UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-22153
Dunham Funds
(Exact name of registrant as specified in charter)
10251 Vista Sorrento Pkwy, Ste. 200, San Diego, CA 92121
(Address of principal executive offices)(Zip code)
James Ash
Gemini Fund Services, LLC., 80 Arkay Dr., Suite 110, Hauppauge, NY 11788
(Name and address of agent for service)
Registrant's telephone number, including area code:
631-470-2619
Date of fiscal year end:
10/31
Date of reporting period: 1/31/14
Item 1. Schedule of Investments.
SCHEDULE OF INVESTMENTS (Unaudited) |
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Dunham Large Cap Value Fund |
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January 31, 2014 |
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Security |
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Shares |
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Value |
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Security |
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Shares |
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Value |
COMMON STOCK - 98.0 % |
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AEROSPACE/DEFENSE - 2.5 % |
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MISCELLANEOUS MANUFACTURING - 7.0 % |
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United Technologies Corp. |
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10,116 |
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$ 1,153,426 |
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Dover Corp. |
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15,600 |
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$ 1,350,336 |
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General Electric Co. |
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76,427 |
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1,920,611 |
AGRICULTURE - 1.3 % |
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3,270,947 |
Philip Morris International, Inc. |
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7,995 |
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624,729 |
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OIL & GAS - 11.8 % |
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Apache Corp. |
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10,232 |
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821,220 |
AUTO PARTS & EQUIPMENT - 1.9 % |
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Chevron Corp. |
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13,500 |
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1,507,005 |
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BorgWarner, Inc. |
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16,900 |
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907,530 |
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ConocoPhillips |
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13,396 |
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870,070 |
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Hess Corp. |
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16,700 |
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1,260,683 |
BANKS - 13.5 % |
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Occidental Petroleum Corp. |
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11,900 |
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1,042,083 |
Bank of New York Mellon Corp. |
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26,800 |
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856,528 |
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5,501,061 |
Goldman Sachs Group, Inc. |
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5,300 |
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869,836 |
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OIL & GAS SERVICES - 2.0 % |
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JPMorgan Chase & Co. |
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34,202 |
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1,893,423 |
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Halliburton Co. |
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19,300 |
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945,893 |
US Bancorp |
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19,507 |
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775,013 |
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Wells Fargo & Co. |
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42,500 |
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1,926,950 |
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PHARMACEUTICALS - 9.7 % |
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6,321,750 |
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Abbott Laboratories |
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22,800 |
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835,848 |
COMPUTERS - 5.2 % |
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Actavis PLC * |
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5,480 |
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1,035,610 |
Apple, Inc. |
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2,300 |
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1,151,380 |
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AmerisourceBergen Corp. |
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24,700 |
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1,660,334 |
EMC Corp. |
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28,200 |
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683,568 |
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Express Scripts Holding Co. * |
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13,100 |
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978,439 |
SanDisk Corp. |
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8,700 |
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605,085 |
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4,510,231 |
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2,440,033 |
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RETAIL - 3.8 % |
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COSMETICS/PERSONAL CARE - 1.7 % |
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Kohl's Corp. |
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10,000 |
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506,300 |
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Procter & Gamble Co. |
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10,200 |
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781,524 |
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Wal-Mart Stores, Inc. |
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17,000 |
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1,269,560 |
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1,775,860 |
