united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
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 Drive, 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: 4/30/15
Item 1. Reports to Stockholders.
This report is for the information of shareholders of the Dunham Funds. It may also be used as sales literature when preceded by or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing. For this and other information about the Dunham Funds, contact your financial advisor or call Client Services at (800) 442-4358. | Dunham Corporate/Government Bond Fund Dunham Monthly Distribution Fund Dunham Floating Rate Bond Fund Dunham High-Yield Bond Fund Dunham International Opportunity Bond Fund Dunham Dynamic Macro Fund* Dunham Alternative Strategy Fund Dunham Appreciation & Income Fund Dunham Large Cap Value Fund Dunham Alternative Income Fund Dunham Focused Large Cap Growth Fund Dunham International Stock Fund Dunham Real Estate Stock Fund Dunham Small Cap Value Fund Dunham Emerging Markets Stock Fund Dunham Small Cap Growth Fund Investment Adviser: Dunham & Associates Investment Counsel, Inc. P.O. Box 910309 San Diego, California 92191 *Formally known as the Dunham Loss Averse Equity Income Fund |
THIS SEMI-ANNUAL REPORT CONTAINS “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS ALSO INCLUDE THOSE PRECEDED BY, FOLLOWED BY OR THAT INCLUDE THE WORDS “BELIEVES”, “EXPECTS”, “ANTICIPATES” OR SIMILAR EXPRESSIONS. SUCH STATEMENTS SHOULD BE VIEWED WITH CAUTION. ACTUAL RESULTS OR EXPERIENCE COULD DIFFER MATERIALLY FROM THE FORWARD-LOOKING STATEMENTS AS A RESULT OF MANY FACTORS. EACH FUND MAKES NO COMMITMENTS TO DISCLOSE ANY REVISIONS TO FORWARD-LOOKING STATEMENTS, OR ANY FACTS, EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF THAT MAY BEAR UPON FORWARD-LOOKING STATEMENTS. IN ADDITION, PROSPECTIVE PURCHASERS OF THE FUNDS SHOULD CONSIDER CAREFULLY THE INFORMATION SET FORTH HEREIN AND THE APPLICABLE FUND’S PROSPECTUS. OTHER FACTORS AND ASSUMPTIONS NOT IDENTIFIED ABOVE MAY ALSO HAVE BEEN INVOLVED IN THE DERIVATION OF THESE FORWARD-LOOKING STATEMENTS, AND THE FAILURE OF THESE OTHER ASSUMPTIONS TO BE REALIZED MAY ALSO CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED. |
President
April 30, 2015
The Sub-Adviser believes the U.S. economy will continue to grow and expects the Federal Reserve to begin increasing interest rates towards the end of the year. The Sub-Adviser believes that, although rates will rise, the increase will not be dramatic and will be good for bonds and spread sectors. In terms of spread sectors, the Sub-Adviser believes the credit fundamentals are positive and continue to offer a nice investment opportunity with low defaults, good interest rate coverage, and robust demand for fixed income. The Sub-Adviser feels the Fund is positioned to do well in that environment. The Sub-Adviser continues to emphasize liquidity and believes security selection will be very important to the Fund’s performance. The Sub-Adviser will continue to look for opportunities in all sectors of the bond market and uncover undervalued sectors and securities. |
Total Returns as of April 30, 2015 | ||||||||||||
Annualized | Annualized | Annualized | Annualized Since Inception | |||||||||
Six Months | One Year | Three Years | Five Years | Ten Years | (12/10/04) | |||||||
Class N | 1.29% | 2.74% | 2.90% | 4.21% | 4.21% | 4.56% | ||||||
Class C | 0.86% | 2.00% | 2.14% | 3.44% | 3.44% | 3.79% | ||||||
Class A with load of 4.50% | (3.41)% | (2.14)% | 1.09% | 3.01% | N/A | 4.01%* | ||||||
Class A without load | 1.17% | 2.50% | 2.66% | 3.96% | N/A | 4.59%* | ||||||
Barclays Aggregate Bond Index | 2.06% | 4.46% | 2.60% | 4.12% | 4.75% | 4.65% | ||||||
Morningstar Intermediate-Term Bond Category | 1.69% | 3.68% | 3.04% | 4.27% | 4.28% | 4.18% |
*Class A commenced operations on January 3, 2007. The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark. The Morningstar Intermediate-Term Bond Category is generally representative of intermediate-term bond mutual funds that primarily invest in corporate and other investment-grade U.S. fixed-income securities and typically have durations of 3.5 to 6.0 years. |
As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.37% for Class N, 2.12% for Class C and 1.62% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of fund shares or fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
CORPORATE BONDS & NOTES - 55.5% | |||||||||||||
AEROSPACE/DEFENSE - 0.2% | |||||||||||||
TransDigm, Inc. | $ | 110,000 | 6.000 | % | 7/15/2022 | $ | 111,238 | ||||||
AIRLINES ABS - 1.0% | |||||||||||||
Air Canada 2013-1 Class B Pass Through Trust - 144A | 105,704 | 5.375 | 5/15/2021 | 111,781 | |||||||||
Continental Airlines 2009-2 Class A Pass Through Trust | 232,395 | 7.250 | 11/10/2019 | 268,993 | |||||||||
United Airlines 2009-2A Pass Through Trust | 154,335 | 9.750 | 1/15/2017 | 169,383 | |||||||||
550,157 | |||||||||||||
AUTO MANUFACTURERS - 0.8% | |||||||||||||
Ford Motor Credit Co. LLC. | 270,000 | 5.750 | 2/1/2021 | 312,134 | |||||||||
General Motors Financial Co., Inc. | 130,000 | 3.500 | 7/10/2019 | 133,265 | |||||||||
445,399 | |||||||||||||
AUTO PARTS & EQUIPMENT - 0.9% | |||||||||||||
Lear Corp. | 100,000 | 5.250 | 1/15/2025 | 102,625 | |||||||||
Meritor, Inc. | 215,000 | 6.750 | 6/15/2021 | 225,750 | |||||||||
MPG Holdco I, Inc. - 144A | 105,000 | 7.375 | 10/15/2022 | 112,350 | |||||||||
Tenneco, Inc. | 40,000 | 5.375 | 12/15/2024 | 42,100 | |||||||||
482,825 | |||||||||||||
AUTOMOBILE ABS - 2.1% | |||||||||||||
California Republic Auto Receivables Trust 2014-3 A4 | 390,000 | 1.790 | 3/16/2020 | 393,368 | |||||||||
Capital Auto Receivables Asset Trust / Ally 2013-1 C | 590,000 | 1.740 | 10/22/2018 | 592,377 | |||||||||
Ford Credit Auto Owner Trust 2013-B D | 194,000 | 1.820 | 11/15/2019 | 195,720 | |||||||||
1,181,465 | |||||||||||||
BANKS - 7.9% | |||||||||||||
Banco de Credito del Peru - 144A | 170,000 | 6.125 + | 4/24/2027 | 186,787 | |||||||||
Banco de Credito e Inversiones - 144A | 325,000 | 4.000 | 2/11/2023 | 333,323 | |||||||||
Banco Internacional del Peru SAA -144A | 200,000 | 6.625 + | 3/19/2029 | 217,750 | |||||||||
Banco Santander Chile - 144A | 300,000 | 3.875 | 9/20/2022 | 312,534 | |||||||||
Bank of America Corp | 175,000 | 5.625 | 7/1/2020 | 200,584 | |||||||||
Bank of New York Mellon | 95,000 | 4.950 + | Perpetual | 95,096 | |||||||||
Barclays Bank PLC - 144A | 270,000 | 6.050 | 12/4/2017 | 296,304 | |||||||||
Citigroup, Inc. | 130,000 | 4.050 | 7/30/2022 | 135,622 | |||||||||
Citigroup, Inc. | 100,000 | 5.800 + | Perpetual | 100,750 | |||||||||
Citizens Financial Group, Inc. - 144A | 110,000 | 5.500 + | Perpetual | 109,038 | |||||||||
Goldman Sachs Group, Inc. | 185,000 | 5.750 | 1/24/2022 | 214,999 | |||||||||
Goldman Sachs Group, Inc. | 75,000 | 5.700 + | Perpetual | 75,844 | |||||||||
JPMorgan Chase & Co. | 35,000 | 5.300 + | Perpetual | 35,044 | |||||||||
JPMorgan Chase & Co | 40,000 | 6.125 | 6/27/2017 | 43,708 | |||||||||
Macquarie Bank Ltd. - 144A | 17,000 | 6.625 | 4/7/2021 | 20,030 | |||||||||
Morgan Stanley | 185,000 | 4.100 | 5/22/2023 | 190,096 | |||||||||
Morgan Stanley | 105,000 | 5.450 + | Perpetual | 105,919 | |||||||||
Morgan Stanley | 225,000 | 6.375 | 7/24/2042 | 291,842 | |||||||||
PNC Financial Services Group, Inc. | 255,000 | 4.850 + | Perpetual | 250,537 | |||||||||
SunTrust Banks, Inc. | 30,000 | 5.625 | Perpetual | 30,525 | |||||||||
Turkiye Garanti Bankasi AS - 144A | 330,000 | 5.250 | 9/13/2022 | 336,336 | |||||||||
UBS AG | 650,000 | 7.625 | 8/17/2022 | 782,242 | |||||||||
Zions Bancorporation | 115,000 | 4.500 | 6/13/2023 | 119,704 | |||||||||
4,484,614 | |||||||||||||
BIOTECHNOLOGY - 0.0% | |||||||||||||
Concorida Healthcare Corp. - 144A | 5,000 | 7.000 | 4/15/2023 | 5,088 | |||||||||
BUILDING MATERIALS - 0.6% | |||||||||||||
Builders FirstSource, Inc. - 144A | 100,000 | 7.625 | 6/1/2021 | 104,750 | |||||||||
Builing Materials Corp of America - 144A | 50,000 | 5.375 | 11/15/2024 | 51,500 | |||||||||
Masco Corp. | 95,000 | 5.950 | 3/15/2022 | 107,350 | |||||||||
Masco Corp. | 25,000 | 4.450 | 4/1/2025 | 25,875 | |||||||||
Masonite International Corp. - 144A | 25,000 | 5.625 | 3/15/2023 | 26,250 | |||||||||
315,725 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
CHEMICALS - 1.4% | |||||||||||||
Hexion US Finance Corp. | $ | 170,000 | 6.625 | % | 4/15/2020 | $ | 159,800 | ||||||
Methanex Corp. | 130,000 | 4.250 | 12/1/2024 | 133,688 | |||||||||
New Market Corp. | 305,000 | 4.100 | 12/15/2022 | 314,637 | |||||||||
Tronox Finance LLC. | 175,000 | 6.375 | 8/15/2020 | 172,375 | |||||||||
780,500 | |||||||||||||
COAL - 0.1% | |||||||||||||
Consol Energy, Inc. - 144A | 70,000 | 5.875 | 4/15/2022 | 64,575 | |||||||||
COMMERCIAL MBS - 6.4% | |||||||||||||
A10 Securitization 2013-1 B LLCA10 2013-1 B - 144A | 300,000 | 4.120 | 11/15/2025 | 300,728 | |||||||||
Aventura Mall Trust 2013-AVM C - 144A | 100,000 | 3.743 + | 12/5/2032 | 105,324 | |||||||||
