Dunham Funds NPORT-P Dunham Corporate/Government Bond Fund (Jul 2020 report)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 63.9%
AEROSPACE / DEFENSE - 0.6%
Boeing Co.		$	50,000	5.150		5/1/2030	$	54,656
Boeing Co.			33,000	5.805		5/1/2050		38,849
Boeing Co.			33,000	5.930		5/1/2060		39,771
Howmet Aerospace, Inc.			50,000	6.875		5/1/2025		56,840
Signature Aviation US Holdings, Inc. - 144A			105,000	4.000		3/1/2028		99,402
TransDigm, Inc.			90,000	5.500		11/15/2027		85,563
								375,081
AGRICULTURE - 0.3%
BAT Capital Corp.			170,000	4.906		4/2/2030		205,475
APPAREL - 0.4%
Hanesbrands, Inc. - 144A			100,000	5.375		5/15/2025		107,625
Under Armour, Inc. ^			75,000	3.250		6/15/2026		70,266
VF Corp.			74,000	2.400		4/23/2025		78,777
								256,668
AUTO MANUFACTURERS - 0.4%
Ford Motor Co.			103,000	9.000		4/22/2025		121,490
General Motors Co.			95,000	6.800		10/1/2027		115,847
								237,337
AUTO PARTS & EQUIPMENT - 0.6%
American Axle & Manufacturing, Inc.			80,000	6.500		4/1/2027		82,150
Dana, Inc.			105,000	5.375		11/15/2027		110,933
Lear Corp.			165,000	3.800		9/15/2027		173,365
								366,448
AUTOMOBILE ABS - 4.5%
American Credit Acceptance Receivables Trust 2018-3 - 144A			121,332	3.750		10/15/2024		121,228
American Credit Acceptance Receivables Trust 2019-2 - 144A			125,000	3.170		6/12/2025		127,075
Americredit Automobile Receivables Trust 2018-1			135,000	3.820		3/18/2024		140,201
Avid Automobile Receivables Trust 2018-1 - 144A			19,146	2.840		8/15/2023		19,196
Avis Budget Rental Car Funding AESOP LLC - 144A			150,000	3.070		9/20/2023		151,187
Avis Budget Rental Car Funding AESOP LLC - 144A			155,000	2.360		3/20/2026		155,698
Capital Auto Receivables Asset Trust 2017-1 - 144A			160,000	2.700		9/20/2022		161,323
Carmax Auto Owner Trust 2019-1			140,000	3.740		1/15/2025		144,700
Carvana Auto Receivables Trust 2019-1 - 144A			145,000	3.880		10/15/2024		148,467
Carvana Auto Receivables Trust 2019-3 - 144A			185,000	2.710		10/15/2024		188,735
Drive Auto Receivables Trust 2019-4			135,000	2.510		11/17/2025		137,584
DT Auto Owner Trust 2018-1 - 144A			113,559	3.470		12/15/2023		113,998
DT Auto Owner Trust 2019-1 - 144A			120,000	3.610		11/15/2024		122,683
First Investors Auto Owner Trust 2019-1 - 144A			150,000	3.260		3/17/2025		154,344
GLS Auto Receivables Issuer Trust 2020-1 - 144A			190,000	2.430		11/15/2024		192,548
Hertz Vehicle Financing II LP - 144A			91,509	2.670		9/25/2021		91,613
OneMain Direct Auto Receivables Trust 2018-1 - 144A			125,000	3.850		10/14/2025		126,213
Santander Drive Auto Receivables Trust 2017-1			100,000	2.150		2/10/2025		100,987
United Auto Credit Securitization Trust 2020-1 - 144A			155,000	2.190		6/16/2025		154,484
Westlake Automobile Receivables Trust 2018-3 - 144A			150,000	3.610		10/16/2023		152,621
								2,704,885
BANKS - 6.9%
Bank of America Corp.			211,000	4.200		8/26/2024		236,611
Bank of America Corp.	3 Month LIBOR + 0.770%		160,000	1.311	+	2/5/2026		159,108
Bank of Montreal ^	5 Year Swap Rate US + 1.432%		234,000	3.803	+	12/15/2032		260,525
Bank of New York Mellon Corp.	5 Year Treasury Note + 4.358%		115,000	4.700	+	Perpetual		124,807
BBVA Bancomer SA - 144A	5 Year Treasury Note + 2.650%		200,000	5.125	+	1/18/2033		188,502
Citigroup, Inc.			300,000	4.050		7/30/2022		319,566
Citigroup, Inc. ^			50,000	3.200		10/21/2026		55,564
Fifth Third Bancorp	5 Year Treasury Note + 4.215%		124,000	4.500	+	9/30/2168		126,480
Goldman Sachs Group, Inc.			230,000	4.250		10/21/2025		262,780
JPMorgan Chase & Co.	SOFRRATE 2.515%		370,000	2.956	+	5/13/2031		403,861
JPMorgan Chase & Co.	SOFRRATE 3.125%		47,000	4.600	+	8/1/2168		45,536
Morgan Stanley			175,000	6.375		7/24/2042		292,018
PNC Financial Services Group, Inc.	3 Month LIBOR + 3.300%		170,000	5.000	+	12/29/2049		177,813
Santander Holdings USA, Inc.			133,000	3.700		3/28/2022		138,170
Santander Holdings USA, Inc.			105,000	3.500		6/7/2024		112,607
Santander Holdings USA, Inc.			65,000	4.400		7/13/2027		72,582
Synovus Financial Corp.	5 Year Swap Rate US + 3.379%		70,000	5.900	+	2/7/2029		71,704
Toronto-Dominion Bank	5 Year Swap Rate US + 2.205%		195,000	3.625	+	9/15/2031		222,471
Truist Financial Corp.	10 Year Treasury Note + 4.349%		125,000	5.100	+	3/1/2069		135,938
UBS AG			250,000	7.625		8/17/2022		280,104
Wells Fargo & Co.	SOFRRATE 2.10%		305,000	2.393	+	6/2/2028		319,820
Wells Fargo & Co.	3 Month LIBOR + 3.110%		115,000	5.900	+	Perpetual		117,388
								4,123,955

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 63.9% (Continued)
BEVERAGES - 0.6%
Anheuser-Busch InBev Worldwide, Inc.		$	105,000	4.000		4/13/2028	$	122,995
Anheuser-Busch InBev Worldwide, Inc. ^			40,000	4.750		1/23/2029		49,263
Bacardi Ltd. - 144A			100,000	4.700		5/15/2028		117,477
								289,735
BUILDING MATERIALS - 0.2%
Standard Industries, Inc. - 144A			130,000	4.375		7/15/2030		140,600
CHEMICALS - 0.4%
Avient Corp. - 144A			100,000	5.750		5/15/2025		108,674
Olin Corp.			120,000	5.625		8/1/2029		114,873
								223,547
COAL - 0.1%
Alliance Resource Operating Partners LP - 144A			70,000	7.500		5/1/2025		49,000
COMMERCIAL MBS - 3.0%
BX Trust 2019-OC11 - 144A			130,000	4.075	++	12/9/2041		124,424
CHC Commercial Mortgage Trust 2019 - CHC - 144A	1 Month LIBOR + 1.120%		233,990	1.295	+	6/15/2034		222,469
Citigroup Commercial Mortgage Trust 2015-GC27			130,000	2.878		2/10/2048		136,560
Citigroup Commercial Mortgage Trust 2019-SST2 - 144A	1 Month LIBOR + 0.920%		145,000	1.095	+	12/15/2036		142,418
Credit Suisse Mortgage Capital Certificates 2019-ICE4 - 144A	1 Month LIBOR + 0.980%		205,000	1.155	+	5/15/2036		204,743
Exantas Capital Corp. - 144A	1 Month LIBOR + 1.150%		160,000	1.331	+	3/15/2035		157,623
GS Mortgage Securities Corp. Trust 2012-ALOHA - 144A			252,000	3.551		4/10/2022		254,800
GS Mortgage Securities Trust 2020-GC45			135,000	3.173	++	2/13/2053		148,260
Hilton USA Trust 2016-SFP - 144A			185,000	3.323		11/5/2035		185,607
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 - 144A			28,649	4.388		5/15/2021		29,055
JPMBB Commercial Mortgage Securities Trust 2015-C31			125,000	4.106		8/15/2048		137,565
WFRBS Commercial Mortgage Trust 2014-C24			62,000	3.931		11/15/2047		66,893
								1,810,417
COMMERCIAL SERVICES - 0.8%
ASGN, Inc. - 144A			55,000	4.625		5/15/2028		56,330
Ashtead Capital, Inc. - 144A			200,000	4.375		8/15/2027		209,000
DP World PLC - 144A			100,000	6.850		7/2/2037		133,519
Garda World Security Corp. - 144A			55,000	4.625		2/15/2027		56,680
Jaguar Holding Co. II / PPD Development LP -144A			40,000	5.000		6/15/2028		42,638
								498,167
COMPUTERS - 0.8%
Dell International LLC / EMC Corp. - 144A			75,000	8.100		7/15/2036		101,891
Hewlett Packard Enterprise Co.			160,000	4.900		10/15/2025		185,086
HP, Inc.			150,000	3.400		6/17/2030		161,963
								448,940
CREDIT CARD ABS - 0.7%
Fair Square Issuance Trust - 144A			305,000	2.900		9/20/2024		307,233
Genesis Private Label Amortizing Trust 2020-1 - 144A			100,000	2.830		7/20/2030		100,092
								407,325
DISTRIBUTION / WHOLESALE - 0.2%
American Builders & Contractors Supply Co., Inc. - 144A			100,000	4.000		1/15/2028		104,169
DIVERSIFIED FINANCIAL SERVICES - 2.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust			150,000	3.650		7/21/2027		136,457
Avolon Holdings Funding Ltd. - 144A			125,000	4.375		5/1/2026		110,725
Brightsphere Investment Group, Inc.			165,000	4.800		7/27/2026		170,373
Brookfield Finance LLC			174,000	4.000		4/1/2024		190,483
Capital One Financial Corp. ^			120,000	4.200		10/29/2025		134,982
Capital One Financial Corp.			165,000	3.750		7/28/2026		182,527
Charles Schwab Corp.	5 Year Treasury Note + 4.971%		112,000	5.375	+	9/1/2168		122,920
Citadel LP - 144A			105,000	4.875		1/15/2027		112,114
Jefferies Group LLC / Jefferies Group Capital Finance, Inc.			90,000	4.850		1/15/2027		102,749
OneMain Finance Corp.			70,000	6.875		3/15/2025		78,387
OneMain Finance Corp.			25,000	7.125		3/15/2026		29,340
OneMain Finance Corp.			10,000	5.375		11/15/2029		10,613
Synchrony Financial			135,000	3.950		12/1/2027		142,559
								1,524,229
ELECTRIC - 1.8%
American Electric Power Co, Inc.			120,000	2.300		3/1/2030		125,808
Black Hills Corp.			120,000	2.500		6/15/2030		127,270
DPL, Inc. ^			155,000	4.350		4/15/2029		163,910
Edison International			130,000	4.950		4/15/2025		144,844
Exelon Corp.			85,000	3.497		6/1/2022		89,030
Exelon Generation Co. LLC			55,000	3.250		6/1/2025		60,851

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 63.9% (Continued)
ELECTRIC - 1.8% (Continued)
Pennsylvania Electric Co. - 144A		$	140,000	3.600		6/1/2029	$	156,541
Talen Energy Supply LLC - 144A			60,000	6.625		1/15/2028		60,424
Vistra Operations Co. LLC - 144A			130,000	4.300		7/15/2029		140,480
								1,069,158
ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
WESCO Distribution, Inc. - 144A			50,000	7.250		6/15/2028		54,695
ELECTRONICS - 0.2%
Flex Ltd.			94,000	3.750		2/1/2026		102,738
ENERGY - ALTERNATE SOURCES - 0.2%
TerraForm Power Operating LLC - 144A			90,000	5.000		1/31/2028		99,433
ENTERTAINMENT - 0.4%
Colt Merger Sub, Inc. - 144A			25,000	6.250		7/1/2025		26,112
Gateway Casinos & Entertainment Ltd. - 144A			45,000	8.250		3/1/2024		35,264
International Game Technology PLC - 144A			20,000	5.250		1/15/2029		20,468
Scientific Games International, Inc. - 144A			80,000	5.000		10/15/2025		79,490
Scientific Games International, Inc. - 144A			50,000	8.250		3/15/2026		50,165
Scientific Games International, Inc. - 144A			20,000	7.000		5/15/2028		18,434
								229,933
ENVIRONMENTAL CONTROL - 0.2%
Waste Connections, Inc.			125,000	2.600		2/1/2030		137,257
FOOD - 0.3%
Albertsons Cos Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC - 144A			105,000	4.625		1/15/2027		111,148
Albertsons Cos Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC - 144A			65,000	4.875		2/15/2030		70,460
								181,608
FOOD SERVICE - 0.1%
Aramark Services, Inc. - 144A			50,000	6.375		5/1/2025		52,813
HAND/MACHINE TOOLS - 0.2%
Stanley Black & Decker, Inc.	5 Year Treasury Note + 2.657%		90,000	4.000	+	3/15/2060		93,819
HEALTHCARE - SERVICES - 0.9%
Anthem, Inc.			150,000	2.875		9/15/2029		165,371
Centene Corp.			45,000	4.625		12/15/2029		50,245
HCA, Inc.			65,000	5.375		2/1/2025		73,384
HCA, Inc.			135,000	4.125		6/15/2029		158,186
LifePoint Health, Inc. - 144A			35,000	4.375		2/15/2027		35,854
Tenet Healthcare Corp. - 144A			15,000	7.500		4/1/2025		16,616
Tenet Healthcare Corp. - 144A			50,000	5.125		11/1/2027		53,208
								552,864
HOME BUILDERS - 0.6%
M/I Homes, Inc.			105,000	4.950		2/1/2028		108,216
PulteGroup, Inc.			125,000	6.375		5/15/2033		156,684
TRI Pointe Group, Inc.			85,000	5.875		6/15/2024		91,915
								356,815
HOME EQUITY ABS - 0.1%
GSAA Trust 2005-1 AF4 (a)			447	5.619		11/25/2034		448
NovaStar Mortgage Funding Trust Series 2004-4	1 Month LIBOR + 1.725%		47,716	1.897	+	3/25/2035		48,148
								48,596
INSURANCE - 1.8%
Allstate Corp.	3 Month LIBOR + 2.938%		150,000	5.750	+	8/15/2053		159,867
Athene Holding Ltd.			135,000	4.125		1/12/2028		144,936
Brighthouse Financial, Inc.			80,000	5.625		5/15/2030		92,265
Fairfax Financial Holdings Ltd.			150,000	4.850		4/17/2028		166,048
MetLife, Inc.	3 Month LIBOR + 2.959%		76,000	5.875	+	9/15/2166		83,391
Prudential Financial, Inc. ^	3 Month LIBOR + 3.920%		230,000	5.625	+	6/15/2043		249,465
Trinity Acquisition PLC			60,000	4.400		3/15/2026		69,815
Voya Financial, Inc.	3 Month LIBOR + 3.580%		105,000	5.650	+	5/15/2053		109,279
								1,075,066
INTERNET - 0.4%
Tencent Holdings Ltd. - 144A			200,000	3.975		4/11/2029		233,516
TripAdvisor, Inc. - 144A			30,000	7.000		7/15/2025		31,490
								265,006
INVESTMENT COMPANIES - 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.			130,000	6.250		5/15/2026		137,684
IRON/STEEL - 0.1%
Cleveland-Cliffs, Inc. - 144A			75,000	6.750		3/15/2026		75,469

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 63.9% (Continued)
LODGING - 0.1%
Marriott Ownership Resorts, Inc. - 144A		$	30,000	6.125		9/15/2025	$	32,135
MACHINERY- CONSTRUCTION & MINING - 0.2%
BWX Technologies, Inc. -144A			15,000	4.125		6/30/2028		15,656
Oshkosh Corp.			113,000	4.600		5/15/2028		128,773
								144,429
MANUFACTURED HOUSING ABS - 0.2%
Towd Point Mortgage Trust 2019-MH1 - 144A			122,239	3.000	++	11/25/2058		126,628
MEDIA - 0.8%
CCO Holdings LLC / CCO Holdings Capital Corp. - 144A ^			45,000	4.500		8/15/2030		47,752
Diamond Sports Group LLC / Diamond Sports Finance Co. - 144A ^			55,000	5.375		8/15/2026		42,487
Diamond Sports Group LLC / Diamond Sports Finance Co. - 144A			30,000	6.625		8/15/2027		16,463
DISH DBS Corp.			25,000	5.000		3/15/2023		26,095
DISH DBS Corp. - 144A			25,000	7.375		7/1/2028		26,524
Meredith Corp.			85,000	6.875		2/1/2026		74,020
Sirius XM Radio, Inc. - 144A			35,000	5.500		7/1/2029		39,058
Virgin Media Finance PLC - 144A ^			200,000	5.000		7/15/2030		209,233
								481,632
MINING - 0.8%
BHP Billiton Finance USA Ltd. - 144A	5 Year Swap Rate USD + 5.093%		200,000	6.750	+	10/19/2075		236,511
Novelis Corp. - 144A			55,000	4.750		1/30/2030		57,496
Teck Resources Ltd.			145,000	6.125		10/1/2035		169,846
								463,853
MISCELLANEOUS MANUFACTURING - 0.4%
General Electric Co.	3 Month LIBOR + 3.330%		136,000	5.000	+	12/29/2049		107,996
Hillenbrand, Inc.			125,000	4.500		9/15/2026		134,844
								242,840
OIL & GAS - 1.8%
CrownRock LP / CrownRock Finance, Inc. - 144A			75,000	5.625		10/15/2025		73,688
Holly Frontier Corp.			165,000	5.875		4/1/2026		181,315
Nabors Industries, Inc.			60,000	5.750		2/1/2025		23,919
Parsley Energy LLC / Parsley Finance Corp. - 144A			100,000	4.125		2/15/2028		98,750
Patterson-UTI Energy, Inc.			80,000	5.150		11/15/2029		62,590
Pertamina Persero PT - 144A			200,000	6.450		5/30/2044		277,602
Petroleos Mexicanos - 144A			100,000	7.690		1/23/2050		88,094
Petronas Capital Ltd. - 144A			200,000	3.500		4/21/2030		227,933
Transocean Guardian Ltd. - 144A			31,200	5.875		1/15/2024		27,612
								1,061,503
OTHER ABS - 9.9%
Ajax Mortgage Loan Trust 2019-D - 144A (a)			173,459	2.956		9/25/2065		176,029
American Homes 4 Rent 2014-SFR2 Trust - 144A			230,000	4.705		10/17/2036		250,995
American Homes 4 Rent 2015-SFR2 Trust - 144A			220,000	4.691		10/17/2045		243,986
AMSR 2020-SFR1 Trust - 144A			315,000	1.819		4/17/2025		328,254
AMSR 2020-SFR1 Trust - 144A			175,000	2.120		4/17/2037		176,867
Amur Equipment Finance Receivables VI LLC - 144A			90,928	3.890		7/20/2022		93,073
Aqua Finance Trust 2019-A - 144A			118,696	3.140		7/16/2040		119,416
Aqua Finance Trust 2019-A - 144A			180,000	4.010		7/16/2040		175,027
Bayview Opportunity Master Fund IVa Trust 2017-RT1 - 144A			54,487	3.000	++	3/28/2057		55,953
Bayview Opportunity Master Fund IVa Trust 2017-SPL5 - 144A			100,000	4.000	++	6/28/2057		105,804
BRE Grand Islander Timeshare Issuer 2019-A LLC - 144A			115,173	3.280		9/26/2033		116,127
CCG Receivables Trust 2019-2 - 144A			100,000	2.550		3/15/2027		101,248
CF Hippolyta LLC - 144A			115,000	1.690		7/15/2060		116,391
CoreVest American Finance 2018-2 Trust - 144A			226,164	4.026		11/15/2052		237,273
CoreVest American Finance 2019-3 Trust - 144A			100,000	3.265		10/15/2052		94,639
Corevest American Finance 2020-1 Trust - 144A			158,865	1.832		3/15/2050		158,987
Diamond Resorts Owner Trust - 144A			49,365	3.270		10/22/2029		49,594
Foundation Finance Trust 2019-1 - 144A			87,407	3.860		11/15/2034		88,846
FREED ABS Trust 2020-3FP - 144A			145,000	3.010		9/20/2027		145,390
Jersey Mike’s Funding - 144A			130,000	4.433		2/15/2050		133,776
Marlette Funding Trust 2019-4 - 144A			97,852	2.390		12/17/2029		98,195
Metlife Securitization Trust LLC 2017-1A M1 - 144A			100,000	3.672	++	4/25/2055		105,608
MVW 2019-2 LLC - 144A			132,920	2.220		10/20/2038		135,951
MVW 2020-1 LLC - 144A			170,000	1.740		10/20/2037		174,331
MVW Owner Trust 2016-1 - 144A			38,986	2.250		12/20/2033		39,011
Orange Lake Timeshare Trust 2019-A - 144A			103,292	3.360		4/9/2038		102,398
RCO V Mortgage LLC 2019-2 - 144A (a)			148,854	3.475		11/25/2024		148,603
Small Business Lending Trust 2019-A - 144A			65,743	2.850		7/15/2026		65,105
Sofi Consumer Loan Program 2017-5 LLC - 144A			44,736	2.780		9/25/2026		45,218
Sofi Consumer Loan Program 2017-6 LLC - 144A			35,579	2.820		11/25/2026		35,859

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 63.9% (Continued)
OTHER ABS - 9.9% (Continued)
Towd Point Mortgage Trust 2016-3 - 144A		$	345,000	3.500	++	4/25/2056	$	365,116
Towd Point Mortgage Trust 2017-1 - 144A			138,474	2.750	++	10/25/2056		141,482
Towd Point Mortgage Trust 2017-1 - 144A			115,000	3.750	++	10/25/2056		126,193
Towd Point Mortgage Trust 2017-4 - 144A			100,000	3.000	++	6/25/2057		106,475
Towd Point Mortgage Trust 2017-6 - 144A			135,000	3.000	++	10/25/2057		143,275
Towd Point Mortgage Trust 2018-4 - 144A			183,934	3.000	++	6/25/2058		196,411
Towd Point Mortgage Trust 2018-6 - 144A			300,000	3.750	++	3/25/2058		335,599
Towd Point Mortgage Trust 2018-SJ1 - 144A			94,383	4.000	++	10/25/2058		95,396
Tricon American Homes 2017-SFR1 Trust - 144A			98,875	2.716		9/17/2022		100,825
TRIP Rail Master Funding LLC - 144A			62,295	2.709		8/15/2047		62,419
VCAT 2019-NPL2 LLC - 144A			85,773	3.573	++	11/25/2049		85,675
VOLT 2020-NPL1 A1A - 144A (a)			196,311	3.228		1/25/2050		195,529
VSE 2017-A VOI Mortgage LLC - 144A			56,795	2.330		3/20/2035		57,089
								5,929,438
PACKAGING & CONTAINERS - 0.8%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. - 144A			200,000	4.125		8/15/2026		207,810
Greif, Inc. - 144A			70,000	6.500		3/1/2027		74,537
Sonoco Products Co.			150,000	3.125		5/1/2030		165,443
								447,790
PHARMACEUTICALS - 1.2%
Bausch Health Cos., Inc. - 144A			100,000	5.750		8/15/2027		108,769
CVS Health Corp.	3 Month LIBOR + 0.720%		145,000	1.033	+	3/9/2021		145,570
Mylan NV			105,000	3.950		6/15/2026		119,805
Par Pharmaceutical, Inc. - 144A			50,000	7.500		4/1/2027		53,247
Perrigo Finance Unlimited Co.			200,000	4.375		3/15/2026		223,239
Teva Pharmaceutical Finance Netherlands III BV			85,000	3.150		10/1/2026		77,763
								728,393
PIPELINES - 1.5%
Boardwalk Pipelines LP ^			110,000	4.950		12/15/2024		119,652
Cheniere Energy Partners LP			55,000	5.625		10/1/2026		58,187
Cheniere Energy Partners LP			55,000	4.500		10/1/2029		58,261
EQM Midstream Partners LP -144A			15,000	6.000		7/1/2025		15,929
EQM Midstream Partners LP - 144A			20,000	6.500		7/1/2027		22,080
Kinder Morgan, Inc.			45,000	7.750		1/15/2032		65,364
Kinder Morgan, Inc.			160,000	4.300		6/1/2025		181,419
MPLX LP			135,000	4.250		12/1/2027		146,804
Sabine Pass Liquefaction LLC			100,000	6.250		3/15/2022		106,955
Sabine Pass Liquefaction LLC			25,000	4.200		3/15/2028		27,534
Targa Resources Partners LP			100,000	5.875		4/15/2026		106,466
								908,651
PRIVATE EQUITY - 0.2%
Apollo Management Holdings LP - 144A			135,000	4.000		5/30/2024		148,343
REC VEHICLE LOAN ABS - 0.1%
Octane Receivables Trust 2019-1 - 144A			84,027	3.160		9/20/2023		83,837
REITS - 3.9%
American Campus Communities Operating Partnership LP			135,000	3.875		1/30/2031		146,331
Brixmor Operating Partnership LP			100,000	4.050		7/1/2030		105,487
Corporate Office Properties LP			196,000	3.600		5/15/2023		203,305
EPR Properties			220,000	4.750		12/15/2026		213,350
ESH Hospitality, Inc. - 144A			80,000	4.625		10/1/2027		77,084
GLP Capital LP / GLP Financing II, Inc.			155,000	5.750		6/1/2028		175,616
Healthcare Realty Trust, Inc.			90,000	3.875		5/1/2025		96,620
Healthcare Realty Trust, Inc.			41,784	2.400		3/15/2030		41,400
Healthcare Trust of America Holdings LP			150,000	3.750		7/1/2027		163,232
Healthcare Trust of America Holdings LP			25,000	3.100		2/15/2030		26,405
Iron Mountain, Inc. - 144A			110,000	4.875		9/15/2029		114,703
iStar, Inc.			105,000	4.250		8/1/2025		101,194
Ladder Capital Finance Holdings LLLP - 144A			80,000	4.250		2/1/2027		67,800
LifeStorage LP			100,000	3.500		7/1/2026		108,360
MPT Operating Partnership LP / MPT Finance Corp.			85,000	5.000		10/15/2027		91,322
MPT Operating Partnership LP / MPT Finance Corp.			25,000	4.625		8/1/2029		26,457
Office Properties Income Trust			170,000	4.500		2/1/2025		171,135
Retail Opportunity Investments Partnership LP			105,000	4.000		12/15/2024		104,029
SBA Tower Trust - 144A			170,000	1.884		1/15/2026		172,568
Service Properties Trust			165,000	4.950		2/15/2027		149,787
								2,356,185

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
CORPORATE BONDS & NOTES - 63.9% (Continued)
RETAIL - 0.3%
QVC, Inc.		$	75,000	4.375		3/15/2023	$	78,461
QVC, Inc.			85,000	4.750		2/15/2027		87,497
								165,958
SEMICONDUCTORS - 0.4%
Broadcom, Inc. -144A			130,000	4.150		11/15/2030		146,321
Microchip Technology, Inc. - 144A			100,000	4.250		9/1/2025		105,174
								251,495
SOFTWARE - 0.8%
Citrix Systems, Inc.			190,000	3.300		3/1/2030		206,487
MSCI, Inc. - 144A			81,000	4.000		11/15/2029		87,212
Vmware, Inc.			100,000	3.900		8/21/2027		110,201
Vmware, Inc.			55,000	4.700		5/15/2030		64,672
								468,572
TELECOMMUNICATIONS - 1.6%
CenturyLink, Inc. - 144A			15,000	4.000		2/15/2027		15,687
Frontier Communications Corp. - 144A			70,000	8.500		4/1/2026		69,020
Juniper Networks, Inc.			120,000	3.750		8/15/2029		138,239
Level 3 Financing, Inc. - 144A			130,000	4.250		7/1/2028		135,655
Motorola Solutions, Inc. ^			96,429	4.600		2/23/2028		112,150
Motorola Solutions, Inc.			50,000	4.600		5/23/2029		58,677
Sprint Spectrum Co. LLC - 144A			125,000	3.360		9/20/2021		126,758
Telesat Canada - 144A			45,000	6.500		10/15/2027		46,314
T-Mobile USA, Inc. - 144A ^			145,000	3.875		4/15/2030		166,243
Verizon Communications, Inc.	3 Month LIBOR + 1.100%		85,000	1.492	+	5/15/2025		87,049
								955,792
TRUCKING & LEASING - 0.5%
Aviation Capital Group LLC - 144A			145,000	3.500		11/1/2027		129,928
Penske Truck Leasing Co. LP - 144A			140,000	4.125		8/1/2023		151,685
								281,613
WHOLE LOAN COLLATERAL CMO - 7.7%
Arroyo Mortgage Trust 2019-1 - 144A			138,532	3.805	++	1/25/2049		141,463
Arroyo Mortgage Trust 2019-2 - 144A			74,180	3.347	++	4/25/2049		76,346
Banc of America Funding 2005-1 Trust			34,213	5.500		2/25/2035		35,367
Chase Mortgage Finance Corp. - 144A			65,609	3.750	++	2/25/2044		67,602
Chase Mortgage Finance Corp. - 144A			96,449	3.750	++	4/25/2045		97,607
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2 2CB2			39,346	6.750		8/25/2034		43,626
Citigroup Mortgage Loan Trust 2019-IMC1 - 144A			92,337	2.720	++	7/25/2049		93,936
Deephaven Residential Mortgage Trust 2017-2 - 144A			30,956	2.453	++	6/25/2047		30,797
Ellington Financial Mortgage Trust 2019-2 - 144A			84,350	3.046	++	11/25/2059		84,888
Flagstar Mortgage Trust 2017-1 - 144A			135,080	3.500	++	3/25/2047		139,721
Galton Funding Mortgage Trust 2017-1 - 144A			62,073	3.500	++	11/25/2057		64,186
Galton Funding Mortgage Trust 2018-2 - 144A			40,762	4.500	++	10/25/2058		41,882
Galton Funding Mortgage Trust 2019-H1 - 144A			105,810	2.657	++	10/25/2059		108,401
GCAT 2019-NQM1 LLC - 144A (a)			206,533	2.985		2/25/2059		209,630
Homeward Opportunities Fund I Trust 2018-2 - 144A			151,193	3.985	++	11/25/2058		157,041
JP Morgan Mortgage Trust 2005-A5			52,625	3.169	++	8/25/2035		52,949
JP Morgan Mortgage Trust 2017-5 - 144A			187,025	3.133	++	12/15/2047		190,181
LHOME Mortgage Trust 2019-RTL1 - 144A (a)			145,000	4.580		10/25/2023		139,776
MASTR Alternative Loan Trust 2004-4			41,625	5.500		4/25/2034		43,429
Metlife Securitization Trust 2019-1 - 144A			116,577	3.750	++	4/25/2058		125,132
New Residential Mortgage Loan Trust 2014-3 - 144A			295,407	3.750	++	11/25/2054		318,133
New Residential Mortgage Loan Trust 2016-4 - 144A			79,135	3.750	++	11/25/2056		84,968
New Residential Mortgage Loan Trust 2017-2 - 144A			335,471	4.000	++	3/25/2057		364,339
New Residential Mortgage Loan Trust 2018-1 - 144A			161,174	4.000	++	12/25/2057		173,745
New Residential Mortgage Loan Trust 2020-1 - 144A			119,056	3.500	++	10/25/2059		128,886
OBX 2018-EXP2 Trust - 144A			76,792	4.000	++	11/25/2048		78,394
OBX 2019-INV1 Trust - 144A			91,968	4.500	++	11/25/2048		96,436
Provident Funding Mortgage Trust 2019-1 - 144A			160,088	3.000	++	12/25/2049		166,091
RCKT Mortgage Trust 2020-1 - 144A			256,214	3.000	++	2/25/2050		263,379
RCO V Mortgage LLC 2019-1 - 144A (a)			168,596	3.721		5/24/2024		169,847
Residential Mortgage Loan Trust 2019-2 - 144A			131,100	2.913	++	5/25/2059		134,056
Residential Mortgage Loan Trust 2020-1 - 144A			102,473	2.376	++	2/25/2024		104,162
Towd Point HE Trust 2019-HE1 - 144A	1 Month LIBOR + 0.900%		121,153	1.072	+	4/25/2048		119,477
Verus Securitization Trust 2018-2 - 144A			105,000	4.426	++	6/1/2058		107,030
Verus Securitization Trust 2018-3 - 144A			73,212	4.108	++	10/25/2058		75,178
Verus Securitization Trust 2019-INV2 - 144A			279,734	2.913	++	7/25/2059		285,670
								4,613,751
TOTAL CORPORATE BONDS & NOTES (Cost - $36,713,441)								38,191,770