DIVERSIFIED FINANCIAL SERVICES - 2.9 % |
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SEMICONDUCTORS - 2.3 % |
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American Express Co. |
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15,800 |
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1,343,316 |
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Intel Corp. |
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44,528 |
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1,092,717 |
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ELECTRIC - 4.2 % |
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SOFTWARE - 3.6 % |
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NextEra Energy, Inc. |
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12,636 |
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1,161,628 |
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Microsoft Corp. |
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23,800 |
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900,830 |
Public Service Enterprise Group, Inc. |
23,800 |
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793,492 |
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Oracle Corp. |
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20,700 |
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763,830 |
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1,955,120 |
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1,664,660 |
ELECTRONICS - 4.4 % |
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TELECOMMUNICATIONS - 3.5 % |
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Agilent Technologies, Inc. |
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14,600 |
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848,990 |
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AT&T, Inc. |
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25,045 |
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834,499 |
Honeywell International, Inc. |
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13,172 |
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1,201,682 |
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Cisco Systems, Inc. |
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36,000 |
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788,760 |
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2,050,672 |
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1,623,259 |
HEALTHCARE-PRODUCTS - 2.4 % |
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Baxter International, Inc. |
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16,300 |
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1,113,290 |
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TOTAL COMMON STOCK (Cost - $28,692,785) |
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45,771,215 |
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INSURANCE - 3.9 % |
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SHORT-TERM INVESTMENT - 2.0 % |
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Allstate Corp. |
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16,332 |
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836,199 |
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MONEY MARKET FUND - 2.0 % |
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American International Group, Inc. |
20,900 |
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1,002,364 |
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AIM Short Term Investment Trust Prime Portfolio, Institutional Class 0.02% + |
925,269 |
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925,269 |
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1,838,563 |
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(Cost - $925,269) |
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INTERNET - 2.1 % |
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eBay, Inc. * |
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18,100 |
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962,920 |
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TOTAL INVESTMENTS - 100.0 % (Cost - $29,618,054) (a) |
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$ 46,696,484 |
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MACHINERY-DIVERSIFIED - 1.8 % |
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OTHER ASSETS LESS LIABILITIES - 0.0 % |
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20,888 |
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Deere & Co. |
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9,900 |
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851,004 |
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NET ASSETS - 100.0% |
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$ 46,717,372 |
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MEDIA - 4.5 % |
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+ Variable rate security - interest rate is as January 31, 2014. |
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CBS Corp. - Class B |
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15,900 |
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933,648 |
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* Non Income producing security. |
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Time Warner Cable, Inc. |
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8,700 |
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1,159,449 |
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(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $30,427,541 and differs from market value by net unrealized appreciation (depreciation) on securities as follow: |
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2,093,097 |
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MINING - 2.0 % |
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Unrealized Appreciation: |
$ 16,416,298 |
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Freeport-McMoRan Copper & Gold, Inc. |
29,300 |
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949,613 |
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Unrealized Depreciation: |
(147,355) |
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Net Unrealized Appreciation: |
$ 16,268,943 |
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SCHEDULE OF INVESTMENTS (Unaudited) |
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Dunham Alternative Income Fund |
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January 31, 2014 |
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Microchip Technology, Inc. |
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5,000 |
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224,300 |
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COMMERCIAL SERVICES - 3.1 % |
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469,700 |
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Macquarie Infrastructure Co. LLC |
