DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Shares						Value ($)
		EXCHANGE-TRADED FUNDS — 0.8%
		FIXED INCOME - 0.8%
	5,198	iShares iBoxx High Yield Corporate Bond ETF (e)					452,071
	2,077	iShares JP Morgan USD Emerging Markets Bond ETF					236,466
							688,537
		TOTAL EXCHANGE-TRADED FUNDS (Cost $687,659)					688,537
				Interest
Principal Amount			Variable Rate	Rate %	Maturity
		ASSET BACKED SECURITIES — 28.6%
	107,256	Ajax Mortgage Loan Trust 2017-B(a)		3.163	09/25/56		110,277
	156,719	Ajax Mortgage Loan Trust 2019-D(a),(g)		2.956	09/25/65		159,009
	225,000	AJAX Mortgage Loan Trust 2021 -A (a),(b)		1.065	09/25/65		224,995
	41,594	American Credit Acceptance Receivables Trust 2018-3(a)		3.750	10/15/24		41,882
	125,000	American Credit Acceptance Receivables Trust 2019-2(a)		3.170	06/12/25		127,207
	170,000	American Credit Acceptance Receivables Trust 2020-4(a)		1.770	12/14/26		173,082
	230,000	American Homes 4 Rent 2014-SFR2 Trust(a)		4.705	10/17/36		251,478
	220,000	American Homes 4 Rent 2015-SFR2 Trust(a)		4.691	10/17/45		246,392
	135,000	AmeriCredit Automobile Receivables Trust 2018-1		3.820	03/18/24		142,028
	230,000	AmeriCredit Automobile Receivables Trust 2020-3		1.060	08/18/26		233,212
	314,698	AMSR 2020-SFR1 Trust(a)		1.819	04/17/25		323,450
	175,000	AMSR 2020-SFR1 Trust(a)		2.120	04/17/37		179,061
	250,000	AMSR 2020-SFR2 Trust(a)		2.533	07/17/37		258,140
	100,000	AMSR 2020-SFR2 Trust(a)		3.282	07/17/37		104,725
	63,407	Amur Equipment Finance Receivables VI, LLC(a)		3.890	07/20/22		64,604
	407,814	Angel Oak Mortgage Trust 2020-R1(a),(b)		1.247	12/26/24		408,369
	271,276	Angel Oak SB Commercial Mortgage Trust 2020- SBC1(a),(b)		2.068	05/25/50		272,535
	310,768	Aqua Finance Trust 2019-A(a)		3.140	07/16/40		319,029
	180,000	Aqua Finance Trust 2019-A(a)		4.010	07/16/40		186,096
	258,316	Arroyo Mortgage Trust 2019-1 , Series 2019-1, Class A1(a),(b)		3.805	01/25/49		267,352
	125,680	Arroyo Mortgage Trust 2019-2 , Series 2019-2, Class A1(a),(b)		3.347	04/25/49		130,161
	150,000	Avis Budget Rental Car Funding AESOP, LLC(a)		3.070	09/20/23		155,212
	155,000	Avis Budget Rental Car Funding AESOP, LLC(a)		2.360	03/20/26		163,940
	30,272	Banc of America Funding 2005-1 Trust		5.500	02/25/35		31,443
	100,000	Bayview Opportunity Master Fund IVa Trust2017–RT1(a),(b)		4.000	06/28/57		107,577
	42,981	Bayview Opportunity Master Fund IVa Trust 2017-RT1(a),(b)		3.000	03/28/57		43,821
	98,140	BRE Grand Islander Timeshare Issuer 2019-A, LLC(a)(g)		3.280	09/26/33		102,418
	233,773	Bunker Hill Loan Depositary Trust 2019-2(a),(g)		2.879	07/25/49		242,773

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value
		ASSET BACKED SECURITIES — 28.6% (Continued)
	130,000	BX Trust 2019-OC11 , (a),(b)		4.075	12/09/41		$140,681
	160,000	Capital Auto Receivables Asset Trust 2017-1(a)		2.700	09/20/22		161,713
	140,000	Carmax Auto Owner Trust 2019-1		3.740	01/15/25		148,386
	145,000	Carvana Auto Receivables Trust 2019-1(a)		3.880	10/15/24		151,752
	185,000	Carvana Auto Receivables Trust 2019-3(a)		2.710	10/15/24		190,865
	175,000	Carvana Auto Receivables Trust 2019-3 Class D(a)		3.040	04/15/25		181,278
	100,000	CCG Receivables Trust 2019-2(a)		2.550	03/15/27		102,873
	109,754	CF Hippolyta, LLC(a)		1.690	07/15/60		112,100
	46,758	Chase Mortgage Finance Corporation 2016-SH1 M2(a),(b)		3.750	02/25/44		48,811
	73,187	Chase Mortgage Finance Corporation 2016-SH1 M2(a),(b)		3.750	04/25/45		74,978
	233,990	CHC Commercial Mortgage Trust 2019 - CHC(a)(i)	1 Month Libor + 1.120%	1.246	06/15/34		232,715
	130,000	Citigroup Commercial Mortgage Trust 2015-GC27		2.878	02/10/48		137,475
	145,000	Citigroup Commercial Mortgage Trust 2019-SST2(a) (i)	1 Month Libor + 0.920%	1.046	12/15/36		145,402
	72,152	Citigroup Mortgage Loan Trust 2019-IMC1(a),(b)		2.720	07/25/49		73,731
	35,384	Citigroup Mortgage Loan Trust, Inc. 2004-NCM2 2CB2		6.750	08/25/34		39,095
	190,722	COLT 2020-RPL1 Trust(a),(b)		1.390	01/25/65		192,387
	155,810	Commonbond Student Loan Trust 2020-1(a)		1.690	10/25/51		157,276
	175,000	Consumer Loan Underlying Bond CLUB Credit Trust 2020-P1(a)		2.920	03/15/28		178,907
	208,185	CoreVest American Finance 2018-2 Trust A(a)		4.026	11/15/52		223,996
	100,000	Corevest American Finance 2019-3 Trust C(a)		3.265	10/15/52		106,005
	157,099	Corevest American Finance 2020-1 Trust A1(a)		1.832	03/15/50		161,475
	228,568	Corevest American Finance 2020-4 Trust A(a)		1.174	12/15/52		229,464
	205,000	CSMC 2019-ICE4(a),(i)	1 Month Libor + 0.980%	1.106	05/15/36		205,590
	85,639	CSMC 2020-NQM1 Trust(a),(g)		1.208	05/25/65		86,306
	250,554	CSMC 2020-RPL4 Trust(a)		2.000	01/25/60		258,161
	16,995	Deephaven Residential Mortgage Trust 2017-2(a),(b)		2.453	06/25/47		17,006
	42,494	Diamond Resorts Owner Trust 2017-1A A(a)		3.270	10/22/29		43,387
	135,000	Drive Auto Receivables Trust 2019-4		2.510	11/17/25		138,230
	120,000	DT Auto Owner Trust 2019-1(a)		3.610	11/15/24		122,103
	67,798	Ellington Financial Mortgage Trust 2019-2(a) (b)		3.046	11/25/59		69,577
	134,379	Exantas Capital Corporation 2020 RS08 A(a) (i)	1 Month Libor + 1.150%	1.276	03/15/35		134,547
	305,000	Fair Square Issuance Trust , Series 2020-AA, A(a)		2.900	09/20/24		309,372
	150,000	First Investors Auto Owner Trust 2019-1(a)		3.260	03/17/25		154,898
	270,000	FirstKey Homes 2020-SFR2 Trust(a)		1.567	10/19/37		271,851
	11,259	Flagship Credit Auto Trust 2017-1(a)		3.220	05/15/23		11,278
	180,000	Flagship Credit Auto Trust 2020-4(a)		1.280	02/16/27		182,923

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value
		ASSET BACKED SECURITIES — 28.6% (Continued)
	82,925	Flagstar Mortgage Trust 2017-1(a),(b)		3.500	03/25/47		$84,865
	72,668	Foundation Finance Trust 2019-1(a)		3.860	11/15/34		75,398
	48,759	Galton Funding Mortgage Trust 2017-1(a),(b)		3.500	11/25/57		50,508
	24,227	Galton Funding Mortgage Trust 2018-2(a)		4.500	10/25/58		24,707
	63,885	Galton Funding Mortgage Trust 2019-H1(a),(b)		2.657	10/25/59		65,323
	121,985	Galton Funding Mortgage Trust 2020-H1(a),(b)		2.310	01/25/60		124,479
	165,989	GCAT 2019-NQM1, LLC(a),(g)		2.985	02/25/59		167,929
	305,000	GCT Commercial Mortgage Trust 2021-GCT(a),(i)	1 Month Libor + 0.800%	—	02/15/23		305,000
	200,000	Genesis Private Label Amortizing Trust 2020-1(a)		2.830	07/20/30		201,307
	410,000	Genesis Sales Finance Master Trust 2020-AA D(a)		1.650	09/22/25		413,390
	185,000	GLS Auto Receivables Issuer Trust 2019-4 C(a)		3.060	08/15/25		193,053
	190,000	GLS Auto Receivables Issuer Trust 2020-1(a)		2.430	11/15/24		195,520
	252,000	GS Mortgage Securities Corp Trust 2012-ALOHA(a)		3.551	04/10/22		256,597
	135,000	GS Mortgage Securities Trust 2020-GC45		3.173	02/13/53		150,006
	237,513	GS Mortgage-Backed Securities Trust 2020-NQM1(a),(b)		2.352	09/27/60		242,514
	26,488	Hertz Vehicle Financing II, L.P. 2015-3A A(a)		2.670	09/25/21		26,577
	185,000	Hilton USA Trust 2016-SFP(a)		3.323	11/05/35		185,766
	185,089	HIN Timeshare Trust 2020-A , Series C, 20-A(a)		3.420	10/09/39		194,324
	213,737	Homeward Opportunities Fund I Trust 2018-2(a),(b)		3.985	11/25/58		219,000
	94,020	Homeward Opportunities Fund I Trust 2019-1(a),(b)		3.454	01/25/59		95,255
	130,000	Jersey Mike’s Funding 2019-1A A2(a)		4.433	02/15/50		138,604
	28,649	JP Morgan Chase Commercial Mortgage Securities 2011-C4 P4(a)		4.388	05/15/21		28,811
	36,534	JP Morgan Mortgage Trust 2005-A5(b)		2.881	08/25/35		37,892
	142,530	JP Morgan Mortgage Trust 2017-5(a),(b)		3.128	12/15/47		147,023
	145,000	LHOME Mortgage Trust 2019-RTL1(a),(b)		4.580	10/25/23		146,865
	125,571	LL A.B.S Trust 2020-1 , Series 2020-1A, A(a)		2.330	07/15/22		126,686
	61,551	Marlette Funding Trust 2019-4(a)		2.390	12/17/29		62,070
	34,111	MASTR Alternative Loan Trust 2004-4		5.500	04/25/34		35,468
	100,000	METLIFE S.E.CURITIZATION TRUST 2017-1A M1(a),(b)		3.480	04/25/55		108,144
	96,140	METLIFE S.E.CURITIZATION TRUST 2019-1A A1A(a),(b)		3.750	04/25/58		100,634
	100,000	Mill City Mortgage Loan Trust 2017-1 M2(a),(b)		3.250	11/25/58		108,520
	199,632	Mill City Mortgage Loan Trust 2019-1 M2(a),(b)		3.500	10/25/69		218,680
	150,249	MVW 2020-1, LLC(a)		1.740	10/20/37		153,803
	31,978	MVW Owner Trust 2016-1(a)		2.250	12/20/33		32,405
	264,524	New Residential Mortgage Loan Trust 2014-3(a),(b)		3.750	11/25/54		285,486
	69,792	New Residential Mortgage Loan Trust 2016-4(a),(b)		3.750	11/25/56		74,986

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value
		ASSET BACKED SECURITIES — 28.6% (Continued)
	395,274	New Residential Mortgage Loan Trust 2017-2(a),(b)		4.000	03/25/57		$426,536
	145,534	New Residential Mortgage Loan Trust 2018-1(a),(b)		4.000	12/25/57		156,613
	694,233	New Residential Mortgage Loan Trust 2020-1(a),(b)		3.500	10/25/59		743,302
	277,480	New Residential Mortgage Loan Trust 2020-NPL1(a),(b)		4.335	07/25/50		282,400
	29,833	NovaStar Mortgage Funding Trust Series 2004-4(i)	1 Month Libor + 1.725%	1.855	03/25/35		30,038
	51,740	OBX 2018-EXP2 Trust(a),(b)		4.000	11/25/48		52,464
	66,430	OBX 2019-INV1 Trust(a),(b)		4.500	11/25/48		69,535
	56,203	Octane Receivables Trust 2019-1 A(a)		3.160	09/20/23		56,933
	165,721	Octane Receivables Trust 2020-1 A(a)		1.710	02/20/25		166,525
	125,000	OneMain Direct Auto Receivables Trust 2018-1(a)		3.850	10/14/25		127,747
	90,710	Orange Lake Timeshare Trust 2019-A(a)		3.360	04/09/38		94,723
	205,000	Prestige Auto Receivables Trust 2020-1(a)		1.310	11/16/26		207,040
	473,220	Pretium Mortgage Credit Partners I 2020-NPL3, LLC(a),(b)		3.105	06/27/60		475,132
	83,846	Provident Funding Mortgage Loan Trust 2019-1 A2(a),(b)		3.000	12/25/49		85,448
	156,295	PRPM 2020-1, LLC(a),(g)		2.981	02/25/25		156,965
	288,961	PRPM 2020-3, LLC(a),(g)		2.857	09/25/25		291,880
	199,726	RCKT Mortgage Trust 2020-1(a),(b)		3.000	02/25/50		205,661
	133,472	RCO V Mortgage, LLC 2019-2(a),(g)		3.475	11/25/24		134,005
	99,093	Residential Mortgage Loan Trust 2019-2(a),(b)		2.913	05/25/59		101,407
	288,227	Residential Mortgage Loan Trust 2020-1(a),(b)		2.376	02/25/24		293,811
	345,000	Santander Drive Auto Receivables Trust 2020-4		1.010	01/15/26		349,329
	145,835	Sierra Timeshare Receivables Funding, LLC 2020-2A B(a)		2.320	07/20/37		149,377
	32,685	Small Business Lending Trust 2019-A A(a)		2.850	07/15/26		32,636
	22,236	Sofi Consumer Loan Program 2017-5, LLC(a)		2.780	09/25/26		22,399
	11,049	Sofi Consumer Loan Program 2017-6, LLC(a)		2.820	11/25/26		11,093
	316,037	Starwood Mortgage Residential Trust 2020-1(a),(b)		2.275	02/25/50		323,298
	131,360	Starwood Mortgage Residential Trust 2020-2(a),(b)		2.718	04/25/60		133,740
	98,999	Starwood Mortgage Residential Trust 2020-3(a),(b)		1.486	04/25/65		100,384
	86,850	Taco Bell Funding, LLC , Series 2016-1A, Class A23(a)		4.970	05/25/46		93,848
	199,001	Towd Point HE Trust 2019-HE1(a),(i)	1 Month Libor + 0.900%	1.030	04/25/48		199,612
	345,000	Towd Point Mortgage Trust 2016-3(a),(b)		3.500	04/25/56		368,120
	115,000	Towd Point Mortgage Trust 2017-1(a),(b)		3.750	10/25/56		126,168
	200,000	Towd Point Mortgage Trust 2017-4(a),(b)		3.000	06/25/57		215,304
	135,000	Towd Point Mortgage Trust 2017-6(a),(b)		3.000	10/25/57		144,157
	164,616	Towd Point Mortgage Trust 2018-4 Class A1(a),(b)		3.000	06/25/58		175,050
	300,000	Towd Point Mortgage Trust 2018-6(a),(b)		3.750	03/25/58		335,336

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value
		ASSET BACKED SECURITIES — 28.6% (Continued)
	140,000	Towd Point Mortgage Trust 2018-6(a),(b)		3.750	03/25/58		$154,600
	33,886	Towd Point Mortgage Trust 2018-SJ1(a),(b)		4.000	10/25/58		33,990
	255,000	Towd Point Mortgage Trust 2019-2(a),(b)		3.750	12/25/58		282,839
	100,791	Towd Point Mortgage Trust 2019-MH1(a),(b)		3.000	11/25/58		103,444
	98,468	Tricon American Homes 2017-SFR1 Trust(a)		2.716	09/17/22		99,798
	100,000	Tricon American Homes 2020-SFR2 Trust(a)		2.281	11/17/27		100,593
	33,005	TRIP Rail Master Funding, LLC , Series 2017-1A, Class A1(a)		2.709	08/15/47		33,093
	100,000	United Auto Credit Securitization Trust 2020-1 C(a)		2.150	02/10/25		101,549
	40,922	VCAT 2019-NPL2, LLC(a),(b)		3.573	11/25/49		41,080
	130,000	VCAT 2021-NPL1, LLC(a)		4.826	12/26/50		130,240
	153,987	Vericrest Opportunity Loan Trust 2019-NPL7(a),(g)		3.179	10/25/49		154,482
	65,388	Vericrest Opportunity Loan Trust 2020-NPL2(a),(g)		2.981	02/25/50		65,678
	155,000	Veros Automobile Receivables Trust 2020-1 , Series B(a)		2.190	06/16/25		156,738
	282,091	Verus Securitization Trust 2019-2(a),(b)		3.211	05/25/49		284,828
	232,932	Verus Securitization Trust 2019-INV2(a),(b)		2.913	07/25/59		238,867
	141,657	VOLT LXXXV, LLC 2020-NPL1 A1A(a),(g)		3.228	01/25/50		142,350
	225,000	VOLT XCII, LLC 2021-NPL1 A1(a),(g)		1.892	02/27/51		226,664
	46,814	VSE 2017-A VOI Mortgage, LLC(a)		2.330	03/20/35		47,901
	80,485	Wells Fargo Mortgage Backed Securities 2020-4(a),(b)		3.000	07/25/50		83,201
	136,491	Westlake Automobile Receivables Trust 2018-3(a)		3.610	10/16/23		137,641
	170,000	Westlake Automobile Receivables Trust 2020-3(a)		1.240	11/17/25		171,903
	62,000	WFRBS Commercial Mortgage Trust 2014-C24		3.931	11/15/47		64,370
		TOTAL ASSET BACKED SECURITIES (Cost $24,702,864)					25,138,322
		CORPORATE BONDS — 35.1%
		AEROSPACE & DEFENSE — 0.8%
	90,000	Boeing Company (The) (e)		5.150	05/01/30		106,868
	45,000	Boeing Company (The)		3.750	02/01/50		45,325
	108,000	Boeing Company (The)		5.930	05/01/60		144,954
	120,000	Howmet Aerospace, Inc. (e)		6.875	05/01/25		140,250
	135,000	Spirit AeroSystems, Inc.(a)		5.500	01/15/25		141,750
	135,000	TransDigm, Inc. (e)		5.500	11/15/27		139,490
							718,637

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value
		CORPORATE BONDS — 35.1% (Continued)
		APPAREL & TEXTILE PRODUCTS — 0.4%
	175,000	Hanesbrands, Inc.(a) (e)		5.375	05/15/25		$186,375
	75,000	Under Armour, Inc. (e)		3.250	06/15/26		75,312
	74,000	VF Corporation		2.400	04/23/25		78,855
							340,542
		ASSET MANAGEMENT — 1.7%
	190,000	Ares Finance Co LLC(a)		4.000	10/08/24		204,949
	165,000	Brightsphere Investment Group, Inc.		4.800	07/27/26		182,131
	195,000	Charles Schwab Corporation (The) (i)	HIST10Y + 3.079%	4.000	03/01/69		201,825
	155,000	Citadel, L.P.(a)		4.875	01/15/27		171,283
	250,000	Drawbridge Special Opportunities Fund, L.P. (a)		3.875	02/15/26		252,014
	170,000	Icahn Enterprises, L.P. / Icahn Enterprises		6.250	05/15/26		180,018
	15,000	Icahn Enterprises, L.P. / Icahn Enterprises(a)		4.375	02/01/29		14,944
	250,000	UBS A.G. (e)		7.625	08/17/22		276,068
							1,483,232
		AUTOMOTIVE — 1.1%
	125,000	American Axle & Manufacturing, Inc. (e)		6.500	04/01/27		130,913
	190,000	Dana, Inc.		5.375	11/15/27		199,856
	188,000	Ford Motor Company (e)		9.000	04/22/25		228,884
	125,000	General Motors Company, B		6.800	10/01/27		160,690
	200,000	Nissan Motor Company Ltd.(a)		4.810	09/17/30		222,869
							943,212
		BANKING — 6.0%
	260,000	Bank of America Corporation (i)	3 Month Libor + 0.790%	3.004	12/20/23		272,414
	366,000	Bank of America Corporation (e)		4.200	08/26/24		408,923
	160,000	Bank of America Corporation(i)	3 Month Libor + 0.770%	0.995	02/05/26		161,202
	234,000	Bank of Montreal (e) (i)	USSW5+ 1.432%	3.803	12/15/32		268,024
	200,000	BBVA Bancomer S.A.(a),(i)	HIST5Y + 2.650%	5.125	01/18/33		211,960
	300,000	Citigroup, Inc.		4.050	07/30/22		316,136
	325,000	Citigroup, Inc.(i)	3 Month Libor + 1.250%	1.487	07/01/26		333,750
	95,000	Citigroup, Inc. (e)		3.200	10/21/26		104,775
	360,000	Discover Bank (i)	USSW5+ 1.730%	4.682	08/09/28		384,845
	199,000	Fifth Third Bancorp (i),(e)	HIST5Y + 4.215%	4.500	09/30/68		211,438
	400,000	JPMorgan Chase & Company (i)	SOFRRATE+ 2.515%	2.956	05/13/31		427,984

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		BANKING — 6.0% (Continued)
	47,000	JPMorgan Chase & Company , Series HH(i)	SOFRRATE+ 3.125%	4.600	08/01/68		48,422
	155,000	KeyCorporation (i)	3 Month Libor + 3.606%	5.000	12/29/49		168,222
	133,000	Santander Holdings USA, Inc.		3.700	03/28/22		137,348
	65,000	Santander Holdings USA, Inc. (e)		4.400	07/13/27		74,567
	200,000	Societe Generale S.A.(a)		4.750	11/24/25		227,315
	230,000	SVB Financial Group (i)	H15T10Y+ 3.064%	4.100	05/15/69		234,301
	70,000	Synovus Financial Corporation(i)	USSW5+ 3.379%	5.900	02/07/29		75,531
	195,000	Toronto-Dominion Bank (The)(e) (i)	USSW5+ 2.205%	3.625	09/15/31		220,459
	185,000	Truist Financial Corporation (i)	H15T10Y+ 4.349%	5.100	03/01/69		209,106
	435,000	Wells Fargo & Company (e) (i)	SOFRRATE+ 2.100%	2.393	06/02/28		459,115
	330,000	Wells Fargo & Company (e) (i)	HIST5Y + 3.453%	3.900	03/15/69		330,206
							5,286,043
		BEVERAGES — 0.4%
	180,000	Anheuser-Busch InBev Worldwide, Inc. (e)		4.000	04/13/28		208,527
	40,000	Anheuser-Busch InBev Worldwide, Inc.		4.750	01/23/29		48,487
	100,000	Bacardi Ltd.(a)		4.700	05/15/28		118,636
							375,650
		BIOTECH & PHARMA — 0.5%
	50,000	Bausch Health Companies, Inc.(a) (e)		5.750	08/15/27		53,906
	180,000	Mylan N.V. (e)		3.950	06/15/26		204,804
	50,000	Par Pharmaceutical, Inc.(a)		7.500	04/01/27		53,844
	125,000	Teva Pharmaceutical Finance Netherlands III BV (e)		3.150	10/01/26		119,478
							432,032
		CABLE & SATELLITE — 0.5%
	45,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.500	08/15/30		47,447
	135,000	DISH DBS Corporation		5.000	03/15/23		139,226
	20,000	Radiate Holdco, LLC / Radiate Finance, Inc.(a)		4.500	09/15/26		20,407
	200,000	Virgin Media Finance plc(a)		5.000	07/15/30		206,000
							413,080
		CHEMICALS — 0.8%
	185,000	Avient Corporation(a)		5.750	05/15/25		196,563
	190,000	Celanese US Holdings, LLC		3.500	05/08/24		205,732
	165,000	Nutrition & Biosciences, Inc.(a) (e)		2.300	11/01/30		168,205

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		CHEMICALS — 0.8% (Continued)
	120,000	Olin Corporation		5.625	08/01/29		128,701
							699,201
		COMMERCIAL SUPPORT SERVICES — 0.4%
	50,000	Aramark Services, Inc.(a)(e)		6.375	05/01/25		53,263
	190,000	Block Financial, LLC, B		3.875	08/15/30		202,951
	135,000	GFL Environmental, Inc.(a)		3.750	08/01/25		137,953
							394,167
		CONTAINERS & PACKAGING — 0.2%
	200,000	Ardagh Packaging Finance plc / Ardagh Holdings(a)		4.125	08/15/26		206,500
		DIVERSIFIED INDUSTRIALS — 0.2%
	181,000	General Electric Company , Series D (i)	3 Month Libor + 3.330%	5.000	06/15/69		171,188
		ELEC & GAS MARKETING & TRADING — 0.3%
	200,000	Southern Power Company		4.150	12/01/25		228,965
		ELECTRIC UTILITIES — 1.2%
	205,000	American Electric Power Company, Inc.		2.300	03/01/30		210,528
	120,000	DPL, Inc.		4.350	04/15/29		135,130
	195,000	Edison International (e)		4.125	03/15/28		214,577
	85,000	Exelon Corporation		3.497	06/01/22		88,222
	60,000	Talen Energy Supply, LLC(a) (e)		6.625	01/15/28		62,576
	90,000	TerraForm Power Operating, LLC(a)		5.000	01/31/28		100,069
	180,000	Vistra Operations Company, LLC(a)		4.300	07/15/29		205,489
							1,016,591
		ENTERTAINMENT CONTENT — 0.1%
	55,000	Diamond Sports Group, LLC / Diamond Sports Finance(a) (e)		5.375	08/15/26		44,481
	30,000	Diamond Sports Group, LLC / Diamond Sports Finance(a)		6.625	08/15/27		19,088
							63,569
		FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
	145,000	Resolute Forest Products, Inc.(a)		4.875	03/01/26		144,456
		HEALTH CARE FACILITIES & SERVICES — 1.0%
	150,000	Anthem, Inc. (e)		2.875	09/15/29		164,018
	45,000	Centene Corporation (e)		4.625	12/15/29		49,950
	145,000	CVS Health Corporation (i)	3 Month Libor + 0.720%	0.950	03/09/21		145,108

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 1.0% (Continued)
	90,000	HCA, Inc. (e)		5.250	06/15/49		115,520
	85,000	Jaguar Holding Company II / PPD Development, L.P.(a)		5.000	06/15/28		90,419
	80,000	Legacy LifePoint Health, LLC(a) (e)		4.375	02/15/27		81,700
	15,000	Tenet Healthcare Corporation(a)		7.500	04/01/25		16,228
	50,000	Tenet Healthcare Corporation(a)		5.125	11/01/27		52,875
	161,000	Universal Health Services, Inc.(a)		2.650	10/15/30		163,635
							879,453
		HOME CONSTRUCTION — 0.5%
	105,000	M/I Homes, Inc.		4.950	02/01/28		110,788
	125,000	PulteGroup, Inc.		6.375	05/15/33		170,313
	185,000	Weekley Homes, LLC / Weekley Finance Corporation(a)		4.875	09/15/28		192,862
							473,963
		INDUSTRIAL SUPPORT SERVICES — 0.2%
	200,000	Ashtead Capital, Inc.(a) (e)		4.375	08/15/27		211,250
		INSTITUTIONAL FINANCIAL SERVICES — 2.0%
	160,000	Bank of New York Mellon Corporation (The) (i)	HIST5Y + 4.358%	4.700	09/20/68		175,602
	310,000	Brookfield Finance, Inc.		4.250	06/02/26		358,681
	295,000	Goldman Sachs Group, Inc. (The)		4.250	10/21/25		335,903
	115,000	Jefferies Financial Group, Inc.		5.500	10/18/23		125,969
	120,000	Jefferies Group, LLC / Jefferies Group Capital		4.850	01/15/27		142,441
	285,000	Morgan Stanley		3.125	07/27/26		315,840
	175,000	Morgan Stanley		6.375	07/24/42		274,347
							1,728,783
		INSURANCE — 2.3%
	150,000	Allstate Corporation (The) (e) (i)	3 Month Libor + 2.938%	5.750	08/15/53		161,977
	185,000	Ascot Group Ltd.(a)		4.250	12/15/30		193,787
	150,000	Athene Global Funding(a)		2.450	08/20/27		158,272
	120,000	Brighthouse Financial, Inc.		5.625	05/15/30		147,045
	150,000	Fairfax Financial Holdings Ltd. , Series 144A, B		4.850	04/17/28		168,242
	90,000	Liberty Mutual Group, Inc.(a)		4.250	06/15/23		98,001
	150,000	Liberty Mutual Group, Inc.(a)		4.569	02/01/29		181,082
	180,000	Lincoln National Corporation (i)	3 Month Libor + 2.040%	2.264	04/20/67		143,888
	160,000	MetLife, Inc. (e) (i)	HIST5Y + 3.576%	3.850	03/15/69		165,600
	76,000	MetLife, Inc. (e) (i)	3 Month Libor + 2.959%	5.875	09/15/66		88,274

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		INSURANCE — 2.3% (Continued)
	70,000	Prudential Financial, Inc.(i)	3 Month Libor + 4.175%	5.875	09/15/42		74,217
	230,000	Prudential Financial, Inc.(i)	3 Month Libor + 3.920%	5.625	06/15/43		247,562
	60,000	Trinity Acquisition plc		4.400	03/15/26		69,465
	145,000	Voya Financial, Inc. (e) (i)	3 Month Libor + 3.580%	5.650	05/15/53		153,953
							2,051,365
		INTERNET MEDIA & SERVICES — 0.1%
	100,000	TripAdvisor, Inc.(a)		7.000	07/15/25		108,201
		LEISURE FACILITIES & SERVICES — 0.4%
	25,000	Caesars Entertainment, Inc.(a)		6.250	07/01/25		26,482
	45,000	Gateway Casinos & Entertainment Ltd.(a)		8.250	03/01/24		41,845
	20,000	International Game Technology plc(a)		5.250	01/15/29		21,382
	95,000	Marriott Ownership Resorts, Inc.		4.750	01/15/28		96,050
	80,000	Scientific Games International, Inc.(a) (e)		5.000	10/15/25		82,545
	50,000	Scientific Games International, Inc.(a)		8.250	03/15/26		52,955
	20,000	Scientific Games International, Inc.(a)		7.000	05/15/28		21,234
							342,493
		MACHINERY — 0.8%
	290,000	Flowserve Corporation (e)		3.500	10/01/30		308,894
	165,000	Hillenbrand, Inc.		4.500	09/15/26		187,894
	165,000	Stanley Black & Decker, Inc. (i)	HIST5Y + 2.657%	4.000	03/15/60		175,119
							671,907
		METALS & MINING — 0.7%
	70,000	Alliance Resource Operating Partners, L.P. (a)		7.500	05/01/25		61,863
	160,000	Cleveland-Cliffs, Inc.(a) (e)		6.750	03/15/26		172,366
	160,000	Glencore Funding, LLC(a) (e)		1.625	09/01/25		163,778
	145,000	Teck Resources Ltd.		6.125	10/01/35		184,476
							582,483
		OIL & GAS PRODUCERS — 2.5%
	150,000	Aker BP ASA(a)		2.875	01/15/26		154,575
	155,000	Boardwalk Pipelines, L.P., B		4.950	12/15/24		175,024
	45,000	Cheniere Energy, Inc.(a)		4.625	10/15/28		46,978
	75,000	CrownRock, L.P. / CrownRock Finance, Inc.(a)		5.625	10/15/25		74,953
	15,000	EQM Midstream Partners, L.P.(a)		6.000	07/01/25		15,710
	20,000	EQM Midstream Partners, L.P.(a)		6.500	07/01/27		21,630

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		OIL & GAS PRODUCERS — 2.5% (Continued)
	35,000	EQM Midstream Partners, L.P.(a)		4.500	01/15/29		33,946
	35,000	EQM Midstream Partners, L.P.(a)		4.750	01/15/31		33,832
	165,000	HollyFrontier Corporation (e)		5.875	04/01/26		186,934
	70,000	Indigo Natural Resources, LLC(a)		5.375	02/01/29		69,300
	160,000	Kinder Morgan, Inc. (e)		4.300	06/01/25		180,811
	45,000	Kinder Morgan, Inc.		7.750	01/15/32		66,441
	15,000	Murphy Oil USA, Inc.(a)		3.750	02/15/31		15,038
	5,000	Occidental Petroleum Corporation		5.500	12/01/25		5,233
	70,000	Parsley Energy, LLC / Parsley Finance Corporation(a)		4.125	02/15/28		74,506
	200,000	Pertamina Persero PT(a)		6.450	05/30/44		270,636
	85,000	Petroleos Mexicanos (e)		6.500	03/13/27		87,720
	185,000	Petroleos Mexicanos		7.690	01/23/50		175,191
	200,000	Petronas Capital Ltd.(a)		3.500	04/21/30		225,690
	100,000	Sabine Pass Liquefaction, LLC		6.250	03/15/22		104,869
	65,000	Sabine Pass Liquefaction, LLC		4.200	03/15/28		73,753
	140,000	Targa Resources Partners, L.P. / Targa Resources (e)		5.875	04/15/26		146,914
							2,239,684
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	80,000	Patterson-UTI Energy, Inc.		5.150	11/15/29		77,736
	29,000	Transocean Guardian Ltd.(a)		5.875	01/15/24		25,429
							103,165
		PUBLISHING & BROADCASTING — 0.1%
	85,000	Meredith Corporation (e)		6.875	02/01/26		86,107
		REAL ESTATE OWNERS & DEVELOPERS — 0.0%(c)
	20,000	Kennedy-Wilson, Inc.		4.750	03/01/29		20,050
		REIT — 2.9%
	260,000	American Assets Trust, L.P.		3.375	02/01/31		268,417
	196,000	Corporate Office Properties, L.P.		3.600	05/15/23		207,666
	220,000	EPR Properties (e)		4.750	12/15/26		229,173
	80,000	ESH Hospitality, Inc.(a)		4.625	10/01/27		81,898
	155,000	GLP Capital, L.P. / GLP Financing II, Inc.		5.750	06/01/28		184,717
	190,000	Iron Mountain, Inc.(a)		4.875	09/15/29		198,170
	105,000	iStar, Inc.		4.250	08/01/25		103,425
	85,000	MPT Operating Partnership, L.P. / MPT Finance		5.000	10/15/27		89,843

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		REIT — 2.9% (Continued)
	25,000	MPT Operating Partnership, L.P. / MPT Finance (e)		4.625	08/01/29	26,780
	130,000	MPT Operating Partnership, L.P. / MPT Finance (e)		3.500	03/15/31	132,012
	170,000	Office Properties Income Trust		4.500	02/01/25	181,327
	105,000	Retail Opportunity Investments Partnership, L.P.		4.000	12/15/24	111,341
	225,000	Retail Properties of America, Inc.		4.750	09/15/30	246,958
	170,000	SBA Tower Trust , Series 2020-1-2, 1C(a),(b)		1.884	01/15/26	176,047
	165,000	Service Properties Trust (e)		4.950	02/15/27	159,638
	155,000	Spirit Realty, L.P.		3.200	02/15/31	162,899
						2,560,311
		RETAIL - CONSUMER STAPLES — 0.2%
	85,000	Albertsons Companies Inc / Safeway Inc / New(a)		3.250	03/15/26	85,744
	105,000	Albertsons Companies Inc / Safeway Inc / New(a)		4.625	01/15/27	110,147
	15,000	Albertsons Companies Inc / Safeway Inc / New(a)		3.500	03/15/29	14,831
						210,722
		RETAIL - DISCRETIONARY — 0.3%
	185,000	American Builders & Contractors Supply Company,(a)		4.000	01/15/28	191,094
	75,000	QVC, Inc.		4.375	03/15/23	79,406
						270,500
		SEMICONDUCTORS — 0.9%
	180,000	Broadcom, Inc. (e)		4.150	11/15/30	204,041
	148,000	Broadcom, Inc.(a)		2.450	02/15/31	147,366
	175,000	Microchip Technology, Inc.(a)		4.250	09/01/25	183,317
	270,000	SK Hynix, Inc.(a)		1.500	01/19/26	272,389
						807,113
		SOFTWARE — 0.6%
	265,000	Citrix Systems, Inc.		3.300	03/01/30	285,445
	175,000	VMware, Inc. (e)		3.900	08/21/27	196,375
	55,000	VMware, Inc.		4.700	05/15/30	65,043
						546,863
		SPECIALTY FINANCE — 1.3%
	150,000	AerCap Ireland Capital DAC / AerCap Global (e)		3.650	07/21/27	160,942
	145,000	Aviation Capital Group, LLC(a) (e)		3.500	11/01/27	153,355
	125,000	Avolon Holdings Funding Ltd.(a)		4.375	05/01/26	135,596
	120,000	Capital One Financial Corporation (e)		4.200	10/29/25	136,118
	165,000	Capital One Financial Corporation		3.750	07/28/26	184,795

