counterparty	Contracts	Notional				Date	(Depreciation)
LONG FUTURES CONTRACTS  - (0.5)%
10 Year Mini JGB Future	Goldman Sachs	102	$	14,389,261			3/12/2020	$	69,681
CAC 40 10 Euro Future	Goldman Sachs	11		707,520			2/21/2020		(24,117	)
Dax Index Future	Goldman Sachs	1		359,999			3/20/2020		(11,560	)
FTSE 100 Index Future	Goldman Sachs	29		2,759,092			3/20/2020		(115,150	)
FTSE/MIB Index Future	Goldman Sachs	8		1,029,253			3/20/2020		(19,850	)
Hang Seng Index Future	Goldman Sachs	16		2,702,726			2/27/2020		(100,256	)
IBEX 35 Index Future	Goldman Sachs	8		831,355			2/21/2020		(12,614	)
MSCI Emerging Markets Future	Goldman Sachs	14		735,070			3/20/2020		(43,403	)
S&P/TSX 60 IX Future	Goldman Sachs	9		1,403,879			3/19/2020		25,361
S&P 500 E-mini Future	Goldman Sachs	47		7,576,400			3/20/2020		26,166
Topix Index Future	Goldman Sachs	13		2,013,840			3/12/2020		(46,804	)
US 10 Year Note (CBT)	Goldman Sachs	58		7,636,063			3/20/2020		55,482
TOTAL FUTURES CONTRACTS PURCHASED									(197,064	)
SHORT FUTURES CONTRACTS  - (0.7)%
Amsterdam Index Future	Goldman Sachs	(3)		(390,874	)		2/21/2020		16,595
AUST 10 Year Bond Future	Goldman Sachs	(51)		(5,049,150	)		3/16/2020		(56,478	)
CAN 10 Year Bond Future	Goldman Sachs	(27)		(2,902,416	)		3/20/2020		(44,261	)
Euro-Bond Future	Goldman Sachs	(50)		(9,698,974	)		3/6/2020		(166,171	)
Japanese 10 Year Bond (OSE)	Goldman Sachs	(4)		(5,641,371	)		3/13/2020		(369	)
Long Gilt Future	Goldman Sachs	(17)		(3,023,925	)		3/27/2020		(22,756	)
SPI 200 Future	Goldman Sachs	(10)		(1,163,839	)		3/19/2020		(4,269	)
Swiss Market Index Future	Goldman Sachs	(7)		(765,721	)		3/20/2020		(2,029	)
TOTAL FUTURES CONTRACTS SOLD									(279,738	)
NET UNREALIZED LOSS FROM FUTURES CONTRACTS								$	(476,802	)
						Exercise Price		Value
WRITTEN OPTIONS + - (0.1)%
WRITTEN CALL FUTURE OPTIONS - (0.0)%
S&P 500 E-Mini Option	Goldman Sachs	(15)		(2,486,250	)	US $3,315	2/7/2020	$	(1,875	)
S&P 500 E-Mini Option	Goldman Sachs	(15)		(2,497,500	)	US $3,330	2/14/2020		(2,888	)
S&P 500 E-Mini Option	Goldman Sachs	(15)		(2,535,000	)	US $3,380	2/21/2020		(975	)
									(5,738	)
WRITTEN PUT FUTURE OPTIONS - (0.1)%
S&P 500 E-Mini Option	Goldman Sachs	(15)		(2,332,500	)	US $3,110	2/21/2020		(16,050	)
S&P 500 E-Mini Option	Goldman Sachs	(15)		(2,370,000	)	US $3,160	2/28/2020		(28,875	)
									(44,925	)
TOTAL WRITTEN OPTIONS - (Premiums Received - $38,719)								$	(50,663	)

ETF - Exchange Traded Fund

* Non income producing security.

+ Each option contract allows holder to purchase/sell 100 shares of the underlying security at the exercise price.

^ Variable rate security. Interest rate is as of January 31, 2020.

^^ All of this security is segregated as collateral for futures contracts.

** The amounts shown are the underlying reference notional amounts to stock exchange indices, debt securities 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 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

++ All or a portion of these securities are on loan. Total loaned securities had a value of $12,536,136.

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

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 3.3%
ENTERTAINMENT - 2.1%
Hard Rock Northern Indiana	1 mo. LIBOR + 9.000%	$	1,678,378	10.662	+	11/7/2025	$	1,762,297
Hard Rock Northern Indiana	1 mo. LIBOR + 9.000%		121,622	10.662	+	11/7/2025		127,703
								1,890,000
HEALTHCARE PRODUCTS - 1.2%
Weight Watchers International, Inc.	3 mo. LIBOR + 4.750%		1,054,819	7.249	+	11/29/2024		1,056,470
TOTAL BANK LOANS (Cost - $2,792,029)								2,946,470
BONDS & NOTES - 39.9%
AGRICULTURE - 0.8%
Bat Capital Corp. ^			735,000	3.215		9/6/2026		759,147
AIRLINES - 1.2%
American Airlines 2019-1 Class A Pass Through Trust			990,000	3.500		8/15/2033		1,051,883
AUTO MANUFACTURING - 0.5%
Ford Motor Credt Co. LLC			450,000	4.271		1/9/2027		456,826
BANKS - 6.2%
Credit Suisse Group AG - 144A	T 1 3/4 11/15/29 + 3.293%		1,185,000	5.100	+	1/24/2030		1,198,331
Goldman Sachs Capital I			1,150,000	6.345		2/15/2034		1,561,005
JP Morgan Chase & Co.	3 mo. LIBOR + 0.550%		2,005,000	2.460	+	2/1/2027		1,906,424
Wachovia Capital Trust II	3 mo. LIBOR + 0.500%		1,000,000	2.331	+	1/15/2027		948,335
								5,614,095
CHEMICALS - 0.9%
TPC Group, Inc. - 144A			750,000	10.500		8/1/2024		775,939
DIVERSIFIED FINANCIAL SERVICES - 5.7%
Citadel LP - 144A			985,000	4.875		1/15/2027		1,067,483
GE Capital International Funding Co. Unlimited Co.			325,000	2.342		11/15/2020		326,159
GE Capital International Funding Co. Unlimited Co.			770,000	4.418		11/15/2035		868,400
Global Aircraft Leasing Co. Ltd. - 144A			1,455,000	6.500		9/15/2024		1,492,175
Nomura Holdings, Inc.			1,395,000	3.103		1/16/2030		1,428,477
								5,182,694
ENGINEERING & CONSTRUCTION - 0.5%
Mexico City Airport Trust - 144A			395,000	5.500		7/31/207		434,474
ENTERTAINMENT - 0.9%
Enterprise Development Authority  - 144A			725,000	12.000		7/15/2024		833,449
FOOD - 2.1%
JBS Investments GmbH - 144A			258,000	6.250		2/5/2023		261,010
JBS USA LLC - 144A			700,000	5.875		7/15/2024		718,375
Smithfield Foods, Inc. - 144A			835,000	5.200		4/1/2029		954,628
								1,934,013
FOREST PRODUCTS & PAPER - 0.9%
Suzano Austria GmbH- 144A			655,000	7.000		3/16/2047		783,822
HEALTHCARE-SERVICES - 1.8%
CommonSpirit Health			1,500,000	4.187		10/1/2049		1,618,416
INSURANCE - 3.9%
Mutual of Omaha Insurance Co. - 144A	3 mo. LIBOR + 2.640%		410,000	4.297	+	7/15/2024		416,872
Nippon Life Insurance - 144A			675,000	3.400		1/23/2050		685,969
Ohio National Financial Services - 144A			1,350,000	5.550		1/24/2030		1,388,539
United Insurance Holdings Corp.			1,000,000	6.250		12/15/2027		1,047,301
								3,538,681
IRON/STEEL - 1.5%
CSN Resources			1,351,000	6.500		7/21/2020		1,375,166
MEDIA - 1.9%
Viacom, Inc.	3 mo. LIBOR + 3.899%		1,500,000	6.250	+	2/28/2057		1,688,513