3,000 |
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165,750 |
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TELECOMMUNICATIONS - 20.4 % |
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AT&T, Inc. |
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3,000 |
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99,960 |
ELECTRIC - 4.8 % |
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CenturyLink ,Inc. |
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2,200 |
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63,492 |
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Dominion Resources, Inc. |
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1,000 |
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67,910 |
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China Mobile Ltd. |
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3,000 |
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143,550 |
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Exelon Corp. |
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1,000 |
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29,000 |
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Cisco Systems, Inc. |
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6,000 |
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131,460 |
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MDU Resources Group, Inc. |
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2,000 |
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64,080 |
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Deutsche Telekom AG - ADR |
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15,000 |
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242,550 |
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NextEra Energy Inc. |
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1,000 |
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91,930 |
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Frontier Communications Corp. |
15,000 |
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70,500 |
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252,920 |
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Telefonica S.A. - ADR |
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10,000 |
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153,600 |
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ENERGY MANAGEMENT COMPANIES - 8.0 % |
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Verizon Communications, Inc. |
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2,000 |
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96,040 |
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Kinder Morgan, Inc. |
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2,000 |
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68,020 |
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Windstream Holding Corp. |
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10,000 |
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74,800 |
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ONEOK, Inc. |
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3,000 |
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205,470 |
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1,075,952 |
TransCanada Corp. |
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2,000 |
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86,880 |
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TRANSPORTATION - 3.0 % |
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Williams Cos, Inc. |
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1,600 |
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64,784 |
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Golar LNG Ltd. |
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2,000 |
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71,020 |
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425,154 |
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Martin Midstream Partners LP |
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2,000 |
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86,840 |
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GAS - 6.2 % |
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157,860 |
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Atmos Energy Corp. |
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2,000 |
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96,020 |
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National Grid PLC - ADR |
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2,000 |
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129,560 |
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TOTAL COMMON STOCK (Cost - $4,797,700) |
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4,945,196 |
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NiSource, Inc. |
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2,900 |
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99,673 |
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325,253 |
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EXCHANGE TRADED FUND - 2.0 % |
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IRON/STEEL - 5.6 % |
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DEBT FUND - 2.0 % |
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Cliffs Natural Resources, Inc. |
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10,000 |
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193,200 |
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Pimco Total Return ETF |
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1,000 |
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Mesabi Trust |
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5,000 |
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100,450 |
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(Cost $105,992) |
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106,280 |
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293,650 |
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OIL & GAS - 3.8 % |
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SHORT-TERM INVESTMENTS - 6.1 % |
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ConocoPhillips |
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1,000 |
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64,950 |
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MONEY MARKET FUND - 6.1 % |
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Crestwood Equity Partners LP |
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2,000 |
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26,040 |
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Fidelity Institutional Money Market Funds - Money Market Portfolio 0.07% + |
322,705 |
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Seadrill Ltd. |
