SCHEDULE OF INVESTMENTS (Unaudited) Dunham Corporate/Government Bond Fund July 31, 2020 Variable Principal Interest Maturity Security Rate Amount Rate % Date Value CORPORATE BONDS & NOTES - 63.9 % AEROSPACE / DEFENSE - 0.6 % Boeing Co. $ 50,000 5.150 5/1/2030 $ 54,656 Boeing Co. 33,000 5.805 5/1/2050 38,849 Boeing Co. 33,000 5.930 5/1/2060 39,771 Howmet Aerospace, Inc. 50,000 6.875 5/1/2025 56,840 Signature Aviation US Holdings, Inc. - 144A 105,000 4.000 3/1/2028 99,402 TransDigm, Inc. 90,000 5.500 11/15/2027 85,563 375,081 AGRICULTURE - 0.3 % BAT Capital Corp. 170,000 4.906 4/2/2030 205,475 APPAREL - 0.4 % Hanesbrands, Inc. - 144A 100,000 5.375 5/15/2025 107,625 Under Armour, Inc. ^ 75,000 3.250 6/15/2026 70,266 VF Corp. 74,000 2.400 4/23/2025 78,777 256,668 AUTO MANUFACTURERS - 0.4 % Ford Motor Co. 103,000 9.000 4/22/2025 121,490 General Motors Co. 95,000 6.800 10/1/2027 115,847 237,337 AUTO PARTS & EQUIPMENT - 0.6 % American Axle & Manufacturing, Inc. 80,000 6.500 4/1/2027 82,150 Dana, Inc. 105,000 5.375 11/15/2027 110,933 Lear Corp. 165,000 3.800 9/15/2027 173,365 366,448 AUTOMOBILE ABS - 4.5 % American Credit Acceptance Receivables Trust 2018-3 - 144A 121,332 3.750 10/15/2024 121,228 American Credit Acceptance Receivables Trust 2019-2 - 144A 125,000 3.170 6/12/2025 127,075 Americredit Automobile Receivables Trust 2018-1 135,000 3.820 3/18/2024 140,201 Avid Automobile Receivables Trust 2018-1 - 144A 19,146 2.840 8/15/2023 19,196 Avis Budget Rental Car Funding AESOP LLC - 144A 150,000 3.070 9/20/2023 151,187 Avis Budget Rental Car Funding AESOP LLC - 144A 155,000 2.360 3/20/2026 155,698 Capital Auto Receivables Asset Trust 2017-1 - 144A 160,000 2.700 9/20/2022 161,323 Carmax Auto Owner Trust 2019-1 140,000 3.740 1/15/2025 144,700 Carvana Auto Receivables Trust 2019-1 - 144A 145,000 3.880 10/15/2024 148,467 Carvana Auto Receivables Trust 2019-3 - 144A 185,000 2.710 10/15/2024 188,735 Drive Auto Receivables Trust 2019-4 135,000 2.510 11/17/2025 137,584 DT Auto Owner Trust 2018-1 - 144A 113,559 3.470 12/15/2023 113,998 DT Auto Owner Trust 2019-1 - 144A 120,000 3.610 11/15/2024 122,683 First Investors Auto Owner Trust 2019-1 - 144A 150,000 3.260 3/17/2025 154,344 GLS Auto Receivables Issuer Trust 2020-1 - 144A 190,000 2.430 11/15/2024 192,548 Hertz Vehicle Financing II LP - 144A 91,509 2.670 9/25/2021 91,613 OneMain Direct Auto Receivables Trust 2018-1 - 144A 125,000 3.850 10/14/2025 126,213 Santander Drive Auto Receivables Trust 2017-1 100,000 2.150 2/10/2025 100,987 United Auto Credit Securitization Trust 2020-1 - 144A 155,000 2.190 6/16/2025 154,484 Westlake Automobile Receivables Trust 2018-3 - 144A 150,000 3.610 10/16/2023 152,621 2,704,885 BANKS - 6.9 % Bank of America Corp. 211,000 4.200 8/26/2024 236,611 Bank of America Corp. 3 Month LIBOR + 0.770 % 160,000 1.311 + 2/5/2026 159,108 Bank of Montreal ^ 5 Year Swap Rate US + 1.432% 234,000 3.803 + 12/15/2032 260,525 Bank of New York Mellon Corp. 5 Year Treasury Note + 4.358% 115,000 4.700 + Perpetual 124,807 BBVA Bancomer SA - 144A 5 Year Treasury Note + 2.650% 200,000 5.125 + 1/18/2033 188,502 Citigroup, Inc. 300,000 4.050 7/30/2022 319,566 Citigroup, Inc. ^ 50,000 3.200 10/21/2026 55,564 Fifth Third Bancorp 5 Year Treasury Note + 4.215% 124,000 4.500 + 9/30/2168 126,480 Goldman Sachs Group, Inc. 230,000 4.250 10/21/2025 262,780 JPMorgan Chase & Co. SOFRRATE 2.515% 370,000 2.956 + 5/13/2031 403,861 JPMorgan Chase & Co. SOFRRATE 3.125% 47,000 4.600 + 8/1/2168 45,536 Morgan Stanley 175,000 6.375 7/24/2042 292,018 PNC Financial Services Group, Inc. 3 Month LIBOR + 3.300% 170,000 5.000 + 12/29/2049 177,813 Santander Holdings USA, Inc. 133,000 3.700 3/28/2022 138,170 Santander Holdings USA, Inc. 105,000 3.500 6/7/2024 112,607 Santander Holdings USA, Inc. 65,000 4.400 7/13/2027 72,582 Synovus Financial Corp. 5 Year Swap Rate US + 3.379% 70,000 5.900 + 2/7/2029 71,704 Toronto-Dominion Bank 5 Year