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

January 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BONDS & NOTES - 39.9% (Continued)
MINING - 0.2%
Codelco, Inc. - 144A		$	210,000	4.250		7/17/2042	$	228,968
OIL & GAS - 6.8%
Occidental Petroleum Corp.	3 mo. LIBOR + 1.450%		150,000	3.360	+	8/15/2022		1,508,544
Petroleos Mexicanos - 144A			680,000	5.950		1/28/2031		693,430
Petroleos Mexicanos - 144A			700,000	6.950		1/28/2060		712,096
Transocean Poseidon Ltd. - 144A			1,600,000	6.875		2/1/2027		1,675,716
Transocean Sentry Ltd. - 144A			1,570,000	5.375		5/15/2023		1,577,834
								6,167,620
PRIVATE EQUITY - 0.9%
Apollo Management Holdings LP - 144A	T 1 1/2 11/30/24 + 3.266%		780,000	4.950	+	1/14/2050		800,974
RETAIL - 0.5%
QVC, Inc.			490,000	4.750		2/15/2027		495,234
TELECOMMUNICATIONS - 2.7%
Gogo Intermediate Holdings LLC - 144A			500,000	9.875		5/1/2024		538,563
Sprint Capital Corp.			740,000	8.750		3/15/2032		820,919
Sprint Spectrum Co. LLC - 144A			1,000,000	4.738		3/20/2025		1,059,165
								2,418,647
TOTAL BONDS & NOTES (Cost - $34,323,034)								36,158,561
		Shares
COMMON STOCK - 0.0%
TELECOMMUNICATIONS - 0.0%
NII Holdings, Inc. *			10,000					21,700
TOTAL COMMON STOCK (Cost - $57,730)
		Principal		Interest		Maturity
		Amount		Rate %		Date
U.S. GOVERNMENT - 49.7%
TREASURY BILLS - 41.7%
Treasury Bill ^		$	13,470,000	1.466	+	2/13/2020		13,464,518
Treasury Bill			13,480,000	1.469	+	2/25/2020		13,466,524
Treasury Bill ^			10,820,000	1.511	+	3/10/2020		10,802,319
								37,733,361
TREASURY NOTES/BONDS - 8.0%
Treasury Note / Bond ^			3,460,000	2.250		8/15/2049		3,643,340
Treasury Note / Bond			3,555,000	1.750		11/15/2029		3,629,502
								7,272,842
TOTAL U.S. GOVERNMENT (Cost - $44,672,509)								45,006,203
		Shares
SHORT-TERM INVESTMENT -  3.4%
MONEY MARKET FUND - 3.4%
First American Government Obligations Fund - Class Z			3,034,814	1.490	+			3,034,814
TOTAL SHORT-TERM INVESTMENT (Cost - $3,034,814)
COLLATERAL FOR SECURITIES LOANED - 32.3%
Mount Vernon Prime Portfolio #			29,288,012	1.770	+			29,288,012
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $29,288,012)
TOTAL INVESTMENTS - 128.6% (Cost - $114,168,128)							$	116,455,760
LIABILITIES IN EXCESS OF OTHER ASSETS - (28.6)%								(25,908,868	)
TOTAL NET ASSETS - 100.0%							$	90,546,892

LIBOR - London Inter-Bank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

* Non-income producing security.

+ Variable rate security. Interest rate is as of January 31, 2020.

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2020 the total market value of 144A securities is $18,297,812 or 20.2% of net assets.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $28,714,601 at January 31, 2020.