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3,000 |
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107,130 |
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(Cost $322,705) |
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322,705 |
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198,120 |
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PIPELINES - 22.0 % |
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TOTAL INVESTMENTS - 101.9 % (Cost - $5,226,397) (a) |
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$ 5,374,181 |
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Atlas Pipeline Partners LP |
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2,000 |
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66,860 |
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LIABILITIES LESS OTHER ASSETS - (1.9) % |
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(100,414) |
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Boardwalk Pipeline Partners LP |
900 |
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22,158 |
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NET ASSETS - 100.0% |
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$ 5,273,767 |
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Buckeye Partners LP |
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1,000 |
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72,990 |
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Crestwood Midstream Partners LP |
2,000 |
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46,200 |
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ADR - American Depositary Receipt |
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DCP Midstream Partners LP |
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1,000 |
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50,230 |
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REIT - Real Estate Investment Trust |
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El Paso Pipeline Partners LP |
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1,500 |
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49,215 |
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+ Variable rate security. Interest rate is as of January 31, 2014. |
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Enbridge Energy Partners LP |
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1,000 |
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29,380 |
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(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax |
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Enbridge, Inc. |
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2,000 |
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83,980 |
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purposes is $5,226,825 and differs from market value by net unrealized |
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Energy Transfer Partners LP |
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1,000 |
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55,510 |
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appreciation (depreciation) on securities as follows: |
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Enterprise Products Partners LP |
1,000 |
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66,380 |
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Unrealized Appreciation: |
$ 420,860 |
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Kinder Morgan Energy Partners LP |
1,000 |
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79,480 |
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Unrealized Depreciation: |
(273,504) |
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Magellan Midstream Partners LP |
1,000 |
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66,460 |
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Net Unrealized Appreciation: |
$ 147,356 |
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ONEOK Partners LP |
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2,000 |
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103,660 |
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Pembina Pipeline Corp. |
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2,000 |
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68,600 |
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Plains All American Pipeline LP |
1,200 |
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60,588 |
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Regency Energy Partners LP |
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2,000 |
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54,860 |
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Sunoco Logistics Partners LP |
1,000 |
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78,580 |
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TC Pipelines LP |
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500 |
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23,260 |
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Targa Resources Partners LP |
1,000 |
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52,510 |
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Williams Partners LP |
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500 |
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25,050 |
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1,155,951 |
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SCHEDULE OF INVESTMENTS (Unaudited) |
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Dunham Small Cap Value Fund |
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January 31, 2014 |
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Security |
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Shares |
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Value |
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Security |
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Shares |
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Value |
COMMON STOCK - 96.3 % |
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COMPUTERS - 1.7 % |
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AEROSPACE/DEFENSE - 2.9 % |
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DST Systems, Inc. |
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2,720 |
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$ 247,520 |
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Curtiss-Wright Corp. |
|
6,150 |
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$ 377,733 |
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Insight Enterprises, Inc. * |
|
7,030 |
|
148,333 |
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Ducommun, Inc. * |
|
9,740 |
|
277,590 |
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395,853 |
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|