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9 A4B | 580,000 | 4.943 | 9/11/2042 | 585,768 | |||||||||
Citigroup Commercial Mortgage Trust 2007-C6 A4 | 290,000 | 5.711 + | 12/10/2049 | 312,836 | |||||||||
Citigroup Commercial Mortgage Trust 2008-C7 AH | 95,000 | 6.144 + | 12/10/2049 | 103,782 | |||||||||
CSAIL Commercial Mortgage Trust CMO 2015 C1 Class A4 | 270,000 | 3.505 | 4/15/2050 | 284,153 | |||||||||
GAHR Commericial Mortgage Trust 2015-NRF CFX - 144A | 105,000 | 3.495 + | 12/15/2019 | 105,378 | |||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12 A4 | 470,000 | 5.882 + | 2/15/2051 | 503,343 | |||||||||
LB-UBS Commercial Mortgage Trust 2007-C7 A3 | 63,671 | 5.866 + | 9/15/2045 | 69,848 | |||||||||
Morgan Stanley Capital I Trust 2005-IQ10 A4B | 510,000 | 5.284 + | 9/15/2042 | 515,381 | |||||||||
Morgan Stanley Capital I Trust 2007-IQ14 AM | 224,000 | 5.869 + | 4/15/2049 | 235,351 | |||||||||
Motel 6 Trust CMO 2015-MTL6 Class B - 144A | 305,000 | 3.298 | 2/5/2030 | 308,244 | |||||||||
Wells Fargo Commercial Mortgage Trust 2015-LC20 B | 165,000 | 3.719 | 4/15/2050 | 168,655 | |||||||||
3,598,791 | |||||||||||||
COMMERCIAL SERVICES - 1.4% | |||||||||||||
ADT Corp. | 180,000 | 6.250 | 10/15/2021 | 194,400 | |||||||||
Ahern Rentals, Inc.- 144A | 195,000 | 9.500 | 6/15/2018 | 211,380 | |||||||||
Ahern Rentals, Inc.- 144A | 115,000 | 7.375 | 5/15/2023 | 115,719 | |||||||||
Exam Works Group, Inc. | 25,000 | 5.625 | 4/15/2023 | 25,938 | |||||||||
Harland Clarke Holdings Corp. - 144A | 70,000 | 6.875 | 3/1/2020 | 71,400 | |||||||||
Interactive Data Corp. -144A | 80,000 | 5.875 | 4/15/2019 | 80,900 | |||||||||
New York University | 55,000 | 4.142 | 7/1/2048 | 55,202 | |||||||||
United Rentals North America, Inc. | 55,000 | 5.500 | 7/15/2025 | 55,924 | |||||||||
810,863 | |||||||||||||
COMPUTERS - 0.2% | |||||||||||||
Project Homestake Merger Corp. - 144A | 55,000 | 8.875 | 3/1/2023 | 55,756 | |||||||||
SunGard Data Systems, Inc. | 55,000 | 6.625 | 11/1/2019 | 57,544 | |||||||||
113,300 | |||||||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.4% | |||||||||||||
Aircastle Ltd. | 200,000 | 5.125 | 3/15/2021 | 210,240 | |||||||||
E*Trade Financial Corp. | 105,000 | 5.375 | 11/15/2022 | 111,825 | |||||||||
General Electric Capital Corp. | 200,000 | 5.250 + | Perpetual | 116,625 | |||||||||
General Electric Capital Corp. | 100,000 | 7.125 + | Perpetual | 214,000 | |||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 10,000 | 4.875 | 3/15/2019 | 58,036 | |||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 100,000 | 5.875 | 2/1/2022 | 10,214 | |||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 55,000 | 6.000 | 8/1/2020 | 103,740 | |||||||||
Infinity Acquisition LLC / Infinity Acquisition Finance Corp. - 144A | 80,000 | 7.250 | 8/1/2022 | 75,800 | |||||||||
Jefferies Group LLC | 60,000 | 6.875 | 4/15/2021 | 68,389 | |||||||||
Macquarie Group Ltd.- 144A | 125,000 | 6.250 | 1/14/2021 | 144,724 | |||||||||
Navient LLC. | 140,000 | 5.500 | 1/25/2023 | 135,100 | |||||||||
Walter Investment Management Corp. | 135,000 | 7.875 | 12/15/2021 | 121,500 | |||||||||
1,370,193 | |||||||||||||
ELECTRIC - 0.7% | |||||||||||||
Calpine Corp. | 89,000 | 5.375 | 1/15/2023 | 90,224 | |||||||||
Dynergy Finance I, Inc. / Dynergy Finance II, Inc. - 144A | 55,000 | 7.375 | 11/1/2022 | 58,850 | |||||||||
Dynergy Finance I, Inc. / Dynergy Finance II, Inc. - 144A | 20,000 | 7.625 | 11/1/2024 | 21,600 | |||||||||
Electricite de France SA - 144A | 165,000 | 5.250 + | Perpetual | 173,250 | |||||||||
RJS Power Holdings LLC - 144A | 60,000 | 5.125 | 7/15/2019 | 59,250 | |||||||||
403,174 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
ENERGY - ALTERNATE RESOURCES - 0.2% | |||||||||||||
TerraForm Power Operating LLC. - 144A | $ | 90,000 | 5.875 | % | 2/1/2023 | $ | 94,050 | ||||||
ENTERTAINMENT - 1.5% | |||||||||||||
GLP Capital LP / GLP Financing II Inc. | 95,000 | 4.875 | 11/1/2020 | 97,138 | |||||||||
GLP Capital LP / GLP Financing II Inc. | 5,000 | 5.375 | 11/1/2023 | 5,225 | |||||||||
Isle of Capri Casinos, Inc. | 125,000 | 5.875 | 3/15/2021 | 129,687 | |||||||||
Isle of Capri Casinos, Inc. - 144A | 6,000 | 5.875 | 3/15/2021 | 6,225 | |||||||||
Mohegan Tribal Gaming Authority | 95,000 | 9.750 | 9/1/2021 | 101,888 | |||||||||
Penn National Gaming Inc . | 120,000 | 5.875 | 11/1/2021 | 120,300 | |||||||||
Scientific Games International, Inc. - 144A | 110,000 | 6.625 | 5/15/2021 | 80,712 | |||||||||
Scientific Games International, Inc. - 144A | 80,000 | 7.000 | 1/1/2022 | 83,800 | |||||||||
Six Flags Entertainment Corp. - 144A | 245,000 | 5.250 | 1/15/2021 | 254,187 | |||||||||
United Artists Theatre Circuit Inc. 1995-A Pass Through Trust * | 641 | 9.300 | 7/1/2015 | 643 | |||||||||
879,805 | |||||||||||||
FOOD - 0.3% | |||||||||||||
Ingles Markets, Inc. | 100,000 | 5.750 | 6/15/2023 | 104,500 | |||||||||
Pilgrims Prde Corp. - 144A | 40,000 | 5.750 | 3/15/2025 | 41,100 | |||||||||
145,600 | |||||||||||||
FOREST PRODUCTS & PAPER - 0.5% | |||||||||||||
Sappi Papier Holding GmbH - 144A | 265,000 | 6.625 | 4/15/2021 | 278,250 | |||||||||
GAS - 0.2% | |||||||||||||
NGL Energy Partners LP - 144A | 105,000 | 5.125 | 7/15/2019 | 103,688 | |||||||||
HEALTHCARE PRODUCTS - 0.2% | |||||||||||||
Crimson Merger Sub, Inc. - 144A | 80,000 | 6.625 | 5/15/2022 | 71,200 | |||||||||
Mallinckrodt International Finance SA -144A | 40,000 | 5.750 | 8/1/2022 | 41,450 | |||||||||
Mallinckrodt International Finance SA -144A | 5,000 | 5.500 | 4/15/2025 | 5,125 | |||||||||
117,775 | |||||||||||||
HEALTHCARE - SERVICES - 1.4% | |||||||||||||
Acadia Healthcare Co., Inc. | 45,000 | 5.125 | 7/1/2022 | 45,113 | |||||||||
CHS/Community Health Systems, Inc. | 30,000 | 5.125 | 8/1/2021 | 31,200 | |||||||||
CHS/Community Health Systems, Inc. | 30,000 | 6.875 | 2/1/2022 | 31,987 | |||||||||
HealthSouth Corp. | 105,000 | 5.750 | 11/1/2024 | 111,300 | |||||||||
IASIS Healthcare LLC / IASIS Capital Corp. | 70,000 | 8.375 | 5/15/2019 | 72,800 | |||||||||
LifePoint Hospitals, Inc. | 55,000 | 5.500 | 12/1/2021 | 57,948 | |||||||||
Select Medical Corp. | 140,000 | 6.375 | 6/1/2021 | 140,084 | |||||||||
Surgical Care Affiliates, Inc. - 144A | 110,000 | 6.000 | 4/1/2023 | 113,025 | |||||||||
Tenet Healthcare Corp. - 144A | 60,000 | 5.500 | 3/1/2019 | 60,675 | |||||||||
Tenet Healthcare Corp. | 100,000 | 8.125 | 4/1/2022 | 109,375 | |||||||||
773,507 | |||||||||||||
HOLDING COMPANIES - DIVERSIFIED - 0.7% | |||||||||||||
Argos Merger Sub, Inc. - 144A | 100,000 | 7.125 | 3/15/2023 | 105,250 | |||||||||
Hutchison Whampoa International 12 Ltd. - 144A | 185,000 | 6.000 | + | Perpetual | 196,993 | ||||||||
Leucadia National Corp. | 105,000 | 5.500 | 10/18/2023 | 108,016 | |||||||||
410,259 | |||||||||||||
HOME BUILDERS - 0.3% | |||||||||||||
Taylor Morrison Communities, Inc. / Monarch Communities, Inc. - 144A | 85,000 | 5.250 | 4/15/2021 | 85,638 | |||||||||
TRI Pointe Holdings, Inc. - 144A | 110,000 | 5.875 | 6/15/2024 | 108,900 | |||||||||
194,538 | |||||||||||||
HOME EQUITY ABS - 1.8% | |||||||||||||
Bayview Financial Mortgage Pass-Through Trust 2006-A 1A4 (a) | 560,000 | 6.087 | 2/28/2041 | 587,132 | |||||||||
GSAA Trust 2005-1 AF4 (a) | 412,965 | 5.619 | 11/25/2034 | 440,198 | |||||||||
1,027,330 | |||||||||||||
HOUSEWARES - 0.1% | |||||||||||||
RSI Home Products, Inc. - 144A | 55,000 | 6.500 | 3/15/2023 | 57,613 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
INSURANCE - 2.3% | |||||||||||||
Allstate Corp. | $ | 200,000 | 5.750 | %,+ | 8/15/2053 | $ | 218,375 | ||||||
Chubb Corp. | 85,000 | 6.375 | + | 3/29/2067 | 90,525 | ||||||||
Genworth Holdings, Inc. | 205,000 | 4.900 | 8/15/2023 | 179,375 | |||||||||
Progressive Corp. | 120,000 | 6.700 | + | 6/15/2037 | 126,675 | ||||||||
Prudential Financial, Inc. | 370,000 | 5.625 | + | 6/15/2043 | 396,825 | ||||||||
Teachers Insurance & Annuity Association of America - 144A | 110,000 | 4.375 + | 9/15/2054 | 113,583 | |||||||||
Voya Financial, Inc. | 125,000 | 5.650 + | 5/15/2053 | 131,563 | |||||||||
York Risk Services Holding Corp. - 144A | 70,000 | 8.500 | 10/1/2022 | 66,412 | |||||||||
1,323,333 | |||||||||||||
INTERNET - 0.2% | |||||||||||||
Priceline Group, Inc. | 140,000 | 3.650 | 3/15/2025 | 142,954 | |||||||||
INVESTMENT COMPANIES - 0.4% | |||||||||||||
Ares Capital Corp. | 65,000 | 3.875 | 1/15/2020 | 66,143 | |||||||||
FS Investment Corp. | 110,000 | 4.250 | 1/15/2020 | 111,522 | |||||||||
FS Investment Corp. | 55,000 | 4.750 | 5/15/2022 | 54,582 | |||||||||
232,247 | |||||||||||||
IRON / STEEL - 0.9% | |||||||||||||
Carpenter Technology Corp. | 300,000 | 4.450 | 3/1/2023 | 306,364 | |||||||||
United States Steel Corp. | 180,000 | 6.875 | 4/1/2021 | 182,250 | |||||||||
488,614 | |||||||||||||
LEISURE TIME - 0.2% | |||||||||||||
NCL Corp. Ltd. - 144A | 10,000 | 5.250 | 11/15/2019 | 10,350 | |||||||||
Viking Cruises Ltd. - 144A | 105,000 | 8.500 | 10/15/2022 | 116,938 | |||||||||
127,288 | |||||||||||||
LODGING - 0.8% | |||||||||||||
Boyd Gaming Corp. | 110,000 | 9.000 | 7/1/2020 | 119,350 | |||||||||