# 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%.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

January 31, 2020

		Short			Notional Value at			Maturity	Unrealized
Security		Contracts			January 31, 2020			Date	Depreciation
OPEN SHORT FUTURES CONTRACTS - (0.5)%
U.S. 5 Year Treasury Note			4		$	481,281		March-20	$	(5,102	)
U.S. 10 Year Treasury Note			106			13,955,563		March-20		(255,156	)
U.S. Treasury Long Bond			54			8,830,688		March-20		(228,953	)
NET UNREALIZED LOSS FROM OPEN SHORT FUTURE CONTRACTS									$	(489,211	)
CREDIT DEFAULT SWAPS
									Unrealized
		Notional Value at			Premium			Maturity	Appreciation/
Description	Counterparty	January 31, 2020			Paid (Received)			Date	(Depreciation)
To Buy Protection - Commonwealth Bank of Australia	Goldman Sachs	$	2,000,000		$	(12,974	)	12/20/2023	$	(41,070	)
To Buy Protection - CDX NA IG. 32	HSBC Securities, Inc.		1,000,000			(18,467	)	6/20/2024		43,071
To Sell Protection - Dell, Inc. (1)	JPMorgan		(3,000,000	)		(145,119	)	6/20/2024		99,702
To Sell Protection - Kohl’s Corp. (1)	Goldman Sachs		(2,000,000	)		(41,422	)	12/20/2024		4,601
To Buy Protection - Prudential Financial, Inc.	JPMorgan		3,000,000			(40,800	)	9/20/2024		(32,944	)
To Buy Protection - Xerox Corp.	JPMorgan		3,000,000			153,515		6/20/2024		(126,675	)
To Buy Protection - Kraft Heinz Food	JPMorgan		2,000,000			(31,954	)	6/20/2023		(885	)
To Sell Protection - Kraft Heinz Food (1)	Goldman Sachs		(2,000,000	)		14,987		12/20/2023		19,689
To Buy Protection - Newell Brands	Goldman Sachs		2,000,000			22,030		12/20/2023		12,027
To Sell Protection - Newell Brands (1)	JPMorgan		(2,000,000	)		(32,614	)	6/20/2023		(3,280	)
NET UNREALIZED GAIN (LOSS) FROM CREDIT DEFAULT SWAPS									$	(25,764	)
TOTAL RETURN SWAPS
Reference Entity					Variable Rate
iBoxx USD Liquid High Yield Index	JPMorgan		5,000,000			3 mo LIBOR + 1.90%		3/20/2020		(100,641	)
iBoxx USD Liquid High Yield Index	JPMorgan		5,000,000			3 mo LIBOR + 1.90%		6/20/2020		7,188
NET UNREALIZED GAIN (LOSS) FROM TOTAL RETURN SWAPS									$	(93,453	)

LIBOR - London Inter-bank Offered Rate

(1) 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.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund

January 31, 2020

Security	Shares			Value
COMMON STOCKS - 65.6%
AEROSPACE/DEFENSE - 4.2%
Boeing Co.		25,084		$	7,983,485
Harris Corp.		11,653			2,579,158
					10,562,643
AIRLINES - 0.0%
American Airlines Group, Inc.		2,410			64,684
AMR Corp. * #		101,283			24,308
					88,992
APPAREL - 0.3%
Capri Holdings Ltd. *		23,387			700,675
AUTO MANUFACTURERS - 0.5%
Fiat Chrysler Automobiles		60,216			784,012
Navistar International Corp. *		15,045			550,948
					1,334,960
BANKS - 0.5%
Citigroup, Inc.		18,898			1,406,200
BIOTECHNOLOGY - 0.5%
Alder BioPharmaceuticals, Inc. * #		10,079			8,063
QIAGEN NV *		40,642			1,372,887
					1,380,950
BUILDING MATERIALS - 0.3%
Continental Building Products, Inc. *		21,415			792,141
CHEMICALS - 0.9%
A. Schulman, Inc. * #		44,665			33,499
Huntsman Corp.		75,671			1,555,796
International Flavors & Fragrances, Inc.		—	~		8
PolyOne Corp.		21,659			718,646
					2,307,949
COMMERCIAL SERVICES - 0.9%
2U, Inc, *		4,359			86,352
PayPal Holdings, Inc. *		19,957			2,272,903
					2,359,255
COMPUTERS - 1.3%
HP, Inc.		158,868			3,387,066
COSMETICS - 0.7%
Procter & Gamble Co.		14,225			1,772,720
DISTRIBUTION/WHOLESALE - 0.4%
WESCO International, Inc. *		21,371			1,034,570
DIVERSIFIED FINANCIAL SERVICES - 3.1%
Aircastle Ltd.		74,129			2,378,800
Fellazo, Inc. *		67,055			669,879
Mastercard, Inc.		3,193			1,008,796
TD Ameritrade Holding Corp.		79,136			3,757,377
					7,814,852
ELECTRIC - 0.5%
El Paso Electric Co.		20,674			1,407,693
ELECTRONICS - 0.3%
Fitbit, Inc. *		106,135			692,000
ENGINEERING & CONSTRUCTION - 1.2%
AECOM *		19,443			937,736
Jacobs Engineering Group, Inc.		23,208			2,147,436
					3,085,172
FOOD - 1.3%
Mondelez International, Inc.		55,540			3,186,885

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2020

Security	Shares		Value
COMMON STOCKS - 65.6% (Continued)
GAMING & LEISURE - 2.5%
Stars Group, Inc. *		262,680	$	6,267,545
HEALTHCARE - PRODUCTS - 2.5%
Wright Medical Group NV *		211,681		6,380,065
HEALTHCARE - SERVICES - 0.3%
Centene Corp. *		9,967		626,027
HOLDING COMPANIES - DIVERSIFIED - 2.1%
8I Enterprises Acquisition Corp. *		42,550		427,628
Alberton Acquisition Corp. *		84,727		882,008
Boxwood Merger Corp. *		111,882		1,142,315
Far Point Acquisition Corp. *		35,843		380,653
Legacy Acquisition Corp. *		124,493		1,297,217
Pure Acquisition Corp. *		125,344		1,306,084
				5,435,905
INSURANCE - 0.6%
Voya Financial, Inc.		27,376		1,635,168
INTERNET - 1.4%
Alphabet, Inc. *		885		1,268,010
NortonLifeLock, Inc.		20,226		574,823
Spotify Technology SA *		2,489		351,696
Uber Technologies, Inc. *		34,402		1,248,449
				3,442,978
LODGING - 2.8%
Caesars Entertainment Corp. *		424,291		5,800,058
Hilton Grand Vacations, Inc. *		12,092		385,856
Wyndham Hotels & Resorts, Inc.		17,557		1,003,734
				7,189,648
MEDIA - 1.2%
Comcast Corp.		23,846		1,029,909
Discovery, Inc .* ^		23,171		677,983
DISH Network Corp. *		38,357		1,410,003
				3,117,895
MINING - 1.3%
Barrick Gold Corp.		76,666		1,419,854
Continental Gold, Inc. *		255,130		1,055,205
Freeport-McMoRan, Inc.		76,375		847,763
				3,322,822
MISCELLANEOUS MANUFACTURERS - 0.8%
General Electric Co.		48,664		605,867
Siemens AG		11,462		1,418,073
				2,023,940
OIL & GAS - 1.1%
Occidental Petroleum Corp.		19,040		756,269
Valero Energy Corp.		24,499		2,065,511
				2,821,780
PACKAGING & CONTAINERS - 0.6%
Crown Holdings, Inc. *		10,534		779,832
Westrock Co.		17,744		692,016
				1,471,848
PHARMACEUTICALS - 12.4%
Allergan PLC		105,085		19,613,064
Brtisol-Myers Squibb Co.		40,029		2,519,826
Cigna Corp.		12,920		2,485,550
Dermira, Inc. *		59,638		1,130,140
Diplomat Pharmacy, Inc. *		42,168		167,829
Elanco Animal Health, Inc. *		53,671		1,658,434
Johnson & Johnson		21,449		3,193,113
McKesson Corp.		1,081		154,161
Mylan NV *		28,934		619,766
				31,541,883