655,323 |
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DIVERSIFIED FINANCIAL SERVICES - 1.6 % |
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AGRICULTURE - 1.6 % |
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FBR & Co. * |
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5,400 |
|
131,004 |
Andersons, Inc. The |
|
4,290 |
|
354,955 |
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Investment Technology Group, Inc. * |
14,000 |
|
231,000 |
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362,004 |
AIRLINES - 0.6 % |
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ELECTRIC - 4.0 % |
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SkyWest, Inc. |
|
10,150 |
|
132,052 |
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Black Hills Corp. |
|
3,910 |
|
214,385 |
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Empire District Electric Co. The |
10,260 |
|
235,467 |
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APPAREL - 0.6 % |
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IDACORP, Inc. |
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|
3,910 |
|
206,174 |
Unifi, Inc. * |
|
6,300 |
|
146,097 |
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PNM Resources, Inc. |
|
10,190 |
|
251,184 |
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|
907,210 |
AUTO PARTS & EQUIPMENT - 1.5 % |
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ELECTRICAL COMPONETS & EQUIPMENT - 1.5 % |
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||||
Standard Motor Products, Inc. |
|
10,580 |
|
346,072 |
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EnerSys, Inc. |
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4,860 |
|
330,772 |
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BANKS - 13.3 % |
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ELECTRONICS - 4.2 % |
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1st Source Corp. |
|
3,689 |
|
108,715 |
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Benchmark Electronics, Inc. * |
10,030 |
|
227,982 |
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Associated Banc-Corp. |
|
14,000 |
|
230,580 |
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Checkpoint Systems, Inc. * |
|
10,500 |
|
140,070 |
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Banner Corp. |
|
7,070 |
|
260,388 |
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TTM Technologies, Inc. * |
|
16,350 |
|
130,964 |
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Central Pacific Financial Corp. |
6,920 |
|
126,982 |
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Vishay Intertechnology, Inc. * |
|
13,910 |
|
188,898 |
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First Citizens BancShares, Inc./NC - Class B |
900 |
|
199,116 |
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Watts Water Technologies, Inc. |
4,890 |
|
273,938 |
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First Commonwealth Financial Corp. |
16,360 |
|
134,316 |
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|
961,852 |
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First Financial Bancorp |
|
12,080 |
|
200,286 |
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ENGINEERING & CONSTRUCTION - 0.8 % |
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First Financial Holdings, Inc. |
|
3,820 |
|
235,121 |
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AECOM Technology Corp. * |
|
6,650 |
|
190,656 |
|
First Interstate Bancsystem, Inc. |
9,270 |
|
237,868 |
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|
|
|
|
|
|
First Midwest Bancorp, Inc./IL |
|
10,030 |
|
160,179 |
|
ENTERTAINMENT - 1.0 % |
|
|
|
|
|
Old National Bancorp/IN |
|
15,640 |
|
218,960 |
|
Marriott Vacations Worldwide Corp. * |
4,920 |
|
235,570 |
||
Sandy Spring Bancorp, Inc. |
|
5,200 |
|
129,844 |
|
|
|
|
|
|
|
Simmons First National Corp. |
|
3,300 |
|
113,949 |
|
ENVIRONMENTAL CONTROL - 0.8 % |
|
|
|
||
TCF Financial Corp. |
|
15,210 |
|
244,881 |
|
Darling International, Inc. * |
|
9,500 |
|
185,820 |
|
Trustmark Corp. |
|
8,000 |
|
190,080 |
|
|
|
|
|
|
|
Wintrust Financial Corp. |
|
5,173 |
|
226,733 |
|
FOOD - 0.8 % |
|
|
|
|
|
|
|
|
|
3,017,998 |
|
Chiquita Brands International, Inc. * |
17,500 |
|
185,150 |
||
BIOTECHNOLOGY - 1.1 % |
|
|
|
|
|
|
|
|
|
|
|
A Schulman, Inc. |
|
6,860 |
|
233,034 |
|
HEALTHCARE-SERVICES - 1.4 % |
|
|
|
||
Minerals Technologies, Inc. |
|
4,890 |
|
252,715 |
|
Gentiva Health Services, Inc. * |
10,430 |
|
118,485 |
||
|
|
|
|
485,749 |
|
Magellan Health Services, Inc. * |
3,350 |
|
200,431 |
||
COMMERCIAL SERVICES - 5.3 % |
|
|
|
|
|
|
|
|
|
318,916 |
|
Aaron's, Inc. |
|
6,440 |
|
173,172 |
|
INSURANCE - 5.0 % |
|
|
|
|
|
Albany Molecular Research, Inc. * |
16,980 |
|
181,686 |
|
Aspen Insurance Holdings Ltd. |
5,600 |
|
217,840 |
|||
Booz Allen Hamilton Holding Corp. |
11,290 |
|
206,381 |
|
CNO Financial Group, Inc. |
|
19,060 |
|
322,876 |
||
Convergys Corp. |
|
11,990 |
|
244,236 |
|
First American Financial Corp. |
|
8,020 |
|
207,878 |
|
FTI Consulting, Inc. * |
|
5,520 |
|
204,626 |
|
Hanover Insurance Group, Inc. |
3,200 |
|
177,696 |
||
Matthews International Corp. - Class A |
4,470 |
|
190,064 |
|
Selective Insurance Group, Inc. |
9,110 |
|
214,267 |
|||
|
|
|
|
1,200,165 |
|
|
|
|
|
|
1,140,557 |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
|
|
|
|
|
|
|
||||
Dunham Small Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
January 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Security |
|
|
Shares |
|
Value |
INTERNET - 1.0 % |
|
|
|
|
|
SAVINGS & LOANS - 1.6 % |
|
|
|
|
|
Conversant, Inc. * |
|
10,360 |
|
$ 222,740 |
|
Berkshire Hills Bancorp, Inc. |
|
|
6,450 |
|
$ 157,767 |
|
|
|
|
|
|
WSFS Financial Corp. |
|
|
2,830 |
203,194 |
INVESTMENT COMPANIES - 2.1 % |
|
|
|
|
|
|
|
|
|
360,961 |
|
MCG Capital Corp. |
|
37,170 |
|
166,150 |
|
SEMICONDUCTORS - 1.8 % |
|
|
|
|
|
THL Credit, Inc. |
|
9,000 |
|
142,380 |
|
Kulicke & Soffa Industries, Inc. * |
17,530 |
|
204,049 |
||
Triangle Capital Corp. |
|
5,900 |
|
159,064 |
|
PMC - Sierra, Inc. * |
|
31,120 |
|
203,836 |
|
|
|
|
|
467,594 |
|
|
|
|
|
|
407,885 |
MACHINERY-DIVERSIFIED - 0.6 % |
|
|
|
|
SOFTWARE - 1.0 % |
|
|
|
|
||
Alamo Group, Inc. |
|
2,894 |
|
145,337 |
|
Digital River, Inc. * |
|
12,860 |
|
226,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA - 1.0 % |
|
|
|
|
|
TELECOMMUNICATIONS - 3.6 % |
|
|
|
||
John Wiley & Sons, Inc. |
|
4,000 |
|
216,560 |
|
Extreme Networks, Inc. * |
|
38,610 |
|
282,625 |
|
|
|
|
|
|
|
Iridium Communications, Inc. * |
26,200 |
|
166,108 |
||
MINING - 0.8 % |
|
|
|
|
|
Polycom, Inc. * |
|
|
19,280 |
|
230,010 |
Coeur Mining, Inc. * |
|
17,020 |
|
172,753 |
|
USA Mobility, Inc. |
|
10,330 |
|
147,306 |
|
|
|
|
|
|
|
|
|
|
|
|
826,049 |
OIL & GAS - 2.7 % |
|
|
|
|
|
TEXTILES - 1.2 % |
|
|
|
|
|
EPL Oil & Gas, Inc. * |
|
8,250 |
|
221,678 |
|
UniFirst Corp./MA |
|
2,460 |
|
260,268 |