MGM Resorts International | 115,000 | 6.750 | 10/1/2020 | 124,344 | |||||||||
Station Casinos LLC | 170,000 | 7.500 | 3/1/2021 | 184,025 | |||||||||
427,719 | |||||||||||||
MEDIA - 0.9% | |||||||||||||
CCO Holdings LLC - 144A | 140,000 | 5.125 | 5/1/2023 | 138,950 | |||||||||
Cequel Communications Holdings I LLC / Cequel Capital Corp. - 144A | 105,000 | 5.125 | 12/15/2021 | 105,794 | |||||||||
Clear Channel Worldwide Holdings, Inc. | 250,000 | 7.625 | 3/15/2020 | 263,750 | |||||||||
508,494 | |||||||||||||
MINING - 0.0% | |||||||||||||
FMG Resources August 2006 Pty Ltd. - 144A | 15,000 | 9.750 | 3/1/2022 | 15,497 | |||||||||
MISCELLANEOUS MANUFACTURING - 0.4% | |||||||||||||
Bombardier, Inc. - 144A | 105,000 | 4.750 | 4/15/2019 | 105,000 | |||||||||
Bombardier, Inc. - 144A | 115,000 | 6.125 | 1/1/2023 | 110,480 | |||||||||
215,480 | |||||||||||||
OIL & GAS - 2.2% | |||||||||||||
Antero Resources Corp. - 144A | 60,000 | 5.625 | 6/1/2023 | 61,575 | |||||||||
Carrizo Oil & Gas, Inc. | 100,000 | 7.500 | 9/15/2020 | 105,730 | |||||||||
Halcon Resources Corp. | 80,000 | 8.875 | 5/15/2021 | 62,880 | |||||||||
Helmerich & Payne International Drilling Co. - 144A | 80,000 | 4.650 | 3/15/2025 | 84,306 | |||||||||
Laredo Petroleum, Inc. | 20,000 | 6.250 | 3/15/2023 | 20,800 | |||||||||
Linn Energy LLC / Linn Energy Finance Corp. | 65,000 | 6.500 | 9/15/2021 | 53,300 | |||||||||
Newfield Exploration Co. | 110,000 | 5.375 | 1/1/2026 | 114,950 | |||||||||
Pacific Rubiales Energy Corp. - 144A | 180,000 | 5.375 | 1/26/2019 | 141,336 | |||||||||
Parker Drilling Co. | 240,000 | 7.500 | 8/1/2020 | 215,400 | |||||||||
Petroleos Mexicanos | 155,000 | 3.500 | 1/30/2023 | 150,156 | |||||||||
Petroleos Mexicanos | 45,000 | 4.875 | 1/18/2024 | 47,579 | |||||||||
Rosetta Resources, Inc. | 110,000 | 5.875 | 6/1/2024 | 109,725 | |||||||||
Sunoco Finance Corp. - 144A | 45,000 | 6.375 | 4/1/2023 | 47,025 | |||||||||
1,214,762 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
OIL & GAS SERVICES - 0.5% | |||||||||||||
CCG SA | $ | 235,000 | 6.500 | % | 6/1/2021 | $ | 191,525 | ||||||
Gulfmark Offshore, Inc. | 115,000 | 6.375 | 3/15/2022 | 91,425 | |||||||||
282,950 | |||||||||||||
PACKAGING & CONTAINERS - 0.4% | |||||||||||||
Beverage Packaging Holdings Luxembourg II SA - 144A | 200,000 | 6.000 | 6/15/2017 | 203,000 | |||||||||
PHARMACEUTICALS - 0.5% | |||||||||||||
Capsugel SA - 144A (b) | 20,000 | 7.000 | 5/15/2019 | 20,438 | |||||||||
Catamaran Corp. | 85,000 | 4.750 | 3/15/2021 | 93,287 | |||||||||
JLL/Delta Dutch Pledge Co. BV - 144A | 55,000 | 8.750 | 5/1/2020 | 55,687 | |||||||||
Owens & Minor, Inc. | 25,000 | 3.875 | 9/15/2021 | 26,011 | |||||||||
Valeant Pharmaceuticals International, Inc. - 144A | 40,000 | 5.500 | 3/1/2013 | 40,600 | |||||||||
Valeant Pharmaceuticals International, Inc. - 144A | 15,000 | 5.875 | 5/15/2023 | 15,431 | |||||||||
Valeant Pharmaceuticals International, Inc. - 144A | 20,000 | 6.125 | 4/15/2025 | 20,688 | |||||||||
272,142 | |||||||||||||
PIPELINES - 1.1% | |||||||||||||
Energy Transfer Equity LP | 110,000 | 5.875 | 1/15/2024 | 116,050 | |||||||||
Kinder Morgan, Inc. | 130,000 | 4.300 | 6/1/2025 | 132,077 | |||||||||
Sabine Pass Liquefaction LLC | 100,000 | 6.250 | 3/15/2022 | 105,500 | |||||||||
Williams Cos., Inc. | 230,000 | 3.700 | 1/15/2023 | 217,834 | |||||||||
Williams Cos., Inc. | 25,000 | 4.550 | 6/24/2024 | 24,621 | |||||||||
596,082 | |||||||||||||
PRIVATE EQUITY - 0.2% | |||||||||||||
Apollo Management Holdings LP - 144A | 135,000 | 4.000 | 5/30/2024 | 138,241 | |||||||||
REAL ESTATE - 1.3% | |||||||||||||
American Homes 4 Rent 2014-SFR2 C Trust - 144A | 130,000 | 4.705 | 10/17/2036 | 140,187 | |||||||||
B2R Mortgage Trust 2015-1 A1 - 144A | 100,000 | 2.524 | 5/15/2048 | 100,032 | |||||||||
Countrywide Asset-Backed Certificates 2005-1 AF5A (a) | 300,000 | 5.274 | 7/25/2035 | 298,253 | |||||||||
Sierra Timeshare 2014-2 AA Receivables Funding LLC - 144A | 65,723 | 2.050 | 6/20/2031 | 66,062 | |||||||||
WP Carey, Inc. | 110,000 | 4.600 | 4/1/2024 | 114,048 | |||||||||
718,582 | |||||||||||||
REITS - 3.1% | |||||||||||||
Corporate Office Properties LP | 315,000 | 3.600 | 5/15/2023 | 304,088 | |||||||||
Corporate Office Properties LP | 90,000 | 3.700 | 6/15/2021 | 91,092 | |||||||||
CTR Partnership LP / CareTrust Capital Corp. | 90,000 | 5.875 | 6/1/2021 | 93,150 | |||||||||
Digital Realty Trust LP | 160,000 | 5.250 | 3/15/2021 | 178,095 | |||||||||
Education Realty Operating Partnership LP | 135,000 | 4.600 | 12/1/2024 | 140,656 | |||||||||
Excel Trust LP | 55,000 | 4.625 | 5/15/2024 | 55,016 | |||||||||
Healthcare Realty Trust, Inc. | 90,000 | 3.875 | 5/1/2025 | 89,660 | |||||||||
Healthcare Trust of America Holdings LP | 50,000 | 3.375 | 7/15/2021 | 50,796 | |||||||||
Highwoods Realty LP | 305,000 | 3.625 | 1/15/2023 | 309,662 | |||||||||
iStar Financial, Inc. | 140,000 | 5.000 | 7/1/2019 | 140,000 | |||||||||
MPT Operating Partnership LP / MPT Finance Corp. | 60,000 | 5.500 | 5/1/2024 | 64,500 | |||||||||
Retail Opportunity Investments Partnership LP | 105,000 | 4.000 | 12/15/2024 | 106,221 | |||||||||
RHP Hotel Properties LP - 144A | 15,000 | 5.000 | 4/15/2023 | 15,263 | |||||||||
Select Income REIT | 140,000 | 4.500 | 2/1/2025 | 140,256 | |||||||||
1,778,455 | |||||||||||||
RETAIL - 1.2% | |||||||||||||
AmeriGas Finance Corp. | 95,000 | 7.000 | 5/20/2022 | 102,220 | |||||||||
Family Tree Escrow LLC - 144A | 20,000 | 5.250 | 3/1/2020 | 21,050 | |||||||||
Family Tree Escrow LLC - 144A | 45,000 | 5.750 | 3/1/2023 | 47,475 | |||||||||
Landry’s, Inc. - 144A | 175,000 | 9.375 | 5/1/2020 | 188,125 | |||||||||
QVC, Inc. | 310,000 | 4.375 | 3/15/2023 | 313,983 | |||||||||
Rite Aid Corp. - 144A | 30,000 | 6.125 | 4/1/2023 | 31,238 | |||||||||
704,091 | |||||||||||||
SEMICONDUCTOR - 0.3% | |||||||||||||
KLA-Tencor Corp. | 140,000 | 4.650 | 11/1/2024 | 145,105 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
SOFTWARE - 0.6% | |||||||||||||
First Data Corp. - 144A | $ | 145,000 | 8.250 | % | 1/15/2021 | $ | 154,470 | ||||||
First Data Corp. | 146,000 | 11.750 | 8/15/2021 | 168,265 | |||||||||
322,735 | |||||||||||||
TELECOMMUNICATIONS - 3.0% | |||||||||||||
AT&T, Inc. | 315,000 | 3.875 | 8/15/2021 | 333,287 | |||||||||
CenturyLink, Inc. | 110,000 | 6.450 | 6/15/2021 | 118,800 | |||||||||
Cincinnati Bell, Inc. | 125,000 | 8.375 | 10/15/2020 | 133,437 | |||||||||
Digicel Group Ltd.-144A | 200,000 | 8.250 | 9/30/2020 | 207,280 | |||||||||
Frontier Communications Corp. | 135,000 | 6.250 | 9/15/2021 | 134,325 | |||||||||
Intelsat Jackson Holdings SA | 210,000 | 5.500 | 8/1/2023 | 198,450 | |||||||||
Qualitytech LP | 10,000 | 5.875 | 8/1/2022 | 10,287 | |||||||||
Sprint Corp. | 170,000 | 7.250 | 9/15/2021 | 171,063 | |||||||||
Telefonica Emisiones SAU | 265,000 | 4.570 | 4/27/2023 | 289,585 | |||||||||
Windstream Corp. | 115,000 | 7.750 | 10/15/2020 | 118,737 | |||||||||
1,715,251 | |||||||||||||
TRUCKING & LEASING - 0.1% | |||||||||||||
Penske Truck Leasing Co. LP - 144A | 55,000 | 3.375 | 2/1/2022 | 54,761 | |||||||||
WHOLE LOAN COLLATERAL CMO - 1.6% | |||||||||||||
Banc of America Funding 2005-1 1A1 | 88,267 | 5.500 | 2/25/2035 | 89,999 | |||||||||
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2 2CB2 | 80,655 | 6.750 | 8/25/2034 | 86,223 | |||||||||
Citigroup Mortgage Loan Trust, Inc. 2004-UST1 A3 | 111,504 | 2.133 + | 8/25/2034 | 111,776 | |||||||||
Credi Suisse Mortage Trust 15-WIN1 A6 - 144A | 102,612 | 3.500 | 12/25/2044 | 105,103 | |||||||||
Master Alternative Loans Trust 2004-46A1 | 114,712 | 5.500 | 4/25/2034 | 121,353 | |||||||||
Sequoia Mortgage trust 2015-1 A1 - 144A | 154,453 | 3.500 | 1/25/2045 | 156,954 | |||||||||
WaMu Mortgage Pass-Through Certificates Series 2003-S8 A2 Trust | 125,134 | 5.000 | 9/25/2018 | 127,544 | |||||||||
WinWater Mortgage Loan Trust 2014-1 A1 - 144A | 85,063 | 4.000 + | 6/20/2044 | 88,623 | |||||||||
887,575 | |||||||||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $30,756,071) | 31,315,680 | ||||||||||||
FOREIGN GOVERNMENT BONDS - 0.7% | |||||||||||||
El Salvador Government International Bond - 144A | 105,000 | 6.375 | 1/18/2027 | 107,363 | |||||||||
Morocco Government International Bond - 144A | 300,000 | 4.250 | 12/11/2022 | 309,075 | |||||||||
TOTAL FOREIGN GOVERNMENT BONDS - (Cost - $404,221) | 416,438 | ||||||||||||
MUNICIPAL - 5.5% | |||||||||||||
Commonwealth of Massachusetts | 425,000 | 5.000 | 8/1/2025 | 528,258 | |||||||||
Massachusetts Clean Water Trust | 880,000 | 5.000 | 2/1/2045 | 1,000,604 | |||||||||
New York State Dormitory Authority | 410,000 | 5.000 | 2/15/2043 | 457,449 | |||||||||
Rockdale County Water & Sewerage Authority | 305,000 | 3.060 | 7/1/2024 | 311,500 | |||||||||
San Diego County Regional Airport Authority | 325,000 | 5.594 | 7/1/2043 | 361,735 | |||||||||
Virginia College Building Authority | 385,000 | 5.000 | 9/1/2023 | 469,504 | |||||||||
TOTAL MUNICIPAL - (Cost - $3,140,694) | 3,129,050 | ||||||||||||
U.S. GOVERNMENT & AGENCY - 27.2% | |||||||||||||