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2020

Security					Shares			Value
COMMON STOCKS - 65.6% (Continued)
PIPELINES - 3.0%
Columbia Pipeline Group, Inc. * #						84,102		$	1
Tallgrass Energy LP						346,591			7,732,445
									7,732,446
REAL ESTATE INVESTMENT TRUSTS - 1.8%
CyrusOne, Inc.						11,846			720,828
Digital Realty Trust, Inc.						9,318			1,146,021
Equinix, Inc.						1,545			911,133
Weyerhaeuser Co.						61,171			1,770,900
									4,548,882
RETAIL - 2.1%
Dunkin’ Brands Group, Inc.						9,262			723,270
O’Reilly Automotive, Inc. *						2,060			836,566
Tiffany & Co.						27,973			3,748,941
									5,308,777
SEMICONDUCTORS - 5.1%
Cypress Semiconductor Corp.						266,866			6,225,984
Micron Technology, Inc. *						35,638			1,892,021
NXP Semiconductors NV						18,203			2,309,233
QUALCOMM, Inc.						29,016			2,475,355
									12,902,593
SOFTWARE - 1.5%
Avaya Holdings Corp. *						47,499			606,562
Borqs Technologies, Inc. *						93,231			167,816
Instructure, Inc. *						13,480			658,363
Microsoft Corp.						10,856			1,848,017
Take-Two Interactive Software, Inc. *						3,962			493,824
									3,774,582
TELECOMMUNICATIONS - 5.6%
Gilat Satellite Networks Ltd.						38,109			361,273
Motorola Solutions, Inc.						9,304			1,646,808
NII Holdings, Inc. *						205,893			442,670
Zayo Group Holdings, Inc. *						339,247			11,788,833
									14,239,584
TOTAL COMMON STOCKS (Cost - $165,551,663)									167,099,091
CLOSED END FUNDS - 1.7%
Altaba, Inc. #						193,882			4,197,545
TOTAL CLOSED END FUNDS (Cost - $3,805,238)
EXCHANGE TRADED FUNDS - 2.1%
Invesco Senior Loan ETF						56,315			1,273,282
SPDR Blackstone / GSO Senior Loan ETF						85,456			3,973,704
TOTAL EXCHANGE TRADED FUNDS - (Cost - $5,360,595)									5,246,986
							Expiration Date
RIGHTS - 0.0%
Nexstar Broadcasting Group, Inc. * #						87,600	Perpetual		4,380
Pan American Silver Corp.						43,553	3/19/2049		28,745
TOTAL RIGHTS (Cost - $54,473)									33,125
WARRANTS - 0.0%
Borqs Technologies, Inc. * #						105,552	10/28/2020		3,272
TOTAL WARRANTS (Cost - $8,254)
	Counterparty	Contracts**	Notional		Exercise Price
PURCHASED OPTIONS - 0.4%
PURCHASED CALL OPTIONS - 0.0%
Walgreens Boots Alliance, Inc.	JP Morgan	200	$	1,300,000	$	65.00	4/17/2020		1,000
United Rentals, Inc.	JP Morgan	86		1,311,500		152.50	2/21/2020		4,300
TOTAL PURCHASED CALL OPTIONS(Cost - $92,656)									5,300

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2020

Security	Counterparty	Contracts**	Notional		Exercise Price		Expiration Date		Value
PURCHASED OPTIONS - 0.4% (Continued)
PURCHASED PUT OPTIONS - 0.4%
Invesco QQQ Trust Series I	JP Morgan	626	$	13,584,200	$	217.00	2/21/2020		$	200,946
S&P 500 Index	JP Morgan	102		33,660,000		3,300.00	2/21/2020			878,220
TOTAL PURCHASED PUT OPTIONS(Cost - $619,012)										1,079,166
TOTAL PURCHASED OPTIONS (Cost - $711,668)										1,084,466
							Interest
					Shares		Rate %
SHORT-TERM INVESTMENT - 25.1%
MONEY MARKET FUND - 25.1%
Fidelity Investments Money Market Fund - Class I						63,922,544	1.460	+		63,922,544
TOTAL SHORT-TERM INVESTMENT (Cost - $63,922,544)
COLLATERAL FOR SECURITIES LOANED - 0.8%
HSBC US Government Money Market Fund - Class I !						1,502,774	1.508	+		1,502,774
Morgan Stanley Institutional Liquidity Fund Prime Portfolio - Class Institutional !						499,250	1.693	+		499,599
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,002,024)										2,002,373
TOTAL INVESTMENTS - 95.7% (Cost - $241,416,459)									$	243,589,402
OTHER ASSETS IN EXCESS OF LIABILITIES  - 4.3%										11,008,451
NET ASSETS - 100.0%									$	254,597,853

ETF - Exchange Traded Fund

LP - Limited Partnership

PLC - Public Limited Company

* Non-Income producing security.

** Each Purchased Option contract allows the option holder to buy/sell 100 shares of the underlying security at the exercise price.

+ Variable rate security. Interest rate is as of January 31, 2020.

# Fair Value estimated using fair value procedures adopted by Board of Trustees. Total value of such securities is $4,271,068 or 1.68% of net assets as of January 31, 2020.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $1,765,876 at January 31, 2020. Securities loaned with a value of $1,092,896 have been sold and are pending settlement.