|
Swift Energy Co. * |
|
15,200 |
|
188,176 |
|
|
|
|
|
|
|
Unit Corp. * |
|
3,800 |
|
189,886 |
|
TRANSPORTATION - 1.8 % |
|
|
|
|
|
|
|
|
|
599,740 |
|
Quality Distribution, Inc. * |
|
15,110 |
|
207,762 |
|
OIL & GAS SERVICES - 4.5 % |
|
|
|
|
|
Werner Enterprises, Inc. |
|
7,620 |
|
198,577 |
|
Dawson Geophysical Co. * |
|
5,050 |
|
163,469 |
|
|
|
|
|
|
406,339 |
Matrix Service Co. * |
|
13,700 |
|
360,036 |
|
|
|
|
|
|
|
RPC, Inc. |
|
14,610 |
|
248,808 |
|
TOTAL COMMON STOCK (Cost - $20,572,591) |
|
|
21,803,900 |
||
Tesco Corp. * |
|
11,550 |
|
243,936 |
|
|
|
|
|
|
|
|
|
|
|
1,016,249 |
|
SHORT-TERM INVESTMENT - 3.7 % |
|
|
|
||
REAL ESTATE - 1.1 % |
|
|
|
|
|
MONEY MARKET FUND - 3.7 % |
|
|
|
||
Forestar Group, Inc. * |
|
12,030 |
|
240,600 |
|
Invesco STIT-Treasury Portfolio - 0.02% + |
832,807 |
|
832,807 |
||
|
|
|
|
|
|
(Cost - $832,807) |
|
|
|
|
|
REITS - 12.3 % |
|
|
|
|
|
|
|
|
|
|
|
Associated Estates Realty Corp. |
12,460 |
|
198,986 |
|
TOTAL INVESTMENTS - 100.0 % (Cost - $21,405,398) (a) |
|
$ 22,636,707 |
||||
Campus Crest Communities, Inc. |
21,530 |
|
190,110 |
|
OTHER ASSETS LESS LIABILITIES - 0.0 % |
|
|
4,888 |
|||
Chesapeake Lodging Trust |
|
8,570 |
|
208,680 |
|
NET ASSETS - 100.0% |
|
|
|
$ 22,641,595 |
|
CoreSite Realty Corp. |
|
6,530 |
|
200,340 |
|
|
|
|
|
|
|
First Industrial Realty Trust, Inc. |
12,440 |
|
213,470 |
|
REIT - Real Estate Investment Trust |
|
|
|
|||
Government Properties Income Trust |
7,730 |
|
190,931 |
|
+ Variable rate security - interest rate is as January 31, 2014. |
|
|
||||
Healthcare Trust of America, Inc. |
23,320 |
|
250,224 |
|
* Non Income producing security. |
|
|
|
|||
Inland Real Estate Corp. |
|
21,150 |
|
222,921 |
|
(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $21,422,246 and differs from market value by net unrealized appreciation (depreciation) on securities as follow: |
|||||
LaSalle Hotel Properties |
|
7,120 |
|
219,011 |
|
||||||
Lexington Realty Trust |
|
21,190 |
|
229,064 |
|
||||||
RLJ Lodging Trust |
|
7,930 |
|
198,091 |
|
|
|
|
Unrealized Appreciation: |
$ 1,933,810 |
Ramco-Gershenson Properties Trust |
14,200 |
|
226,774 |
|
|
|
|
Unrealized Depreciation: |
(719,349) |
||
Sovran Self Storage, Inc. |
|
3,320 |
|
225,461 |
|
|
|
|
Net Unrealized Appreciation: |
$ 1,214,461 |
|
|
|
|
2,774,063 |
|
|
|
|
|
|
|
RETAIL - 3.6 % |
|
|
|
|
|
|
|
|
|
|
|
Bon-Ton Stores, Inc. |
|
12,830 |
|
137,922 |
|
|
|
|
|
|
|
Brown Shoe Co, Inc. |
|
7,880 |
|
186,598 |
|
|
|
|
|
|
|
Jack in the Box, Inc. * |
|
5,820 |
|
294,317 |
|
|
|
|
|
|
|
Kirkland's, Inc. * |
|
10,250 |
|
193,007 |
|
|
|
|
|
|
|
|
|
|
|
811,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||
Dunham Emerging Markets Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Security |
|
|
|
Shares |
|
Value |
COMMON STOCK - 89.2 % |
|
|
|
|
|
ELECTRONICS - 0.8 % |
|
|
|
|
|
|
AUTO MANUFACTURERS - 2.9 % |
|
|
|
|
Hon Hai Precision Industry Co., Ltd. |
|
|
83,820 |
|
$ 233,938 |
||
Geely Automobile Holdings Ltd. |
500,000 |
|
$ 204,295 |
|
|
|
|
|
|
|
|
|
Kia Motors Corp. |
|
8,000 |
|
395,224 |
|
ENTERTAINMENT - 0.8 % |
|
|
|
|
|
|
Tata Motors, Inc. - ADR |
|
10,000 |
|
278,500 |
|
OPAP SA |
|
|
|
20,000 |
|
258,651 |
|
|
|
|
878,019 |
|
|
|
|
|
|
|
|
AUTO PARTS & EQUIPMENT - 0.6 % |
|
|
|
|
ENVIRONMENTAL - 1.0 % |
|
|
|
|
|
|
|
Halla Visteon Climate Control Corp. * |
5,000 |
|
180,875 |
|
Coway Co. Ltd. |
|
|
|
5,000 |
|
320,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - 15.3 % |
|
|
|
|
|
FOOD - 2.9 % |
|
|
|
|
|
|
Banco do Brasil SA |
|
80,000 |
|
690,008 |
|
JBS SA |
|
|
|
200,000 |
|
697,771 |
Bancolombia SA - ADR |
|
12,000 |
|
527,280 |
|
Magnit OJSC - GDR |
|
|
|
4,000 |
|
210,383 |
Bank of China Ltd. |
|
900,000 |
|
379,809 |
|
|
|
|
|
|
|
908,154 |
China Construction Bank Corp. |
700,000 |
|
484,841 |
|
FOREST PRODUCTS & PAPER - 3.0 % |
|
|
|
|
|
||
Commercial International Bank Egypt SAE - GDR |
150,000 |
|
661,267 |
|
Fibria Celulose SA - ADR * |
|
|
|
70,000 |
|
781,900 |
|
FirstRand Ltd. |
|
76,400 |
|
213,557 |
|
Mondi Ltd. |
|
|
|
10,000 |
|
151,073 |
Industrial & Commercial Bank of China Ltd. |
800,000 |
|
493,165 |
|
|
|
|
|
|
|
932,973 |
|
OTP Bank PLC |
|
40,000 |
|
732,017 |
|
HOLDING COMPANIES-DIVERSIFIED - 1.5 % |
|
|
|
|
|
|
Sberbank of Russia OAO - ADR |
13,000 |
|
140,660 |
|
Imperial Holdings Ltd. |
|
|
|
15,000 |
|
248,602 |
|
Sberbank of Russia - ADR |
|
37,000 |
|
400,340 |
|
LS Corp. * |
|
|
|
2,700 |
|
208,584 |
|
|
|
|
4,722,944 |
|
|
|
|
|
|
|
457,186 |
BUILDING MATERIALS - 1.0 % |
|
|
|
|
HOUSEHOLD PRODUCTS/WARES - 0.6 % |
|
|
|
|
|
||
Taiwan Cement Corp. |
|
200,000 |
|
291,689 |
|
Biostime International Holdings Ltd. |
|
|
20,000 |
|
172,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES - 3.3 % |
|
|
|
|
INSURANCE - 4.6 % |
|
|
|
|
|
|
|
Anxin-China Holdings Ltd. |
|
1,500,000 |
|
379,997 |
|
Dongbu Insurance Co., Ltd. |
|
|
|
5,000 |
|
246,523 |
Kroton Educacional SA |
|
15,000 |
|
228,406 |
|
Hanwha Life Insurance Co., Ltd. |
|
|
|
60,000 |
|
404,952 |
Zhejiang Expressway Co., Ltd. |
450,000 |
|
401,567 |
|
Porto Seguro SA |
|
|
|
50,000 |
|
581,131 |
|
|
|
|
|
1,009,970 |
|
Powszechny Zaklad Ubezpieczen SA |
|
|
1,500 |
|
196,116 |
|
COMPUTERS - 3.0 % |
|
|
|
|
|
|
|
|
|
|
|
1,428,722 |
Asseco Poland SA |
|
14,000 |
|
204,070 |
|
IRON/STEEL - 1.5 % |
|
|
|
|
|
|
Infosys Ltd. - ADR |
|
6,000 |
|
351,480 |
|
Vale SA |
|
|
|
35,000 |
|
476,000 |
Inventec Corp. |
|
400,000 |
|
368,695 |
|
|
|
|
|
|
|
|
|
|
|
|
924,245 |
|
METAL FABRICATE/HARDWARE - 1.2 % |
|
|
|
|
|
|
DISTRIBUTION/WHOLESALE - 0.5 % |
|
|
|
|
Hyosung Corp. * |
|
|
|
6,000 |
|
371,104 |
|
Hanwha Corp. * |
|
5,000 |
|
166,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISCELANEOUS MANUFACTURING - 1.7 % |
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES - 2.0 % |
|
|
|
|
Doosan Corp. |
|
|
|
1,700 |
|
213,702 |
|
BS Financial Group, Inc. * |
|
15,000 |
|
218,423 |
|
Fosun International Ltd. |
|
|
|
300,000 |
|
322,493 |
CTBC Financial Holding Co., Ltd. |
584,767 |
|
384,581 |
|
|
|
|
|
|
|
536,195 |
|
|
|
|
|
603,004 |
|
OIL & GAS - 11.8 % |
|
|
|
|
|
|
ELECTRIC - 4.1 % |
|
|
|
|
|
China Petroleum & Chemical Corp. |
|
|
600,000 |
|
473,857 |
|
Cia Energetica de Minas Gerais - ADR |
91,535 |
|
528,160 |
|
Ecopetrol SA - ADR |
|
|
|
12,000 |
|
411,120 |
|
Huaneng Power International, Inc. |
350,000 |
|
326,725 |
|
Gazprom OAO - ADR |
|
|
|
60,000 |
|
495,600 |
|
PGE SA |
|
40,000 |
|
209,061 |
|
Lukoil OAO - ADR |
|
|
|
15,000 |
|
852,750 |
Public Power Corp. SA |
|
15,000 |
|
200,961 |
|
MOL Hungarian Oil & Gas PLC |
|
|
|
9,000 |
|
550,745 |
|
|
|
|
1,264,907 |
|
Petroleo Brasilero SA |
|
|
|
40,000 |
|
448,400 |
|
|
|
|
|
|
SK Holdings Co. Ltd. |
|
|
|
2,500 |
|
412,217 |
|
|
|
|
|
|
|
|
|
|
|
|
3,644,689 |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
|
|
|
|
|
|
|
|
||||
Dunham Emerging Markets Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Security |
|
|
|
Shares |
|
Value |