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
FOREIGN GOVERNMENT BONDS - 1.1%
Qatar Government International Bond - 144A		$	200,000	4.400		4/16/2050	$	272,166
Saudi Government International Bond - 144A			200,000	3.250		10/22/2030		221,677
Turkey Government International Bond			130,000	7.375		2/5/2025		132,503
TOTAL FOREIGN GOVERNMENT BONDS (Cost - $621,244)								626,346
MUNICIPAL BONDS - 6.1%
City of Bristol VA			340,000	4.210		1/1/2042		359,169
City of San Antonio TX			145,000	1.963		2/1/2033		149,589
Clackamas & Washington Counties School District No 3			120,000	5.000		6/15/2032		165,922
Idaho Health Facilities Authority			135,000	5.020		3/1/2048		179,460
Klein Independent School District			95,000	5.000		8/1/2032		130,807
Massachusetts Bay Transportation Authority			120,000	5.250		7/1/2032		176,372
Rockdale County Water & Sewerage Authority			305,000	3.060		7/1/2024		320,674
Sales Tax Securitization Corp.			20,000	3.411		1/1/2043		21,116
San Diego County Regional Airport Authority			325,000	5.594		7/1/2043		344,409
State of California			385,000	7.600		11/1/2040		724,620
State of Texas			245,000	3.011		10/1/2026		270,679
State of Texas			600,000	3.211		4/1/2044		650,670
Texas Transportation Commission State Highway Fund			35,000	4.000		10/1/2033		44,445
University of California			115,000	4.428		5/15/2048		130,027
TOTAL MUNICIPAL BONDS - (Cost - $3,298,763)								3,667,959
U.S. GOVERNMENT & AGENCY - 21.6%
U.S. GOVERNMENT AGENCY - 4.5%
Fannie Mae Pool 735061			15,219	6.000		11/1/2034		17,983
Fannie Mae Pool 866009			13,729	6.000		3/1/2036		16,183
Fannie Mae Pool 938574			128,186	5.500		9/1/2036		149,893
Fannie Mae Pool 310041			53,753	6.500		5/1/2037		64,946
Fannie Mae Pool 909175			24,957	5.500		4/1/2038		28,740
Fannie Mae Pool 962752			19,519	5.000		4/1/2038		22,396
Fannie Mae Pool 909220			61,978	6.000		8/1/2038		72,016
Fannie Mae Pool AA7001			123,934	5.000		6/1/2039		142,372
Fannie Mae Pool AS6522			133,741	3.500		1/1/2046		143,113
Fannie Mae Pool AS7026			185,430	4.000		4/1/2046		199,093
Fannie Mae Pool BJ9260			310,137	4.000		4/1/2048		329,739
Fannie Mae Pool CA4128			156,601	3.000		9/1/2049		165,847
Fannie Mae Pool MA3803			390,068	3.500		10/1/2049		411,012
Fannie Mae Pool CA4978			221,930	3.000		1/1/2050		235,033
Fannie Mae Pool MA3905			504,544	3.000		1/1/2050		534,334
Freddie Mac Gold Pool G01980			143,789	5.000		12/1/2035		165,463
Freddie Mac Gold Pool G05888			20,921	5.500		10/1/2039		24,059
								2,722,222
U.S. TREASURY OBLIGATIONS - 17.1%
United States Treasury Bond			590,000	3.000		8/15/2048		847,607
United States Treasury Bond ^			1,100,000	2.875		5/15/2049		1,556,371
United States Treasury Bond ^			1,260,000	2.000		2/15/2050		1,514,215
United States Treasury Note			115,000	2.250		3/31/2021		116,628
United States Treasury Note ^			2,520,000	0.125		5/31/2022		2,520,541
United States Treasury Note			250,000	1.750		6/15/2022		257,661
United States Treasury Note			920,000	0.250		5/31/2025		922,174
United States Treasury Note			1,210,000	2.875		8/15/2028		1,441,720
United States Treasury Note			860,000	2.625		2/15/2029		1,014,716
								10,191,633
TOTAL U.S. GOVERNMENT & AGENCY (Cost - $12,222,480)								12,913,855
BANK LOANS - 4.4%
AEROSPACE - 0.2%
AI Convoy Luxembourg Sarl Facility B	6 Month LIBOR + 3.500%		94,763	3.687	+	1/20/2027		92,393
TransDigm, Inc. New Tranche E Term Loan	1 Month LIBOR + 2.250%		49,125	2.428	+	5/30/2025		46,059
								138,452
AIRLINES - 0.3%
American Airlines, Inc. 2018 Replacement Term Loan	1 Month LIBOR + 1.750%		103,939	1.922	+	6/28/2025		58,953
Mileage Plus Holdings LLC Initial Term Loan	3 Month LIBOR + 5.250%		120,000	5.422	+	6/20/2027		120,008
								178,961
AUTO MANUFACTURERS - 0.1%
Navistar, Inc. Tranche B Term Loan	1 Month LIBOR + 3.500%		87,975	3.687	+	11/06/2024		85,519
AUTO PARTS & EQUIPMENT - 0.1%
Cooper-Standard Automotive, Inc. Additional Term B-1 Loan	1 Month LIBOR + 2.000%		69,143	2.750	+	11/2/2023		55,315

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 4.4% (Continued)
BUILDING MATERIALS - 0.2%
AZEK Co. LLC New Term Loan	3 Month LIBOR + 3.750%	$	40,087	4.750	+	5/4/2024	$	39,938
Ingersoll-Rand Services Co. 2020 Spinco Tranche B-1 Dollar Term Loan	1 Month LIBOR + 1.750%		9,975	1.914	+	2/28/2027		9,621
Summit Materials LLC New Term Loan	1 Month LIBOR + 2.000%		98,237	2.178	+	11/20/2024		96,616
								146,175
CHEMICALS - 0.1%
HB Fuller Co. Commitment	1 Month LIBOR + 2.000%		48,610	2.187	+	10/20/2024		47,527
COMMERCIAL SERVICES - 0.1%
CHG Healthcare Services, Inc. New Term Loan (2017) (First Lien)	3 Month LIBOR + 3.000%		77,016	4.000	+	6/8/2023		75,992
ELECTRIC - 0.3%
APLP Holdings LP Term Loan (2020)	1 Month LIBOR + 2.500%		54,474	3.500	+	4/14/2025		53,668
Calpine Corp. Term Loan (2019)	1 Month LIBOR + 2.250%		99,000	2.428	+	4/04/2026		97,048
								150,716
ENTERTAINMENT - 0.0%
Aristocrat International Pty Ltd. Initial Term Loan	3 Month LIBOR + 3.750%		15,000	3.925	+	10/20/2024		15,113
FOOD SERVICE - 0.2%
Aramark Services, Inc. U.S. Term B-4 Loan	1 Month LIBOR + 1.750%		24,938	1.938	+	12/10/2026		23,862
TKC Holdings, Inc. Initial Term Loan (First Lien)	3 Month LIBOR + 3.750%		81,642	4.750	+	1/31/2023		76,839
								100,701
HEALTHCARE - SERVICES - 0.4%
Catalent Pharma Solutions, Inc. Dollar Term B-2 Loan	1 Month LIBOR + 2.250%		49,748	2.642	+	5/16/2026		49,603
Iqvia, Inc. Term B-3 Dollar Loan	3 Month LIBOR + 1.750%		107,800	2.058	+	6/12/2025		106,010
LifePoint Health, Inc. Term B Loan (First Lien)	1 Month LIBOR + 3.750%		82,732	3.928	+	11/16/2025		81,107
								236,720
HOUSEHOLD PRODUCTS - 0.2%
KIK Custom Products, Inc. Initial Loan	1 Month LIBOR + 4.000%		108,120	5.000	+	5/16/2023		106,938
Reynolds Consumer Products LLC Initial Term Loan	1 Month LIBOR + 1.750%		14,963	1.923	+	2/04/2027		14,710
								121,648
INSURANCE - 0.2%
Ryan Specialty Group LLC Term Loan	3 Month LIBOR + 3.250%		10,000	—	+	7/23/2027		9,950
Sedgwick Claims Management Services, Inc. Initial Term Loan	1 Month LIBOR + 3.250%		103,672	3.428	+	11/5/2025		99,247
								109,197
INTERNET- 0.1%
Pug LLC USD Term B Loan	1 Month LIBOR + 3.500%		64,675	3.673	+	2/01/2027		55,297
LODGING - 0.1%
Station Casinos LLC Term B-1 Facility Loan	1 Month LIBOR + 2.250%		39,739	2.423	+	2/01/2027		36,825
MACHINERY CONSTRUCTION & MINING - 0.2%
Brookfield WEC Holdings, Inc. Initial Term Loan (2020)	1 Month LIBOR + 3.000%		98,449	3.750	+	7/31/2025		96,603
MACHINERY - DIVERSIFIED - 0.1%
Gardner Denver, Inc. Series A New Term Loan	1 Month LIBOR + 2.750%		10,000	2.916	+	2/28/2027		9,885
Star US Bidco LLC Initial Term Loan	1 Month LIBOR + 4.250%		75,000	5.250	+	3/16/2027		69,235
								79,120
MEDIA / TELECOMMUNICATIONS - 0.2%
Nexstar Broadcasting, Inc. Term B-4 Loan	1 Month LIBOR + 2.750%		81,653	2.921	+	9/18/2026		79,695
Ziggo BV Term Loan I Facility	1 Month LIBOR + 2.500%		20,000	2.675	+	4/30/2028		19,268
								98,963
OIL & GAS - 0.1%
CITGO Petroleum Corp. 2019 Incremental Term B Loan	3 Month LIBOR + 5.000%		58,514	6.000	+	3/28/2024		56,832
PACKAGING & CONTAINERS - 0.1%
Berry Global, Inc. Term Y Loan	1 Month LIBOR + 2.000%		54,450	2.188	+	6/30/2026		52,944
Graham Packaging Co., Inc. Initial Term Loan	1 Month LIBOR + 3.750%		15,000	0.000	+	8/04/2027		14,985
								67,929
PHARMACEUTICALS - 0.1%
Bausch Health Americas, Inc. Initial Term Loan	1 Month LIBOR + 3.000%		7,662	3.176	+	6/02/2025		7,555
Bausch Health Americas, Inc. First Incremental Term Loan	1 Month LIBOR + 2.750%		24,000	2.926	+	11/28/2025		23,560
								31,115
PIPELINES - 0.0%
Buckeye Partners LP Initial Term Loan	1 Month LIBOR + 2.750%		24,938	2.921	+	10/31/2026		24,439
REGIONAL - 0.1%
Seminole Tribe of Florida, Inc. 2018 Replacement Term B Loan	1 Month LIBOR + 1.750%		90,689	1.928	+	7/08/2024		88,488

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Corporate/Government Bond Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 4.4% (Continued)
SOFTWARE - 0.3%
Boxer Parent Co., Inc. Initial Dollar Term Loan	1 Month LIBOR + 4.250%	$	43,841	4.428	+	10/02/2025	$	42,433
Dun & Bradstreet Corp. Initial Dollar Term Loan	1 Month LIBOR + 3.750%		94,763	3.922	+	2/06/2026		94,476
Ultimate Software Group, Inc.	3 Month LIBOR + 4.000%		40,000	4.187	+	5/04/2026		40,088
								176,997
TELECOMMUNICATIONS - 0.6%
CenturyLink, Inc. Term B Loan	1 Month LIBOR + 2.250%		39,788	2.423	+	3/16/2027		38,420
CommScope, Inc. Initial Term Loan	1 Month LIBOR + 3.250%		39,700	3.428	+	4/06/2026		38,997
Consolidated Communications, Inc. Initial Term Loan	1 Month LIBOR + 3.000%		44,769	4.000	+	10/04/2023		43,547
Telenet Financing USD LLC Term Loan AR Facility	1 Month LIBOR + 2.000%		110,000	2.175	+	4/30/2028		105,978
T-Mobile USA, Inc. Term Loan	1 Month LIBOR + 3.000%		70,000	3.173	+	3/31/2027		70,337
Zayo Group Holdings, Inc. Initial Dollar Term Loan	1 Month LIBOR + 3.000%		84,788	3.182	+	3/08/2027		82,582
								379,861
TOTAL BANK LOANS - (Cost - $2,756,862)								2,654,505
		Shares
COLLATERAL FOR SECURITIES LOANED - 10.4%
Mount Vernon Prime Portfolio #			6,188,182	0.260	+			6,188,182
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $6,188,182)
TOTAL INVESTMENTS - 107.5% (Cost - $61,800,972)							$	64,242,617
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.5)%								(4,489,428	)
NET ASSETS - 100.0%							$	59,753,189

ABS - Asset Backed Security

CMO - Collateralized Mortgage Obligation

LLC - Limited Liability Corporation

LP - Limited Partnership

MBS - Mortgage Backed Security

REITS - Real Estate Investment Trust

^ All or a portion of these securities are on loan. Total loaned securities had a value of $6,063,389 at July 31, 2020.

 + Variable Rate security. Interest rate is as of July 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 $22,003,273 or 36.82% 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 July 31, 2020.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund

July 31, 2020

	Variable		Principal		Interest		Maturity
Security	Rate		Amount		Rate %		Date	Value
BANK LOANS - 93.4%
BASIC MATERIALS - 4.8%
Acuity Specialty Products, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%	$	672,300	5.000	+	8/12/2024	$	596,162
Ascend Performance Materials Operations LLC, Initial Term Loan	LIBOR + 5.250	%		223,313	6.250	+	8/28/2026		224,708
Covia Holdings Corp., Initial Term Loan	LIBOR + 4.000	%		459,359	8.250	+	5/31/2025		289,206
Diamond BV, Initial USD Term Loan	LIBOR + 3.000	%		1,206,094	3.841	+	9/06/2024		1,144,584
Diamond BV, New Term Loan	LIBOR + 5.000	%		190,000	6.000	+	9/06/2024		188,100
Element Solutions, Inc., Tranche B-1 Term Loan	LIBOR + 2.000	%		724,016	2.178	+	1/30/2026		706,216
H.B. Fuller Co., Commitment Loan	LIBOR + 2.000	%		908,870	2.187	+	10/20/2024		888,625
Hexion, Inc., USD Term Loan	LIBOR + 3.500	%		569,250	3.796	+	6/30/2026		559,644
Ineos US Finance LLC, New 2024 Dollar Term Loan	LIBOR + 2.000	%		2,275,964	2.178	+	3/31/2024		2,197,728
Innophos Holdings, Inc., Initial Term Loan	LIBOR + 3.750	%		443,888	3.928	+	2/04/2027		440,003
Nouryon Finance BV, Initial Dollar Term Loan	LIBOR + 3.000	%		750,000	3.178	+	9/30/2025		729,949
									7,964,925
COMMUNICATIONS - 16.7%
Advantage Sales & Marketing, Inc., Initial Term Loan (First Lien)	LIBOR + 3.250	%		383,204	4.250	+	7/24/2021		364,883
Altice France SA, USD TLB-13 Incremental Term Loan	LIBOR + 4.000	%		230,888	4.175	+	8/14/2026		226,619
CenturyLink, Inc., Term B Loan	LIBOR + 2.250	%		731,325	2.423	+	3/16/2027		706,186
Charter Communications Operating LLC, Term B-2 Loan	LIBOR + 1.750	%		2,228,175	1.928	+	1/31/2027		2,179,088
Clear Channel Outdoor Holdings, Inc., Term B Loan	LIBOR + 3.500	%		840,009	4.341	+	8/20/2026		750,846
Consolidated Communications, Inc., Initial Term Loan	LIBOR + 3.000	%		877,016	4.000	+	10/04/2023		853,078
CSC Holdings LLC, March 2017 Refinancing Term Loan	LIBOR + 2.250	%		1,733,898	2.425	+	7/16/2025		1,681,525
CSC Holdings LLC, October 2018 Incremental Term Loan	LIBOR + 2.250	%		374,300	2.425	+	1/16/2026		362,661
Diamond Sports Group LLC, Term Loan	LIBOR + 3.250	%		603,175	3.430	+	8/24/2026		485,556
Frontier Communications Corp., Term B-1 Loan	LIBOR + 3.750	%		413,936	5.365	+	6/16/2024		408,762
Hoya Midco LLC., Initial Term Loan (First Lien)	LIBOR + 3.500	%		649,018	4.500	+	6/28/2024		541,930
iHeart Communications, Inc., Escrow Bond #				1,605,000	—		5/01/2023		—
iHeart Communications, Inc., New Term Loan	LIBOR + 3.000	%		1,432,800	3.173	+	4/30/2026		1,345,242
Intelsat Jackson Holdings S.A., DIP Facility	LIBOR + 5.500	%		94,008	5.682	+	7/12/2021		95,986
Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan	LIBOR + 5.750	%		660,000	8.000	+	11/28/2023		666,445
Intelsat Jackson Holdings S.A., Tranche B-5 Term Loan	LIBOR + 6.625	%		354,000	8.625	+	1/02/2024		358,108
Level 3 Financing, Inc., Tranche B 2027 Term Loan	LIBOR + 1.750	%		1,936,567	1.928	+	2/28/2027		1,880,494
Mcgraw-Hill Global Education Holdings LLC, Term B Loan (First Lien)	LIBOR + 4.000	%		954,693	5.000	+	5/04/2022		835,896
Mediacom Illinois LLC, Tranche N Term Loan	LIBOR + 1.750	%		746,627	1.863	+	2/16/2024		744,760
Meredith Corp., Tranche B-2 Term Loan	LIBOR + 2.500	%		520,864	3.341	+	2/01/2025		493,519
Nexstar Broadcasting, Inc., Term B-4 Loan	LIBOR + 2.750	%		1,008,199	2.921	+	9/18/2026		984,022
Northwest Fiber LLC, Term B Loan (First Lien)	LIBOR + 5.500	%		160,000	5.671	+	4/30/2027		159,534
Numericable US LLC, USD TLB-11 Term Loan	LIBOR + 2.750	%		630,500	2.928	+	8/01/2025		606,188
Numericable US LLC, USD TLB-12 Term Loan	LIBOR + 3.688	%		776,764	3.862	+	2/01/2026		761,873
Plantronics, Inc., Initial Term B Loan	LIBOR + 2.500	%		385,000	2.862	+	7/02/2025		357,168
Pug LLC, USD Term B Loan	LIBOR + 3.500	%		746,250	3.673	+	2/01/2027		638,044
Rodan & Fields LLC, Closing Date Term Loan	LIBOR + 4.000	%		632,100	4.175	+	6/16/2025		353,976
SBA Senior Finance II LLC, Initial Term Loan	LIBOR + 1.750	%		1,136,344	1.928	+	4/12/2025		1,105,612
Sinclair Television Group, Inc., Tranche B Term Loan	LIBOR + 2.250	%		1,004,767	2.428	+	1/04/2024		980,909
Telenet Financing USD LLC., Term Loan AR Facility	LIBOR + 2.000	%		705,000	2.175	+	4/30/2028		679,225
Telesat Canada, Term B-5 Loan	LIBOR + 2.750	%		812,957	2.928	+	12/08/2026		790,178
T-Mobile USA, Inc., Term Loan	LIBOR + 3.000	%		1,105,000	3.173	+	3/31/2027		1,110,315
Univision Communications, Inc., 2017 Replacement Repriced First-Lien Term Loan	LIBOR + 2.750	%		1,992,315	3.750	+	3/16/2024		1,916,896
Virgin Media Bristol LLC, N Facility	LIBOR + 2.500	%		690,000	2.675	+	2/01/2028		671,132
West Corporation, Initial Term B Loan	LIBOR + 4.000	%		439,520	5.000	+	10/10/2024		388,721
West Corporation, Incremental Term B-1 Loan	LIBOR + 3.500	%		245,000	4.500	+	10/10/2024		214,205
Zayo Group Holdings, Inc., Initial Dollar Term Loan	LIBOR + 3.000	%		548,625	3.182	+	3/08/2027		534,353
Ziggo Financing Partnership, Term Loan I Facility	LIBOR + 2.500	%		475,000	2.675	+	4/30/2028		457,613
									27,691,548

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

July 31, 2020

	Variable		Principal		Interest		Maturity
Security	Rate		Amount		Rate %		Date	Value
BANK LOANS - 93.4% (Continued)
CONSUMER, CYCLICAL - 14.2%
Accuride Corp., 2017 Refinancing Term Loan	LIBOR + 5.250	%	$	445,096	6.250	+	11/16/2023	$	302,665
Affinity Gaming, Initial Term Loan	LIBOR + 3.250	%		353,541	4.250	+	6/30/2023		302,131
American Airlines, Inc., 2017 Class B Term Loan	LIBOR + 2.000	%		85,440	2.166	+	4/28/2023		65,447
American Airlines, Inc., 2017 Class B Term Loan	LIBOR + 2.000	%		484,564	2.175	+	12/16/2023		369,116
American Axle & Manufacturing, Inc., Tranche B Term Loan	LIBOR + 2.250	%		1,255,482	3.000	+	4/06/2024		1,225,664
American Builders & Contractors Supply Co., Inc., Restatement Effective Date Term Loan	LIBOR + 2.000	%		1,100,755	2.178	+	1/16/2027		1,071,948
Aramark Intermediate HoldCo Corp., U.S. Term B-2 Loan	LIBOR + 1.750	%		195,170	1.928	+	3/28/2024		186,533
Aramark Intermediate HoldCo Corp., U.S. Term B-3 Loan	LIBOR + 1.750	%		1,357,024	1.928	+	3/12/2025		1,297,939
Aristocrat Leisure Ltd., Initial Term Loan	LIBOR + 3.750	%		50,000	3.925	+	10/20/2024		50,375
Aristocrat Leisure Ltd., Term B-3 Loan	LIBOR + 1.750	%		1,368,045	2.021	+	10/20/2024		1,335,670
Bass Pro Group LLC, Initial Term Loan	LIBOR + 5.000	%		921,854	5.750	+	9/24/2024		919,190
Caesars Resort Collection LLC, Term B-1 Loan	LIBOR + 4.500	%		1,020,000	4.687	+	6/20/2025		985,417
Carlisle FoodService Products, Inc., Initial Term Loan (First Lien)	LIBOR + 3.000	%		548,204	4.000	+	3/20/2025		504,348
Carnival Corp., Initial Advance (USD)	LIBOR + 7.500	%		130,000	7.672	+	6/30/2025		127,915
CDS US Intermediate Holdings, Inc., Term B Loan (First Lien)	LIBOR + 5.500	%		617,586	6.500	+	7/08/2022		303,744
CityCenter Holdings LLC, Term B Loan	LIBOR + 2.250	%		770,881	3.000	+	4/18/2024		715,956
Clarios Global LP, Initial Dollar Term Loan (First Lien)	LIBOR + 3.500	%		848,115	3.667	+	4/30/2026		830,444
Cooper-Standard Automotive, Inc., Additional Term B-1 Loan	LIBOR + 2.000	%		437,491	2.750	+	11/02/2023		349,993
DexKo Global, Inc., Replacement U.S. Dollar Term B Loan (First Lien)	LIBOR + 3.500	%		507,968	4.500	+	7/24/2024		486,697
First Brands Group LLC, Tranche B-2 Term Loan (First Lien)	LIBOR + 7.000	%		290,000	8.000	+	2/02/2024		276,951
Flutter Entertainment PLC, UDS Term Loan	LIBOR + 3.500	%		472,919	3.808	+	7/10/2025		473,588
Gateway Casinos & Entertainment Ltd., Initial Term Loan	LIBOR + 3.000	%		494,900	3.308	+	11/30/2023		399,632
Golden Nugget, Inc., Initial B Term Loan	LIBOR + 2.500	%		1,161,254	3.250	+	10/04/2023		980,423
Harbor Freight Tools USA, Inc., Initial Loan (2018)	LIBOR + 2.500	%		715,000	3.250	+	8/18/2023		702,387
Isagenix International LLC, Senior Lien Term Loan	LIBOR + 5.750	%		530,237	6.750	+	6/14/2025		213,421
Kestrel Bidco, Inc., Term Loan	LIBOR + 3.000	%		776,100	4.000	+	12/12/2026		578,629
Leslie’s Poolmart, Inc., Tranche B-2 Term Loan	LIBOR + 3.500	%		480,000	3.859	+	8/16/2023		468,974
Libbey Glass, Inc., Initial Loan	LIBOR + 5.000	%		548,797	5.905	+	4/09/2021		100,441
Michaels Stores, Inc., 2018 New Replacement Term B Loan	LIBOR + 2.500	%		880,478	3.500	+	1/30/2023		842,507
Mileage Plus Holdings LLC, Initial Term Loan	LIBOR + 5.250	%		830,000	5.422	+	6/20/2027		830,054
Navistar, Inc., Tranche B Term Loan	LIBOR + 3.500	%		918,850	3.687	+	11/06/2024		893,196
Neiman Marcus Group Ltd. LLC, Initial Term Loan (DP)	LIBOR + 12.750	%		255,697	12.916	+	10/08/2020		262,730
Neiman Marcus Group Ltd. LLC, Cash Pay Extended Term Loan	LIBOR + 8.000	%		990,138	6.655	+	10/25/2023		201,567
PCI Gaming Authority, Term B Facility Loan	LIBOR + 2.500	%		566,484	2.678	+	5/28/2026		545,461
Playa Resorts Holding BV, Initial Term Loan	LIBOR + 2.750	%		360,000	3.750	+	4/28/2024		310,523
Scientific Games International, Inc., Initial Term B-5 Loan	LIBOR + 2.750	%		784,138	3.460	+	8/14/2024		716,506
Serta Simmons Bedding LLC, Initial Term Loan (First Lien)	LIBOR + 3.500	%		295,290	4.500	+	11/08/2023		76,185
Siteone Landscape Supply LLC, Tranche E Term Loan	LIBOR + 2.750	%		683,789	3.750	+	10/28/2024		678,373
Station Casinos LLC, Term B-1 Facility Loan	LIBOR + 2.250	%		447,065	2.423	+	2/01/2027		414,279
Tenneco, Inc., Tranche B Term Loan	LIBOR + 3.000	%		783,075	3.178	+	9/30/2025		683,601
TI Group Automotive Systems LLC, Initial US Term Loan	LIBOR + 2.500	%		356,576	3.250	+	6/30/2022		348,553
TKC Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750	%		696,386	4.750	+	1/31/2023		655,421
UFC Holdings LLC, Term B-1 Loan (First Lien)	LIBOR + 3.250	%		559,648	4.250	+	4/28/2026		545,542
									23,630,136
CONSUMER, NON-CYCLICAL - 24.8%
Accelerated Health Systems LLC, Initial Term Loan	LIBOR + 3.500	%		458,025	3.675	+	11/01/2025		444,284
Advanz Pharma Corp., Initial Dollar Term Loan	LIBOR + 5.500	%		535,495	6.500	+	9/06/2024		501,224
AHP Health Partners, Inc., Term Loan	LIBOR + 4.500	%		565,437	5.500	+	6/30/2025		562,610
AlixPartners LLP, 2017 Refinancing Term Loan	LIBOR + 2.500	%		1,211,751	2.678	+	4/04/2024		1,189,412
Avantor Funding, Inc., Initial B-3 Dollar Term Loan	LIBOR + 2.250	%		628,425	3.250	+	11/20/2024		625,283
Bausch Health Companies, Inc., Initial Term Loan	LIBOR + 3.000	%		963,817	3.176	+	6/02/2025		950,343
Bausch Health Companies, Inc., First Incremental Term Loan	LIBOR + 2.750	%		172,000	2.926	+	11/28/2025		168,847
Catalent Pharma Solutions, Inc., Dollar Term B-2 Loan	LIBOR + 2.250	%		731,297	2.642	+	5/16/2026		729,166
CHG Healthcare Services, Inc., New Term Loan (2017) (First Lien)	LIBOR + 3.000	%		810,103	4.000	+	6/08/2023		799,324
CHG PPC Parent LLC, Initial Term Loan (First Lien)	LIBOR + 2.750	%		578,200	2.928	+	4/01/2025		562,300
Chobani LLC, New Term Loan (First Lien)	LIBOR + 3.500	%		1,180,214	4.500	+	10/10/2023		1,172,508
CPI Acquisition, Inc., Term Loan (First Lien)	LIBOR + 4.500	%		858,336	5.500	+	8/16/2022		700,509
CPI Holdco LLC, Closing Date Term Loan (First Lien)	LIBOR + 4.250	%		224,438	4.428	+	11/04/2026		222,193