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		SPECIALTY FINANCE — 1.3% (Continued)
	65,000	Discover Financial Services (i)	HIST5Y + 5.783%	6.125	03/23/69		73,442
	50,000	FirstCash, Inc.(a)		4.625	09/01/28		51,921
	10,000	Fortress Transportation and Infrastructure(a) (e)		6.500	10/01/25		10,369
	115,000	Ladder Capital Finance Holdings LLLP / Ladder(a) (e)		4.250	02/01/27		111,588
	70,000	OneMain Finance Corporation		6.875	03/15/25		80,456
	25,000	OneMain Finance Corporation		7.125	03/15/26		29,281
							1,127,863
		STEEL — 0.1%
	85,000	Commercial Metals Company		3.875	02/15/31		87,125
		TECHNOLOGY HARDWARE — 1.4%
	105,000	Dell International, LLC / EMC Corporation(a)		8.100	07/15/36		153,451
	94,000	Flex Ltd.		3.750	02/01/26		104,016
	240,000	Hewlett Packard Enterprise Company (e)		4.900	10/15/25		279,383
	255,000	HP, Inc.		3.400	06/17/30		277,616
	96,429	Motorola Solutions, Inc.		4.600	02/23/28		114,926
	50,000	Motorola Solutions, Inc.		4.600	05/23/29		59,369
	75,000	Seagate HDD Cayman(a)		3.375	07/15/31		73,219
	140,000	Xerox Holdings Corporation(a)		5.500	08/15/28		144,596
							1,206,576
		TECHNOLOGY SERVICES — 0.4%
	185,000	Leidos, Inc.(a)		2.300	02/15/31		186,208
	160,000	Science Applications International Corporation(a)		4.875	04/01/28		168,675
							354,883
		TELECOMMUNICATIONS — 1.2%
	140,000	Consolidated Communications, Inc.(a) (e)		6.500	10/01/28		152,506
	170,000	Level 3 Financing, Inc.(a)		4.250	07/01/28		174,896
	5,000	Level 3 Financing, Inc.(a)		3.750	07/15/29		5,037
	75,000	Sprint Spectrum Company, LLC / Sprint Spectrum , Series 2016-1(a)		3.360	09/20/21		75,781
	200,000	Sprint Spectrum Company, LLC / Sprint Spectrum(a)		4.738	03/20/25		217,705
	85,000	Telesat Canada / Telesat, LLC(a)		6.500	10/15/27		90,141
	215,000	T-Mobile USA, Inc.(a)		3.875	04/15/30		243,511
	85,000	Verizon Communications, Inc.(i)	3 Month Libor + 1.100%	1.321	05/15/25		87,518
							1,047,095

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		CORPORATE BONDS — 35.1% (Continued)
		TOBACCO & CANNABIS — 0.3%
	195,000	BAT Capital Corporation		4.906	04/02/30	230,731
	40,000	Vector Group Ltd.(a)		5.750	02/01/29	41,401
						272,132
		TOTAL CORPORATE BONDS (Cost $29,432,755)				30,907,152
		MUNICIPAL BONDS — 3.3%
		CITY — 0.6%
	340,000	City of Bristol VA		4.210	01/01/42	364,918
	145,000	City of San Antonio TX		1.963	02/01/33	148,334
						513,252
		GOVERNMENT LEASE — 0.2%
	145,000	Texas Public Finance Authority		2.140	02/01/35	147,613
		HIGHER EDUCATION — 0.1%
	115,000	University of California		4.428	05/15/48	129,561
		HOSPITALS — 0.2%
	135,000	Idaho Health Facilities Authority		5.020	03/01/48	171,773
		LOCAL AUTHORITY — 2.0%
	325,000	San Diego County Regional Airport Authority		5.594	07/01/43	342,758
	385,000	State of California (e)		7.600	11/01/40	689,049
	600,000	State of Texas		3.211	04/01/44	645,762
	35,000	Texas Transportation Commission State Highway Fund		4.000	10/01/33	44,154
						1,721,723
		SALES TAX — 0.0%(c)
	20,000	Sales Tax Securitization Corporation		3.411	01/01/43	21,572
		WATER AND SEWER — 0.2%
	160,000	Santa Clara Valley Water District		2.967	06/01/50	161,898
		TOTAL MUNICIPAL BONDS (Cost $2,608,777)				2,867,392

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		NON U.S. GOVERNMENT & AGENCIES — 2.1%
	200,000	Brazilian Government International Bond (e)		3.875	06/12/30		206,100
	200,000	Emirate of Dubai Government International Bonds		5.250	01/30/43		233,026
	200,000	Mexico Government International Bond (e)		2.659	05/24/31		199,408
	200,000	Oman Government International Bond(a)		7.375	10/28/32		227,619
	200,000	Qatar Government International Bond(a)		4.400	04/16/50		256,296
	200,000	Republic of South Africa Government International		4.850	09/27/27		213,177
	200,000	Saudi Government International Bond(a) (e)		3.250	10/22/30		218,130
	325,000	Turkey Government International Bond (e)		5.875	06/26/31		331,575
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,876,366)					1,885,331
		TERM LOANS — 6.0%
		AEROSPACE & DEFENSE — 0.4%
	94,288	AI Convoy Luxembourg Sarl(i)	6 Month Libor + 3.500%	4.500	01/20/27		94,513
	208,878	TransDigm, Inc.(i)	1 Month Libor + 2.250%	2.396	05/30/25		206,053
							300,566
		AUTOMOTIVE — 0.1%
	68,785	Cooper-Standard Automotive, Inc.(i)	1 Month Libor + 2.00%	2.750	11/02/23		65,616
		BIOTECH & PHARMA — 0.0%(c)
	22,500	Bausch Health Americas, Inc.(i)	1 Month Libor + 2.750%	2.898	06/01/25		22,501
	7,224	Bausch Health Americas, Inc.(i)	1 Month Libor +3.000%	3.143	06/01/25		7,240
							29,741
		CABLE & SATELLITE — 0.3%
	64,673	Charter Communications Operating, LLC(b)	1 Month Libor + 1.750%	1.900	02/01/27		64,686
	99,492	CSC Holdings, LLC(b)	1 Month Libor + 2.250%	2.409	01/11/26		99,088
	45,000	Newco Financing Partnership(b)	1 Month Libor + 3.500%	3.673	01/31/29		45,110
	17,860	Radiate Holdco, LLC(b)	1 Month Libor + 3.500%	4.250	09/11/26		17,897
	45,000	UPC Financing Partnership(b)	1 Month Libor + 3.500%	3.677	01/31/29		45,110
	20,000	Virgin Media Bristol, LLC(b)	1 Month Libor + 3.250%	0.000	01/10/29		20,063
							291,954
		CHEMICALS — 0.5%
	45,000	Gemini HDPE, LLC(b)	3 Month Libor + 3.000%	0.000	12/11/27		44,850
	129,333	INEOS US Finance, LLC(b)	1 Month Libor + 2.000%	2.147	03/31/24		128,811
	135,000	INEOS US Petrochem, LLC(b)	1 Month Libor + 2.750%	0.000	01/21/26		135,703
	159,583	Nouryon USA, LLC(b)	1 Month Libor + 3.000%	3.153	10/01/25		159,185
							468,549

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		TERM LOANS — 6.0% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.2%
	30,000	AlixPartners LLP(b)	1 Month Libor + 2.750%	0.000	01/28/28		30,025
	24,813	Aramark Services, Inc.(b)	1 Month Libor + 1.750%	1.895	12/10/26		24,626
	76,620	CHG Healthcare Services, Inc.(b)	3 Month Libor + 3.000%	4.000	06/07/23		76,681
	81,215	TKC Holdings, Inc.(b)	3 Month Libor + 3.750%	4.750	02/01/23		79,886
							211,218
		CONSTRUCTION MATERIALS — 0.2%
	40,087	AZEK Company, LLC (The)(b)	3 Month Libor + 3.750%	4.750	05/04/24		40,192
	97,733	Summit Materials, LLC(b)	1 Month Libor + 2.000%	2.145	11/10/24		97,743
							137,935
		CONTAINERS & PACKAGING — 0.2%
	168,796	Berry Global, Inc.(b)	1 Month Libor + 2.000%	2.133	05/17/26		168,764
		ELECTRIC UTILITIES — 0.3%
	48,553	APLP Holdings, L.P.(b)	1 Month Libor + 2.500%	3.500	04/19/25		48,636
	125,000	Astoria Energy, LLC(b)	3 Month Libor + 3.500%	4.500	12/10/27		125,293
	98,500	Calpine Corporation(b)	1 Month Libor + 2.250%	2..371	04/01/26		98,453
							272,382
		ELECTRICAL EQUIPMENT — 0.2%
	187,949	Brookfield WEC Holdings, Inc.(b) (h)	1 Month Libor + 2.750%	3.750	08/01/25		188,114
	9,925	Ingersoll-Rand Services Company(b)	1 Month Libor + 1.750%	1.871	02/28/27		9,889
							198,003
		FOOD — 0.1%
	100,000	CHG PPC Parent, LLC(b)	1 Month Libor + 2.750%	2.871	03/23/25		99,313
		HEALTH CARE FACILITIES & SERVICES — 0.3%
	49,496	Catalent Pharma Solutions, Inc.(b)	1 Month Libor + 2.250%	3.250	05/10/26		49,744
	107,250	IQVIA, Inc.(b)	3 Month Libor + 1.750%	2.004	06/08/25		107,394
	71,596	Legacy LifePoint Health, LLC(b)	1 Month Libor + 3.750%	3.897	11/16/25		71,645
	20,000	PPD, Inc.(b)	1 Month Libor + 2.250%	2.750	01/06/28		20,115
							248,898
		HOME & OFFICE PRODUCTS — 0.1%
	75,000	Weber-Stephen Products, LLC(b)	1 Month Libor + 3.250%	4.000	10/20/27		75,356

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		TERM LOANS — 6.0% (Continued)
		HOME CONSTRUCTION — 0.1%
	30,000	CP Atlas Buyer, Inc.(b)	3 Month Libor + 4.500%	5.250	11/20/27		30,069
	10,000	CP Atlas Buyer, Inc.(b)	3 Month Libor + 4.500%	5.250	11/20/27		10,023
							40,092
		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	100,000	Citadel Securities, L.P.(b)	1 Month Libor + 2.500%	0.000	02/27/28		99,667
		INSURANCE — 0.1%
	203,146	Sedgwick Claims Management Services, Inc.(b)	1 Month Libor + 3.250%	3.371	11/05/25		202,243
		INTERNET MEDIA & SERVICES — 0.1%
	64,350	Pug, LLC(b)	1 Month Libor + 3.500%	3.621	12/31/49		61,937
		LEISURE FACILITIES & SERVICES — 0.3%
	14,925	Aristocrat International Pty Ltd.(b)	3 Month Libor + 3.750%	4.750	10/19/24		15,025
	154,357	Boyd Gaming Corporation(b)	ICE LIBOR USD 1 Week + 2.250%	2.342	09/15/23		154,172
	39,608	Station Casinos, LLC(b)	1 Month Libor + 2.250%	2.500	01/31/27		39,088
							208,285
		MACHINERY — 0.4%
	60,000	Alliance Laundry Systems, LLC(b)	3 Month Libor + 3.500%	4.250	09/30/27		60,287
	9,950	Gardner Denver, Inc.(b)	1 Month Libor + 2.750%	2.871	02/28/27		9,971
	85,698	Seminole Tribe of Florida, Inc.(b)	1 Month Libor + 1.750%	1.871	07/06/24		85,820
	134,625	Star US Bidco, LLC(b)	1 Month Libor + 4.250%	5.250	03/03/27		134,289
							290,367
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	112,686	Greatbatch Ltd.(b)	1 Month Libor + 2.500%	3.500	10/27/22		112,897
		OIL & GAS PRODUCERS — 0.1%
	24,813	Buckeye Partners, L.P.(b)	1 Month Libor + 2.750%	2.897	10/16/26		24,852
	58,218	CITGO Petroleum Corporation(b)	3 Month Libor + 6.250%	7.250	03/27/24		58,058
							82,910
		PUBLISHING & BROADCASTING — 0.1%
	73,333	Nexstar Broadcasting, Inc.(b)	1 Month Libor + 2.750%	2.894	06/20/26		73,506

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		TERM LOANS — 6.0% (Continued)
		RETAIL - DISCRETIONARY — 0.1%
	105,000	Harbor Freight Tools USA, Inc.(b)	1 Month Libor + 3.250%	4.000	10/14/27		105,276
	20,000	PetSmart, Inc.(b)	1 Month Libor + 4.500%	0.000	01/29/28		19,800
							125,076
		SOFTWARE — 0.4%
	59,692	Applied Systems, Inc.(b)	3 Month Libor + 3.000%	4.000	09/18/24		59,865
	133,162	Boxer Parent Company, Inc.(b)	1 Month Libor + 4.25%	4.371	06/28/25		133,224
	125,000	Sophia, L.P.(b)	3 Month Libor + 3.750%	4.500	09/23/27		125,656
	64,900	UKG, Inc.(b)	3 Month Libor + 3.250%	4.750	05/03/26		65,271
							384,016
		SPECIALTY FINANCE — 0.1%
	75,000	Avolon TLB Borrower 1 US, LLC(b)	1 Month Libor + 2.500%	3.250	12/01/27		75,450
		TECHNOLOGY HARDWARE — 0.1%
	63,649	Dell International, LLC(b) (e)	1 Month Libor + 2.000%	2.750	09/12/25		63,853
		TECHNOLOGY SERVICES — 0.2%
	169,200	Dun & Bradstreet Corporation (The)(b)	1 Month Libor + 3.250%	3..378	02/01/26		169,865
		TELECOMMUNICATIONS — 0.4%
	39,588	CenturyLink, Inc.(b)	1 Month Libor + 2.250%	2.371	03/15/27		39,533
	44,888	Consolidated Communications, Inc.(b)	1 Month Libor + 4.750%	5.750	10/18/27		45,331
	179,337	SBA Senior Finance II, LLC(b)	1 Month Libor + 1.750%	1.871	04/11/25		178,991
	115,717	Zayo Group Holdings, Inc.(b)	1 Month Libor + 3.000%	3.121	02/21/27		115,211
							379,066
		TRANSPORTATION & LOGISTICS — 0.3%
	103,939	American Airlines, Inc.(b)	1 Month Libor + 1.750%	1.878	06/27/25		93,791
	120,000	Mileage Plus Holdings, LLC(b)	3 Month Libor + 5.250%	6.250	06/25/27		128,207
							221,998
		TRANSPORTATION EQUIPMENT — 0.1%
	87,525	Navistar, Inc.(b)	1 Month Libor + 3.500%	3.630	11/02/24		87,645
		TOTAL TERM LOANS (Cost $5,217,393)					5,247,168

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

				Interest
Principal Amount			Variable Rate	Rate %	Maturity	Value ($)
		U.S. GOVERNMENT & AGENCIES — 21.6%
		AGENCY FIXED RATE — 2.3%
	46,070	Fannie Mae Pool 310041		6.500	05/01/37	55,937
	13,286	Fannie Mae Pool 735061		6.000	11/01/34	15,979
	12,274	Fannie Mae Pool 866009		6.000	03/01/36	14,781
	24,542	Fannie Mae Pool 909175		5.500	04/01/38	28,682
	60,989	Fannie Mae Pool 909220		6.000	08/01/38	71,830
	117,655	Fannie Mae Pool 938574		5.500	09/01/36	137,585
	18,030	Fannie Mae Pool 962752		5.000	04/01/38	20,988
	111,354	Fannie Mae Pool AA7001		5.000	06/01/39	129,512
	89,826	Fannie Mae Pool AS6522		3.500	01/01/46	96,712
	131,873	Fannie Mae Pool AS7026		4.000	04/01/46	143,275
	205,860	Fannie Mae Pool BJ9260		4.000	04/01/48	221,361
	114,255	Fannie Mae Pool CA4128		3.000	09/01/49	120,437
	176,481	Fannie Mae Pool CA4978		3.000	01/01/50	186,110
	257,547	Fannie Mae Pool MA3803		3.500	10/01/49	273,672
	337,704	Fannie Mae Pool MA3905		3.000	01/01/50	355,419
	128,247	Freddie Mac Gold Pool G01980		5.000	12/01/35	149,222
	18,234	Freddie Mac Gold Pool G05888		5.500	10/01/39	21,466
						2,042,968
		U.S. TREASURY BONDS — 6.7%
	590,000	United States Treasury Bond		3.000	08/15/48	742,824
	1,280,000	United States Treasury Bond		2.875	05/15/49	1,581,350
	1,260,000	United States Treasury Bond		2.000	02/15/50	1,305,823
	2,500,000	United States Treasury Bond		1.375	08/15/50	2,225,976
						5,855,973
		U.S. TREASURY NOTES — 12.6%
	1,010,000	United States Treasury Note		0.125	05/31/22	1,010,316
	3,500,000	United States Treasury Note		0.250	05/31/25	3,484,824
	1,210,000	United States Treasury Note		2.875	08/15/28	1,390,602
	3,890,000	United States Treasury Note (e)		2.625	02/15/29	4,411,655
	770,000	United States Treasury Note		1.500	02/15/30	802,454
						11,099,851
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,125,098)				18,998,792

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares				Value ($)
		COLLATERAL FOR SECURITIES LOANED — 17.1%
	15,023,572	Mount Vernon Prime Portfolio (Cost $15,023,572)(b)(f)	0.150		15,023,572
		TOTAL INVESTMENTS – 114.6% (Cost $98,674,484)		$	100,756,266
		LIABILITIES IN EXCESS OF OTHER ASSETS - (14.6)%			(12,795,524	)
		NET ASSETS - 100.0%		$	87,960,742

ETF- Exchange-Traded Fund

LLC - Limited Liability Corporation

LP - Limited Partnership

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

REITs - Real Estate Investment Trusts

SARL - Private Limited Liability Company in Luxembourg

^(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2021 the total market value of 144A securities is 34,681,681 or 39.4%

^(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

^(c) Percentage rounds to less than 0.1%.

^(d) Rate disclosed is the seven day effective yield as of January 31, 2021.

^(e) All or a portion of these securities are on loan. Total loaned securities had a value of $14,690,837 at January 31, 2021.

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

^(g) Step up Bond the interest rate shown is the rate in effect as of January 31,2021.

^(h) Security has not settled. Interest rate will be set at settlement.

⁽ⁱ⁾ Variable rate security. Interest rate is as of January 31, 2021.

H15T10Y	10 Year US Treasury Yield Curve Constant Maturity Rate
H15T5Y	5 Year US Treasury Yield Curve Constant Maturity Rate
USSW5	5 Year USSW Rate
SOFRRATE	Secured Overnight Financing Rate

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund

January 31, 2021

	Variable		Principal		Interest			Maturity
Security	Rate		Amount		Rate %			Date	Value
TERM LOANS - 96.4%
BASIC MATERIALS - 5.7%
Acuity Specialty Products, Inc. (aka Zep Inc.), Initial Term Loan (First Lien)	LIBOR + 4.000	%	$	963,083		5.000	+	8/12/2024	$	955,460
Aruba Investments Holdings, LLC, Initial Dollar Term Loan (First Lien)	LIBOR + 4.000	%		445,000		4.750	+	11/24/2027		448,062
Ascend Performance Materials Operations LLC, Initial Term Loan	LIBOR + 5.250	%		222,750		6.250	+	8/28/2026		224,671
Covia Holdings Corporation (fka Unimin Corporation), Initial Term Loan **	LIBOR + 4.000	%		460,531		4.119	+	5/31/2025		446,140
Diamond (BC) B.V. (aka Diversey), Initial USD Term Loan	LIBOR + 3.000	%		1,199,909		3.121	+	9/06/2024		1,197,660
Diamond (BC) B.V. (aka Diversey), New Term Loan	LIBOR + 5.000	%		189,525		6.000	+	9/06/2024		189,762
Element Solutions Inc (Macdermid, Incorporated), Tranche B-1 Term Loan	LIBOR + 2.000	%		720,369		2.121	+	1/30/2026		719,922
H.B. Fuller Company, Commitment	LIBOR + 2.000	%		654,060		2.129	+	10/20/2024		654,698
Hexion Inc., USD Term Loan	LIBOR + 3.500	%		566,375		3.737	+	6/30/2026		568,499
Ineos US Finance LLC, New 2024 Dollar Term Loan	LIBOR + 2.000	%		2,264,293		2.121	+	3/31/2024		2,255,156
Ineos US Petrochem, LLC, Term Loan B (USD)	LIBOR + 2.750	%		520,000		2.869	+	1/29/2026		522,709
Innophos Holdings, Inc., Initial Term Loan	LIBOR + 3.500	%		441,663		3.621	+	2/04/2027		442,583
NIC Acquisition Corporation, Term Loan	LIBOR + 3.750	%		190,000		3.869	+	12/29/2027		190,951
Nouryon Finance B.V. (aka AkzoNobel), Initial Dollar Term Loan	LIBOR + 3.000	%		1,078,296		3.129	+	9/30/2025		1,075,600
										9,891,873
COMMUNICATIONS - 15.6%
Altice France S.A., USD TLB-13 Incremental Term Loan	LIBOR + 4.000	%		229,713		4.127	+	8/14/2026		230,159
Barracuda Networks, Inc., 2020 Term Loan (First Lien)	LIBOR + 3.750	%		608,475		4.500	+	2/12/2025		609,868
CenturyLink, Inc., Term B Loan	LIBOR + 2.250	%		727,650		2.371	+	3/16/2027		726,649
Charter Communications Operating, LLC (aka CCO Safari LLC), Term B-2 Loan	LIBOR + 1.750	%		1,867,834		1.871	+	1/31/2027		1,868,226
Clear Channel Outdoor Holdings, Inc., Term B Loan	LIBOR + 3.500	%		835,777		3.711	+	8/20/2026		817,231
CNT Holdings I Corporation, Initial Term Loan (First Lien)	LIBOR + 3.750	%		660,000		4.500	+	11/08/2027		664,597
Consolidated Communications, Inc., Initial Term Loan	LIBOR + 4.750	%		763,088		5.750	+	10/02/2027		770,631
CSC Holdings, LLC (fka CSC Holdings Inc. (Cablevision)), March 2017 Refinancing Term Loan	LIBOR + 2.250	%		1,724,937		2.376	+	7/16/2025		1,718,072
CSC Holdings, LLC (fka CSC Holdings Inc. (Cablevision)), October 2018 Incremental Term Loan	LIBOR + 2.250	%		372,400		2.376	+	1/16/2026		370,888
Diamond Sports Group, LLC, Term Loan	LIBOR + 3.250	%		600,136		3.371	+	8/24/2026		515,619
Hoya Midco, LLC (aka Vivid Seats LLC), Initial Term Loan (First Lien)	LIBOR + 3.500	%		926,090		4.500	+	6/30/2024		891,362
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), New Term Loan	LIBOR + 3.000	%		1,775,600		3.121	+	4/30/2026		1,756,956
Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan	LIBOR + 5.750	%		660,000		8.000	+	11/28/2023		669,860
Intelsat Jackson Holdings S.A., Tranche B-5 Term Loan	LIBOR + 8.625	%		354,000		8.625	+	1/02/2024		360,721
Intrado Corporation, Initial Term B Loan	LIBOR + 4.000	%		437,266		5.000	+	10/10/2024		431,116
Intrado Corporation, Incremental Term B-1 Loan	LIBOR + 3.500	%		243,750		4.500	+	10/10/2024		239,560
Level 3 Financing, Inc., Tranche B 2027 Term Loan	LIBOR + 1.750	%		1,936,567		1.871	+	2/28/2027		1,928,705
McGraw Hill LLC, Term B Loan (First Lien)	LIBOR + 4.750	%		830,155		5.750	+	10/31/2024		818,953
Meredith Corporation, Tranche B-2 Term Loan	LIBOR + 2.500	%		520,864		2.621	+	2/01/2025		518,213
NewCo I B.V., Facility AV1	LIBOR + 3.500	%		495,000		3.626	+	2/01/2029		496,208
Nexstar Broadcasting, Inc., Term B-4 Loan	LIBOR + 2.750	%		905,472		2.894	+	9/18/2026		907,609
Numericable U.S. LLC, USD TLB-11 Term Loan	LIBOR + 2.750	%		627,250		2.871	+	8/01/2025		621,633
Numericable U.S. LLC, USD TLB-[12] Term Loan	LIBOR + 3.688	%		772,770		3.814	+	2/01/2026		771,418
Plantronics, Inc., Initial Term B Loan	LIBOR + 2.500	%		560,000		2.621	+	7/02/2025		555,486
Pug LLC, USD Term B Loan	LIBOR + 3.500	%		742,500		3.621	+	2/12/2027		714,656
Radiate HoldCo, LLC (aka RCN Grande), Term B Loan	LIBOR + 3.500	%		126,901		4.250	+	9/24/2026		127,165
Rodan & Fields, LLC, Closing Date Term Loan	LIBOR + 4.000	%		628,875		4.127	+	6/16/2025		554,353
SBA Senior Finance II LLC, Initial Term Loan	LIBOR + 1.750	%		1,130,546		1.871	+	4/12/2025		1,128,364
Sinclair Television Group, Inc., Tranche B Term Loan	LIBOR + 2.250	%		850,163		2.371	+	1/04/2024		845,912
Uber Technologies, Inc., 2018 Refinancing Term Loan	LIBOR + 3.500	%		1,057,246		3.621	+	7/12/2023		1,060,766
Univision Communications Inc., 2017 Replacement Repriced First-Lien Term Loan	LIBOR + 2.750	%		1,992,315		3.750	+	3/16/2024		1,991,608
UPC Financing Partnership , Facility AV	LIBOR + 3.500	%		495,000		3.626	+	2/01/2029		496,208
Virgin Media Bristol LLC, N Facility	LIBOR + 2.500	%		500,000		2.626	+	2/01/2028		498,715
Zayo Group Holdings, Inc., Initial Dollar Term Loan	LIBOR + 3.000	%		489,934		3.121	+	3/08/2027		487,791
										27,165,278
CONSUMER, CYCLICAL - 15.2%
Accuride Corporation, 2017 Refinancing Term Loan	LIBOR + 5.250	%		442,790		6.250	+	11/16/2023		406,481
American Airlines, Inc., 2017 Class B Term Loan	LIBOR + 2.000	%		479,568		2.126	+	12/16/2023		447,660
American Axle & Manufacturing, Inc., Tranche B Term Loan	LIBOR + 2.250	%		1,149,876		3.000	+	4/06/2024		1,145,207
American Builders & Contractors Supply Co., Inc., Restatement Effective Date Term Loan	LIBOR + 2.000	%		1,095,209		2.121	+	1/16/2027		1,093,156
Aramark Intermediate HoldCo Corporation, U.S. Term B-2 Loan	LIBOR + 1.750	%		195,170		1.871	+	3/28/2024		194,520
Aramark Intermediate HoldCo Corporation, U.S. Term B-3 Loan	LIBOR + 1.750	%		1,357,024		1.871	+	3/12/2025		1,350,965
Aristocrat Leisure Limited, Initial Term Loan	LIBOR + 3.750	%		49,750		4.750	+	10/20/2024		50,084

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2021

	Variable		Principal		Interest			Maturity
Security	Rate		Amount		Rate %			Date	Value
TERM LOANS - 96.4% (Continued)
CONSUMER, CYCLICAL - 15.2% (Continued)
Aristocrat Leisure Limited, Term B-3 Loan	LIBOR + 1.750	%	$	1,368,045		1.974	+	10/20/2024	$	1,365,192
Bass Pro Group, LLC, Initial Term Loan	LIBOR + 5.000	%		917,115		5.750	+	9/24/2024		920,224
Boyd Gaming Corporation, Refinancing Term B Loan	LIBOR + 2.250	%		662,243		2.342	+	9/16/2023		661,448
Caesars Resort Collection, LLC, Term B-1 Loan	LIBOR + 4.500	%		678,300		4.621	+	6/20/2025		679,111
Carlisle FoodService Products, Inc., Initial Term Loan (First Lien)	LIBOR + 3.000	%		545,415		4.000	+	3/20/2025		522,916
Carnival Corporation, Initial Advance (USD)	LIBOR + 7.500	%		129,350		8.500	+	6/30/2025		133,696
CCM Merger, Inc. (MotorCity Casino Hotel), Term B Loan	LIBOR + 3.750	%		365,000		4.500	+	11/04/2025		367,737
CityCenter Holdings, LLC, Term B Loan	LIBOR + 2.250	%		941,908		3.000	+	4/18/2024		931,707
Clarios Global LP, Initial Dollar Term Loan (First Lien)	LIBOR + 3.500	%		828,583		3.621	+	4/30/2026		830,136
Cooper-Standard Automotive Inc., Additional Term B-1 Loan	LIBOR + 2.000	%		778,436		2.750	+	11/02/2023		742,574
DexKo Global Inc., Replacement U.S. Dollar Term B Loan (First Lien)	LIBOR + 3.500	%		505,370		4.500	+	7/24/2024		506,793
Gateway Casinos & Entertainment Limited, Initial Term Loan	LIBOR + 3.500	%		492,373		3.619	+	3/12/2025		482,447
Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan	LIBOR + 12.000	%		15,000		13.000	+	10/04/2023		17,100
Golden Nugget, Inc. (aka Landry’s Inc.), Initial B Term Loan	LIBOR + 2.500	%		1,155,545		3.250	+	10/04/2023		1,135,508
Harbor Freight Tools USA, Inc., Initial Loan (2020)	LIBOR + 3.250	%		1,278,165		4.000	+	10/20/2027		1,281,520
Isagenix International, LLC, Senior Lien Term Loan	LIBOR + 5.750	%		511,404		6.750	+	6/14/2025		286,386
Kestrel Bidco Inc. (aka WestJet Airlines), Term Loan	LIBOR + 3.000	%		578,180		4.000	+	12/12/2026		558,160
LBM Acquisition, LLC, Initial Term Loan (First Lien)	LIBOR + 3.750	%		65,000		4.500	+	12/16/2027		65,219
LBM Acquisition, LLC, Initial Delayed Draw Term Loan (First Lien)	LIBOR + 3.750	%		13,860		3.869	+	12/18/2027		13,906
Michaels Stores, Inc., 2020 Refinancing Term B Loan	LIBOR + 3.500	%		810,927		4.250	+	9/30/2027		811,941
Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan	LIBOR + 5.250	%		995,000		6.250	+	6/20/2027		1,063,053
Navistar, Inc., Tranche B Term Loan	LIBOR + 3.500	%		914,150		3.629	+	11/06/2024		915,407
Ozark Holdings LLC (aka Royal Oak), 2020 Refinancing Term Loan	LIBOR + 4.000	%		185,000		4.750	+	12/16/2027		185,983
Park River Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		165,000		4.000	+	12/28/2027		165,598
Petco Animal Supplies, Inc., Term Loan	LIBOR + 3.250	%		610,523		4.250	+	1/26/2023		610,697
PetSmart, Inc., Term Loan B	LIBOR + 4.500	%		160,000		4.619	+	2/11/2028		158,400
Playa Resorts Holding B.V., Initial Term Loan	LIBOR + 2.750	%		711,313		3.750	+	4/28/2024		688,195
Protective Industrial Products, Inc., Initial Term Loan	LIBOR + 4.000	%		650,000		4.119	+	12/29/2027		650,812
Scientific Games International, Inc., Initial Term B-5 Loan	LIBOR + 2.750	%		1,045,127		2.871	+	8/14/2024		1,029,288
Serta Simmons Bedding, LLC, Initial Term Loan (First Lien)	LIBOR + 3.500	%		293,760		4.500	+	11/08/2023		176,957
Station Casinos LLC, Term B-1 Facility Loan	LIBOR + 2.250	%		445,592		2.500	+	2/08/2027		439,743
Tenneco Inc., Tranche B Term Loan	LIBOR + 3.000	%		779,100		3.121	+	9/30/2025		771,991
TI Group Automotive Systems, L.L.C., Initial US Term Loan (2020)	LIBOR + 3.750	%		315,529		4.500	+	12/16/2024		316,712
TKC Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750	%		692,744		4.750	+	1/31/2023		681,401
Truck Hero, Inc., Term Loan B	LIBOR + 3.750	%		510,000		3.869	+	1/31/2028		511,849
UFC Holdings, LLC, Term B-1 Loan (First Lien)	LIBOR + 3.250	%		1,074,039		3.369	+	4/28/2026		1,074,442
										26,442,322
CONSUMER, NON-CYCLICAL - 24.9%
Accelerated Health Systems, LLC (Athletico Management, LLC), Initial Term Loan	LIBOR + 3.500	%		455,700		3.629	+	11/01/2025		455,130
Advanz Pharma Corporation, Initial Dollar Term Loan	LIBOR + 5.500	%		529,946		6.500	+	9/06/2024		529,697
Agiliti Health, Inc., Amendment No. 2 Term Loan	LIBOR + 2.750	%		370,000		3.500	+	1/04/2026		369,537
AHP Health Partners, Inc. (aka Ardent Health Partners, LLC), Term Loan	LIBOR + 4.500	%		565,437		5.500	+	6/30/2025		568,884
AlixPartners, LLP, 2017 Refinancing Term Loan	LIBOR + 2.500	%		1,205,488		2.621	+	4/04/2024		1,205,904
AlixPartners, LLP, USD Term Loan B	LIBOR + 2.750	%		435,000		2.869	+	2/04/2028		435,363
Amentum Government Services Holdings LLC, Tranche 2 Term Loan (First Lien)	LIBOR + 4.750	%		815,000		5.500	+	1/28/2027		821,112
Arterra Wines Canada, Inc., Initial Tranche B-1 Term Loan	LIBOR + 3.500	%		495,000		4.250	+	11/24/2027		499,022
Bausch Health Companies Inc., Initial Term Loan	LIBOR + 3.000	%		908,709		3.121	+	6/02/2025		910,626
Bausch Health Companies Inc., First Incremental Term Loan	LIBOR + 2.750	%		161,250		2.871	+	11/28/2025		161,263
Cano Health, LLC, Initial Term Loan	LIBOR + 5.250	%		527,634		5.500	+	11/24/2027		526,315
Cano Health, LLC, Delayed Draw Term Loan	LIBOR + 4.750	%		192,366		4.869	+	11/24/2027		191,886
CHG Healthcare Services, Inc. (fka CHG Buyer Corporation), New Term Loan (2017) (First Lien)	LIBOR + 3.000	%		804,777		4.000	+	6/08/2023		805,425
CHG PPC Parent LLC, Initial Term Loan (First Lien)	LIBOR + 2.750	%		575,250		2.871	+	4/01/2025		571,295
Chobani, LLC, 2020 New Term Loan	LIBOR + 3.500	%		882,788		4.500	+	10/24/2027		887,480
CPI Acquisition, Inc., Term Loan (First Lien)	LIBOR + 4.500	%		673,336		5.500	+	8/16/2022		628,559
CPI Holdco, LLC, Term B-1 Loan (First Lien)	LIBOR + 4.000	%		290,000		4.119	+	11/04/2026		290,906
CPI Holdco, LLC, Closing Date Term Loan (First Lien)	LIBOR + 4.000	%		223,313		4.121	+	11/04/2026		224,010
CSC SW Holdco, Inc. (fka CSC Serviceworks, Inc.) (aka Spin Holdco), Term B-1 Loan (First Lien)	LIBOR + 3.250	%		596,907		4.250	+	11/14/2022		596,871
Dole Food Company, Inc., Tranche B Term Loan	LIBOR + 2.750	%		828,409		3.750	+	4/04/2024		829,743
Elanco Animal Health, Inc., Term Loan	LIBOR + 1.750	%		769,545		1.894	+	7/31/2027		768,741