U.S. GOVERNMENT AGENCY - 9.1% | |||||||||||||
Fannie Mae Pool 735061 | 51,018 | 6.000 | 11/1/2034 | 58,721 | |||||||||
Fannie Mae Pool 866009 | 64,446 | 6.000 | 3/1/2036 | 78,121 | |||||||||
Fannie Mae Pool 938574 | 378,398 | 5.500 | 9/1/2036 | 430,092 | |||||||||
Fannie Mae Pool 310041 | 163,691 | 6.500 | 5/1/2037 | 192,047 | |||||||||
Fannie Mae Pool 909141 | 26,039 | 6.000 | 1/1/2038 | 29,718 | |||||||||
Fannie Mae Pool 909153 | 25,397 | 6.000 | 2/1/2038 | 29,395 | |||||||||
Fannie Mae Pool 929191 | 131,427 | 6.000 | 3/1/2038 | 151,961 | |||||||||
Fannie Mae Pool 909175 | 66,212 | 5.500 | 4/1/2038 | 76,994 | |||||||||
Fannie Mae Pool 962752 | 49,092 | 5.000 | 4/1/2038 | 55,697 | |||||||||
Fannie Mae Pool 975649 | 272,357 | 6.000 | 7/1/2038 | 314,835 | |||||||||
Fannie Mae Pool 909220 | 149,598 | 6.000 | 8/1/2038 | 173,256 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
U.S. GOVERNMENT AGENCY (Continued) - 9.1% | |||||||||||||
Fannie Mae Pool AA7001 | $ | 300,004 | 5.000 | % | 6/1/2039 | $ | 337,225 | ||||||
Fannie Mae Pool AD0727 | 411,046 | 6.000 | 8/1/2039 | 472,051 | |||||||||
Fannie Mae Pool AO8769 | 1,591,547 | 3.500 | 8/1/2042 | 1,670,231 | |||||||||
Fannie Mae Pool AX3195 | 556,407 | 4.000 | 91/2044 | 594,987 | |||||||||
Federal Home Loan Pool G01980 | 354,459 | 5.000 | 12/1/2035 | 398,503 | |||||||||
Freddie Mac Gold Pool G05888 | 81,031 | 5.500 | 10/1/2039 | 92,507 | |||||||||
5,156,341 | |||||||||||||
U.S. TREASURY OBLIGATIONS - 18.1% | |||||||||||||
United States Treasury Note | 235,000 | 0.375 | 5/31/2016 | 235,184 | |||||||||
United States Treasury Note | 500,000 | 0.500 | 7/31/2016 | 500,938 | |||||||||
United States Treasury Note | 1,225,000 | 0.500 | 11/30/2016 | 1,225,574 | |||||||||
United States Treasury Note | 3,000,000 | 0.625 | 12/31/2016 | 3,006,798 | |||||||||
United States Treasury Note | 515,000 | 0.500 | 1/31/2017 | 514,920 | |||||||||
United States Treasury Note | 3,505,000 | 2.375 | 8/15/2024 | 3,610,423 | |||||||||
United States Treasury Note | 965,000 | 2.250 | 11/15/2024 | 982,943 | |||||||||
United States Treasury Bond | 120,000 | 3.125 | 2/15/2043 | 128,925 | |||||||||
10,205,705 | |||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY (Cost - $15,028,543) | 15,362,046 | ||||||||||||
BANK LOANS - 6.5% | |||||||||||||
AEROSPACE / DEFENSE - 0.1% | |||||||||||||
LM US Member LLC | 80,000 | 8.500 | + | 6/24/2022 | 80,367 | ||||||||
AIRLINES - 0.4% | |||||||||||||
US Airways Group, Inc. | 228,923 | 3.750 | + | 6/21/2019 | 230,091 | ||||||||
AUTOMOBILES - 0.3% | |||||||||||||
Navistar, Inc. | 166,667 | 5.750 | + | 8/17/2017 | 167,839 | ||||||||
CHEMICALS - 0.1% | |||||||||||||
Ineos US Finance LLC | 7,000 | 4.250 | + | 3/11/2022 | 7,054 | ||||||||
US Farathane | 58,262 | 6.750 | + | 1/16/2022 | 59,064 | ||||||||
66,118 | |||||||||||||
COMMERCIAL SERVICES - 0.1% | |||||||||||||
Laureate Education, Inc. | 60,000 | 5.000 | + | 6/15/2018 | 58,200 | ||||||||
COMPUTERS & ELECTRONICS - 1.0% | |||||||||||||
Applied Systems, Inc. | 52,936 | 8.750 | + | 1/14/2022 | 53,407 | ||||||||
Blue Coat Systems, Inc. | 165,000 | 9.500 | + | 6/28/2020 | 168,300 | ||||||||
Deltek, Inc. | 8,000 | 10.000 | + | 10/10/2019 | 8,103 | ||||||||
Kronos, Inc. | 127,900 | 9.750 | + | 4/30/2020 | 132,456 | ||||||||
Mitchell International, Inc. | 80,000 | 8.500 | + | 10/11/2021 | 80,120 | ||||||||
Presidio | 110,000 | 8.250 | + | 1/26/2022 | 111,100 | ||||||||
553,486 | |||||||||||||
ELECTRONICS - 0.1% | |||||||||||||
Riverbed Technologies | 50,000 | 6.000 | 2/25/2022 | 50,625 | |||||||||
FINANCIAL SERVICES - 0.0% | |||||||||||||
Altisource Solutions | 146 | 5.750 | + | 11/20/2019 | 125 | ||||||||
GAMING AND HOTELS - 0.6% | |||||||||||||
Caesers Entertainment | 33,830 | 9.750 | + | 3/1/2017 | 31,171 | ||||||||
CBAC Borrower, LLC | 57,000 | 8.250 | + | 4/26/2020 | 56,359 | ||||||||
Peppermill Casinos, Inc. | 240,070 | 7.250 | + | 11/9/2018 | 241,722 | ||||||||
329,252 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
HEALTHCARE - 0.8% | |||||||||||||
American Renal Holdings, Inc. | $ | 279,943 | 8.500 | %,+ | 2/20/2020 | $ | 279,768 | ||||||
Regional Care Hospital, Inc. | 46,647 | 6.000 | + | 3/24/2019 | 46,837 | ||||||||
Surgery Center | 68,965 | 4.250 | + | 7/24/2020 | 69,655 | ||||||||
Surgery Center | 40,000 | 7.500 | + | 7/23/2021 | 39,917 | ||||||||
436,177 | |||||||||||||
INSURANCE - 0.1% | |||||||||||||
Sedgwick CMS Holdings, Inc. | 85,000 | 6.750 | + | 2/11/2022 | 84,203 | ||||||||
MEDIA - 0.3% | |||||||||||||
Charter Communications Operations / CCO Safari LLC | 305 | 4.250 | + | 8/12/2021 | 304 | ||||||||
TWCC Holding Corp. | 153,000 | 7.000 | + | 12/11/2020 | 144,011 | ||||||||
144,315 | |||||||||||||
METALS & MINING - 0.4% | |||||||||||||
Arch Coal, Inc. | 104,198 | 6.250 | + | 5/16/2018 | 78,068 | ||||||||
Noranda Aluminum Acquisition | 184,715 | 5.750 | + | 2/28/2019 | 172,632 | ||||||||
250,700 | |||||||||||||
OIL & GAS - 0.6% | |||||||||||||
Chief Exploration and Development | 77,000 | 7.500 | + | 5/16/2021 | 73,496 | ||||||||
Drillships Financing Holding / Drillships Ocean Ventures, Inc. | 64,512 | 5.500 | + | 7/25/2021 | 56,206 | ||||||||
Fieldwood Energy | 140,000 | 8.375 | + | 9/30/2020 | 109,682 | ||||||||
Jonah Energy LLC | 62,000 | 7.750 | + | 5/12/2021 | 57,660 | ||||||||
Seadrill Ltd. - Seadrill Operating LP | 75,238 | 4.000 | + | 2/12/2021 | 61,779 | ||||||||
358,823 | |||||||||||||
PHARMACEUTICALS -0.1% | |||||||||||||
Amneal Pharmaceuticals | 42,000 | 4.500 | 11/2/2019 | 42,263 | |||||||||
PROFESSIONAL & BUSINESS SERVICES - 0.5% | |||||||||||||
CHG Companies - CHG Buyer Corp. | 64,470 | 9.000 | + | 11/19/2020 | 65,276 | ||||||||
Infinity Acquisition - US LLC 2 | 51,740 | 4.250 | + | 8/6/2021 | 51,856 | ||||||||
Inventiv Health, Inc. | 119,990 | 7.750 | + | 5/15/2018 | 120,390 | ||||||||
NVA Holdings, Inc. | 46,000 | 8.000 | + | 8/8/2022 | 46,288 | ||||||||
283,810 | |||||||||||||
REAL ESTATE - 0.1% | |||||||||||||
Capital Automotive LP | 31,564 | 5.500 | + | 3/28/2021 | 32,304 | ||||||||
RETAIL - FOOD & DRUG - 0.4% | |||||||||||||
Albertsons, Inc. | 76,000 | 4.500 | + | 8/11/2011 | 76,908 | ||||||||
PetSmart | 15,000 | 5.000 | + | 2/9/2022 | 15,203 | ||||||||
Rite Aid Corp. | 16,000 | 5.000 | + | 12/31/2021 | 16,210 | ||||||||
Staples, Inc. | 106,000 | 3.750 | + | 4/23/2021 | 106,504 | ||||||||
214,825 | |||||||||||||
STEEL - 0.5% | |||||||||||||
FMG Resources | 292,545 | 3.750 | + | 6/30/2019 | 264,908 | ||||||||
UTILITIES - 0.0% | |||||||||||||
Atlantic Power LP | 22,541 | 4.750 | + | 2/19/2021 | 22,681 | ||||||||
TOTAL BANK LOANS - (Cost - $3,792,033) | 3,671,112 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Corporate/Government Bond Fund (Continued) |
April 30, 2015 |
Maturity | |||||||||||||
Security | Shares | Dividend Rate | Date | Value | |||||||||
PREFERRED STOCK - 1.4% | |||||||||||||
BANKS - 1.4% | |||||||||||||
GMAC Capital Trust I | 17,600 | 8.125 | %+ | 2/15/2040 | $ | 462,528 | |||||||
Zions Bancorporation | 10,800 | 6.950 | + | 9/15/2028 | 303,048 | ||||||||
TOTAL PREFERRED STOCK - (Cost - $710,000) | 765,576 | ||||||||||||
SHORT-TERM INVESTMENT - 3.3% | |||||||||||||
MONEY MARKET FUND - 3.3% | |||||||||||||
Fidelity Institutional Money Market Funds - Government Portfolio | |||||||||||||
(Cost - $1,859,933) | 1,859,933 | 0.010 | + | 1,859,933 | |||||||||
TOTAL INVESTMENTS - 100.1% (Cost - $55,691,495) (c) | $ | 56,519,835 | |||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | (56,528 | ) | |||||||||||
NET ASSETS - 100.0% | $ | 56,463,307 |
Portfolio Composition * - (Unaudited) | ||||||
Corporate Notes & Bonds | 55.41% | Short - Term Investments | 3.29% | |||
U.S. Government & Agencies Notes & Bonds | 27.18% | Preferred | 1.35% | |||
Bank Loans | 6.49% | Foreign Government | 0.74% | |||
Municipal | 5.54% | Total | 100.00% |
The Sub-Adviser continues to believe that companies and their boards are confident and their event driven activities are supported by low funding costs, the availability of leverage and, most importantly, corporate balance sheets are robust - all of which the Sub-Adviser believes will strongly support mergers and acquisitions and other strategic event activity going forward. |
Total Returns as of April 30, 2015 | ||||||||||
Six | Annualized | Annualized | Annualized Since | |||||||
Months | One Year | Three Years | Five Years | Inception (8/1/08)* | ||||||
Class N | 2.67% | 3.11% | 5.12% | 5.71% | 4.52%** | |||||
Class C | 2.15% | 2.07% | 4.08% | 4.66% | 2.91% | |||||
Class A with load of 5.75% | (3.36)% | (3.07)% | 2.81% | 4.21% | 2.82% | |||||
Class A without load | 2.53% | 2.84% | 4.85% | 5.45% | 3.69% | |||||
IQ Hedge Market Neutral Beta Index | 2.78% | 2.23% | 2.85% | 2.35% | 2.82% | |||||
Morningstar Multialternative Category | 2.21% | 3.24% | 2.50% | 2.25% | 1.17% |
* | Westchester Capital Management, Inc. was named Sub-Adviser to the Fund on August 1, 2008. Prior to August 1, 2008, the Fund was named Kelmoore Strategy Liberty Fund and was managed under a different adviser. |