! 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%.

~ Less than 0.5 shares.

Security	Counterparty	Contracts**	Notional Value		Exercise Price		Expiration Date	Value
WRITTEN OPTIONS - (0.3)%
WRITTEN CALL OPTIONS  - (0.0)%
Elanco Animal Health, Inc.	JP Morgan	411	$	1,356,300	$	33.00	2/21/2020	$	11,508
Jacobs Engineering Group, Inc.	JP Morgan	129		1,225,500		95.00	2/21/2020		23,865
Micron Technology, Inc.	JP Morgan	270		1,485,000		55.00	2/21/2020		36,450
PayPal Holdings, Inc.	JP Morgan	176		2,024,000		115.00	2/21/2020		42,416
QUALCOMM, Inc.	JP Morgan	195		1,755,000		90.00	2/21/2020		33,735
United Rentals, Inc.	JP Morgan	86		1,376,000		160.00	2/21/2020		860
Walgreens Boots Alliance, Inc.	JP Morgan	200		1,500,000		75.00	4/17/2020		900
TOTAL WRITTEN CALL OPTIONS - (Premiums Received - $293,553)									149,734
WRITTEN PUT OPTIONS  - (0.3)%
Invesco QQQ Trust Series 1	JP Morgan	626		13,208,600		211.00	2/21/2020		114,558
S&P 500 Index	JP Morgan	102		32,997,000		3,235.00	2/21/2020		542,640
United Rentals, inc.	JP Morgan	86		1,204,000		140.00	2/21/2020		59,168
TOTAL WRITTEN PUT OPTIONS - (Premiums Received - $379,023)									716,366
TOTAL WRITTEN OPTIONS (Premiums Received - $672,576)								$	866,100
					Shares
SECURITIES SOLD SHORT * - (27.7)%
AEROSPACE/DEFENSE - (2.5)%
Boeing Co.						17,500			5,569,725
General Dynamics Corp.						4,191			735,269
									6,304,994
AIRLINES - (0.0)%
American Airlines Group, Inc.						2,410			64,684

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2020

Security	Shares		Value
SECURITIES SOLD SHORT * - (27.7)% (Continued)
BUILDING MATERIALS - (0.2)%
Johnson Controls International PLC		11,626	$	458,646
CHEMICALS - (0.8)%
Dow, Inc.		24,826		1,143,734
International Flavors & Fragrances, Inc.		6,544		857,984
				2,001,718
COMPUTERS - (0.8)%
Accenture PLC		6,158		1,263,683
International Business Machines Corp.		5,362		770,680
				2,034,363
DISTRIBUTION/WHOLESALE - (0.3)%
Fastenal Co.		25,245		880,546
DIVERSIFIED FINANCIAL SERVICES - (1.5)%
Charles Schwab Corp.		85,121		3,877,261
ENTERTAINMENT - (1.0)%
Eldorado Resorts, Inc.		38,483		2,300,514
Penn National Gaming, Inc.		11,840		353,187
				2,653,701
EQUITY EXCHANGE TRADED FUNDS - (11.3)%
Consumer Staples Select Sector SPDR Fund		52,477		3,315,497
Health Care Select Sector SPDR Fund		21,884		2,169,580
Industrial Select Sector SPDR Fund		59,895		4,858,083
iShares Russell 2000 ETF		25,653		4,118,076
iShares U.S. Real Estate ETF		6,635		627,472
SPDR S&P 500 ETF Trust		32,205		10,361,315
SPDR S&P Retail ETF		31,430		1,353,376
Vaneck Vectors Semiconductor ETF		14,107		1,940,700
				28,744,099
Forest Products & Paper - (0.3)%
International Paper Co.		16,595		675,748
HEALTHCARE - SERVICES - (0.6)%
Humana, Inc.		4,288		1,441,797
HOUSEHOLD PRODUCTS - (0.3)%
Clorox Co.		4,242		667,309
INTERNET - (0.3)%
Roku, Inc.		5,325		644,059
LODGING - (0.2)%
Marriott International, Inc.		4,373		612,482
MACHINERY - DIVERSIFIED - (0.2)%
IDEX Corp.		3,332		545,948
MISCELLANEOUS MANUFACTURERS - (0.3)%
Illinois Tool Works, Inc.		4,354		761,863
PHARMACEUTICALS - (4.0)%
AbbVie, Inc.		94,628		7,666,760
Cigna Corp.		12,920		2,485,550
				10,152,310
REAL ESTATE INVESTMENT TRUSTS - (0.3)%
Kimco Realty Corp.		38,614		735,597

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2020

Security	Shares		Value
SECURITIES SOLD SHORT * - (27.7)% (Continued)
SEMICONDUCTORS - (1.3)%
Analog Devices, Inc.		5,379	$	590,345
Applied Materials, Inc.		16,319		946,339
Broadcom, Inc.		1,817		554,476
Texas Instruments, Inc.		10,093		1,217,720
				3,308,880
SOFTWARE - (0.9)%
Cerner Corp.		11,356		815,701
Change Healthcare, Inc.		11,007		170,829
Oracle Corp.		23,926		1,254,919
				2,241,449
TELECOMMUNICATIONS - (0.2)%
Acacia Communications, Inc.		9,387		643,479
TEXTILES - (0.4)%
Mohawk Industries, Inc.		8,379		1,103,347
TOTAL SECURITIES SOLD SHORT - (Proceeds - $69,402,794)			$	70,554,280

ETF - Exchange Traded Fund

PLC - Public Limited Company

* Non-Income producing security.

** Each Written Option contract allows the option holder to buy/sell 100 shares of the underlying security at the exercise price.