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

July 31, 2020

	Variable		Principal		Interest		Maturity
Security	Rate		Amount		Rate %		Date	Value
BANK LOANS - 93.4% (Continued)
CONSUMER, NON-CYCLICAL - 24.8% (Continued)
Dole Food Company, Inc., Tranche B Term Loan	LIBOR + 2.750	%	$	1,184,415	3.750	+	4/04/2024	$	1,159,560
DynCorp International, Inc., Term Loan	LIBOR + 6.000	%		298,375	7.000	+	8/18/2025		288,796
Elanco Animal Health, Inc., Term Loan	LIBOR + 1.750	%		790,000	1.916	+	2/04/2027		772,225
Endo Luxembourg Finance Company I SARL, Initial Term Loan	LIBOR + 4.250	%		738,098	4.495	+	4/28/2024		709,120
Envision Healthcare Corp., Initial Term Loan	LIBOR + 3.750	%		1,114,356	3.928	+	10/10/2025		741,632
eResearchTechnology, Inc., Initial Term Loan (First Lien)	LIBOR + 4.500	%		455,000	4.678	+	11/20/2026		454,572
Froneri International Ltd., Facility B2 (First Lien)	LIBOR + 2.250	%		760,000	2.423	+	1/30/2027		731,093
Garda World Security Corp., Initial Term Loan	LIBOR + 4.750	%		350,000	4.922	+	10/30/2026		347,594
Gentiva Health Services, Inc., Term B Loan (First Lien)	LIBOR + 3.250	%		292,780	3.428	+	7/02/2025		289,303
Greatbatch Ltd., New Term B Loan (2019)	LIBOR + 2.500	%		546,865	3.500	+	10/28/2022		542,507
Greenrock Finance, Inc., Initial USD Term B Loan (First Lien)	LIBOR + 3.500	%		248,628	4.500	+	6/28/2024		233,593
Heartland Dental LLC, Initial Term Loan	LIBOR + 3.500	%		612,447	3.678	+	4/30/2025		545,271
Herbalife Nutrition Ltd., Term Loan B	LIBOR + 2.750	%		547,215	2.928	+	8/18/2025		540,947
H-Food Holdings LLC, Initial Term Loan	LIBOR + 3.688	%		1,376,225	3.866	+	5/24/2025		1,332,791
Hostess Brands LLC, 2019 Refinancing Term B Loan (First Lien)	LIBOR + 2.250	%		909,231	3.066	+	8/04/2025		891,992
Iqvia, Inc., Term B-1 Dollar Loan	LIBOR + 1.750	%		144,019	1.928	+	3/08/2024		141,697
Iqvia, Inc., Incremental Term B-2 Dollar Loan	LIBOR + 1.750	%		72,938	1.928	+	1/16/2025		71,771
Iqvia, Inc., Term B-3 Dollar Loan	LIBOR + 1.750	%		1,129,962	2.058	+	6/12/2025		1,111,199
Jaguar Holding Company I LLC, 2018 Term Loan	LIBOR + 2.500	%		1,140,312	3.500	+	8/18/2022		1,137,461
JBS USA Lux S.A., New Term Loan	LIBOR + 2.000	%		990,785	2.308	+	4/30/2026		961,790
Kronos Acquisition Intermediate, Inc., Initial Loan	LIBOR + 4.000	%		2,076,837	5.000	+	5/16/2023		2,054,127
LifePoint Health, Inc., Term B Loan (First Lien)	LIBOR + 3.750	%		1,031,246	3.928	+	11/16/2025		1,010,987
Milk Specialties Company, New Term Loan	LIBOR + 4.000	%		523,585	5.000	+	8/16/2023		504,343
NAB Holdings LLC, 2018 Refinancing Term Loan	LIBOR + 3.000	%		955,029	4.000	+	6/30/2024		923,991
National Mentor Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 4.250	%		270,188	4.428	+	3/08/2026		265,234
National Mentor Holdings, Inc., Initial Term C Loan (First Lien)	LIBOR + 4.250	%		12,302	4.428	+	3/08/2026		12,076
One Call Corp., Extended Term Loan (First Lien)	LIBOR + 5.250	%		252,202	6.250	+	11/28/2022		226,246
Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan	LIBOR + 3.250	%		787,183	3.416	+	6/30/2025		767,504
Parexel International Corp., Initial Term Loan	LIBOR + 2.750	%		864,513	2.928	+	9/28/2024		833,326
Parfums Holding Co., Inc., Initial Term Loan (First Lien)	LIBOR + 4.250	%		691,601	5.250	+	6/30/2024		645,568
Pathway Vet Alliance LLC, Initial Term Loan (First Lien)	LIBOR + 4.000	%		465,061	4.178	+	4/01/2027		456,634
Pathway Vet Alliance LLC, Initial DDTL Loan (First Lien)	LIBOR + 4.000	%		37,797	4.176	+	4/01/2027		37,112
PetVet Care Centers LLC, Initial Term Loan (First Lien)	LIBOR + 2.750	%		889,300	2.928	+	2/14/2025		860,620
PetVet Care Centers LLC, 2018 Term Loan (First Lien)	LIBOR + 3.250	%		63,012	3.724	+	2/14/2025		61,595
Phoenix Guarantor, Inc., Tranche B-1 Term Loan (First Lien)	LIBOR + 3.250	%		537,638	3.425	+	3/04/2026		527,558
Refinitiv US Holdings, Inc., Initial Dollar Term Loan	LIBOR + 3.250	%		1,333,988	3.428	+	9/30/2025		1,325,651
Reynolds Consumer Products LLC, Initial Term Loan	LIBOR + 1.750	%		1,107,225	1.923	+	2/04/2027		1,088,541
Select Medical Corp., Tranche B Term Loan	LIBOR + 2.500	%		632,966	2.672	+	3/06/2025		617,408
Shearer’s Foods LLC, Refinancing Term Loan (First Lien)	LIBOR + 4.250	%		1,153,067	5.250	+	4/01/2022		1,147,843
Sigma Holdco BV, Facility B2	LIBOR + 3.000	%		845,819	3.369	+	7/02/2025		828,903
Sotera Health Holdings LLC, Initial Term Loan (First Lien)	LIBOR + 4.500	%		952,613	4.678	+	11/22/2026		951,917
St. George’s University Scholastic Services LLC, Term Loan	LIBOR + 3.250	%		798,480	3.428	+	7/16/2025		789,996
Surgery Center Holdings, Inc., Initial Term Loan	LIBOR + 3.250	%		813,658	4.250	+	9/04/2024		771,706
Surgery Center Holdings, Inc., 2020 Incremental Term Loan	LIBOR + 8.000	%		84,788	9.000	+	9/04/2024		86,102
Trans Union LLC, 2019 Replacement Term B-5 Loan	LIBOR + 1.750	%		1,230,467	1.928	+	11/16/2026		1,201,243
Viant Medical Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750	%		828,852	3.928	+	7/02/2025		723,865
WEX, Inc., Term B-3 Loan	LIBOR + 2.250	%		870,241	2.417	+	5/16/2026		843,903
									41,196,916
ENERGY - 1.4%
California Resources Corp., Initial Loan	LIBOR + 4.750	%		405,000	5.750	+	1/01/2023		156,215
CITGO Holding, Inc., Term Loan	LIBOR + 7.000	%		343,913	8.000	+	7/31/2023		329,296
CITGO Petroleum Corp., 2019 Incremental Term B Loan	LIBOR + 5.000	%		543,930	6.000	+	3/28/2024		528,292
Fieldwood Energy LLC, Closing Date Loan (First Lien)	LIBOR + 5.250	%		605,554	6.250	+	4/12/2022		150,377
Gavilan Resources LLC, Initial Term Loan (Second Lien)	LIBOR + 8.000	%		490,000	6.363	+	2/29/2024		7,350
Medallion Midland Acquisition LLC, Initial Term Loan	LIBOR + 3.250	%		653,895	4.250	+	10/30/2024		590,467
Paragon Offshore Finance Co., Term Loan	LIBOR + 2.750	%		1,153	—	+	7/18/2021		—
Traverse Midstream Partners LLC, Advance	LIBOR + 4.000	%		671,231	5.000	+	9/28/2024		590,082
									2,352,079

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

July 31, 2020

	Variable		Principal		Interest		Maturity
Security	Rate		Amount		Rate %		Date	Value
BANK LOANS - 93.4% (Continued)
FINANCIAL - 4.8%
Acrisure LLC, 2020 Term Loan (First Lien)	LIBOR + 3.500	%	$	450,000	3.678	+	2/16/2027	$	434,700
Asurion LLC, Amendment No. 14 Replacement B-4 Term Loan	LIBOR + 3.000	%		509,461	3.178	+	8/04/2022		503,602
Asurion LLC, Replacement B-6 Term Loan	LIBOR + 3.000	%		319,699	3.178	+	11/04/2023		315,703
Asurion LLC, New B-7 Term Loan	LIBOR + 3.000	%		382,200	3.178	+	11/04/2024		376,945
Asurion LLC, Second Lien Replacement B-2 Term Loan	LIBOR + 6.500	%		401,550	6.678	+	8/04/2025		405,565
Blackhawk Network Holdings, Inc., Term Loan (First Lien)	LIBOR + 3.000	%		859,722	3.178	+	6/16/2025		802,765
Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien)	LIBOR + 3.750	%		830,000	3.916	+	3/06/2027		820,588
Ellie Mae, Inc., Term Loan (First Lien)	LIBOR + 3.750	%		1,037,163	4.058	+	4/16/2026		1,023,446
iStar, Inc., Loan	LIBOR + 2.750	%		208,813	2.921	+	6/28/2023		204,115
Pl UK Holdco II Ltd., Facility B1	LIBOR + 3.500	%		1,648,754	4.500	+	1/04/2025		1,575,145
Ryan Specialty Group LLC, Term Loan	LIBOR + 3.250	%		90,000	3.405	+	7/23/2027		89,550
Sedgwick Claims Management Services, Inc., Initial Term Loan	LIBOR + 3.250	%		1,349,450	3.428	+	1/01/2026		1,291,855
Sedgwick Claims Management Services, Inc., 2019 Term Loan	LIBOR + 4.000	%		193,050	4.178	+	9/04/2026		189,034
									8,033,013
INDUSTRIALS - 16.7%
Al Convoy SARL, Facility B (USD)	LIBOR + 3.500	%		753,538	3.687	+	1/20/2027		734,699
Anchor Glass Container Corp., July 2017 Additional Term Loan (First Lien)	LIBOR + 2.750	%		686,270	3.750	+	12/08/2023		523,624
Anchor Glass Container Corp., Term Loan (Second Lien)	LIBOR + 7.750	%		244,000	8.750	+	12/08/2024		92,110
Atlantic Aviation FBO, Inc., Term Loan	LIBOR + 3.750	%		378,050	3.928	+	12/06/2025		359,777
Berlin Packaging LLC, Initial Term Loan (First Lien)	LIBOR + 3.000	%		907,273	3.829	+	11/08/2025		875,972
Berry Global, Inc., Term W Loan	LIBOR + 2.000	%		308,192	2.188	+	9/30/2022		303,396
Berry Global, Inc., Term X Loan	LIBOR + 2.000	%		514,306	2.188	+	1/20/2024		504,342
Berry Global, Inc., Term Y Loan	LIBOR + 2.000	%		630,889	2.188	+	6/30/2026		613,441
Brookfield WEC Holdings, Inc., Initial Term Loan (2020)	LIBOR + 3.000	%		1,456,460	3.750	+	7/31/2025		1,429,152
BWay Holding Co., Initial Term Loan	LIBOR + 3.250	%		970,885	3.523	+	4/04/2024		909,840
Circor International, Inc., New Term Loan	LIBOR + 3.250	%		735,114	4.250	+	12/12/2024		717,886
CPG International LLC, New Term Loan	LIBOR + 3.750	%		1,017,779	4.750	+	5/04/2024		1,013,988
Filtration Group Corp., Initial Dollar Term Loan	LIBOR + 3.000	%		813,357	3.178	+	4/01/2025		797,664
Fluidra SA, Tranche B-1 USD Term Loan	LIBOR + 2.000	%		713,959	2.178	+	7/02/2025		697,895
Fort Dearborn Holding Company, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		1,086,290	5.000	+	10/20/2023		1,040,801
Gardner Denver, Inc., Series A New Term Loan	LIBOR + 2.750	%		50,000	2.916	+	2/28/2027		49,425
Gardner Denver, Inc., 2020 GDI Tranche B-2 Dollar Term Loan	LIBOR + 1.750	%		826,912	1.928	+	2/28/2027		797,557
Gates Global LLC, Initial B-2 Dollar Term Loan	LIBOR + 2.750	%		556,884	3.750	+	3/31/2024		545,515
GFL Environmental, Inc., Effective Date Incremental Term Loan	LIBOR + 3.000	%		934,199	4.000	+	5/30/2025		931,345
Graham Packaging Company, Inc., Initial Term Loan	LIBOR + 3.750	%		280,000	3.905	+	8/04/2027		279,724
Ingersoll-Rand Services Co., 2020 Spinco Tranche B-1 Dollar Term Loan	LIBOR + 1.750	%		189,525	1.914	+	2/28/2027		182,797
Klockner Pentaplast Of America, Inc., Dollar Term Loan	LIBOR + 4.250	%		1,048,902	5.250	+	6/30/2022		1,001,623
Landry’s Finance Acquisition Co., B Term Loan	LIBOR + 12.000	%		15,000	12.166	+	10/04/2023		17,025
NN, Inc., Tranche B Term Loan	LIBOR + 5.750	%		210,234	6.500	+	10/20/2022		191,605
NN, Inc., Extended 2017 Incremental Term Loan	LIBOR + 5.750	%		165,300	5.928	+	10/20/2022		150,653
Patriot Container Corp., Closing Date Term Loan (First Lien)	LIBOR + 3.500	%		715,142	4.500	+	3/20/2025		697,263
Quikrete Holdings, Inc., Initial Loan (First Lien)	LIBOR + 2.500	%		782,606	2.678	+	1/31/2027		758,102
RBS Global, Inc., Term B Loan (2019)	LIBOR + 1.750	%		690,492	1.922	+	8/20/2024		684,202
Reynolds Group Holdings, Inc., Incremental U.S. Term Loan	LIBOR + 2.750	%		1,166,474	2.928	+	2/04/2023		1,146,422
Spectrum Holdings III Corp., Closing Date Term Loan (First Lien)	LIBOR + 3.250	%		431,420	4.250	+	2/01/2025		377,583
Star US Bidco LLC, Initial Term Loan	LIBOR + 4.250	%		480,000	5.250	+	3/16/2027		443,102
Summit Materials LLC, New Term Loan	LIBOR + 2.000	%		1,315,279	2.178	+	11/20/2024		1,293,577
Titan Acquisition Ltd., Initial Term Loan	LIBOR + 3.000	%		993,359	3.308	+	3/28/2025		919,274
Transdigm, Inc., Tranche G Refinancing Term Loan	LIBOR + 2.250	%		728,641	2.428	+	8/22/2024		684,209
Transdigm, Inc., Tranche E Refinancing Term Loan	LIBOR + 2.250	%		787,149	2.428	+	5/30/2025		738,015
Transdigm, Inc., Tranche F Refinancing Term Loan	LIBOR + 2.250	%		898,304	2.428	+	12/08/2025		843,364
TRC Companies, Inc., 2019 Incremental Term Loan	LIBOR + 5.000	%		496,250	5.181	+	6/20/2024		472,991
Tricorbraun Holdings, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.750	%		722,261	4.750	+	11/30/2023		714,139
Trident TPI Holdings, Inc., Tranche B-1 Term Loan	LIBOR + 3.000	%		876,790	4.000	+	10/16/2024		859,473
Tunnel Hill Partners LP, Initial Term Loan	LIBOR + 3.500	%		646,813	3.808	+	2/06/2026		611,238
US Farathane LLC, Term B-4 Loan	LIBOR + 3.500	%		759,429	4.500	+	12/24/2021		575,898
Vertical Midco GmbH, Facility B (USD)	LIBOR + 4.250	%		290,000	4.405	+	7/29/2027		286,466
Vertiv Group Corp., Initial Term Loan	LIBOR + 3.000	%		877,800	3.178	+	3/02/2027		860,244
									27,727,418

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

July 31, 2020

	Variable		Principal		Interest		Maturity
Security	Rate		Amount		Rate %		Date	Value
BANK LOANS - 93.4% (Continued)
TECHNOLOGY - 7.7%
Applied Systems, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.250	%	$	985,775	4.250	+	9/20/2024	$	978,929
Aston Finco SARL, Dollar Term Loan (First Lien)	LIBOR + 4.250	%		239,400	4.428	+	10/08/2026		230,197
Azalea TopCo, Inc., Initial Term Loan (First Lien)	LIBOR + 3.500	%		297,750	4.341	+	7/24/2026		293,409
Boxer Parent Company, Inc., Initial Dollar Term Loan	LIBOR + 4.250	%		692,375	4.428	+	10/02/2025		670,139
Cardtronics USA, Inc., Initial Term Loan	LIBOR + 4.000	%		540,000	4.166	+	6/28/2027		538,650
Dell International LLC, Refinancing Term B-1 Loan	LIBOR + 2.000	%		1,384,092	2.750	+	9/20/2025		1,367,490
Dun & Bradstreet Corp., Initial Term Borrowing	LIBOR + 3.750	%		842,888	3.922	+	2/06/2026		840,342
Epicor Software Corp., 2020 Refinancing Term Long	LIBOR + 4.250	%		810,000	4.405	+	7/30/2027		810,365
Everi Payments, Inc., Term Loan	LIBOR + 10.500	%		30,000	11.500	+	5/08/2024		30,450
Everi Payments, Inc., Term B Loan	LIBOR + 2.750	%		966,571	3.750	+	5/08/2024		923,800
Navircure, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		339,150	4.178	+	10/22/2026		332,648
NCR Corp., Initial Term Loan (2019)	LIBOR + 2.500	%		734,853	2.678	+	8/28/2026		714,645
Science Applications International Corp., Tranche B2 Loan	LIBOR + 2.250	%		481,667	2.428	+	3/12/2027		455,767
SS&C Technologies Holdings, Inc., Term B-5 Loan	LIBOR + 1.750	%		1,038,160	1.928	+	4/16/2025		1,010,908
Tempo Acquisition LLC, Initial Term Loan	LIBOR + 2.750	%		779,387	2.928	+	4/30/2024		762,435
Ultimate Software Group, Inc., 2020 Incremental Term Loan (First Lien)	LIBOR + 4.000	%		1,405,000	4.187	+	5/04/2026		1,408,077
Ultimate Software Group, Inc., Initial Term Loan (2020) (Second Lien)	LIBOR + 6.750	%		30,000	6.937	+	5/04/2027		30,625
Vertafore, Inc., Initial Term Loan (First Lien)	LIBOR + 3.250	%		1,170,949	3.428	+	7/02/2025		1,118,203
Zelis Cost Management Buyer, Inc., Initial Term Loan	LIBOR + 4.750	%		308,450	4.928	+	9/30/2026		308,285
									12,825,364
UTILITIES - 2.3%
APLP Holdings LP, Term Loan (2020)	LIBOR + 2.500	%		673,269	3.500	+	4/14/2025		663,308
Calpine Construction Finance Co. LP, Term B Loan	LIBOR + 2.000	%		706,057	2.178	+	1/16/2025		686,994
Calpine Corp., Term Loan	LIBOR + 2.000	%		969,723	2.178	+	8/12/2026		945,146
Hamilton Projects Acquiror LLC, Term Loan	LIBOR + 4.750	%		525,000	5.750	+	6/16/2027		524,178
Lightstone Holdco LLC, Refinancing Term B Loan	LIBOR + 3.750	%		470,678	4.750	+	1/30/2024		402,051
Lightstone Holdco LLC, Refinancing Term C Loan	LIBOR + 3.750	%		26,547	4.750	+	1/30/2024		22,676
PG&E Corp., Loan	LIBOR + 4.500	%		170,000	4.676	+	6/24/2025		168,513
Texas Competitive Electric Holdings Co. LLC Escrow Bonds #				635,000	11.500		8/10/2070		445
Vistra Operations Co. LLC, 2018 Incremental Term Loan	LIBOR + 1.750	%		348,085	2.257	+	1/01/2026		343,408
									3,756,719
TOTAL BANK LOANS (Cost - $163,527,971)									155,178,118
BONDS & NOTES - 5.1%
AEROSPACE/DEFENSE - 0.2%
Boeing Co.				172,000	4.875		5/01/2025		186,326
Howmet Aerospace, Inc.				115,000	6.875		5/01/2025		130,733
									317,059
APPAREL - 0.1%
Hanesbrands, Inc. - 144A				210,000	5.375		5/15/2025		226,013
COMMERCIAL SERVICES - 0.2%
Garda World Security Corp. - 144A				225,000	4.625		2/15/2027		231,873
Jaguar Holding Co. II - 144A				145,000	4.625		6/15/2025		151,761
									383,634
COMPUTERS - 0.1%
Tempo Acquisition LLC - 144A				85,000	5.750		6/01/2025		89,834
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Springleaf Finance Corp.				250,000	6.125		5/15/2022		263,906
ELECTRIC - 0.8%
DPL, Inc. - 144A				220,000	4.125		7/01/2025		231,972
Vistra Operations Co. LLC -144A ^				460,000	3.550		7/15/2024		484,223
Vistra Operations Co. LLC -144A				590,000	3.700		1/30/2027		624,465
									1,340,660
ELECTRICAL COMPONENTS & EQUIPMENT - 0.0%
Wesco Distribution, Inc. - 144A				60,000	7.125		6/15/2025		65,923

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

July 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 5.1% (Continued)
ENTERTAINMENT - 0.1%
Colt Merger Sub, Inc. - 144A	$	80,000	6.250	7/01/2025	$	83,558
FOOD - 0.1%
Dole Food Co., Inc. - 144A		175,000	7.250	6/15/2025		173,013
HEALTHCARE-SERVICES - 0.9%
Community Health Systems, Inc. - 144A		215,000	6.625	2/15/2025		217,752
LifePoint Health, Inc. - 144A		5,000	6.750	4/15/2025		5,400
LifePoint Health, Inc. - 144A		135,000	4.375	2/15/2027		138,295
One Call Corp. - 144A		712,081	7.500	7/01/2024		607,049
Tenet Healthcare Corp. ^		405,000	4.625	7/15/2024		412,493
Tenet Healthcare Corp. - 144A		50,000	7.500	4/01/2025		55,388
						1,436,377
HOME BUILDERS - 0.2%
Lennar Corp.		420,000	2.950	11/29/2020		419,784
INSURANCE - 0.1%
Acrisure LLC - 144A		90,000	8.125	2/15/2024		95,836
INVESTMENT COMPANIES - 0.2%
Icahn Enterprises ^		360,000	4.750	9/15/2024		367,763
IRON/STEEL - 0.0%
Cleveland-Cliffs, Inc. - 144A		50,000	6.750	3/15/2026		50,313
LEISURE PRODUCTS - 0.0%
Carnival Corp. - 144A		45,000	11.500	4/01/2023		49,007
MEDIA - 0.5%
CCO Holdings LLC - 144A		180,000	4.000	3/01/2023		183,261
Clear Channel Worldwide Holdings, Inc. - 144A		65,000	5.125	8/15/2027		63,781
Diamond Sports Group LLC - 144A ^		210,000	5.375	8/15/2026		162,222
iHeartCommunications, Inc.		96,514	6.375	5/01/2026		101,807
iHeartCommunications, Inc.		174,933	8.375	5/01/2027		174,976
Sirius XM Radio, Inc. - 144A		85,000	4.625	7/15/2024		89,611
						775,658
OIL & GAS - 0.1%
Citgo Holdings, Inc. - 144A		150,000	9.250	8/01/2024		150,375
PACKAGING & CONTAINERS - 0.4%
Ardagh Packaging Finance PLC - 144A		475,000	4.125	8/15/2026		493,549
Ardagh Packaging Finance PLC - 144A		200,000	5.250	8/15/2027		209,554
						703,103
PHARMACEUTICALS - 0.3%
Bausch Health Companies, Inc. - 144A ^		445,000	5.500	11/01/2025		462,226
REAL ESTATE INVESTMENT TRUSTS - 0.4%
iStar, Inc.		460,000	4.250	8/01/2025		443,325
Ladder Capital Finance Holdings LLLP - 144A		140,000	4.250	2/01/2027		118,650
MGM Growth Properties Operating Partnership LP - 144A		60,000	4.625	6/15/2025		63,134
						625,109
SEMICONDUCTORS - 0.2%
Broadcom, Inc. - 144A		385,000	3.150	11/15/2025		415,697
TELECOMMUNICATIONS - 0.0%
Level 3 Financing, Inc. - 144A		45,000	4.250	7/01/2028		46,957
TOTAL BONDS & NOTES (Cost - $8,464,566)						8,541,805

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

July 31, 2020

Security	Shares					Value
COMMON STOCK - 0.0%
ADVERTISING - 0.0%
Clear Channel Outdoor Holdings, Inc. *		40,131				$	36,780
MEDIA - 0.0%
iHeartMedia, Inc. - Class A *		2,133					17,832
iHeartMedia, Inc. - Class B *		29					232
							18,064
TOTAL COMMON STOCK (Cost - $271,898)							54,844
EXCHANGE TRADED FUNDS - 0.9%
iShares Floating Rate Bond ETF		7,206					365,128
iShares iBoxx High Yield Corporate Bond ETF ^		4,738					404,578
SPDR Bloomberg Barclays High Yield Bond ETF		3,645					386,735
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		14,688					382,622
TOTAL EXCHANGE TRADED FUNDS - (Cost - $1,411,807)							1,539,063
					Expiration
					Date
RIGHTS - 0.0%
TRA Rights		10,588			11/22/2049		11,514
TOTAL RIGHTS (Cost - $17,470)
WARRANTS - 0.1%
iHeartMedia, Inc.		14,903			12/31/2049		117,734
TOTAL WARRANTS (Cost - $287,609)
			Interest
			Rate %
SHORT-TERM INVESTMENT - 2.3%
MONEY MARKET FUND - 2.3%
Fidelity Investments Money Market Fund - Class I		3,751,819	0.260	+			3,751,819
TOTAL SHORT-TERM INVESTMENT - (Cost - $3,751,819)
COLLATERAL FOR SECURITIES LOANED - 1.4%
Mount Vernon Prime Portfolio !		2,354,230	0.050	+			2,354,230
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,354,230)
TOTAL INVESTMENTS - 103.2% (Cost - $180,087,370)						$	171,549,127
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.2)%							(5,364,147	)
NET ASSETS - 100.0%						$	166,184,980

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 July 31, 2020 the total market value of 144A securities is $6,700,296 or 4.03% of net assets.

* Non-Income producing security.

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

^ All or a portion of these securities are on loan. Total loaned securities had a value of $2,306,5246 at July 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

July 31, 2020

	Variable	Principal		Interest	Maturity
Security	Rate	Amount		Rate %	Date	Value
BANK LOANS - 0.1%
OIL & GAS SERVICES - 0.1%
Hi-Crush, Inc.	1 month LIBOR + 1.100%	$	121,510	12.000	1/12/2021	$	121,510
TOTAL BANK LOANS (Cost - $121,510)
BONDS & NOTES - 95.5%
ADVERTISING - 0.8%
National CineMedia LLC - 144A			655,000	5.875	4/15/2028		524,285
Terrier Media Buyer, Inc. - 144A			267,000	8.875	12/15/2027		274,176
							798,461
AEROSPACE/DEFENSE - 0.5%
Spirit AeroSystems, Inc. - 144A			548,000	7.500	4/15/2025		539,659
AIRLINES - 1.4%
American Airlines, Inc. - 144A			590,000	11.750	7/15/2025		515,244
Delta Air Lines, Inc. - 144A			650,000	7.000	5/1/2025		694,844
UAL 2007-1 Pass Through Trust			184,826	6.636	7/2/2022		166,445
							1,376,533
AUTO MANUFACTURERS - 2.0%
Allison Transmission, Inc. - 144A			551,000	5.000	10/1/2024		563,320
Ford Motor Co.			690,000	6.625	10/1/2028		752,818
Ford Motor Co.			105,000	7.450	7/16/2031		124,653
Ford Motor Credit Co. LLC			200,000	5.125	6/16/2025		213,516
Tesla, Inc. - 144A			370,000	5.300	8/15/2025		383,413
							2,037,720
AUTO PARTS & EQUIPMENT - 0.8%
Dana, Inc.			381,000	5.375	11/15/2027		402,527
Delphi Technologies PLC - 144A			357,000	5.000	10/1/2025		394,681
							797,208
BUILDING MATERIALS - 1.3%
Boise Cascade Co. - 144A			291,000	4.875	7/1/2030		309,915
Griffon Corp.			550,000	5.750	3/1/2028		576,125
Standard Industries, Inc. - 144A			425,000	6.000	10/15/2025		443,944
							1,329,984
CHEMICALS - 1.5%
Consolidated Energy Finance SA - 144A			385,000	6.875	6/15/2025		365,987
Minerals Technologies, Inc. - 144A			271,000	5.000	7/1/2028		281,921
OCI NV - 144A			517,000	5.250	11/1/2024		521,524
Olin Corp. - 144A			311,000	9.500	6/1/2025		354,977
							1,524,409
COAL - 0.6%
SunCoke Energy Partners LP - 144A			627,000	7.500	6/15/2025		578,793
COMMERCIAL SERVICES - 6.2%
Ahern Rentals, Inc. - 144A			787,000	7.375	5/15/2023		353,084
Brink’s Co. - 144A			281,000	5.500	7/15/2025		299,089
Brink’s Co. - 144A			340,000	4.625	10/15/2027		346,853
GW B-CR Security Corp. - 144A			501,000	9.500	11/1/2027		546,937
Jaguar Holding Co. II - 144A			101,000	4.625	6/15/2025		105,710
Jaguar Holding Co. II - 144A			380,000	5.000	6/15/2028		405,061
Korn Ferry - 144A			477,000	4.625	12/15/2027		491,787
MPH Acquisition Holdings LLC - 144A			500,000	7.125	6/1/2024		513,750
Nielsen Finance LLC - 144A			745,000	5.000	4/15/2022		749,023
Prime Security Services Borrower LLC - 144A			631,000	5.250	4/15/2024		679,969
Prime Security Services Borrower LLC - 144A			540,000	5.750	4/15/2026		600,650
Prime Security Services Borrower LLC - 144A			325,000	6.250	1/15/2028		339,303
Sotheby’s - 144A ^			750,000	7.375	10/15/2027		758,767
							6,189,983

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

July 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 95.5% (Continued)
COMPUTERS - 3.0%
Banff Merger Sub, Inc. - 144A	$	460,000	9.750	9/1/2026	$	487,545
Dell International LLC - 144A		410,000	6.020	6/15/2026		481,105
Diebold Nixdorf, Inc. ^		705,000	8.500	4/15/2024		648,600
Diebold Nixdorf, Inc. - 144A		181,000	9.375	7/15/2025		192,367
Presidio Holdings, Inc. - 144A		315,000	8.250	2/1/2028		328,584
Seagate HDD Cayman		300,000	4.875	3/1/2024		326,453
Tempo Acquisition LLC - 144A		120,000	5.750	6/1/2025		126,825
Tempo Acquisition LLC - 144A		355,000	6.750	6/1/2025		367,643
						2,959,122
COSMETICS/PERSONAL CARE - 0.6%
Coty, Inc. - 144A		770,000	6.500	4/15/2026		603,129
DISTRIBUTION/WHOLESALE - 1.4%
H&E Equipment Services, Inc.		580,000	5.625	9/1/2025		604,650
KAR Auction Services, Inc. - 144A		344,000	5.125	6/1/2025		346,150
Performance Food Group, Inc. - 144A		450,000	5.500	10/15/2027		465,449
						1,416,249
DIVERSIFIED FINANCIAL SERVICES - 6.4%
AG Issuer LLC - 144A		500,000	6.250	3/1/2028		507,500
Alliance Data Systems Corp. - 144A		555,000	4.750	12/15/2024		515,109
Avolon Holdings Funding Ltd. - 144A		700,000	5.125	10/1/2023		666,925
Credit Acceptance Corp.		559,000	6.625	3/15/2026		585,902
Enova International, Inc. - 144A		765,000	8.500	9/1/2024		695,113
Fairstone Financial, Inc. - 144A		529,000	7.875	7/15/2024		535,888
goeasy Ltd. - 144A		554,000	5.375	12/1/2024		575,102
LPL Holdings, Inc. - 144A		575,000	5.750	9/15/2025		599,791
Navient Corp.		325,000	5.000	3/15/2027		311,668
Quicken Loans, Inc. - 144A		444,000	5.750	5/1/2025		458,892
Springleaf Finance Corp.		600,000	6.875	3/15/2025		671,889
Springleaf Finance Corp.		250,000	5.375	11/15/2029		265,325
						6,389,104
ELECTRIC - 2.9%
Clearway Energy Operating LLC		539,000	5.000	9/15/2026		567,195
NextEra Energy Operating Partners LP - 144A		550,000	4.250	7/15/2024		586,781
Pattern Energy Operations LP - 144A		475,000	4.500	8/15/2028		504,688
Talen Energy Supply LLC - 144A		279,000	7.250	5/15/2027		290,632
Talen Energy Supply LLC - 144A		317,000	6.625	1/15/2028		319,240
Vistra Operations Co. LLC - 144A		535,000	5.000	7/31/2027		571,647
						2,840,183
ELECTRICAL COMPONENTS & EQUIPMENT - 1.6%
Energizer Holdings, Inc. - 144A		640,000	6.375	7/15/2026		683,206
EnerSys - 144A		569,000	5.000	4/30/2023		584,872
Wesco Distribution, Inc. - 144A		218,000	7.125	6/15/2025		239,520
Wesco Distribution, Inc. - 144A		101,000	7.250	6/15/2028		110,484
						1,618,082
ELECTRONICS - 1.1%
Ingram Micro, Inc.		1,040,000	5.450	12/15/2024		1,072,562
ENERGY - 0.9%
Pattern Energy Group, Inc. - 144A		839,000	5.875	2/1/2024		867,228
ENGINEERING & CONSTRUCTION - 0.5%
Frontdoor, Inc. - 144A		157,000	6.750	8/15/2026		169,923
Tutor Perini Corp. - 144A ^		355,000	6.875	5/1/2025		355,165
						525,088