** | Class N commenced operations on September 29, 2008. |
As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses before any fee waiver, including the cost of underlying funds, are 2.72% for Class N, 3.72% for Class C and 2.97% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of fund shares or fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund |
April 30, 2015 |
Security | Shares | Value | |||||
COMMON STOCK - 75.8% | |||||||
AEROSPACE/DEFENSE - 1.3% | |||||||
Exelis, Inc. # | 161,012 | $ | 3,948,014 | ||||
AGRICULTURE - 1.5% | |||||||
Lorillard, Inc. ^ | 64,312 | 4,492,836 | |||||
AIRLINES - 0.1% | |||||||
AMR Corp. * | 101,283 | 185,348 | |||||
AUTO MANUFACTURERS - 0.8% | |||||||
General Motors Co. ^ # | 72,000 | 2,524,320 | |||||
AUTO PARTS & EQUIPMENT - 4.9% | |||||||
TRW Automotive Holdings Corp. * # | 140,937 | 14,806,841 | |||||
BANKS - 1.4% | |||||||
Citigroup, Inc. ^ # | 80,500 | 4,292,260 | |||||
CHEMICALS - 6.8% | |||||||
Dow Chemical Co. ^ # | 94,600 | 4,824,600 | |||||
Du Pont (El) De Nemours & Co. ^ # | 73,500 | 5,380,200 | |||||
Huntsman Corp. ^ # | 5,132 | 118,293 | |||||
Olin Corp. ^ # | 22,700 | 670,331 | |||||
Sigma-Aldrich Corp. # | 44,000 | 6,112,480 | |||||
W.R. Grace & Co. * ^ # | 33,800 | 3,269,136 | |||||
20,375,040 | |||||||
COMMERCIAL SERVICES - 2.6% | |||||||
Hertz Global Holdings, Inc. * ^ # | 231,517 | 4,824,814 | |||||
SFX Entertainment, Inc. * # | 665,520 | 2,908,322 | |||||
7,733,136 | |||||||
COMPUTERS - 1.3% | |||||||
Computer Sciences Corp. ^ # | 60,400 | 3,892,780 | |||||
COSMETICS/PERSONAL CARE - 0.8% | |||||||
Procter & Gamble Co. ^ | 28,400 | 2,258,084 | |||||
ENTERTAINMENT - 0.1% | |||||||
International Game Technology * | 9,281 | 188,960 | |||||
FOREST PRODUCTS & PAPER - 2.5% | |||||||
International Paper Co. ^ # | 140,700 | 7,558,404 | |||||
HEALTHCARE-PRODUCTS - 0.4% | |||||||
Baxter International, Inc. ^ # | 17,100 | 1,175,454 | |||||
HOLDING COMPANIES - DIVERSIFIED - 0.8% | |||||||
Hutchison Whampoa Ltd. | 168,079 | 2,476,342 | |||||
INSURANCE - 0.3% | |||||||
American International Group, Inc. ^ # | 18,600 | 1,046,994 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | |||||
INTERNET - 3.6% | |||||||
EBay, Inc. * ^ # | 55,300 | $ | 3,221,778 | ||||
Equinix, Inc. ^ # | 3,299 | 844,313 | |||||
Orbitz Worldwide, Inc. * ^ # | 99,700 | 1,168,484 | |||||
Yahoo! Inc. * ^ # | 132,600 | 5,644,119 | |||||
10,878,694 | |||||||
LEISURE TIME - 1.2% | |||||||
Life Time Fitness, Inc. * ^ # | 50,499 | 3,610,679 | |||||
LODGING - 0.6% | |||||||
MGM Resorts International * ^ | 83,000 | 1,755,450 | |||||
MACHINERY-DIVERSIFIED - 1.4% | |||||||
Manitowoc Co., Inc. ^ # | 208,000 | 4,103,840 | |||||
MEDIA - 9.1% | |||||||
CBS Corp. ^ # | 82,939 | 5,153,000 | |||||
Comcast Corp. | 9,488 | 548,027 | |||||
DIRECTV * # | 118,560 | 10,753,985 | |||||
DISH Network Corp. - Class A * ^ # | 86,353 | 5,842,644 | |||||
Liberty Global PLC - Class C * | 26,412 | 1,332,497 | |||||
Sirius XM Radio, Inc. * ^ # | 927,882 | 3,665,134 | |||||
27,295,287 | |||||||
METAL FABRICATE/HARDWARE - 0.3% | |||||||
RTI International Metals, Inc. * # | 13,196 | 496,829 | |||||
Timken Co. ^ # | 13,300 | 522,557 | |||||
1,019,386 | |||||||
MISCELLANEOUS MANUFACTURING - 2.8% | |||||||
General Electric Co. ^ # | 123,800 | 3,352,504 | |||||
Polypore International, Inc. * # | 83,667 | 4,899,540 | |||||
8,252,044 | |||||||
OIL & GAS - 2.7% | |||||||
Anadarko Petroleum Corp. ^ # | 9,600 | 903,360 | |||||
BG Group PLC - ADR | 39,000 | 711,360 | |||||
BP PLC - ADR ^ | 35,900 | 1,549,444 | |||||
Noble Corp PLC ^ | 44,841 | 776,198 | |||||
Talisman Energy, Inc. # | 515,553 | 4,108,957 | |||||
8,049,319 | |||||||
OIL & GAS SERVICES - 1.2% | |||||||
Baker Hughes, Inc. # | 37,508 | 2,567,798 | |||||
Dresser-Rand Group, Inc. * # | 13,280 | 1,097,858 | |||||
3,665,656 | |||||||
PACKAGING & CONTAINERS - 0.7% | |||||||
MeadWestvaco Corp. # | 17,104 | 834,675 | |||||
Packaging Corp of America ^ | 17,100 | 1,183,149 | |||||
2,017,824 | |||||||
PHARMACEUTICALS - 9.8% | |||||||
Catamaran Corp. * | 149,193 | 8,854,605 | |||||
Hospira, Inc. * # | 107,551 | 9,388,127 | |||||
Myaln NV * | 16,400 | 1,185,064 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | |||||
PHARMACEUTICALS (Continued) - 9.8% | |||||||
Omnicare, Inc. ^ | 10,400 | $ | 914,992 | ||||
Pfizer, Inc. ^ # | 124,764 | 4,233,243 | |||||
Pharmacyclics, Inc. * # | 13,249 | 3,394,394 | |||||
Zoetis, Inc. ^ # | 29,000 | 1,288,180 | |||||
29,258,605 | |||||||
REITS - 5.7% | |||||||
Blackstone Mortgage Trust, Inc. | 4,944 | 151,929 | |||||
CYS Investments, Inc. # | 9,500 | 84,740 | |||||
Northstar Realty Finance Corp. ^ # | 327,238 | 6,138,985 | |||||
Starwood Property Trust, Inc. # | 247,078 | 5,932,341 | |||||
Starwood Waypoint Residential Trust # | 22,008 | 566,486 | |||||
Winthrop Realty Trust # | 82,355 | 1,355,563 | |||||
Ventas, Inc. ^ | 40,700 | 2,804,230 | |||||
17,034,274 | |||||||
RETAIL - 4.7% | |||||||
Family Dollar Stores, Inc. # | 111,867 | 8,741,287 | |||||
McDonald’s Corp. ^ # | 41,600 | 4,016,480 | |||||
Staples, Inc. ^ # | 76,400 | 1,246,847 | |||||
14,004,614 | |||||||
SAVING & LOANS - 2.2% | |||||||
Beneficial Mutual Bancorp, Inc. * | 77,000 | 893,200 | |||||
Hudson City Bancorp, Inc. # | 599,000 | 5,570,700 | |||||
6,463,900 | |||||||
SEMICONDUCTORS - 0.9% | |||||||
Tokyo Electron Ltd. - ADR # | 196,482 | 2,681,979 | |||||
SOFTWARE - 2.7% | |||||||
Advent Software, Inc. # | 34,722 | 1,509,453 | |||||
Informatica Corp. * # | 6,168 | 296,496 | |||||
Microsoft Corp. ^ # | 129,800 | 6,313,471 | |||||
8,119,420 | |||||||
TELECOMMUNICATIONS - 0.6% | |||||||
America Movil SAB de CV - ADR | 55,700 | 1,163,573 | |||||
Leap Wireless International, Inc. * | 4,071 | 15,063 | |||||
T-Mobile US, Inc. * ^ | 17,800 | 605,912 | |||||
1,784,548 | |||||||
TOTAL COMMON STOCK (Cost - $224,678,572) | 226,950,332 | ||||||
RIGHTS - 0.0% | |||||||
Safeway Casa Ley CVR - Non Tradable * # | 90,955 | 43,204 | |||||
Safeway PDC, LLC CVR- Non Tradable * # | 90,955 | 4,548 | |||||
TOTAL RIGHTS (Cost - $91,952) | 47,752 | ||||||
CLOSED-END FUNDS - 0.6% | |||||||
Invesco Senior Income Trust # | 240,801 | 1,134,173 | |||||
Western Asset High Income Opportunity | 106,644 | 574,811 | |||||
TOTAL CLOSED-END FUNDS (Cost - $1,899,511) | 1,708,984 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Dividend | |||||||||||||
Security | Shares | Rate | Value | ||||||||||
PREFERRED STOCK - 5.7% | |||||||||||||
BANKS - 0.8% | |||||||||||||
Regions Financial Corp. | 91,502 | 6.3750 | % | $ | 2,397,352 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6% | |||||||||||||
Kinder Morgan GP, Inc. - 144A # | 2,000 | 4.1537 | 1,877,625 | ||||||||||
SLM Corp. # | 13,239 | 1.9706 | 800,960 | ||||||||||
SLM Corp. # | 45,886 | 6.9700 | 2,262,180 | ||||||||||
4,940,765 | |||||||||||||
ELECTRIC - 0.1% | |||||||||||||
SCE Trust I # | 6,239 | 5.6250 | 157,473 | ||||||||||
REITS - 3.2% | |||||||||||||
Equity CommonWealth # | 150,000 | 7.2500 | 3,790,500 | ||||||||||
Northstar Realty Finance Corp. # | 149,625 | 8.7500 | 3,969,551 | ||||||||||
Wheeler Real Estate Investment * | 1,724 | 0.0000 | 1,724,000 | ||||||||||
9,484,051 | |||||||||||||
TOTAL PREFERRED STOCK (Cost - $16,717,284) | 16,979,641 | ||||||||||||
Principal | Interest | Maturity | |||||||||||
Amount | Rate | Date | |||||||||||
BONDS & NOTES - 10.8% | |||||||||||||
AUTO PARTS & EQUIPMENT - 1.5% | |||||||||||||
IDQ Holdings, Inc. - 144A | $ | 4,301,000 | 11.5000 | % | 4/1/2017 | 4,602,070 | |||||||
BANKS - 1.2% | |||||||||||||
JPMorgan Chase & Co. # | 3,500,000 | 6.1000 | + | Perpetual | 3,618,125 | ||||||||
ELECTRIC - 2.0% | |||||||||||||
Energy Future - 144A *** | 2,894,076 | 11.7500 | 3/1/2022 | 3,372,006 | |||||||||
Energy Future Intermediate Holding Co. LLC | 2,526,182 | 4.2500 | + | 6/19/2016 | 2,551,444 | ||||||||
5,923,450 | |||||||||||||
ENTERTAINMENT - 0.7% | |||||||||||||
Ameristar Casinos, Inc. | 1,934,000 | 7.5000 | 4/15/2021 | 2,054,875 | |||||||||
FOOD - 1.0% | |||||||||||||
US Foods, Inc. # | 2,887,000 | 8.5000 | 6/30/2019 | 3,049,394 | |||||||||
INTERNET - 0.8% | |||||||||||||
Pacnet Ltd. | 2,047,000 | 9.0000 | 4/15/2021 | 2,337,673 | |||||||||
MACHINERY - DIVERSIFIED - 1.4% | |||||||||||||
Manitowoc Co., Inc. # | 3,960,000 | 5.8750 | 4/15/2021 | 4,286,700 | |||||||||
MUNICIPAL - 0.8% | |||||||||||||
Louisiana Public Facilities Authority | 2,391,000 | 9.7500 | 9/1/2018 | 2,390,020 | |||||||||
OIL & GAS SERVICES - 0.1% | |||||||||||||
Dresser-Rand Group, Inc. # | 400,000 | 6.5000 | 5/1/2021 | 426,000 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
PIPELINES - 0.9% | |||||||||||||
Hiland Partners LP - 144A # | $ | 2,585,000 | 7.2500 | % | 10/1/2020 | $ | 2,817,650 | ||||||
SEMICONDUCTORS - 0.4% | |||||||||||||
Freescale Seminconductor, Inc. | 1,174,000 | 10.7500 | 8/1/2020 | 1,267,920 | |||||||||
TOTAL BONDS & NOTES (Cost - $32,566,095) | 32,773,877 |
PURCHASED PUT OPTIONS - 0.4% | Contracts** | Value | |||||