OIL & GAS SERVICES - 1.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
China Oilfield Services Ltd. |
|
80,000 |
|
$ 214,511 |
|
TOTAL COMMON STOCK (Cost - $27,372,154) |
|
|
|
|
$ 27,521,431 |
|
Eurasia Drilling Co., Ltd. - GDR |
5,800 |
|
200,680 |
|
|
|
|
|
|
|
|
|
Eurasia Drilling Co., Ltd. - GDR |
3,900 |
|
134,940 |
|
EXCHANGE TRADED FUNDS - 8.0 % |
|
|
|
|
|
||
|
|
|
|
550,131 |
|
EQUITY FUNDS - 8.0 % |
|
|
|
|
|
|
PHARMACEUTICALS - 2.8 % |
|
|
|
|
Global X FTSE Greece 20 ETF |
|
|
|
30,000 |
|
655,800 |
|
Dr. Reddy's Laboratories Ltd. - ADR |
7,000 |
|
292,040 |
|
Market Vectors Russia ETF |
|
|
|
30,000 |
|
757,800 |
|
Richter Gedeon Nyrt |
|
15,000 |
|
303,279 |
|
Market Vectors Vietnam ETF |
|
|
|
50,000 |
|
1,053,500 |
Sihuan Pharmaceutical Holdings Group Ltd. |
250,000 |
|
267,659 |
|
TOTAL EXCHANGE TRADED FUNDS (Cost - $2,486,539) |
|
|
2,467,100 |
||||
|
|
|
|
862,978 |
|
|
|
|
|
|
|
|
REAL ESTATE - 1.9 % |
|
|
|
|
|
SHORT-TERM INVESTMENT - 4.3 % |
|
|
|
|
|
|
China Overseas Land & Investment Ltd. |
80,000 |
|
214,712 |
|
MONEY MARKET FUND -4.3 % |
|
|
|
|
|
|
|
Country Garden Holdings Co., Ltd. |
300,000 |
|
163,124 |
|
First American Government Obligations Fund - 0.01 % + |
|
|
|
||||
Shimao Property Holdings Ltd. |
100,000 |
|
218,387 |
|
(Cost - $1,334,919) |
|
|
|
1,334,919 |
|
1,334,919 |
|
|
|
|
|
596,223 |
|
|
|
|
|
|
|
|
RETAIL - 2.8 % |
|
|
|
|
|
TOTAL INVESTMENTS - 101.5 % (Cost - $31,193,611) (a) |
|
|
$ 31,323,450 |
|||
E-Mart Co., Ltd. |
|
1,500 |
|
357,999 |
|
OTHER LIABILITIES PLUS ASSETS - (1.5) % |
|
|
|
|
(479,196) |
|
GOME Electrical Appliances Holding Ltd. |
1,400,000 |
|
242,610 |
|
NET ASSETS - 100.0 % |
|
|
|
|
|
$ 30,844,254 |
|
GS Home Shopping, Inc. |
|
1,000 |
|
255,193 |
|
|
|
|
|
|
|
|
|
|
|
|
855,802 |
|
* Non-income producing security. |
|
|
|
|
|
|
SEMICONDUCTORS - 8.8 % |
|
|
|
|
|
+ Variable rate security. Interest rate is as of January 31, 2013. |
|
|
|
|||
Samsung Electronics Co., Ltd. |
1,000 |
|
1,172,575 |
|
ADR - American Depositary Receipt. |
|
|
|
|
|
||
SK Hynix, Inc. * |
|
25,000 |
|
862,540 |
|
GDR - Global Depositary Receipt. |
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
200,000 |
|
688,044 |
|
(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $31,225,134 and differs from market value by net unrealized appreciation (depreciation) on securities as follow: |
|||||||
|
|
|
|
2,723,159 |
|
|||||||
TELECOMMUNICATIONS - 7.0 % |
|
|
|
|
||||||||
China Mobile Ltd. |
|
40,000 |
|
381,629 |
|
|
|
|
|
Unrealized Appreciation: |
$ 1,674,554 |
|
Global Telecom Holding - GDR * |
90,000 |
|
298,800 |
|
|
|
|
|
Unrealized Depreciation: |
(1,576,238) |
||
Hellenic Telecommunications Organization SA * |
15,000 |
|
219,301 |
|
|
|
|
|
Net Unrealized Appreciation: |
$ 98,316 |
||
Mobile Telesystems OJSC - ADR |
20,000 |
|
345,000 |
|
|
|
|
|
|
|
|
|
Partron Co., Ltd. |
|
22,000 |
|
271,875 |
|
|
|
|
|
|
|
|
SK Telecom Co., Ltd. |
|
2,120 |
|
422,952 |
|
|
|
|
|
|
|
|
Vodacom Group Ltd. |
|
20,000 |
|
210,489 |
|
|
|
|
|
|
|
|
|
|
|
|
2,150,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement |
|
|
Local Currency |
|
U.S. Dollar |
Unrealized |
|
|
|
|
|
Foreign Currency |
Date |
Counterparty |
|
Amount Purchased |
|
Market Value |
(Depreciation) |
|
|
|
|
|
To Buy: |
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
2/3/2014 |
|
|
491,999 |
|
$ 663,611 |
$ (8,410) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (Unaudited) |
|
|
|
|
|||
Dunham Funds |
|
|
|
|
|
|
|
January 31, 2014 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). |
||||||
|
|||||||
|
|
|
|
|
|
|
|
|
Security Valuation In determining each Funds 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 last bid price is used. 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 contracts are valued at the daily quoted settlement prices. |
||||||
|
|
|
|
|
|
|
|
|
Equity swaps are valued at the last reported sale price at the close of the exchange on which the underlying security is primarily traded. If no sale price is reported, the last bid price is used. |
||||||
|
|
|
|
|
|
|
|
|
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. Forward foreign currency exchange contracts (forward contracts) are valued at the forward rate. |
||||||
|
|
|
|
|
|
|
|
|
Trading in securities on Far Eastern securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the NYSE is open). In addition, Far Eastern securities trading generally, or in a particular country or countries, may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days, which are not business days in New York, and on which a Funds 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 Funds 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 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 Trusts Portfolio Securities Valuation Procedures (the Procedures). The Procedures consider, among others, the following factors to determine a securitys 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. |
||||||
|
|
|
|
|
|
|
|
|
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 Funds NAV. However, Funds may determine that such developments are so significant that they will materially affect the value of the Funds 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. Effective July 1, 2009, both International Stock and Emerging Markets Stock began using fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange. |
||||||
|
|
|
|
|
|
|
|
|
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 that the Fund has the ability to access. |
||||||
|
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. |
||||||
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (Unaudited) |
|
|
|
|
|||
Dunham Funds (Continued) |
|
|
|
|
|||
January 31, 2014 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
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. |
||||||
|
|
|
|
|
|
|
|
|
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, 2014 for the Funds assets and liabilities measured at fair value: |
|
|
|
|
|
|
|
|
|
Monthly Distribution |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 191,957,972 |
$ - |
$ - |
$ 191,957,972 |
|
|
|
Closed-End Funds |
1,223,269 |
- |
- |
1,223,269 |
|
|
|
Preferred Stock * |
27,809,896 |
- |
|
27,809,896 |
|
|
|
Bonds & Notes * |
- |
26,435,651 |
- |
26,435,651 |
|
|
|
Purchased Options |
2,780,196 |
- |
- |
2,780,196 |
|
|
|
Short-Term Investments |
3,627,359 |
- |
- |
3,627,359 |
|
|
|
Total Investments |
227,398,692 |
26,435,651 |
- |
253,834,343 |
|
|
|
Derivatives |
|
|
|
|
|
|
|
Forward Currency Exchange Contracts |
- |
184,475 |
- |
184,475 |
|
|
|
Total Derivatives |
- |
184,475 |
- |
184,475 |
|
|
|
Liabilities |
|
|
|
|
|
|
|
Securities Sold Short |
19,915,734 |
- |
- |
19,915,734 |
|
|
|
Total Investments |
19,915,734 |
|
|
19,915,734 |
|
|
|
Derivatives |
|
|
|
|
|
|
|
Written Options |
12,267,878 |
- |
- |
12,267,878 |
|
|
|
Forward Currency Exchange Contracts |
- |
406,116 |
- |
406,116 |
|
|
|
Equity Swap Contracts |