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

July 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 95.5% (Continued)
ENTERTAINMENT - 2.1%
Banijay Entertainment SASU - 144A	$	400,000	5.375	3/1/2025	$	403,330
Colt Merger Sub, Inc. - 144A		630,000	6.250	7/1/2025		658,022
SeaWorld Parks & Entertainment, Inc. - 144A		445,000	8.750	5/1/2025		468,084
Six Flags Entertainment Corp. - 144A ^		505,000	5.500	4/15/2027		477,856
Six Flags Theme Parks, Inc. - 144A		49,000	7.000	7/1/2025		52,695
						2,059,987
ENVIRONMENTAL CONTROLS - 0.7%
Harsco Corp. - 144A		637,000	5.750	7/31/2027		669,914
FOOD - 4.6%
Albertsons Companies, Inc.		562,000	5.750	3/15/2025		583,718
Albertsons Companies, Inc. - 144A		440,000	4.625	1/15/2027		465,764
Dole Food Co., Inc. - 144A		550,000	7.250	6/15/2025		543,755
JBS USA LLC - 144A		508,000	5.875	7/15/2024		518,320
JBS USA LLC - 144A		272,000	5.750	6/15/2025		279,820
Kraft Heinz Foods Co. - 144A		205,000	4.875	10/1/2049		226,862
Lamb Weston Holdings, Inc. - 144A		370,000	4.625	11/1/2024		388,539
Land O’Lakes Capital Trust I - 144A		484,000	7.450	3/15/2028		539,660
Land O’Lakes, Inc. - 144A		210,000	7.000	12/29/2049		188,705
Pilgrim’s Pride Corp. - 144A		520,000	5.875	9/30/2027		550,550
US Foods, Inc. - 144A		303,000	6.250	4/15/2025		325,372
						4,611,065
FOREST PRODUCTS & PAPER - 0.5%
Cascades, Inc. - 144A		527,000	5.750	7/15/2023		535,508
HEALTHCARE-PRODUCTS - 0.5%
Ortho-Clinical Diagnostics, Inc. - 144A		296,000	7.375	6/1/2025		315,795
Ortho-Clinical Diagnostics, Inc. - 144A		175,000	7.250	2/1/2028		183,422
						499,217
HEALTHCARE-SERVICES - 2.7%
Acadia Healthcare Co., Inc. - 144A		357,000	5.500	7/1/2028		377,527
Catalent Pharma Solutions, Inc. - 144A		280,000	5.000	7/15/2027		298,427
HCA, Inc.		900,000	5.375	2/1/2025		1,016,087
LifePoint Health, Inc. - 144A		465,000	4.375	2/15/2027		476,351
Tenet Healthcare Corp.		525,000	4.625	7/15/2024		534,712
						2,703,104
HOME BUILDERS - 0.6%
Mattamy Group Corp. - 144A		489,000	5.250	12/15/2027		508,866
Winnebago Industries, Inc. - 144A		64,000	6.250	7/15/2028		67,800
						576,666
INSURANCE - 0.8%
AmWINS Group, Inc. - 144A		103,000	7.750	7/1/2026		113,795
NMI Holdings, Inc. - 144A		222,000	7.375	6/1/2025		241,659
Radian Group, Inc.		402,000	6.625	3/15/2025		429,648
						785,102
INTERNET - 2.4%
Cogent Communications Group, Inc. - 144A		505,000	5.375	3/1/2022		528,238
Grubhub Holdings, Inc. - 144A		660,000	5.500	7/1/2027		689,700
Netflix, Inc. - 144A		1,010,000	4.875	6/15/2030		1,189,477
						2,407,415
IRON/STEEL - 1.8%
Cleveland-Cliffs, Inc. - 144A		475,000	4.875	1/15/2024		460,106
Cleveland-Cliffs, Inc. - 144A		56,000	9.875	10/17/2025		61,250
Cleveland-Cliffs, Inc. - 144A		200,000	6.750	3/15/2026		201,250
Commercial Metals Co.		470,000	5.750	4/15/2026		491,369
Mineral Resources Ltd. - 144A		525,000	8.125	5/1/2027		580,999
						1,794,974

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

July 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 95.5% (Continued)
LEISURE PRODUCTS - 1.0%
Silversea Cruise Finance Ltd. - 144A	$	550,000	7.250	2/1/2025	$	532,755
Viking Cruises Ltd. - 144A		112,000	6.250	5/15/2025		74,048
Viking Cruises Ltd. - 144A		70,000	13.000	5/15/2025		76,452
Viking Cruises Ltd. - 144A		451,000	5.875	9/15/2027		297,378
						980,633
LODGING - 1.7%
Boyd Gaming Corp. - 144A		230,000	8.625	6/1/2025		253,835
Boyd Gaming Corp. - 144A		382,000	4.750	12/1/2027		368,023
Hilton Grand Vacations Borrower LLC		343,000	6.125	12/1/2024		347,680
Wyndham Destinations, Inc.		750,000	5.750	4/1/2027		745,170
						1,714,708
MEDIA - 6.4%
Altice Financing SA - 144A		601,000	5.000	1/15/2028		617,747
Belo Corp.		735,000	7.750	6/1/2027		818,808
Belo Corp.		235,000	7.250	9/15/2027		256,987
Block Communications, Inc. - 144A		435,000	4.875	3/1/2028		440,370
CCO Holdings LLC - 144A		275,000	5.375	5/1/2025		284,310
CCO Holdings LLC - 144A		478,000	5.500	5/1/2026		506,300
CCO Holdings LLC - 144A		378,000	5.000	2/1/2028		401,058
CCO Holdings LLC - 144A		335,000	5.375	6/1/2029		367,207
CSC Holdings LLC		440,000	5.250	6/1/2024		485,100
CSC Holdings LLC - 144A		390,000	5.500	4/15/2027		418,665
EW Scripps Co. - 144A		739,000	5.125	5/15/2025		728,761
Sirius XM Radio, Inc. - 144A		80,000	4.625	7/15/2024		84,340
Sirius XM Radio, Inc. - 144A		342,000	5.375	7/15/2026		361,441
Univision Communications, Inc. - 144A		252,000	5.125	2/15/2025		245,070
Univision Communications, Inc. - 144A		45,000	9.500	5/1/2025		49,388
Univision Communications, Inc. - 144A		280,000	6.625	6/1/2027		281,534
						6,347,086
MINING - 2.4%
First Quantum Minerals Ltd. - 144A		473,000	7.250	4/1/2023		475,826
FMG Resources (August 2006) Pty Ltd. - 144A		669,000	4.500	9/15/2027		729,070
Freeport-McMoRan, Inc.		260,000	4.125	3/1/2028		273,932
Freeport-McMoRan, Inc.		123,000	4.375	8/1/2028		130,648
Freeport-McMoRan, Inc. ^		352,000	5.250	9/1/2029		385,155
Freeport-McMoRan, Inc.		260,000	4.250	3/1/2030		271,892
Freeport-McMoRan, Inc.		123,000	4.625	8/1/2030		132,002
						2,398,525
OIL & GAS - 4.0%
Apache Corp.		405,000	4.375	10/15/2028		405,506
Callon Petroleum Co.		212,000	6.125	10/1/2024		65,853
Callon Petroleum Co.		781,000	6.375	7/1/2026		244,890
Cenovus Energy, Inc.		618,000	4.250	4/15/2027		587,990
Hilcorp Energy I LP - 144A		1,160,000	5.000	12/1/2024		1,106,205
MEG Energy Corp. - 144A		693,000	6.500	1/15/2025		681,413
MEG Energy Corp. - 144A		447,000	7.125	2/1/2027		398,948
PBF Holding Co. LLC - 144A		53,000	9.250	5/15/2025		59,302
PBF Holding Co. LLC - 144A		520,000	6.000	2/15/2028		417,859
						3,967,966
OIL & GAS SERVICES - 1.3%
Archrock Partners LP - 144A		463,000	6.875	4/1/2027		475,207
Hi-Crush Partners LP - 144A		961,000	9.500	8/1/2026		50,453
Nine Energy Service, Inc. - 144A		727,000	8.750	11/1/2023		337,375
USA Compression Partners LP		437,000	6.875	4/1/2026		448,948
						1,311,983

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

July 31, 2020

	Principal		Interest	Maturity
Security	Amount		Rate %	Date	Value
BONDS & NOTES - 95.5% (Continued)
PACKAGING & CONTAINERS - 2.2%
Ardagh Packaging Finance PLC - 144A	$	300,000	4.125	8/15/2026	$	311,715
Intertape Polymer Group, Inc. - 144A		524,000	7.000	10/15/2026		548,790
Sealed Air Corp. - 144A		405,000	5.125	12/1/2024		446,766
Silgan Holdings, Inc.		288,000	4.750	3/15/2025		294,090
Trivium Packaging Finance BV - 144A		525,000	8.500	8/15/2027		575,859
						2,177,220
PHARMACEUTICALS - 1.8%
Bausch Health Companies, Inc. - 144A		345,000	6.125	4/15/2025		356,558
Endo Finance LLC - 144A		105,000	6.000	6/30/2028		80,167
Herbalife Nutrition Ltd. - 144A		208,000	7.875	9/1/2025		226,460
HLF Financing Sarl LLC - 144A		497,000	7.250	8/15/2026		522,628
Par Pharmaceutical, Inc. - 144A		547,000	7.500	4/1/2027		582,522
						1,768,335
PIPELINES - 3.9%
Buckeye Partners LP - 144A		316,000	4.125	3/1/2025		318,370
Buckeye Partners LP - 144A		429,000	4.500	3/1/2028		427,928
Cheniere Energy Partners LP		432,000	5.250	10/1/2025		443,232
Cheniere Energy Partners LP		248,000	4.500	10/1/2029		262,704
DCP Midstream Operating LP		296,000	5.625	7/15/2027		307,396
DCP Midstream Operating LP - 144A		132,000	6.750	9/15/2037		128,607
DCP Midstream Operating LP		235,000	5.600	4/1/2044		206,566	��
Genesis Energy LP		893,000	5.625	6/15/2024		828,164
Genesis Energy LP		325,000	6.500	10/1/2025		302,044
Holly Energy Partners LP - 144A		659,000	5.000	2/1/2028		652,710
Targa Resources Partners LP		39,000	5.000	1/15/2028		39,893
						3,917,614
REAL ESTATE - 1.1%
Cushman & Wakefield US Borrower LLC - 144A		374,000	6.750	5/15/2028		401,349
Newmark Group, Inc.		679,000	6.125	11/15/2023		697,534
						1,098,883
REAL ESTATE INVESTMENT TRUSTS - 5.6%
CTR Partnership LP		604,000	5.250	6/1/2025		618,282
ESH Hospitality, Inc. - 144A		355,000	5.250	5/1/2025		363,163
Extended Stay America, Inc. - 144A		355,000	4.625	10/1/2027		342,060
GLP Capital LP		340,000	5.375	4/15/2026		380,992
HAT Holdings I LLC - 144A		621,000	5.250	7/15/2024		648,234
HAT Holdings I LLC - 144A		201,000	6.000	4/15/2025		216,578
Ladder Capital Finance Holdings LLLP - 144A		397,000	4.250	2/1/2027		336,457
MGM Growth Properties Operating Partnership LP		513,000	5.750	2/1/2027		556,125
MPT Operating Partnership LP		419,000	5.000	10/15/2027		450,163
Sabra Health Care LP		812,000	5.125	8/15/2026		865,535
Starwood Property Trust, Inc.		588,000	4.750	3/15/2025		568,093
VICI Properties LP - 144A		260,000	3.750	2/15/2027		262,397
						5,608,079
RETAIL - 2.5%
Brinker International, Inc. - 144A		722,000	5.000	10/1/2024		683,117
Conn’s, Inc. ^		401,000	7.250	7/15/2022		342,260
eG Global Finance PLC - 144A		605,000	6.750	2/7/2025		633,302
Golden Nugget, Inc. - 144A		85,000	6.750	10/15/2024		58,969
Golden Nugget, Inc. - 144A		660,000	8.750	10/1/2025		347,325
Murphy Oil USA, Inc.		405,000	4.750	9/15/2029		429,091
						2,494,064
SOFTWARE - 2.0%
Camelot Finance SA - 144A		322,000	4.500	11/1/2026		334,023
Donnelley Financial Solutions, Inc.		530,000	8.250	10/15/2024		537,232
Rackspace Hosting, Inc. - 144A ^		580,000	8.625	11/15/2024		606,680
SS&C Technologies, Inc. - 144A		520,000	5.500	9/30/2027		559,000
						2,036,935

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

July 31, 2020

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
BONDS & NOTES - 95.5% (Continued)
TELECOMMUNICATIONS - 8.7%
Altice France SA - 144A	$	875,000	7.375		5/1/2026	$	934,238
Altice France SA - 144A		830,000	6.000		2/15/2028		830,535
C&W Senior Financing DAC - 144A		590,000	6.875		9/15/2027		631,521
CenturyLink, Inc.		497,000	7.500		4/1/2024		562,231
CenturyLink, Inc. - 144A		410,000	5.125		12/15/2026		429,862
Connect Finco SARL - 144A		480,000	6.750		10/1/2026		492,936
Front Range BidCo, Inc. - 144A		391,000	6.125		3/1/2028		404,380
Hughes Satellite Systems Corp.		706,000	6.625		8/1/2026		787,938
Sprint Corp.		1,924,000	7.875		9/15/2023		2,236,650
Telesat Canada - 144A		302,000	4.875		6/1/2027		307,474
Telesat Canada - 144A		740,000	6.500		10/15/2027		761,608
T-Mobile USA, Inc.		240,000	6.375		3/1/2025		246,610
							8,625,983
TRANSPORTATION - 0.7%
Cargo Aircraft Management, Inc. - 144A		650,000	4.750		2/1/2028		666,250
TOTAL BONDS & NOTES (Cost - $93,528,574)							95,220,713
	Shares
COLLATERAL FOR SECURITIES LOANED - 2.7%
HSBC US Government Money Market Fund - Class I #		2,647,970	0.082	+			2,647,970
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,647,970)
TOTAL INVESTMENTS - 98.3% (Cost - $96,298,054)						$	97,990,193
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%							1,721,475
NET ASSETS - 100.0%						$	99,711,668

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 $2,596,371 at July 31, 2020.

+ Variable Rate security. Interest rate is as of July 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 July 31, 2020 the total market value of 144A securities is $67,311,465 or 67.51% of net assets.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund

July 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
CORPORATE BONDS & NOTES - 64.2%
AGRICULTURE - 1.3%
Adecoagro SA -144A		634,000	USD	6.0000		9/21/2027	$	614,863
AIRLINES - 0.9%
Aerovias de Mexico SA de CV -144A		250,000	USD	7.0000		2/5/2025		56,875
Gol Finance SA - 144A		662,000	USD	7.0000		1/31/2025		367,754
								424,629
AUTO MANUFACTURERS - 1.0%
Toyota Motor Credit Corp.		200,000	USD	2.9000		3/30/2023		212,418
Volkswagen International Finance NV		200,000	EUR	1.8750		3/30/2027		249,924
								462,342
AUTO PARTS & EQUIPMENT - 0.3%
Faurecia SE		100,000	EUR	3.1250		6/15/2026		117,215
BANKS - 9.4%
AIB Group PLC		250,000	EUR	2.2500		7/3/2025		316,902
Banco Bilbao Vizcaya Argentaria SA		200,000	EUR	3.5000		2/10/2027		262,233
Banco Mercantil del Norte SA/Grand Cayman - 144A	H15T5Y + 4.97%	314,000	USD	6.7500	+	9/27/2168		299,586
Banco Santander SA		200,000	EUR	1.1250		1/17/2025		242,400
Banque Federative du Credit Mutuel SA		200,000	EUR	2.6250		3/18/2024		259,334
Barclays PLC		350,000	USD	4.8360		5/9/2028		394,504
BPCE SA		200,000	EUR	4.6250		7/18/2023		264,901
Cooperatieve Rabobank UA		200,000	EUR	1.3750		2/3/2027		259,982
Credit Agricole SA/London		300,000	EUR	1.8750		12/20/2026		386,353
HSBC Holdings PLC	3M LIBOR + 0.99%	250,000	USD	3.9500	+	5/18/2024		269,672
ING Bank NV	Euro 5 Year Swap Rate + 2.25%	200,000	EUR	3.6250	+	2/25/2026		240,649
Natwest Group PLC	3M Euro LIBOR + 1.08%	250,000	EUR	1.7500	+	3/2/2026		308,624
Standard Chartered PLC - 144A	3M LIBOR + 1.21%	300,000	USD	2.8190	+	1/30/2026		309,584
Standard Chartered PLC - 144A		150,000	USD	5.7000		3/26/2044		192,188
UBS Group AG - 144A	H15T5Y + 0.83%	200,000	USD	1.0080	+	7/30/2024		201,157
UBS Group AG		200,000	EUR	1.2500		9/1/2026		249,485
								4,457,554
BEVERAGES - 1.1%
Heineken NV		200,000	EUR	3.5000		3/19/2024		266,308
Pernod Richard SA		200,000	EUR	1.5000		5/18/2026		253,187
								519,495
BUILDING MATERIALS - 0.2%
Cemex SAB de CV - 144A		69,000	USD	7.3750		6/5/2027		73,734
CHEMICALS - 1.0%
CeramTec BondCo GmbH		100,000	EUR	5.2500		12/15/2025		116,180
OCI NV		100,000	EUR	5.0000		4/15/2023		121,221
OCI NV		100,000	EUR	3.1250		11/1/2024		117,094
Solvay Finance SA	Euro 5 Year Swap Rate + 5.22%	100,000	EUR	5.8690	+	6/3/2168		132,103
								486,598
COMMERCIAL SERVICES - 1.2%
DP World PLC - 144A		3,000	USD	6.8500		7/2/2037		4,006
DP World PLC - 144A		77,000	USD	5.6250		9/25/2048		94,082
DP World PLC - 144A		6,000	USD	4.7000		9/30/2049		6,640
Intertrust Group BV		100,000	EUR	3.3750		11/15/2025		121,388
Loxam SAS		100,000	EUR	3.7500		7/15/2026		114,910
Techem Verwaltungsgesellschaft 674 mbH		100,000	EUR	6.0000		7/30/2026		122,933
Techem Verwaltungsgesellschaft 675 mbH - 144A		100,000	EUR	2.0000		7/15/2025		113,934
								577,893
COMPUTERS - 0.6%
Seagate HDD Cayman - 144A		250,000	USD	4.1250		1/15/2031		268,938
DISTRIBUTION / WHOLESALE - 0.2%
Parts Europe SA - 144A		100,000	EUR	6.5000		7/16/2025		120,090
DIVERSIFIED FINANCIAL SERVICES - 0.7%
Motion Finco Sarl		100,000	EUR	7.0000		5/15/2025		121,798
Nomura Holdings, Inc.		225,000	USD	1.8510		7/16/2025		228,684
								350,482
ELECTRIC - 5.0%
Enel Finance International NV		200,000	EUR	1.9660		1/27/2025		257,207
Eskom Holdings SOC Ltd. - 144A		880,000	USD	5.7500		1/26/2021		867,011
Eskom Holdings SOC Ltd. - 144A		124,000	USD	6.7500		8/6/2023		119,400

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

July 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
CORPORATE BONDS & NOTES - 64.2% (Continued)
ELECTRIC - 5.0% (Continued)
Iberdrola Finanzas SA		200,000	EUR	1.0000		3/7/2025	$	247,066
innogy Finance BV		250,000	EUR	1.0000		4/13/2025		308,215
Naturgy Finance BV		200,000	EUR	1.5000		1/29/2028		256,085
Orsted A/S		250,000	EUR	1.5000		11/26/2029		328,713
								2,383,697
ENERGY-ALTERNATE SOURCES - 1.5%
ENN Clean Energy International Investment Ltd.		700,000	USD	7.5000		2/27/2021		710,456
ENGINEERING & CONSTRUCTION - 1.2%
Heathrow Funding Ltd.		100,000	GBP	7.1250		2/14/2024		149,290
IHS Netherlands Holdco BV - 144A		400,000	USD	8.0000		9/18/2027		410,000
								559,290
FOOD - 1.7%
Minerva Luxembourg SA - 144A		512,000	USD	6.5000		9/20/2026		538,437
Nomad Foods Bondco PLC		100,000	EUR	3.2500		5/15/2024		120,431
Quatrim SASU		100,000	EUR	5.8750		1/15/2024		118,690
								777,558
FOREST PRODUCTS & PAPER - 0.5%
WEPA Hygieneprodukte GmbH - 144A		100,000	EUR	2.8750		12/15/2027		116,115
WEPA Hygieneprodukte GmbH		100,000	EUR	2.8750		12/15/2027		116,115
								232,230
INSURANCE - 2.0%
Allianz SE	3M Euro LIBOR + 3.35%	200,000	EUR	3.0990	+	7/6/2047		266,970
Great-West Lifeco, Inc.		300,000	EUR	2.5000		4/18/2023		377,394
NN Group NV		250,000	EUR	1.6250		6/1/2027		319,044
								963,408
INTERNET - 0.5%
Tencent Holdings Ltd. - 144A		200,000	USD	3.2400		6/3/2050		223,743
IRON/STEEL - 3.7%
CSN Resources SA - 144A ^		321,000	USD	7.6250		4/17/2026		318,015
Metinvest BV - 144A		1,389,000	USD	7.7500		10/17/2029		1,292,353
thyssenkrupp AG		100,000	EUR	1.3750		3/3/2022		117,159
								1,727,527
LODGING - 0.6%
Studio City Finance Ltd. - 144A		74,000	USD	6.0000		7/15/2025		75,555
Studio City Finance Ltd. - 144A		185,000	USD	6.5000		1/15/2028		192,456
								268,011
MACHINERY - DIVERSIFIED - 0.3%
Vertical Midco GmbH - 144A		100,000	EUR	4.3750		7/15/2027		119,111
MEDIA - 1.8%
Telenet Finance Luxembourg Notes Sarl		100,000	EUR	3.5000		3/1/2028		122,965
UPCB Finance VII Ltd.		200,000	EUR	3.6250		6/15/2029		235,248
Virgin Media Secured Finance PLC		100,000	GBP	5.0000		4/15/2027		137,317
Virgin Media Secured Finance PLC		100,000	GBP	4.2500		1/15/2030		131,926
Ziggo Bond Co. BV - 144A		100,000	EUR	3.3750		2/28/2030		113,335
Ziggo BV		100,000	EUR	2.8750		1/15/2030		116,476
								857,267
METAL FABRICATE / HARDWARE- 0.9%
HTA Group Ltd. - 144A		407,000	USD	7.0000		12/18/2025		421,949
MINING - 2.8%
Corp Nacional del Cobre de Chile - 144A		66,000	USD	3.0000		9/30/2029		70,506
Corp Nacional del Cobre de Chile - 144A		104,000	USD	4.3750		2/5/2049		128,939
First Quantum Minerals Ltd. - 144A ^		632,000	USD	6.8750		3/1/2026		635,169
Nexa Resources SA - 144A		400,000	USD	6.2500		1/18/2028		434,158
Indonesia Asahan Aluminium Persero PT - 144A		26,000	USD	5.8000		5/15/2050		32,255
Vedanta Resources Finance II PLC		49,000	USD	8.0000		4/23/2023		34,851
								1,335,878
MULTI-NATIONAL - 0.6%
European Investment Bank		200,000	EUR	1.1250		9/15/2036		282,090

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

July 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
CORPORATE BONDS & NOTES - 64.2% (Continued)
OIL & GAS - 8.2%
BP Capital Markets PLC	H15T5Y + 4.04%	200,000	USD	4.3750	+	9/22/2168	$	210,740
Ecopetrol SA		107,000	USD	6.8750		4/29/2030		129,108
Ecopetrol SA		109,000	USD	5.8750		5/28/2045		124,958
Geopark Ltd. - 144A		651,000	USD	6.5000		9/21/2024		615,201
KazMunayGas National Co JSC - 144A  71,000			USD	5.7500		4/19/2047		88,737
Kosmos Energy Ltd. - 144A		369,000	USD	7.1250		4/4/2026		329,391
Petrobras Global Finance BV		134,000	USD	5.9990		1/27/2028		147,815
Petroleos Mexicanos		137,000	USD	6.8750		8/4/2026		136,542
Petroleos Mexicanos		6,000	USD	6.5000		1/23/2029		5,551
Petroleos Mexicanos		73,000	USD	6.8400		1/23/2030		67,979
Petroleos Mexicanos - 144A		7,000	USD	5.9500		1/28/2031		6,029
Petroleos Mexicanos - 144A		641,000	USD	7.6900		1/23/2050		564,683
Petroleos Mexicanos		143,000	USD	7.6900		1/23/2050		125,974
Total Capital International SA		200,000	USD	3.1270		5/29/2050		225,860
Tullow Oil PLC - 144A		927,000	USD	7.0000		3/1/2025		554,453
YPF SA - 144A		652,000	USD	8.5000		7/28/2025		529,431
								3,862,452
PACKAGING & CONTAINERS - 1.3%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.		200,000	GBP	4.7500		7/15/2027		259,980
Smurfit Kappa Treasury ULC		100,000	EUR	1.5000		9/15/2027		116,666
Trivium Packaging Finance BV		200,000	EUR	3.7500		8/15/2026		237,196
								613,842
PHARMACEUTICALS - 2.7%
GlaxoSmithKline Capital PLC		250,000	GBP	1.2500		10/12/2028		336,494
Grifols SA		100,000	EUR	3.2000		5/1/2025		119,356
Grifols SA		100,000	EUR	2.2500		11/15/2027		117,745
Mylan NV		200,000	EUR	3.1250		11/22/2028		271,160
Nidda BondCo GmbH		100,000	EUR	5.0000		9/30/2025		117,534
Nidda Healthcare Holding GmbH		100,000	EUR	3.5000		9/30/2024		117,258
Perrigo Finance Unlimited Co.		200,000	USD	3.1500		6/15/2030		213,079
								1,292,626
REAL ESTATE - 5.7%
China SCE Group Holdings Ltd.		636,000	USD	7.3750		4/9/2024		643,961
ESR Cayman Ltd.		557,000	USD	7.8750		4/4/2022		573,047
Theta Capital Pte Ltd.		200,000	USD	8.1250		1/22/2025		186,840
Wanda Properties International Co. Ltd.		1,300,000	USD	7.2500		1/29/2024		1,275,925
								2,679,773
REITS - 0.9%
LMIRT Capital Pte Ltd.		200,000	USD	7.2500		6/19/2024		185,130
Westfield America Management Ltd.		200,000	GBP	2.1250		3/30/2025		260,537
								445,667
TELECOMMUNICATIONS - 3.8%
Altice France Holding SA - 144A		100,000	EUR	8.0000		5/15/2027		127,591
Altice France SA - 144A		100,000	EUR	2.1250		2/15/2025		113,692
Axtel SAB de CV - 144A		230,000	USD	6.3750		11/14/2024		240,949
Deutsche Telekom International Finance BV		250,000	EUR	0.8750		1/30/2024		305,757
Orange SA		200,000	EUR	2.0000		1/15/2029		270,223
Telecom Italia SpA/Milano		200,000	EUR	3.6250		5/25/2026		254,829
Telefonica Europe BV	Euro 6 Year Swap Rate + 4.11%	100,000	EUR	4.3750	+	3/14/2168		124,729
VF Ukraine PAT via VFU Funding PLC - 144A		250,000	USD	6.2000		2/11/2025		248,125
Vodafone Group PLC	Euro 5 Year Swap Rate + 2.67%	100,000	EUR	3.1000	+	1/3/2079		120,191
								1,806,086
TRANSPORTATION - 0.1%
Rumo Luxembourg Sarl - 144A		64,000	USD	5.2500		1/10/2028		66,579
WATER - 0.5%
Veolia Environnement SA		200,000	EUR	1.4960		11/30/2026		256,102
TOTAL CORPORATE BONDS & NOTES (Cost - $30,280,909)								30,359,175
FOREIGN GOVERNMENT BONDS - 28.8%
Angolan Government International Bond - 144A		238,000	USD	9.1250		11/26/2049		195,634
Argentine Republic Government International Bond		133,000	USD	6.8750		4/22/2021		60,199
Argentine Republic Government International Bond		11,000	USD	5.6250		1/26/2022		4,895
Argentine Republic Government International Bond		7,000	USD	4.6250		1/11/2023		3,116