American Movil, Expiration August 2015, Exercise Price $19.00 | 488 | 21,960 | |||||
American International Group, Expiration May 2015, Exercise Price $47.00 | 24 | 108 | |||||
American International Group, Expiration May 2015, Exercise Price $50.00 | 1,106 | 6,636 | |||||
American International Group, Expiration May 2015, Exercise Price $52.50 | 391 | 5,474 | |||||
Anadarko Petroleum Corp., Expiration May 2015, Exercise Price $70.00 | 492 | 984 | |||||
Anadarko Petroleum Corp., Expiration May 2015, Exercise Price $80.00 | 246 | 36,408 | |||||
Baxter International, Inc., Expiration May 2015, Exercise Price $62.50 | 57 | 228 | |||||
Baxter International, Inc., Expiration June 2015, Exercise Price $62.50 | 81 | 3,483 | |||||
Bayer AG, Expiration June 2015, Exercise Price $125.00 | 84 | 13,668 | |||||
Bayer AG, Expiration June 2015, Exercise Price $120.00 | 29 | 8,559 | |||||
Bayer AG, Expiration July 2015, Exercise Price $115.00 | 42 | 10,878 | |||||
BP PLC, Expiration July 2015, Exercise Price $34.00 | 323 | 3,876 | |||||
CBS Corp., Expiration June 2015, Exercise Price $50.00 | 335 | 5,695 | |||||
CBS Corp., Expiration June 2015, Exercise Price $52.50 | 289 | 9,682 | |||||
CBS Corp., Expiration June 2015, Exercise Price $55.00 | 43 | 2,688 | |||||
Citigroup, Inc., Expiration May 2015, Exercise Price $47.00 | 322 | 644 | |||||
Citigroup, Inc., Expiration June 2015, Exercise Price $50.00 | 302 | 12,684 | |||||
Computer Sciences Corp., Expiration June 2015, Exercise Price $50.00 | 72 | 2,160 | |||||
Computer Sciences Corp., Expiration June 2015, Exercise Price $60.00 | 400 | 58,000 | |||||
DISH Network Corp., Expiration June 2015, Exercise Price $60.00 | 603 | 43,717 | |||||
DISH Network Corp., Expiration June 2015, Exercise Price $62.50 | 63 | 6,930 | |||||
DOW Chemical Co., Expiration June 2015, Exercise Price $40.00 | 353 | 1,765 | |||||
DOW Chemical Co., Expiration June 2015, Exercise Price $41.00 | 484 | 3,872 | |||||
DOW Chemical Co., Expiration June 2015, Exercise Price $42.00 | 343 | 3,430 | |||||
Du Pont (EI) De Nemours & Co., Expiration May 2015, Exercise Price $65.00 | 55 | 852 | |||||
Du Pont (EI) De Nemours & Co., Expiration June 2015, Exercise Price $67.50 | 128 | 1,280 | |||||
Du Pont (EI) De Nemours & Co., Expiration July 2015, Exercise Price $62.50 | 37 | 1,350 | |||||
Du Pont (EI) De Nemours & Co., Expiration July 2015, Exercise Price $65.00 | 398 | 19,502 | |||||
EBay, Inc., Expiration May 2015, Exercise Price $52.50 | 126 | 504 | |||||
EBay, Inc., Expiration July 2015, Exercise Price $50.00 | 385 | 10,203 | |||||
Equinix, Inc., Expiration June 2015, Exercise Price $190 | 23 | 1,725 | |||||
General Electric Co., Expiration July 2015, Exercise Price $25.00 | 648 | 16,200 | |||||
General Motors Co., Expiration June 2015, Exercise Price $31.00 | 426 | 6,816 | |||||
General Motors Co., Expiration June 2015, Exercise Price $32.00 | 561 | 16,269 | |||||
General Motors Co., Expiration June 2015, Exercise Price $33.00 | 299 | 14,352 | |||||
Hertz Global Holdings Inc., Expiration June 2015, Exercise Price $16.00 | 623 | 6,230 | |||||
Hertz Global Holdings Inc., Expiration June 2015, Exercise Price $18.00 | 180 | 4,050 | |||||
Hertz Global Holdings Inc., Expiration June 2015, Exercise Price $19.00 | 989 | 34,615 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $18.00 | 318 | 1,590 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $19.00 | 386 | 1,158 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $20.00 | 1,251 | 5,004 | |||||
International Paper Co., Expiration July 2015, Exercise Price $45.00 | 603 | 19,598 | |||||
International Paper Co., Expiration July 2015, Exercise Price $50.00 | 564 | 54,144 | |||||
Life Time Fitness, Inc., Expiration May 2015, Exercise Price $50.00 | 164 | 820 | |||||
Manitowoc Co., Inc., Expiration June 2015, Exercise Price $16.00 | 745 | 7,450 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Security | Contracts** | Value | |||||
PURCHASED PUT OPTIONS (Continued) - 0.4% | |||||||
Manitowoc Co., Inc., Expiration June 2015, Exercise Price $17.00 | 642 | $ | 9,630 | ||||
Manitowoc Co., Inc., Expiration June 2015, Exercise Price $18.00 | 219 | 7,665 | |||||
McDonald’s Corp., Expiration May 2015, Exercise Price $80.00 | 236 | 708 | |||||
McDonald’s Corp., Expiration June 2015, Exercise Price $87.50 | 91 | 6,370 | |||||
MGM Resorts International, Expiration July 2015, Exercise Price $18.00 | 664 | 18,592 | |||||
Microsoft Corp., Expiration July 2015, Exercise Price $36.00 | 973 | 3,406 | |||||
Mylan NV, Expiration May 2015, Exercise Price $55.00 | 69 | 207 | |||||
Mylan NV, Expiration June 2015, Exercise Price $67.50 | 86 | 24,080 | |||||
Noble Corp., Expiration June 2015, Exercise Price $11.00 | 448 | 3,136 | |||||
Northstar Realty Finance Corp., Expiration June 2015, Exercise Price $15.00 | 243 | 6,075 | |||||
Northstar Realty Finance Corp., Expiration June 2015, Exercise Price $16.00 | 426 | 7,455 | |||||
Northstar Realty Finance Corp., Expiration June 2015, Exercise Price $17.00 | 1,363 | 27,260 | |||||
Northstar Realty Finance Corp., Expiration September 2015, Exercise Price $16.00 | 483 | 21,735 | |||||
Occidental Petroleum Corp., Expiration May 2015, Exercise Price $72.50 | 146 | 1,898 | |||||
Olin Corp., Expiration May 2015, Exercise Price $25.00 | 227 | 3,405 | |||||
Omnicare, Inc., Expiration June 2015, Exercise Price $70.00 | 46 | 2,760 | |||||
Omnicare, Inc., Expiration June 2015, Exercise Price $75.00 | 26 | 1,820 | |||||
Packaging Corp of America, Expiration July 2015, Exercise Price $60.00 | 45 | 3,262 | |||||
Packaging Corp of America, Expiration July 2015, Exercise Price $65.00 | 77 | 13,090 | |||||
Pfizer, Inc., Expiration June 2015, Exercise Price $31.00 | 261 | 4,437 | |||||
Proctoer & Gamble Co., Expiration May 2015, Exercise Price $77.50 | 181 | 5,430 | |||||
Proctoer & Gamble Co., Expiration July 2015, Exercise Price $75.00 | 64 | 3,840 | |||||
SPDR S&P 500 ETF Trust, Expiration May 2015, Exercise Price $210.00 | 266 | 101,080 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $180.00 | 529 | 25,392 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $205.00 | 541 | 203,416 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $210.00 | 183 | 105,774 | |||||
Staples, Inc., Expiration June 2015, Exercise Price $12.00 | 687 | 3,435 | |||||
Timken Co., Expiration June 2015, Exercise Price $35.00 | 133 | 2,328 | |||||
T-Mobile US, Inc., Expiration May 2015, Exercise Price $25.00 | 915 | 15,555 | |||||
T-Mobile US, Inc., Expiration May 2015, Exercise Price $28.00 | 143 | 2,002 | |||||
Ventas, Inc., Expiration May 2015, Exercise Price $70.00 | 330 | 52,140 | |||||
Vivendi SA., Expiration June 2015, Exercise Price $18.00 | 445 | 499 | |||||
W.R. Grace & Co., Expiration June 2015, Exercise Price $85.00 | 187 | 5,610 | |||||
W.R. Grace & Co., Expiration June 2015, Exercise Price $87.50 | 94 | 3,760 | |||||
Yahoo! Inc., Expiration June 2015, Exercise Price $37.00 | 187 | 3,179 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $37.00 | 96 | 3,504 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $40.00 | 79 | 8,374 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $41.00 | 626 | 84,510 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $42.00 | 97 | 17,557 | |||||
Zoetis, Inc., Expiration July 2015, Exercise Price $39.00 | 55 | 2,750 | |||||
Zoetis, Inc., Expiration July 2015, Exercise Price $40.00 | 26 | 1,690 | |||||
Zoetis, Inc., Expiration July 2015, Exercise Price $41.00 | 167 | 15,530 | |||||
TOTAL PURCHASED PUT OPTIONS (Cost - $2,441,827) | 1,321,587 |
SHORT-TERM INVESTMENT - 14.9% | Interest | |||||||||
MONEY MARKET FUND - 14.9% | Shares | Rate | ||||||||
First American Government Obligations Fund | 44,557,704 | 0.01+ | % | 44,557,704 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost - $44,557,704) | ||||||||||
TOTAL INVESTMENTS - 108.2% (Cost - $322,952,945) | $ | 324,339,877 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)% | (24,613,737 | ) | ||||||||
NET ASSETS - 100.0% | $ | 299,726,140 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Security | Contracts ++ | Value | |||||
WRITTEN CALL OPTIONS - (1.7)% | |||||||
American Movil, Expiration August 2015, Exercise Price $21.00 | 557 | $ | 64,055 | ||||
American International Group, Expiration May 2015, Exercise Price $52.50 | 49 | 19,110 | |||||
American International Group, Expiration May 2015, Exercise Price $55.00 | 1,615 | 284,240 | |||||
American International Group, Expiration August 2015, Exercise Price $55.00 | 49 | 15,190 | |||||
American International Group, Expiration August 2015, Exercise Price $57.50 | 37 | 6,586 | |||||
Anadarko Petroleum Corp., Expiration May 2015, Exercise Price $80.00 | 308 | 454,300 | |||||
Anadarko Petroleum Corp., Expiration January 2015, Exercise Price $90.00 | 308 | 255,640 | |||||
Baxter International, Inc., Expiration May 2015, Exercise Price $67.50 | 64 | 11,840 | |||||
Baxter International, Inc., Expiration June 2015, Exercise Price $70.00 | 107 | 11,342 | |||||