TOTAL RETURN SWAPS
						Unrealized
		Notional Value at			Maturity	Appreciation/
Reference Entity	Counterparty	January 31, 2020		Interest Rate	Date	(Depreciation)
LONG TOTAL RETURN SWAPS
Airbus SE	JPMorgan	$	324,110	3 mo. LIBOR + 0.300%	10/22/2020	$	40,232
Airbus SE	JPMorgan		326,637	3 mo. LIBOR + 0.300%	10/23/2020		33,297
Airbus SE	JPMorgan		439,621	3 mo. LIBOR + 0.300%	12/6/2020		19,865
Airbus SE	JPMorgan		306,809	3 mo. LIBOR + 0.300%	12/9/2020		14,518
NET UNREALIZED GAIN FROM LONG TOTAL RETURN SWAPS							107,912
SHORT TOTAL RETURN SWAPS
Flutter PLC	JPMorgan		829,301	3 mo. LIBOR + 0.300%	10/10/2020		(92,778	)
Flutter PLC	JPMorgan		431,696	3 mo. LIBOR + 0.300%	10/11/2020		(71,828	)
Flutter PLC	JPMorgan		1,662,557	3 mo. LIBOR + 0.300%	10/17/2020		(308,361	)
Flutter PLC	JPMorgan		580,720	3 mo. LIBOR + 0.300%	10/24/2020		(102,281	)
Flutter PLC	JPMorgan		905,674	3 mo. LIBOR + 0.300%	10/25/2020		(164,685	)
Peugeot SA	JPMorgan		786,500	3 mo. LIBOR + 0.300%	11/4/2020		163,736
NET UNREALIZED LOSS FROM SHORT TOTAL RETURN SWAPS							(576,197	)
NET UNREALIZED LOSS FROM TOTAL RETURN SWAPS						$	(468,285	)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Real Estate Stock Fund

January 31, 2020

Security			Shares		Value
COMMON STOCKS - 35.9%
COMMERCIAL SERVICES - 4.0%
CoStar Group, Inc. *				3,700	$	2,416,063
ELECTRIC - 6.3%
Brookfield Infrastructure Partners LP				35,400		1,925,760
Brookfield Renewable Partners LP				37,687		1,836,864
						3,762,624
LEISURE PRODUCTS - 3.0%
Drive Shack, Inc. *				472,260		1,785,143
LODGING - 4.9%
Las Vegas Sands Corp.				22,784		1,488,023
Wynn Resorts Ltd.				11,663		1,471,404
						2,959,427
TELECOMMUNICATIONS - 11.9%
GDS Holdings Ltd. *				67,050		3,467,156
Switch, Inc.				232,069		3,713,104
						7,180,260
TRUCKING & LEASING - 5.8%
Fortress Transportation & Infrastructure Investors LLC				180,362		3,459,343
TOTAL COMMON STOCKS (Cost - $21,546,627)						21,562,860
REITS - 63.8%
APARTMENTS - 3.1%
Invitation Homes, Inc.				59,400		1,869,318
DIVERSIFIED - 25.7%
American Tower Corp.				21,140		4,898,984
Crown Castle International Corp.				29,757		4,458,789
Equinix, Inc.				5,572		3,285,976
SBA Communications Corp.				11,270		2,812,541
						15,456,290
MANUFACTURED HOMES - 8.5%
Equity LifeStyle Properties, Inc.				34,300		2,495,325
Sun Communities, Inc.				16,101		2,611,099
						5,106,424
OFFICE - 6.2%
Alexandria Real Estate Equities, Inc.				22,812		3,722,918
STORAGE - 4.0%
National Storage Affiliates Trust				69,300		2,366,595
WAREHOUSE/INDUSTRIAL - 16.3%
Americold Realty Trust				69,343		2,390,253
CyrusOne, inc.				31,430		1,912,516
Innovative Industrial Properties, Inc.				23,275		2,083,112
Prologis, Inc.				20,080		1,865,030
Rexford Industrial Realty, Inc.				31,998		1,541,984
						9,792,895
TOTAL REITS (Cost - $32,720,538)						38,314,440
	Interest
	Rate %
COLLATERAL FOR SECURITIES LOANED - 4.7%
Mount Vernon Prime Portfolio #	1.770	+		2,814,150		2,814,150
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,814,150)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Real Estate Stock Fund (Continued)

January 31, 2020

	Value
TOTAL INVESTMENTS - 104.4% (Cost - $57,081,315)	$	62,691,450
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.4)%		(2,633,616	)
TOTAL NET ASSETS - 100.00%	$	60,057,834

ADR - American Depositary Receipt.

LLC - Limited Liability Company

LP - Limited Partnership

REITS - Real Estate Investment Trusts

* Non-Income producing security.

+ Variable rate security. Interest rate is as of January 31, 2020.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $2,712,291 at January 31, 2020.

# 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%.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds

January 31, 2020

The following is a summary of significant accounting policies followed by the Funds in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

Security Valuation– In determining each Fund’s Net Asset Value (“NAV”) per share, equity securities for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price (“NOCP”). If no sale price is reported, the mean between the current bid and ask. If market quotations are not readily available, then securities are valued at fair value as determined by the Board of Trustees (the “Board”) (or its delegate). U.S. Government and agency securities are valued at the mean between the most recent bid and asked prices. Short-term debt instruments with a remaining maturity of more than 60 days, intermediate and long-term bonds, convertible bonds, and other debt securities are generally valued on the basis of dealer supplied quotations or by a pricing system selected by Dunham & Associates Investment Counsel, Inc. (“Dunham & Associates” or the “Adviser”) and approved by the Board. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and asked prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and asked prices may be used. Short-term debt securities with a remaining maturity of 60 days or less are valued at amortized cost, provided such valuations represent fair value.

Options are valued at the last reported sale price at the close of the exchange on which the security is primarily traded. If no sales are reported for the exchange-traded options, or the options are not exchange-traded, then they are valued at the mean of their most recent quoted bid and asked price.

Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation, or in the absences of a last sale at the mean between the bid and ask price. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate.

Trading in securities on Far Eastern securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the NYSE is open). In addition, Far Eastern securities trading generally, or in a particular country or countries, may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days, which are not business days in New York, and on which a Fund’s net asset value is not calculated. Each Fund calculates net asset value per share, and therefore effects sales, redemptions and repurchases of its shares, as of the close of regular trading on the NYSE once on each day on which the NYSE is open. Such calculation may not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. If events that may materially affect the value of such securities occur between the time when their price is determined and the time when the Fund’s net asset value is calculated, such securities may be valued at fair value as determined in good faith in accordance with procedures approved by the Board.