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2021

	Variable		Principal		Interest			Maturity
Security	Rate		Amount		Rate %			Date	Value
TERM LOANS - 96.4% (Continued)
CONSUMER, NON-CYCLICAL - 24.9% (Continued)
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan	LIBOR + 4.250	%	$	734,293		5.000	+	4/28/2024	$	730,622
Envision Healthcare Corporation, Initial Term Loan	LIBOR + 3.750	%		1,108,699		3.871	+	10/10/2025		947,938
eResearchTechnology, Inc., Initial Term Loan (First Lien)	LIBOR + 4.500	%		542,725		5.500	+	2/04/2027		545,892
Froneri International Limited, Facility B2 (First Lien)	LIBOR + 2.250	%		756,200		2.371	+	1/28/2027		753,629
Garda World Security Corporation, Initial Term Loan	LIBOR + 4.750	%		350,000		4.988	+	10/30/2026		351,787
Gentiva Health Services, Inc., Term B Loan (First Lien)	LIBOR + 3.250	%		268,943		3.371	+	7/02/2025		269,532
Greenrock Finance, Inc., Initial USD Term B Loan (First Lien)	LIBOR + 3.500	%		247,356		4.500	+	6/28/2024		245,758
Heartland Dental, LLC, Initial Term Loan	LIBOR + 3.500	%		609,325		3.621	+	4/30/2025		597,900
Help at Home, LLC, Delayed Draw Term Loan (First Lien)	LIBOR + 5.000	%		100,302		5.119	+	10/22/2027		100,803
Help at Home, LLC, Initial Term Loan (First Lien)	LIBOR + 5.000	%		794,698		6.000	+	10/28/2027		798,672
H-Food Holdings, LLC (aka Hearthside Food Solutions, LLC), Initial Term Loan	LIBOR + 3.688	%		1,369,203		3.808	+	5/24/2025		1,364,678
Hostess Brands, LLC, 2019 Refinancing Term B Loan (First Lien)	LIBOR + 2.250	%		580,471		3.000	+	8/04/2025		581,342
Iqvia Inc. (Quintiles IMS), Term B-3 Dollar Loan	LIBOR + 1.750	%		800,028		2.004	+	6/12/2025		801,100
Kronos Acquisition Holdings Inc., Initial Loan (2020)	LIBOR + 4.500	%		260,000		5.250	+	12/22/2026		260,185
Kronos Acquisition Holdings Inc., Term Loan B	LIBOR + 3.750	%		1,025,000		3.869	+	12/22/2026		1,025,728
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.), Term B Loan (First Lien)	LIBOR + 3.750	%		892,432		3.871	+	11/16/2025		893,048
Milano Acquisition Corporation, Term B Loan (First Lien)	LIBOR + 4.000	%		775,000		4.750	+	9/30/2027		778,395
Milk Specialties Company, New Term Loan	LIBOR + 4.000	%		517,071		5.000	+	8/16/2023		518,044
NAB Holdings, LLC (aka North American Bancard Holdings), 2018 Refinancing Term Loan	LIBOR + 3.000	%		950,144		4.000	+	6/30/2024		949,564
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Initial Term Loan (First Lien)	LIBOR + 4.250	%		268,820		4.410	+	3/08/2026		269,492
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Initial Term C Loan (First Lien)	LIBOR + 4.250	%		12,302		4.397	+	3/08/2026		12,333
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Incremental Term Loan B	LIBOR + 4.250	%		168,496		4.369	+	3/08/2026		168,918
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.), Incremental Term Loan C	LIBOR + 4.250	%		6,504		4.369	+	3/08/2026		6,520
One Call Corporation, Extended Term Loan (First Lien)	LIBOR + 5.250	%		791,913		6.250	+	11/28/2022		771,791
Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan	LIBOR + 3.250	%		776,853		3.394	+	6/30/2025		775,882
Packaging Coordinators Midco, Inc., Term B Loan (First Lien)	LIBOR + 3.750	%		520,000		4.500	+	11/30/2027		522,275
Parexel International Corporation, Initial Term Loan	LIBOR + 2.750	%		864,513		2.871	+	9/28/2024		864,768
Parfums Holding Company, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		1,071,601		4.233	+	6/30/2024		1,073,943
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), Initial Term Loan (First Lien)	LIBOR + 2.750	%		884,752		2.871	+	2/14/2025		878,855
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), 2018 Term Loan (First Lien)	LIBOR + 3.250	%		62,692		3.371	+	2/14/2025		62,653
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), 2020 First Lien Incremental Term Loan	LIBOR + 4.250	%		489,068		5.250	+	2/14/2025		491,819
Phoenix Guarantor Inc. (aka Brightspring), Tranche B-1 Term Loan (First Lien)	LIBOR + 3.250	%		534,937		3.379	+	3/04/2026		534,380
Phoenix Guarantor Inc. (aka Brightspring), Tranche B-2 Term Loan (First Lien)	LIBOR + 3.750	%		180,000		4.250	+	3/04/2026		181,238
Pluto Acquisition I, Inc. (aka AccentCare, Inc.), 2020 Incremental Term Loan	LIBOR + 5.000	%		400,000		5.500	+	6/22/2026		402,000
PPD, Inc., Initial Term Loan	LIBOR + 2.250	%		400,000		2.750	+	1/12/2028		402,292
Precision Medicine Group, LLC, Initial DDTL	LIBOR + 3.750	%		49,038		3.869	+	10/30/2027		49,315
Precision Medicine Group, LLC, Initial Term Loan	LIBOR + 3.750	%		375,962		4.500	+	11/18/2027		378,078
Refinitiv US Holdings Inc. (fka Financial & Risk US Holdings, Inc.), Initial Dollar Term Loan	LIBOR + 3.250	%		1,764,983		3.398	+	9/30/2025		1,764,983
Select Medical Corporation, Tranche B Term Loan	LIBOR + 2.250	%		632,966		2.372	+	3/06/2025		630,592
Shearer’s Foods, LLC, Term Loan (First Lien)	LIBOR + 4.000	%		1,377,780		4.750	+	9/24/2027		1,384,669
Sigma Holdco B.V. (aka Flora Foods), Facility B2	LIBOR + 3.000	%		841,504		3.260	+	7/02/2025		839,190
Sotera Health Holdings, LLC, Refinancing Loan (First Lien)	LIBOR + 2.750	%		485,000		3.250	+	12/12/2026		484,697
Southern Veterinary Partners, LLC, Delayed Draw Term Loan (First Lien)	LIBOR + 4.000	%		86,234		4.119	+	10/02/2027		86,342
Southern Veterinary Partners, LLC, Initial Term Loan (First Lien)	LIBOR + 4.000	%		625,195		5.000	+	10/04/2027		625,976
St. George’s University Scholastic Services LLC, Term Loan	LIBOR + 3.250	%		787,088		3.371	+	7/16/2025		786,104
Surgery Center Holdings, Inc., Initial Term Loan	LIBOR + 3.250	%		809,475		4.250	+	9/04/2024		805,933
Surgery Center Holdings, Inc., 2020 Incremental Term Loan	LIBOR + 8.000	%		84,363		9.000	+	9/04/2024		86,815
Trans Union LLC, 2019 Replacement Term B-5 Loan	LIBOR + 1.750	%		1,150,624		1.871	+	11/12/2026		1,150,716
Viant Medical Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750	%		1,178,728		3.871	+	7/02/2025		1,153,975
WEX Inc., Term B-3 Loan	LIBOR + 2.250	%		865,835		2.371	+	5/16/2026		866,917
										43,305,847
ENERGY - 1.1%
CITGO Holding, Inc., Term Loan	LIBOR + 7.000	%		341,680		7.119	+	7/31/2023		321,340
CITGO Petroleum Corporation, 2019 Incremental Term B Loan	LIBOR + 6.250	%		541,176		7.250	+	3/28/2024		539,688
Fieldwood Energy LLC, Closing Date Loan (First Lien)	LIBOR + 5.250	%		605,554		5.369	+	4/12/2022		157,193
Medallion Midland Acquisition, LLC, Initial Term Loan	LIBOR + 3.250	%		476,439		4.250	+	10/30/2024		473,909
Paragon Offshore Finance Company, Term Loan **	LIBOR + 2.750	%		1,153		2.869	+	7/18/2021		—
Traverse Midstream Partners LLC, Advance	LIBOR + 5.500	%		470,085		6.500	+	9/28/2024		463,915
										1,956,045

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2021

	Variable		Principal		Interest			Maturity
Security	Rate		Amount		Rate %			Date	Value
TERM LOANS - 96.4% (Continued)
FINANCIAL - 6.1%
Acrisure, LLC, 2020 Term Loan (First Lien)	LIBOR + 3.500	%	$	1,042,744		3.621	+	2/16/2027	$	1,040,231
Asurion, LLC (fka Asurion Corporation), Replacement B-6 Term Loan	LIBOR + 3.000	%		214,529		3.121	+	11/04/2023		214,462
Asurion, LLC (fka Asurion Corporation), New B-7 Term Loan	LIBOR + 3.000	%		380,250		3.121	+	11/04/2024		379,537
Asurion, LLC (fka Asurion Corporation), Second Lien Replacement B-2 Term Loan	LIBOR + 6.500	%		401,550		6.621	+	8/04/2025		403,055
Asurion, LLC (fka Asurion Corporation), New B-8 Term Loan	LIBOR + 3.250	%		772,537		3.371	+	12/24/2026		769,640
Asurion, LLC (fka Asurion Corporation), Term Loan B9	LIBOR + 3.250	%		410,000		3.369	+	7/31/2027		405,900
Asurion, LLC (fka Asurion Corporation), Second Lien Term Loan B3	LIBOR + 6.000	%		355,000		6.119	+	1/31/2028		355,000
Blackhawk Network Holdings, Inc., Term Loan (First Lien)	LIBOR + 3.000	%		520,335		3.121	+	6/16/2025		513,613
Citadel Securities LP, Term Loan B	LIBOR + 2.500	%		1,250,000		2.619	+	2/02/2028		1,245,831
Deerfield Dakota Holding, LLC (aka Duff & Phelps), Initial Dollar Term Loan (First Lien)	LIBOR + 3.750	%		960,512		4.750	+	4/08/2027		967,029
iStar Inc. (fka iStar Financial Inc.), Loan	LIBOR + 2.750	%		208,813		2.888	+	6/28/2023		209,140
Masergy Holdings, Inc., 2017 Replacement Term Loan (First Lien)	LIBOR + 3.250	%		663,272		4.250	+	12/16/2023		662,549
PAI Holdco, Inc., Term B Loan (First Lien)	LIBOR + 4.000	%		145,000		5.000	+	10/28/2027		146,087
PI UK Holdco II Limited, Facility B1	LIBOR + 3.500	%		1,640,320		4.500	+	1/04/2025		1,644,126
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan	LIBOR + 3.250	%		1,517,600		3.371	+	1/01/2026		1,510,854
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2019 Term Loan	LIBOR + 4.000	%		192,075		4.121	+	9/04/2026		192,836
										10,659,890
INDUSTRIALS - 17.7%
AI Convoy (Luxembourg) S.a r.l., Facility B (USD)	LIBOR + 3.500	%		749,338		4.500	+	1/18/2027		751,132
Alliance Laundry Systems LLC, Initial Term B Loan	LIBOR + 3.500	%		850,000		4.250	+	10/08/2027		854,071
Altium Packaging LLC, Term Loan B	LIBOR + 2.750	%		165,000		2.869	+	2/03/2028		164,175
Anchor Glass Container Corporation, July 2017 Additional Term Loan (First Lien)	LIBOR + 2.750	%		682,732		3.750	+	12/08/2023		564,688
Anchor Glass Container Corporation, 2020 Incremental Loan	LIBOR + 5.000	%		117,120		5.119	+	12/08/2023		96,038
Anchor Glass Container Corporation, Term Loan (Second Lien)	LIBOR + 7.750	%		81,333		8.750	+	12/08/2024		38,311
ASP Navigate Acquisition Corporation, Initial Term Loan	LIBOR + 4.500	%		370,000		5.500	+	10/06/2027		371,850
Atlantic Aviation FBO Inc., Term Loan	LIBOR + 3.750	%		550,243		3.871	+	12/06/2025		551,104
Berlin Packaging L.L.C., Initial Term Loan (First Lien)	LIBOR + 3.000	%		902,644		3.145	+	11/08/2025		898,533
Berry Global, Inc. (fka Berry Plastics Corporation), Term X Loan	LIBOR + 2.000	%		511,439		2.133	+	1/20/2024		512,015
Berry Global, Inc. (fka Berry Plastics Corporation), Term Y Loan	LIBOR + 2.000	%		627,702		2.133	+	6/30/2026		627,583
Brookfield WEC Holdings Inc. (aka Westinghouse Electric Company LLC), Initial Term Loan (2021)	LIBOR + 2.750	%		1,449,067		2.869	+	7/31/2025		1,450,335
BWay Holding Company , Initial Term Loan	LIBOR + 3.250	%		965,880		3.381	+	4/04/2024		950,185
Circor International, Inc., New Term Loan	LIBOR + 3.250	%		735,114		4.250	+	12/12/2024		728,681
CP Atlas Buyer, Inc. (aka American Bath), Initial Tranche B-1 Term Loan	LIBOR + 4.500	%		206,250		5.250	+	11/24/2027		206,722
CP Atlas Buyer, Inc. (aka American Bath), Initial Tranche B-2 Term Loan	LIBOR + 4.500	%		68,750		5.250	+	11/24/2027		68,907
CPG International LLC (fka CPG International Inc.) , New Term Loan	LIBOR + 3.750	%		507,779		4.750	+	5/04/2024		509,102
DXP Enterprises, Inc., Initial Term Loan	LIBOR + 4.750	%		285,000		5.750	+	12/24/2027		286,425
Filtration Group Corporation, Series A Term Loan	LIBOR + 3.750	%		334,163		4.500	+	3/28/2025		336,669
Filtration Group Corporation, Initial Dollar Term Loan	LIBOR + 3.000	%		1,251,666		3.121	+	4/01/2025		1,241,496
Fluidra, S.A., Tranche B-1 USD Term Loan	LIBOR + 2.000	%		710,372		2.121	+	7/02/2025		710,816
Fort Dearborn Holding Company, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		1,080,147		5.000	+	10/20/2023		1,078,797
Gardner Denver, Inc., Series A New Term Loan	LIBOR + 2.750	%		49,750		2.871	+	2/28/2027		49,856
Gardner Denver, Inc., 2020 GDI Tranche B-2 Dollar Term Loan	LIBOR + 1.750	%		822,767		1.871	+	2/28/2027		819,814
Gates Global LLC, Initial B-2 Dollar Term Loan	LIBOR + 2.750	%		454,936		3.750	+	3/31/2024		455,648
Gemini HDPE LLC, 2027 Advance	LIBOR + 3.000	%		385,000		3.500	+	1/01/2028		383,718
GFL Environmental Inc., 2020 Refinancing Term Loan	LIBOR + 3.000	%		596,210		3.500	+	5/30/2025		600,059
Klockner Pentaplast of America, Inc. (fka Kleopatra Acquisition Corporation), Dollar Term Loan	LIBOR + 4.250	%		1,302,172		5.250	+	6/30/2022		1,303,533
LEB Holdings (USA), Inc., Initial Term Loan	LIBOR + 4.000	%		575,000		4.750	+	11/02/2027		578,056
NN, Inc., Extended 2017 Incremental Term Loan	LIBOR + 5.750	%		14,940		5.871	+	10/20/2022		14,936
NN, Inc., Tranche B Term Loan	LIBOR + 5.750	%		19,170		6.500	+	10/20/2022		19,164
Pactiv Evergreen Inc., Tranche B-1 U.S. Term Loan	LIBOR + 2.750	%		441,668		2.871	+	2/04/2023		442,395
Pactiv Evergreen Inc., Tranche B-2 U.S. Term Loan	LIBOR + 3.250	%		1,365,000		3.371	+	2/04/2026		1,368,412
Patriot Container Corporation (aka Wastequip), Closing Date Term Loan (First Lien)	LIBOR + 3.500	%		711,484		4.500	+	3/20/2025		709,705
Spectrum Holdings III Corporation, Closing Date Term Loan (First Lien)	LIBOR + 3.250	%		894,213		4.250	+	2/01/2025		859,701
Star US Bidco LLC, Initial Term Loan	LIBOR + 4.250	%		807,600		5.250	+	3/16/2027		805,581
Summit Materials, LLC, New Term Loan	LIBOR + 2.000	%		1,308,534		2.121	+	11/20/2024		1,308,672
Titan Acquisition Limited (aka Husky IMS International Ltd.), Initial Term Loan	LIBOR + 3.000	%		991,947		3.240	+	3/28/2025		973,968
TransDigm Inc., Tranche E Refinancing Term Loan	LIBOR + 2.250	%		783,193		2.371	+	5/30/2025		772,604
TransDigm Inc., Tranche F Refinancing Term Loan	LIBOR + 2.250	%		1,068,790		2.371	+	12/08/2025		1,052,759
TRC Companies, Inc., 2019 Incremental Term Loan	LIBOR + 5.000	%		489,716		6.000	+	6/20/2024		492,167
Tricorbraun Holdings, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.750	%		718,521		4.750	+	11/30/2023		718,791

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2021

	Variable		Principal		Interest			Maturity
Security	Rate		Amount		Rate %			Date	Value
TERM LOANS - 96.4% (Continued)
INDUSTRIALS - 17.7% (Continued)
Tricorbraun Inc. (fka Kranson Industries, Inc.), Term Loan	LIBOR + 3.250	%	$	602,075		3.369	+	1/29/2028	$	599,065
Tricorbraun Inc. (fka Kranson Industries, Inc.), Delayed Draw Term Loan	LIBOR + 3.250	%		135,425		3.369	+	1/29/2028		135,425
Trident TPI Holdings, Inc., Tranche B-1 Term Loan	LIBOR + 3.000	%		872,294		4.000	+	10/16/2024		871,570
Tunnel Hill Partners, LP, Initial Term Loan	LIBOR + 3.500	%		643,538		3.621	+	2/06/2026		629,058
U.S. Farathane, LLC, Term B-4 Loan	LIBOR + 3.500	%		961,510		4.500	+	12/24/2021		930,862
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Initial Term Loan	LIBOR + 3.000	%		873,400		3.144	+	3/02/2027		875,972
										30,769,126
TECHNOLOGY - 8.5%
Applied Systems, Inc., Closing Date Term Loan (First Lien)	LIBOR + 3.000	%		980,708		4.000	+	9/20/2024		983,552
Aston FinCo S.a r.l., Dollar Term Loan (First Lien)	LIBOR + 4.250	%		457,647		4.379	+	10/08/2026		455,574
Azalea TopCo, Inc., Initial Term Loan (First Lien)	LIBOR + 3.500	%		296,250		3.711	+	7/24/2026		296,546
Azalea TopCo, Inc., 2020 Incremental Term Loan (First Lien)	LIBOR + 4.000	%		135,000		4.119	+	7/24/2026		136,013
Boxer Parent Company Inc. (aka BMC Software, Inc.), Initial Dollar Term Loan	LIBOR + 4.250	%		1,376,206		4.371	+	10/02/2025		1,376,853
Cardtronics USA, Inc., Initial Term Loan	LIBOR + 4.000	%		537,300		5.000	+	6/28/2027		540,156
Dell International L.L.C. (EMC Corporation), Refinancing Term B-1 Loan	LIBOR + 2.000	%		377,990		2.750	+	9/20/2025		379,202
Dun & Bradstreet Corporation, The, Initial Term Borrowing	LIBOR + 3.250	%		1,183,235		3.378	+	2/06/2026		1,187,885
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan (2020)	LIBOR + 4.250	%		807,975		5.250	+	7/30/2027		813,178
Everi Payments Inc., Term Loan	LIBOR + 10.500	%		29,850		11.500	+	5/08/2024		31,343
Everi Payments Inc., Term B Loan	LIBOR + 2.750	%		966,571		3.750	+	5/08/2024		966,977
Grab Holdings, Inc., Term Loan B	LIBOR + 5.500	%		1,050,000		5.619	+	1/29/2026		1,051,313
Greeneden U.S. Holdings I, LLC, Initial Dollar Term Loan (2020)	LIBOR + 4.000	%		570,000		4.750	+	11/30/2027		572,850
Hyland Software, Inc., 2018 Refinancing Term Loan (First Lien)	LIBOR + 3.500	%		738,112		4.250	+	6/30/2024		742,176
MedAssets Software Intermediate Holdings, Inc., Initial Term Loan (First Lien)	LIBOR + 3.750	%		80,000		3.869	+	1/28/2028		80,275
Navicure, Inc., Initial Term Loan (First Lien)	LIBOR + 4.000	%		337,450		4.121	+	10/22/2026		337,872
Navicure, Inc., 2020 Incremental Term Loan (First Lien)	LIBOR + 4.000	%		209,475		4.750	+	10/22/2026		210,522
NCR Corporation, Initial Term Loan (2019)	LIBOR + 2.500	%		723,747		2.711	+	8/28/2026		723,447
Sophia, L.P., Closing Date Term Loan	LIBOR + 3.750	%		795,000		4.500	+	10/08/2027		799,174
Tempo Acquisition, LLC, Extended Term Loan	LIBOR + 3.250	%		682,670		3.750	+	11/02/2026		683,203
UKG Inc., 2021 Incremental Term Loan (First Lien)	LIBOR + 3.250	%		1,416,488		4.000	+	5/04/2026		1,424,583
UKG Inc., Initial Term Loan (2020) (Second Lien)	LIBOR + 6.750	%		30,000		7.500	+	5/04/2027		31,153
Virtusa Corporation, Term Loan	LIBOR + 4.250	%		245,000		4.369	+	12/08/2027		247,245
Weld North Education LLC, 2020 Term Loan	LIBOR + 4.000	%		715,000		4.750	+	12/20/2027		716,190
										14,787,282
UTILITIES - 1.6%
Astoria Energy LLC, Term B Advance (2020)	LIBOR + 3.500	%		430,000		4.500	+	12/10/2027		431,008
Calpine Construction Finance Company, L.P., Term B Loan	LIBOR + 2.000	%		702,437		2.121	+	1/16/2025		700,902
Calpine Corporation, Term Loan	LIBOR + 2.000	%		281,568		2.121	+	8/12/2026		281,418
Hamilton Projects Acquiror, LLC, Term Loan	LIBOR + 4.750	%		697,375		5.750	+	6/16/2027		704,928
Lightstone Holdco LLC, Refinancing Term B Loan	LIBOR + 3.750	%		470,678		4.750	+	1/30/2024		430,082
Lightstone Holdco LLC, Refinancing Term C Loan	LIBOR + 3.750	%		26,547		4.750	+	1/30/2024		24,258
PG&E Corporation, Loan	LIBOR + 4.500	%		169,150		6.750	+	6/24/2025		171,116
Pike Corporation, 2028 Initial Term Loan	LIBOR + 3.000	%		42,637		3.129	+	1/20/2028		42,761
Pike Corporation, 2028 Delayed Draw Term Loan	LIBOR + 3.000	%		32,363		3.119	+	1/21/2028		32,457
Texas Competitive Electric Holdings Co. LLC Escrow Bonds #				635,000		11.500		1/29/2071		445
										2,819,375
TOTAL TERM LOANS (Cost - $167,702,149)										167,797,038
CORPORATE BONDS - 3.9%
AEROSPACE/DEFENSE - 0.3%
Howmet Aerospace, Inc. ^				115,000		6.875		5/01/2025		134,406
Spirit AeroSystems, Inc. ^				185,000		3.950		6/15/2023		183,266
Spirit AeroSystems, Inc. - 144A				160,000		5.500		1/15/2025		168,000
										485,672
APPAREL & TEXTILE PRODUCTS - 0.1%
Hanesbrands, Inc. - 144A ^				210,000		5.375		5/15/2025		223,650
ASSET MANAGEMENT - 0.2%
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation				360,000		4.750		9/15/2024		379,517
AUTOMOTIVE - 0.1%
Tennco, Inc. ^				165,000		5.375		12/15/2024		160,359

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2021

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
CORPORATE BONDS - 3.9% (Continued)
BIOTECHNOLOGY & PHARMACEUTICALS - 0.3%
Bausch Health Companies, Inc. - 144A	$	445,000		5.500	11/01/2025	$	458,661
CABLE & SATELLITE - 0.3%
CCO Holdings, LLC / CCO Holdings Capital Corporation - 144A ^		180,000		4.000	3/01/2023		182,197
Radiate Holdco, LLC / Radiate Finance, Inc. - 144A		235,000		4.500	9/15/2026		239,787
Sirius XM Radio, Inc. - 144A		85,000		4.625	7/15/2024		87,993
							509,977
CHEMICALS - 0.1%
INEOS Quattro Finance 2 plc - 144A		230,000		3.375	1/15/2026		231,294
CONTAINERS & PACKAGING - 0.4%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. - 144A		475,000		4.125	8/15/2026		490,437
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. - 144A		200,000		5.250	8/15/2027		208,050
							698,487
ENTERTAINMENT CONTENT - 0.1%
Diamond Sports Group, LLC / Diamond Sports Finance Company - 144A ^		210,000		5.375	8/15/2026		169,838
FOOD - 0.1%
Dole Food Company, Inc. - 144A		175,000		7.250	6/15/2025		181,325
HEALTH CARE FACILITIES & SERVICES - 0.9%
CHS / Community Health Systems, Inc. - 144A		215,000		6.625	2/15/2025		226,734
Legacy LifePoint Health, LLC - 144A		5,000		6.750	4/15/2025		5,350
Legacy LifePoint Health, LLC - 144A		135,000		4.375	2/15/2027		137,869
One Call Corporation - 144A		753,025		7.500	7/01/2024		754,908
Tenet Healthcare Corporation		405,000		4.625	7/15/2024		412,979
Tenet Healthcare Corporation - 144A		50,000		7.500	4/01/2025		54,094
							1,591,934
HOUSEHOLD PRODUCTS - 0.0%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. - 144A		5,000		5.000	12/31/2026		5,106
INSURANCE - 0.2%
Acrisure, LLC / Acrisure Finance, Inc. - 144A		90,000		8.125	2/15/2024		94,162
Acrisure, LLC / Acrisure Finance, Inc. - 144A		190,000		4.250	2/15/2029		190,000
							284,162
LEISURE FACILITIES & SERVICES - 0.2%
Caesars Entertainment, Inc. - 144A		80,000		6.250	7/01/2025		84,743
Carnival Corporation - 144A		190,000		11.500	4/01/2023		215,926
NCL Corporation Ltd. - 144A		65,000		5.875	3/15/2026		64,472
							365,141
METALS & MINING - 0.0%
Cleveland-Cliffs, Inc. - 144A ^		50,000		6.750	3/15/2026		53,864
PUBLISHING & BROADCASTING - 0.2%
Clear Channel Worldwide Holdings, Inc. - 144A ^		65,000		5.125	8/15/2027		66,462
iHeartCommunications, Inc. ^		96,514		6.375	5/01/2026		102,999
iHeartCommunications, Inc.		174,933		8.375	5/01/2027		186,905
							356,366
REITS - 0.3%
iStar, Inc.		460,000		4.250	8/01/2025		453,100
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc. - 144A		60,000		4.625	6/15/2025		63,660
							516,760
SPECIALTY FINANCE - 0.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation - 144A ^		140,000		4.250	2/01/2027		135,846
TELECOMMUNICATIONS - 0.0%
Level 3 Financing, Inc. - 144A		45,000		4.250	7/01/2028		46,296
TOTAL CORPORATE BONDS (Cost - $6,679,873)							6,854,255

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Floating Rate Bond Fund (Continued)

January 31, 2021

Security	Shares						Value
COMMON STOCKS - 0.2%
PUBLISHING & BROADCASTING - 0.1%
Clear Channel Outdoor Holdings, Inc. *		40,131					$	79,860
iHeartMedia, Inc. - Class A *		2,133						31,014
iHeartMedia, Inc. - Class B *#		29						377
								111,251
RETAIL - DISCRETIONARY - 0.1%
Libbey Glass, Inc. *		17,244						56,043
NMG Parent, LLC *		2,073						136,818
								192,861
TOTAL COMMON STOCKS (Cost - $1,747,079)								304,112
EXCHANGE TRADED FUNDS - 1.2%
FIXED INCOME FUNDS - 1.2%
Invesco Senior Loan ETF ^		56,347						1,252,030
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		33,710						909,496
TOTAL EXCHANGE TRADED FUNDS - (Cost - $2,177,460)								2,161,526
						Expiration
						Date
RIGHTS - 0.0%
TRA Rights		10,588				11/22/2049		12,335
TOTAL RIGHTS (Cost - $17,470)
WARRANTS - 0.1%
iHeartMedia, Inc.		14,903				12/31/2049		190,386
TOTAL WARRANTS (Cost - $287,609)
			Interest
			Rate %
SHORT-TERM INVESTMENT - 3.4%
MONEY MARKET FUND - 3.4%
Fidelity Government Portfolio - Class Institutional		5,848,168		0.010	+			5,848,168
TOTAL SHORT-TERM INVESTMENT - (Cost - $5,848,168)
COLLATERAL FOR SECURITIES LOANED - 1.0%
Mount Vernon Prime Portfolio !		1,659,028		0.150	+			1,659,028
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $1,659,028)
TOTAL INVESTMENTS - 106.2% (Cost - $186,118,836)							$	184,826,848
LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%								(10,783,843	)
NET ASSETS - 100.0%							$	174,043,005

ETF - Exchange Traded Fund

LIBOR - London Inter-bank Offered Rate

L.P. - Limited Partnership

LLC - Limited Liability Company

LLLP - Limited Liability Limited Partnership

LLP - Limited Liability Partnership

Ltd. - Limited Company

plc - Public Limited Company

REITs - Real Estate Investment Trusts

144A- Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2021 the total market value of 144A securities is $4,840,724 or 2.78% of net assets.

* Non-Income producing security.

** Security is in default.

+ Variable rate security. Interest rate is as of January 31, 2021.

# Fair Value estimated using fair value procedures adopted by Board of Trustees. Total Value of such securities is $822 or 0.0% of net assets as of January 31, 2021.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $1,585,193 at January 31, 2021.

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

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund

January 31, 2021

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
CONVERTIBLE BONDS - 0.3%
OIL & GAS SERVICES & EQUIPMENT - 0.3%
Hi-Crush, Inc. - 144A	$	290,000		8.000	4/9/2026	$	290,000
TOTAL CONVERTIBLE BONDS (Cost - $290,000)
CORPORATE BONDS - 93.3%
ADVERTISING & MARKETING - 0.3%
Terrier Media Buyer, Inc. - 144A		267,000		8.875	12/15/2027		289,194
AEROSPACE & DEFENSE - 1.1%
Moog, Inc. - 144A		625,000		4.250	12/15/2027		649,219
Spirit AeroSystems, Inc. - 144A		504,000		7.500	4/15/2025		541,593
							1,190,812
AUTOMOTIVE - 1.8%
Ford Motor Company		690,000		6.625	10/1/2028		803,850
Ford Motor Company		105,000		7.450	7/16/2031		134,334
Ford Motor Company		1,029,000		4.750	1/15/2043		1,039,860
							1,978,044
BIOTECHNOLOGY & PHARMACEUTICALS - 0.9%
Endo Dac / Endo Finance, LLC / Endo Finco, Inc. - 144A		521,000		6.000	6/30/2028		442,069
Par Pharmaceutical, Inc. - 144A		547,000		7.500	4/1/2027		589,053
							1,031,122
CABLE & SATELLITE - 2.4%
Altice Financing S.A. - 144A		601,000		5.000	1/15/2028		616,815
Block Communications, Inc. - 144A		435,000		4.875	3/1/2028		450,701
CCO Holdings, LLC / CCO Holdings Capital Corporation - 144A		478,000		5.500	5/1/2026		495,700
CCO Holdings, LLC / CCO Holdings Capital Corporation - 144A		378,000		5.000	2/1/2028		397,467
CCO Holdings, LLC / CCO Holdings Capital Corporation - 144A		335,000		5.375	6/1/2029		363,857
CSC Holdings, LLC - 144A		390,000		5.500	4/15/2027		411,723
							2,736,263
CHEMICALS - 1.7%
Consolidated Energy Finance S.A. - 144A		535,000		6.875	6/15/2025		545,366
Minerals Technologies, Inc. - 144A		387,000		5.000	7/1/2028		407,318
OCI N.V. - 144A		472,000		5.250	11/1/2024		490,585
Tronox, Inc. - 144A		490,000		6.500	4/15/2026		505,925
							1,949,194
COMMERCIAL SUPPORT SERVICES - 4.5%
Brink’s Company (The) - 144A		281,000		5.500	7/15/2025		299,089
Brink’s Company (The) - 144A		340,000		4.625	10/15/2027		355,310
Covanta Holding Corporation		506,000		5.000	9/1/2030		531,933
Garda World Security Corporation - 144A		510,000		4.625	2/15/2027		518,925
Harsco Corporation - 144A		610,000		5.750	7/31/2027		633,256
Korn Ferry - 144A		477,000		4.625	12/15/2027		503,354
Prime Security Services Borrower, LLC / Prime Finance, Inc. - 144A		631,000		5.250	4/15/2024		672,015
Prime Security Services Borrower, LLC / Prime Finance, Inc. - 144A		540,000		5.750	4/15/2026		591,867
Prime Security Services Borrower, LLC / Prime Finance, Inc. - 144A		325,000		6.250	1/15/2028		346,583
Sotheby’s - 144A		505,000		7.375	10/15/2027		548,778
							5,001,110
CONSTRUCTION MATERIALS - 0.4%
Standard Industries, Inc. - 144A		505,000		3.375	1/15/2031		499,319
CONTAINERS & PACKAGING - 1.7%
Cascades, Inc. / Cascades USA, Inc. - 144A		479,000		5.375	1/15/2028		506,842
Intertape Polymer Group, Inc. - 144A		524,000		7.000	10/15/2026		554,780
Silgan Holdings, Inc.		288,000		4.750	3/15/2025		293,580
Trivium Packaging Finance BV - 144A		525,000		8.500	8/15/2027		570,557
							1,925,759