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

July 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %	Maturity Date	Value
FOREIGN GOVERNMENT BONDS - 28.8% (Continued)
Argentine Republic Government International Bond		122,000	USD	7.5000	4/22/2026	$	53,032
Argentine Republic Government International Bond		364,661	EUR	7.8200	12/31/2033		204,412
Argentine Republic Government International Bond		17,889	EUR	7.8200	12/31/2033		10,071
Australia Government Bond		860,000	AUD	1.2500	5/21/2032		638,699
Banque Centrale de Tunisie International Bond - 144A		200,000	USD	5.7500	1/30/2025		184,680
Benin Government International Bond - 144A		100,000	EUR	5.7500	3/26/2026		112,154
Brazilian Government International Bond		137,000	USD	4.5000	5/30/2029		147,559
Brazil Minas SPE via State of Minas Gerais - 144A		44,800	USD	5.3330	2/15/2028		46,256
Canadian Government Bond		550,000	CAD	2.2500	6/1/2029		476,080
Colombia Government International Bond		14,000	USD	5.6250	2/26/2044		18,295
Colombia Government International Bond		100,000	EUR	3.8750	3/22/2026		131,776
Colombian TES		412,000,000	COP	6.0000	4/28/2028		115,830
Czech Republic Government Bond		1,470,000	CZK	3.8500	9/29/2021		69,143
Czech Republic Government Bond		2,480,000	CZK	0.9500	5/15/2030		112,407
Dominican Republic International Bond - 144A		82,000	USD	5.8750	1/30/2060		78,925
Ecuador Government International Bond		200,000	USD	10.7500	1/31/2029		103,500
Egypt Government International Bond - 144A		249,000	USD	7.0529	1/15/2032		236,801
Egypt Government International Bond - 144A		25,000	USD	8.5000	1/31/2047		24,785
Egypt Government International Bond - 144A		26,000	USD	8.7002	3/1/2049		25,832
Egypt Government International Bond - 144A		90,000	USD	8.8750	5/29/2050		90,323
Egypt Government International Bond - 144A		200,000	USD	8.1500	11/20/2059		186,988
El Salvador Government International Bond		102,000	USD	7.7500	1/24/2023		100,332
El Salvador Government International Bond		123,000	USD	8.2500	4/10/2032		117,311
El Salvador Government International Bond		131,000	USD	7.6500	6/15/2035		117,900
Gabon Government International Bond - 144A		34,000	USD	6.9500	6/16/2025		33,496
Ghana Government International Bond - 144A		17,000	USD	6.3750	2/11/2027		15,768
Ghana Government International Bond - 144A		264,000	USD	7.8750	3/26/2027		258,060
Ghana Government International Bond - 144A		13,000	USD	7.6250	5/16/2029		12,150
Ghana Government International Bond - 144A		109,000	USD	8.1250	3/26/2032		102,291
Ghana Government International Bond - 144A		37,000	USD	7.8750	2/11/2035		32,945
Ghana Government International Bond - 144A		199,000	USD	8.9500	3/26/2051		180,634
Ghana Government International Bond - 144A		7,000	USD	8.7500	3/11/2061		6,221
Indonesia Government International Bond - 144A		100,000	EUR	2.1500	7/18/2024		123,895
Indonesia Government International Bond		35,000	USD	5.1250	1/15/2045		46,041
Indonesia Treasury Bond		379,000,000	IDR	7.0000	5/15/2027		26,577
Indonesia Treasury Bond		835,000,000	IDR	9.0000	3/15/2029		64,718
Indonesia Treasury Bond		680,000,000	IDR	8.2500	6/15/2032		49,987
Indonesia Treasury Bond		1,137,000,000	IDR	8.3750	3/15/2034		84,738
Ireland Government Bond		76,000	EUR	5.4000	3/13/2025		114,667
Ireland Government Bond		50,000	EUR	0.9000	5/15/2028		64,765
Ireland Government Bond		130,000	EUR	1.3000	5/15/2033		179,519
Italy Buoni Poliennali Del Tesoro		240,000	EUR	4.5000	3/1/2024		326,548
Italy Buoni Poliennali Del Tesoro		750,000	EUR	2.8000	12/1/2028		1,025,086
Italy Buoni Poliennali Del Tesoro - 144A		640,000	EUR	2.4500	9/1/2033		861,826
Italy Buoni Poliennali Del Tesoro		235,000	EUR	5.0000	9/1/2040		432,145
Ivory Coast Government International Bond - 144A		123,000	EUR	5.8750	10/17/2031		135,676
Japan Government Forty Year Bond		6,150,000	JPY	0.8000	3/20/2058		63,436
Japan Government Thirty Year Bond		17,150,000	JPY	0.5000	9/20/2046		162,781
Japan Government Thirty Year Bond		17,000,000	JPY	1.5000	3/20/2045		199,796
Kenya Government International Bond - 144A		143,000	USD	8.0000	5/22/2032		141,502
Lebanon Government International Bond		175,000	USD	6.6500	2/26/2030		29,747
Mexican Bonos		2,699,000	MXN	7.5000	6/3/2027		136,201
Mexican Bonos		1,970,000	MXN	7.7500	11/13/2042		99,015
Mexico Government International Bond		100,000	EUR	1.6250	4/8/2026		117,688
Mozambique International Bond - 144A		200,000	USD	5.0000	9/15/2031		171,676
Nigeria Government International Bond - 144A		178,000	USD	6.5000	11/28/2027		170,070
Nigeria Government International Bond - 144A		98,000	USD	7.8750	2/16/2032		94,924
Nigeria Government International Bond		200,000	USD	7.6250	11/28/2047		183,699
Oman Government International Bond- 144A		48,000	USD	6.0000	8/1/2029		45,690
Oman Government International Bond - 144A		53,000	USD	6.7500	1/17/2048		47,201
Pakistan Government International Bond - 144A		110,000	USD	6.8750	12/5/2027		108,438
Papua New Guinea Government International Bond - 144A		221,000	USD	8.3750	10/4/2028		225,420
Portugal Obrigacoes do Tesouro OT		100,000	EUR	4.1250	4/14/2027		151,074
Province of British Columbia Canada		150,000	CAD	3.2000	6/18/2044		141,761
Province of Ontario Canada		250,000	CAD	2.8000	6/2/2048		226,553
Republic of Cameroon International Bond - 144A		113,000	USD	9.5000	11/19/2025		120,138
Republic of South Africa Government Bond		768,000	ZAR	10.5000	12/21/2026		51,640
Republic of South Africa Government Bond		3,093,000	ZAR	6.2500	3/31/2036		120,710

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

July 31, 2020

Security	Variable Rate	Principal Amount ($)		Interest Rate %		Maturity Date	Value
FOREIGN GOVERNMENT BONDS - 28.8% (Continued)
Russian Federal Bond - OFZ		5,802,000	RUB	7.4000		12/7/2022	$	83,263
Russian Federal Bond - OFZ		2,980,000	RUB	7.0500		1/19/2028		43,782
Russian Federal Bond - OFZ		6,120,000	RUB	6.9000		5/23/2029		88,898
Russian Foreign Bond - Eurobond		400,000	USD	4.2500		6/23/2027		451,646
Spain Government Bond		350,000	EUR	1.2500		10/31/2030		452,195
Spain Government Bond		70,000	EUR	4.2000		1/31/2037		128,478
Spain Government Bond		250,000	EUR	2.7000		10/31/2048		412,269
Trinidad & Tobago Government International Bond		93,000	USD	4.5000		8/4/2026		96,023
Turkey Government International Bond		47,000	USD	5.7500		3/22/2024		45,158
Turkey Government International Bond		27,000	USD	6.3500		8/10/2024		26,469
Turkey Government International Bond		9,000	USD	6.1250		10/24/2028		8,409
Turkey Government International Bond		200,000	USD	7.6250		4/26/2029		203,245
Ukraine Government International Bond - 144A		100,000	EUR	4.3750		1/27/2030		99,687
Ukraine Government International Bond- 144A		77,000	USD	7.3750		9/25/2032		75,884
Ukraine Government International Bond- 144A		94,000	USD	7.2530		3/15/2033		91,180
Ukraine Government International Bond		21,000	USD	0.0001		5/31/2040		18,542
United Kingdom Gilt		300,000	GBP	4.5000		9/7/2034		620,165
TOTAL FOREIGN GOVERNMENT BONDS (Cost - $13,274,741)								13,599,141
WHOLE LOAN COLLATERAL - 0.7%
Bankinter 10 FTA	3M Euro LIBOR + 0.16%	70,489	EUR	0.0001	+	6/21/2043		81,287
Dutch Property Finance 2017-1 BV	3M Euro LIBOR + 0.68%	164,092	EUR	0.2320	+	1/28/2048		194,342
Fondo de Titulizacion de Activos Santander Hipotecario 2	3M Euro LIBOR + 0.15%	30,478	EUR	0.0001	+	1/18/2049		35,440
TOTAL WHOLE LOAN COLLATERAL (Cost - $296,440)								311,069
		Shares
COLLATERAL FOR SECURITIES LOANED - 1.8%
Mount Vernon Prime Portfolio #		840,585		0.2600	+
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $840,585)								840,585
TOTAL INVESTMENTS - 95.5% (Cost - $44,692,675)							$	45,109,970
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.5%								2,138,241
NET ASSETS - 100.0%							$	47,248,211

AUD - Australian Dollar	CZK - Czech Koruna	IDR - Indonesian Rupiah	RUB - Russian Ruble
CAD - Canadian Dollar	EUR - Euro	JPY - Japanese Yen	USD - US Dollar
COP - Colombian Peso	GBP - United Kingdom Pound	MXN - Mexican Peso	ZAR - South African Rand

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

^ All or a portion of these securities are on loan. Total loaned securities had a value of $824,560 at July 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 $16,653,949 or 35.2% 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%.

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		797,620		9/8/2020		33,298
Japanese 10 Year Bond (OSE)	Barclays	7		10,087,865		9/14/2020		48,452
Long Gilt Future	Barclays	14		2,545,859		9/28/2020		19,328
NET UNREALIZED GAIN FROM FUTURES CONTRACTS PURCHASED								101,078
SHORT FUTURES CONTRACTS - (0.2)%
US 5 Year NOTE (CBT)	Barclays	(64)		(8,072,000	)	9/30/2020		(44,499	)
US 10 Year NOTE (CBT)	Barclays	(38)		(5,322,964	)	9/21/2020		(49,379	)
NET UNREALIZED LOSS FROM FUTURES CONTRACTS SOLD								(93,878	)
NET UNREALIZED GAIN FROM FUTURES CONTRACTS							$	7,200

* 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.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

July 31, 2020

OPEN CREDIT DEFAULT SWAP AGREEMENTS

										Amortized
				Notional						Upfront		Unrealized
			Fixed Deal	Value at			Fair			Payments		Appreciation/
Reference Entity	Counter Party	Termination Date	(Pay) Rate	July 31, 2020			Value			Paid		(Depreciation)
CDX.EM.32-V2	Citibank	12/20/2024	1.00%	$	(462,000	)	$	(13,610	)	$	31,845	$	17,696
CDX.EM.32-V3	Citibank	6/20/2025	1.00%		(760,000	)		(30,282	)		29,997		(1,172	)
													16,524

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Opportunity Bond Fund (Continued)

July 31, 2020

As of July 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:
Egyptian Pound		8/10/2020	JP Morgan Chase	$	1,780,000					$	111,290					$	2,621
Mexican Peso		8/12/2020	Citigroup		5,190,000						233,614						(2,959	)
Mexican Peso		8/13/2020	Citigroup		8,200,000						369,052						(4,568	)
Euro		8/17/2020	Citigroup		820,000						969,929						41,632
Euro		8/28/2020	Citigroup		93,824						111,006						3,267
																$	39,993
		Settlement		Local Currency						U.S. Dollar						Unrealized
Foreign Currency		Date	Counterparty	Amount Sold						Market Value						Depreciation
To Buy USD and To Sell:
Euro		8/6/2020	Citigroup	$	(4,057,018	)				$	(4,797,639	)				$	(230,639	)
British Pound		8/7/2020	Citigroup		(702	)					(922	)					(42	)
Egyptian Pound		8/10/2020	Citigroup		(1,780,000	)					(111,290	)					(2,422	)
Mexican Peso		8/12/2020	Citigroup		(5,190,000	)					(233,614	)					(5,132	)
Mexican Peso		8/13/2020	Citigroup		(8,200,000	)					(369,052	)					(8,721	)
Euro		8/17/2020	Citigroup		(410,000	)					(484,965	)					(15,471	)
Euro		8/24/2020	Citigroup		(610,000	)					(721,644	)					(11,466	)
Australian Dollar		8/28/2020	Citigroup		(886,462	)					(635,791	)					(27,084	)
British Pound		8/28/2020	Citigroup		(1,237,298	)					(1,624,175	)					(84,572	)
Candian Dollar		8/28/2020	Citigroup		(1,127,400	)					(841,708	)					(10,913	)
Euro		8/28/2020	Citigroup		(11,277,812	)					(13,343,096	)					(632,592	)
Japanese Yen		8/28/2020	Citigroup		(71,214,000	)					(673,728	)					(7,014	)
																$	(1,036,068	)
				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	8/7/2020	Citigroup	$	189,227		$	(210,000	)	$	248,365		$	(248,342	)	$	24
Euro	British Pound	8/7/2020	Citigroup		210,000			(188,525	)		248,342			(247,444	)		898
Japanese Yen	Australian Dollar	8/7/2020	Citigroup		49,981,799			(670,000	)		472,747			(480,497	)		(7,750	)
Euro	British Pound	8/28/2020	Citigroup		455,976			(413,000	)		539,478			(542,136	)		(2,658	)
Euro	British Pound	8/28/2020	JP Morgan Chase		3,406			(3,100	)		4,030			(4,069	)		(40	)
																$	(9,526	)
Net Unrealized Loss on Forward Foreign Currency Exchange Contracts																$	(1,005,601	)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Large Cap Value Fund

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.7%
AEROSPACE/DEFENSE - 2.0%
Lockheed Martin Corp.		2,532	$	959,552
Northrop Grumman Corp.		2,945		957,155
				1,916,707
BANKS - 9.2%
Bank of America Corp.		109,545		2,725,480
JPMorgan Chase & Co.		33,458		3,233,381
State Street Corp. ^		23,594		1,505,061
Truist Financial Corporation		31,720		1,188,231
				8,652,153
BEVERAGES - 1.5%
PepsiCo, Inc.		10,466		1,440,750
BUILDING MATERIALS - 2.3%
Martin Marietta Materials, Inc.		6,555		1,358,065
Owens Corning		12,951		783,147
				2,141,212
CHEMICALS - 2.5%
Air Products & Chemicals, Inc. ^		5,765		1,652,422
Huntsman Corp.		39,245		726,033
				2,378,455
COMMERCIAL SERVICES - 1.2%
Quanta Services, Inc.		27,471		1,098,016
COMPUTERS - 1.1%
Apple, Inc.		2,554		1,085,552
COSMETICS / PERSONAL CARE - 1.0%
Procter & Gamble Co.		7,121		933,706
DIVERSIFIED FINANCIAL SERVICES - 4.6%
American Express Co.		7,008		653,987
BlackRock, Inc. ^		2,720		1,564,027
Charles Schwab Corp. ^		22,399		742,527
Intercontinental Exchange, Inc.		14,024		1,357,243
				4,317,784
ELECTRIC - 6.2%
American Electric Power Co., Inc. ^		14,462		1,256,459
DTE Energy Co.		13,187		1,524,813
Duke Energy Corp.		15,897		1,347,112
Xcel Energy, Inc. ^		24,627		1,700,248
				5,828,632
ELECTRONICS - 1.3%
Honeywell International, Inc.		8,282		1,237,082
FOOD - 1.5%
Mondelez International, Inc.		25,243		1,400,734
HEALTHCARE-PRODUCTS - 5.4%
Hill-Rom Holdings, Inc.		10,725		1,042,685
Medtronic PLC		22,771		2,196,946
Thermo Fisher Scientific, Inc.		4,455		1,844,147
				5,083,778
HEALTHCARE-SERVICES - 1.0%
UnitedHealth Group, Inc.		3,175		961,327
HOME BUILDERS - 1.2%
PulteGroup, Inc.		25,462		1,110,143
HOUSEHOLD PRODUCTS / WARES - 1.8%
Kimberly-Clark Corp.		11,342		1,724,438
INSURANCE - 7.1%
Allstate Corp.		11,606		1,095,490
Berkshire Hathaway, Inc. *		5,473		1,071,504
Hartford Financial Services Group, Inc.		27,000		1,142,640
Prudential Financial, Inc. ^		18,286		1,158,784

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Large Cap Value Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.7% (Continued)
INSURANCE - 7.1% (Continued)
Travelers Cos., Inc.		6,210	$	710,548
Willis Towers Watson PLC		7,435		1,561,424
				6,740,390
INTERNET - 2.4%
Alphabet, Inc. *		1,517		2,257,220
MACHINERY-CONSTRUCTION & MINING - 1.2%
Caterpillar, Inc.		8,213		1,091,343
MEDIA - 4.5%
Comcast Corp.		49,571		2,121,639
Discovery, Inc. * ^		47,831		1,009,234
Walt Disney Co.		9,729		1,137,709
				4,268,582
MISCELLANEOUS MANUFACTURING - 3.2%
Parker-Hannifin Corp.		7,260		1,298,959
Textron, Inc.		22,946		801,733
Trane Technologies PLC		7,952		889,590
				2,990,282
OIL & GAS - 5.1%
Chevron Corp.		20,196		1,695,252
Concho Resources, Inc.		13,795		724,789
ConocoPhillips		22,050		824,450
EOG Resources, Inc.		19,146		896,990
Phillips 66		10,712		664,358
				4,805,839
PACKAGING & CONTAINERS - 0.5%
Westrock Co.		17,783		477,651
PHARMACEUTICALS - 9.8%
AbbVie, Inc.		13,732		1,303,304
AmerisourceBergen Corp		12,123		1,214,603
Bristol-Myers Squibb Co.		16,781		984,373
Cigna Corp.		5,651		975,871
Eli Lilly & Co.		6,099		916,619
Johnson & Johnson		17,353		2,529,373
Merck & Co., Inc.		16,946		1,359,747
				9,283,890
REITS - 4.0%
Boston Properties, Inc.		10,616		945,779
Equity LifeStyle Properties, Inc.		8,522		582,223
Highwoods Properties, Inc.		12,739		488,413
Prologis, Inc.		16,498		1,739,219
				3,755,634
RETAIL - 4.8%
Best Buy Co., Inc.		13,561		1,350,540
Darden Restaurants, Inc.		9,460		718,014
Lowe’s Cos, Inc.		6,389		951,386
Target Corp.		11,757		1,479,971
				4,499,911
SEMICONDUCTORS - 3.7%
Broadcom, Inc.		2,550		807,713
Intel Corp.		16,214		773,894
Micron Technology, Inc. *		20,354		1,018,820
ON Semiconductor Corp. *		43,753		901,312
				3,501,739

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Large Cap Value Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.7% (Continued)
SOFTWARE - 2.0%
Microsoft Corp.		4,831	$	990,403
Oracle Corp.		15,226		844,282
				1,834,685
TELECOMMUNICATIONS - 5.1%
AT&T, Inc.		21,081		623,576
Cisco Systems, Inc.		27,913		1,314,702
Verizon Communications, Inc.		50,160		2,883,197
				4,821,475
TRANSPORTATION - 1.5%
Kansas City Southern		8,116		1,394,735
TOTAL COMMON STOCKS (Cost - $75,968,404)				93,033,845
COLLATERAL FOR SECURITIES LOANED - 8.9%
Mount Vernon Prime Portfolio, 0.26% + #		8,375,825		8,375,825
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $8,375,825)
TOTAL INVESTMENTS - 107.6% (Cost - $84,344,229)			$	101,409,670
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.6)%				(7,173,029	)
NET ASSETS - 100.0%			$	94,236,641

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 $8,196,220 at July 31, 2020.

+ Variable Rate security. Interest rate is as of July 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 Small Cap Value Fund

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.8%
AGRICULTURE - 2.3%
Darling Ingredients, Inc. * ^		27,388	$	764,947
Phibro Animal Health Corp.		18,800		436,066
				1,201,013
AIRLINES - 0.5%
SkyWest, Inc.		9,080		238,895
AUTO PARTS & EQUIPMENT - 0.8%
Goodyear Tire & Rubber Co.		43,550		392,386
BANKS - 17.5%
BancFirst Corp.		4,320		188,179
Banner Corp.		12,950		458,819
Central Pacific Financial Corp.		21,540		335,162
First Bancorp/Southern Pines NC		16,220		335,105
First Bancshares, Inc.		16,220		322,940
First Citizens BancShares, Inc.		960		408,835
First Financial Corp.		10,749		359,339
First Interstate BancSystem, Inc. ^		14,030		408,413
First Midwest Bancorp, Inc.		38,940		472,537
Flagstar Bancorp, Inc.		23,582		740,003
Heartland Financial USA, Inc. ^		14,950		467,038
Heritage Commerce Corp.		41,400		280,692
Independent Bank Corp.		26,600		371,469
International Bancshares Corp.		16,840		512,273
Simmons First National Corp.		29,470		488,907
TriCo Bancshares		14,613		409,164
Trustmark Corp.		20,850		469,542
UMB Financial Corp.		3,110		154,878
United Community Banks, Inc.		29,100		521,763
Walker & Dunlop, Inc.		7,480		377,067
Webster Financial Corp.		21,081		574,879
Wintrust Financial Corp.		11,210		479,788
				9,136,792
BUILDING MATERIALS - 0.7%
American Woodmark Corp. *		4,710		379,720
CHEMICALS - 1.9%
Avient Corp.		18,930		452,427
Minerals Technologies, Inc.		11,878		556,841
				1,009,268
COMMERCIAL SERVICES - 4.8%
BrightView Holdings, Inc. * ^		28,450		344,814
CBIZ, Inc. *		19,240		465,223
Graham Holdings Co.		1,460		581,620
Huron Consulting Group, Inc. *		7,310		348,833
Laureate Education, Inc. *		32,430		411,212
WW International, Inc. *		13,750		354,475
				2,506,177
COMPUTERS - 1.0%
Sykes Enterprises, Inc. *		19,290		529,703
DIVERSIFIED FINANCIAL SERVICES - 3.2%
Artisan Partners Asset Management, Inc.		14,880		539,102
Mr Cooper Group, Inc. *		34,820		568,611
Waddell & Reed Financial, Inc. ^		36,980		539,538
				1,647,251
ELECTRIC - 3.0%
NorthWestern Corp.		10,170		572,164
Portland General Electric Co.		11,940		526,912
Unitil Corp.		10,510		453,507
				1,552,583

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.8% (Continued)
ELECTRONICS - 0.8%
Comtech Telecommunications Corp.		24,490	$	402,126
ENGINEERING & CONSTRUCTION - 1.8%
Arcosa, Inc.		9,860		416,289
Primoris Services Corp.		32,610		522,738
				939,027
ENVIRONMENTAL CONTROL - 0.9%
Clean Harbors, Inc. * ^		8,000		476,800
FOOD - 2.0%
Ingles Markets, Inc. ^		13,410		539,753
Natural Grocers by Vitamin Cottage, Inc.		30,700		485,981
				1,025,734
FOREST PRODUCTS & PAPER - 0.5%
Neenah, Inc.		5,670		252,939
GAS - 1.9%
Southwest Gas Holdings, Inc.		6,221		433,230
Spire, Inc.		8,600		530,276
				963,506
HAND / MACHINE TOOLS - 1.4%
Regal Beloit Corp. ^		8,050		740,359
HEALTHCARE-PRODUCTS - 2.4%
Hanger, Inc. *		13,910		242,869
ICU Medical, Inc. *		1,200		220,476
Lantheus Holdings, Inc. *		25,250		340,370
Varex Imaging Corp. *		29,935		469,381
				1,273,096
HEALTHCARE-SERVICES - 0.8%
National HealthCare Corp.		7,060		418,799
HOME BUILDERS - 2.3%
M/I Homes, Inc. *		13,930		579,906
Meritage Homes Corp. *		6,330		627,809
				1,207,715
HOME FURNISHINGS - 1.3%
Sleep Number Corp. * ^		14,800		688,200
HOUSEHOLD PRODUCTS / WARES - 1.3%
ACCO Brands Corp.		49,547		323,046
Quanex Building Products Corp.		25,820		362,771
				685,817
INSURANCE - 4.3%
American Equity Investment Life Holding Co. ^		17,930		456,318
Assured Guaranty Ltd.		16,250		354,737
Mercury General Corp.		12,923		554,526
National Western Life Group, Inc .		1,880		366,205
Selective Insurance Group, Inc. ^		9,850		535,249
				2,267,035
INTERNET - 1.3%
ePlus, Inc. *		9,050		674,587
IRON / STEEL - 0.5%
Commercial Metals Co.		19,310		399,331
LEISURE TIME - 1.0%
Johnson Outdoors, Inc. ^		6,016		526,761

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.8% (Continued)
MACHINERY-DIVERSIFIED - 2.0%
Altra Industrial Motion Corp.		19,790	$	677,412
Columbus McKinnon Corp.		10,150		336,270
				1,013,682
MEDIA - 1.1%
Gray Television, Inc. *		41,630		596,974
METAL FABRICATE / HARDWARE - 1.8%
AZZ, Inc.		14,660		462,963
Mueller Industries, Inc.		16,340		456,866
				919,829
MISCELLANEOUS MANUFACTORING - 3.1%
Federal Signal Corp.		17,340		535,979
Haynes International, Inc.		11,640		213,710
Lydall, Inc. *		18,820		304,884
Materion Corp.		9,830		564,439
				1,619,012
OIL & GAS - 1.8%
Bonanza Creek Energy, Inc. *		37,430		680,852
CVR Energy, Inc.		12,730		244,416
				925,268
OIL & GAS SERVICES - 2.1%
Archrock, Inc. ^		83,710		557,509
Liberty Oilfield Services, Inc. ^		90,410		510,816
				1,068,325
PACKAGING & CONTAINERS - 1.4%
Greif, Inc. ^		12,940		450,183
TriMas Corp. *		12,430		290,862
				741,045
PHARMACEUTICALS - 1.9%
Anika Therapeutics, Inc. * ^		13,603		495,149
Coherus Biosciences, Inc. * ^		27,420		482,318
				977,467
REAL ESTATE - 1.9%
McGrath RentCorp		9,660		560,473
RE/MAX Holdings, Inc.		13,730		444,440
				1,004,913
REITS - 12.1%
Apple Hospitality REIT, Inc.		52,680		464,638
Capstead Mortgage Corp.		101,979		627,171
Chatham Lodging Trust		33,800		176,098
Community Healthcare Trust, Inc.		8,464		387,059
Corporate Office Properties Trust		30,880		817,702
Dynex Capital, Inc. ^		26,760		413,442
Global Net Lease, Inc. ^		29,295		487,762
Physicians Realty Trust ^		28,830		520,093
Preferred Apartment Communities, Inc. ^		37,842		273,598
Retail Opportunity Investments Corp.		39,590		430,343
Sabra Health Care REIT, Inc.		27,840		410,362
STAG Industrial, Inc.		26,680		869,768
UMH Properties, Inc.		35,180		432,714
				6,310,750
RETAIL - 4.0%
Boot Barn Holdings, Inc. * ^		18,480		357,773
Foot Locker, Inc.		16,910		496,985
PriceSmart, Inc.		7,410		484,392
Sonic Automotive, Inc. ^		19,260		734,191
				2,073,341
SAVINGS & LOAN - 0.6%
WSFS Financial Corp.		11,110		316,968
SEMICONDUCTORS - 3.5%
Amkor Technology, Inc. *		45,740		621,835
Rambus, Inc. *		36,300		535,788
Synaptics, Inc. * ^		8,240		659,365
				1,816,988

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Value Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 99.8% (Continued)
SOFTWARE - 0.9%
American Software, Inc.		26,880	$	442,714
TRANSPORTATION - 0.8%
Teekay Tankers Ltd. * ^		28,070		420,208
WATER - 0.6%
SJW Group		5,275		329,477
TOTAL COMMON STOCKS (Cost - $49,424,136)				52,112,581
COLLATERAL FOR SECURITIES LOANED - 19.9%
Mount Vernon Prime Portfolio, 0.26% + #		10,392,721		10,392,721
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $10,392,721)
TOTAL INVESTMENTS - 119.7% (Cost - $59,816,857)			$	62,505,302
LIABILITIES IN EXCESS OF OTHER ASSETS - (19.7)%				(10,269,411	)
NET ASSETS - 100.0%			$	52,235,891

REITS - Real Estate Investment Trusts

* Non-income producing security.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $9,974,834 at July 31, 2020.

+ Variable Rate security. Interest rate is as of July 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 Focused Large Cap Growth Fund

July 31, 2020

Security	Shares				Value
COMMON STOCKS - 98.5%
AEROSPACE/DEFENSE - 1.0%
TransDigm Group, Inc. ^		3,512			$	1,515,709
BIOTECHNOLOGY - 1.2%
Illumina, Inc. * ^		4,464				1,705,962
COMMERCIAL SERVICES - 13.2%
Global Payments, Inc.		11,034				1,964,273
PayPal Holdings, Inc. *		38,935				7,633,985
S&P Global, Inc.		9,901				3,467,825
Square, Inc. *		29,644				3,849,273
TransUnion		27,147				2,431,557
						19,346,913
DIVERSIFIED FINANCIAL SERVICES - 11.3%
Mastercard, Inc.		27,645				8,529,312
Visa, Inc. ^		42,101				8,016,030
						16,545,342
HEALTHCARE-PRODUCTS - 6.8%
Align Technology, Inc. * ^		6,572				1,930,985
Edwards Lifesciences Corp. *		47,628				3,734,511
Intuitive Surgical, Inc. *		6,293				4,313,474
						9,978,970
INTERNET - 19.9%
Alibaba Group Holding Ltd. - ADR *		13,884				3,485,162
Alphabet, Inc. *		3,313				4,913,046
Amazon.com, Inc. *		3,960				12,532,133
Facebook, Inc. *		15,844				4,019,147
MercadoLibre, Inc. *		2,775				3,120,821
Zendesk, Inc. * ^		12,000				1,093,800
						29,164,109
PHARMACEUTICALS - 3.3%
DexCom, Inc. *		11,079				4,825,348
RETAIL - 4.2%
Burlington Stores, Inc. *		22,255				4,183,940
Ulta Beauty, Inc. *		9,948				1,919,865
						6,103,805
SEMICONDUCTORS - 4.1%
NVIDIA Corp.		13,974				5,933,221
SOFTWARE - 33.5%
Adobe, Inc. *		11,700				5,198,544
Autodesk, Inc. *		26,812				6,339,161
Microsoft Corp.		44,638				9,151,236
Salesforce.com, Inc. *		34,367				6,696,410
ServiceNow, Inc. * ^		16,566				7,275,787
Splunk, Inc. *		18,086				3,794,805
Veeva Systems, Inc. *		26,088				6,902,102
Workday, Inc. *		20,388				3,688,597
						49,046,642
TOTAL COMMON STOCKS (Cost - $57,565,843)						144,166,021
			Interest
			Rate %
COLLATERAL FOR SECURITIES LOANED - 11.2%
Mount Vernon Prime Portfolio #		16,321,643	0.260	+		16,321,643
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $16,321,643)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Focused Large Cap Growth Fund (Continued)

July 31, 2020

	Value
TOTAL INVESTMENTS - 109.7% (Cost - $73,887,486)	$	160,487,664
LIABILITIES IN EXCESS OF OTHER ASSETS - (9.7)%		(14,142,859	)
NET ASSETS - 100.0%	$	146,344,805

ADR - American Depositary Receipt.

* Non-Income producing security.