Swap Rate US + 2.205% 195,000 3.625 + 9/15/2031 222,471 Truist Financial Corp. 10 Year Treasury Note + 4.349% 125,000 5.100 + 3/1/2069 135,938 UBS AG 250,000 7.625 8/17/2022 280,104 Wells Fargo & Co. SOFRRATE 2.10% 305,000 2.393 + 6/2/2028 319,820 Wells Fargo & Co. 3 Month LIBOR + 3.110% 115,000 5.900 + Perpetual 117,388 4,123,955 SCHEDULE OF INVESTMENTS (Unaudited) Dunham Corporate/Government Bond Fund (Continued) July 31, 2020 Variable Principal Interest Maturity Security Rate Amount Rate % Date Value CORPORATE BONDS & NOTES - 63.9 % (Continued) BEVERAGES - 0.6 % Anheuser-Busch InBev Worldwide, Inc. $ 105,000 4.000 4/13/2028 $ 122,995 Anheuser-Busch InBev Worldwide, Inc. ^ 40,000 4.750 1/23/2029 49,263 Bacardi Ltd. - 144A 100,000 4.700 5/15/2028 117,477 289,735 BUILDING MATERIALS - 0.2 % Standard Industries, Inc. - 144A 130,000 4.375 7/15/2030 140,600 CHEMICALS - 0.4 % Avient Corp. - 144A 100,000 5.750 5/15/2025 108,674 Olin Corp. 120,000 5.625 8/1/2029 114,873 223,547 COAL - 0.1 % Alliance Resource Operating Partners LP - 144A 70,000 7.500 5/1/2025 49,000 COMMERCIAL MBS - 3.0 % BX Trust 2019-OC11 - 144A 130,000 4.075 ++ 12/9/2041 124,424 CHC Commercial Mortgage Trust 2019 - CHC - 144A 1 Month LIBOR + 1.120 % 233,990 1.295 + 6/15/2034 222,469 Citigroup Commercial Mortgage Trust 2015-GC27 130,000 2.878 2/10/2048 136,560 Citigroup Commercial Mortgage Trust 2019-SST2 - 144A 1 Month LIBOR + 0.920 % 145,000 1.095 + 12/15/2036 142,418 Credit Suisse Mortgage Capital Certificates 2019-ICE4 - 144A 1 Month LIBOR + 0.980 % 205,000 1.155 + 5/15/2036 204,743 Exantas Capital Corp. - 144A 1 Month LIBOR + 1.150 % 160,000 1.331 + 3/15/2035 157,623 GS Mortgage Securities Corp. Trust 2012-ALOHA - 144A 252,000 3.551 4/10/2022 254,800 GS Mortgage Securities Trust 2020-GC45 135,000 3.173 ++ 2/13/2053 148,260 Hilton USA Trust 2016-SFP - 144A 185,000 3.323 11/5/2035 185,607 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 - 144A 28,649 4.388 5/15/2021 29,055 JPMBB Commercial Mortgage Securities Trust 2015-C31 125,000 4.106 8/15/2048 137,565 WFRBS Commercial Mortgage Trust 2014-C24 62,000 3.931 11/15/2047 66,893 1,810,417 COMMERCIAL SERVICES - 0.8 % ASGN, Inc. - 144A 55,000 4.625 5/15/2028 56,330 Ashtead Capital, Inc. - 144A 200,000 4.375 8/15/2027 209,000 DP World PLC - 144A 100,000 6.850 7/2/2037 133,519 Garda World Security Corp. - 144A 55,000 4.625 2/15/2027 56,680 Jaguar Holding Co. II / PPD Development LP -144A 40,000 5.000 6/15/2028 42,638 498,167 COMPUTERS - 0.8 % Dell International LLC / EMC Corp. - 144A 75,000 8.100 7/15/2036 101,891 Hewlett Packard Enterprise Co. 160,000 4.900 10/15/2025 185,086 HP, Inc. 150,000 3.400 6/17/2030 161,963 448,940 CREDIT CARD ABS - 0.7 % Fair Square Issuance Trust - 144A 305,000 2.900 9/20/2024 307,233 Genesis Private Label Amortizing Trust 2020-1 - 144A 100,000 2.830 7/20/2030 100,092 407,325 DISTRIBUTION / WHOLESALE - 0.2 % American Builders & Contractors Supply Co., Inc. - 144A 100,000 4.000 1/15/2028 104,169 DIVERSIFIED FINANCIAL SERVICES - 2.6 % AerCap Ireland Capital DAC / AerCap Global Aviation Trust 150,000 3.650 7/21/2027 136,457 Avolon Holdings Funding Ltd. - 144A 125,000 4.375 5/1/2026 110,725 Brightsphere Investment Group, Inc. 165,000 4.800 7/27/2026 170,373 Brookfield Finance LLC 174,000 4.000 4/1/2024 190,483 Capital One Financial Corp. ^ 120,000 4.200 10/29/2025 134,982 Capital One Financial Corp. 165,000 3.750 7/28/2026 182,527 Charles Schwab Corp. 5 Year Treasury Note + 4.971% 112,000 5.375 + 9/1/2168 122,920 Citadel LP - 144A 105,000 4.875 1/15/2027 112,114 Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 90,000 4.850 1/15/2027 102,749 OneMain Finance Corp. 70,000 6.875 3/15/2025 78,387 OneMain Finance Corp. 25,000 7.125 3/15/2026 29,340 OneMain Finance Corp. 10,000 5.375 11/15/2029 10,613 Synchrony Financial 135,000 3.950 12/1/2027 142,559 1,524,229 ELECTRIC - 1.8 % American Electric Power Co, Inc.