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2021

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
CORPORATE BONDS - 93.3% (Continued)
ELECTRIC UTILITIES - 3.0%
Calpine Corporation - 144A	$	620,000		3.750	3/1/2031	$	603,880
Clearway Energy Operating, LLC		539,000		5.000	9/15/2026		561,131
NextEra Energy Operating Partners, L.P. - 144A		550,000		4.250	7/15/2024		583,743
NRG Energy, Inc. - 144A		176,000		3.375	2/15/2029		180,360
NRG Energy, Inc. - 144A		510,000		3.625	2/15/2031		531,994
Talen Energy Supply, LLC - 144A		317,000		6.625	1/15/2028		330,610
Vistra Operations Company, LLC - 144A		535,000		5.000	7/31/2027		565,656
							3,357,374
ENTERTAINMENT CONTENT - 1.2%
Banijay Entertainment S.A. SU - 144A		400,000		5.375	3/1/2025		409,750
Univision Communications, Inc. - 144A		74,000		5.125	2/15/2025		74,540
Univision Communications, Inc. - 144A		811,000		6.625	6/1/2027		854,449
							1,338,739
FOOD - 2.8%
Dole Food Company, Inc. - 144A		550,000		7.250	6/15/2025		569,880
Herbalife Nutrition Ltd / HLF Financing, Inc. - 144A		208,000		7.875	9/1/2025		226,980
HLF Financing Sarl, LLC / Herbalife International, Inc. - 144A		497,000		7.250	8/15/2026		525,578
JBS USA LUX S.A. / JBS USA Finance, Inc. - 144A		272,000		5.750	6/15/2025		279,650
Kraft Heinz Foods Company		205,000		4.875	10/1/2049		230,216
Land O’ Lakes, Inc. - 144A		210,000		7.000	12/29/2049		213,183
Land O’ Lakes Capital Trust I - 144A		484,000		7.450	3/15/2028		573,540
Pilgrim’s Pride Corporation - 144A		520,000		5.875	9/30/2027		554,034
							3,173,061
HEALTH CARE FACILITIES & SERVICES - 4.2%
Acadia Healthcare Company, Inc. - 144A		357,000		5.500	7/1/2028		381,767
Acadia Healthcare Company, Inc. - 144A		96,000		5.000	4/15/2029		101,280
Catalent Pharma Solutions, Inc. - 144A		280,000		5.000	7/15/2027		295,523
CHS/Community Health Systems, Inc. - 144A		500,000		5.625	3/15/2027		525,625
CHS/Community Health Systems, Inc. - 144A		272,000		6.875	4/15/2029		277,183
HCA, Inc.		990,000		3.500	9/1/2030		1,027,106
Jaguar Holding Company II / PPD Development, L.P. - 144A		101,000		4.625	6/15/2025		106,088
Jaguar Holding Company II / PPD Development, L.P. - 144A		380,000		5.000	6/15/2028		404,225
Legacy LifePoint Health, LLC - 144A		370,000		4.375	2/15/2027		377,863
Tenet Healthcare Corporation		525,000		4.625	7/15/2024		535,343
Tenet Healthcare Corporation - 144A		656,000		6.125	10/1/2028		688,390
							4,720,393
HOME CONSTRUCTION - 0.9%
Griffon Corporation		464,000		5.750	3/1/2028		491,260
Mattamy Group Corporation - 144A		489,000		5.250	12/15/2027		516,201
							1,007,461
HOUSEHOLD PRODUCTS - 1.4%
Clearwater Paper Corporation - 144A		665,000		4.750	8/15/2028		689,322
Coty, Inc. - 144A		480,000		6.500	4/15/2026		454,320
Energizer Holdings, Inc. - 144A		410,000		4.375	3/31/2029		419,840
							1,563,482
INDUSTRIAL SUPPORT SERVICES - 1.0%
Ahern Rentals, Inc. - 144A		787,000		7.375	5/15/2023		584,839
H&E Equipment Services, Inc. - 144A		520,000		3.875	12/15/2028		518,336
							1,103,175
INSTITUTIONAL FINANCIAL SERVICES - 0.4%
LPL Holdings, Inc. - 144A		397,000		5.750	9/15/2025		411,046
INSURANCE - 0.3%
NMI Holdings, Inc. - 144A		270,000		7.375	6/1/2025		304,140

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2021

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
CORPORATE BONDS - 93.3% (Continued)
INTERNET MEDIA & SERVICES - 1.6%
GrubHub Holdings, Inc. - 144A	$	660,000		5.500	7/1/2027	$	695,475
Netflix, Inc. - 144A		922,000		4.875	6/15/2030		1,116,164
							1,811,639
LEISURE FACILITIES & SERVICES - 7.5%
Boyd Gaming Corporation - 144A		230,000		8.625	6/1/2025		254,438
Boyd Gaming Corporation		382,000		4.750	12/1/2027		393,699
Brinker International, Inc. - 144A		289,000		5.000	10/1/2024		301,613
Caesars Entertainment, Inc. - 144A		630,000		6.250	7/1/2025		667,350
Carnival Corporation - 144A		104,000		7.625	3/1/2026		110,175
Dave & Buster’s, Inc. - 144A		510,000		7.625	11/1/2025		536,775
Genting New York, LLC / GENNY Capital, Inc. - 144A		452,000		3.300	2/15/2026		455,916
Hilton Grand Vacations Borrower, LLC / Hilton Grand Vacations Borrower, Inc.		480,000		6.125	12/1/2024		503,350
Live Nation Entertainment, Inc. - 144A		410,000		4.750	10/15/2027		411,667
Live Nation Entertainment, Inc. - 144A		90,000		3.750	1/15/2028		90,844
Melco Resorts Finance Ltd. - 144A		209,000		5.375	12/4/2029		220,328
NCL Corporation Ltd. - 144A		710,000		3.625	12/15/2024		629,681
NCL Corporation Ltd. - 144A		187,000		5.875	3/15/2026		185,481
SeaWorld Parks & Entertainment, Inc. - 144A ^		445,000		8.750	5/1/2025		480,322
Silversea Cruise Finance Ltd. - 144A		550,000		7.250	2/1/2025		568,906
Six Flags Entertainment Corporation - 144A ^		505,000		5.500	4/15/2027		510,833
Six Flags Theme Parks, Inc. - 144A		49,000		7.000	7/1/2025		52,889
Viking Ocean Cruises Ship VII Ltd. - 144A		76,000		5.625	2/15/2029		75,810
VOC Escrow Ltd. - 144A		680,000		5.000	2/15/2028		661,426
Wyndham Destinations, Inc.		750,000		5.750	4/1/2027		830,850
Wynn Macau Ltd. - 144A		515,000		5.125	12/15/2029		520,311
							8,462,664
METALS & MINING - 3.5%
Cleveland-Cliffs, Inc. - 144A		475,000		4.875	1/15/2024		485,984
Cleveland-Cliffs, Inc.		327,000		5.750	3/1/2025		334,971
Cleveland-Cliffs, Inc. - 144A		200,000		6.750	3/15/2026		215,458
First Quantum Minerals Ltd. - 144A		473,000		7.250	4/1/2023		483,834
First Quantum Minerals Ltd. - 144A		223,000		6.875	3/1/2026		232,617
FMG Resources August 2006 Pty Ltd. - 144A		469,000		4.500	9/15/2027		515,984
Freeport-McMoRan, Inc.		260,000		4.125	3/1/2028		273,956
Freeport-McMoRan, Inc.		123,000		4.375	8/1/2028		130,571
Freeport-McMoRan, Inc.		352,000		5.250	9/1/2029		393,075
Freeport-McMoRan, Inc.		260,000		4.250	3/1/2030		282,100
Mineral Resources Ltd. - 144A		525,000		8.125	5/1/2027		583,406
							3,931,956
OIL & GAS PRODUCERS - 14.6%
Antero Midstream Partners, L.P. / Antero Midstream Finance Corporation - 144A		252,000		5.750	1/15/2028		252,473
Antero Resources Corporation - 144A		324,000		7.625	2/1/2029		331,898
Apache Corporation		58,000		4.625	11/15/2025		59,269
Apache Corporation		68,000		4.875	11/15/2027		69,972
Apache Corporation		405,000		4.375	10/15/2028		405,608
Apache Corporation		309,000		4.750	4/15/2043		294,014
Buckeye Partners, L.P. - 144A		429,000		4.500	3/1/2028		444,195
California Resources Corporation - 144A		550,000		7.125	2/1/2026		544,266
Callon Petroleum Company		781,000		6.375	7/1/2026		487,149
Cenovus Energy, Inc.		521,000		4.250	4/15/2027		571,100
Cheniere Energy, Inc. - 144A		360,000		4.625	10/15/2028		375,826
Cheniere Energy Partners, L.P.		432,000		5.250	10/1/2025		443,880
Cheniere Energy Partners, L.P.		248,000		4.500	10/1/2029		266,230
Continental Resources, Inc.		117,000		4.375	1/15/2028		120,071
Continental Resources, Inc. - 144A		284,000		5.750	1/15/2031		307,799

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2021

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
CORPORATE BONDS - 93.3% (Continued)
OIL & GAS PRODUCERS - 14.6% (Continued)
DCP Midstream Operating, L.P.	$	296,000		5.625	7/15/2027	$	322,936
DCP Midstream Operating, L.P. - 144A		132,000		6.750	9/15/2037		147,180
DCP Midstream Operating, L.P.		235,000		5.600	4/1/2044		246,584
eG Global Finance plc - 144A		605,000		6.750	2/7/2025		624,058
Endeavor Energy Resources, L.P. / EER Finance, Inc. - 144A		270,000		5.750	1/30/2028		286,605
Genesis Energy, L.P. / Genesis Energy Finance Corporation		893,000		5.625	6/15/2024		841,094
Genesis Energy, L.P. / Genesis Energy Finance Corporation		325,000		6.500	10/1/2025		301,332
Genesis Energy, L.P. / Genesis Energy Finance Corporation		307,000		8.000	1/15/2027		292,226
Harvest Midstream I, L.P. - 144A		677,000		7.500	9/1/2028		712,712
Hilcorp Energy I, L.P. / Hilcorp Finance Company - 144A		234,000		5.750	2/1/2029		236,241
Hilcorp Energy I, L.P. / Hilcorp Finance Company - 144A		479,000		6.000	2/1/2031		487,083
Holly Energy Partners, L.P. / Holly Energy Finance Corporation - 144A		714,000		5.000	2/1/2028		720,480
Indigo Natural Resources, LLC - 144A		193,000		5.375	2/1/2029		191,070
MEG Energy Corporation - 144A		693,000		6.500	1/15/2025		714,726
MEG Energy Corporation - 144A		447,000		7.125	2/1/2027		462,366
MEG Energy Corporation - 144A		200,000		5.875	2/1/2029		199,000
Murphy Oil USA, Inc.		405,000		4.750	9/15/2029		431,756
Murphy Oil USA, Inc. - 144A		110,000		3.750	2/15/2031		110,275
NGL Energy Operating, LLC / NGL Energy Finance Corporation - 144A		650,000		7.500	2/1/2026		657,995
NuStar Logistics, L.P.		152,000		5.750	10/1/2025		160,208
NuStar Logistics, L.P.		379,000		6.375	10/1/2030		418,558
Occidental Petroleum Corporation		326,000		5.875	9/1/2025		344,256
Occidental Petroleum Corporation		503,000		6.375	9/1/2028		547,956
Occidental Petroleum Corporation		251,000		6.125	1/1/2031		275,705
PBF Holding Company, LLC / PBF Finance Corporation		595,000		6.000	2/15/2028		346,350
Range Resources Corporation - 144A		302,000		8.250	1/15/2029		317,666
Southwestern Energy Company ^		300,000		7.500	4/1/2026		313,890
Southwestern Energy Company		189,000		8.375	9/15/2028		202,604
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corporation - 144A		427,000		4.875	2/1/2031		447,923
							16,334,585
OIL & GAS SERVICES & EQUIPMENT - 1.5%
Archrock Partners, L.P. / Archrock Partners Finance Corporation - 144A		463,000		6.875	4/1/2027		487,145
ChampionX Corporation		397,000		6.375	5/1/2026		417,866
Hi-Crush, Inc. - 144A *		961,000		9.500	8/1/2026		4,805
Nine Energy Service, Inc.- 144A		727,000		8.750	11/1/2023		303,068
USA Compression Partners, L.P. / USA Compression Finance Corporation		437,000		6.875	4/1/2026		457,572
							1,670,456
PUBLISHING & BROADCASTING - 1.5%
Belo Corporation		735,000		7.750	6/1/2027		855,558
Belo Corporation		235,000		7.250	9/15/2027		276,374
EW Scripps Company (The) - 144A		490,000		5.125	5/15/2025		500,719
Scripps Escrow II, Inc. - 144A		46,000		5.375	1/15/2031		46,546
							1,679,197
REAL ESTATE OWNERS & DEVELOPERS - 0.4%
Kennedy-Wilson, Inc.		400,000		4.750	3/1/2029		401,000
REAL ESTATE SERVICES - 1.1%
Cushman & Wakefield US Borrower, LLC - 144A		416,000		6.750	5/15/2028		453,783
Newmark Group, Inc.		679,000		6.125	11/15/2023		738,707
							1,192,490
REITS - 4.3%
CTR Partnership, L.P. / CareTrust Capital Corporation		604,000		5.250	6/1/2025		625,650
ESH Hospitality, Inc. - 144A		150,000		5.250	5/1/2025		153,221
ESH Hospitality, Inc. - 144A		355,000		4.625	10/1/2027		363,424
HAT Holdings I, LLC / HAT Holdings II, LLC - 144A		621,000		5.250	7/15/2024		644,791
iStar, Inc.		162,000		4.250	8/1/2025		159,570

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2021

	Variable	Principal		Interest			Maturity
Security	Rate	Amount		Rate %			Date	Value
CORPORATE BONDS - 93.3% (Continued)
REITS - 4.3% (Continued)
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc.		$	513,000		5.750		2/1/2027	$	577,641
MPT Operating Partnership, L.P. / MPT Finance Corporation			419,000		5.000		10/15/2027		442,873
MPT Operating Partnership, L.P. / MPT Finance Corporation			223,000		3.500		3/15/2031		226,452
Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer - 144A			520,000		5.875		10/1/2028		545,675
Sabra Health Care, L.P.			465,000		5.125		8/15/2026		526,833
Service Properties Trust			96,000		4.750		10/1/2026		92,880
Service Properties Trust			46,000		5.500		12/15/2027		49,146
Service Properties Trust			65,000		4.950		10/1/2029		62,050
Service Properties Trust			374,000		4.375		2/15/2030		341,043
									4,811,249
RENEWABLE ENERGY - 0.4%
EnerSys - 144A			485,000		5.000		4/30/2023		511,372
RETAIL - CONSUMER STAPLES - 0.5%
Albertsons Companies Inc / Safeway Inc / New Albertsons, L.P. / Albertsons, LLC			88,000		5.750		3/15/2025		91,291
Albertsons Companies Inc / Safeway Inc / New Albertsons, L.P. / Albertsons, LLC - 144A			440,000		4.625		1/15/2027		461,567
									552,858
RETAIL - DISCRETIONARY - 0.9%
Avis Budget Car Rental, LLC / Avis Budget Finance, Inc. - 144A			433,000		5.750		7/15/2027		441,121
Conn’s, Inc.			405,000		7.250		7/15/2022		404,399
PetSmart, Inc. / PetSmart Finance Corporation - 144A			153,000		7.750		2/15/2029		156,060
									1,001,580
SEMICONDUCTORS - 0.3%
ON Semiconductor Corporation - 144A			350,000		3.875		9/1/2028		363,125
SOFTWARE - 1.2%
Camelot Finance S.A. - 144A			345,000		4.500		11/1/2026		359,447
Donnelley Financial Solutions, Inc.			477,000		8.250		10/15/2024		499,657
SS&C Technologies, Inc. - 144A			520,000		5.500		9/30/2027		551,959
									1,411,063
SPECIALTY FINANCE - 7.1%
AerCap Global Aviation Trust - 144A	3 month LIBOR+ 4.300%		570,000		6.500	+	6/15/2045		594,225
Alliance Data Systems Corporation - 144A			555,000		4.750		12/15/2024		564,366
Credit Acceptance Corporation			559,000		6.625		3/15/2026		594,636
Enova International, Inc. - 144A			921,000		8.500		9/1/2024		908,240
Fairstone Financial, Inc. - 144A			566,000		7.875		7/15/2024		598,839
FirstCash, Inc. - 144A			512,000		4.625		9/1/2028		531,674
Freeport-McMoRan, Inc.			123,000		4.625		8/1/2030		136,782
Genworth Mortgage Holdings, Inc. - 144A			343,000		6.500		8/15/2025		366,367
goeasy Ltd. - 144A			482,000		5.375		12/1/2024		503,439
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation - 144A			677,000		4.250		2/1/2027		656,913
LD Holdings Group, LLC - 144A			500,000		6.500		11/1/2025		532,500
OneMain Finance Corporation			263,000		6.875		3/15/2025		302,286
OneMain Finance Corporation			89,000		5.375		11/15/2029		98,122
Pattern Energy Operations, L.P. / Pattern Energy Operations, Inc. - 144A			475,000		4.500		8/15/2028		503,251
Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc. - 144A			342,000		3.625		3/1/2029		342,795
Starwood Property Trust, Inc. - 144A			101,000		5.500		11/1/2023		105,166
Starwood Property Trust, Inc.			588,000		4.750		3/15/2025		594,077
									7,933,678
STEEL - 1.5%
Commercial Metals Company			470,000		5.750		4/15/2026		488,189
Commercial Metals Company			542,000		3.875		2/15/2031		555,550
SunCoke Energy Partners, L.P. / SunCoke Energy Partners Finance Corporation - 144A			627,000		7.500		6/15/2025		642,283
									1,686,022

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2021

	Principal		Interest		Maturity
Security	Amount		Rate %		Date	Value
CORPORATE BONDS - 93.3% (Continued)
TECHNOLOGY HARDWARE - 1.7%
Dell International, LLC / EMC Corporation - 144A	$	490,000		7.125	6/15/2024	$	510,212
Diebold Nixdorf, Inc. ^		358,000		8.500	4/15/2024		365,607
Diebold Nixdorf, Inc. - 144A		181,000		9.375	7/15/2025		200,571
Ingram Micro, Inc.		715,000		5.450	12/15/2024		824,097
							1,900,487
TECHNOLOGY SERVICES - 2.5%
Banff Merger Sub, Inc. - 144A		395,000		9.750	9/1/2026		420,734
MPH Acquisition Holdings, LLC - 144A		530,000		5.750	11/1/2028		526,025
Nielsen Finance, LLC / Nielsen Finance Company - 144A		299,000		5.000	4/15/2022		299,897
Nielsen Finance, LLC / Nielsen Finance Company - 144A		255,000		5.625	10/1/2028		273,436
Nielsen Finance, LLC / Nielsen Finance Company - 144A		402,000		5.875	10/1/2030		446,471
Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc. - 144A		288,000		4.625	11/1/2026		300,960
Tempo Acquisition, LLC / Tempo Acquisition Finance Corporation - 144A		120,000		5.750	6/1/2025		128,514
Tempo Acquisition, LLC / Tempo Acquisition Finance Corporation - 144A		355,000		6.750	6/1/2025		365,650
							2,761,687
TELECOMMUNICATIONS - 5.5%
Altice France Holding S.A. - 144A		500,000		6.000	2/15/2028		504,677
Altice France S.A. - 144A		380,000		7.375	5/1/2026		398,719
Cablevision Lightpath, LLC - 144A		360,000		3.875	9/15/2027		362,286
CenturyLink, Inc.		497,000		7.500	4/1/2024		560,884
CenturyLink, Inc. - 144A		410,000		5.125	12/15/2026		436,582
Cogent Communications Group, Inc. - 144A		505,000		5.375	3/1/2022		519,006
Connect Finco S.A.RL / Connect US Finco, LLC - 144A		480,000		6.750	10/1/2026		513,528
Frontier Communications Corporation - 144A		505,000		5.000	5/1/2028		524,884
Hughes Satellite Systems Corporation		706,000		6.625	8/1/2026		799,806
Telesat Canada / Telesat, LLC - 144A		302,000		4.875	6/1/2027		314,805
Telesat Canada / Telesat, LLC - 144A ^		740,000		6.500	10/15/2027		784,755
Zayo Group Holdings, Inc. - 144A		391,000		6.125	3/1/2028		407,378
							6,127,310
TRANSPORTATION & LOGISTICS - 3.3%
American Airlines, Inc. - 144A		725,000		11.750	7/15/2025		842,160
Cargo Aircraft Management, Inc. - 144A		650,000		4.750	2/1/2028		677,219
Delta Air Lines, Inc. - 144A		650,000		7.000	5/1/2025		754,150
Delta Air Lines, Inc.		150,000		4.375	4/19/2028		153,357
Delta Air Lines, Inc.		112,000		3.750	10/28/2029		109,946
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. - 144A		368,417		5.750	1/20/2026		384,075
UAL 2007-1 Pass Through Trust		167,458		6.636	7/2/2022		171,611
United Airlines Holdings, Inc. ^		317,000		5.000	2/1/2024		313,331
United Airlines Holdings, Inc. ^		339,000		4.875	1/15/2025		328,660
							3,734,509
TRANSPORTATION EQUIPMENT - 0.8%
Allison Transmission, Inc. - 144A		505,000		3.750	1/30/2031		505,000
JB Poindexter & Company, Inc. - 144A		380,000		7.125	4/15/2026		405,650
							910,650
WHOLESALE - CONSUMER STAPLES - 1.2%
C&S Group Enterprises, LLC - 144A		520,000		5.000	12/15/2028		519,025
Performance Food Group, Inc. - 144A		450,000		5.500	10/15/2027		476,010
US Foods, Inc. - 144A		303,000		6.250	4/15/2025		323,890
							1,318,925
WHOLESALE - DISCRETIONARY - 0.4%
KAR Auction Services, Inc. - 144A		475,000		5.125	6/1/2025		488,062
TOTAL CORPORATE BONDS (Cost - $100,939,591)							104,576,252

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham High-Yield Bond Fund (Continued)

January 31, 2021

			Interest
Security	Shares		Rate %			Value
SHORT-TERM INVESTMENT - 3.2%
MONEY MARKET FUND - 3.2%
First American Government Obligations Fund - Class Z		3,568,764		0.030	+	$	3,568,764
TOTAL SHORT-TERM INVESTMENT (Cost - $3,568,764)
COLLATERAL FOR SECURITIES LOANED - 1.9%
HSBC US Government Money Market Fund - Class I #		2,198,661		0.030	+		2,198,661
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,198,661)
TOTAL INVESTMENTS - 98.7% (Cost - $106,997,016)						$	110,633,677
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%							1,415,833
NET ASSETS - 100.0%						$	112,049,510

LIBOR - London Inter-bank Offered Rate

LLC - Limited Liability Corporation

LLLP - Limited Liability Limited Partnership

L.P. - Limited Partnership

LTD - Limited Company

plc - Public Limited Company

REITs - Real Estate Investment Trusts

^ All or a portion of these securities are on loan. Total loaned securities had a value of $2,155,502 at January 31, 2021.

* Illiquid security. Total illiquid securities had a value of $4,805 at January 31, 2021.

+ Variable rate security. Interest rate is as of January 31, 2021.

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

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2021 the total market value of 144A securities is $74,668,816 or 66.64% of net assets.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	ASSET BACKED SECURITIES — 0.2%
65,425 EUR	Bankinter 10 FTA(a)	3 Month Euro LIBOR + 0.16%	0.0001	06/21/43	$	79,633
27,899 EUR	Fondo de Titulizacion de Activos Santander(a)	3 Month Euro LIBOR + 0.15%	0.0001	01/18/49		33,783
	TOTAL ASSET BACKED SECURITIES (Cost $99,061)					113,416
	CORPORATE BONDS — 61.8%
	AEROSPACE & DEFENSE — 0.8%
250,000 EUR	Airbus S.E.		2.375	06/09/40		351,530
100,000 EUR	Rolls-Royce plc(b)		4.625	02/16/26		129,574
						481,104
	ASSET MANAGEMENT — 0.7%
300,000 EUR	JAB Holdings BV		1.000	12/20/27		380,628
87,000 USD	MDGH - GMTN BV(b)		2.875	11/07/29		93,356
						473,984
	AUTOMOTIVE — 2.9%
300,000 EUR	Daimler A.G.		0.750	02/08/30		374,332
100,000 EUR	Faurecia S.E.		3.125	06/15/26		125,096
200,000 USD	Fiat Chrysler Automobiles N.V.		3.875	01/05/26		281,624
300,000 USD	Hyundai Capital America(b)		1.300	01/08/26		299,430
300,000 EUR	Nissan Motor Company Ltd.(b)		3.522	09/17/25		321,311
200,000 EUR	Volkswagen International Finance N.V.		1.875	03/30/27		265,552
100,000 EUR	ZF Finance GmbH		3.750	09/21/28		129,401
						1,796,746
	BANKING — 8.8%
250,000 USD	AIB Group plc(b),(c)		4.750	10/12/23		274,588
250,000 EUR	AIB Group plc		2.250	07/03/25		330,018
200,000 EUR	Banco Bilbao Vizcaya Argentaria S.A.		3.500	02/10/27		282,820
535,000 USD	Banco Mercantil del Norte S.A.(a),(b)	H15T5Y + 4.97%	6.750	09/27/68		568,768
200,000 EUR	Banco Santander S.A.		1.125	01/17/25		252,669
200,000 EUR	Banque Federative du Credit Mutuel S.A.		2.625	03/18/24		264,759
350,000 USD	Barclays plc		4.836	05/09/28		399,238
200,000 EUR	BPCE S.A.		4.625	07/18/23		270,283
200,000 EUR	Cooperatieve Rabobank UA		1.375	02/03/27		264,514
300,000 EUR	Credit Agricole S.A.		1.875	12/20/26		399,829
250,000 USD	Danske Bank A/S(a),(b)	H15T1Y + 1.35%	1.621	09/11/26		251,460
300,000 USD	Deutsche Bank AG/New York NY(a)		2.129	11/24/26		304,125
150,000 USD	HSBC Holdings plc(a)	3 Month LIBOR + 0.99%	3.950	05/18/24		161,444
100,000 USD	HSBC Holdings PLC(a),(c)		1.589	05/24/27		101,242

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	CORPORATE BONDS — 61.8% (Continued)
	BANKING — 8.8% (Continued)
200,000 EUR	ING Bank N.V. (a)	EUSA5 + 2.25%	3.625	02/25/26	$	243,537
300,000 USD	Mizuho Financial Group, Inc. (a),(c)	3 Month LIBOR + 1.27%	1.979	09/08/31		300,461
250,000 EUR	Natwest Group plc(a)	3 Month Euro LIBOR + 1.08%	1.750	03/02/26		321,595
300,000 USD	Standard Chartered plc(a),(b),(c)	3 Month LIBOR + 1.21%	2.819	01/30/26		318,066
150,000 USD	Standard Chartered plc(b)		5.700	03/26/44		200,886
						5,510,302
	BEVERAGES — 0.8%
200,000 EUR	Heineken N.V.		3.500	03/19/24		270,660
200,000 EUR	Pernod Ricard S.A.		1.500	05/18/26		262,723
						533,383
	BIOTECH & PHARMA — 2.7%
300,000 EUR	Bayer A.G.		1.375	07/06/32		384,111
250,000 GBP	GlaxoSmithKline Capital plc		1.250	10/12/28		353,553
100,000 EUR	Grifols S.A.		3.200	05/01/25		122,705
100,000 EUR	Grifols S.A.		2.250	11/15/27		123,447
200,000 EUR	Mylan N.V.		3.125	11/22/28		288,564
100,000 EUR	Nidda BondCompany GmbH		5.000	09/30/25		122,872
100,000 USD	Nidda Healthcare Holding GmbH		3.500	09/30/24		122,091
200,000 EUR	Perrigo Finance Unlimited Company(c)		3.150	06/15/30		211,555
						1,728,898
	CABLE & SATELLITE — 1.4%
100,000 EUR	Telenet Finance Luxembourg Notes Sarl		3.500	03/01/28		126,526
200,000 EUR	UPCB Finance VII Ltd.		3.625	06/15/29		251,151
100,000 GBP	Virgin Media Secured Finance plc		5.000	04/15/27		144,679
100,000 GBP	Virgin Media Secured Finance plc		4.250	01/15/30		142,222
100,000 EUR	Ziggo Bond Company BV(b)		3.375	02/28/30		121,446
100,000 EUR	Ziggo BV		2.875	01/15/30		123,048
						909,072
	CHEMICALS — 0.8%
100,000 EUR	CeramTec BondCompany GmbH		5.250	12/15/25		124,129
100,000 EUR	OCI N.V.		3.125	11/01/24		124,345
100,000 EUR	Solvay Finance S.A.CA(a)	EUSA5 + 5.22%	5.869	Perpetual		137,145
100,000 EUR	SPCM SA(b)		2.000	02/01/26		123,774
						509,393

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	CORPORATE BONDS — 61.8% (Continued)
	COMMERCIAL SUPPORT SERVICES — 0.2%
100,000 EUR	Intertrust Group BV		3.375	11/15/25	$	124,237
	CONSTRUCTION MATERIALS — 0.1%
69,000 USD	Cemex S.A.B. de C.V.(b)		7.375	06/05/27		77,970
	CONTAINERS & PACKAGING — 1.2%
200,000 GBP	Ardagh Packaging Finance plc / Ardagh Holdings		4.750	07/15/27		285,783
85,000 USD	Klabin Austria GmbH(b)		3.200	01/12/31		84,821
100,000 EUR	Smurfit Kappa Treasury ULC		1.500	09/15/27		126,534
200,000 EUR	Trivium Packaging Finance BV		3.750	08/15/26		248,901
						746,039
	ELEC & GAS MARKETING & TRADING — 0.5%
250,000 EUR	Orsted A/S		1.500	11/26/29		342,009
	ELECTRIC UTILITIES — 4.6%
200,000 EUR	Enel Finance International N.V.		1.966	01/27/25		262,712
1,341,000 USD	Eskom Holdings SOC Ltd.(b),(c)		6.750	08/06/23		1,403,021
95,000 USD	Eskom Holdings SOC Ltd.(b)		7.125	02/11/25		101,766
200,000 EUR	Iberdrola Finanzas S.A.		1.000	03/07/25		254,076
250,000 EUR	innogy Finance BV		1.000	04/13/25		316,803
200,000 EUR	Naturgy Finance BV		1.500	01/29/28		265,924
233,000 USD	Star Energy Geothermal Darajat II / Star Energy(b)		4.850	10/14/38		260,960
						2,865,262
	ELECTRICAL EQUIPMENT — 0.4%
100,000 EUR	Vertical Midco GmbH		4.375	07/15/27		127,397
100,000 EUR	Vertical Midco GmbH(b)		4.375	07/15/27		127,398
						254,795
	ENGINEERING & CONSTRUCTION — 0.4%
248,000 USD	IHS Netherlands Holdco BV(b)		8.000	09/18/27		267,530
	FOOD — 2.5%
634,000 USD	Adecoagro S.A.(b)		6.000	09/21/27		668,572
512,000 USD	Minerva Luxembourg S.A.(b)		6.500	09/20/26		539,520
100,000 EUR	Sigma Holdco BV		5.750	05/15/26		118,468

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	CORPORATE BONDS — 61.8% (Continued)
	FOOD — 2.5% (Continued)
207,000 USD	Ulker Biskuvi Sanayi A/S(b)		6.950	10/30/25	$	225,034
						1,551,594
	FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
100,000 EUR	WEPA Hygieneprodukte GmbH		2.875	12/15/27		123,683
	GAS & WATER UTILITIES — 0.4%
200,000 EUR	Veolia Environnement S.A.		1.496	11/30/26		264,558
	INDUSTRIAL INTERMEDIATE PROD — 0.7%
407,000 USD	HTA Group Ltd./Mauritius(b)		7.000	12/18/25		436,406
	INDUSTRIAL SUPPORT SERVICES — 0.6%
100,000 EUR	Loxam S.A.S		3.750	07/15/26		123,003
100,000 EUR	Techem Verwaltungsgesellschaft 674 mbH		6.000	07/30/26		126,433
100,000 EUR	Techem Verwaltungsgesellschaft 675 mbH(b)		2.000	07/15/25		120,117
						369,553
	INSTITUTIONAL FINANCIAL SERVICES — 0.4%
225,000 USD	Nomura Holdings, Inc. (c)		1.851	07/16/25		232,971
	INSURANCE — 1.6%
200,000 EUR	Allianz S.E. (a)	3 Month Euro LIBOR + 3.35%	3.099	07/06/47		279,561
300,000 EUR	Great-West Lifeco, Inc.		2.500	04/18/23		386,034
250,000 EUR	NN Group N.V.		1.625	06/01/27		332,512
						998,107
	INTERNET MEDIA & SERVICES — 0.3%
200,000 USD	Tencent Holdings Ltd.(b)		3.240	06/03/50		199,921
	LEISURE FACILITIES & SERVICES — 0.5%
100,000 EUR	Gamma Bidco SpA		6.250	07/15/25		126,222
100,000 EUR	Motion Finco Sarl		7.000	05/15/25		126,252
73,000 USD	Studio City Finance Ltd.(b)		6.000	07/15/25		77,015
						329,489
	METALS & MINING — 2.2%
66,000 USD	Corp Nacional del Cobre de Chile(b)		3.000	09/30/29		71,253

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	CORPORATE BONDS — 61.8% (Continued)
	METALS & MINING — 2.2% (Continued)
142,000 USD	Corp Nacional del Cobre de Chile(b)		4.375	02/05/49	$	169,064
562,000 USD	First Quantum Minerals Ltd.(b)		6.875	03/01/26		586,236
300,000 EUR	Glencore Capital Finance DAC		1.125	03/10/28		379,877
81,000 USD	Indika Energy Capital IV Pte Ltd.(b)		8.250	10/22/25		87,217
26,000 USD	Indonesia Asahan Aluminium Persero PT(b)		5.800	05/15/50		31,753
58,000 USD	Southern Copper Corporation		6.750	04/16/40		85,524
						1,410,924
	OIL & GAS PRODUCERS — 7.1%
325,000 USD	BP Capital Markets plc(a)	H15T5Y + 4.04%	4.375	Perpetual		346,951
100,000 EUR	eG Global Finance plc		6.250	10/30/25		124,946
651,000 USD	Geopark Ltd.(b)		6.500	09/21/24		674,599
97,000 USD	KazMunayGas National Company JSC(b),(c)		5.750	04/19/47		125,035
369,000 USD	Kosmos Energy Ltd.(b)		7.125	04/04/26		368,941
94,000 USD	Leviathan Bond Ltd.		6.500	06/30/27		106,138
45,000 USD	Petroleos Mexicanos		6.875	08/04/26		48,206
149,000 USD	Petroleos Mexicanos		5.950	01/28/31		141,592
38,000 USD	Petroleos Mexicanos		6.625	06/15/35		35,777
452,000 USD	Petroleos Mexicanos		7.690	01/23/50		428,035
161,000 USD	Petroleos Mexicanos(c)		6.950	01/28/60		141,350
300,000 USD	Total Capital International S.A.(c)		3.127	05/29/50		308,244
1,598,000 USD	Tullow Oil plc(b)		7.000	03/01/25		1,052,043
859,000 USD	YPF S.A.(b)		8.500	07/28/25		591,636
						4,493,493
	REAL ESTATE OWNERS & DEVELOPERS — 5.5%
636,000 USD	China SCE Group Holdings Ltd.		7.375	04/09/24		670,582
700,000 USD	China SCE Group Holdings Ltd.		7.000	05/02/25		738,500
500,000 USD	Theta Capital Pte Ltd.		8.125	01/22/25		507,514
250,000 USD	Theta Capital Pte Ltd.		6.750	10/31/26		233,418
1,300,000 USD	Wanda Properties International Company Ltd.		7.250	01/29/24		1,335,425
						3,485,439
	REAL ESTATE SERVICES — 0.9%
557,000 USD	ESR Cayman Ltd.		7.875	04/04/22		581,364

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	CORPORATE BONDS — 61.8% (Continued)
	REIT— 1.1%
400,000 USD	LMIRT Capital Pte Ltd.		7.250	06/19/24	$	402,974
200,000 GBP	Westfield America Management Ltd.		2.125	03/30/25		280,474
						683,448
	RENEWABLE ENERGY — 1.1%
700,000 USD	ENN Clean Energy International Investment Ltd.		7.500	02/27/21		694,397
	RETAIL - CONSUMER STAPLES — 0.2%
100,000 EUR	Quatrim S.A.SU		5.875	01/15/24		126,731
	SEMICONDUCTORS — 0.4%
150,000 USD	TSMC Global Ltd.(b)		1.000	09/28/27		148,390
100,000 USD	TSMC Global Ltd.(b)		1.375	09/28/30		97,408
						245,798
	SPECIALTY FINANCE — 0.5%
100,000 EUR	Parts Europe S.A.(b)		6.500	07/16/25		126,781
184,000 USD	Studio City Finance Ltd.(b)		6.500	01/15/28		197,800
						324,581
	STEEL — 3.2%
648,000 USD	CSN Resources S.A.(b)		7.625	04/17/26		697,203
1,199,000 USD	Metinvest BV(b)		7.750	10/17/29		1,295,232
						1,992,435
	TECHNOLOGY HARDWARE — 0.6%
100,000 EUR	Nokia OYJ		3.125	05/15/28		134,850
250,000 USD	Seagate HDD Cayman(b),(c)		4.125	01/15/31		262,356
						397,206
	TELECOMMUNICATIONS — 3.6%
100,000 EUR	Altice France Holding S.A.(b)		8.000	05/15/27		133,572
100,000 EUR	Altice France S.A.(b)		2.125	02/15/25		118,854
230,000 USD	Axtel S.A.B. de C.V.(b)		6.375	11/14/24		240,925
250,000 EUR	Deutsche Telekom International Finance BV		0.875	01/30/24		313,552
200,000 USD	Millicom International Cellular S.A.(b)		5.125	01/15/28		211,587
200,000 EUR	Orange S.A.		2.000	01/15/29		278,745
200,000 EUR	Telecom Italia SpA		3.625	05/25/26		269,140
100,000 EUR	Telefonica Europe BV(a)	EUSA6 + 4.11%	4.375	03/14/68		131,569
250,000 USD	VF Ukraine PAT via VFU Funding plc(b)		6.200	02/11/25		261,254