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

^ All or a portion of these securities are on loan. Total loaned securities had a value of $15,738,091 at July 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 Small Cap Growth Fund

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 95.0%
AEROSPACE/DEFENSE - 0.9%
Mercury Systems, Inc. *		6,365	$	492,842
APPAREL - 1.1%
Crocs, Inc. *		17,087		614,107
AUTO PARTS & EQUIPMENT - 1.1%
Methode Electronics, Inc.		20,767		585,629
BANKS - 1.8%
First Merchants Corp.		20,644		504,333
Seacoast Banking Corp. of Florida *		25,697		485,159
				989,492
BIOTECHNOLOGY - 7.2%
Biohaven Pharmaceutical Holding Co. Ltd. *		4,707		301,436
Blueprint Medicines Corp. *		3,290		240,762
Emergent BioSolutions, Inc. *		6,281		698,698
Epizyme, Inc. *		31,498		435,932
Guardant Health, Inc. *		3,987		339,613
Iovance Biotherapeutics, Inc. *		16,812		488,725
Ligand Pharmaceuticals, Inc. ^		2,798		327,870
Livongo Health, Inc. *		2,413		307,054
Mirati Therapeutics, Inc. *		4,616		559,967
PTC Therapeutics, Inc. *		5,687		263,479
				3,963,536
BUILDING MATERIALS - 2.2%
AZEK Co., Inc. *		18,712		645,564
Trex Co., Inc. *		4,117		573,622
				1,219,186
COMMERICAL SERVICES - 4.4%
Avalara, Inc. *		1,844		247,926
Chegg, Inc. *		6,429		520,556
FTI Consulting, Inc. *		6,811		813,506
HealthEquity, Inc. *		6,116		315,341
Progyny, Inc. *		19,925		530,503
				2,427,832
COMPUTERS - 5.3%
Cubic Corp.		6,698		281,316
Globant SA *		2,682		463,825
Kornit Digital Ltd. *		8,124		435,365
MAXIMUS, Inc.		9,174		680,803
Vocera Communications, Inc. *		15,905		489,397
WNS Holdings Ltd. - ADR *		8,631		552,039
				2,902,745
COSMETICS/PERSONAL CARE - 0.9%
Inter Parfums, Inc.		12,299		502,906
DISTRIBUTION/WHOLESALE - 1.1%
SiteOne Landscape Supply, Inc. *		4,840		619,665
DIVERSIFIED FINANCIAL SERVICES - 2.2%
Evercore, Inc.		7,932		438,640
Houlihan Lokey, Inc.		9,621		527,231
Moelis & Co.		9,077		270,404
				1,236,275
ELECTRICAL COMPONENTS & EQUIPMENT - 0.8%
nLight, Inc. *		18,144		420,397

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 95.0% (Continued)
ELECTRONICS - 1.1%
Itron, Inc. *		8,685	$	604,129
ENERGY - 1.2%
Enphase Energy, Inc. *		11,001		664,020
ENGINEERING & CONSTRUCTION - 2.4%
Exponent, Inc.		6,822		573,457
WillScot Mobile Mini Holdings Corp. *		48,559		731,299
				1,304,756
FOOD - 2.2%
BellRing Brands, Inc. *		22,292		442,942
Grocery Outlet Holding Corp. *		6,655		292,753
Sprouts Farmers Market, Inc. *		17,317		456,822
				1,192,517
HAND/MACHINE TOOLS - 0.9%
MSA Safety, Inc.		4,274		506,597
HEALTHCARE-PRODUCTS - 4.8%
Adaptive Biotechnologies Corp. *		10,470		390,740
Cerus Corp. *		50,980		363,487
Insulet Corp. *		3,206		651,972
OraSure Technologies, Inc. *		14,541		263,919
Repligen Corp. *		3,239		488,798
Tandem Diabetes Care, Inc. *		4,484		468,399
				2,627,315
HEALTHCARE-SERVICES - 2.3%
Amedisys, Inc. *		2,636		617,246
LHC Group, Inc. *		3,315		646,790
				1,264,036
HOME BUILDERS - 2.3%
Installed Building Products, Inc. *		5,067		400,850
LGI Homes, Inc. *		3,459		394,707
Skyline Champion Corp. *		16,669		470,566
				1,266,123
HOUSEHOLD PRODUCTS - 0.9%
Helen of Troy Ltd. *		2,661		500,933
INTERNET - 8.4%
Cadlytics, Inc. *		4,853		322,336
Chewy, Inc. *		8,620		452,464
Fiverr International Ltd. * ^		4,524		422,677
Mimecast Ltd. *		11,808		554,149
Pinterest, Inc. *		29,279		1,003,977
Q2 Holdings, Inc. *		4,044		380,338
Roku, Inc. *		2,686		416,035
Spotify Technology SA *		1,535		395,754
TechTarget, Inc. *		18,968		688,349
				4,636,079
LEISURE PRODUCTS - 1.3%
Fox Factory Holding Corp. *		5,108		454,612
Lindblad Expeditions Holdings, Inc. *		38,929		282,235
				736,847
MACHINERY-DIVERSIFIED - 1.2%
Chart Industries, Inc. *		9,920		679,818

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 95.0% (Continued)
MISCELLANEOUS MANUFACTURING - 3.9%
Axon Enterprise, Inc. *		6,344	$	527,377
ESCO Technologies, Inc.		6,259		537,898
Fabrinet *		8,232		597,890
Raven Industries, Inc.		22,515		486,549
				2,149,714
PHARMACEUTICALS - 0.7%
TG Therapeutics, Inc. *		19,966		390,934
REAL ESTATE - 0.8%
Redfin Corp. *		10,150		422,037
RETAIL - 5.7%
BJ’s Wholesale Club Holdings, Inc. *		14,808		593,060
Freshpet, Inc. *		3,037		291,704
Ollie’s Bargain Outlet Holdings, Inc. *		4,410		463,491
Papa John’s International, Inc.		3,460		327,558
Texas Roadhouse, Inc.		7,936		445,924
Vroom, Inc. *		11,089		656,358
Wingstop, Inc.		2,413		377,031
				3,155,126
SEMICONDUCTORS - 5.5%
Brooks Automation, Inc.		12,516		681,496
FormFactor, Inc. *		19,391		559,236
Lattice Semiconductor Corp. *		23,608		733,973
Semtech Corp. *		10,781		600,825
Silicon Laboratories, Inc. *		4,782		480,639
				3,056,169
SOFTWARE - 14.9%
Appfolio, Inc. *		2,818		392,322
Appian Corp. * ^		7,740		393,734
Bandwidth, Inc. *		4,121		596,638
Blackline, Inc. *		6,211		552,220
Coupa Software, Inc. *		1,284		393,482
Elastic NV *		4,266		410,347
Everbridge, Inc. *		2,253		321,728
Five9, Inc. *		4,566		551,664
Intelligent Systems Corp. * ^		16,088		487,788
MongoDB, Inc. *		2,618		599,731
MSCI, Inc.		1,481		556,826
Omnicell, Inc. *		7,673		539,335
Ontrak, Inc. * ^		8,969		343,154
Schrodinger, Inc. *		3,016		218,298
Slack Technologies, Inc. *		14,909		440,561
Tabula Rasa HealthCare, Inc. * ^		5,875		330,175
Twilio, Inc. *		1,996		553,730
Workiva, Inc. *		10,274		574,317
				8,256,050
TELECOMMUNICATIONS - 0.8%
PagerDuty, Inc. *		14,691		447,782
TEXTILES - 1.0%
UniFirst Corp.		2,997		558,881
TRANSPORTATION - 3.7%
Air Transport Services Group, Inc. *		26,269		640,176
CryoPort, Inc. *		11,357		376,371
Marten Transport Ltd.		19,763		526,091
Saia, Inc. *		4,180		499,301
				2,041,939
TOTAL COMMON STOCKS (Cost - $37,149,234)				52,436,414

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

July 31, 2020

Security	Shares		Interest Rate %		Value
SHORT-TERM INVESTMENT - 0.7%
MONEY MARKET FUND - 0.7%
Fidelity Investments Money Market - Class I		389,912		0.050 +	$	389,912
TOTAL SHORT-TERM INVESTMENT (Cost - $389,912)
COLLATERAL FOR SECURITIES LOANED - 2.5%
HSBC US Government Money Market Fund - Class I #		1,389,253		0.082 +		1,389,253
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $1,389,253)
TOTAL INVESTMENTS - 98.2% (Cost - $38,928,399)					$	54,215,579
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%						998,581
TOTAL NET ASSETS - 100.00%					$	55,214,160

ADR - American Depositary Receipt.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $1,361,672 at July 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 July 31, 2020.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Emerging Markets Stock Fund

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.3%
AIRLINES - 2.5%
Spring Airlines Co. Ltd.		152,990	$	870,015
Wizz Air Holdings Plc *		31,585		1,328,166
				2,198,181
AUTO MANUFACTURERS - 2.3%
Eicher Motors Ltd.		3,041		837,466
Geely Automobile Holdings Ltd.		569,000		1,193,655
				2,031,121
BANKS - 6.6%
Banco Bradesco SA - ADR		138,490		584,428
Banco Santander Chile - ADR		32,600		557,786
Bancolombia SA - ADR ^		20,800		580,736
Bank Central Asia Tbk PT		308,400		660,584
Bank of the Philippine Islands		476,440		661,629
China Merchants Bank Co. Ltd.		186,000		868,070
Itau Unibanco Holding SA - ADR		110,000		561,000
Public Bank Bhd		214,600		861,359
Sberbank of Russia PJSC - ADR		44,742		533,101
				5,868,693
BEVERAGES - 1.1%
Varun Beverages Ltd.		105,575		998,022
BUILDING MATERIALS - 2.2%
Anhui Conch Cement Co. Ltd.		253,000		1,913,248
CHEMICALS - 0.9%
LG Chem Ltd. *		1,697		812,591
COMMERCIAL SERVICES - 1.9%
China Education Group Holdings Ltd.		569,000		1,081,569
Localiza Rent a Car SA		62,600		611,955
				1,693,524
DIVERSIFIED FINANCIAL SERVICES - 5.7%
B3 SA - Brasil Bolsa Balcao		87,100		1,066,790
Hong Kong Exchanges & Clearing Ltd.		30,600		1,456,981
Housing Development Finance Corp. Ltd.		70,048		1,665,915
KB Financial Group, Inc.		29,394		869,924
				5,059,610
ELECTRICAL COMPONENTS & EQUIPMENT - 1.7%
Contemporary Amperex Technology Co. Ltd.		50,800		1,528,929
ELECTRONICS - 1.0%
Hon Hai Precision Industry Co. Ltd.		335,000		895,331
ENERGY-ALTERNATE SOURCES - 1.4%
LONGi Green Energy Technology Co. Ltd.		146,000		1,192,416
ENGINEERING & CONSTRUCTION - 1.8%
Airports of Thailand PCL		279,200		462,548
Jasa Marga Persero Tbk PT		1,719,600		463,924
Mytilineos SA		67,591		634,251
				1,560,723
ENTERTAINMENT - 0.8%
OPAP SA		75,210		683,950
FOOD - 2.6%
Charoen Pokphand Foods PCL		687,700		745,202
Magnit PJSC		10,176		624,992
Ulker Biskuvi Sanayi AS *		245,946		916,519
				2,286,713
HOME FURNISHINGS - 1.2%
Joyoung Co. Ltd.		195,378		1,094,204
INSURANCE - 3.9%
AIA Group Ltd.		130,200		1,174,021
Ping An Insurance Group Co. of China Ltd.		212,000		2,236,889
				3,410,910

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Emerging Markets Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.3% (Continued)
INTERNET - 21.3%
21Vianet Group, Inc. - ADR *		46,300	$	1,006,562
Alibaba Group Holding Ltd. - ADR *		20,300		5,095,706
Alibaba Group Holding Ltd. *		76,400		2,397,162
Dada Nexus Ltd. - ADR *		49,600		1,148,240
Naspers Ltd.		9,099		1,661,894
NAVER Corp.		5,058		1,284,994
Tencent Holdings Ltd.		62,600		4,294,304
Tencent Music Entertainment Group - ADR *		60,200		971,628
Yandex NV *^		17,600		1,012,704
				18,873,194
LEISURE TIME - 0.6%
Giant Manufacturing Co. Ltd.		48,000		505,447
LODGING - 2.0%
Lemon Tree Hotels Ltd. *		1,760,240		554,337
Minor International PCL - ADR *		593,500		347,544
Wynn Macau Ltd.		498,400		874,114
				1,775,995
MACHINERY-CONSTRUCTION & MINING - 1.8%
Sany Heavy Industry Co. Ltd.		518,690		1,568,915
MINING - 2.7%
Grupo Mexico SAB de CV		263,900		670,334
Jiangxi Copper Co. Ltd.		825,000		986,083
MMC Norilsk Nickel PJSC		2,788		738,132
				2,394,549
MISCELLANEOUS MANUFACTURING - 1.4%
Airtac International Group		30,000		629,321
Sunny Optical Technology Group Co. Ltd.		30,400		570,892
				1,200,213
OIL & GAS - 2.1%
LUKOIL PJSC - ADR		9,429		642,115
Reliance Industries Ltd.		43,702		1,208,605
				1,850,720
REAL ESTATE - 5.2%
Ayala Corp.		40,490		601,639
China Overseas Land & Investment Ltd.		389,000		1,185,360
ESR Cayman Ltd. *		365,600		901,589
Godrej Properties Ltd. *		58,920		728,309
Pakuwon Jati Tbk PT		10,525,700		306,603
Powerlong Real Estate Holdings Ltd.		1,475,000		901,393
				4,624,893
RETAIL - 3.7%
Atacadao SA		169,600		727,164
Home Product Center PCL		1,279,600		640,345
Li Ning Co. Ltd.		293,000		944,412
Lojas Renner SA		122,570		966,989
				3,278,910
SEMICONDUCTORS - 17.5%
MediaTek, Inc.		63,000		1,504,318
Nanya Technology Corp.		438,000		906,354
Realtek Semiconductor Corp.		56,000		714,458
Samsung Electronics Co. Ltd. - ADR - 144A		296		303,104
Samsung Electronics Co. Ltd.		69,391		3,391,406
Samsung Electronics Co. Ltd.		32,043		1,338,366
SK Hynix, Inc. *		20,686		1,448,357
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR ^		24,000		1,893,360
Taiwan Semiconductor Manufacturing Co. Ltd.		274,000		3,987,687
				15,487,410
SOFTWARE - 1.9%
Kingdee International Software Group Co. Ltd.		613,000		1,695,476
TELECOMMUNICATIONS - 0.5%
Bharti Airtel Ltd. *		63,067		467,107
TOTAL COMMON STOCKS (Cost - $74,323,671)				86,950,995

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Emerging Markets Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
CLOSED END FUND - 0.5%
Vietnam Enterprise Investments Limited *		87,862	$	454,473
TOTAL CLOSED END FUND (Cost - $499,718)
WARRANT - 0.0%
Minor International PCL - NVDR - Warrant *++		51,085		1,628
TOTAL CLOSED END FUND (Cost - $0)
COLLATERAL FOR SECURITIES LOANED - 3.5%
Mount Vernon Prime Portfolio, 0.26% + # (Cost - $3,095,298)		3,095,298		3,095,298
TOTAL INVESTMENTS - 102.3% (Cost - $77,918,687)			$	90,502,394
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.3)%				(2,049,490	)
NET ASSETS - 100.0%			$	88,452,904

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 $2,995,985 at July 31, 2020.

+ Variable rate security. Interest rate is as of July 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 $1,628 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 $303,104 or 0.3% 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%.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.5%
ADVERTISING - 0.2%
Hakuhodo DY Holdings, Inc.		10,100	$	111,007
WPP PLC - ADR		5,200		193,960
				304,967
AEROSPACE/DEFENSE - 0.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		25,166		127,037
Embraer SA *		41,500		60,666
				187,703
AGRICULTURE - 0.2%
Swedish Match AB		3,444		266,459
AIRLINES - 0.2%
Deutsche Lufthansa AG *		34,023		299,653
Turk Hava Yollari AO *		1		2
				299,655
APPAREL- 0.5%
Global Top E-Commerce Co. Ltd. *		184,700		213,089
Pou Chen Corp.		92,000		83,406
Puma SE *		4,730		369,595
				666,090
AUTO MANUFACTURERS - 2.1%
Bayerische Motoren Werke AG		2,923		149,130
Fiat Chrysler Automobiles NV *		60,512		617,565
Hino Motors Ltd.		24,300		140,287
Hyundai Motor Co.		923		98,448
Kia Motors Corp.		11,634		395,979
Nissan Motor Co. Ltd.		77,900		266,777
Peugeot SA *		9,267		149,540
Porsche Automobil Holding SE		3,193		181,431
Tofas Turk Otomobil Fabrikasi AS *		121,994		444,715
Volkswagen AG *		1,732		254,504
				2,698,376
AUTO PARTS & EQUIPMENT - 2.1%
Continental AG		4,816		467,017
Hankook Tire Co., Ltd.		7,314		160,167
Hyundai Mobis Co., Ltd.		553		95,689
Magna International, Inc.		17,182		793,293
NGK Insulators Ltd.		7,000		87,098
Schaeffler AG		12,065		88,360
Valeo SA		25,831		665,446
Weifu High-Technology Group Co., Ltd.		138,000		233,174
				2,590,244
BANKS - 4.8%
ABN AMRO Group N.V. - ADR		16,399		136,733
Aeon Financial Service Co. Ltd.		8,100		61,234
Akbank T.A.S. *		134,695		101,511
Banco Bradesco SA		99,500		393,543
Banco do Brasil SA - ADR		24,900		160,605
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand - ADR		9,700		30,652
BNP Paribas SA *		15,249		617,579
Concordia Financial Group Ltd.		32,300		95,888
Itau Unibanco Holding SA		44,500		212,849
mBank SA *		1,484		74,127
Sberbank of Russia PJSC		550,580		1,640,556
Shinsei Bank Ltd.		23,900		270,324
Societe Generale SA *		22,308		344,765
Sumitomo Mitsui Financial Group, Inc.		29,800		795,003
Turkiye Is Bankasi *		81,167		55,980
VTB BANK PJSC		1,915,580,000		994,282
				5,985,631
BEVERAGES - 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii AS		42,812		118,819
Coca-Cola Bottlers Japan, Inc.		15,000		224,055
				342,874
BIOTECHNOLOGY - 0.1%
Genmab A/S *		352		121,604

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.5% (Continued)
BUILDING MATERIALS - 1.2%
BBMG Corp.		327,000	$	71,791
Cie de Saint-Gobain - ADR *		8,700		63,510
Cie de Saint-Gobain *		4,573		169,832
CSG Holding Co., Ltd.		619,000		186,834
James Hardie Industries PLC - ADR		26,231		545,342
KCC Glass Corp. *		727		19,634
Taiheiyo Cement Corp.		14,900		323,756
Titan Cement International SA		8,762		116,670
				1,497,369
CHEMICALS - 3.3%
COFCO Biotechnology Co. Ltd.		314,500		359,583
Covestro AG		7,604		296,231
Hanwha Solutions Corp.		6,809		146,159
Kaneka Corp.		8,100		191,637
KCC Corp.		475		53,694
LG Chem Ltd.		482		108,104
Methanex Corp.		5,400		99,900
Mitsubishi Gas Chemical Co., Inc.		27,300		434,128
Mitsui Chemicals, Inc.		23,900		455,391
Nitto Denko Corp.		3,200		181,592
Nutrien Ltd.		18,700		609,433
Sasol Ltd. *		14,171		114,990
Shin-Etsu Chemical Co., Ltd.		6,800		796,805
Sociedad Quimica y Minera de Chile SA - ADR		4,800		146,640
Sociedad Quimica y Minera de Chile SA		4,014		122,241
				4,116,528
COAL - 0.1%
Huaibei Mining Holdings Co. Ltd.		116,629		155,579
COMMERCIAL SERVICES - 1.0%
Amadeus IT Group SA		2,894		145,071
Brambles Ltd. - ADR		4,200		64,680
Experian PLC		11,174		391,353
G4S PLC		28,351		52,810
Guangdong Provincial Expressway Development Co., Ltd. *		92,100		57,565
Localiza Rent a Car SA		26,100		255,144
RELX PLC		8,912		188,119
Sichuan Expressway Co., Ltd.		400,000		90,912
				1,245,654
COMPUTERS - 2.3%
BOE Technology Group Co. Ltd.		7,100		2,731
CGI., Inc. *		7,890		563,267
Check Point Software Technologies Ltd. * ^		2,081		260,853
Computershare Ltd.		25,961		249,408
Fujitsu Ltd.		3,600		482,592
Lenovo Group Ltd. - ADR		3,500		41,825
NEC Corp.		5,400		302,896
Nomura Research Institute Ltd.		16,800		443,934
Phison Electronics Corp.		59,000		591,937
				2,939,443
COSMETICS / PERSONAL CARE - 1.6%
LG Household & Health Care Ltd.		236		141,699
Unicharm Corp. - ADR		9,700		87,494
Unicharm Corp.		3,100		140,388
Unilever NV		20,683		1,226,886
Unilever PLC - ADR ^		1,700		102,816
Unilever PLC		4,648		277,506
				1,976,789
DISTRIBUTION / WHOLESALE - 0.5%
Hanwha Corp. *		12,423		265,320
Hanwha Corp.		5,255		52,347
Marubeni Corp.		29,500		135,976
Toyota Tsusho Corp.		5,700		144,742
				598,385

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.5% (Continued)
DIVERSIFIED FINANCIAL SERVICES - 1.8%
B3 SA - Brasil Bolsa Balcao		35,500	$	434,800
BNK Financial Group, Inc.		31,712		137,067
China Merchants Securities Co., Ltd. *		75,600		92,538
Haitong Securities Co., Ltd. *		268,400		249,704
Hana Financial Group, Inc.		10,225		253,736
KB Financial Group, Inc.		1,832		54,219
Magellan Financial Group Ltd.		15,461		674,246
Nomura Holdings, Inc.		65,000		306,263
Orient Securities Co., Ltd.		182,400		122,831
				2,325,404
ELECTRIC - 3.4%
Chubu Electric Power Co., Inc.		4,300		51,192
Cia Energetica de Minas Gerais		53,400		125,555
Cia Paranaense de Energia		30,600		388,422
Endesa SA		3,366		96,392
Enel SpA		201,825		1,855,965
Engie Brasil Energia SA		32,500		287,242
Iberdrola SA		51,295		665,564
Kansai Electric Power Co., Inc.		61,100		581,885
Tokyo Electric Power Co. Holdings, Inc. *		79,600		212,563
				4,264,780
ELECTRICAL COMPONENTS & EQUIPMENT - 0.3%
Brother Industries Ltd.		10,100		157,384
LG Innotek Co., Ltd.		1,945		264,002
				421,386
ELECTRONICS - 3.1%
Alps Alpine Co., Ltd.		9,400		118,637
Avary Holding Shenzhen Co, Ltd.		73,200		533,960
Delta Electronics Thailand PCL ++		88,700		324,026
Hoya Corp.		7,200		710,900
LG Display Co., Ltd. - ADR *		26,600		141,246
LG Display Co., Ltd. *		36,416		385,467
Omron Corp.		7,000		504,805
Shenzhen Kinwong Electronic Co. Ltd.		133,907		684,873
TDK Corp.		4,000		445,874
				3,849,788
ENGINEERING & CONSTRUCTION - 0.1%
Enka Insaat ve Sanayi AS		1		1
Sydney Airport		16,218		60,971
				60,972
ENTERTAINMENT - 0.6%
Aristocrat Leisure Ltd.		24,953		469,625
OPAP SA		35,697		324,624
				794,249
FOOD - 2.5%
BIM Birlesik Magazalar AS		63,578		650,346
BRF SA *		49,056		195,243
CJ CheilJedang Corp. *		362		44,760
Coles Group Ltd.		25,627		333,502
Grupo Nutresa SA		9,926		53,779
Magnit PJSC		3,577		219,693
Remgro Ltd.		33,836		183,145
Seven & i Holdings Co Ltd.		15,100		456,854
Woolworths Ltd.		26,512		736,733
Yakult Honsha Co. Ltd.		5,800		331,892
				3,205,947
FOREST PRODUCTS - 0.4%
Empresas CMPC SA		55,064		122,002
Oji Holdings Corp		30,500		128,148
Suzano SA * ^		30,100		241,101
				491,251
GAS - 0.2%
Naturgy Energy Group SA		12,697		237,178
HAND / MACHINE TOOLS - 0.3%
Techtronic Industries Co., Ltd. - ADR		5,200		269,243
Techtronic Industries Co., Ltd.		7,000		73,214
				342,457

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.5% (Continued)
HEALTHCARE-PRODUCTS - 4.3%
Alcon, Inc. *		4,778	$	290,319
Autobio Diagnostics Co. Ltd.		28,476		663,882
Coloplast A/S		4,268		731,202
Jafron Biomedical Co. Ltd.		47,150		496,012
Koninklijke Philips NV *		13,908		721,415
Maccura Biotechnology Co. Ltd.		111,100		807,291
Olympus Corp.		36,400		655,482
Smith & Nephew PLC		27,710		548,388
Terumo Corp.		12,300		465,872
				5,379,863
HEALTHCARE-SERVICES - 0.1%
Pharmaron Beijing Co. Ltd.		5,900		88,692
HOLDING COMPANIES - DIVERSIFIED - 0.1%
Haci Omer Sabanci Holding AS		1		1
KOC Holding AS		107,943		98,570
				98,571
HOME BUILDERS - 0.0%
Taylor Wimpey PLC		36,241		56,052
HOME FURNISHINGS - 1.0%
Arcelik AS *		64,164		212,941
Chicony Electronics Co. Ltd.		144,000		426,520
LG Electronics, Inc.		2,286		135,936
Panasonic Corp.		56,400		489,079
Sony Corp. - ADR		35		2,729
				1,267,205
INSURANCE - 1.7%
Aegon NV		19,140		56,304
BB Seguridade Participacoes SA		78,600		420,494
CNP Assurances *		3,854		46,991
Dai-ichi Life Holdings, Inc.		17,800		210,224
MS&AD Insurance Group Holdings, Inc.		8,900		223,904
NN Group NV		14,996		551,006
Porto Seguro SA		13,800		142,962
T&D Holdings, Inc.		54,900		452,443
				2,104,328
INTERNET - 3.2%
JD.com, Inc.- ADR *		12,967		827,165
Kakaku.com, Inc.		6,700		161,956
NAVER Corp.		804		204,258
NCSoft Corp.		105		71,547
Rakuten, Inc. - ADR		23,900		217,729
Shopify, Inc. *		557		570,368
Shopify, Inc. *		1,286		1,315,071
Trend Micro, Inc.		8,500		499,105
Wix.com Ltd. *		400		116,192
				3,983,391
INVESTMENT COMPANIES - 0.0%
Grupo de Inversiones Suramericana SA		8,856		46,081
IRON / STEEL - 2.2%
Angang Steel Co. Ltd.		620,700		239,163
ArcelorMittal SA - ADR *		1,261		13,833
BlueScope Steel Ltd.		75,409		605,354
Cia Siderurgica Nacional SA - ADR		29,556		68,274
Cia Siderurgica Nacional SA		114,100		268,494
Gerdau SA - ADR ^		7,230		24,148
Iskenderun Demir ve Celik AS		251,984		245,448
Magnitogorsk Iron & Steel Works PJSC		486,600		262,012
POSCO		383		61,804
Vale SA - ADR		7,900		91,956
Vale SA		75,400		881,632
				2,762,118

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.5% (Continued)
LEISURE TIME - 0.5%
Carnival PLC - ADR ^		26,521	$	298,096
Carnival PLC		8,014		86,908
Chinadive Watersports Inc		4,682		55,372
TUI AG		36,936		140,299
				580,675
LODGING - 0.1%
Shanghai Jinjiang International Hotels Co., Ltd.		48,300		76,314
MACHINERY-CONSTRUCTION & MINING - 0.7%
Doosan Fuel Cell Co., Ltd. * ++		2,769		31,671
Hitachi Ltd. - ADR		1,793		106,827
Hitachi Ltd.		21,200		635,777
Mitsubishi Heavy Industries Ltd.		5,000		116,456
				890,731
MACHINERY-DIVERSIFIED - 1.3%
CNH Industrial NV *		51,375		350,436
Doosan Co., Ltd.		2,940		95,232
Hexagon AB *		5,836		383,246
Tian Di Science & Technology Co. Ltd.		460,500		203,917
WEG SA		42,400		550,504
				1,583,335
MEDIA - 0.4%
Nippon Television Holdings, Inc.		21,000		227,499
Wolters Kluwer NV		1,876		148,634
Zhejiang Huace Film & TV Co. Ltd.		129,287		133,892
				510,025
METAL FABRICATE - 0.4%
NSK Ltd.		15,500		104,464
Xinxing Ductile Iron Pipes Co. Ltd.		715,200		381,717
				486,181
MINING - 8.9%
Anglo American PLC		42,320		1,027,226
AngloGold Ashanti Ltd. - ADR		11,240		361,816
B2Gold Corp.		82,000		565,800
BHP Group Ltd.		73,406		1,940,000
BHP Group PLC - ADR		1,777		77,673
BHP Group PLC		36,022		781,003
Cia de Minas Buenaventura SAA - ADR		41,287		489,664
Evolution Mining Ltd.		85,831		368,057
First Quantum Minerals Ltd.		27,372		231,318
First Quantum Minerals Ltd.		9,100		76,672
Franco-Nevada Corp. ^		860		137,471
Glencore PLC - ADR		27,416		125,017
Glencore PLC		206,824		474,594
Impala Platinum Holdings Ltd. - ADR		59,130		531,579
Kinross Gold Corp. *		8,500		79,321
MMC Norilsk Nickel PJSC - ADR		3,591		94,336
MMC Norilsk Nickel PJSC		252		66,718
Northam Platinum Ltd. *		39,026		309,232
Pan American Silver Corp.		6,648		248,400
Pan American Silver Corp.		5,000		186,800
Polyus PJSC		992		226,671
Rio Tinto Ltd.		9,035		663,759
Rio Tinto PLC - ADR		4,116		251,241
Rio Tinto PLC		4,296		262,207
Shandong Gold Mining Co., Ltd.		33,350		105,769
Sibanye Stillwater Ltd. *		235,014		667,344
Southern Copper Corp. ^		11,689		510,926
Teck Resources Ltd.		19,452		197,061
Wheaton Precious Metals Corp.		3,322		180,224
				11,237,899
MISCELLANEOUS MANUFACTORING - 0.5%
Hartalega Holdings Bhd		135,100		649,171
Nikon Corp. - ADR		5,989		41,504
				690,675
OFFICE/BUSINESS EQUIPMENT - 0.3%
Canon, Inc.		20,500		330,287