Securities in which the Funds invest may be traded in markets that close before 4:00 p.m. Eastern Time (“ET”). Normally, developments that occur between the close of the foreign markets and 4:00 p.m. ET will not be reflected in the Fund’s NAV. However, Funds may determine that such developments are so significant that they will materially affect the value of the Fund’s securities, and the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. ET. Equity securities issued by foreign companies are fair valued on a daily basis using prices received from an independent pricing service.

Securities for which current market quotations are not readily available, or for which quotations are not deemed to be representative of market values, are valued at fair value as determined in good faith by or under the direction of the Board in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

Valuation of Fund of Funds – The Funds may invest in portfolios of open-end investment companies. Open-end funds are valued at their respective net asset values as reported by such investment companies. Open-end funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods established by the board of directors of the open-end funds.

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 –Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 –Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2020

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of January 31, 2020 for the Fund’s assets and liabilities measured at fair value:

Corporate/Government Bond

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes *	$	—	$	34,780,941	$	—	$	34,780,941
Foreign Government Bonds		—		392,945		—		392,945
Municipal		—		2,933,557		—		2,933,557
U.S. Government & Agency		—		12,066,588		—		12,066,588
Bank Loans		—		2,462,895		—		2,462,895
Collateral for Securities Loaned		499,012		—		—		499,012
Total Investments	$	499,012	$	52,636,926	$	—	$	53,135,938

Floating Rate Bond

Assets	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	1,138,353	$	—	$	1,138,353
Bank Loans *		—		175,497,376		—		175,497,376
Bonds & Notes *		—		7,522,997		—		7,522,997
Common Stock *		147,719		—		—		147,719
Exchange Traded Funds		953,033		—		—		953,033
Rights		—		10,943		—		10,943
Warrants		—		251,175		—		251,175
Short-Term Investment		6,366,264		—		—		6,366,264
Collateral for Securities Loaned		390,737		—		—		390,737
Total Investments	$	7,857,753	$	184,420,844	$	—	$	192,278,597

High-Yield Bond

Assets	Level 1		Level 2		Level 3		Total
Bonds & Notes *	$	—	$	105,344,309	$	—	$	105,344,309
Short-Term Investment		153,635		—		—		153,635
Collateral for Securities Loaned		3,923,983		—		—		3,923,983
Total Investments	$	4,077,618	$	105,344,309	$	—	$	109,421,927

International Opportunity Bond

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes *	$	—	$	24,806,517	$	—	$	24,806,517
Foreign Government Bonds		—		13,028,733		—		13,028,733
Whole Loan Collateral		—		334,001		—		334,001
Short-Term Investments		790,303		—		—		790,303
Total Assets	$	790,303	$	38,169,251	$	—	$	38,959,554
Assets-Derivatives
Futures	$	101,361	$	—	$	—	$	101,361
Forward Currency Contracts		—		511,901		—		511,901
Swap Contracts		—		1,087		—		1,087
Total Asset Derivatives	$	101,361	$	512,988	$	—	$	614,349
Liabilities-Derivatives
Futures	$	187,930	$	—	$	—	$	187,930
Forward Currency Contracts		—		123,880		—		123,880
Total Liability Derivatives	$	187,930	$	123,880	$	—	$	311,810

Large Cap Value

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	83,836,350	$	—	$	—	$	83,836,350
Collateral for Securities Loaned		5,176,152		—		—		5,176,152
Total Investments	$	89,012,502	$	—	$	—	$	89,012,502

Small Cap Value

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	54,622,829	$	—	$	—	$	54,622,829
Collateral for Securities Loaned		3,660,278		—		—		3,660,278
Total Investments	$	58,283,107	$	—	$	—	$	58,283,107

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2020

Focused Large Cap Growth

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	115,404,685	$	—	$	—	$	115,404,685
Total Investments	$	115,404,685	$	—	$	—	$	115,404,685

Small Cap Growth

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	51,873,847	$	—	$	—	$	51,873,847
Collateral for Securities Loaned		3,551,870		—		—		3,551,870
Total Investments	$	55,425,717	$	—	$	—	$	55,425,717

Emerging Markets Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	18,709,485	$	51,785,562	$	—	$	70,495,047
Preferred Stock		548,292		—		—		548,292
Closed End Fund		—		705,471		—		705,471
Warrant		3,491		—		—		3,491
Collateral for Securities Loaned		2,874,791		—		—		2,874,791
Total Investments	$	22,136,059	$	52,491,033	$	—	$	74,627,092

International Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	27,227,558	$	102,259,299	$	—	$	129,486,857
Exchange Traded Fund		834,225		—		—		834,225
Warrant		12,099		—		—		12,099
Collateral for Securities Loaned		7,791,934		—		—		7,791,934
Total Investments	$	35,865,816	$	102,259,299	$	—	$	138,125,115

Dynamic Macro

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	8,647,955	$	—	$	—	$	8,647,955
Short-Term Investments		1,811,192		25,420,166		—		27,231,358
Collateral for Securities Loaned		12,795,500		—		—		12,795,500
Total Assets	$	23,254,647	$	25,420,166	$	—	$	48,674,813
Assets-Derivatives
Futures		193,285		—		—		193,285
Purchased Future Options		1,652,930		—		—		1,652,930
Total Asset Derivatives	$	1,846,215	$	—	$	—	$	1,846,215
Liability-Derivatives
Futures	$	670,087		—		—	$	670,087
Written Future Options		50,663		—		—		50,663
Total Liability Derivatives	$	720,750	$	—	$	—	$	720,750

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2020

Long/Short Credit

Assets	Level 1		Level 2		Level 3		Total
Bank Loans	$	—	$	2,946,470	$	—	$	2,946,470
Bonds & Notes *		—		36,158,561		—		36,158,561
Common Stock *		21,700		—		—		21,700
U.S. Government		—		45,006,203		—		45,006,203
Short-Term Investment		3,034,814		—		—		3,034,814
Collateral for Securities Loaned		29,288,012		—		—		29,288,012
Total Assets	$	32,344,526	$	84,111,234	$	—	$	116,455,760
Liabilities - Derivatives
Futures	$	489,211	$	—	$	—	$	489,211
Swap Contracts		—		119,217		—		119,217
Total Liability Derivatives	$	489,211	$	119,217	$	—	$	608,428