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	CORPORATE BONDS — 61.8% (Continued)
	TELECOMMUNICATIONS — 3.6% (Continued)
100,000 EUR	Vodafone Group plc(a)	EUSA5 + 2.67%	3.100	01/03/79	$	126,046
100,000 EUR	Vodafone Group plc(a)	EUSA5 + 3.00%	2.625	08/27/80		125,071
						2,210,315
	TRANSPORTATION & LOGISTICS — 1.9%
250,000 USD	Aerovias de Mexico S.A. de CV(b)		7.000	02/05/25		103,078
3,000 USD	DP World plc(b)		6.850	07/02/37		4,059
64,000 USD	DP World plc(b)		5.625	09/25/48		80,275
6,000 USD	DP World plc(b)		4.700	09/30/49		6,726
662,000 USD	Gol Finance S.A.(b),(c)		7.000	01/31/25		585,043
100,000 GBP	Heathrow Funding Ltd.		7.125	02/14/24		157,033
155,000 USD	Rumo Luxembourg Sarl(b)		5.250	01/10/28		166,757
86,000 USD	Simpar Europe S.A.(b)		5.200	01/26/31		86,378
						1,189,349
	TOTAL CORPORATE BONDS (Cost $37,534,066)					38,962,486
	NON U.S. GOVERNMENT & AGENCIES — 32.0%
202,000 USD	Angolan Government International Bond(b)		9.125	11/26/49		196,942
1,783 USD	Argentine Republic Government International Bond		1.000	07/09/29		744
1,003,000 USD	Argentine Republic Government International Bond(a),(c),(d)		0.125	07/09/30		385,913
350,000 USD	Argentine Republic Government International Bond(a),(d)		0.125	07/09/35		120,316
48,520 USD	Argentine Republic Government International Bond(a),(d)		0.125	01/09/38		19,093
280,000 USD	Argentine Republic Government International Bond(a),(d)		0.125	07/09/46		96,533
860,000 AUD	Australia Government Bond		1.250	05/21/32		662,298
93,000 USD	Bahamas Government International Bond(b)		8.950	10/15/32		100,673
227,000 USD	Banque Centrale de Tunisie International Bond(b)		5.750	01/30/25		208,043
194,000 EUR	Benin Government International Bond(b)		4.875	01/19/32		234,169
44,800 USD	Brazil Minas SPE via State of Minas Gerais(b)		5.333	02/15/28		48,776
291,000 USD	Brazilian Government International Bond		12.500	01/05/22		58,540
1,919,000 BRL	Brazilian Government International Bond		12.500	01/05/22		386,042
137,000 USD	Brazilian Government International Bond		4.500	05/30/29		149,750
175,000 USD	Brazilian Government International Bond(c)		3.875	06/12/30		180,337
550,000 CAD	Canadian Government Bond		2.250	06/01/29		484,751

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	NON U.S. GOVERNMENT & AGENCIES — 32.0% (Continued)
100,000 EUR	Colombia Government International Bond		3.875	03/22/26	$	138,974
84,000 USD	Colombia Government International Bond		3.000	01/30/30		86,762
261,000 USD	Colombia Government International Bond		3.125	04/15/31		270,071
14,000 USD	Colombia Government International Bond		5.625	02/26/44		17,325
44,000 USD	Colombia Government International Bond		5.000	06/15/45		51,271
1,159,200,000 COP	Colombian TES		6.000	04/28/28		347,450
40,000 CZK	Czech Republic Government Bond		3.850	09/29/21		1,920
4,010,000 CZK	Czech Republic Government Bond		0.950	05/15/30		182,040
118,000 USD	Dominican Republic International Bond(b)		5.875	01/30/60		124,136
52,074 USD	Ecuador Government International Bond(b),(e)		—	07/31/30		22,523
90,800 USD	Ecuador Government International Bond(a),(b),(d)		0.500	07/31/30		48,805
46,060 USD	Ecuador Government International Bond(a),(b),(d)		0.500	07/31/35		21,188
94,000 USD	Egypt Government International Bond(b)		5.250	10/06/25		100,459
29,000 USD	Egypt Government International Bond(b)		7.053	01/15/32		31,079
120,000 USD	Egypt Government International Bond(b)		7.625	05/29/32		133,356
25,000 USD	Egypt Government International Bond(b)		8.500	01/31/47		27,587
26,000 USD	Egypt Government International Bond(b)		8.700	03/01/49		29,051
165,000 USD	Egypt Government International Bond(b)		8.875	05/29/50		187,364
200,000 USD	Egypt Government International Bond(b)		8.150	11/20/59		213,244
2,175,000 EGP	Egypt Treasury Bills(e)		—	08/10/21		130,108
4,100,000 EGP	Egypt Treasury Bills(e)		—	09/28/21		241,161
27,000 USD	El Salvador Government International Bond(b)		8.250	04/10/32		27,486
146,000 USD	El Salvador Government International Bond		8.250	04/10/32		148,628
104,000 USD	El Salvador Government International Bond		7.650	06/15/35		102,440
57,000 USD	El Salvador Government International Bond		7.125	01/20/50		52,925
550,000 BRL	European Investment Bank(e)		—	08/27/21		99,302
200,000 EUR	European Investment Bank		1.125	09/15/36		286,943
68,000 USD	Gabon Government International Bond(b)		6.950	06/16/25		72,926
17,000 USD	Ghana Government International Bond(b)		6.375	02/11/27		17,648
139,000 USD	Ghana Government International Bond(b)		7.875	03/26/27		152,710
13,000 USD	Ghana Government International Bond(b)		7.625	05/16/29		13,776
60,000 USD	Ghana Government International Bond(b)		7.875	02/11/35		60,785
281,000 USD	Ghana Government International Bond(b)		8.950	03/26/51		287,854
7,000 USD	Ghana Government International Bond(b)		8.750	03/11/61		7,044
100,000 EUR	Indonesia Government International Bond(b)		2.150	07/18/24		129,691
36,000 USD	Indonesia Government International Bond		2.850	02/14/30		38,457

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	NON U.S. GOVERNMENT & AGENCIES — 32.0% (Continued)
35,000 USD	Indonesia Government International Bond		5.125	01/15/45	$	45,017
1,234,000,000 IDR	Indonesia Treasury Bond		9.000	03/15/29		102,855
1,943,000,000 IDR	Indonesia Treasury Bond		7.000	09/15/30		145,647
680,000,000 IDR	Indonesia Treasury Bond		8.250	06/15/32		54,314
755,000,000 IDR	Indonesia Treasury Bond		8.375	03/15/34		61,138
76,000 EUR	Ireland Government Bond		5.400	03/13/25		115,561
50,000 EUR	Ireland Government Bond		0.900	05/15/28		66,785
130,000 EUR	Ireland Government Bond		1.300	05/15/33		185,957
240,000 EUR	Italy Buoni Poliennali Del Tesoro		4.500	03/01/24		333,773
750,000 EUR	Italy Buoni Poliennali Del Tesoro		2.800	12/01/28		1,079,140
640,000 EUR	Italy Buoni Poliennali Del Tesoro(b)		2.450	09/01/33		926,019
180,000 EUR	Italy Buoni Poliennali Del Tesoro		5.000	08/01/39		358,257
235,000 EUR	Italy Buoni Poliennali Del Tesoro		5.000	09/01/40		471,970
123,000 EUR	Ivory Coast Government International Bond(b)		5.875	10/17/31		164,254
6,150,000 JPY	Japan Government Forty Year Bond		0.800	03/20/58		61,015
17,000,000 JPY	Japan Government Thirty Year Bond		1.500	03/20/45		196,976
17,150,000 JPY	Japan Government Thirty Year Bond		0.500	09/20/46		160,567
164,000 USD	Kenya Government International Bond(b)		8.000	05/22/32		189,598
175,000 USD	Lebanon Government International Bond(f)		6.650	02/26/30		23,026
6,449,000 MXN	Mexican Bonos(a)		7.500	06/03/27		364,915
6,530,000 MXN	Mexican Bonos		7.750	11/13/42		367,138
100,000 EUR	Mexico Government International Bond		1.625	04/08/26		128,078
62,000 USD	Mexico Government International Bond		4.750	04/27/32		72,385
200,000 USD	Mozambique International Bond(b)		5.000	09/15/31		181,000
244,000 USD	Nigeria Government International Bond(b)		7.875	02/16/32		267,722
200,000 USD	Nigeria Government International Bond		7.625	11/28/47		208,978
63,000 USD	Oman Government International Bond(b)		7.375	10/28/32		71,700
53,000 USD	Oman Government International Bond(b)		6.750	01/17/48		52,484
40,000 USD	Panama Government International Bond		3.870	07/23/60		44,660
260,000 USD	Papua New Guinea Government International Bond(b)		8.375	10/04/28		269,099
100,000 EUR	Portugal Obrigacoes do Tesouro OT		4.125	04/14/27		155,327
150,000 CAD	Province of British Columbia Canada		3.200	06/18/44		139,773
250,000 CAD	Province of Ontario Canada		2.800	06/02/48		217,924
25,231 USD	Republic of Angola Via Avenir II BV(a)	6 Month LIBOR + 7.50%	7.760	07/01/23		23,847
185,714 USD	Republic of Angola Via Avenir Issuer II Ireland		6.927	02/18/27		166,621
125,000 USD	Republic of Armenia International Bond(b)		3.600	02/02/31		121,348
47,000 USD	Republic of Belarus International Bond(b)		7.625	06/29/27		51,586

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Principal Amount		Variable Rate %	Interest Rate %	Maturity	Value
	NON U.S. GOVERNMENT & AGENCIES — 32.0% (Continued)
71,000 USD	Republic of Belarus Ministry of Finance(b)		6.378	02/24/31	$	72,281
157,000 USD	Republic of Cameroon International Bond(b)		9.500	11/19/25		178,972
1,655,000 ZAR	Republic of South Africa Government Bond		6.250	03/31/36		75,949
1,854,000 ZAR	Republic of South Africa Government Bond		8.500	01/31/37		102,918
33,000 USD	Republic of South Africa Government International		5.750	09/30/49		31,895
42,000 USD	Romanian Government International Bond(b)		3.000	02/14/31		44,627
76,000 EUR	Romanian Government International Bond(b)		3.375	02/08/38		106,043
42,000 USD	Romanian Government International Bond(b)		6.125	01/22/44		58,015
48,000 EUR	Romanian Government International Bond(b)		3.375	01/28/50		65,842
127,000 USD	Romanian Government International Bond(b)		4.000	02/14/51		135,689
8,560,000 RUB	Russian Federal Bond - OFZ		7.400	12/07/22		119,129
20,655,000 RUB	Russian Federal Bond - OFZ		7.050	01/19/28		290,842
6,120,000 RUB	Russian Federal Bond - OFZ		6.900	05/23/29		85,291
14,040,000 RUB	Russian Federal Bond - OFZ		7.700	03/23/33		204,783
600,000 USD	Russian Foreign Bond - Eurobond		4.250	06/23/27		683,299
121,000 USD	Saudi Government International Bond(b)		2.250	02/02/33		119,699
350,000 EUR	Spain Government Bond		1.250	10/31/30		472,641
170,000 EUR	Spain Government Bond		4.200	01/31/37		325,452
250,000 EUR	Spain Government Bond		2.700	10/31/48		438,278
93,000 USD	Trinidad & Tobago Government International Bond		4.500	08/04/26		101,370
47,000 USD	Turkey Government International Bond		5.750	03/22/24		49,609
27,000 USD	Turkey Government International Bond		6.350	08/10/24		29,057
29,000 USD	Turkey Government International Bond		6.125	10/24/28		30,887
210,000 USD	Turkey Government International Bond		7.625	04/26/29		242,738
111,000 USD	Turkey Government International Bond		5.875	06/26/31		113,246
35,000 USD	Turkey Government International Bond		5.750	05/11/47		32,125
40,000 USD	Ukraine Government International Bond(b)		9.750	11/01/28		48,652
100,000 EUR	Ukraine Government International Bond(b)		4.375	01/27/30		115,780
119,000 USD	Ukraine Government International Bond(b)		7.375	09/25/32		128,011
300,000 GBP	United Kingdom Gilt		4.500	09/07/34		625,400
7,493,000 USD	Uruguay Government International Bond		9.875	06/20/22		184,669
	TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $19,062,873)					20,197,052

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COLLATERAL FOR SECURITIES LOANED – 5.3%
	3,351,555	Mount Vernon Prime Portfolio, 0.15% (Cost $3,351,555)(g),(h)	$	3,351,555
		TOTAL INVESTMENTS - 99.3% (Cost $60,047,555)	$	62,624,509
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%		422,591
		NET ASSETS - 100.0%	$	63,047,100

OPEN FUTURES CONTRACTS(i)
Number of			Notional		Unrealized Appreciation
Contracts	Open Long Futures Contracts	Expiration	Amount		(Depreciation)
10	CBOT 10 Year US Treasury Note	03/22/2021	$	1,370,310	$	310
7	Eurex 30 Year Euro BUXL Future	03/08/2021		1,882,003		(36,005	)
24	Long Gilt Future	03/29/2021		4,418,521		(6,767	)
8	TSE Japanese 10 Year Bond Futures	03/15/2021		11,600,936		(8,605	)
	TOTAL FUTURES CONTRACTS				$	(51,067	)

OPEN FUTURES CONTRACTS
Number of			Notional		Unrealized Appreciation
Contracts	Open Short Futures Contracts	Expiration	Amount		(Depreciation)
6	CBOT 10 Year US Treasury Note	03/22/2021		822,186	$	5,673
63	CBOT 5 Year US Treasury Note	03/31/2021		7,930,125		(985	)
8	Eurex 10 Year Euro BUND Future	03/08/2021		1,722,729		5,835
	TOTAL FUTURES CONTRACTS				$	10,523

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

COP – Colombian Peso

CZK – Czech Koruna

EGP – Egyptian Pound

EUR – Euro

GBP – United Kingdom Pound

IDR – Indonesian Rupiah

JPY – Japanese Yen

MXN – Mexican Peso

RUB – Russian Ruble

USD – US Dollar

ZAR – South African Rand

H15T5Y	5 Year US Treasury Yield Curve Constant Maturity Rate
H15T1Y	1 Year US Treasury Yield Curve Constant Maturity Rate
EUSA5	5 Year EUR Annual Swap Rate
EUSA6	6 Year EUR Annual Swap Rate

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

^(a) Variable rate security. Interest rate is as of January 31, 2021.

^(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2021 the total market value of 144A securities is 21,739,901 or 34.5%.

^(c) All or a portion of these securities are on loan. Total loaned securities had a value of $3,317,373 at January 31, 2021.

^(d) Step-Up Bond; the interest rate shown is the rate in effect as of January 31, 2021.

^(e) Zero coupon rate.

^(f) Represents issuer in default on interest payments; non-income producing security.

^(g) Rate disclosed is the seven day effective yield as of January 31, 2021.

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

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

OPEN CREDIT DEFAULT SWAP AGREEMENTS

		Notional Value at			Fixed Deal	Premium			Maturity	Unrealized
Description	Counterparty	January 31, 2021			(Received) Rate	Paid (Received)			Date	Appreciation
To Sell Protection CDX.EM.33-V2 (1)	Citibank	$	(722,000	)	1.00%	$	(26,903	)	6/20/2025	$	20,753
To Sell Protection CDX.EM.32-V3 (1)	Citibank		(465,000	)	1.00%		(28,187	)	12/20/2021		27,768
											48,521

(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.

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Euro	02/04/2021	Barclays		75,258	$	91,435	$	(261	)
British Pound	02/12/2021	Citigroup		551,328		757,121		6,791
British Pound	02/12/2021	JP Morgan Chase		100,000		137,327		1,521
Euro	02/25/2021	Capstone Global Markets		880,000		1,069,614		1,467
Euro	02/25/2021	Citigroup		130,000		158,012		1,084
Mexican Peso	02/25/2021	Capstone Global Markets		12,000,000		591,991		(15,529	)
Mexican Peso	02/25/2021	JP Morgan Chase		6,330,000		312,275		(1,233	)
Euro	03/22/2021	Citigroup		66,154		80,459		(860	)
Euro	03/22/2021	JP Morgan Chase		279,914		340,441		(1,570	)
							$	(8,590	)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Sell:
Euro	02/01/2021	JP Morgan Chase		61,643	$	74,890	$	(137	)
Euro	02/04/2021	Barclays		5,221,676		6,344,076		80,051
British Pound	02/12/2021	Capstone Global Markets		460,000		631,703		(6,171	)
Australian Dollar	03/22/2021	Citigroup		874,500		671,158		(22,480	)
British Pound	03/22/2021	Citigroup		1,246,300		1,711,887		(48,009	)
Canadian Dollar	03/22/2021	Citigroup		1,110,100		869,102		(128	)
Euro	03/22/2021	BNY Mellon		190,283		231,429		203
Euro	03/22/2021	Barclays		12,357,856		15,030,087		(11,783	)
Euro	03/22/2021	Citigroup		656,890		798,934		4,388
Japanese Yen	03/22/2021	Citigroup		70,715,099		675,760		4,749
							$	683

		Settlement		Currency Amount		Currency Amount							Unrealized Appreciation/
Foreign Currency		Date	Counterparty	Purch Buy		Purch Sell		U.S. Dollar MV Buy		U.S. Dollar MV Sell			(Depreciation)
To Buy:
British Pound	Euro	2/12/2021	Citigroup		559,399		620,000		768,204		(753,392	)	$	14,812
Euro	British Pound	2/12/2021	Capstone Global Markets		240,000		213,129		291,636		(292,683	)		(1,048	)
Euro	British Pound	2/12/2021	Citigroup		380,000		338,199		461,756		(464,438	)		(2,681	)
Euro	Japanese Yen	2/12/2021	Citigroup		260,000		33,089,771		315,939		(316,086	)		(147	)
Japanese Yen	Australian Dollar	2/12/2021	JP Morgan Chase		68,672,094		850,000		655,981		(652,199	)		3,782
Australian Dollar	Japanese Yen	2/25/2021	Capstone Global Markets		690,000		55,289,700		529,470		(528,206	)		1,264
Euro	British Pound	3/22/2021	JP Morgan Chase		481,926		439,700		586,137		(603,961	)		(17,824	)
													$	(1,842	)
Total													$	(9,749	)

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Shares			Value
		COMMON STOCKS — 93.4%
		AEROSPACE & DEFENSE - 2.3%
	9,024	L3Harris Technologies, Inc.	$	1,547,706
	3,350	Lockheed Martin Corporation		1,078,097
				2,625,803
		ASSET MANAGEMENT - 2.9%
	2,545	BlackRock, Inc.		1,784,707
	29,896	Charles Schwab Corporation (The)		1,540,840
				3,325,547
		AUTOMOTIVE - 1.2%
	26,763	General Motors Company		1,356,349
		BANKING - 7.7%
	114,832	Bank of America Corporation		3,404,769
	31,469	JPMorgan Chase & Company		4,049,115
	33,251	Truist Financial Corporation		1,595,383
				9,049,267
		BIOTECH & PHARMA - 6.5%
	14,394	AbbVie, Inc.		1,475,097
	27,168	Bristol-Myers Squibb Company		1,668,930
	18,191	Johnson & Johnson		2,967,499
	19,821	Merck & Company, Inc.		1,527,604
				7,639,130
		CABLE & SATELLITE - 1.6%
	52,084	Altice USA, Inc., Class A(a)		1,852,628
		CHEMICALS - 2.7%
	5,940	Air Products and Chemicals, Inc.		1,584,554
	55,759	Huntsman Corporation		1,473,153
				3,057,707
		CONSTRUCTION MATERIALS - 1.8%
	3,440	Martin Marietta Materials, Inc.		988,690
	14,789	Owens Corning		1,147,627
				2,136,317
		CONSUMER SERVICES - 1.2%
	28,522	Service Corp International		1,438,364

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 93.4% (Continued)
		CONTAINERS & PACKAGING - 0.7%
	20,883	WestRock Company	$	865,183
		DIVERSIFIED INDUSTRIALS - 3.4%
	25,476	Emerson Electric Company		2,021,520
	9,734	Honeywell International, Inc.		1,901,732
				3,923,252
		ELECTRIC UTILITIES - 4.3%
	17,895	American Electric Power Company, Inc.(b)		1,447,884
	16,453	DTE Energy Company		1,953,301
	25,387	Xcel Energy, Inc.		1,624,514
				5,025,699
		ELECTRICAL EQUIPMENT - 1.0%
	8,336	Trane Technologies plc		1,194,966
		ENGINEERING & CONSTRUCTION - 1.5%
	25,007	Quanta Services, Inc.		1,762,243
		ENTERTAINMENT CONTENT - 2.7%
	37,140	Discovery, Inc. - Series A(a),(b)		1,538,339
	10,199	Walt Disney Company (The)		1,715,166
				3,253,505
		FOOD - 1.5%
	30,529	Mondelez International, Inc., Class A		1,692,528
		HEALTH CARE FACILITIES & SERVICES - 3.2%
	12,708	AmerisourceBergen Corporation		1,324,174
	6,171	Cigna Corporation		1,339,415
	3,329	UnitedHealth Group, Inc.		1,110,488
				3,774,077
		HOME CONSTRUCTION - 0.9%
	25,131	PulteGroup, Inc.		1,093,199
		HOUSEHOLD PRODUCTS - 1.0%
	9,479	Procter & Gamble Company (The)		1,215,303

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 93.4% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 3.0%
	45,757	Bank of New York Mellon Corporation (The)	$	1,822,502
	14,701	Intercontinental Exchange, Inc.		1,622,255
				3,444,757
		INSURANCE - 6.9%
	17,494	Allstate Corporation (The)		1,875,007
	5,738	Berkshire Hathaway, Inc., Class B(a)		1,307,518
	24,859	Hartford Financial Services Group, Inc. (The)		1,193,729
	19,960	Prudential Financial, Inc.		1,562,469
	10,269	Travelers Companies, Inc. (The)		1,399,665
	3,547	Willis Towers Watson plc		719,828
				8,058,216
		INTERNET MEDIA & SERVICES - 2.5%
	1,589	Alphabet, Inc., Class A(a)		2,903,675
		LEISURE FACILITIES & SERVICES - 1.0%
	9,917	Darden Restaurants, Inc.		1,159,198
		MACHINERY - 3.2%
	9,311	Caterpillar, Inc.		1,702,423
	7,610	Parker-Hannifin Corporation		2,013,682
				3,716,105
		MEDICAL EQUIPMENT & DEVICES - 5.8%
	21,406	Abbott Laboratories		2,645,567
	11,242	Hill-Rom Holdings, Inc.(b)		1,079,682
	5,459	Stryker Corporation		1,206,494
	3,485	Thermo Fisher Scientific, Inc.		1,776,304
				6,708,047
		OIL & GAS PRODUCERS - 4.1%
	45,576	ConocoPhillips		1,824,408
	28,640	EOG Resources, Inc.(b)		1,459,494
	21,339	Phillips 66(b)		1,446,784
				4,730,686
		RETAIL - CONSUMER STAPLES - 1.9%
	12,028	Target Corporation		2,179,112

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 93.4% (Continued)
		RETAIL - DISCRETIONARY - 2.4%
	1,291	AutoZone, Inc.(a)	$	1,443,816
	8,232	Lowe’s Companies, Inc.		1,373,509
				2,817,325
		SEMICONDUCTORS - 4.8%
	3,074	Broadcom, Inc.		1,384,837
	16,997	Intel Corporation		943,503
	21,337	Micron Technology, Inc.(a)		1,670,047
	45,865	ON Semiconductor Corporation(a)		1,581,884
				5,580,271
		SOFTWARE - 1.0%
	5,065	Microsoft Corporation		1,174,877
		SPECIALTY FINANCE - 0.7%
	7,347	American Express Company		854,162
		TECHNOLOGY HARDWARE - 1.8%
	5,544	Apple, Inc.		731,586
	31,061	Cisco Systems, Inc.		1,384,700
				2,116,286
		TECHNOLOGY SERVICES - 1.2%
	7,773	Global Payments, Inc.		1,372,090
		TELECOMMUNICATIONS - 2.2%
	45,960	Verizon Communications, Inc.		2,516,310
		TRANSPORTATION & LOGISTICS - 2.8%
	6,221	Kansas City Southern(b)		1,260,810
	29,395	Knight-Swift Transportation Holdings, Inc.		1,175,800
	19,844	Southwest Airlines Company(b)		871,945
				3,308,555
		TOTAL COMMON STOCKS (Cost $82,246,574)		108,920,739

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		REITS — 4.3%
		REITS - 4.3%
	5,294	American Tower Corporation, A	$	1,203,644
	10,818	Boston Properties, Inc.		987,359
	25,126	Equity LifeStyle Properties, Inc.		1,528,666
	12,737	Prologis, Inc.		1,314,458
		TOTAL REITS (Cost $4,497,363)		5,034,127
		COLLATERAL FOR SECURITIES LOANED — 4.7%
	5,465,288	Mount Vernon Prime Portfolio, 0.15% (Cost $5,465,288)(c),(d)		5,465,288
		TOTAL INVESTMENTS - 102.4% (Cost $92,209,225)	$	119,420,154
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.4)%		(2,810,187	)
		NET ASSETS - 100.0%	$	116,609,967

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of these securities are on loan. Total loaned securities had a value of $5,223,098 at January 31, 2021.

(c) Rate disclosed is the seven day effective yield as of January 31, 2021.

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

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Shares			Value
		COMMON STOCKS — 87.9%
		AEROSPACE & DEFENSE - 1.0%
	5,898	Barnes Group, Inc.	$	283,517
	6,612	Kaman Corporation		332,980
				616,497
		ASSET MANAGEMENT - 1.0%
	13,551	Artisan Partners Asset Management, Inc., Class A		655,868
		AUTOMOTIVE - 1.0%
	61,626	Goodyear Tire & Rubber Company (The)		650,154
		BANKING - 17.9%
	41,007	Associated Banc-Corporation		735,666
	32,916	Bancorp, Inc. (The)(a)		552,001
	11,775	Banner Corporation		520,808
	19,637	Central Pacific Financial Corporation		390,384
	14,927	Eagle Bancorp, Inc.		634,248
	870	First Citizens BancShares, Inc., Class A(b)		518,511
	9,851	First Financial Corporation		378,180
	12,753	First Interstate BancSystem, Inc., Class A		493,031
	35,579	First Midwest Bancorp, Inc.		588,121
	22,551	Flagstar Bancorp, Inc.		966,309
	18,340	Hancock Whitney Corporation		626,128
	13,623	Heartland Financial USA, Inc.(b)		581,157
	24,203	Independent Bank Corporation (Michigan)		444,367
	27,065	Simmons First National Corporation, Class A(b)		668,506
	14,757	The First Bancshares, Inc.		441,825
	13,279	TriCompany Bancshares		495,307
	23,916	Trustmark Corporation		656,973
	9,855	UMB Financial Corporation		699,410
	24,758	United Community Banks, Inc.		738,530
				11,129,462
		BIOTECH & PHARMA - 2.4%
	10,029	Anika Therapeutics, Inc.(a),(b)		371,173
	14,413	Coherus Biosciences, Inc.(a),(b)		270,964
	14,482	Supernus Pharmaceuticals, Inc.(a)		425,627
	28,322	Vanda Pharmaceuticals, Inc.(a)		406,138
				1,473,902

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 87.9%
		CHEMICALS - 2.8%
	8,956	Cabot Corporation	$	393,258
	22,408	Lydall, Inc.(a)		674,481
	11,572	Minerals Technologies, Inc.		713,182
				1,780,921
		COMMERCIAL SUPPORT SERVICES - 1.0%
	8,109	Insperity, Inc.		636,475
		CONSUMER SERVICES - 1.2%
	1,337	Graham Holdings Company, Class B		759,563
		CONTAINERS & PACKAGING - 0.9%
	11,848	Greif, Inc., Class A		535,056
		ELECTRIC UTILITIES - 2.7%
	22,687	Hawaiian Electric Industries, Inc.(b)		750,032
	9,855	NorthWestern Corporation		536,802
	9,565	Unitil Corporation		389,965
				1,676,799
		ENGINEERING & CONSTRUCTION - 1.4%
	30,282	Primoris Services Corporation		881,358
		FOOD - 2.3%
	17,101	Phibro Animal Health Corporation, Class A		354,675
	34,927	Pilgrim’s Pride Corporation(a)		676,885
	10,380	Seneca Foods Corporation, Class A(a)		376,275
				1,407,835
		GAS & WATER UTILITIES - 2.0%
	4,779	SJW Group		316,226
	7,235	Southwest Gas Holdings, Inc.		433,811
	8,261	Spire, Inc.		505,491
				1,255,528
		HEALTH CARE FACILITIES & SERVICES - 2.0%
	12,826	Hanger, Inc.(a)		262,805
	6,485	National HealthCare Corporation		415,364

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 87.9% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 2.0% (Continued)
	20,101	Owens & Minor, Inc.	$	584,537
				1,262,706
		HOME CONSTRUCTION - 2.9%
	6,638	American Woodmark Corporation(a)		574,253
	12,681	M/I Homes, Inc.(a)		626,062
	7,659	Meritage Homes Corporation(a)		614,711
				1,815,026
		HOUSEHOLD PRODUCTS - 0.7%
	11,576	Clearwater Paper Corporation(a)		440,814
		INDUSTRIAL INTERMEDIATE PROD - 3.1%
	13,369	AZZ, Inc.(b)		636,231
	18,416	Mueller Industries, Inc.		628,906
	3,400	Valmont Industries, Inc.		655,928
				1,921,065
		INSTITUTIONAL FINANCIAL SERVICES - 0.8%
	5,217	Piper Sandler Cos		476,469
		INSURANCE - 2.5%
	16,268	American Equity Investment Life Holding Company		474,863
	14,261	Mercury General Corporation		755,976
	1,703	National Western Life Group, Inc., Class A		306,540
				1,537,379
		LEISURE FACILITIES & SERVICES - 2.0%
	37,898	Fiesta Restaurant Group, Inc.(a),(b)		570,744
	15,693	Wyndham Destinations, Inc.		694,258
				1,265,002
		MACHINERY - 4.9%
	8,119	Altra Industrial Motion Corporation		417,398
	11,377	Columbus McKinnon Corporation		491,373
	4,312	Curtiss-Wright Corporation		447,542
	16,884	Federal Signal Corporation(b)		551,938
	13,264	Hillenbrand, Inc.		545,150
	4,743	Regal Beloit Corporation		595,151
				3,048,552

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 87.9% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 1.2%
	1,980	ICU Medical, Inc.(a)	$	404,870
	23,007	Lantheus Holdings, Inc.(a)		374,324
				779,194
		METALS & MINING - 0.9%
	30,862	Alcoa Corporation		555,516
		OIL & GAS PRODUCERS - 2.1%
	32,111	Bonanza Creek Energy, Inc.(a),(b)		663,413
	15,750	Cimarex Energy Company		664,335
				1,327,748
		OIL & GAS SERVICES & EQUIPMENT - 2.2%
	76,774	Archrock, Inc.		680,985
	57,930	Liberty Oilfield Services, Inc., Class A(b)		696,319
				1,377,304
		PUBLISHING & BROADCASTING - 1.0%
	38,152	Gray Television, Inc.(a)		650,492
		REAL ESTATE OWNERS & DEVELOPERS - 1.0%
	8,840	McGrath RentCorp		616,944
		RETAIL - CONSUMER STAPLES - 2.8%
	11,949	Big Lots, Inc.		713,116
	12,282	Ingles Markets, Inc., Class A		584,132
	28,152	Natural Grocers by Vitamin Cottage, Inc.		468,731
				1,765,979
		RETAIL - DISCRETIONARY - 6.7%
	27,395	Abercrombie & Fitch Company, Class A		632,003
	37,550	At Home Group, Inc.(a),(b)		915,093
	8,619	Dick’s Sporting Goods, Inc.(b)		577,559
	17,430	Foot Locker, Inc.		763,782
	20,909	Lumber Liquidators Holdings, Inc.(a),(b)		584,616
	17,161	Sonic Automotive, Inc., Class A		702,400
				4,175,453
		SEMICONDUCTORS - 2.4%
	44,347	Amkor Technology, Inc.		688,265

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 87.9% (Continued)
		SEMICONDUCTORS - 2.4% (Continued)
	42,982	Rambus, Inc.(a)	$	816,444
				1,504,709
		SPECIALTY FINANCE - 2.3%
	30,220	Mr Cooper Group, Inc.(a)		822,890
	13,387	Stewart Information Services Corporation		620,889
				1,443,779
		STEEL - 0.8%
	25,417	Commercial Metals Company		500,461
		TECHNOLOGY HARDWARE - 2.6%
	22,427	Comtech Telecommunications Corporation		478,592
	31,413	Knowles Corporation(a)		605,957
	16,195	NCR Corporation(a)		540,265
				1,624,814
		TECHNOLOGY SERVICES - 2.0%
	7,685	Insight Enterprises, Inc.(a)		584,829
	17,681	Sykes Enterprises, Inc.(a)		682,309
				1,267,138
		TRANSPORTATION & LOGISTICS - 1.0%
	34,784	Heartland Express, Inc.		652,896
		WHOLESALE - DISCRETIONARY - 2.4%
	8,073	ePlus, Inc.(a)		678,455
	29,769	G-III Apparel Group Ltd.(a)		804,954
				1,483,409
		TOTAL COMMON STOCKS (Cost $43,667,670)		54,952,267
		REITS — 10.8%
		REITS - 10.0%
	47,934	Apple Hospitality REIT, Inc.		598,216
	48,992	Armada Hoffler Properties, Inc.		526,664
	51,970	Chatham Lodging Trust		556,599
	7,844	Community Healthcare Trust, Inc.		350,784
	29,275	Corporate Office Properties Trust(b)		769,054

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		REITS — 10.8% (Continued)
		REITS - 10.0% (Continued)
	30,891	Dynex Capital, Inc.(b)	$	557,583
	32,945	Global Net Lease, Inc.		530,744
	91,296	New Senior Investment Group, Inc.		483,869
	17,127	Physicians Realty Trust(b)		301,949
	25,326	Sabra Health Care REIT, Inc.(b)		425,223
	17,603	STAG Industrial, Inc.		524,569
	39,619	UMH Properties, Inc.		592,399
				6,207,653
		SPECIALTY FINANCE - 0.8%
	97,064	Capstead Mortgage Corporation		518,322
		TOTAL REITS (Cost $5,890,741)		6,725,975
		COLLATERAL FOR SECURITIES LOANED - 13.2%
	8,248,151	Mount Vernon Prime Portfolio, 0.15% (Cost $8,248,151)(c,d)		8,248,151
		TOTAL INVESTMENTS - 111.9% (Cost $57,806,562)	$	69,926,393
		LIABILITIES IN EXCESS OF OTHER ASSETS- (11.9)%		(7,449,891	)
		NET ASSETS - 100.0%	$	62,476,502

REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of these securities are on loan. Total loaned securities had a value of $7,921,778 at January 31, 2021.

(c) Rate disclosed is the seven day effective yield as of January 31, 2021.