- |
64,839 |
|
64,839 |
|
|
|
Total Derivatives |
$ 12,267,878 |
$ 470,955 |
$ - |
$ 12,738,833 |
|
|
|
|
|
|
|
|
|
Corporate/Government Bond Fund |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Corporate Bonds & Notes * |
$ - |
$ 31,791,772 |
$ - |
$ 31,791,772 |
|
|
|
Foreign Government Bond |
- |
431,604 |
- |
431,604 |
|
|
|
Municipal |
- |
286,121 |
- |
286,121 |
|
|
|
U.S. Government & Agencies |
- |
15,458,555 |
- |
15,458,555 |
|
|
|
Bank Loans |
- |
5,435,816 |
- |
5,435,816 |
|
|
|
Preferred Stock * |
677,224 |
- |
- |
677,224 |
|
|
|
Short-Term Investments |
552,035 |
- |
- |
552,035 |
|
|
|
Total Investments |
$ 1,229,259 |
$ 53,403,868 |
$ - |
$ 54,633,127 |
|
|
|
|
|
|
|
|
|
High Yield Bond |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Bonds & Notes * |
$ - |
$ 137,916,863 |
$ - |
$ 137,916,863 |
|
|
|
Short-Term Investment |
1,846,748 |
- |
- |
1,846,748 |
|
|
|
Total Investments |
$ 1,846,748 |
$ 137,916,863 |
$ - |
$ 139,763,611 |
|
|
|
|
|
|
|
|
|
Loss Averse Equity Income |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 6,344,914 |
$ - |
$ - |
$ 6,344,914 |
|
|
|
Exchange Traded Funds |
2,304,335 |
- |
- |
2,304,335 |
|
|
|
Total Investments |
$ 8,649,249 |
$ - |
$ - |
$ 8,649,249 |
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (Unaudited) |
|
|
|
|
|||
Dunham Funds (Continued) |
|
|
|
|
|||
January 31, 2014 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Appreciation & Income |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 10,770,984 |
$ - |
$ - |
$ 10,770,984 |
|
|
|
Convertible Bonds * |
- |
10,102,533 |
- |
10,102,533 |
|
|
|
Preferred Stock * |
2,432,631 |
- |
- |
2,432,631 |
|
|
|
Short-Term Investment |
815,688 |
- |
- |
815,688 |
|
|
|
Total Investments |
$ 14,019,303 |
$ 10,102,533 |
$ - |
$ 24,121,836 |
|
|
|
|
|
|
|
|
|
Alternative Strategy |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Exchange Traded Funds |
$ 18,951,508 |
$ - |
$ - |
$ 18,951,508 |
|
|
|
Short-Term Investments |
6,986,740 |
- |
- |
$ 6,986,740 |
|
|
|
Total Investments |
$ 25,938,248 |
$ - |
$ - |
$ 25,938,248 |
|
|
|
|
|
|
|
|
|
Large Cap Value |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 45,771,215 |
$ - |
$ - |
$ 45,771,215 |
|
|
|
Short-Term Investments |
925,269 |
- |
- |
$ 925,269 |
|
|
|
Total Investments |
$ 46,696,484 |
$ - |
$ - |
$ 46,696,484 |
|
|
|
|
|
|
|
|
|
Alternative Income Fund |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 4,945,196 |
$ - |
$ - |
$ 4,945,196 |
|
|
|
Exchange Traded Funds |
106,280 |
- |
- |
106,280 |
|
|
|
Short-Term Investment |
322,705 |
- |
- |
322,705 |
|
|
|
Total Investments |
$ 5,374,181 |
$ - |
$ - |
$ 5,374,181 |
|
|
|
|
|
|
|
|
|
Large Cap Growth |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 32,981,222 |
$ - |
$ - |
$ 32,981,222 |
|
|
|
Short-Term Investment |
753,076 |
- |
- |
753,076 |
|
|
|
Total Investments |
$ 33,734,298 |
$ - |
$ - |
$ 33,734,298 |
|
|
|
|
|
|
|
|
|
Focused Large Cap Growth |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 13,350,451 |
$ - |
$ - |
$ 13,350,451 |
|
|
|
Total Investments |
$ 13,350,451 |
$ - |
$ - |
$ 13,350,451 |
|
|
|
|
|
|
|
|
|
Real Estate Stock |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 1,149,493 |
$ - |
$ - |
$ 1,149,493 |
|
|
|
REITs * |
38,854,580 |
- |
- |
38,854,580 |
|
|
|
Short-Term Investment |
578,252 |
- |
- |
578,252 |
|
|
|
Total Investments |
$ 40,582,325 |
$ - |
$ - |
$ 40,582,325 |
|
|
|
|
|
|
|
|
|
International Stock |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 11,259,433 |
$ 46,289,168 |
$ - |
$ 57,548,601 |
|
|
|
Preferred Stock * |
140,107 |
431,418 |
- |
571,525 |
|
|
|
Short-Term Investments |
4,934,425 |
- |
- |
4,934,425 |
|
|
|
Total Investments |
$ 16,333,965 |
$ 46,720,586 |
$ - |
$ 63,054,551 |
|
|
|
Derivatives |
|
|
|
|
|
|
|
Forward Currency Exchange Contracts |
- |
166,994 |
- |
166,994 |
|
|
|
Total Derivatives |
$ - |
$ 166,994 |
$ - |
$ 166,994 |
|
|
|
Liabilities - Derivatives |
|
|
|
|
|
|
|
Forward Currency Exchange Contracts |
- |
(356,419) |
- |
(356,419) |
|
|
|
Total Liabilities |
$ - |
$ (356,419) |
$ - |
$ (356,419) |
SCHEDULE OF INVESTMENTS (Unaudited) |
|
|
|
|
|||
Dunham Funds (Continued) |
|
|
|
|
|||
January 31, 2014 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Small Cap Value |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 21,803,900 |
$ - |
$ - |
$ 21,803,900 |
|
|
|
Short-Term Investments |
832,807 |
- |
- |
832,807 |
|
|
|
Total Investments |
$ 22,636,707 |
$ - |
$ - |
$ 22,636,707 |
|
|
|
|
|
|
|
|
|
Small Cap Growth |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 24,783,282 |
$ - |
$ - |
$ 24,783,282 |
|
|
|
Short-Term Investment |
2,380 |
- |
|
2,380 |
|
|
|
Total Investments |
$ 24,785,662 |
$ - |
$ - |
$ 24,785,662 |
|
|
|
|
|
|
|
|
|
Emerging Markets Stock |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Common Stock * |
$ 7,572,256 |
$ 19,949,175 |
$ - |
$ 27,521,431 |
|
|
|
Exchange Traded Funds |
2,467,100 |
- |
- |
2,467,100 |
|
|
|
Short-Term Investments |
1,334,919 |
- |
- |
1,334,919 |
|
|
|
Total Investments |
$ 11,374,275 |
$ 19,949,175 |
$ - |
$ 31,323,450 |
|
|
|
Liabilities-Derivatives |
|
|
|
|
|
|
|
Forward Currency Contracts |
(8,410) |
- |
- |
(8,410) |
|
|
|
Total Derivatives |
$ (8,410) |
$ - |
$ - |
$ (8,410) |
|
|
|
|
|
|
|
|
|
International Opportunity Bond Fund |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Corporate Bonds & Notes * |
$ - |
$ 9,691,326 |
$ - |
$ 9,691,326 |
|
|
|
Foreign Government Bonds |
- |
23,701,017 |
- |
23,701,017 |
|
|
|
Short-Term Investments |
418,880 |
- |
- |
418,880 |
|
|
|
Total Investments |
$ 418,880 |
$ 33,392,343 |
$ - |
$ 33,811,223 |
|
|
|
Derivatives |
|
|
|
|
|
|
|
Futures |
$ - |
$ 20,601 |
$ - |
$ 20,601 |
|
|
|
Forward Currency Contracts |
- |
361,097 |
- |
361,097 |
|
|
|
Total Derivatives |
$ - |
$ 381,698 |
$ - |
$ 381,698 |
|
|
|
Liabilities-Derivatives |
|
|
|
|
|
|
|
Futures |
$ - |
$ (59,633) |
$ - |
$ (59,633) |
|
|
|
Forward Currency Contracts |
- |
(368,400) |
- |
(368,400) |
|
|
|
Total Derivatives |
$ - |
$ (428,033) |
$ - |
$ (428,033) |
|
|
|
|
|
|
|
|
|
Floating Rate Bond |
|
|
|
|
||
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
Exchnage Traded Funds |
$ 1,071,946 |
$ - |
$ - |
$ 1,071,946 |
|
|
|
Bank Loans * |
- |
51,000,536 |
|
51,000,536 |
|
|
|
Bonds & Notes * |
- |
4,412,718 |
- |
4,412,718 |
|
|
|
Short-Term Investment |
15,362,749 |
- |
- |
15,362,749 |
|
|
|
Total Investments |
$ 16,434,695 |
$ 55,413,254 |
$ - |
$ 71,847,949 |
|
|
|
|
|
|
|
|
Item 2. Controls and Procedures.
(a)
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b)
There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Dunham Funds
By (Signature and Title)
/s/Jeffrey Dunham
Jeffrey Dunham, President
Date 3/28/14
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/Jeffrey Dunham
Jeffrey Dunham, President
Date 3/28/14
By (Signature and Title)
/s/Denise Iverson
Denise Iverson, Treasurer
Date
3/28/14