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 98.5% (Continued)
OIL & GAS - 7.0%
China Petroleum & Chemical Corp.		1,550,000	$	660,341
CNOOC Ltd. - ADR		3,079		325,296
Cosan SA *		12,900		223,020
Eni SpA - ADR		45,175		403,965
Gazprom PJSC		409,190		1,003,615
Lukoil PJSC		24,396		1,670,943
Petrobras Distribuidora SA		35,500		155,480
PetroChina Co., Ltd. - ADR		7,492		258,099
Petroleo Brasileiro SA		177,300		773,461
Petroleo Brasileiro SA *		144,300		617,304
Rosneft Oil Co PJSC		142,310		683,625
Royal Dutch Shell PLC		21,449		320,794
Royal Dutch Shell PLC		20,900		301,402
Surgutneftegas PJSC		1,345,800		673,693
Tatneft PJSC		75,525		546,701
Ultrapar Participacoes SA - ADR		53,600		192,960
				8,810,699
PACKAGING & CONTAINERS - 0.1%
Klabin SA		206,000		163,825
PHARMACEUTICALS - 11.2%
Astellas Pharma, Inc.		39,200		612,163
AstraZeneca PLC - ADR		21,482		1,198,266
Bayer AG		15,345		1,023,360
Chugai Pharmaceutical Co., Ltd.		29,700		1,342,518
Daiichi Sankyo Co Ltd.		10,700		947,926
Eisai Co., Ltd. - ADR		2,320		186,690
Grifols SA		5,546		106,142
Jiangsu Nhwa Pharmaceutical Co Ltd.		53,800		133,216
Medipal Holdings Corp.		9,100		166,851
Novartis AG		25,134		2,081,257
Novo Nordisk A/S		20,946		1,379,351
Ono Pharmaceutical Co., Ltd.		16,200		455,878
Otsuka Holdings Co., Ltd.		16,900		701,731
Otsuka Holdings Co., Ltd. - ADR		3,300		68,310
Roche Holding AG		9,398		3,272,413
Sanofi		4,137		436,051
				14,112,123
PRIVATE EQUITY - 0.4%
3i Group PLC		42,839		494,417
REAL ESTATE - 0.8%
BR Malls Participacoes SA		211,400		404,867
Hang Lung Group Ltd.		37,000		89,541
Multiplan Empreendimentos Imobiliarios SA		70,500		286,832
REA Group Ltd.		2,068		160,294
				941,534
REITS - 0.3%
Brookfield Property REIT, Inc. ^		30,124		349,740
RETAIL - 1.7%
CJ O Shopping Co. Ltd.		517		50,069
Kingfisher PLC		47,089		149,204
Lao Feng Xiang Co., Ltd.		18,100		60,219
Lawson, Inc.		6,200		309,105
Lojas Americanas SA *		94,800		622,251
Lojas Renner SA		27,700		218,533
Raia Drogasil SA		11,300		270,746
Wesfarmers Ltd.		12,057		402,383
				2,082,510
SEMICONDUCTORS - 8.4%
ASML Holding NV - ADR ^		1,086		384,140
ASML Holding NV		2,446		873,005
Hoshine Silicon Industry Co. Ltd.		89,099		401,998
NXP Semiconductors NV		2,856		335,666
Renesas Electronics Corp. *		25,700		141,529
Samsung Electronics Co., Ltd. - ADR		126		151,956
Samsung Electronics Co., Ltd. - ADR 144A		375		384,000
Samsung Electronics Co., Ltd.		67,400		3,294,098
Samsung Electronics Co., Ltd.		8,550		357,115

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security		Shares		Value
COMMON STOCKS - 98.5% (Continued)
SEMICONDUCTORS - 8.4% (Continued)
Silicon Motion Technology Corp. - ADR			10,089	$	417,382
SK Hynix, Inc. *			14,214		995,211
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR ^			18,742		1,478,556
Taiwan Semiconductor Manufacturing Co., Ltd.			35,000		509,376
Tokyo Electron Ltd. - ADR			2,000		137,460
United Microelectronics Corp.			965,000		731,755
					10,593,247
SOFTWARE - 4.0%
Atlassian Corp PLC *			8,215		1,451,180
Blackberry Ltd. *			38,835		184,078
Constellation Software, Inc.			100		118,281
Micro Focus International PLC			20,549		74,176
NetEase, Inc. - ADR			415		190,244
SAP SE			9,473		1,501,121
Sea Ltd. - ADR *			3,353		409,737
Shanghai Baosight Software Co. Ltd.			27,356		279,678
The Sage Group PLC			16,965		161,426
WiseTech Global Ltd.			14,681		216,650
Xero Ltd. *			6,565		422,366
					5,008,937
TELECOMMUNICATIONS - 2.6%
Altice Europe NV *			25,132		119,829
China Mobile Ltd. - ADR			10,640		362,398
China Unicom Hong Kong Ltd.			414,000		230,281
Hellenic Telecommunications Organization SA			10,966		161,972
Koninklijke KPN NV			148		391
Mobile TeleSystems PJSC			77,230		339,255
Nippon Telegraph & Telephone Corp			29,600		687,872
Telecom Italia SpA/Milano - ADR *			18,181		72,179
Telecom Italia SpA/Milano			450,379		181,744
Telefonica Brasil SA			68,301		287,151
TIM Participacoes SA			150,200		457,023
Turkcell Iletisim Hizmetleri AS			146,080		310,684
					3,210,779
TEXTILES - 0.1%
Teijin Ltd.			10,900		157,601
TOYS/GAMES/HOBBIES - 1.2%
Nintendo Co., Ltd.			3,300		1,453,090
TRANSPORTATION - 1.7%
Aurizon Holdings Ltd.			39,646		126,907
Central Japan Railway Co. - ADR			2,898		34,414
CMST Development Co. Ltd. *			318,500		232,102
East Japan Railway Co.			10,000		577,128
GMexico Transportes SAB de CV			131,600		152,758
Hyundai Glovis Co. Ltd. *			3,483		326,532
Pan Ocean Co. Ltd. *			29,363		86,915
Rumo SA *			50,500		217,005
Tobu Railway Co. Ltd.			4,600		128,970
West Japan Railway Co.			5,800		250,769
					2,133,500
TOTAL COMMON STOCKS (Cost - $113,907,532)					123,671,187
EXCHANGE TRADED FUND - 1.0%
EQUITY FUND - 1.0%
Global X MSCI Argentina ETF			21,769		578,977
iShares MSCI Eurozone ETF			10,800		670,140
TOTAL EXCHANGE TRADED FUND (Cost - $1,197,784)					1,249,117
	Expiration Date
RIGHTS - 0.0%
China Merchants Securities Co. Ltd. *	8/12/2020		22,680		3,424
TOTAL RIGHTS (Cost - $5,917)
WARRANT- 0.0%
Barito Pacific TBK PT * ++	6/4/2021		178,610		7,830
TOTAL WARRANTS (Cost - $0)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham International Stock Fund (Continued)

July 31, 2020

Security	Shares		Value
COLLATERAL FOR SECURITIES LOANED - 3.0%
Mount Vernon Prime Portfolio, 0.26% + #		3,806,271	$	3,806,271
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $3,806,271)
TOTAL INVESTMENTS - 102.5% (Cost - $118,917,504)			$	128,737,829
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5)%				(3,192,281	)
NET ASSETS - 100.0%			$	125,545,548

ADR - American Depositary Receipt.

NV - Non-Voting

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 $3,672,759 at July 31, 2020.

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

++ Illiquid security

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 $384,000 or 0.31% 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%.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Dynamic Macro Fund

July 31, 2020

Security	Shares		Value
EXCHANGE TRADED FUNDS - 49.6%
COMMODITY EXCHANGE TRADED FUNDS - 3.1%
iShares Commodities Select Strategy ETF		37,616	$	937,015
DEBT EXCHANGE TRADED FUNDS - 7.6%
SPDR Bloomberg Barclays High Yield Bond ETF		21,748		2,307,463
EQUITY EXCHANGE TRADED FUNDS - 38.9%
iShares Currency Hedged MSCI Germany ETF ++		10,450		279,747
iShares Currency Hedged MSCI Japan ETF		13,588		400,167
iShares MSCI Emerging Markets ETF ++		15,784		683,289
SPDR S&P 500 ETF Trust ++		32,102		10,481,945
				11,845,148
TOTAL EXCHANGE TRADED FUNDS (Cost - $12,783,406)				15,089,626

					Exercise		Expiration
	Counterparty	Contracts	Notional		Price		Date
PURCHASED OPTIONS * + - 8.8%
CALL OPTION ON FUTURES PURCHASED - 5.5%
US 10 Year Future	Goldman Sachs	111	$	13,875,000	US $125		8/21/2020		1,673,669
PUT OPTIONS ON FUTURES PURCHASED - 3.3%
Euro-Bund Option	Goldman Sachs	51		9,894,000	EUR $194		8/21/2020		993,868
TOTAL PURCHASED OPTIONS (Cost - $2,480,037)									2,667,537
		Principal			Discount
		Amount ($)			Rate (%)		Maturity
SHORT-TERM INVESTMENTS - 41.0%
U.S. GOVERNMENT SECURITIES - 29.4%
US Treasury Bill ^^		7,621,000			0.0797		9/17/2020		7,620,190
US Treasury Bill ^^		1,336,000			0.0986		2/25/2021		1,335,235
									8,955,425
		Shares			Interest Rate (%)
MONEY MARKET - 11.6%
Morgan Stanley Institutional Liquidity Fund		3,535,407			0.0400	^			3,535,407
TOTAL SHORT-TERM INVESTMENTS - (Cost - $12,490,165)									12,490,832
COLLATERAL FOR SECURITIES LOANED - 11.3%
Mount Vernon Prime Portfolio # (Cost - $3,442,609)		3,442,609			0.2600	^			3,442,609
TOTAL INVESTMENTS - 110.7% (Cost - $31,196,217)								$	33,690,604
LIABILITIES IN EXCESS OF OTHER ASSETS - (10.7)%									(3,252,180	)
NET ASSETS - 100.0%								$	30,438,424

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Dynamic Macro Fund (Continued)

July 31, 2020

								Unrealized
							Expiration	Appreciation
Open Futures Contracts **	Counterparty	Contracts	Notional				Date	(Depreciation)
LONG FUTURES CONTRACTS - 0.0%
Amsterdam Index Future	Goldman Sachs	2	$	257,028			8/21/2020	$	(12,154	)
AUST 10 Year Bond Future	Goldman Sachs	68		7,288,280			9/15/2020		44,281
Canadian 10 Year Bond Future	Goldman Sachs	3		346,473			9/21/2020		713
FTSE 100 Index Future	Goldman Sachs	11		849,864			9/18/2020		(33,458	)
Hang Seng Index Future	Goldman Sachs	7		1,108,997			8/28/2020		(8,581	)
S&P/TSX 60 IX Future	Goldman Sachs	3		432,430			9/17/2020		6,928
SPI 200 Future	Goldman Sachs	1		105,385			9/17/2020		(2,185	)
Swiss Market Index Future	Goldman Sachs	4		440,013			9/18/2020		(5,043	)
TOTAL FUTURES CONTRACTS PURCHASED									(9,499	)
SHORT FUTURES CONTRACTS - (0.1)%
CAC40 10 Euro Future	Goldman Sachs	(4)		(226,141	)		8/21/2020		8,671
Euro-Bond Future	Goldman Sachs	(10)		(2,099,175	)		9/18/2020		(11,354	)
FTSE/MIB Index Future	Goldman Sachs	(3)		(338,733	)		8/21/2020		11,961
IBEX 35 Index Future	Goldman Sachs	(2)		(163,481	)		8/21/2020		4,639
Long Gilt Future	Goldman Sachs	(40)		(7,273,882	)		9/28/2020		(43,289	)
S&P 500 E-mini Future	Goldman Sachs	(7)		(1,142,225	)		9/18/2020		(16,141	)
Topix Index Future	Goldman Sachs	(3)		(424,619	)		9/10/2020		22,763
US 10 Year Note (CBT)	Goldman Sachs	(23)		(3,221,794	)		9/21/2020		(1,140	)
TOTAL FUTURES CONTRACTS SOLD									(23,890	)
NET UNREALIZED LOSS FROM FUTURES CONTRACTS								$	(33,389	)
						Exercise Price		Value
WRITTEN OPTIONS + - (0.4)%
WRITTEN CALL FUTURE OPTIONS - (0.3)%
S&P 500 E-Mini Option, Maturing September 2020	Goldman Sachs	(12)		(1,902,000	)	US $3,170	8/7/2020	$	(61,080	)
S&P 500 E-Mini Option, Maturing September 2020	Goldman Sachs	(11)		(1,826,000	)	US $3,320	8/14/2020		(10,120	)
S&P 500 E-Mini Option, Maturing September 2020	Goldman Sachs	(11)		(1,853,500	)	US $3,370	8/21/2020		(7,260	)
S&P 500 E-Mini Option, Maturing September 2020	Goldman Sachs	(22)		(3,718,000	)	US $3,380	8/28/2020		(19,140	)
									(97,600	)
WRITTEN PUT FUTURE OPTIONS - (0.1)%
S&P 500 E-Mini Option, Maturing September 2020	Goldman Sachs	(11)		(1,677,500	)	US $3,050	8/21/2020		(8,030	)
S&P 500 E-Mini Option, Maturing September 2020	Goldman Sachs	(22)		(3,366,000	)	US $3,060	8/28/2020		(25,960	)
									(33,990	)
TOTAL WRITTEN OPTIONS - (Premiums Received - $147,038)								$	(131,590	)

ETF - Exchange Traded Fund

+ 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 July 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 Fund.

++ All or a portion of these securities are on loan. Total loaned securities had a value of $3,386,133.

# 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

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BANK LOANS - 1.6%
LODGING - 1.6%
Hard Rock Northern Indiana	1 mo. LIBOR + 9.000%	$	1,803,378	9.155	+	11/7/2025	$	1,686,159
Hard Rock Northern Indiana	1 mo. LIBOR + 9.000%		131,622	9.155	+	11/7/2025		123,066
TOTAL BANK LOANS (Cost - $1,865,254)								1,809,225
BONDS & NOTES - 38.5%
AEROSPACE/DEFENSE - 0.8%
Boeing Co.			800,000	5.805		5/1/2050		941,786
APPAREL - 1.5%
PVH Corp. - 144A			1,600,000	4.625		7/10/2025		1,638,512
AUTO MANUFACTURING - 1.4%
Ford Motor Co.			415,000	9.000		4/22/2025		489,497
General Motors Financial Co., Inc.	3 mo. LIBOR + 1.550%		1,010,000	1.818	+	1/14/2022		1,011,763
								1,501,260
BANKS - 5.9%
Banistmo SA - 144A			550,000	4.250		7/31/2027		546,975
Bank of Nova Scotia	5 Year Treasury + 4.551%		425,000	4.900	+	9/4/2168		437,690
Goldman Sachs Capital I			1,150,000	6.345		2/15/2034		1,644,309
JP Morgan Chase & Co. ^	3 mo. LIBOR + 0.550%		2,005,000	1.240	+	2/1/2027		1,785,778
Macquarie Bank Ltd. - 144A			200,000	3.624		6/3/2030		214,534
Wachovia Capital Trust II - 144A	3 mo. LIBOR + 0.500%		1,000,000	0.775	+	1/15/2027		895,840
Wells Fargo & Co.			795,000	5.950		12/1/2086		1,011,409
								6,536,535
CHEMICALS - 0.6%
TPC Group, Inc. - 144A ^			750,000	10.500		8/1/2024		668,985
COMMERCIAL SERVICES - 1.2%
CoStar Group, Inc. - 144A			425,000	2.800		7/15/2030		450,234
RELX Capital, Inc.			825,000	3.000		5/22/2030		916,784
								1,367,018
COMPUTERS - 0.5%
Hewlett Packard Enterprise Co.			450,000	4.650		10/1/2024		506,566
DIVERSIFIED FINANCIAL SERVICES - 2.0%
AerCap Ireland Capital DAC			230,000	4.500		5/15/2021		234,625
Discover Financial Services	5 Year Treasury + 5.783%		1,000,000	6.125	+	3/23/2069		1,065,300
GE Capital International Funding Co. Unlimited Co. ^			880,000	4.418		11/15/2035		909,651
								2,209,576
ELECTRIC - 2.4%
Sempra Energy	3 mo. LIBOR + 0.500%		2,625,000	0.775	+	1/15/2021		2,625,734
ENTERTAINMENT - 0.6%
Enterprise Development Authority - 144A			725,000	12.000		7/15/2024		718,732
FOOD - 2.7%
Kraft Heinz Foods Co. - 144A			255,000	3.875		5/15/2027		275,038
Kraft Heinz Foods Co. - 144A			250,000	4.250		3/1/2031		276,541
Land O’Lakes, Inc. - 144A			268,000	7.250		6/15/2065		247,711
Mars, Inc. - 144A			315,000	2.375		7/16/2040		325,572
Smithfield Foods, Inc. - 144A			890,000	2.650		10/3/2021		888,338
Smithfield Foods, Inc. - 144A			835,000	5.200		4/1/2029		931,630
								2,944,830
HEALTHCARE-SERVICES - 2.9%
CommonSpirit Health			1,500,000	4.187		10/1/2049		1,668,691
Health Care Service Corp. - 144A			635,000	1.500		6/1/2025		653,584
Health Care Service Corp. - 144A ^			850,000	2.200		6/1/2030		876,348
								3,198,623

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

July 31, 2020

	Variable	Principal		Interest		Maturity
Security	Rate	Amount		Rate %		Date	Value
BONDS & NOTES - 38.5% (Continued)
INSURANCE - 3.4%
Markel Corp.	5 Year Treasury + 5.662%	$	920,000	6.000	+	12/1/2068	$	969,450
Mutual of Omaha Insurance Co. - 144A	3 mo. LIBOR + 2.640%		410,000	4.297	+	7/15/2054		427,186
Ohio National Financial Services - 144A			1,350,000	5.550		1/24/2030		1,318,344
United Insurance Holdings Corp.			1,000,000	6.250		12/15/2027		1,013,473
								3,728,453
MACHINERY-CONSTRUCTION & MINING - 0.8%
Caterpillar Financial Services Corp.	3 mo. LIBOR + 0.390%		840,000	0.776	+	5/17/2021		842,274
MEDIA - 1.8%
ViacomCBS, Inc.			315,000	4.750		5/15/2025		363,109
ViacomCBS, Inc. ^	3 mo. LIBOR + 3.899%		1,500,000	6.250	+	2/28/2057		1,668,330
								2,031,439
MISCELLANEOUS MANUFACTURING - 0.5%
General Electric Co.			530,000	4.250		5/1/2040		543,896
OIL & GAS - 1.3%
Transocean Poseidon Ltd. - 144A			1,600,000	6.875		2/1/2027		1,468,000
PACKAGING & CONTAINERS - 1.6%
CCL Industries, Inc. - 144A			1,690,000	3.050		6/1/2030		1,772,643
PHARMACEUTICALS - 2.6%
Perrigo Finance Unlimited			700,000	3.150		6/15/2030		745,776
Takeda Pharmaceutical Co. Ltd.			625,000	2.050		3/31/2030		643,332
Takeda Pharmaceutical Co. Ltd.			1,310,000	3.175		7/9/2050		1,441,484
								2,830,592
REAL ESTATE INVESTMENT TRUST - 0.3%
Simon Property Group LP			275,000	3.800		7/15/2050		301,296
SEMICONDUCTORS - 0.8%
Broadcom, Inc. - 144A			830,000	3.150		11/15/2025		896,178
TELECOMMUNICATIONS - 1.4%
AT&T, Inc.			440,000	2.250		2/1/2032		451,829
Sprint Spectrum Co. LLC - 144A			930,000	5.152		3/20/2028		1,092,043
								1,543,872
TRUCKING & LEASING - 1.5%
Aviation Capital Group LLC - 144A			1,605,000	5.500		12/15/2024		1,645,691
TOTAL BONDS & NOTES (Cost - $40,042,693)								42,462,491
		Shares
COMMON STOCK - 2.6%
REAL ESTATE - 1.7%
UIRC-GSA International LLC - 144A *			2,000					1,900,000
SAVINGS & LOANS - 0.9%
Dime Community Bancshares, Inc. *			50,000					1,010,000
TELECOMMUNICATIONS - 0.0%
NII Holdings, Inc. - 144A * !			10,000					21,700
TOTAL COMMON STOCK (Cost - $3,307,730)								2,931,700

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

July 31, 2020

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
U.S. GOVERNMENT - 45.4%
TREASURY BILLS - 32.8%
Treasury Bill	$	12,415,000	0.078	+	8/13/2020	$	12,414,724
Treasury Bill ^		12,905,000	0.083	+	9/10/2020		12,903,876
Treasury Bill		10,815,000	0.088	+	10/15/2020		10,812,972
							36,131,572
TREASURY NOTES/BONDS - 12.6%
Treasury Note / Bond		3,215,000	0.250		6/30/2025		3,221,279
Treasury Note / Bond		4,195,000	0.625		5/15/2030		4,230,395
Treasury Note / Bond		250,000	1.125		5/15/2040		256,685
Treasury Note / Bond ^		5,120,000	2.000		2/15/2050		6,153,000
							13,861,359
TOTAL U.S. GOVERNMENT (Cost - $49,730,434)							49,992,931
	Shares
SHORT-TERM INVESTMENT - 10.4%
MONEY MARKET FUND - 10.4%
First American Government Obligations Fund - Class Z		11,431,867	0.080	+			11,431,867
TOTAL SHORT-TERM INVESTMENT (Cost - $11,431,867)
COLLATERAL FOR SECURITIES LOANED - 20.7%
Mount Vernon Prime Portfolio #		22,840,447	0.260	+			22,840,447
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $22,840,447)
TOTAL INVESTMENTS - 119.2% (Cost - $129,218,425)						$	131,468,661
LIABILITIES IN EXCESS OF OTHER ASSETS - (19.2)%							(21,216,547	)
TOTAL NET ASSETS - 100.0%						$	110,252,114

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 July 31, 2020.

! Fair Value estimated using fair value procedures adopted by Board of Trustees. Total value of such securities is $21,700 or 0.02% of net assets as of July 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 July 31, 2020 the total market value of 144A securities is $18,511,847 or 16.8% of net assets.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $22,383,728 at July 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%.

	Short	Notional Value at		Maturity	Unrealized
Security	Contracts	July 31, 2020		Date	Depreciation
OPEN SHORT FUTURES CONTRACTS - (1.7)%
U.S. 5 Year Treasury Note	30	$	3,783,750	September-20	$	(14,685	)
U.S. 10 Year Treasury Note	133		18,630,374	September-20		(153,319	)
U.S. Treasury Long Bond	87		15,858,447	September-20		(360,407	)
NET UNREALIZED LOSS FROM OPEN SHORT FUTURE CONTRACTS					$	(528,411	)

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

July 31, 2020

CREDIT DEFAULT SWAPS
									Unrealized
		Notional Value at			Premium			Maturity	Appreciation/
Description	Counterparty	July 31, 2020			Paid (Received)			Date	(Depreciation)
To Buy Protection - CDX NA IG. 32	HSBC Securities, Inc.	$	1,000,000		$	(16,368	)	6/20/2024	$	1,847
To Buy Protection - CDX NA IG. 33	HSBC Securities, Inc.		10,000,000			(157,388	)	12/20/2024		12,178
To Buy Protection - Commonwealth Bank of Australia	Goldman Sachs		2,000,000			(11,309	)	12/20/2023		(34,037	)
To Buy Protection - D.R. Horton, Inc.	Barclays		3,000,000			(94,193	)	3/20/2025		(11,724	)
To Buy Protection - Packaging Corp. of America	Barclays		3,000,000			(130,500	)	6/20/2025		8,960
To Buy Protection - Prudential Financial, Inc.	JPMorgan		3,000,000			(36,414	)	9/20/2024		(27,121	)
To Buy Protection - The Williams Company	Goldman Sachs		2,000,000			(79,360	)	6/20/2025		51,144
To Sell Protection - Total SA	Goldman Sachs		(3,000,000	)		80,043		6/20/2025		15,769
To Buy Protection - United Rentals	JPMorgan		3,000,000			(261,418	)	6/20/2022		7,688
To Sell Protection - Verizon Communications	Barclays		(3,000,000	)		24,094		7/20/2022		39,954
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 FROM CREDIT DEFAULT SWAPS									$	92,209

TOTAL RETURN SWAPS
		Notional Value at			Maturity	Unrealized
Reference Entity	Counterparty	July 31, 2020		Variable Rate	Date	Depreciation
iBoxx USD Liquid High Yield Index	JPMorgan	$	8,000,000	3 mo LIBOR + 0.00%	9/20/2020	$	(1,294,557	)
iBoxx USD Liquid High Yield Index	JPMorgan		5,000,000	3 mo LIBOR + 0.00%	12/20/2020		(183,143	)
NET UNREALIZED LOSS FROM TOTAL RETURN SWAPS						$	(1,477,700	)

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

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 41.5%
AEROSPACE/DEFENSE - 0.1%
Kratos Defense & Security Solutions, Inc. *		15,740	$	283,477
AIRLINES - 0.0%
AMR Corp. * #		101,283		24,308
APPAREL - 0.9%
NIKE, Inc.		18,061		1,762,934
AUTO MANUFACTURERS - 1.1%
Cummins, Inc.		5,029		971,905
Fiat Chrysler Automobiles NV *		62,304		635,074
Fiat Chrysler Automobiles NV *		60,216		611,192
				2,218,171
AUTO PARTS & EQUIPMENT - 0.4%
Adient PLC *		13,895		231,213
Aptiv PLC		2,960		230,140
Autoliv, Inc.		5,933		385,823
				847,176
BANKS - 0.2%
Bank of America Corp.		6,190		154,007
Citigroup, Inc.		4,166		208,342
				362,349
BUILDING MATERIALS - 0.5%
AZEK Co., Inc. *		8,470		292,215
Carrier Global Corp.		26,660		726,218
				1,018,433
CHEMICALS - 0.4%
CF Industries Holdings, Inc.		10,340		323,952
Linde PLC		2,199		538,997
				862,949
COMMERCIAL SERVICES - 0.4%
Global Payments, Inc.		4,651		827,971
COMPUTERS - 2.6%
Apple, Inc.		7,229		3,072,614
Dell Technologies, Inc. *		25,706		1,537,990
HP, Inc.		16,709		293,744
Leidos Holdings, Inc.		4,245		403,954
				5,308,302
COSMETICS/PERSONAL CARE - 0.9%
Procter & Gamble Co.		13,486		1,768,284
DISTRIBUTION/WHOLESALE - 0.1%
WESCO International, Inc. *		4,080		158,590
DIVERSIFIED FINANCIAL SERVICES - 3.0%
Legg Mason, Inc.		93,073		4,652,719
Mastercard, Inc.		4,594		1,417,387
				6,070,106
ELECTRIC - 0.9%
Evergy, Inc.		16,123		1,045,254
FirstEnergy Corp.		24,300		704,700
				1,749,954
ENGINEERING & CONSTRUCTION - 0.4%
TopBuild Corp.		6,947		916,448
ENTERTAINMENT - 0.2%
Caesars Entertainment, Inc. *		11,016		342,047

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 41.5% (Continued)
FOOD - 0.2%
Kraft Heinz Co.		9,308	$	320,009
HEALTHCARE-PRODUCTS - 3.9%
Boston Scientific Corp. *		16,813		648,477
Danaher Corp.		8,246		1,680,535
Envista Holdings Corp. *		26,837		586,925
QIAGEN NV *		56,151		2,776,667
Wright Medical Group NV *		77,875		2,337,808
				8,030,412
HOLDING COMPANIES-DIVERSIFIED - 1.0%
8i Enterprises Acquisition Corp. *		42,567		436,737
Artius Acquisition, Inc. *		13,050		132,066
CC Neuberger Principal Holdings II *		7,925		79,805
Churchill Capital Corp. III *		27,267		282,486
Churchill Capital Corp. IV *		9,907		99,070
CITIC Capital Acquisition Corp. *		2,962		30,005
D8 Holdings Corp. *		10,625		106,250
E.Merge Technology Acquisition Corp. *		5,944		59,440
East Resources Acquisition Co. *		5,955		59,491
Far Point Acquisition Corp. *		20,749		212,262
Foley Trasimene Acquisition Corp. *		5,893		62,702
GS Acquisition Holdings Corp. II *		12,840		133,536
HPX Corp. *		2,130		21,566
Kensington Capital Acquisition Corp. *		4,290		43,501
Social Capital Hedosophia Holdings Corp. II *		4,885		56,568
Social Capital Hedosophia Holdings Corp. III *		12,720		142,464
Sustainable Opportunities Acquisition Corp. *		12,553		128,668
				2,086,617
HOME BUILDERS - 0.8%
DR Horton, Inc.		14,029		928,159
KB Home		20,002		672,867
				1,601,026
INSURANCE - 2.3%
Genworth Financial, Inc. *		32,190		65,668
Willis Towers Watson PLC		22,701		4,767,437
				4,833,105
INTERNET - 5.9%
Amazon.com, Inc. *		374		1,183,590
E*TRADE Financial Corp.		136,412		6,925,637
NortonLifeLock, Inc.		50,498		1,083,182
TD Ameritrade Holding Corp.		83,927		3,012,140
				12,204,549
MACHINERY-DIVERSIFIED - 0.5%
Dover Corp.		5,955		612,948
Otis Worldwide Corp.		7,515		471,491
				1,084,439
MEDIA - 0.4%
Comcast Corp.		19,940		853,432
TEGNA, Inc.		4,126		48,604
				902,036
MINING - 0.8%
Barrick Gold Corp.		20,441		590,949
Freeport-McMoRan, Inc.		79,012		1,020,835
				1,611,784
MISCELLANEOUS MANUFACTURING - 0.5%
Parker-Hannifin Corp.		6,297		1,126,659

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 41.5% (Continued)
OIL & GAS - 0.5%
Marathon Petroleum Corp.		20,426	$	780,273
Noble Energy, Inc.		35,411		353,756
				1,134,029
PHARMACEUTICALS - 1.8%
Bristol-Myers Squibb Co.		15,108		886,235
Cigna Corp.		12,920		2,231,155
CVS Health Corp.		8,264		520,136
				3,637,526
REAL ESTATE INVESTMENTS TRUSTS - 1.7%
Crown Castle International Corp.		4,035		672,635
CyrusOne, Inc.		10,551		880,164
Digital Realty Trust, Inc.		5,588		897,098
SBA Communications Corp.		1,279		398,460
Weyerhaeuser Co.		25,553		710,629
				3,558,986
RETAIL - 3.1%
Best Buy Co., Inc.		17,235		1,716,434
Home Depot, Inc.		2,556		678,592
Lowe’s Companies, Inc.		11,457		1,706,062
Tiffany & Co.		10,254		1,285,441
TJX Companies, Inc.		19,804		1,029,610
				6,416,139
SEMICONDUCTORS - 4.0%
Analog Devices, Inc.		2,601		298,725
Lam Research Corp.		623		234,971
Marvell Technology Group Ltd.		17,540		639,684
Maxim Integrated Products, Inc.		56,561		3,851,239
Micron Technology, Inc. *		8,299		415,407
NXP Semiconductors NV		11,297		1,327,736
QUALCOMM, Inc.		7,853		829,355
Skyworks Solutions, Inc.		4,716		686,555
				8,283,672
SOFTWARE - 0.3%
Borqs Technologies, Inc. *		61,731		66,670
Microsoft Corp.		2,871		588,584
				655,254
TELECOMMUNICATIONS - 1.0%
NII Holdings, Inc. * #		205,893		442,670
T-Mobile US, Inc. *		14,149		1,519,320
				1,961,990
TRANSPORTATION - 0.7%
Norfolk Southern Corp.		3,047		585,664
Union Pacific Corp.		4,617		800,357
				1,386,021
TOTAL COMMON STOCKS (Cost - $83,453,932)				85,355,752
CLOSED END FUNDS - 2.0%
Altaba, Inc. #		193,882		4,139,381
TOTAL CLOSED END FUNDS (Cost - $3,805,238)
EXCHANGE TRADED FUNDS - 2.1%
iShares U.S. Home Construction ETF ^		8,983		464,062
iShares U.S. Real Estate ETF		3,502		287,374
SPDR Blackstone / GSO Senior Loan ETF ^		64,092		2,831,584
SPDR S&P Homebuilders ETF		14,524		720,536
TOTAL EXCHANGE TRADED FUNDS - (Cost - $4,406,987)				4,303,556

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

Security					Shares		Expiration Date		Value
RIGHTS - 0.0%
Alder BioPharmaceuticals, Inc. #						10,079			$	10,079
Nexstar Broadcasting Group, Inc. * #						87,600	Perpetual			4,380
Pan American Silver Corp.						41,375	3/19/2049			34,548
TOTAL RIGHTS (Cost - $73,259)										49,007
WARRANTS - 0.0%
Borqs Technologies, Inc. *						105,552	10/28/2020			3,172
Churchill Capital Corp. III *						10,004	10/28/2020			16,607
TOTAL WARRANTS (Cost - $26,975)										19,779
	Counterparty	Contracts**	Notional Value		Exercise Price
PURCHASED OPTIONS - 0.1%
PURCHASED CALL OPTIONS - 0.1%
Best Buy Co., Inc.	JP Morgan	179	$	1,611,000	$	90.00	9/18/2020			208,535
TOTAL PURCHASED CALL OPTIONS (Cost - $107,049)
PURCHASED PUT OPTIONS - 0.0%
iShares Russell 2000 ETF	JP Morgan	298	$	4,261,400	$	143.00	8/21/2020			79,864
TOTAL PURCHASED PUT OPTIONS (Cost - $126,066)
TOTAL PURCHASED OPTIONS (Cost - $233,115)										288,399
					Shares		Interest Rate %
SHORT-TERM INVESTMENT - 37.3%
MONEY MARKET FUND - 37.3%
Fidelity Investments Money Market Fund - Class I						76,771,815	0.050	+		76,771,815
TOTAL SHORT-TERM INVESTMENT (Cost - $76,771,815)
COLLATERAL FOR SECURITIES LOANED - 1.4%
HSBC US Government Money Market Fund - Class I !						2,805,720	0.082	+		2,805,720
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,805,720)
TOTAL INVESTMENTS - 84.4% (Cost - $171,577,041)									$	173,733,409
OTHER ASSETS IN EXCESS OF LIABILITIES - 15.6%										31,982,650
NET ASSETS - 100.0%									$	205,716,059

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 July 31, 2020.