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

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Focused Large Cap Growth Fund

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 96.1%
AEROSPACE & DEFENSE - 1.1%
TransDigm Group, Inc. *		3,462	$	1,915,455
E-COMMERCE DISCRETIONARY - 11.2%
Amazon.com, Inc. *		4,310		13,818,722
MercadoLibre, Inc. *		2,950		5,249,554
				19,068,276
INTERNET MEDIA & SERVICES - 2.4%
Facebook, Inc. *		15,844		4,092,980
LEISURE FACILITIES & SERVICES - 1.7%
Chipotle Mexican Grill, Inc. *		1,940		2,871,200
MEDICAL EQUIPMENT & DEVICES - 12.2%
Align Technology, Inc. *		8,072		4,240,867
DexCom, Inc. *		12,159		4,557,801
Edwards Lifesciences Corporation *		47,628		3,933,120
Insulet Corporation *		12,500		3,339,750
Intuitive Surgical, Inc. *		6,293		4,704,899
				20,776,437
RETAIL - CONSUMER STAPLES - 1.0%
Costco Wholesale Corporation		4,800		1,691,664
RETAIL - DISCRETIONARY - 5.4%
Burlington Stores, Inc. *		14,055		3,498,289
Lululemon Athletica, Inc. *		9,732		3,198,714
Tractor Supply Company		17,477		2,477,190
				9,174,193
SEMICONDUCTORS - 5.9%
NVIDIA Corporation		14,274		7,416,628
QUALCOMM, Inc.		16,500		2,578,620
				9,995,248
SOFTWARE - 32.3%
Adobe, Inc. *		11,700		5,367,609
Autodesk, Inc. *		25,812		7,161,023
Microsoft Corporation		37,138		8,614,530
salesforce.com, Inc. *		29,367		6,624,021
ServiceNow, Inc. *		16,566		8,997,989
Splunk, Inc. *		18,086		2,984,733
Unity Software, Inc. *		12,500		1,872,750
Veeva Systems, Inc. *		26,088		7,211,767
Workday, Inc. *		19,388		4,411,352
Zendesk, Inc. *		12,000		1,730,880
				54,976,654
TECHNOLOGY HARDWARE - 1.9%
Apple, Inc.		25,000		3,299,000
TECHNOLOGY SERVICES - 20.9%
Global Payments, Inc.		10,534		1,859,462
Mastercard, Inc.		27,790		8,789,699
PayPal Holdings, Inc. *		41,135		9,638,342
Square, Inc. *		31,769		6,860,833
Visa, Inc.		43,476		8,401,737
				35,550,073
TOTAL COMMON STOCKS (Cost - $68,655,818)				163,411,180

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Focused Large Cap Growth Fund (Continued)

January 31, 2021

Security	Shares		Interest Rate %			Value
COLLATERAL FOR SECURITIES LOANED - 12.7%
Mount Vernon Prime Portfolio #		21,588,637		0.150	+	$	21,588,637
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $21,588,637)
TOTAL INVESTMENTS - 108.8% (Cost - $90,244,455)						$	184,999,817
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.8)%							(14,995,828	)
NET ASSETS - 100.0%						$	170,003,989

* Non-Income producing security.

+ Variable rate security. Interest rate is as of January 31, 2021.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $20,820,485 at January 31, 2021.

# 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

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 97.7%
ADVERTISING & MARKETING - 1.0%
Cardlytics, Inc. *		6,049	$	739,611
AEROSPACE & DEFENSE - 0.8%
Mercury Systems, Inc. *		8,488		603,157
APPAREL & TEXTILE PRODUCTS - 1.2%
Crocs, Inc. *		12,257		858,235
AUTOMOTIVE - 1.0%
Methode Electronics, Inc.		18,650		704,038
BANKING - 2.7%
First Merchants Corporation		17,803		670,639
Seacoast Banking Corporation of Florida *		23,241		707,688
Silvergate Capital Corporation - Class A *		6,304		586,650
				1,964,977
BIOTECHNOLOGY & PHARMACEUTICALS - 7.2%
Allogene Therapeutics, Inc. *		17,230		597,881
Avid Bioservices, Inc. *		47,968		699,853
Biohaven Pharmaceutical Holding Company Ltd. *		6,527		556,231
Emergent BioSolutions, Inc. *		7,243		773,915
Intra-Cellular Therapies, Inc. *		14,616		469,904
Mirati Therapeutics, Inc. *		1,812		372,058
Myovant Sciences Ltd. *		26,827		624,801
Seer, Inc. *		9,878		616,387
TG Therapeutics, Inc. *		9,253		446,642
				5,157,672
COMMERCIAL SUPPORT SERVICES - 1.5%
Avalara, Inc. *		2,654		398,100
FTI Consulting, Inc. *		6,198		681,594
				1,079,694
ELECTRICAL EQUIPMENT - 1.6%
Itron, Inc. *		7,692		661,666
nLight, Inc. *		15,920		504,346
				1,166,012
ENGINEERING & CONSTRUCTION - 3.8%
Exponent, Inc.		6,215		513,235
Installed Building Products, Inc. *		7,059		740,701
Montrose Environmental Group, Inc. *		20,916		773,474
WillScot Mobile Mini Holdings Corporation *		28,720		680,951
				2,708,361
FOOD - 0.9%
Vital Farms, Inc. * ^		25,019		618,720
FORESTRY, PAPER & WOOD PRODUCTS - 0.9%
Trex Company, Inc. *		7,422		681,117
HEALTH CARE FACILITIES & SERVICES - 5.4%
Amedisys, Inc. *		1,708		490,725
Catalent, Inc. *		6,160		708,708
HealthEquity, Inc. *		8,773		732,984
LHC Group, Inc. *		3,191		635,711
Personalis, Inc. *		15,477		595,400
Progyny, Inc. *		16,082		752,155
				3,915,683
HOME & OFFICE PRODUCTS - 0.5%
Purple Innovation, Inc. *		10,890		370,696

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 97.7% (Continued)
HOME CONSTRUCTION - 2.8%
AZEK Company, Inc. (The) *		17,675	$	705,056
LGI Homes, Inc. *		5,951		635,031
Skyline Champion Corporation *		19,912		669,641
				2,009,728
HOUSEHOLD PRODUCTS - 2.0%
elf Beauty, Inc. *		32,545		708,179
Inter Parfums, Inc.		12,024		747,652
				1,455,831
INDUSTRIAL INTERMEDIATE PRODUCTS - 1.1%
Chart Industries, Inc. *		6,505		781,316
INDUSTRIAL SUPPORT SERVICES - 0.7%
SiteOne Landscape Supply, Inc. *		3,022		476,509
INSTITUTIONAL FINANCIAL SERVICES - 2.7%
Evercore, Inc.		6,308		688,203
Houlihan Lokey, Inc.		8,998		583,520
Moelis & Company		13,553		673,720
				1,945,443
INSURANCE - 0.9%
GoHealth, Inc. *		46,512		619,075
INTERNET MEDIA & SERVICES - 5.4%
Eventbrite, Inc. *		37,144		663,020
Pinterest, Inc. *		12,349		846,030
TechTarget, Inc. *		12,136		906,559
Upwork, Inc. *		18,052		748,255
Wix.com Ltd. *		3,032		749,056
				3,912,920
LEISURE FACILITIES & SERVICES - 3.3%
Papa John’s International, Inc.		6,854		701,027
Shake Shack, Inc. *		8,106		919,383
Wingstop, Inc.		4,838		725,942
				2,346,352
LEISURE PRODUCTS - 1.0%
Fox Factory Holding Corporation *		6,170		738,179
MACHINERY - 0.9%
MSA Safety, Inc.		4,356		680,059
MEDICAL EQUIPMENT & DEVICES - 6.8%
Acutus Medical, Inc. *		20,150		521,684
Adaptive Biotechnologies Corporation *		9,526		528,407
Alphatec Holdings, Inc. *		56,199		836,241
BioLife Solutions, Inc. *		9,881		374,688
Cerus Corporation *		45,811		301,894
Inari Medical, Inc. *		7,333		699,715
Insulet Corporation *		2,442		652,454
Repligen Corporation *		2,934		586,800
Tandem Diabetes Care, Inc. *		4,079		377,919
				4,879,802
REAL ESTATE SERVICES - 0.8%
Redfin Corporation *		8,147		580,148
RENEWABLE ENERGY - 0.8%
SolarEdge Technologies, Inc. *		1,976		569,740

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 97.7% (Continued)
RETAIL - CONSUMER STAPLES - 0.6%
Ollie’s Bargain Outlet Holdings, Inc. *		4,413	$	418,043
RETAIL - DISCRETIONARY - 2.5%
American Eagle Outfitters, Inc.		38,661		877,218
Freshpet, Inc. *		2,532		352,733
Vroom, Inc. *		16,141		594,473
				1,824,424
SEMICONDUCTORS - 7.6%
Axcelis Technologies, Inc. *		9,470		324,253
Brooks Automation, Inc.		13,473		1,020,714
Cree, Inc. *		9,640		974,411
Diodes, Inc. *		6,626		468,988
FormFactor, Inc. *		17,361		709,544
Lattice Semiconductor Corporation *		15,927		638,832
Semtech Corporation *		8,460		600,237
Silicon Laboratories, Inc. *		5,642		740,061
				5,477,040
SOFTWARE - 16.2%
1Life Healthcare, Inc. *		18,186		920,212
Appfolio, Inc. *		2,427		370,870
Bandwidth, Inc. *		4,441		791,120
Blackline, Inc. *		5,828		755,425
Coupa Software, Inc. *		2,057		637,403
Elastic N.V. *		5,220		793,231
Five9, Inc. *		3,719		618,284
Intelligent Systems Corporation *		14,501		587,145
LivePerson, Inc. *		9,610		608,890
MongoDB, Inc. *		1,377		508,953
Oak Street Health, Inc. *		13,124		680,742
Omnicell, Inc. *		5,388		634,706
Ontrak, Inc. * ^		5,181		410,801
PROS Holdings, Inc. *		14,499		610,988
Q2 Holdings, Inc. *		5,742		734,919
Schrodinger, Inc. *		9,143		825,887
Tenable Holdings, Inc. *		12,860		636,441
Workiva, Inc. *		5,065		493,686
				11,619,703
TECHNOLOGY HARDWARE - 4.1%
Cubic Corporation		10,084		616,939
Fabrinet *		10,055		793,742
Kornit Digital Ltd. *		7,451		675,321
PagerDuty, Inc. *		17,567		856,040
				2,942,042
TECHNOLOGY SERVICES - 4.9%
Endava plc - ADR *		8,385		662,918
MAXIMUS, Inc.		11,404		855,984
MSCI, Inc.		1,472		581,882
Telos Corporation *		18,152		640,766
WNS Holdings Ltd. - ADR *		11,257		756,245
				3,497,795
TRANSPORTATION & LOGISTICS - 4.1%
Air Transport Services Group, Inc. *		24,097		612,305
Allegiant Travel Company		3,494		634,126
CryoPort, Inc. *		8,472		577,790
Marten Transport Ltd.		33,745		534,858
Saia, Inc. *		3,429		606,076
				2,965,155
TOTAL COMMON STOCKS (Cost - $45,303,829)				70,307,277

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Small Cap Growth Fund (Continued)

January 31, 2021

Security	Shares		Interest Rate %			Value
COLLATERAL FOR SECURITIES LOANED - 1.4%
HSBC US Government Money Market Fund - Class I #		1,012,882		0.03	+		1,012,882
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $1,012,882)
TOTAL INVESTMENTS - 99.1% (Cost - $46,316,711)						$	71,320,159
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%							629,842
TOTAL NET ASSETS - 100.00%						$	71,950,001

ADR - American Depositary Receipt.

PLC - Public Limited Company

^ All or a portion of these securities are on loan. Total loaned securities had a value of $992,876 at January 31, 2021.

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

* Non-Income producing security.

+ Variable rate security. Interest rate is as of January 31, 2021.

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Shares			Value
		CLOSED END FUND — 1.0%
		MIXED ALLOCATION - 1.0%
	136,545	Vietnam Enterprise Investments Ltd.(a)	$	1,071,376
		TOTAL CLOSED END FUND (Cost $861,698)		1,071,376
		COMMON STOCKS — 97.4%
		AUTOMOTIVE - 2.5%
	545,000	Geely Automobile Holdings Ltd.		1,975,357
	23,651	Hankook Tire & Technology Company Ltd.		867,034
				2,842,391
		BANKING - 10.7%
	272,290	Banco Bradesco S.A. - ADR(b)		1,236,197
	428,600	Bank Central Asia Tbk P.T.		1,030,839
	239,000	China Merchants Bank Company Ltd., H Shares		1,830,090
	53,600	ICICI Bank Ltd. - ADR		809,360
	152,100	Itau Unibanco Holding S.A. - ADR		793,962
	395,000	Kasikornbank PCL - ADR		1,667,739
	34,754	KB Financial Group, Inc.		1,254,802
	323,500	Ping An Bank Company Ltd.		1,153,484
	1,127,500	Public Bank Bhd		1,166,390
	39,012	Sberbank of Russia PJSC - ADR		536,805
	96,584	Sberbank of Russia PJSC		303,326
	81,660	Security Bank Corporation		220,126
				12,003,120
		BEVERAGES - 1.9%
	207,500	Budweiser Brewing Company APAC Ltd.		693,700
	117,440	Varun Beverages Ltd.		1,443,258
				2,136,958
		CHEMICALS - 2.3%
	1,906,200	AKR Corporindo Tbk P.T.		383,973
	2,725	LG Chem Ltd.		2,222,654
				2,606,627
		CONSTRUCTION MATERIALS - 1.7%
	204,500	Anhui Conch Cement Company Ltd., H Shares		1,208,057
	951,900	Semen Indonesia Persero Tbk P.T.		717,234
				1,925,291

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 97.4% (Continued)
		CONSUMER SERVICES - 1.2%
	653,000	China Education Group Holdings Ltd.	$	1,370,007
		E-COMMERCE DISCRETIONARY - 5.4%
	186,900	Alibaba Group Holding Ltd.(a)		5,930,725
		ENGINEERING & CONSTRUCTION - 2.2%
	37,539	Larsen & Toubro Ltd. - ADR		684,711
	50,319	Larsen & Toubro Ltd.		917,380
	62,884	Mytilineos S.A.		916,597
				2,518,688
		INSTITUTIONAL FINANCIAL SERVICES - 1.2%
	123,700	B3 S.A. - Brasil Bolsa Balcao		1,356,684
		INSURANCE - 3.6%
	130,200	AIA Group Ltd.		1,569,668
	205,500	Ping An Insurance Group Company of China Ltd., H Shares		2,420,148
				3,989,816
		INTERNET MEDIA & SERVICES - 11.5%
	44,400	Dada Nexus Ltd. - ADR(a),(b)		1,835,496
	6,830	Naspers Ltd., N Shares		1,587,589
	4,316	NAVER Corporation		1,316,946
	79,600	Tencent Holdings Ltd.		7,092,075
	16,900	Yandex N.V., Class A(a),(b)		1,058,616
				12,890,722
		LEISURE FACILITIES & SERVICES - 2.9%
	1,199,165	Lemon Tree Hotels Ltd.(a)		677,387
	879,800	Minor International PCL - ADR		726,348
	86,437	OPAP S.A.		1,059,356
	436,800	Wynn Macau Ltd.		691,999
				3,155,090
		LEISURE PRODUCTS - 0.8%
	89,000	Giant Manufacturing Company Ltd.		863,510
		MACHINERY - 2.6%
	33,000	Airtac International Group		1,174,113

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 97.4% (Continued)
		MACHINERY - 2.6% (Continued)
	266,390	Sany Heavy Industry Company Ltd., Class A	$	1,660,651
				2,834,764
		METALS & MINING - 4.2%
	316,000	Grupo Mexico S.A.B. de C.V. - Series B		1,382,378
	323,417	Hindalco Industries Ltd.		995,328
	718,000	Jiangxi Copper Company Ltd., H Shares		1,179,464
	3,336	MMC Norilsk Nickel PJSC		1,077,197
				4,634,367
		OIL & GAS PRODUCERS - 0.4%
	391,900	PTT PCL - ADR		491,656
		REAL ESTATE OWNERS & DEVELOPERS - 2.2%
	72,527	Godrej Properties Ltd.(a)		1,245,315
	164,000	Multiplan Empreendimentos Imobiliarios S.A.		639,509
	892,000	Powerlong Real Estate Holdings Ltd.		581,762
				2,466,586
		REAL ESTATE SERVICES - 0.8%
	260,200	ESR Cayman Ltd.(a)		927,202
		RENEWABLE ENERGY - 2.5%
	22,700	Contemporary Amperex Technology Company Ltd.		1,228,519
	93,900	LONGi Green Energy Technology Company Ltd., Class A		1,553,982
				2,782,501
		RETAIL - CONSUMER STAPLES - 2.9%
	510,000	Alibaba Health Information Technology Ltd.(a)		1,589,840
	266,700	Atacadao S.A.		930,562
	10,176	Magnit PJSC		660,463
				3,180,865
		RETAIL - DISCRETIONARY - 3.6%
	1,264,200	Astra International Tbk P.T.		547,815
	1,279,600	Home Product Center PCL		583,513
	116,500	Li Ning Company Ltd.		725,717
	95,100	Localiza Rent a Car S.A.		1,111,293
	140,370	Lojas Renner S.A.		1,072,620
				4,040,958

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		COMMON STOCKS — 97.4% (Continued)
		SEMICONDUCTORS - 13.2%
	9,500	ACM Research, Inc., Class A(a)	$	855,000
	67,000	MediaTek, Inc.		2,092,656
	53,000	Realtek Semiconductor Corporation		852,591
	21,107	SK Hynix, Inc.		2,304,474
	358,000	Taiwan Semiconductor Manufacturing Company Ltd.		7,565,755
	9,200	Taiwan Semiconductor Manufacturing Company Ltd. - ADR(b)		1,117,984
				14,788,460
		SOFTWARE - 1.5%
	59,800	Glodon Company Ltd.		765,489
	222,000	Kingdee International Software Group Company Ltd.		889,213
				1,654,702
		SPECIALTY FINANCE - 2.7%
	91,007	Housing Development Finance Corp Ltd.		2,959,266
		TECHNOLOGY HARDWARE - 6.2%
	48,848	Samsung Electronics Company Ltd.		3,571,133
	32,043	Samsung Electronics Company Ltd.		2,089,761
	48,800	Sunny Optical Technology Group Company Ltd.		1,274,750
				6,935,644
		TELECOMMUNICATIONS - 2.7%
	56,200	21Vianet Group, Inc. - ADR(a),(b)		2,120,426
	105,817	Bharti Airtel Ltd.		801,358
				2,921,785
		TRANSPORTATION & LOGISTICS - 3.0%
	110,300	International Container Terminal Services, Inc.		271,593
	131,676	Spring Airlines Company Ltd.		1,198,534
	30,321	Wizz Air Holdings plc(a)		1,813,256
				3,283,383
		TRANSPORTATION EQUIPMENT - 1.0%
	30,410	Eicher Motors Ltd.		1,141,142
		TOTAL COMMON STOCKS (Cost $76,491,875)		108,632,909

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value
		WARRANT — 0.0%(c)
		LEISURE FACILITIES & SERVICES - 0.0% (c)
	26,977	Minor International PCL (Thailand)	$	6,347
	51,085	Minor International PCL (Thailand)		525
		TOTAL WARRANT (Cost $867)		6,872
		COLLATERAL FOR SECURITIES LOANED – 4.7%
	5,279,545	Mount Vernon Prime Portfolio, 0.15% (Cost $5,279,545)(d),(e)		5,279,545
		TOTAL INVESTMENTS - 103.1% (Cost $82,633,985)	$	114,990,702
		LIABILITIES IN EXCESS OF OTHER ASSETS – (3.1)%		(3,468,452	)
		NET ASSETS - 100.0%	$	111,522,250

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) All or a portion of these securities are on loan. Total loaned securities had a value of $4,875,103 at January 31, 2021.

(c) Percentage rounds to less than 0.1%.

(d) Rate disclosed is the seven day effective yield as of January 31, 2021.

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

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7%
		ADVERTISING & MARKETING - 0.1%
	2,563	WPP plc - ADR		133,122
		AEROSPACE & DEFENSE - 0.2%
	330	Dassault Aviation S.A. (a)		344,453
		APPAREL & TEXTILE PRODUCTS - 0.5%
	11,300	Gildan Activewear, Inc.		281,596
	13,957	Gildan Activewear, Inc.		349,075
	92,000	Pou Chen Corporation		91,816
	2,000	Teijin Ltd.		36,606
				759,093
		ASSET MANAGEMENT - 0.5%
	64,581	Grupo de Inversiones Suramericana S.A.		371,663
	7,753	Magellan Financial Group Ltd.		282,794
	20,935	Melrose Industries plc (a)		47,988
				702,445
		AUTOMOTIVE - 7.7%
	26,600	Aisin Seiki Company Ltd.		817,969
	8,860	Bayerische Motoren Werke A.G.		578,882
	7,424	Continental A.G.		1,040,175
	1,700	Ferrari N.V.		353,906
	7,314	Hankook Tire & Technology Company Ltd. (a)		268,128
	23,900	Honda Motor Company Ltd. – ADR (e)		632,872
	923	Hyundai Motor Company		188,192
	6,461	Hyundai Motor Company		575,059
	2,828	Kia Motors Corporation		207,259
	12,282	Magna International, Inc.		862,811
	58,500	Mitsubishi Motors Corporation (a)		133,066
	77,900	Nissan Motor Company Ltd. (a)		401,822
	3,193	Porsche Automobil Holding S.E.		222,016
	30,650	Porsche Automobil Holding S.E. - ADR		215,470
	15,100	Renault S.A. (a)		642,896
	11,374	Schaeffler A.G., Preferred Shares		89,985
	60,512	Stellantis N.V.		921,156
	3,900	Sumitomo Rubber Industries Ltd.		35,909
	25,200	Suzuki Motor Corporation		1,137,770
	121,994	Tofas Turk Otomobil Fabrikasi A/S (a)		602,339
	13,233	Volkswagen A.G. – ADR (e)		279,613

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
	1,732	Volkswagen A.G.		327,800
	162,600	Weifu High-Technology Group Company Ltd.		304,129
	30,600	Yamaha Motor Company Ltd.		675,398
				11,514,622
		BANKING - 3.3%
	134,695	Akbank T.A.S. (a)		116,856
	31,712	BNK Financial Group, Inc. (a)		155,769
	1	Haci Omer Sabanci Holding A/S		1
	10,225	Hana Financial Group, Inc.		298,104
	449,900	Mebuki Financial Group, Inc.		871,463
	550,580	Sberbank of Russia PJSC		1,873,462
	228,700	Siam Commercial Bank PCL (The)		716,849
	1	Turkiye Is Bankasi A/S (a)		1
	1,915,580,000	VTB Bank PJSC		926,300
				4,958,805
		BEVERAGES - 0.3%
	18,100	Kirin Holdings Company Ltd.		389,228
		BIOTECH & PHARMA - 3.8%
	21,360	AstraZeneca plc – ADR (e)		1,080,816
	10,390	Novo Nordisk A/S, Class B (a)		724,633
	18,200	Ono Pharmaceutical Company Ltd.		543,513
	8,606	Roche Holding A.G.		2,973,875
	4,137	Sanofi		389,511
				5,712,348
		CHEMICALS - 8.7%
	3,933	Chr Hansen Holding A/S (a)		356,198
	46,318	Clariant A.G. (a)		985,344
	20,889	Covestro A.G.		1,420,609
	29,100	Daicel Corporation		221,473
	6,516	Evonik Industries A.G.		214,511
	38	Givaudan S.A.		153,291
	6,809	Hanwha Solutions Corporation (a)(g)		302,933
	20,163	Huabao Flavours & Fragrances Company Ltd.		148,913
	8,100	Kaneka Corporation		291,035
	475	KCC Corporation		84,177

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		CHEMICALS - 8.7% (Continued)
	482	LG Chem Ltd.		200,911
	27,300	Mitsubishi Gas Chemical Company, Inc.		624,949
	23,900	Mitsui Chemicals, Inc.		685,175
	98,285	National Industrialization Company,(a)		352,683
	39,700	Nippon Sanso Holdings Corporation		765,668
	3,200	Nitto Denko Corporation		290,194
	16,600	Nutrien Ltd.		816,222
	10,128	PhosAgro PJSC		489,205
	14,171	Sasol Ltd. (a)		153,490
	26,739	Saudi Arabian Fertilizer Company		660,346
	30,326	Saudi Industrial Investment Group		207,861
	6,800	Shin-Etsu Chemical Company Ltd.		1,184,300
	16,400	Sinopec Shanghai Petrochemical Company Ltd. - ADR		359,488
	298,300	Tangshan Sanyou Chemical Industries Company Ltd., Advisor Class		541,683
	42,700	Toray Industries, Inc.		278,739
	608,200	Xinjiang Zhongtai Chemical Company Ltd.		764,252
	38,900	Zhejiang Juhua Company Ltd.		52,950
	257,600	Zhejiang Runtu Company Ltd.		387,899
				12,994,499
		COMMERCIAL SUPPORT SERVICES - 0.8%
	6,877	Adecco Group A.G.		430,130
	43,600	Persol Holdings Company Ltd.		818,138
				1,248,268
		CONSTRUCTION MATERIALS - 0.9%
	8,700	Cie de Saint-Gobain – ADR (a)		86,739
	619,000	CSG Holding Company Ltd.		227,929
	100,600	Guangdong Tapai Group Company Ltd.		176,779
	8,410	James Hardie Industries plc – ADR (a) ,(e)		234,723
	304	ROCKWOOL International A/S (a)		114,808
	10,281	Saudi Cement Company		181,065
	10,500	Taiheiyo Cement Corporation		261,544
	8,762	Titan Cement International S.A.		153,568
				1,437,155
		CONTAINERS & PACKAGING - 0.1%
	123,000	Klabin S.A.		123,907

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.5%
	2,940	Doosan Company Ltd. (a)		104,292
	21,200	Hitachi Ltd.		873,758
	18,800	Kawasaki Heavy Industries Ltd. (a)		399,704
	5,000	Mitsubishi Heavy Industries Ltd.		143,685
	7,800	Omron Corporation		691,383
				2,212,822
		E-COMMERCE DISCRETIONARY - 0.8%
	13,924	Farfetch Ltd.(a)		852,706
	4,900	Rakuten, Inc. (a)		48,252
	26,500	Rakuten, Inc. – ADR (a)		262,350
				1,163,308
		ELECTRIC UTILITIES - 2.9%
	34,000	Chubu Electric Power Company, Inc.		416,622
	30,600	Cia Paranaense de Energia		351,131
	5,492	EDP Renovaveis S.A.		150,571
	201,825	Enel SpA		2,003,928
	32,500	Engie Brasil Energia S.A.		256,857
	270,000	Huadian Power International Corp Ltd.		68,792
	61,100	Kansai Electric Power Company, Inc. (The)		599,335
	29,500	Tokyo Electric Power Company Holdings, Inc.,(a)		113,213
	9,154	Uniper S.E. (a)		320,915
				4,281,364
		ELECTRICAL EQUIPMENT - 0.2%
	151,700	Xuji Electric Company Ltd.		305,341
		ENGINEERING & CONSTRUCTION - 0.7%
	1,061	DL Holdings Company Ltd. (a)		35,020
	1	Enka Insaat ve Sanayi A/S		1
	11,971	GS Engineering & Construction Corporation (a)		407,657
	74,500	Long Yuan Construction Group Company Ltd.		58,474
	680,500	Sichuan Road & Bridge Company Ltd.		488,892
	118,509	Tus Environmental Science And Technology,(a)		102,836
				1,092,880

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		ENTERTAINMENT CONTENT - 1.2%
	538,600	Beijing Jetsen Technology Company Ltd.,(a)		249,856
	6,853	Sea Ltd. - ADR(a) (e)		1,485,114
				1,734,970
		FOOD - 0.2%
	16,716	Almarai Company JSC		239,855
	362	CJ CheilJedang Corporation (a)		66,177
				306,032
		GAS & WATER UTILITIES - 0.3%
	3,974,200	Perusahaan Gas Negara Tbk P.T.		378,669
		HEALTH CARE FACILITIES & SERVICES - 0.3%
	3,115	Dr Sulaiman Al Habib Medical Services Group		95,651
	455	Lonza Group A.G.		290,984
				386,635
		HOME & OFFICE PRODUCTS - 0.4%
	64,164	Arcelik A/S (a)		289,399
	2,254	Coway Company Ltd. (a)		139,984
	1,800	Rinnai Corporation		188,097
				617,480
		HOUSEHOLD PRODUCTS – 1.0%
	2,256	Amorepacific Corporation (a)		163,806
	2,344	AMOREPACIFIC Group (a)		123,428
	236	LG Household & Health Care Ltd.		147,722
	24,900	Lion Corporation		569,384
	3,100	Unicharm Corporation		139,100
	4,648	Unilever plc		271,373
				1,414,813
		INDUSTRIAL INTERMEDIATE PROD - 0.8%
	172,100	Anhui Zhongding Sealing Parts Company Ltd.		263,648
	1,330	DL E&C Company Ltd.(a)		85,964
	135,100	Hartalega Holdings Bhd		428,711
	41,300	NSK Ltd.		374,635
				1,152,958

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.5%
	35,500	B3 S.A. - Brasil Bolsa Balcao		389,348
	25,961	Computershare Ltd.		284,470
	51,300	Daiwa Securities Group, Inc.		244,276
	268,400	Haitong Securities Company Ltd.		238,281
	65,478	Mirae Asset Daewoo Company Ltd. (a)		257,660
	111,000	Nomura Holdings, Inc.		587,586
	182,400	Orient Securities Company Ltd.		128,340
	32,300	Zhongtai Securities Company Ltd.(a)		72,541
				2,202,502
		INSURANCE - 1.4%
	128,204	Aegon N.V.		532,159
	108,800	COFCO Capital Holdings Company Ltd.		141,321
	12,423	Hanwha Corporation (a)		355,862
	5,255	Hanwha Corporation (a)		67,162
	8,900	MS&AD Insurance Group Holdings, Inc.		256,188
	7,520	NN Group N.V.		313,568
	11,816	Talanx A.G.		441,755
				2,108,015
		INTERNET MEDIA & SERVICES - 1.0%
	6,400	M3, Inc.		538,615
	804	NAVER Corporation		245,326
	386	Shopify, Inc., Class A(a)		421,305
	300	Shopify, Inc., Class A(a)		329,577
				1,534,823
		LEISURE FACILITIES & SERVICES - 0.8%
	24,953	Aristocrat Leisure Ltd.		590,146
	995	Evolution Gaming Group A.B.		97,126
	5,711	Melco Resorts & Entertainment Ltd. - ADR		91,319
	1,700	Oriental Land Company Ltd.		266,196
	5,300	Wynn Macau Ltd. - ADR(a)		84,217
				1,129,004
		LEISURE PRODUCTS - 0.2%
	34,000	Giant Manufacturing Company Ltd.		329,880

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		MACHINERY - 2.1%
	35,259	CNH Industrial N.V. (a)		449,785
	7,034	GEA Group A.G.		243,309
	3,742	KION Group A.G.		323,445
	13,100	Kurita Water Industries Ltd.		531,986
	7,139	Techtronic Industries Company Ltd. - ADR		537,210
	7,000	Techtronic Industries Company Ltd.		104,561
	460,500	Tian Di Science & Technology Company Ltd.		206,143
	42,400	WEG S.A.		650,783
	4,500	Yokogawa Electric Corporation		97,329
				3,144,551
		MEDICAL EQUIPMENT & DEVICES - 2.9%
	4,268	Coloplast A/S - Series B (a)		637,762
	7,200	Hoya Corporation		921,709
	13,908	Koninklijke Philips N.V. (a)		758,957
	28,600	Olympus Corporation		517,357
	27,710	Smith & Nephew plc		584,700
	1,809	Sonova Holding A.G. (a)		436,966
	12,300	Terumo Corporation		478,276
	8,100	Top Glove Corp Bhd - ADR		57,915
				4,393,642
		METALS & MINING - 9.3%
	31,822	Anglo American plc		1,049,066
	13,240	AngloGold Ashanti Ltd. – ADR (e)		310,610
	73,406	BHP Group Ltd.		2,457,626
	36,022	BHP Group plc		989,393
	1,777	BHP Group plc – ADR (e)		97,060
	41,287	Cia de Minas Buenaventura S.A.A – ADR (a)		420,302
	10,400	First Quantum Minerals Ltd.		173,313
	27,372	First Quantum Minerals Ltd.		456,396
	206,824	Glencore plc (a)		691,942
	15,916	Glencore plc – ADR (a)		105,841
	116,629	Huaibei Mining Holdings Company Ltd.		180,246
	112,600	Jinduicheng Molybdenum Company Ltd.		96,245
	4,100	Mitsubishi Materials Corporation		87,157
	1,316	MMC Norilsk Nickel PJSC		424,938

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		METALS & MINING - 9.3% (Continued)
	3,591	MMC Norilsk Nickel PJSC - ADR		115,738
	39,026	Northam Platinum Ltd.,(a)		487,171
	992	Polyus PJSC		189,337
	9,035	Rio Tinto Ltd.		759,189
	4,296	Rio Tinto plc		326,651
	9,616	Rio Tinto plc – ADR (e)		734,855
	121,380	Sibanye Stillwater Ltd.		462,999
	27,683	South32 Ltd.		53,601
	4,590	South32 Ltd. - ADR		44,615
	11,689	Southern Copper Corporation		776,266
	1,300	Sumitomo Metal Mining Company Ltd.		56,392
	36,900	Teck Resources Ltd., Class B		674,532
	19,452	Teck Resources Ltd., Class B		355,708
	63,900	Vale S.A.		1,031,108
	187,100	Yunnan Tin Company Ltd.,(a)		354,663
				13,962,960
		OIL & GAS PRODUCERS - 8.2%
	40,660	BP plc - ADR		903,465
	1,550,000	China Petroleum & Chemical Corporation, H Shares		733,996
	17,700	ENEOS Holdings, Inc.		71,768
	32,540	Eni SpA – ADR (e)		655,681
	13,665	Eni SpA		138,181
	409,190	Gazprom PJSC		1,153,468
	58,300	Idemitsu Kosan Company Ltd.		1,369,769
	92,035	KOC Holding A/S		252,677
	24,250	LUKOIL PJSC		1,729,133
	25,833	Motor Oil Hellas Corinth Refineries S.A.		363,532
	9,000	OMV A.G.		378,077
	7,492	PetroChina Company Ltd. – ADR (e)		227,907
	146,500	PetroChina Company Ltd.		92,580
	177,700	Petroleo Brasileiro S.A.		872,267
	38,400	PTT Exploration & Production PCL		131,858
	56,314	Rabigh Refining & Petrochemical Company,(a)		209,818
	15,000	Repsol S.A. - ADR		147,450
	18,394	Repsol S.A.		180,898

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		OIL & GAS PRODUCERS - 8.2% (Continued)
	142,310	Rosneft Oil Company PJSC		890,350
	63,742	Royal Dutch Shell plc, Class A		1,181,787
	196,688	Shandong Xinchao Energy Corp Ltd.,(a)		42,549
	1,345,800	Surgutneftegas PJSC		595,457
				12,322,668
		OIL & GAS SERVICES & EQUIPMENT - 0.0%(b)
	608,000	Sinopec Oilfield Service Corporation,(a)		46,898
		PUBLISHING & BROADCASTING - 0.0%(b)
	5,500	Fuji Media Holdings, Inc.		63,874
		REAL ESTATE OWNERS & DEVELOPERS - 0.5%
	923,012	Emaar Malls PJSC (a)		453,686
	37,000	Hang Lung Group Ltd.		93,571
	21,900	Swire Pacific Ltd. - ADR		138,408
				685,665
		RENEWABLE ENERGY - 0.2%
	5,490	Siemens Gamesa Renewable Energy S.A.		225,471
		RETAIL - CONSUMER STAPLES - 1.0%
	63,578	BIM Birlesik Magazalar A/S (a)		627,299
	77,648	CK Hutchison Holdings Ltd. - ADR		533,830
	3,577	Magnit PJSC		232,162
	4,800	Welcia Holdings Company Ltd.		162,694
				1,555,985
		RETAIL - DISCRETIONARY - 0.9%
	3,385	CJ ENM Company Ltd. (a)		461,514
	4,585	JUMBO S.A.		71,904
	47,089	Kingfisher plc (a)		179,157
	18,100	Lao Feng Xiang Company Ltd.		51,567
	3,800	USS Company Ltd.		74,864
	12,057	Wesfarmers Ltd.		502,443
				1,341,449
		SEMICONDUCTORS - 10.5%
	4,900	Advantest Corporation		387,418