Monthly Distribution

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	167,033,220	$	65,871	$	—	$	167,099,091
Closed End Funds		—		4,197,545		—		4,197,545
Exchange Traded Funds		5,246,986		—		—		5,246,986
Rights		28,745		4,380		—		33,125
Warrants		—		3,272		—		3,272
Purchased Call Options		5,300		—		—		5,300
Purchased Put Options		1,079,166		—		—		1,079,166
Short-Term Investments		63,922,544		—		—		63,922,544
Collateral for Securities Loaned		2,002,373		—		—		2,002,373
Total Investments	$	239,318,334	$	4,271,068	$	—	$	243,589,402
Asset - Derivatives
Swap Contracts	$	—	$	107,912	$	—	$	107,912
Total Asset - Derivatives	$	—	$	107,912	$	—	$	107,912
Liabilities
Securities Sold Short	$	70,554,280	$	—	$	—	$	70,554,280
Total Investments	$	70,554,280	$	—	$	—	$	70,554,280
Liability - Derivatives
Written Call Options	$	148,834	$	900	$	—	$	149,734
Written Put Options		716,366		—		—		716,366
Swap Contracts		—		576,197		—		576,197
Total Derivatives	$	865,200	$	577,097	$	—	$	1,442,297

Real Estate Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	21,562,860	$	—	$	—	$	21,562,860
REITS *		38,314,440		—		—		38,314,440
Collateral for Securities Loaned		2,814,150		—		—		2,814,150
Total Investments	$	62,691,450	$	—	$	—	$	62,691,450

* See each Fund’s Schedule of Investments for industry classification.

The Funds did not hold any Level 3 securities during the period.

Aggregate Unrealized Appreciation and Depreciation (Tax Basis)– The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation, excluding futures, at January 31, 2020, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Corporate/Government Bond	$	50,367,070	$	2,819,013	$	(50,145	)	$	2,768,868
Floating Rate Bond		194,989,409		1,190,303		(3,901,115	)		(2,710,812	)
High-Yield Bond		107,966,714		4,138,050		(2,682,837	)		1,455,213
International Opportunity Bond		38,490,364		1,415,841		(644,112	)		771,729
Large Cap Value		70,081,079		20,913,857		(1,982,434	)		18,931,423
Small Cap Value		56,868,168		4,466,833		(3,051,894	)		1,414,939
Focused Large Cap Growth		55,344,932		60,704,316		(644,563	)		60,059,753
Small Cap Growth		49,146,988		9,125,220		(2,846,491	)		6,278,729
Emerging Markets Stock		69,225,637		9,358,276		(3,956,821	)		5,401,455
International Stock		127,805,181		16,810,902		(6,490,968	)		10,319,934
Dynamic Macro		48,673,583		2,308,324		(1,181,629	)		1,126,695
Long/Short Credit		114,499,470		2,323,662		(367,372	)		1,956,290
Monthly Distribution		175,454,795		10,776,449		(14,062,222	)		(3,285,773	)
Real Estate Stock		57,393,399		6,228,251		(930,200	)		5,298,051

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2020

Foreign Currency Translations– The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments, are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

Forward Currency Contracts– As foreign securities are purchased, a Fund generally enters into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may also enter into forward currency contracts as an investment strategy consistent with that Fund’s investment objective.

Options –Monthly Distribution and Dynamic Macro are subject to stock market risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

A Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio. When a Fund writes an option, there is no taxable event and an amount equal to the premium received is recorded by the Fund as an asset and an equivalent liability. The liability is thereafter valued to reflect the current value of the option. If the option is not exercised and expires, or if the Fund effects a closing purchase transaction, the Fund realizes a gain (or loss in the case of a closing purchase transaction where the cost to close the transaction exceeds the original premium received), and the liability related to the option is extinguished. Any such gain or loss generally is a short-term capital gain or loss for federal income tax purposes. If a call option that a Fund has written on any equity security is exercised, the Fund realizes a capital gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a put option that the Fund has written on an equity security is exercised, the amount of the premium originally received reduces the cost of the security that the Fund purchases upon exercise of the option. When a Fund writes a put option, the Fund must deposit cash or liquid securities into a segregated account equal to the put option’s exercise value (number of shares times strike price).

A Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities.

Futures Contracts –Dynamic Macro, International Opportunity Bond and Long/Short Credit are subject to interest rate risk and forward currency exchange rate risk in the normal course of pursuing its investment objective. International Opportunity Bond may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities and interest rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates cash having a value at least equal to the amount of the current obligation under any open futures contract. With futures, there is minimal counterparty credit risk since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Short Sales– A “short sale” is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss. Conversely, if the price declines, the Fund will realize a gain.

Swap Agreements– Each of the Funds may enter into interest rate, index, total return, and currency exchange rate swap agreements in attempts to obtain a particular desired return at a lower cost to the Fund than if the Fund has invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The “notional amount” of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). A Fund’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of cash, U.S. government securities, or other liquid securities, to avoid leveraging of the Fund’s portfolio. A Fund will not enter into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of the Fund’s assets.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2020

The following is a summary of the unrealized gain/(loss) of the derivative instruments utilized by the Funds as of January 31, 2020 categorized by risk exposure:

Fund	Derivative	Risk type	Unrealized
International Opportunity Bond	Futures	Interest Rate	(86,569)
	Forward Currency Contracts	Currency	388,021
	Swap	Interest Rate	1,087
Dynamic Macro	Purchased Option	Equity	14,430
	Purchased Option	Interest Rate	188,500
	Futures	Equity	(311,930)
	Futures	Interest Rate	(164,872)
	Written Options	Equity	(11,944)
Long/Short Credit	Futures	Interest Rate	(489,211)
	Swap	Equity	(27,765)
	Swap	Interest Rate	(91,452)
Monthly Distribution	Purchased Option	Equity	372,797
	Written Options	Equity	(193,524)
	Swaps	Equity	(468,285)

The notional value of the derivative instruments outstanding as of January 31, 2020 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above serve as indicators of the volume of derivative activity.

Securities Lending– The Funds have entered into a Securities Lending Agreement (“Agreement”) with the Bank. Each participating fund can lend their securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current Market Value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held as collateral, provided that there is no material default, will be paid to the respective Fund. A portion of the income generated by the investment in the collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the Borrower fails to return them. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market.