# Fair Value estimated using fair value procedures adopted by Board of Trustees. Total value of such securities is $4,620,818 or 2.23% of net assets as of July 31, 2020.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $2,746,981 at July 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%.

~ Less than 0.5 shares.

Security	Counterparty	Contracts**	Notional Value		Exercise Price		Expiration Date	Value
WRITTEN OPTIONS - (0.2)%
WRITTEN CALL OPTIONS - (0.2)%
Best Buy Co., Inc.	JP Morgan	357	$	3,480,750	$	97.50	9/18/2020	$	249,543
Dell Technologies, Inc.	JP Morgan	74		407,000		55.00	8/21/2020		38,480
Dell Technologies, Inc.	JP Morgan	142		816,500		57.50	8/21/2020		44,730
Marathon Petroleum Corp.	JP Morgan	62		254,200		41.00	8/21/2020		5,022
Mastercard, Inc.	JP Morgan	23		713,000		310.00	8/21/2020		17,181
QIAGEN NV	JP Morgan	100		480,000		48.00	8/21/2020		31,500
TOTAL WRITTEN CALL OPTIONS - (Premiums Received - $181,243)									386,456
WRITTEN PUT OPTIONS - (0.0)%
iShares Russell 2000 ETF	JP Morgan	298		4,112,400		138.00	8/21/2020		47,680
TOTAL WRITTEN PUT OPTIONS - (Premiums Received - $79,851)
TOTAL WRITTEN OPTIONS (Premiums Received - $261,094)									434,136

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

Security	Shares		Value
SECURITIES SOLD SHORT * - (30.6)%
AEROSPACE/DEFENSE - (0.3)%
General Dynamics Corp.		3,968	$	582,264
BANKS - (3.6)%
Morgan Stanley		149,889		7,326,574
CHEMICALS - (0.1)%
Dow, Inc.		5,171		212,321
COMMERCIAL SERVICES - (0.1)%
Square, Inc.		1,654		214,772
COMPUTERS - (1.6)%
Accenture PLC		2,751		618,370
Apple, Inc.		4,900		2,082,696
International Business Machines Corp.		5,546		681,825
				3,382,891
DISTRIBUTION/WHOLESALE - (0.1)%
IAA, Inc.		7,096		307,612
DIVERSIFIED FINANCIAL SERVICES - (1.5)%
Charles Schwab Corp.		92,987		3,082,519
ELECTRICAL COMPONENTS & EQUIPMENT - (0.3)%
Emerson Electric Co.		8,997		557,904
ELECTRONICS - (0.3)%
Honeywell International, Inc.		3,780		564,619
EQUITY EXCHANGE TRADED FUNDS - (12.8)%
Consumer Staples Select Sector SPDR Fund		34,568		2,167,414
Energy Select Sector SPDR Fund		12,672		456,572
Financial Select Sector SPDR Fund		21,350		513,041
Health Care Select Sector SPDR Fund		30,477		3,216,238
iShares Russell 2000 ETF		55,667		8,203,089
iShares U.S. Real Estate ETF		42,196		3,462,604
SPDR S&P 500 ETF Trust		21,344		6,969,243
SPDR S&P Homebuilders ETF		5,099		252,961
SPDR S&P Retail ETF		22,954		1,086,413
				26,327,575
INSURANCE - (2.4)%
Aon PLC		24,511		5,030,147
LODGING - (0.2)%
Marriott International, Inc.		5,553		465,480
MACHINERY-DIVERSIFIED - (0.2)%
Deere & Co.		1,862		328,289
MEDIA - (0.4)%
Walt Disney Co.		6,451		754,380
MINING - (0.1)%
Freeport-McMoRan, Inc.		19,400		250,648
MISCELLANEOUS MANUFACTURING - (0.4)%
3M Co.		2,008		302,144
Textron, Inc.		14,938		521,934
				824,078

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

Security	Shares		Value
SECURITIES SOLD SHORT * - (30.6)% (Continued)
OIL & GAS - (0.5)%
Chevron Corp.		4,214	$	353,723
Exxon Mobil Corp.		16,271		684,684
				1,038,407
PHARMACEUTICALS - (1.1)%
Cigna Corp.		12,920		2,231,155
RETAIL - (0.8)%
McDonald’s Corp.		2,104		408,765
Starbucks Corp.		9,577		732,928
Target Corp.		4,687		590,000
				1,731,693
SEMICONDUCTORS - (2.5)%
Analog Devices, Inc.		34,788		3,995,402
Broadcom, Inc.		1,643		520,420
Texas Instruments, Inc.		4,359		555,990
				5,071,812
SOFTWARE - (0.6)%
Oracle Corp.		12,858		712,976
salesforce.com, Inc.		2,217		431,982
Zoom Video Communications, Inc.		623		158,186
				1,303,144
TELECOMMUNICATIONS - (0.7)%
AT&T, Inc.		28,147		832,588
Cisco Systems, Inc.		13,374		629,915
				1,462,503
TOTAL SECURITIES SOLD SHORT - (Proceeds - $59,904,999)			$	63,050,787

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.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

TOTAL RETURN SWAPS
		Notional Value at		Maturity	Unrealized Appreciation/
Reference Entity	Counterparty	July 31, 2020	Interest Rate	Date	(Depreciation)
LONG TOTAL RETURN SWAPS
Ingenico Group SA	JPMorgan	$           3,397,055	1 mo. EURIBOR + 0.400%	8/1/2024	$                           36,091
J.P. Morgan iDex U.S. Growth Top Rank Index	JPMorgan	1,311,488	1 mo. LIBOR + 0.000%	8/1/2024	15,980
JPGWGSFP	JPMorgan	2,899,834	1 mo. LIBOR + 0.500%	8/1/2024	63,045
JPGWICYC	JPMorgan	1,172,922	1 mo. LIBOR + 0.400%	8/1/2024	35,974
NET UNREALIZED GAIN FROM LONG TOTAL RETURN SWAPS					151,090
SHORT TOTAL RETURN SWAPS
Faurecia	JPMorgan	228,103	EONIA - 0.400%	8/1/2024	65,352
J.P. Morgan iDex U.S. Value Top Rank Index	JPMorgan	1,293,980	Fed Fund + 0.000%	8/1/2024	(16,452)
JPGWCDIS	JPMorgan	903,632	Fed Fund - 0.400%	8/1/2024	(8,437)
Peugeot SA	JPMorgan	1,248,109	EONIA - 0.400%	8/1/2024	438,678
Worldline SA	JPMorgan	2,911,857	EONIA - 0.400%	8/1/2024	10,407
NET UNREALIZED GAIN FROM SHORT TOTAL RETURN SWAPS					489,548
NET UNREALIZED GAIN FROM TOTAL RETURN SWAPS					$                          640,638

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

July 31, 2020

JPGWGSFP Top 50 Holdings ^
Reference Entity	Shares	% of Index Swap	Value
Acceleron Pharma, Inc.	1,841	0.9%	$                          182,567
AGNC Investment Corp.	13,987	0.9%	190,218
Ally Financial, Inc.	8,751	0.9%	175,902
American International Group, Inc.	5,893	0.9%	189,386
Annaly Capital Management, Inc.	26,537	1.0%	196,640
Archer-Daniels-Midland Co.	4,619	1.0%	197,825
Ares Management Corp.	4,602	0.9%	183,801
Assurant, Inc.	1,813	1.0%	194,862
Baidu, Inc.	1,511	0.9%	180,356
Bank of America Corp.	7,858	1.0%	195,516
Bank of New York Mellon Corp.	5,209	0.9%	186,752
BioMarin Pharmaceutical, Inc.	1,447	0.9%	173,316
Blackstone Group, Inc.	3,337	0.9%	177,769
Bunge Ltd.	4,414	1.0%	191,725
Citigroup, Inc.	3,689	0.9%	184,510
Corning, Inc.	6,523	1.0%	202,200
Corteva, Inc.	6,710	1.0%	191,632
Cree, Inc.	2,795	1.0%	192,648
DuPont de Nemours, Inc.	3,507	0.9%	187,557
Elanco Animal Health, Inc.	7,875	0.9%	186,081
Equitable Holdings, Inc.	9,295	0.9%	190,166
Exact Sciences Corp.	1,855	0.9%	175,785
Expedia Group, Inc.	2,157	0.9%	174,705
Flex Ltd.	17,060	1.0%	196,015
Ford Motor Co.	27,932	0.9%	184,629
Goldman Sachs Group, Inc.	889	0.9%	176,018
ITT, Inc.	3,149	0.9%	181,814
Jacobs Engineering Group, Inc.	2,253	1.0%	192,284
Johnson Controls International PLC	5,101	1.0%	196,279
Kellogg Co.	2,770	1.0%	191,117
KKR & Co., Inc.	5,354	0.9%	189,375
Koninklijke Philips NV	3,613	0.9%	186,981
Kraft Heinz Co.	5,436	0.9%	186,885
Liberty Broadband Corp.	1,421	1.0%	195,015
Marvell Technology Group Ltd.	5,123	0.9%	186,835
MetLife, Inc.	4,897	0.9%	185,349
Mondelez International, Inc.	3,474	1.0%	192,779
Nokia Oyj	42,022	1.0%	200,866
Pegasystems, Inc.	1,808	1.1%	211,313
PNC Financial Services Group, Inc.	1,795	1.0%	191,425
Prudential Financial, Inc.	2,915	0.9%	184,744
Scotts Miracle-Gro Co.	1,303	1.0%	206,636
ServiceMaster Global Holdings, Inc.	4,922	1.0%	201,281
Sony Corp.	2,424	0.9%	188,946
Textron, Inc.	5,597	1.0%	195,564
Trip.com Group Ltd.	6,814	0.9%	185,340
VEREIT, Inc.	29,435	1.0%	191,623
VF Corp.	3,184	1.0%	192,214
Voya Financial, Inc.	3,844	0.9%	189,871
Zynga, Inc.	19,472	1.0%	191,405
			9,474,522

JPGWICYC Top 50 Holdings ^
Reference Entity	Shares	% of Index Swap	Value
Allegion PLC	449	3.8%	$                           44,688
Boeing Co.	296	4.0%	46,844
Caterpillar, Inc.	363	4.1%	48,174
Cummins, Inc.	258	4.3%	49,865
Dover Corp.	456	4.0%	46,918
Eaton Corp PLC	513	4.1%	47,792
Emerson Electric Co.	717	3.8%	44,450
Flowserve Corp.	1,558	3.7%	43,421
Fortive Corp.	699	4.2%	49,061
General Electric Co.	6,044	3.1%	36,685
Honeywell International, Inc.	298	3.8%	44,508
Howmet Aerospace, Inc.	3,156	4.0%	46,647
iDex Corp.	279	3.9%	45,904
Ingersoll Rand, Inc. Common St.	1,471	4.0%	46,479
Johnson Controls Internation	1,388	4.6%	53,427
Paccar, Inc.	591	4.3%	50,304
Parker Hannifin Corp.	242	3.7%	43,216
Raytheon Technologies Corp.	666	3.2%	37,742
Smith Corp.	938	3.8%	45,133
Stanley Black & Decker, Inc.	334	4.4%	51,266
Textron, Inc.	1,408	4.2%	49,212
Trane Technologies PLC	486	4.6%	54,387
Transdigm Group, Inc.	102	3.8%	44,167
United Rentals, Inc.	313	4.2%	48,679
Wabtec Corp.	694	3.7%	43,177
Xylem, Inc.	642	4.0%	46,842
			1,208,988
J.P. Morgan iDex U.S. Value Top Rank Index Top 50 Holdings ^
Reference Entity	Shares	% of Index Swap	Value
Alaska Air Group, Inc.	389	1.0%	$                           13,391
Alcoa Corp.	824	0.8%	10,718
Alexion Pharmaceuticals, Inc.	226	1.8%	23,197
Alliance Data Systems Corp.	223	0.8%	9,887
Ally Financial, Inc.	659	1.0%	13,250
American Airlines Group, Inc.	2,421	2.1%	26,926
American International Group	758	1.9%	24,378
Anthem, Inc.	115	2.4%	31,610
Archer-Daniels-Midland Co.	302	1.0%	12,935
AT&T, Inc.	1,037	2.4%	30,687
Baker Hughes Co.	669	0.8%	10,355
Bristol-Myers Squibb Co.	522	2.4%	30,616
Centene Corp.	459	2.3%	29,948
CenturyLink, Inc.	1,245	0.9%	12,016
Cigna Corp.	163	2.2%	28,119
Citizens Financial Group	635	1.2%	15,742
Corning, Inc.	576	1.4%	17,851
CVS Health Corp.	480	2.3%	30,240
Diamondback Energy, Inc.	402	1.2%	16,043
Discovery, Inc.	571	0.9%	12,053
Elanco Animal Health, Inc.	470	0.9%	11,103
Exelon Corp.	648	1.9%	25,004
Fidelity National Info Services	227	2.6%	33,160
Ford Motor Co.	5,187	2.6%	34,286
Gap, Inc.	1,334	1.4%	17,834
General Motors Co.	1,243	2.4%	30,932
Hewlett Packard Enterprise	1,280	1.0%	12,631
HP, Inc.	1,559	2.1%	27,408
Johnson Controls Internation	562	1.7%	21,609
Juniper Networks, Inc.	418	0.8%	10,620
Knight-Swift Transportation	221	0.7%	9,598
Kohls Corp.	1,183	1.7%	22,533
Kraft Heinz Co.	664	1.8%	22,831
Lennar Corp.	353	2.0%	25,525
Lincoln National Corp.	262	0.8%	9,776
Micron Technology, Inc.	624	2.4%	31,240
Molson Coors Beverage Co.	307	0.9%	11,504
Mylan NV	713	0.9%	11,486
NortonLifeLock, Inc.	732	1.2%	15,695
Parsley Energy, Inc.  - Class A	1,088	0.9%	11,946
PVH Corp.	226	0.8%	10,982
Royal Caribbean Cruises Ltd.	610	2.3%	29,725
SL Green Realty Corp.	214	0.8%	9,962
Spirit Aerosystems Hold - Class A	609	0.9%	11,921
Store Capital Corp.	538	1.0%	12,734
Toll Brothers, Inc.	258	0.8%	9,848
Viacombs, Inc.	1,260	2.5%	32,853
Vici Properties, Inc.	568	1.0%	12,337
Walgreens Boots Alliance, Inc.	733	2.3%	29,836
Western Digital Corp.	638	2.1%	27,500
			984,381
JPGWCDIS Top 50 Holdings ^
Reference Entity	Shares	% of Index Swap	Value
Advance Auto Parts, Inc.	246	4.1%	$                           36,923
Aramark	1,589	3.7%	33,563
Brunswick Corp.	538	4.0%	36,050
Burlington Stores, Inc.	181	3.8%	34,098
Carmax, Inc.	391	4.2%	37,912
Columbia Sportswear Co.	436	3.7%	33,080
Dunkin' Brands Group, Inc.	533	4.1%	36,602
Expedia Group, Inc.	411	3.7%	33,287
Five Below	337	4.1%	36,705
Ford Motor Co.	5,766	4.2%	38,110
General Motors Co.	1,382	3.8%	34,398
Gentex Corp.	1,343	4.0%	36,238
Hasbro, Inc.	468	3.8%	34,021
Hilton Worldwide Holdings, Inc.	468	3.9%	35,130
Hyatt Hotels Corp. - Class A	676	3.6%	32,454
Lear Corp.	323	3.9%	35,690
MGM Resorts International	2,069	3.7%	33,289
ODP Corp.	1,594	3.9%	35,169
Ralph Lauren Corp.	493	3.9%	35,153
Ross Stores, Inc.	394	3.9%	35,311
Toyota Motor Corp.	276	3.6%	32,936
Trip.com Group Ltd.	1,313	4.0%	35,722
Vail Resorts, Inc.	191	4.1%	36,641
VF Corp.	566	3.8%	34,191
Wynn Resorts Ltd.	451	3.6%	32,676
Yum! Brands, Inc.	403	4.1%	36,691
			912,040
^ The make up of the underlying index and the total positions will not correlate to the notional value presented for the total return swaps due to timing of contracts opened and closed in the index. The top 50 holdings were determined based on the absolute notional values of the positions within the underlying basket.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Real Estate Stock Fund

July 31, 2020

Security	Shares		Value
COMMON STOCKS - 36.0%
COMMERCIAL SERVICES - 4.1%
CoStar Group, Inc. *		3,030	$	2,574,773
ELECTRIC - 4.5%
Brookfield Infrastructure Partners LP		21,533		900,941
Brookfield Renewable Corp. *		9,077		407,898
Brookfield Renewable Partners LP		36,306		1,564,425
				2,873,264
INVESTMENT COMPANIES - 1.4%
Brookfield Infrastructure Corp. ^		18,600		848,904
LEISURE PRODUCTS - 2.0%
Drive Shack, Inc. * ^		714,895		1,279,662
LODGING - 4.5%
Las Vegas Sands Corp.		23,679		1,033,352
MGM Resorts International ^		60,206		968,714
Wynn Resorts Ltd.		12,109		877,055
				2,879,121
TELECOMMUNICATIONS - 12.6%
GDS Holdings Ltd. - ADR * ^		46,619		3,743,039
Switch, Inc. ^		236,123		4,247,853
				7,990,892
TRUCKING & LEASING - 6.9%
Fortress Transportation & Infrastructure Investors LLC		290,870		4,392,137
TOTAL COMMON STOCKS (Cost - $21,683,460)				22,838,753
REITS - 62.3%
APARTMENTS - 3.8%
American Homes 4 Rent		27,783		805,707
Invitation Homes, Inc.		53,014		1,580,878
				2,386,585
DIVERSIFIED - 24.5%
American Tower Corp.		16,004		4,183,286
Colony Capital, Inc. ^		260,000		499,200
CoreSite Realty Corp.		5,250		677,513
Crown Castle International Corp. ^		28,366		4,728,612
Equinix, Inc.		3,599		2,826,943
SBA Communications Corp.		8,559		2,666,471
				15,582,025
HEALTH CARE - 3.0%
Healthcare Realty Trust, Inc.		21,785		638,301
Healthcare Trust of America, Inc. ^		23,738		655,406
Physicians Realty Trust ^		34,282		618,447
				1,912,154
MANUFACTURED HOMES - 6.0%
Equity LifeStyle Properties, Inc.		28,829		1,969,597
Sun Communities, Inc.		12,229		1,833,494
				3,803,091
OFFICE - 6.2%
Alexandria Real Estate Equities, Inc. ^		22,812		3,944,806
STORAGE - 0.2%
National Storage Affiliates Trust		4,481		138,104

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Real Estate Stock Fund (Continued)

July 31, 2020

Security	Shares			Value
REITS - 62.3% (Continued)
WAREHOUSE/INDUSTRIAL - 18.6%
Americold Realty Trust		33,158		$	1,337,925
CyrusOne, Inc.		24,203			2,019,014
Innovative Industrial Properties, Inc. ^		18,269			1,904,178
Prologis, Inc.		12,393			1,306,470
QTS Realty Trust, Inc. ^		26,705			1,921,425
Rexford Industrial Realty, Inc.		42,413			1,990,442
Terreno Realty Corp.		21,465			1,304,213
					11,783,667
TOTAL REITS (Cost - $30,688,175)					39,550,432
			Interest
			Rate %
COLLATERAL FOR SECURITIES LOANED - 23.5%
Mount Vernon Prime Portfolio #		14,938,092	0.260 +		14,938,092
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $14,938,092)
TOTAL INVESTMENTS - 121.8% (Cost - $67,309,727)				$	77,327,277
LIABILITIES IN EXCESS OF OTHER ASSETS - (21.8)%					(13,837,008	)
TOTAL NET ASSETS - 100.00%				$	63,490,269

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 July 31, 2020.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $14,395,248 at July 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

July 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)

July 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 July 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 *	$	—	$	38,191,770	$	—	$	38,191,770
Foreign Government Bonds		—		626,346		—		626,346
Municipal		—		3,667,959		—		3,667,959
U.S. Government & Agency		—		12,913,855		—		12,913,855
Bank Loans		—		2,654,505		—		2,654,505
Collateral for Securities Loaned		6,188,182		—		—		6,188,182
Total Investments	$	6,188,182	$	58,054,435	$	—	$	64,242,617

Floating Rate Bond

Assets	Level 1		Level 2		Level 3		Total
Bank Loans *	$	—	$	155,178,118	$	—	$	155,178,118
Bonds & Notes *		—		8,541,805		—		8,541,805
Common Stock *		54,844		—		—		54,844
Exchange Traded Funds		1,539,063		—		—		1,539,063
Rights		—		11,514		—		11,514
Warrants		—		117,734		—		117,734
Short-Term Investment		3,751,819		—		—		3,751,819
Collateral for Securities Loaned		2,354,230		—		—		2,354,230
Total Investments	$	7,699,956	$	163,849,171	$	—	$	171,549,127

High-Yield Bond

Assets	Level 1		Level 2		Level 3		Total
Bank Loans *	$	—	$	121,510	$	—	$	121,510
Bonds & Notes *		—		95,220,713		—		95,220,713
Collateral for Securities Loaned		2,647,970		—		—		2,647,970
Total Investments	$	2,647,970	$	95,342,223	$	—	$	97,990,193

International Opportunity Bond

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes *	$	—	$	30,359,175	$	—	$	30,359,175
Foreign Government Bonds		—		13,599,141		—		13,599,141
Whole Loan Collateral		—		311,069		—		311,069
Collateral for Securities Loaned		840,585		—		—		840,585
Total Assets	$	840,585	$	44,269,385	$	—	$	45,109,970
Assets-Derivatives
Futures	$	101,078	$	—	$	—	$	101,078
Forward Currency Contracts		—		48,442		—		48,442
Swap Contracts		—		17,696		—		17,696
Total Asset Derivatives	$	101,078	$	66,138	$	—	$	167,216
Liabilities-Derivatives
Futures	$	93,878	$	—	$	—	$	93,878
Forward Currency Contracts		—		1,054,043		—		1,054,043
Swap Contracts		—		1,172		—		1,172
Total Liability Derivatives	$	93,878	$	1,055,215	$	—	$	1,149,093

Large Cap Value

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	93,033,845	$	—	$	—	$	93,033,845
Collateral for Securities Loaned		8,375,825		—		—		8,375,825
Total Investments	$	101,409,670	$	—	$	—	$	101,409,670

Small Cap Value

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	52,112,581	$	—	$	—	$	52,112,581
Collateral for Securities Loaned		10,392,721		—		—		10,392,721
Total Investments	$	62,505,302	$	—	$	—	$	62,505,302

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

July 31, 2020

Focused Large Cap Growth

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	144,166,021	$	—	$	—	$	144,166,021
Collateral for Securities Loaned		16,321,643		—		—		16,321,643
Total Investments	$	160,487,664	$	—	$	—	$	160,487,664

Small Cap Growth

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	52,436,414	$	—	$	—	$	52,436,414
Short-Term Investment		389,912		—		—		389,912
Collateral for Securities Loaned		1,389,253		—		—		1,389,253
Total Investments	$	54,215,579	$	—	$	—	$	54,215,579

Emerging Markets Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	19,840,724	$	67,110,271	$	—	$	86,950,995
Closed End Fund		—		454,473		—		454,473
Warrant		1,628		—		—		1,628
Collateral for Securities Loaned		3,095,298		—		—		3,095,298
Total Investments	$	22,937,650	$	67,564,744	$	—	$	90,502,394

International Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	39,494,737	$	84,176,450	$	—	$	123,671,187
Exchange Traded Fund		1,249,117		—		—		1,249,117
Right		3,424		—		—		3,424
Warrant		7,830		—		—		7,830
Collateral for Securities Loaned		3,806,271		—		—		3,806,271
Total Investments	$	44,561,379	$	84,176,450	$	—	$	128,737,829

Dynamic Macro

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	15,089,626	$	—	$	—	$	15,089,626
Short-Term Investments		3,535,407		8,955,425		—		12,490,832
Collateral for Securities Loaned		3,442,609		—		—		3,442,609
Total Assets	$	22,067,642	$	8,955,425	$	—	$	31,023,067
Assets-Derivatives
Futures		99,956		—		—		99,956
Purchased Future Options		2,667,537		—		—		2,667,537
Total Asset Derivatives	$	2,767,493	$	—	$	—	$	2,767,493
Liability-Derivatives
Futures	$	133,345		—		—	$	133,345
Written Future Options		131,590		—		—		131,590
Total Liability Derivatives	$	264,935	$	—	$	—	$	264,935

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

July 31, 2020

Long/Short Credit

Assets	Level 1		Level 2		Level 3		Total
Bank Loans	$	—	$	1,809,225	$	—	$	1,809,225
Bonds & Notes *		—		42,462,491		—		42,462,491
Common Stock *		2,910,000		21,700		—		2,931,700
U.S. Government		—		49,992,931		—		49,992,931
Short-Term Investment		11,431,867		—		—		11,431,867
Collateral for Securities Loaned		22,840,447		—		—		22,840,447
Total Assets	$	37,182,314	$	94,286,347	$	—	$	131,468,661
Assets - Derivatives
Swap Contracts	$	—	$	169,256	$	—	$	169,256
Total Asset Derivatives	$	—	$	169,256	$	—	$	169,256
Liabilities - Derivatives
Futures	$	528,411	$	—	$	—	$	528,411
Swap Contracts		—		1,554,747		—		1,554,747
Total Liability Derivatives	$	528,411	$	1,554,747	$	—	$	2,083,158

Monthly Distribution

Assets	Level 1			Level 2		Level 3		Total
Common Stock *	$	84,888,774		$	466,978	$	—	$	85,355,752
Closed End Funds		—			4,139,381		—		4,139,381
Exchange Traded Funds		4,303,556			—		—		4,303,556
Rights		—			49,007		—		49,007
Warrants		—			19,779		—		19,779
Purchased Call Options		208,535			—		—		208,535
Purchased Put Options		79,864			—		—		79,864
Short-Term Investments		76,771,815			—		—		76,771,815
Collateral for Securities Loaned		2,805,720			—		—		2,805,720
Total Investments	$	169,058,264		$	4,675,145	$	—	$	173,733,409
Asset - Derivatives
Swap Contracts	$	—		$	802,373	$	—	$	802,373
Total Asset - Derivatives	$	—		$	802,373	$	—	$	802,373
Liability - Derivatives
Written Call Options	$	354,956		$	31,500	$	—	$	386,456
Written Put Options		47,680			—		—		47,680
Swap Contracts		—			161,734		—		161,734
Total Derivatives	$	402,636		$	193,234	$	—	$	595,870
Liabilities			��
Securities Sold Short	$	63,050,787		$	—	$	—	$	63,050,787
Total Investments	$	63,050,787		$	—	$	—	$	63,050,787

Real Estate Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	22,838,753	$	—	$	—	$	22,838,753
REITS *		39,550,432		—		—		39,550,432
Collateral for Securities Loaned		14,938,092		—		—		14,938,092
Total Investments	$	77,327,277	$	—	$	—	$	77,327,277

* 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 July 31, 2020, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Corporate/Government Bond	$	61,809,838	$	2,870,959	$	(438,180	)	$	2,432,779
Floating Rate Bond		180,087,889		1,066,888		(9,605,650	)		(8,538,762	)
High-Yield Bond		96,382,851		4,411,176		(2,803,834	)		1,607,342
International Opportunity Bond		44,692,675		2,257,164		(2,821,746	)		(564,582	)
Large Cap Value		84,880,789		19,478,523		(2,949,642	)		16,528,881
Small Cap Value		59,847,194		6,213,351		(3,555,243	)		2,658,108
Focused Large Cap Growth		74,501,095		87,067,449		(1,080,880	)		85,986,569
Small Cap Growth		40,500,924		16,321,764		(2,607,109	)		13,714,655
Emerging Markets Stock		78,066,694		17,684,657		(5,247,957	)		12,436,700
International Stock		118,999,326		18,587,448		(8,848,945	)		9,738,503
Dynamic Macro		31,049,179		3,034,651		(558,205	)		2,476,446
Long/Short Credit		129,549,767		3,081,056		(1,162,162	)		1,918,894
Monthly Distribution		115,524,654		5,878,308		(11,154,476	)		(5,276,168	)
Real Estate Stock		67,621,811		12,667,454		(2,961,988	)		9,705,466

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

July 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)

July 31, 2020

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

Fund	Derivative	Risk type	Unrealized
International Opportunity Bond	Futures	Interest Rate	7,200
	Forward Currency Contracts	Currency	(1,005,601)
	Swap	Interest Rate	16,524
Dynamic Macro	Purchased Option	Interest Rate	187,500
	Futures	Equity	(10,446)
	Futures	Interest Rate	(22,943)
	Written Options	Equity	15,448
Long/Short Credit	Futures	Interest Rate	(528,411)
	Swap	Equity	92,209
	Swap	Interest Rate	(1,477,700)
Monthly Distribution	Purchased Option	Equity	55,284
	Written Options	Equity	(173,042)
	Swaps	Equity	640,639

The notional value of the derivative instruments outstanding as of July 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.