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		SEMICONDUCTORS - 10.5% (Continued)
	5,709	ASML Holding N.V.		3,051,164
	1,086	ASML Holding N.V. – ADR (e)		580,098
	89,099	Hoshine Silicon Industry Company Ltd.		609,178
	23,714	Infineon Technologies A.G.		951,126
	40,500	Renesas Electronics Corporation,(a)		462,384
	1,935	Silicon Motion Technology Corporation - ADR		95,608
	14,214	SK Hynix, Inc.		1,551,891
	2,238	STMicroelectronics N.V.		89,778
	3,739	STMicroelectronics N.V.		150,058
	23,921	STMicroelectronics N.V. – ADR (e)		955,644
	35,000	Taiwan Semiconductor Manufacturing Company Ltd.		739,669
	32,394	Taiwan Semiconductor Manufacturing Company Ltd. – ADR (e)		3,936,518
	800	Tokyo Electron Ltd.		304,348
	4,100	Tokyo Electron Ltd. - ADR		391,345
	768,000	United Microelectronics Corporation		1,376,075
				15,632,302
		SOFTWARE - 3.2%
	1,376	Atlassian Corp plc, Class A(a)		318,035
	2,081	Check Point Software Technologies Ltd.(a)		265,827
	100	Constellation Software, Inc.		121,945
	20,549	Micro Focus International plc (a)		124,202
	22,900	Montnets Cloud Technology Group Company Ltd.,(a)		54,580
	11,102	Nemetschek S.E.		782,475
	8,800	Open Text Corporation (e)		394,152
	3,200	Oracle Corp Japan		377,198
	16,965	Sage Group plc (The)		136,907
	9,473	SAP S.E.		1,203,348
	37,100	Shenzhen Infogem Technologies Company Ltd.(a)		89,007
	3,691	Temenos A.G.		466,672
	186	Topicus.com, Inc.(a)(g)		700
	149,480	Xiamen Meiya Pico Information Company Ltd.		433,963
				4,769,011
		STEEL - 2.5%
	484,242	Angang Steel Company Ltd.		214,591
	69,040	ArcelorMittal S.A.(a)		1,513,614

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		STEEL - 2.5% (Continued)
	72,608	Eregli Demir ve Celik Fabrikalari TAS		142,243
	30,700	Gerdau S.A.		110,997
	8,272	Hyundai Steel Company		286,197
	251,984	Iskenderun Demir ve Celik A/S		389,073
	614,900	Magnitogorsk Iron & Steel Works PJSC		420,254
	4,700	Nippon Steel Corporation (a)		54,318
	71,280	Novolipetskiy Metallurgicheskiy Kombinat PAO		197,810
	383	POSCO		84,071
	18,151	Tenaris S.A. – ADR (e)		280,614
				3,693,782
		TECHNOLOGY HARDWARE - 9.2%
	523,000	AU Optronics Corporation (a)		275,013
	10,100	Brother Industries Ltd.		225,323
	9,900	Canon, Inc.		219,108
	13,600	Casio Computer Company Ltd.		240,386
	103,000	Chicony Electronics Company Ltd.		317,621
	4,700	Ibiden Company Ltd.		218,200
	36,416	LG Display Company Ltd. (a), (e)		707,888
	2,286	LG Electronics, Inc.		312,093
	8,191	LG Electronics, Inc.		575,556
	66,300	Nikon Corporation		528,626
	2,900	Nintendo Company Ltd.		1,670,140
	113,676	Nokia OYJ – ADR (a), (e)		518,363
	20,218	Nokia OYJ (a)		97,268
	89,200	Panasonic Corporation		1,158,569
	161	Samsung Electro-Mechanics Company Ltd.		19,811
	94	Samsung Electronics Company Ltd. - ADR		172,960
	8,550	Samsung Electronics Company Ltd.		557,609
	63,719	Samsung Electronics Company Ltd.		4,658,306
	305	Samsung Electronics Company Ltd. 144A - ADR(c)		501,420
	41,194	Shenzhen Everwin Precision Technology Company Ltd.		166,158
	44,643	Telefonaktiebolaget LM Ericsson, B Shares (a)		563,858
				13,704,276
		TECHNOLOGY SERVICES - 1.7%
	8,600	Adyen N.V. - ADR(a)		360,082

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		COMMON STOCKS — 97.7% (Continued)
		TECHNOLOGY SERVICES - 1.7% (Continued)
	11,174	Experian plc		391,430
	3,600	Fujitsu Ltd.		549,622
	2,800	NEC Corporation		152,417
	32,611	Nexi SpA,(a)		579,201
	12,700	Nomura Research Institute Ltd.		427,996
	1,876	Wolters Kluwer N.V.		156,051
				2,616,799
		TELECOMMUNICATIONS - 1.9%
	8,207	Elisa OYJ		489,163
	221,340	Mobile TeleSystems PJSC		964,637
	29,600	Nippon Telegraph & Telephone Corporation		740,170
	266,852	Turkcell Iletisim Hizmetleri A/S		585,865
				2,779,835
		TRANSPORTATION & LOGISTICS - 0.5%
	200,000	Air China Ltd., H Shares		138,384
	1,399	CJ Logistics Corporation,(a)		209,754
	318,500	CMST Development Company Ltd.(a)		218,349
	4,900	Kyushu Railway Company		102,954
	29,363	Pan Ocean Company Ltd.(a)		119,406
	1	Turk Hava Yollari AO(a)		2
				788,849
		TRANSPORTATION EQUIPMENT - 0.4%
	7,410	Samsung Heavy Industries Company Ltd.(a)		41,106
	19,019	Traton S.E.		521,126
				562,232
		WHOLESALE - CONSUMER STAPLES - 0.1%
	29,500	Marubeni Corporation		196,101
		WHOLESALE - DISCRETIONARY - 0.6%
	21,700	Toyota Tsusho Corporation		847,998
		TOTAL COMMON STOCKS (Cost $115,898,204)		146,003,789

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Shares			Value ($)
		EXCHANGE-TRADED FUNDS — 1.1%
		EQUITY - 1.1%
	26,769	Global X MSCI Argentina ETF		772,492
	10,300	iShares MSCI EAFE ETF		745,617
	1,700	iShares MSCI Eurozone ETF		73,627
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,482,256)		1,591,736
		RIGHT — 0.0%(b)
		CHEMICALS - 0.0% (b)
	1,066	Hanwha Solutions Corporation (Korea, Republic Of) (a) (Cost $4,147)		4,638
		WARRANT — 0.0%(b)
		CHEMICALS - 0.0% (b)
	178,610	Barito Pacific Tbk P.T. (a)(g) (Indonesia) (Cost $0)		12,412
		COLLATERAL FOR SECURITIES LOANED — 8.3%
	12,434,046	Mount Vernon Prime Portfolio, 0.15% (Cost $12,434,046) (d) (f)		12,434,046
		TOTAL INVESTMENTS – 107.1% (Cost $129,818,653)	$	160,046,621
		LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1) %		1,289,214
		NET ASSETS - 100.0%	$	149,465,200

ADR - American Depositary Receipt

EAFE - Europe, Australasia and Far East

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

^(a) Non-income producing security.

^(b) Percentage rounds to less than 0.1%.

^(c) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2021 the total market value of 144A securities is 501,420 or 0.3%

^(d) Rate disclosed is the seven day effective yield as of January 31, 2021.

^(e) All or a portion of these securities are on loan. Total loaned securities had a value of $11,820,778 at January 31, 2021.

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

^(g) Illiquid Holding

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2021

Shares					Value
		EXCHANGE-TRADED FUNDS — 41.3%
		COMMODITY - 3.1%
	25,743	iShares Commodities Select Strategy ETF			$	708,962
		EQUITY - 30.7%
	37,060	iShares Currency Hedged MSCI Germany ETF				1,078,817
	9,000	iShares MSCI Emerging Markets ETF(a)				479,790
	14,917	SPDR S&P 500 ETF Trust(a)				5,520,334
						7,078,941
		FIXED INCOME - 7.5%
	15,920	SPDR Bloomberg Barclays High Yield Bond ETF(a)				1,725,728
		TOTAL EXCHANGE-TRADED FUNDS (Cost $6,738,088)				9,513,631
Principal
Amount ($)			Interest Rate %	Maturity
		U.S. GOVERNMENT & AGENCIES — 39.4%
		U.S. TREASURY BILLS — 39.4%
	697,000	United States Treasury Bill(b)	0.0393	02/25/21		696,981
	8,390,000	United States Treasury Bill	0.0514	03/18/21		8,389,450
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $9,086,161)				9,086,431
Shares
		SHORT-TERM INVESTMENTS — 9.3%
		MONEY MARKET FUNDS - 9.3%
	2,151,307	Morgan Stanley Institutional Liquidity Funds -, Institutional Class, 0.03% (Cost $2,151,307)(c)				2,151,307
		COLLATERAL FOR SECURITIES LOANED - 32.0%
	7,371,086	Mount Vernon Prime Portfolio, 0.15% (Cost $7,371,086)(c,d)				7,371,086

Contracts(e)			Counterparty	Expiration Date		Exercise Price		Notional Value
		OPTIONS PURCHASED - 5.8%
		CALL OPTIONS PURCHASED - 5.7%
	6	S&P500 E-MINI Option, Maturing June 2021	Goldman Sachs	03/19/2021	US	$	3,820	$	1,146,000	22,260
	6	S&P500 E-MINI Option, Maturing June 2021	Goldman Sachs	03/19/2021	US	$	3,870		1,161,000	15,780
	91	US 10 Year Future, Maturing June 2021	Goldman Sachs	03/19/2021	US	$	123		12,469,821	1,276,848
		TOTAL CALL OPTIONS PURCHASED (Cost - $1,378,544)								1,314,888

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

Contracts(e)			Counterparty	Expiration Date		Exercise Price		Notional Value		Value
		PUT OPTIONS PURCHASED - 0.1%
	18	EURO-BUND Option, Maturing June 2021(f)	Goldman Sachs	03/19/2021	EUR	$	200	$	3,190,500	$	21,605
		TOTAL PUT OPTIONS PURCHASED (Cost - $0)
		TOTAL OPTIONS PURCHASED (Cost - $1,378,544)									1,336,493
		TOTAL INVESTMENTS - 127.8% (Cost $26,725,186)								$	29,458,948
		LIABILITIES IN EXCESS OF OTHER ASSETS - (27.8)%									(6,420,783	)
		NET ASSETS - 100.0%								$	23,038,165

OPEN FUTURES CONTRACTS
Number of				Notional		Unrealized Appreciation
Contracts		Open Long Futures Contracts	Expiration	Amount		(Depreciation)
	5	CBOT 10 Year US Treasury Note	03/22/2021	$	685,155	$	1,572
	6	CME E-mini Russell 2000 Index Futures	03/19/2021		620,460		(1,965	)
	1	Eurex 10 Year Euro BUND Future	03/08/2021		215,341		154
	3	Euronext CAC 40 Index Future	02/19/2021		196,668		(9,476	)
	16	FTSE 100 Index Future	03/19/2021		1,397,590		(61,516	)
	3	FTSE/MIB Index Future	03/19/2021		392,498		(14,486	)
	12	Montreal Exchange 10 Year Canadian Bond Future	03/22/2021		1,386,606		(1,017	)
	1	Montreal Exchange S&P/TSX 60 Index Future	03/18/2021		160,178		(4,500	)
	40	SFE 10 Year Australian Bond Future	03/15/2021		4,476,687		(31,189	)
	2	SFE S&P ASX Share Price Index 200 Future	03/18/2021		250,929		(4,833	)
	3	TSE TOPIX (Tokyo Price Index) Future	03/11/2021		516,930		(7,385	)
		TOTAL FUTURES CONTRACTS				$	(134,641	)
OPEN FUTURES CONTRACTS
Number of				Notional		Unrealized Appreciation
Contracts		Open Short Futures Contracts	Expiration	Amount		(Depreciation)
	1	Eurex DAX Index Future	03/19/2021		408,267	$	14,724
	2	Eurex Swiss Market New Index Future	03/19/2021		236,578		6,667
	3	HKG Hang Seng Index Future	02/25/2021		547,838		20,677
	20	Long Gilt Future	03/29/2021		3,682,101		4,565
	3	MEFF Madrid IBEX 35 Index Future	02/19/2021		282,472		20,628
		TOTAL FUTURES CONTRACTS				$	67,261

Contracts(d)			Counterparty	Expiration Date		Exercise Price		Notional Value		Value
		WRITTEN OPTIONS - (0.1)%
		PUT OPTIONS WRITTEN - (0.1)%
	12	S&P500 E-MINI Option, Maturing March 2021	Goldman Sachs	02/26/2021	US	$	3,350	$	2,010,000	$	20,100
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $17,318)

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2021

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depositary Receipt

^(a) All or a portion of these securities are on loan. Total loaned securities had a value of $7,100,915 at January 31, 2021.

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

^(c) Rate disclosed is the seven day effective yield as of January 31, 2021.

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

^(e) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

^(f) Security traded on Eurex exchange and trades like a future. Security trades with no upfront cost and is mark to market like a future.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund

January 31, 2021

	Variable	Principal		Interest			Maturity
Security	Rate	Amount		Rate %			Date	Value
TERM LOANS - 1.7%
LEISURE FACILITIES & SERVICES - 1.7%
Spectacle Gary Holdings, LLC	1 mo. LIBOR + 9.000%	$	2,502,703		9.119	+	11/7/2025	$	2,585,079
Spectacle Gary Holdings, LLC	1 mo. LIBOR + 9.000%		182,297		9.119	+	11/7/2025		188,298
TOTAL TERM LOANS (Cost - $2,580,790)									2,773,377
CORPORATE BONDS - 37.8%
APPAREL & TEXTILE PRODUCTS - 1.0%
PVH Corporation ^			1,360,000		4.625		7/10/2025		1,531,452
ASSET MANAGEMENT - 1.9%
Monroe Capital Corporation			3,000,000		4.750		2/15/2026		3,039,170
AUTOMOTIVE - 1.0%
Ford Motor Company ^			415,000		9.000		4/22/2025		505,248
General Motors Financial Company, Inc. ^	3 mo. LIBOR + 1.550%		1,010,000		1.784	+	1/14/2022		1,019,715
									1,524,963
BANKING - 4.2%
HSBC Holdings plc ^	5 Year Treasury + 3.649%		2,740,000		4.600	+	6/17/2169		2,784,525
JP Morgan Chase & Company	3 mo. LIBOR + 0.550%		2,005,000		0.760	+	2/1/2027		1,909,322
Wachovia Capital Trust II - 144A	3 mo. LIBOR + 0.500%		1,000,000		0.741	+	1/15/2027		963,780
Wells Fargo & Company			795,000		5.950		12/1/2086		1,097,372
									6,754,999
BIOTECHNOLOGY & PHARMACEUTICALS - 2.8%
AstraZeneca plc			1,350,000		6.450		9/15/2037		2,021,097
P&L Development, LLC / PLD Finance Corporation - 144A			1,500,000		7.750		11/15/2025		1,608,750
Royalty Pharma plc - 144A			755,000		1.750		9/2/2027		770,514
									4,400,361
CHEMICALS - 0.4%
TPC Group, Inc. - 144A			750,000		10.500		8/1/2024		712,732
CONSUMER SERVICES - 0.2%
WW International, Inc. - 144A			350,000		8.625		12/1/2025		365,066
CONTAINERS & PACKAGING - 1.1%
CCL Industries, Inc. - 144A			1,690,000		3.050		6/1/2030		1,818,168
DIVERSIFIED INDUSTRIALS - 0.5%
General Electric Company			90,000		5.875		1/14/2038		120,470
General Electric Company			530,000		4.250		5/1/2040		604,526
									724,996
E-COMMERCE DISCRETIONARY - 1.6%
MercadoLibre, Inc. ^			2,600,000		3.125		1/14/2031		2,614,664
FOOD - 2.6%
Cargill, Inc. - 144A			750,000		1.700		2/2/2031		750,421
Del Monte Foods, Inc. - 144A			1,250,000		11.875		5/15/2025		1,414,844
Kraft Heinz Foods Company			500,000		3.750		4/1/2030		537,114
Kraft Heinz Foods Company ^			525,000		5.000		6/4/2042		606,269
Smithfield Foods, Inc. - 144A			890,000		2.650		10/3/2021		897,592
									4,206,240
HEALTH CARE FACILITIES & SERVICES - 1.1%
CommonSpirit Health			1,500,000		4.187		10/1/2049		1,732,020
INSTITUTIONAL FINANCIAL SERVICES - 1.8%
Blackstone / GSO Secured Lending Fund - 144A ^			1,255,000		3.625		1/15/2026		1,291,808
Goldman Sachs Capital I ^			1,150,000		6.345		2/15/2034		1,609,761
									2,901,569
INSURANCE - 5.1%
Markel Corporation ^	5 Year Treasury + 5.662%		920,000		6.000	+	12/1/2068		1,011,430
Mutual of Omaha Insurance Company - 144A	3 mo. LIBOR + 2.640%		2,155,000		4.297	+	7/15/2054		2,255,206
Ohio National Financial Services, Inc. - 144A			1,980,000		5.550		1/24/2030		2,104,391
Pacific Life Insurance Company - 144A			1,000,000		9.250		6/15/2039		1,615,864
United Insurance Holdings Corporation			1,000,000		6.250		12/15/2027		1,064,761
									8,051,652

See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

January 31, 2021

	Variable	Principal		Interest			Maturity
Security	Rate	Amount		Rate %			Date	Value
CORPORATE BONDS - 37.8% (Continued)
LEISURE FACILITIES & SERVICES - 1.9%
Enterprise Development Authority (The) - 144A		$	725,000		12.000		7/15/2024	$	817,437
Genting New York, LLC / GENNY Capital, Inc. - 144A			625,000		3.300		2/15/2026		630,415
Mohegan Gaming & Entertainment - 144A			1,650,000		8.000		2/1/2026		1,654,546
									3,102,398
METALS & MINING - 1.4%
First Quantum Minerals Ltd. - 144A ^			1,500,000		6.875		10/15/2027		1,619,895
Fresnillo plc - 144A			605,000		4.250		10/2/2050		645,157
									2,265,052
OIL & GAS PRODUCERS - 1.6%
WPX Energy, Inc. ^			2,385,000		5.750		6/1/2026		2,506,635
REITS - 2.1%
Agree, L.P. ^			1,390,000		2.900		10/1/2030		1,470,164
Scentre Group Trust 2 - 144A	5 Year Treasury + 4.379%		1,775,000		4.750	+	9/24/2080		1,832,815
									3,302,979
SEMICONDUCTORS - 1.0%
Broadcom, Inc. - 144A ^			1,550,000		3.500		2/15/2041		1,565,182
SPECIALTY FINANCE - 1.4%
Finance of America Funding, LLC - 144A			1,240,000		7.875		11/15/2025		1,240,000
GE Capital International Funding Company Unlimited Company ^			785,000		4.418		11/15/2035		918,761
									2,158,761
TELECOMMUNICATIONS - 1.8%
HC2 Holdings, Inc. - 144A			1,750,000		8.500		2/1/2026		1,756,562
Sprint Spectrum Company, LLC - 144A			930,000		5.152		3/20/2028		1,084,891
									2,841,453
TRANSPORTATION & LOGISTICS - 1.3%
United Airlines 2020-1 Class B Pass Through Trust			2,000,000		4.875		1/15/2026		2,047,840
TOTAL CORPORATE BONDS (Cost - $57,492,584)									60,168,352
		Shares
COMMON STOCK - 2.6%
INSURANCE - 1.3%
Assurant, Inc. *			79,925						2,113,217
REAL ESTATE SERVICES - 1.3%
UIRC-GSA International, LLC Series QIB - 144A * !			2,000						2,060,000
TELECOMMUNICATIONS - 0.0%
NII Holdings, Inc. - 144A * !			10,000						21,700
TOTAL COMMON STOCK (Cost - $4,055,855)									4,194,917
		Principal
		Amount
U.S. GOVERNMENT & AGENCIES - 47.5%
TREASURY BILLS - 39.4%
Treasury Bill ^		$	20,855,000		0.031		2/18/2021		20,854,680
Treasury Bill			20,855,000		0.045		3/4/2021		20,854,192
Treasury Bill			20,850,000		0.051		4/8/2021		20,847,802
									62,556,674
TREASURY NOTES / BONDS - 8.1%
Treasury Note / Bond			2,500,000		0.375		12/31/2025		2,493,164
Treasury Note / Bond			8,420,000		0.875		11/15/2030		8,250,942
Treasury Note / Bond ^			2,420,000		1.375		8/15/2050		2,154,745
									12,898,851
TOTAL U.S. GOVERNMENT & AGENCIES (Cost - $75,508,741)									75,455,525
		Shares
SHORT-TERM INVESTMENT - 7.3%
MONEY MARKET FUND - 7.3%
First American Government Obligations Fund - Class X			11,656,519		0.030	+			11,656,519
TOTAL SHORT-TERM INVESTMENT (Cost - $11,656,519)

See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Long/Short Credit Fund (Continued)

January 31, 2021

			Interest
Security	Shares		Rate %			Value
COLLATERAL FOR SECURITIES LOANED - 23.0%
Mount Vernon Prime Portfolio #		36,486,735		0.150	+	$	36,486,735
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $36,486,735)
TOTAL INVESTMENTS - 119.9% (Cost - $187,781,224)						$	190,735,425
LIABILITIES IN EXCESS OF OTHER ASSETS - (19.9)%							(31,710,397	)
TOTAL NET ASSETS - 100.0%						$	159,025,028

LIBOR - London Inter-Bank Offered Rate

LLC - Limited Liability Company

L.P. - Limited Partnership

Ltd. - Limited Company

plc - Public Limited Company

REITs - Real Estate Investment Trusts

* Non-income producing security.

 + Variable rate security. Interest rate is as of January 31, 2021.

! Fair Value estimated using fair value procedures adopted by Board of Trustees. Total value of such securities is $2,081,700 or 1.31% of net assets as of January 31, 2021.

144A- Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2021 the total market value of 144A securities is $31,497,736 or 19.8% of net assets.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $35,743,193 at January 31, 2021.

# 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%.

						Unrealized
		Short	Notional Value at		Maturity	Appreciation/
Security	Counterparty	Contracts	January 31, 2021		Date	(Depreciation)
OPEN SHORT FUTURES CONTRACTS ** - (0.4)%
CBOT 5 Year US Treasury Note	HSBC Securities, Inc.	63	$	7,930,125	March-21	$	(973	)
CBOT 10 Year US Treasury Note	HSBC Securities, Inc.	190		26,035,890	March-21		157,962
CBOT US Long Bond Future	HSBC Securities, Inc.	80		13,497,520	March-21		443,653
NET UNREALIZED GAIN FROM OPEN SHORT FUTURE CONTRACTS						$	600,642

CREDIT DEFAULT SWAPS
												Unrealized
		Notional Value at			Fixed Deal			Premium			Maturity	Appreciation/
Description	Counterparty	January 31, 2021			(Received) Rate			Paid (Received)			Date	(Depreciation)
To Buy Protection - CDX NA IG. 32	HSBC Securities, Inc.	$	1,000,000			1.00	%	$	(14,246	)	6/20/2024	$	459
To Buy Protection - CDX NA IG. 33	HSBC Securities, Inc.		10,000,000			1.00	%		(139,311	)	12/20/2024		1,442
To Buy Protection - Commonwealth Bank of Australia	Goldman Sachs		2,000,000			1.00	%		(9,625	)	12/20/2023		(31,295	)
To Buy Protection - D.R. Horton, Inc.	Barclays		3,000,000			1.00	%		(83,950	)	3/20/2025		2,456
To Buy Protection - Fiserv, Inc.	Barclays		5,000,000			1.00	%		(213,078	)	12/20/2025		31,234
To Sell Protection - Johnson & Johnson (1)	Barclays		(5,000,000	)		1.00	%		213,078		12/20/2025		(26,404	)
To Buy Protection - Packaging Corporation of America	Barclays		3,000,000			1.00	%		(117,040	)	6/20/2025		26,471
To Buy Protection - Prudential Financial, Inc.	JPMorgan		3,000,000			1.00	%		(31,980	)	9/20/2024		(35,875	)
To Buy Protection - United Rentals	JPMorgan		3,000,000			5.00	%		(191,504	)	6/20/2022		(3,214	)
To Sell Protection - Verizon Communications (1)	Barclays		(3,000,000	)		1.00	%		17,919		7/20/2022		11,750
To Buy Protection - Kraft Heinz Food	JPMorgan		2,000,000			1.00	%		(31,954	)	6/20/2023		(885	)
To Sell Protection - Kraft Heinz Food (1)	Goldman Sachs		(2,000,000	)		1.00	%		14,987		6/20/2023		19,689
To Buy Protection - Newell Brands	Goldman Sachs		2,000,000			1.00	%		22,030		6/20/2023		12,027
To Sell Protection - Newell Brands (1)	JPMorgan		(2,000,000	)		1.00	%		(32,614	)	6/20/2023		(3,280	)
NET UNREALIZED GAIN FROM CREDIT DEFAULT SWAPS												$	4,575

TOTAL RETURN SWAPS
		Notional Value			Maturity	Unrealized
Reference Entity	Counterparty	(Received) Rate		Variable Rate	Date	Depreciation
iBoxx USD Liquid High Yield Index	Goldman Sachs	$	8,000,000	3 mo LIBOR + 0.00%	3/20/2021	$	(437,573	)
iBoxx USD Liquid High Yield Index	Goldman Sachs		5,000,000	3 mo LIBOR + 0.00%	6/20/2021		(33,591	)
NET UNREALIZED LOSS FROM TOTAL RETURN SWAPS						$	(471,164	)

LIBOR - London Inter-bank Offered Rate

** 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.

(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.

See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 58.3%
AEROSPACE & DEFENSE - 0.5%
Aerojet Rocketdyne Holdings, Inc. *		15,507	$	806,984
Boeing Company (The)		396		76,899
General Dynamics Corporation		478		70,113
Howmet Aerospace, Inc.		765		18,804
Huntington Ingalls Industries, Inc.		142		22,341
L3Harris Technologies, Inc.		203		34,816
TransDigm Group, Inc. *		38		21,025
				1,050,982
APPAREL & TEXTILE PRODUCTS - 0.4%
Columbia Sportswear Company		222		19,416
NIKE, Inc. @		5,649		754,650
PVH Corporation		315		26,857
Ralph Lauren Corporation		273		27,587
Tapestry, Inc.		897		28,363
Under Armour, Inc. *		1,154		20,195
				877,068
ASSET MANAGEMENT - 5.1%
26 Capital Acquisition Corporation *		923		9,691
890 5th Avenue Partners, Inc. *		7,500		78,000
AEA-Bridges Impact Corporation *		6,003		70,475
Aequi Acquisition Corporation *		12,258		129,812
Altitude Acquisition Corporation *		4,560		49,248
Apollo Strategic Growth Capital *		6,082		68,909
Artius Acquisition, Inc. *		6,628		74,764
Athlon Acquisition Corporation *		375		3,870
Atlas Crest Investment Corporation *		6,704		72,671
Authentic Equity Acquisition Corporation *		369		3,830
Avanti Acquisition Corporation *		4,000		44,840
BlueRiver Acquisition Corporation *		1,825		18,980
Bridgetown 2 Holdings Ltd. *		915		11,163
Bright Lights Acquisition Corporation *		709		7,423
Burgundy Technology Acquisition Corporation *		3,273		40,160
Carney Technology Acquisition Corporation II *		4,570		47,985
CBRE Acquisition Holdings, Inc. *		3,420		36,355
CC Neuberger Principal Holdings II *		6,487		67,789
CF Acquisition Corporation IV *		2,748		29,459
CF Acquisition Corporation V *		913		9,815
Churchill Capital Corporation II *		11,456		115,820
Churchill Capital Corporation V *		9,120		98,861
Clarim Acquisition Corporation *		1,825		18,724
Class Acceleration Corporation *		1,845		19,834
Climate Real Impact Solutions II Acquisition Corporation *		1,830		20,624
Cohn Robbins Holdings Corporation *		6,169		69,463
Concord Acquisition Corporation *		10,968		119,332
Constellation Acquisition Corporation I *		2,562		27,413
Conx Corporation *		11,482		119,413
Corner Growth Acquisition Corporation *		2,275		23,774
Crucible Acquisition Corporation *		1,266		13,608
D8 Holdings Corporation *		5,586		60,105
DiamondHead Holdings Corporation *		1,830		19,855
Eaton Vance Corporation		97,132		6,521,442
Edify Acquisition Corporation *		2,768		28,427
EdtechX Holdings Acquisition Corporation II *		2,280		23,940
Empowerment & Inclusion Capital I Corporation *		709		7,303
Environmental Impact Acquisition Corporation *		5,565		59,768
Epiphany Technology Acquisition Corporation *		1,772		18,907
EQ Health Acquisition Corporation *		913		9,358
Fortistar Sustainable Solutions Corporation *		3,660		38,723
Fortress Capital Acquisition Corporation *		1,855		19,292
Fortress Value Acquisition Corporation III *		3,165		34,182
Franklin Resources, Inc.		1,095		28,788
Frazier Lifesciences Acquisition Corporation *		1,824		19,334

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 58.3% (Continued)
ASSET MANAGEMENT - 5.1% (Continued)
Global Partner Acquisition Corporation II *		2,813	$	28,664
Global Synergy Acquisition Corporation *		1,772		18,447
GO Acquisition Corporation *		11,087		120,516
Golden Falcon Acquisition Corporation *		1,138		11,892
Gores Holdings VI, Inc. *		4,560		48,564
Gores Metropoulos II, Inc. *		3,720		40,362
Group Nine Acquisition Corporation *		2,768		29,064
Hamilton Lane Alliance Holdings I, Inc. *		1,855		19,533
Health Assurance Acquisition Corporation *		3,203		38,948
HealthCor Catalio Acquisition Corporation *		183		1,848
Hennessy Capital Investment Corporation V *		2,768		30,808
HPX Corporation *		2,130		23,643
Hudson Executive Investment Corporation II *		3,294		35,015
HumanCompany Acquisition Corporation *		31,920		374,741
ITHAX Acquisition Corporation *		1,815		18,259
Jack Creek Investment Corporation *		2,790		28,765
Kairos Acquisition Corporation *		3,541		36,862
KINS Technology Group, Inc. *		1,820		19,019
Kismet Acquisition One Corporation *		9,163		95,937
KL Acquisition Corporation *		531		5,443
Lefteris Acquisition Corporation *		6,033		66,363
Liberty Media Acquisition Corporation *		1,116		13,950
Live Oak Acquisition Corporation II *		1,359		15,465
Locust Walk Acquisition Corporation *		1,772		18,500
Marlin Technology Corporation *		1,855		19,311
Marquee Raine Acquisition Corporation *		1,820		19,747
Mason Industrial Technology, Inc. *		14,600		147,022
MedTech Acquisition Corporation *		1,592		16,875
Motive Capital Corporation *		2,280		24,077
Nebula Caravel Acquisition Corporation *		3,192		34,122
North Atlantic Acquisition Corporation *		372		3,869
Northern Genesis Acquisition Corporation II *		1,484		16,814
Northern Star Investment Corporation II *		3,660		39,089
Oaktree Acquisition Corporation II *		421		4,572
OCA Acquisition Corporation *		369		3,841
One Equity Partners Open Water I Corporation *		4,650		48,453
Pioneer Merger Corporation *		932		9,739
Pontem Corporation *		1,855		19,366
Powered Brands *		1,772		18,429
Primavera Capital Acquisition Corporation *		1,860		20,032
PropTech Investment Corporation II *		4,550		48,731
Provident Acquisition Corporation *		1,772		19,687
Queen’s Gambit Growth Capital *		744		8,110
Revolution Acceleration Acquisition Corporation *		4,172		45,224
Rotor Acquisition Corporation *		1,845		19,004
Science Strategic Acquisition Corporation Alpha *		3,660		38,467
ScION Tech Growth I *		2,275		24,320
SCP & CO Healthcare Acquisition Company *		930		9,598
Senior Connect Acquisition Corp I *		4,560		47,880
Silver Crest Acquisition Corporation *		1,855		19,088
Spartacus Acquisition Corporation *		10,067		110,435
Sports Ventures Acquisition Corporation *		6,345		65,925
Star Peak Corporation II *		2,115		24,492
Starboard Value Acquisition Corporation *		1,749		18,644
Tastemaker Acquisition Corporation *		1,772		18,092
Thayer Ventures Acquisition Corporation *		1,140		12,244
Thoma Bravo Advantage *		6,284		75,031
TLG Acquisition One Corporation *		3,630		36,554
TPG Pace Tech Opportunities Corporation *		3,544		38,098
Turmeric Acquisition Corporation *		2,203		23,132
Tuscan Holdings Corporation II *		94		1,011
TZP Strategies Acquisition Corporation *		3,720		38,614
VectoIQ Acquisition Corporation II *		1,864		20,765

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 58.3% (Continued)
ASSET MANAGEMENT - 5.1% (Continued)
Ventoux CCM Acquisition Corporation *		13,745	$	141,848
Virtuoso Acquisition Corporation *		3,720		38,316
Viveon Health Acquisition Corporation *		164		1,696
Z-Work Acquisition Corporation *		730		7,592
				10,950,093
AUTOMOTIVE - 1.4%
Adient plc *		12,071		389,773
Daimler A.G.		9,449		667,194
General Motors Company @		34,921		1,769,796
Magna International, Inc.		3,631		255,078
				3,081,841
BANKING - 0.9%
Bank of America Corporation		20,568		609,841
CIT Group, Inc.		1,355		50,000
Citigroup, Inc.		19,025		1,103,260
Citizens Financial Group, Inc.		692		25,216
Fifth Third Bancorp		842		24,359
Huntington Bancshares, Inc.		1,874		24,784
Sterling Bancorp		1,121		20,694
Truist Financial Corporation		460		22,071
Webster Financial Corporation		475		22,206
				1,902,431
BEVERAGES - 0.5%
Keurig Dr Pepper, Inc.		32,984		1,048,891
BIOTECHNOLOGY & PHARMACEUTICALS - 3.1%
Alexion Pharmaceuticals, Inc. *		38,437		5,893,545
AstraZeneca plc - ADR		7,774		393,364
Bristol-Myers Squibb Company		6,787		416,925
Viatris, Inc. *		3,190		54,198
				6,758,032
CABLE & SATELLITE - 0.2%
Comcast Corporation		8,858		439,091
DISH Network Corporation		798		23,158
				462,249
CHEMICALS - 1.0%
CF Industries Holdings, Inc.		5,790		239,590
Covestro A.G.		4,726		322,449
Huntsman Corporation		10,491		277,172
Ingevity Corporation *		276		18,130
International Flavors & Fragrances, Inc.		5,253		590,309
Linde plc		2,654		651,292
Mosaic Company (The)		1,317		34,189
				2,133,131
CONSTRUCTION MATERIALS - 0.2%
Owens Corning		5,811		450,934
DIVERSIFIED INDUSTRIALS - 0.2%
General Electric Company		35,901		383,423
E-COMMERCE DISCRETIONARY - 0.5%
Amazon.com, Inc. *		318		1,019,572
ELECTRIC UTILITIES - 1.1%
ALLETE, Inc.		331		20,800
NRG Energy, Inc.		364		15,073
PNM Resources, Inc.		50,171		2,434,297
				2,470,170
ELECTRICAL EQUIPMENT - 1.8%
Allegion plc		169		18,085
Carrier Global Corporation		27,696		1,066,296
Siemens Energy A.G. *		30,409		1,129,745
Vertiv Holdings Company		33,239		668,769
Vontier Corporation *		30,154		977,894
				3,860,789

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 58.3% (Continued)
ENTERTAINMENT CONTENT - 0.4%
Discovery, Inc. * ^		6,119	$	253,449
Fox Corporation		853		26,597
Walt Disney Company (The) *		4,202		706,650
				986,696
FOOD - 0.3%
Mondelez International, Inc.		11,745		651,143
FORESTRY, PAPER & WOOD PRODUCTS - 0.3%
Louisiana-Pacific Corporation		17,598		668,900
GAS & WATER UTILITIES - 0.3%
Essential Utilities, Inc.		12,811		593,149
HEALTH CARE FACILITIES & SERVICES - 1.3%
Cigna Corporation		13,025		2,827,076
CVS Health Corporation		330		23,645
				2,850,721
HOME CONSTRUCTION - 0.4%
AZEK Company, Inc. (The)		4,592		183,175
DR Horton, Inc.		8,463		649,958
				833,133
HOUSEHOLD PRODUCTS - 0.5%
Coty, Inc.		2,509		15,982
elf Beauty, Inc. *		3,044		66,237
Estee Lauder Companies, Inc. (The)		3,503		828,985
Procter & Gamble Company (The)		1,705		218,598
				1,129,802
INDUSTRIAL INTERMEDIATE PRODUCTS - 0.5%
Timken Company, (The)		14,757		1,116,515
INDUSTRIAL SUPPORT SERVICES - 0.0%
United Rentals, Inc. *		369		89,671
INSTITUTIONAL FINANCIAL SERVICES - 0.4%
Goldman Sachs Group, Inc. (The)		104		28,202
Morgan Stanley		12,134		813,585
State Street Corporation		378		26,460
				868,247
INSURANCE - 1.9%
Allstate Corporation (The)		238		25,509
American International Group, Inc.		596		22,314
Everest Re Group Ltd.		96		20,264
Hartford Financial Services Group, Inc. (The)		498		23,914
Lincoln National Corporation		524		23,837
Principal Financial Group, Inc.		469		23,108
Willis Towers Watson plc		19,292		3,915,118
				4,054,064
INTERNET MEDIA & SERVICES - 0.9%
Alphabet, Inc. *		474		866,169
Booking Holdings, Inc. *		10		19,443
Kuaishou Technology *		1,628		24,145
Netflix, Inc. *		985		524,404
TripAdvisor, Inc. *		628		19,449
Uber Technologies, Inc. *		9,266		471,917
Yelp, Inc. *		603		19,652
				1,945,179
LEISURE FACILITIES & SERVICES - 3.2%
Choice Hotels International, Inc.		178		17,914
Darden Restaurants, Inc.		7,390		863,817
Hilton Worldwide Holdings, Inc.		11,834		1,199,849
Las Vegas Sands Corporation		438		21,063
Marriott International, Inc.		1,411		164,113