Bayer AG, Expiration May 2015, Exercise Price $130.00 | 58 | 20,242 | |||||
Bayer AG, Expiration May 2015, Exercise Price $135.00 | 105 | 13,668 | |||||
Bayer AG, Expiration June 2015, Exercise Price $130.00 | 41 | 21,947 | |||||
Bayer AG, Expiration July 2015, Exercise Price $125 | 42 | 39,697 | |||||
BP PLC, Expiration July 2015, Exercise Price $39.00 | 359 | 161,550 | |||||
CBS Corp., Expiration June 2015, Exercise Price $57.50 | 419 | 235,688 | |||||
CBS Corp., Expiration June 2015, Exercise Price $60.00 | 410 | 158,875 | |||||
Citigroup, Inc., Expiration May 2015, Exercise Price $52.50 | 403 | 49,166 | |||||
Citigroup, Inc., Expiration June 2015, Exercise Price $52.50 | 402 | 72,360 | |||||
Computer Sciences Corp., Expiration June 2015, Exercise Price $60.00 | 90 | 52,200 | |||||
Computer Sciences Corp., Expiration June 2015, Exercise Price $65.00 | 514 | 131,070 | |||||
DISH Network Corp., Expiration June 2015, Exercise Price $67.50 | 823 | 271,590 | |||||
DISH Network Corp., Expiration June 2015, Exercise Price $70.00 | 40 | 9,400 | |||||
DOW Chemical Co., Expiration June 2015, Exercise Price $45.00 | 535 | 357,380 | |||||
DOW Chemical Co., Expiration June 2015, Exercise Price $46.00 | 606 | 345,420 | |||||
DOW Chemical Co., Expiration June 2015, Exercise Price $48.00 | 428 | 151,512 | |||||
Du Pont (EI) De Nemours & Co., Expiration May 2015, Exercise Price $70.00 | 68 | 23,800 | |||||
Du Pont (EI) De Nemours & Co., Expiration May 2015, Exercise Price $72.50 | 184 | 27,784 | |||||
Du Pont (EI) De Nemours & Co., Expiration July 2015, Exercise Price $70.00 | 41 | 17,220 | |||||
Du Pont (EI) De Nemours & Co., Expiration July 2015, Exercise Price $72.50 | 442 | 110,942 | |||||
EBay, Inc., Expiration May 2015, Exercise Price $57.50 | 126 | 16,254 | |||||
EBay, Inc., Expiration July 2015, Exercise Price $55.00 | 427 | 200,690 | |||||
Equinix, Inc., Expiration June 2015, Exercise Price $210.00 | 33 | 158,730 | |||||
General Electric Co., Expiration July 2015, Exercise Price $27.00 | 1,238 | 103,992 | |||||
General Motors Co., Expiration June 2015, Exercise Price $35.00 | 181 | 18,462 | |||||
General Motors Co., Expiration June 2015, Exercise Price $36.00 | 1,879 | 112,740 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Security | Contracts ++ | Value | |||||
WRITTEN CALL OPTIONS (Continued) - (1.7)% | |||||||
General Motors Co., Expiration June 2015, Exercise Price $37.00 | 472 | $ | 16,048 | ||||
Haliburton Co., Expiration July 2015, Exercise Price $42.50 | 49 | 36,260 | |||||
Hertz Global Holdings, Inc., Expiration June 2015, Exercise Price $19.00 | 555 | 123,765 | |||||
Hertz Global Holdings, Inc., Expiration June 2015, Exercise Price $21.00 | 200 | 20,000 | |||||
Hertz Global Holdings, Inc., Expiration June 2015, Exercise Price $22.00 | 1,560 | 98,280 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $21.00 | 398 | 86,565 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $22.00 | 284 | 32,376 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $23.00 | 297 | 13,365 | |||||
Huntsman Corp., Expiration May 2015, Exercise Price $24.00 | 1,498 | 20,972 | |||||
International Paper Co., Expiration July 2015, Exercise Price $52.50 | 703 | 189,810 | |||||
International Paper Co., Expiration July 2015, Exercise Price $55.00 | 704 | 87,296 | |||||
Life Time Fitness, Inc., Expiration May 2015, Exercise Price $55.00 | 204 | 336,600 | |||||
Lorillard, Inc., Expiration June 2015, Exercise Price $60.00 | 265 | 267,650 | |||||
Manitowoc Co. Inc., Expiration June 2015, Exercise Price $18.00 | 303 | 65,145 | |||||
Manitowoc Co. Inc., Expiration June 2015, Exercise Price $19.00 | 594 | 65,340 | |||||
Manitowoc Co. Inc., Expiration June 2015, Exercise Price $20.00 | �� | 1,183 | 100,555 | ||||
McDonald’s Corp., Expiration May 2015, Exercise Price $92.50 | 295 | 159,300 | |||||
McDonald’s Corp., Expiration June 2015, Exercise Price $95.00 | 121 | 47,432 | |||||
MGM Resorts International, Expiration June 2015, Exercise Price $20.00 | 830 | 158,530 | |||||
Microsoft Corp., Expiration July 2015, Exercise Price $41.00 | 1,298 | 1,064,360 | |||||
Mylan NV, Expiration May 2015, Exercise Price $60.00 | 86 | 108,360 | |||||
Mylan NV, Expiration June 2015, Exercise Price $72.50 | 78 | 39,000 | |||||
Noble Corp., Expiration June 2015, Exercise Price $14.00 | 448 | 152,320 | |||||
Northstar Realty Finance Corp., Expiration June 2015, Exercise Price $17.00 | 324 | 71,928 | |||||
Northstar Realty Finance Corp., Expiration June 2015, Exercise Price $18.00 | 790 | 75,050 | |||||
Northstar Realty Finance Corp., Expiration June 2015, Exercise Price $19.00 | 1,515 | 68,175 | |||||
Northstar Realty Finance Corp., Expiration September 2015, Exercise Price $18.00 | 643 | 83,590 | |||||
Occidental Petroleum Corp., Expiration May 2015, Exercise Price $77.50 | 244 | 79,788 | |||||
Olin Corp., Expiration May 2015, Exercise Price $30.00 | 227 | 7,945 | |||||
Omnicare, Inc., Expiration June 2015, Exercise Price $80.00 | 104 | 96,720 | |||||
Orbitz Worldwide, Inc., Expiration August 2015, Exercise Price $12.00 | 997 | 12,463 | |||||
Packaging Corp of America, Expiration July 2015, Exercise Price $67.50 | 56 | 21,952 | |||||
Packaging Corp of America, Expiration July 2015, Exercise Price $75.00 | 115 | 9,775 | |||||
Pfizer, Inc., Expiration May 2015, Exercise Price $34.00 | 206 | 7,416 | |||||
Pfizer, Inc., Expiration June 2015, Exercise Price $34.00 | 1,041 | 70,788 | |||||
Proctor & Gamble Co., Expiration May 2015, Exercise Price $82.50 | 213 | 1,278 | |||||
Proctor & Gamble Co., Expiration July 2015, Exercise Price $82.50 | 71 | 4,757 | |||||
Rock-Tenn Co., Expiration July 2015, Exercise Price $60.00 | 35 | 17,500 | |||||
Royal Dutch Shell PLC, Expiration July 2015, Exercise Price $1950.00 | 15 | 35,247 | |||||
Sirius XM Holdings, Inc., Expiration May 2015, Exercise Price $4.00 | 3,275 | 16,375 | |||||
Sirius XM Holdings, Inc., Expiration June 2015, Exercise Price $3.50 | 3,176 | 155,624 | |||||
Sirius XM Holdings, Inc., Expiration June 2015, Exercise Price $4.00 | 1,069 | 10,690 | |||||
Staples, Inc., Expiration June 2015, Exercise Price $15.00 | 764 | 126,060 | |||||
Time Warner Cable, Inc., Expiration June 2015, Exercise Price $145.00 | 45 | 58,500 | |||||
Time Warner Cable, Inc., Expiration July 2015, Exercise Price $145.00 | 335 | 479,050 | |||||
Time Warner Cable, Inc., Expiration July 2015, Exercise Price $150.00 | 33 | 34,320 | |||||
Timken Co., Expiration June 2015, Exercise Price $40.00 | 133 | 10,307 | |||||
T-Mobile US, Inc., Expiration May 2015, Exercise Price $28.00 | 456 | 286,140 | |||||
T-Mobile US, Inc., Expiration May 2015, Exercise Price $29.00 | 419 | 213,690 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Security | Contracts ++ | Value | |||||
WRITTEN CALL OPTIONS (Continued) - (1.7)% | |||||||
T-Mobile US, Inc., Expiration May 2015, Exercise Price $30.00 | 102 | $ | 42,840 | ||||
T-Mobile US, Inc., Expiration May 2015, Exercise Price $31.00 | 219 | 70,080 | |||||
Ventas, Inc., Expiration May 2015, Exercise Price $75.00 | 407 | 2,035 | |||||
Vodafone Group PLC, Expiration May 2015, Exercise Price $34.00 | 349 | 50,954 | |||||
Vodafone Group PLC, Expiration July 2015, Exercise Price $34.00 | 39 | 7,332 | |||||
W.R. Grace & Co., Expiration June 2015, Exercise Price $95.00 | 233 | 89,705 | |||||
W.R. Grace & Co., Expiration June 2015, Exercise Price $97.50 | 105 | 25,725 | |||||
Yahoo! Inc., Expiration June 2015, Exercise Price $41.00 | 234 | 57,564 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $41.00 | 137 | 43,840 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $44.00 | 98 | 13,524 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $45.00 | 736 | 77,280 | |||||
Yahoo! Inc., Expiration July 2015, Exercise Price $46.00 | 121 | 9,075 | |||||
Zoetis, Inc., Expiration July 2015, Exercise Price $44.00 | 65 | 17,875 | |||||
Zoetis, Inc., Expiration July 2015, Exercise Price $45.00 | 128 | 30,207 | |||||
Zoetis, Inc., Expiration July 2015, Exercise Price $46.00 | 97 | 18,430 | |||||
WRITTEN CALL OPTIONS - (Premiums Received - $10,408,865) | 9,905,605 | ||||||
WRITTEN PUT OPTIONS - (0.0)% | |||||||
SPDR S&P 500 ETF Trust, Expiration May 2015, Exercise Price $205.00 | 275 | 55,550 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $190.00 | 521 | 57,831 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $195.00 | 278 | 46,704 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $200.00 | 270 | 69,120 | |||||
SPDR S&P 500 ETF Trust, Expiration June 2015, Exercise Price $204.00 | 183 | 64,050 | |||||
Vivendi SA., Expiration June 2015, Exercise Price $22.00 | 1,299 | 74,345 | |||||
TOTAL WRITTEN PUT OPTIONS - (Premiums Received - $435,080) | 367,600 | ||||||
Shares | |||||||
SECURITIES SOLD SHORT * - (9.4)% | |||||||
AbbVie, Inc. | 9,341 | 603,990 | |||||
Alcoa, Inc. | 37,366 | 501,452 | |||||
American Airlines Group, Inc. | 5,300 | 255,911 | |||||
Applied Materials, Inc. | 142,365 | 2,817,403 | |||||
AT&T, Inc. | 204,759 | 7,092,852 | |||||