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 58.3% (Continued)
LEISURE FACILITIES & SERVICES - 3.2% (Continued)
Marriott Vacations Worldwide Corporation		9,070	$	1,113,433
Norwegian Cruise Line Holdings Ltd. *		739		16,738
Papa John’s International, Inc.		4,252		434,895
Starbucks Corporation		11,587		1,121,737
Wyndham Hotels & Resorts, Inc.		5,706		331,918
Wynn Resorts Ltd.		7,664		762,798
Yum China Holdings, Inc.		15,771		894,373
				6,942,648
MACHINERY - 1.1%
AGCO Corporation		6,535		724,732
Caterpillar, Inc.		1,185		216,665
Crane Company		263		19,904
Oshkosh Corporation		288		26,378
Parker-Hannifin Corporation		5,570		1,473,878
				2,461,557
MEDICAL EQUIPMENT & DEVICES - 2.9%
Danaher Corporation		2,300		547,032
DENTSPLY SIRONA, Inc.		435		23,268
Envista Holdings Corporation *		34,251		1,217,281
Illumina, Inc. *		55		23,454
LivaNova plc *		351		22,078
QIAGEN N.V. *		12,493		676,496
Thermo Fisher Scientific, Inc.		725		369,533
Varian Medical Systems, Inc. *		15,674		2,751,884
Zimmer Biomet Holdings, Inc.		3,867		594,242
				6,225,268
METALS & MINING - 0.5%
Freeport-McMoRan, Inc. @		42,691		1,148,815
OIL & GAS PRODUCERS - 1.2%
Apache Corporation		2,297		32,801
Chevron Corporation @		281		23,941
ConocoPhillips		21,850		874,656
Devon Energy Corporation		1,976		32,525
Diamondback Energy, Inc.		690		39,116
Exxon Mobil Corporation		20,107		901,598
Hess Corporation		516		27,854
Kinder Morgan, Inc.		1,820		25,626
Marathon Petroleum Corporation		613		26,457
Occidental Petroleum Corporation		1,831		36,730
Petroleo Brasileiro S.A. - ADR		43,141		433,567
Phillips 66		392		26,578
Pioneer Natural Resources Company		252		30,467
Valero Energy Corporation		446		25,168
Williams Companies, Inc. (The)		1,156		24,542
				2,561,626
OIL & GAS SERVICES & EQUIPMENT - 0.2%
Baker Hughes Company		1,267		25,454
Halliburton Company		1,557		27,450
Schlumberger N.V.		828		18,390
TechnipFMC plc		39,843		425,922
				497,216
PUBLISHING & BROADCASTING - 0.1%
TEGNA, Inc.		18,579		297,821
REAL ESTATE OWNERS & DEVELOPERS - 0.4%
Brookfield Property Partners, L.P.		49,752		847,277
REAL ESTATE SERVICES - 0.0%
CBRE Group, Inc. *		383		23,355
REITS - 0.3%
Weyerhaeuser Company		21,591		673,423

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 58.3% (Continued)
RETAIL - DISCRETIONARY - 1.5%
AutoNation, Inc. *		366	$	26,088
Builders FirstSource, Inc. *		27,086		1,036,039
Home Depot, Inc. (The) @		4,133		1,119,299
Lowe’s Companies, Inc.		6,431		1,073,012
Ross Stores, Inc.		206		22,926
				3,277,364
SEMICONDUCTORS - 8.9%
Advanced Micro Devices, Inc. *		21,150		1,811,286
Coherent, Inc. *		1,672		335,804
Inphi Corporation *		5,342		900,715
Intel Corporation @		13,574		753,493
Marvell Technology Group Ltd.		24,172		1,243,891
Maxim Integrated Products, Inc.		66,281		5,813,507
Microchip Technology, Inc.		3,398		462,502
NXP Semiconductors N.V.		7,756		1,244,605
ON Semiconductor Corporation * @		6,042		208,389
Texas Instruments, Inc.		3,836		635,587
Xilinx, Inc.		45,305		5,915,474
				19,325,253
SOFTWARE - 8.2%
Borqs Technologies, Inc. * ^		61,731		72,225
Change Healthcare, Inc. *		108,387		2,586,114
Microsoft Corporation @		9,328		2,163,723
Okta, Inc. *		858		222,231
RealPage, Inc. *		15,343		1,328,244
ServiceNow, Inc. *		645		350,338
Slack Technologies, Inc. *		262,535		11,071,101
				17,793,976
SPECIALTY FINANCE - 0.3%
Alliance Data Systems Corporation		232		15,695
Fortress Transportation and Infrastructure Investors, LLC		23,277		514,422
Synchrony Financial		749		25,204
				555,321
TECHNOLOGY HARDWARE - 1.5%
Apple, Inc. @		5,599		738,844
Cisco Systems, Inc.		1,847		82,339
FLIR Systems, Inc.		43,906		2,285,307
Hewlett Packard Enterprise Company		3,995		49,298
NetApp, Inc.		450		29,898
Western Digital Corporation		539		30,416
				3,216,102
TECHNOLOGY SERVICES - 1.5%
CACI International, Inc. *		109		26,293
Fiserv, Inc. *		441		45,286
Global Payments, Inc.		1,738		306,792
IHS Markit Ltd.		30,368		2,644,445
International Business Machines Corporation		610		72,657
Leidos Holdings, Inc.		236		25,030
Nielsen Holdings plc		1,082		24,161
Sabre Corporation		1,568		16,903
				3,161,567
TELECOMMUNICATIONS - 0.2%
AT&T, Inc.		1,713		49,043
NII Holdings, Inc. * #		205,893		452,965
				502,008
TOBACCO & CANNABIS - 0.0%
Altria Group, Inc.		542		22,265
Philip Morris International, Inc.		288		22,939
				45,204

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares			Value
COMMON STOCKS - 58.3% (Continued)
TRANSPORTATION & LOGISTICS - 0.9%
Kansas City Southern		1,283		$	260,026
Norfolk Southern Corporation		3,192			755,291
Southwest Airlines Company		8,583			377,137
Union Pacific Corporation		2,787			550,349
					1,942,803
TRANSPORTATION EQUIPMENT - 1.3%
Cummins, Inc.		7,420			1,739,396
Navistar International Corporation *		23,208			1,021,152
					2,760,548
TOTAL COMMON STOCKS (Cost - $123,890,500)					126,495,978
CLOSED END FUND - 1.3%
Altaba, Inc. * #		193,882			2,791,901
TOTAL CLOSED END FUND (Cost - $3,805,238)
EXCHANGE-TRADED FUNDS - 3.2%
EQUITY FUNDS - 1.9%
Invesco S&P 500 Equal Weight ETF		3,987			504,355
iShares MSCI Brazil ETF		4,118			140,794
iShares U.S. Home Construction ETF ^		8,883			523,830
iShares U.S. Real Estate ETF		3,864			329,522
SPDR S&P 500 ETF Trust @		4,879			1,805,572
SPDR S&P Homebuilders ETF		12,889			777,207
					4,081,280
FIXED INCOME FUNDS - 1.3%
SPDR Blackstone / GSO Senior Loan ETF ^		64,092			2,941,823
TOTAL EXCHANGE-TRADED FUNDS - (Cost - $7,030,534)					7,023,103
			Expiration Date
RIGHTS - 0.0%
Alder BioPharmaceuticals, Inc. * #		10,079	12/31/2024		12,599
Pan American Silver Corporation *		41,375	3/19/2049		31,859
TOTAL RIGHTS (Cost - $46,979)					44,458
WARRANTS - 0.0%
Borqs Technologies, Inc. *		105,552	8/19/2022		17,416
Multiplan Corporation *		10,004	3/2/2027		16,907
TOTAL WARRANTS (Cost - $26,975)					34,323

	Counterparty	Contracts**		Notional Value		Exercise Price
PURCHASED OPTIONS - 0.5%
PURCHASED CALL OPTIONS - 0.2%
Apple, Inc.	JP Morgan		72	$	972,000	$	135.00	2/19/2021	30,240
Chevron Corporation	JP Morgan		96		912,000		95.00	3/19/2021	14,304
FedEx Corporation	JP Morgan		22		550,000		250.00	2/19/2021	8,030
Freeport-McMoRan, Inc.	JP Morgan		173		467,100		27.00	2/19/2021	27,853
General Motors Company	JP Morgan		121		556,600		46.00	2/19/2021	72,600
Home Depot, Inc. (The)	JP Morgan		55		1,540,000		280.00	3/19/2021	47,025
Intel Corporation	JP Morgan		264		1,386,000		52.50	2/19/2021	104,280
Microsoft Corporation	JP Morgan		24		528,000		220.00	2/19/2021	36,600
NIKE, Inc.	JP Morgan		49		686,000		140.00	3/19/2021	19,110
ON Semiconductor Corporation	JP Morgan		113		395,500		35.00	4/16/2021	33,900
Wells Fargo & Company	JP Morgan		193		675,500		35.00	2/19/2021	2,509
TOTAL PURCHASED CALL OPTIONS (Cost - $346,965)									396,451
PURCHASED PUT OPTIONS - 0.3%
S&P 500 Index	JP Morgan		26		9,620,000		3,700.00	3/19/2021	372,580
SPDR S&P 500 ETF Trust	JP Morgan		192		7,180,800		374.00	2/19/2021	210,240
TOTAL PURCHASED PUT OPTIONS (Cost - $561,818)									582,820
TOTAL PURCHASED OPTIONS (Cost - $908,783)									979,271

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Interest Rate %		Value
SHORT-TERM INVESTMENT - 23.0%
MONEY MARKET FUND - 23.0%
Fidelity Government Portfolio - Class Institutional		49,790,284		0.010 +	$	49,790,284
TOTAL SHORT-TERM INVESTMENT (Cost - $49,790,284)
COLLATERAL FOR SECURITIES LOANED - 0.4%
HSBC US Government Money Market Fund - Class I !		881,286		0.030 +		881,286
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $881,286)
TOTAL INVESTMENTS - 86.7% (Cost - $186,380,579)					$	188,040,604
OTHER ASSETS IN EXCESS OF LIABILITIES - 13.3%						28,965,976
NET ASSETS - 100.0%					$	217,006,580

ADR - American Depositary Receipt.

ETF - Exchange Traded Fund

LLC - Limited Liability Company

L.P. - Limited Partnership

plc - Public Limited Company

REITS - Real Estate Investment Trusts

* Non-Income producing security.

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

 + Variable rate security. Interest rate is as of January 31, 2021.

# Fair Value estimated using fair value procedures adopted by Board of Trustees. Total value of such securities is $3,257,465 or 1.50% of net assets as of January 31, 2021. ^ All or a portion of these securities are on loan. Total loaned securities had a value of $859,268 at January 31, 2021.

@ Subject to Options Written

! 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%.

Security	Counterparty	Contracts**		Notional Value		Exercise Price		Expiration Date	Value
WRITTEN OPTIONS - (0.3)%
WRITTEN CALL OPTIONS - (0.2)%
Apple, Inc.	JP Morgan		72	$	1,044,000	$	145.00	2/19/2021	$	11,808
Chevron Corporation	JP Morgan		96		1,008,000		105.00	3/19/2021		3,744
FedEx Corporation	JP Morgan		22		594,000		270.00	2/19/2021		2,640
Freeport-McMoRan, Inc.	JP Morgan		173		519,000		30.00	2/19/2021		9,688
General Motors Company	JP Morgan		30		150,000		50.00	2/19/2021		11,400
General Motors Company	JP Morgan		177		973,500		55.00	2/19/2021		31,152
Home Depot, Inc.	JP Morgan		55		1,650,000		300.00	3/19/2021		17,050
Intel Corporation	JP Morgan		264		1,518,000		57.50	2/19/2021		29,568
Microsoft Corporation	JP Morgan		24		564,000		235.00	2/19/2021		13,224
NIKE, Inc.	JP Morgan		49		759,500		155.00	3/19/2021		5,880
ON Semiconductor Corporation	JP Morgan		113		452,000		40.00	4/16/2021		18,080
S&P 500 Index	JP Morgan		26		9,620,000		3,700.00	3/19/2021		375,440
Uber Technologies, Inc.	JP Morgan		88		528,000		60.00	2/19/2021		6,072
Wells Fargo & Company	JP Morgan		193		772,000		40.00	2/19/2021		772
TOTAL WRITTEN CALL OPTIONS - (Premiums Received - $521,817)										536,518
WRITTEN PUT OPTIONS - (0.1)%
Apple, Inc.	JP Morgan		72		900,000		125.00	2/19/2021		20,376
FedEx Corporation	JP Morgan		22		506,000		230.00	2/19/2021		14,388
Freeport-McMoRan, Inc.	JP Morgan		173		415,200		24.00	2/19/2021		8,996
General Motors Company	JP Morgan		121		496,100		41.00	2/19/2021		4,235
Microsoft Corporation	JP Morgan		24		492,000		205.00	2/19/2021		3,000
NIKE, Inc.	JP Morgan		49		563,500		115.00	3/19/2021		7,007
SPDR S&P 500 ETF Trust	JP Morgan		192		6,950,400		362.00	2/19/2021		136,512
TOTAL WRITTEN PUT OPTIONS - (Premiums Received - $171,780)										194,514
TOTAL WRITTEN OPTIONS (Premiums Received - $693,597)										731,032

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
SECURITIES SOLD SHORT * - (40.0)%
AEROSPACE & DEFENSE - (1.3)%
Boeing Company (The)		249	$	48,353
General Dynamics Corporation		4,335		635,858
L3Harris Technologies, Inc.		2,653		455,016
Teledyne Technologies, Inc.		3,207		1,144,931
Textron, Inc.		10,458		473,329
				2,757,487
AUTOMOTIVE - (0.7)%
General Motors Company		11,400		577,752
Tesla, Inc.		1,237		981,597
				1,559,349
BANKING - (0.2)%
Citigroup, Inc.		7,300		423,327
First Citizens BancShares, Inc.		109		64,963
				488,290
BIOTECHNOLOGY & PHARMACEUTICALS - (2.1)%
AstraZeneca plc - ADR		89,390		4,523,134
Viatris, Inc.		1,710		29,053
				4,552,187
CHEMICALS - (0.2)%
Ecolab, Inc.		2,225		455,035
International Flavors & Fragrances, Inc.		441		49,560
				504,595
DIVERSIFIED INDUSTRIALS - (0.6)%
3M Company		3,822		671,372
Illinois Tool Works, Inc.		2,794		542,623
				1,213,995
E-COMMERCE DISCRETIONARY - (0.4)%
eBay, Inc.		14,915		842,847
ELECTRICAL EQUIPMENT - (0.3)%
Acuity Brands, Inc.		2,520		303,005
Roper Technologies, Inc.		979		384,659
				687,664
ENTERTAINMENT CONTENT - (0.4)%
Activision Blizzard, Inc.		6,117		556,647
Discovery, Inc.		5,108		211,573
				768,220
EXCHANGE-TRADED FUNDS - (14.8)%
Consumer Discretionary Select Sector SPDR Fund		12,390		2,007,304
Consumer Staples Select Sector SPDR Fund		59,807		3,833,031
Energy Select Sector SPDR Fund		15,560		611,819
Financial Select Sector SPDR Fund		50,045		1,448,803
Health Care Select Sector SPDR Fund		20,454		2,352,824
Industrial Select Sector SPDR Fund		24,257		2,056,266
Invesco S&P 500 Equal Weight ETF		12,464		1,576,696
iShares Russell 2000 ETF		50,016		10,281,289
iShares U.S. Real Estate ETF		33,831		2,885,108
SPDR S&P 500 ETF Trust		7,149		2,645,630
SPDR S&P Retail ETF		2,605		229,266
Utilities Select Sector SPDR Fund		34,873		2,167,357
				32,095,393
FOOD - (0.1)%
McCormick & Company, Inc.		3,674		328,970
HEALTH CARE FACILITIES & SERVICES - (1.3)%
Cigna Corporation		12,920		2,804,286
HOME CONSTRUCTION - (0.1)%
Masco Corporation		5,718		310,544
HOUSEHOLD PRODUCTS - (0.1)%
Clorox Company (The)		1,284		268,947

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

Security	Shares		Value
SECURITIES SOLD SHORT * - (40.0)% (Continued)
INDUSTRIAL SUPPORT SERVICES - (0.3)%
Fastenal Company		12,773	$	582,321
INSTITUTIONAL FINANCIAL SERVICES - (1.9)%
Morgan Stanley		61,476		4,121,966
INSURANCE - (1.5)%
Aon plc		15,659		3,180,343
INTERNET MEDIA & SERVICES - (0.3)%
Facebook, Inc.		2,112		545,593
Twitter, Inc.		3,572		180,493
				726,086
LEISURE FACILITIES & SERVICES - (0.2)%
Marriott International, Inc.		1,223		142,247
McDonald’s Corporation		1,041		216,361
				358,608
MACHINERY - (0.2)%
IDEX Corporation		2,222		413,714
RETAIL - CONSUMER STAPLES - (0.2)%
Walmart, Inc.		3,748		526,556
RETAIL - DISCRETIONARY - (0.4)%
Builders FirstSource, Inc.		19,160		732,870
TJX Companies, Inc. (The)		3,280		210,051
				942,921
SEMICONDUCTORS - (6.9)%
Advanced Micro Devices, Inc.		89,290		7,646,796
Analog Devices, Inc.		41,477		6,110,806
Marvell Technology Group Ltd.		19,100		982,886
Taiwan Semiconductor Manufacturing Company Ltd.		1,696		206,098
				14,946,586
SOFTWARE - (2.3)%
salesforce.com, Inc.		21,812		4,919,915
TECHNOLOGY HARDWARE - (0.5)%
Apple, Inc.		1,475		194,641
Cisco Systems, Inc.		15,690		699,460
Hewlett Packard Enterprise Company		1,652		20,386
Lumentum Holdings, Inc.		1,979		185,630
				1,100,117
TECHNOLOGY SERVICES - (1.9)%
Accenture plc		2,122		513,354
Fiserv, Inc.		237		24,337
International Business Machines Corporation		2,216		263,948
PayPal Holdings, Inc.		2,260		529,541
S&P Global, Inc.		8,610		2,729,370
				4,060,550
TELECOMMUNICATIONS - (0.5)%
AT&T, Inc.		23,915		684,686
Verizon Communications, Inc.		7,457		408,271
				1,092,957
TRANSPORTATION EQUIPMENT - (0.3)%
Allison Transmission Holdings, Inc.		9,123		371,306
Cummins, Inc.		748		175,346
				546,652
TOTAL SECURITIES SOLD SHORT - (Proceeds - $79,648,964)			$	86,702,066

ETF - Exchange Traded Fund

plc - Public Limited Company

REITs - Real Estate Investment Trusts

* 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)

January 31, 2021

TOTAL RETURN SWAPS
		Notional Value at			Maturity	Unrealized Appreciation/
Reference Entity	Counterparty	January 31, 2021		Interest Rate	Date	(Depreciation)
LONG TOTAL RETURN SWAPS
Airbus SE	JPMorgan	$	599,866	1 mo. EURIBOR + 0.400%	8/1/2024	$	(65,189	)
Flutter plc	JPMorgan		229,854	1 mo. LIBOR + 0.400%	8/1/2024		(22,452	)
JP1RTL	JPMorgan		636,860	1 mo. LIBOR + 0.400%	8/1/2024		14,411
JP1TRL	JPMorgan		654,258	1 mo. LIBOR + 0.400%	8/1/2024		(5,982	)
JPGWCYDE #	JPMorgan		3,480,911	1 mo. LIBOR + 0.700%	8/1/2024		119,435
JPPQGRO +	JPMorgan		541,743	1 mo. LIBOR + 0.700%	8/1/2024		(7,907	)
NET UNREALIZED GAIN FROM TOTAL RETURN SWAPS						$	32,316

EURIBOR - Euro Inter-bank Offered Rate

LIBOR - London Inter-bank Offered Rate

# Total return swap with JPMorgan Chase. The swap provides exposure to the total returns on a basket of common stock that is calculated on a daily basis. Under the terms of the swap, the Sub-Adviser has the ability to periodically adjust the notional level of the swap. The swap was effective on August 25, 2020 and is reset on a monthly basis. The swap has a termination date of August 1, 2024, unless earlier terminated. In addition, the Fund will receive the total return on the basket of securities, including dividends and provide a fee to JPMorgan, in the amount of 1month LIBOR plus 70 bps.

 + Total return swap with JPMorgan Chase. The swap provides long exposure to the total returns of the JP Morgan iDex U.S. Growth Top Rank Index and short exposure to the total returns of the JP Morgan iDex U.S. Growth Bottom Rank Index. Under the terms of the swap, the Sub-Adviser has the ability to periodically adjust the notional level of the swap. The swap was effective on October 26, 2020 and is reset on a monthly basis. The swap has a termination date of August 1, 2024, unless earlier terminated. In addition, the Fund will receive the total return on the Index, including dividends and provide a fee to JPMorgan, in the amount of 1 month LIBOR plus 70 bps.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Monthly Distribution Fund (Continued)

January 31, 2021

JPGWCYDE Top 50 Holdings ^
Reference Entity	Shares		% of Basket Swap			Value
JPGWCYCL		73,194		51.0	%	$	5,264,262
JPGWDEFN		97,222		49.0	%		5,061,129
							10,325,391

^ 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

January 31, 2021

Security	Shares		Value
COMMON STOCKS - 48.5%
ELECTRIC UTILITIES - 2.2%
Brookfield Renewable Corporation		32,272	$	1,805,618
LEISURE FACILITIES & SERVICES - 18.4%
Caesars Entertainment, Inc. *		103,069		7,255,027
Drive Shack, Inc. * ^		714,895		1,722,897
Hilton Grand Vacations, Inc. *		51,016		1,516,196
Las Vegas Sands Corporation		20,760		998,348
Marriott Vacations Worldwide Corporation		18,685		2,293,771
MGM Resorts International		55,614		1,588,336
				15,374,575
SPECIALTY FINANCE - 6.4%
Fortress Transportation and Infrastructure Investors, LLC		243,963		5,391,582
TECHNOLOGY SERVICES - 4.3%
CoStar Group, Inc. *		3,964		3,566,450
TELECOMMUNICATIONS - 17.2%
21Vianet Group, Inc. - ADR *		77,645		2,929,546
Chindata Group Holdings Ltd. - ADR *		123,895		2,056,657
GDS Holdings Ltd. - ADR * ^		34,103		3,531,707
Switch, Inc.		339,197		5,840,972
				14,358,882
TOTAL COMMON STOCKS (Cost - $32,724,927)				40,497,107
REITS - 51.4%
DATA CENTER - 7.6%
CyrusOne, Inc. ^		18,715		1,365,259
Equinix, Inc.		555		4,110,478
QTS Realty Trust, Inc. ^		13,970		909,447
				6,385,184
INDUSTRIAL - 9.4%
Innovative Industrial Properties, Inc. ^		19,646		3,676,160
Prologis, Inc.		13,860		1,430,352
Rexford Industrial Realty, Inc.		29,113		1,424,790
Terreno Realty Corporation		23,396		1,323,746
				7,855,048
INFRASTRUCTURE - 18.8%
American Tower Corporation		31,643		7,194,353
Crown Castle International Corporation ^		32,259		5,137,568
SBA Communications Corporation		12,413		3,335,001
				15,666,922
MULTI ASSET CLASS - 2.7%
Colony Capital, Inc. ^		446,722		2,215,741
OFFICE - 5.7%
Alexandria Real Estate Equities, Inc. ^		28,531		4,767,815
RESIDENTIAL - 7.2%
Equity LifeStyle Properties, Inc.		28,892		1,757,789
Invitation Homes, Inc.		85,878		2,531,683
Sun Communities, Inc.		12,207		1,747,188
				6,036,660
TOTAL REITS (Cost - $34,631,906)				42,927,370

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Real Estate Stock Fund (Continued)

January 31, 2021

			Interest
Security	Shares		Rate %	Value
COLLATERAL FOR SECURITIES LOANED - 23.1%
Mount Vernon Prime Portfolio #		19,341,600	0.150 +	$	19,341,600
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $19,341,600)
TOTAL INVESTMENTS - 123.0% (Cost - $86,698,433)				$	102,766,077
LIABILITIES IN EXCESS OF OTHER ASSETS - (23.0)%					(19,189,742	)
TOTAL NET ASSETS - 100.00%				$	83,576,335

ADR - American Depositary Receipt.

LLC - Limited Liability Company

REITs - Real Estate Investment Trusts

* Non-Income producing security.

 + Variable rate security. Interest rate is as of January 31, 2021.

^ All or a portion of these securities are on loan. Total loaned securities had a value of $18,369,277 at January 31, 2021.

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

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds

January 31, 2021

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.

Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices.

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

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

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

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

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

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

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

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

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

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2021

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of January 31, 2021 for the Fund’s assets and liabilities measured at fair value:

Corporate/Government Bond

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	688,537.00	$	—	$	—	$	688,537
Asset Backed Securities *		—		25,138,322		—		25,138,322
Corporate Bonds		—		30,907,152		—		30,907,152
Municipal		—		2,867,392		—		2,867,392
Non U.S. Government & Agency		—		1,885,331		—		1,885,331
Term Loans		—		5,247,168		—		5,247,168
U.S. Government & Agency		—		18,998,792		—		18,998,792
Collateral for Securities Loaned		15,023,572		—		—		15,023,572
Total Investments	$	15,712,109	$	85,044,157	$	—	$	100,756,266

Floating Rate Bond

Assets	Level 1		Level 2		Level 3		Total
Term Loans *	$	—	$	167,797,038	$	—	$	167,797,038
Corporate Bonds *		—		6,854,255		—		6,854,255
Common Stock *		303,735		377		—		304,112
Exchange Traded Funds		2,161,526		—		—		2,161,526
Rights		—		12,335		—		12,335
Warrants		—		190,386		—		190,386
Short-Term Investment		5,848,168		—		—		5,848,168
Collateral for Securities Loaned		1,659,028		—		—		1,659,028
Total Investments	$	9,972,457	$	174,854,391	$	—	$	184,826,848

High-Yield Bond

Assets	Level 1		Level 2		Level 3		Total
Convertible Bonds *	$	—	$	290,000	$	—	$	290,000
Corporate Bonds *		—		104,576,252		—		104,576,252
Short-Term Investment		3,568,764		—		—		3,568,764
Collateral for Securities Loaned		2,198,661		—		—		2,198,661
Total Investments	$	5,767,425	$	104,866,252	$	—	$	110,633,677

International Opportunity Bond

Assets	Level 1		Level 2		Level 3		Total
Asset Backed Securities *	$	—	$	113,416	$	—	$	113,416
Corporate Bonds		—		38,962,486		—		38,962,486
Non U.S. Government & Agencies		—		20,197,052		—		20,197,052
Collateral for Securities Loaned		3,351,555		—		—		3,351,555
Total Assets	$	3,351,555	$	59,272,954	$	—	$	62,624,509
Assets-Derivatives
Futures	$	11,818	$	—	$	—	$	11,818
Forward Currency Contracts		—		120,111		—		120,111
Swap Contracts		—		48,521		—		48,521
Total Asset Derivatives	$	11,818	$	168,632	$	—	$	180,450
Liabilities-Derivatives
Futures	$	52,362	$	—	$	—	$	52,362
Forward Currency Contracts		—		129,860		—		129,860
Total Liability Derivatives	$	52,362	$	129,860	$	—	$	182,222

Large Cap Value

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	108,920,739	$	—	$	—	$	108,920,739
REITs		5,034,127		—		—		5,034,127
Collateral for Securities Loaned		5,465,288		—		—		5,465,288
Total Investments	$	119,420,154	$	—	$	—	$	119,420,154

Small Cap Value

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	54,952,267	$	—	$	—	$	54,952,267
REITs		6,725,975		—		—		6,725,975
Collateral for Securities Loaned		8,248,151		—		—		8,248,151
Total Investments	$	69,926,393	$	—	$	—	$	69,926,393

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2021

Focused Large Cap Growth

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	163,411,180	$	—	$	—	$	163,411,180
Collateral for Securities Loaned		21,588,637		—		—		21,588,637
Total Investments	$	184,999,817	$	—	$	—	$	184,999,817

Small Cap Growth

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	70,307,277	$	—	$	—	$	70,307,277
Collateral for Securities Loaned		1,012,882		—		—		1,012,882
Total Investments	$	71,320,159	$	—	$	—	$	71,320,159

Emerging Markets Stock

Assets	Level 1		Level 2		Level 3		Total
Closed End Fund *	$	1,071,376	$	—	$	—	$	1,071,376
Common Stock		16,463,342		92,169,567		—		108,632,909
Warrant		6,872		—		—		6,872
Collateral for Securities Loaned		5,279,545		—		—		5,279,545
Total Investments	$	22,821,135	$	92,169,567	$	—	$	114,990,702

International Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	31,567,511	$	114,436,278	$	—	$	146,003,789
Exchange Traded Fund		1,591,736		—		—		1,591,736
Right		4,638		—		—		4,638
Warrant		12,412		—		—		12,412
Collateral for Securities Loaned		12,434,046		—		—		12,434,046
Total Investments	$	45,610,343	$	114,436,278	$	—	$	160,046,621

Dynamic Macro

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	9,513,631	$	—	$	—	$	9,513,631
U.S. Government & Agencies		—		9,086,431		—		9,086,431
Short-Term Investments		2,151,307		—		—		2,151,307
Collateral for Securities Loaned		7,371,086		—		—		7,371,086
Total Assets	$	19,036,024	$	9,086,431	$	—	$	28,122,455
Assets-Derivatives
Futures		68,987		—		—		68,987
Purchased Future Options		1,336,493		—		—		1,336,493
Total Asset Derivatives	$	1,405,480	$	—	$	—	$	1,405,480
Liability-Derivatives
Futures	$	136,367		—		—	$	136,367
Written Future Options		20,100		—		—		20,100
Total Liability Derivatives	$	156,467	$	—	$	—	$	156,467

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2021

Long/Short Credit

Assets	Level 1		Level 2		Level 3		Total
Term Loans *	$	—	$	2,773,377	$	—	$	2,773,377
Corporate Bonds *		—		60,168,352		—		60,168,352
Common Stock *		2,113,217		2,060,000		21,700		4,194,917
U.S. Government & Agencies		—		75,455,525		—		75,455,525
Short-Term Investment		11,656,519		—		—		11,656,519
Collateral for Securities Loaned		36,486,735		—		—		36,486,735
Total Assets	$	50,256,471	$	140,457,254	$	21,700	$	190,735,425
Assets - Derivatives
Futures Contracts	$	601,615	$	—	$	—	$	601,615
Swap Contracts		—		105,528		—		105,528
Total Asset Derivatives	$	601,615	$	105,528	$	—	$	707,143
Liabilities - Derivatives
Futures Contracts	$	973	$	—	$	—	$	973
Swap Contracts		—		673,070		—		673,070
Total Liability Derivatives	$	973	$	673,070	$	—	$	674,043

Monthly Distribution

Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	126,043,013	$	452,965	$	—	$	126,495,978
Closed End Funds		—		2,791,901		—		2,791,901
Exchange Traded Funds		7,023,103		—		—		7,023,103
Rights		—		44,458		—		44,458
Warrants		—		34,323		—		34,323
Purchased Call Options		396,451		—		—		396,451
Purchased Put Options		582,820		—		—		582,820
Short-Term Investments		49,790,284		—		—		49,790,284
Collateral for Securities Loaned		881,286		—		—		881,286
Total Investments	$	184,716,957	$	3,323,647	$	—	$	188,040,604
Asset - Derivatives
Swap Contracts	$	—	$	133,846	$	—	$	133,846
Total Asset - Derivatives	$	—	$	133,846	$	—	$	133,846
Liability - Derivatives
Written Call Options	$	536,518	$	—	$	—	$	536,518
Written Put Options		194,514		—		—		194,514
Swap Contracts		—		101,530		—		101,530
Total Derivatives	$	731,032	$	101,530	$	—	$	832,562
Liabilities
Securities Sold Short	$	86,702,066	$	—	$	—	$	86,702,066
Total Investments	$	86,702,066	$	—	$	—	$	86,702,066

Real Estate Stock

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	40,497,107	$	—	$	—	$	40,497,107
REITs *		42,927,370		—		—		42,927,370
Collateral for Securities Loaned		19,341,600		—		—		19,341,600
Total Investments	$	102,766,077	$	—	$	—	$	102,766,077

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

The following is a reconciliation for the Dunham Long/Short Credit Fund for which Level 3 inputs were used in determining value:

	Common Stock
Beginning Balance October 31, 2020	$	21,700
Total Realized Gain/Loss		—
Change in Unrealized Appreciation/(Depreciation)		—
Conversion		—
Net Purchases		—
Net Sales		—
Net Transfers in/(out) of Level 3		—
Ending Balance January 31, 2021	$	21,700

Quantitative disclosures of unobservable inputs and assumptions used by Dunham Long/Short Credit Fund are below:

Investments in Securities:
Common Stock
NII Holdings, Inc.	$	21,700	Independent Valuation Discount for lack of marketability.
Total Fair Value Securities	$	21,700

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2021

Aggregate Unrealized Appreciation and Depreciation (Tax Basis) – The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation, excluding futures, at January 31, 2021, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Corporate/Government Bond	$	98,684,744	$	2,614,653	$	(543,131	)	$	2,071,522
Floating Rate Bond		186,162,846		2,072,015		(3,408,013	)		(1,335,998	)
High-Yield Bond		107,023,105		5,313,376		(1,702,804	)		3,610,572
International Opportunity Bond		60,077,005		3,679,519		(1,133,787	)		2,545,732
Large Cap Value		92,651,102		28,578,036		(1,808,984	)		26,769,052
Small Cap Value		58,581,956		12,731,131		(1,386,694	)		11,344,437
Focused Large Cap Growth		90,748,494		95,325,595		(1,074,272	)		94,251,323
Small Cap Growth		47,856,761		25,666,290		(2,202,892	)		23,463,398
Emerging Markets Stock		82,902,510		35,343,246		(3,255,054	)		32,088,192
International Stock		129,872,387		33,375,609		(3,201,375	)		30,174,234
Dynamic Macro		27,443,455		2,568,222		(640,209	)		1,928,013
Long/Short Credit		188,372,197		3,119,392		(756,164	)		2,363,228
Monthly Distribution		111,319,535		7,650,879		(18,362,908	)		(10,712,029	)
Real Estate Stock		86,527,756		17,887,941		(1,649,620	)		16,238,321

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.

SCHEDULE OF INVESTMENTS (Unaudited)

Dunham Funds (Continued)

January 31, 2021

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.

The following is a summary of the unrealized gain/(loss) of the derivative instruments utilized by the Funds as of January 31, 2021 categorized by risk exposure:

Fund	Derivative	Risk type	Unrealized
International Opportunity Bond	Futures	Interest Rate	(40,544)
	Forward Currency Contracts	Currency	(9,749)
	Swap	Interest Rate	48,521
Dynamic Macro	Purchased Option	Equity	(222)
	Purchased Option	Interest Rate	(41,828)
	Futures	Equity	(41,465)
	Futures	Interest Rate	(25,915)
	Written Options	Equity	(2,782)
Long/Short Credit	Futures	Interest Rate	600,642
	Swap	Equity	4,575
	Swap	Interest Rate	(471,164)
Monthly Distribution	Purchased Option	Equity	70,488
	Written Options	Equity	(37,435)
	Swaps	Equity	32,316

The notional value of the derivative instruments outstanding as of January 31, 2021 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.