CK Hutchison Holdings LTD | 114,789 | 2,495,348 | |||||
Comcast Corp. | 6,594 | 380,869 | |||||
Comcast Corp. - Class A | 19,706 | 1,134,869 | |||||
Dollar Tree, Inc. | 26,324 | 2,011,417 | |||||
Halliburton Co. | 37,081 | 1,815,115 | |||||
Harris Corp. | 16,502 | 1,324,120 | |||||
Liberty Global PLC | 26,389 | 1,375,922 | |||||
M&T Bank Corp. | 50,255 | 6,014,016 | |||||
Reynolds American, Inc. | 10,998 | 806,153 | |||||
Royal Dutch Shell PLC - ADR | 8,687 | 561,093 | |||||
T-Mobile US, Inc. | 2,556 | 87,006 | |||||
Vodafone Group PLC - ADR | 7,700 | 271,040 | |||||
XL Group PLC | 27,358 | 1,014,435 | |||||
TOTAL SECURITIES SOLD SHORT - (Proceeds - $27,906,117) | 30,563,011 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Unrealized | ||||
Appreciation/ | ||||
LONG EQUITY SWAP CONTRACTS - 0.8% | (Depreciation) | |||
American International Group Equity Swap, JP Morgan - April 14, 2016 | $ | (2,434 | ) | |
to receive total return of American International Group less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $9,039,555) | ||||
Andarko Petroleum Corp. Equity Swap, JP Morgan - December 16, 2015 | 977,290 | |||
to receive total return of Andarko Petroleum Corp. less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $3,913,000) | ||||
Apollo Residential Mortgage Equity Swap, JP Morgan - May 16, 2015 | (3,781 | ) | ||
to receive total return of Apollo Residential Mortgage less USD- 3 Month LIBOR plus 0.66% | ||||
(NOTIONAL AMOUNT $169,411) | ||||
Apollo Residential Mortgage Equity Swap, JP Morgan - May 19, 2015 | 2,724 | |||
to receive total return of Apollo Residential Mortgage less USD- 3 Month LIBOR plus 0.66% | ||||
(NOTIONAL AMOUNT $1,329,434) | ||||
Apollo Residential Mortgage Equity Swap, JP Morgan - April 27, 2016 | (5,900 | ) | ||
to receive total return of Apollo Residential Mortgage less USD- 3 Month LIBOR plus 0.66% | ||||
(NOTIONAL AMOUNT $522,792) | ||||
Bayer AG Equity Swap, JP Morgan - September 19, 2015 | 62,596 | |||
to receive total return of Bayer AG less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $3,497,968) | ||||
BG Group PLC Equity Swap, JP Morgan - December 24, 2015 | 127,862 | |||
to receive total return of BG Group PLC less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $3,172,529) | ||||
Blackstone Senior Floating Rate Term Fund Equity Swap, JP Morgan - December 24, 2015 | 15,034 | |||
to receive total return of Blackstone Senior Floating Rate Term Fund less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $306,175) | ||||
Catlin Group LTD Equity Swap, JP Morgan - October 6, 2015 | 80,472 | |||
to receive total return of Caitlin Group LTD less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $2,207,884) | ||||
CSR PLC Equity Swap, JP Morgan - October 20, 2015 | 63,307 | |||
to receive total return of CSR PLC less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $2,754,670) | ||||
CYS Investments, Inc. Equity Swap, JP Morgan - May 6, 2015 | 82,694 | |||
to receive total return of CYS Investments, Inc. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $2,345,278) | ||||
DIRECTV Equity Swap, JP Morgan - October 7, 2015 | 295,669 | |||
to receive total return of DIRECTV less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $7,500,035) |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Unrealized | ||||
Appreciation/ | ||||
LONG EQUITY SWAP CONTRACTS (Continued) - 0.8% | (Depreciation) | |||
Dow Chemical Co. Equity Swap, JP Morgan - February 6, 2016 | $ | 253,881 | ||
to receive total return of Dow Chemical Co less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $2,921,247) | ||||
Dresser-Rand Group, Inc. Equity Swap, JP Morgan - October 16, 2015 | 2,090 | |||
to receive total return of Dresser-Rand Group, Inc. less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $45,907) | ||||
Eaton Vance Floating Rate, Inc. Equity Swap, JP Morgan - January 4, 2016 | 275,341 | |||
to receive total return of Eaton Vance Floating Rate, Inc. less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $3,301,149) | ||||
E. ON SE Equity Swap, JP Morgan - December 16, 2015 | (16,801 | ) | ||
to receive total return of E. ON SE Floating Rate, Inc. less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $235,423) | ||||
Equity Commonwealth Equity Swap, JP Morgan - March 16, 2016 | (54,555 | ) | ||
to receive total return of Equity Commonwealth less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $2,275,461) | ||||
First Trust Four Corners Senior Floating Rate Equity Swap, JP Morgan - January 4, 2016 | 79,100 | |||
to receive total return of First Trust Four Corners Senior Floating Rate less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $1,104,335) | ||||
First Trust MLP & Energy Income Fund Equity Swap, JP Morgan - December 31, 2015 | (3,518 | ) | ||
to receive total return of First Trust MLP & Energy Income Fund less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $188,514) | ||||
General Motors Co. Equity Swap, JP Morgan - December 11, 2015 | 403,279 | |||
to receive total return of General Motors Co. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $5,945,172) | ||||
Huntsman Corp. Equity Swap, JP Morgan - April 14, 2016 | 201,283 | |||
to receive total return of Huntsman Corp. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $5,640,420) | ||||
Jazztel PLC Equity Swap, JP Morgan - October 16, 2015 | (105,370 | ) | ||
to receive total return of Jazztel PLC less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $4,869,478) | ||||
Nuveen Energy MLP Total Return Fund Equity Swap, JP Morgan - January 15, 2016 | (39,568 | ) | ||
to receive total return of Nuveen Energy MLP Total Return Fund less USD- 3 Month LIBOR plus 1.03% | ||||
(NOTIONAL AMOUNT $1,265,249) | ||||
Occidental Petroleum Corp. Equity Swap, JP Morgan - December 1, 2015 | (118,471 | ) | ||
to receive total return of Occidental Petroleum Corp. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $2,063,447) | ||||
Pirelli & Co. Equity Swap, JP Morgan - April 17, 2016 | 22,686 | |||
to receive total return of Pirelli & Co. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $448,166) |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Unrealized | ||||
Appreciation/ | ||||
LONG EQUITY SWAP CONTRACTS (Continued) - 0.8% | (Depreciation) | |||
Pace PLC Equity Swap, JP Morgan - April 28, 2016 | $ | (25,721 | ) | |
to receive total return of Pace PLC less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $1,607,437) | ||||
SAI Global LTD Equity Swap, JP Morgan - June 3, 2015 | (164,491 | ) | ||
to receive total return of SAI Global LTD less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $482,489) | ||||
Sirius XM Radio, Inc. Equity Swap, JP Morgan - January 9, 2016 | 7,283 | |||
to receive total return of Sirius XM Radio, Inc. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $40,833) | ||||
T-Mobile US, Inc. Equity Swap, JP Morgan - May 1, 2015 | 5,618 | |||
to receive total return of T-Mobile US, Inc. less USD- 3 Month LIBOR plus 0.00% | ||||
(NOTIONAL AMOUNT $7,107,635) | ||||
Toll Holdings LTD Equity Swap, JP Morgan - March 12, 2016 | 96,150 | |||
to receive total return of Toll Holdings LTD less USD- 3 Month LIBOR plus 0.00% | ||||
(NOTIONAL AMOUNT $1,938,098) | ||||
Time Warner Cable, Inc. Equity Swap, JP Morgan - March 17, 2016 | (58,705 | ) | ||
to receive total return of Time Warner Cable, Inc. less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $7,464,673) | ||||
Vivendi Equity Swap, JP Morgan - February 24, 2016 | 56 | |||
to receive total return of Vivendi less USD- 3 Month LIBOR plus 0.63% | ||||
(NOTIONAL AMOUNT $698) | ||||
Vodafone Group PLC Equity Swap, JP Morgan - February 24, 2016 | (2,148 | ) | ||
to receive total return of Vodafone Group PLC less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $1,637,941) | ||||
Voya Prime Rate Equity Swap, JP Morgan - February 24, 2016 | 62,777 | |||
to receive total return of Voya Prime Rate less USD- 3 Month LIBOR plus 0.53% | ||||
(NOTIONAL AMOUNT $1,133,951) | ||||
TOTAL LONG EQUITY SWAP CONTRACTS | 2,515,729 | |||
SHORT EQUITY SWAP CONTRACTS- (0.1)% | ||||
Arris Group, Inc. Equity Swap, JP Morgan - April 29, 2016 | 38,156 | |||
to pay total return of Arris Group, Inc. less USD- 3 Month LIBOR plus 0.12% | ||||
(NOTIONAL AMOUNT $1,254,017) | ||||
AT&T, Inc. Equity Swap, JP Morgan - January 16, 2016 | (43,647 | ) | ||
to pay total return of AT&T, Inc. less USD- 3 Month LIBOR plus 0.37% | ||||
(NOTIONAL AMOUNT $1,365,705) | ||||
Holcim LTD Equity Swap, JP Morgan - February 26, 2016 | 274 | |||
to pay total return of Holcim LTD less USD- 3 Month LIBOR plus 0.37% | ||||
(NOTIONAL AMOUNT $3,233) |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Monthly Distribution Fund (Continued) |
April 30, 2015 |
Unrealized | ||||
Appreciation/ | ||||
SHORT EQUITY SWAP CONTRACTS (Continued) - (0.1)% | (Depreciation) | |||
International Game Techology Equity Swap, JP Morgan - April 10, 2016 | 37,136 | |||
to pay total return of International Game Technology less USD- 3 Month LIBOR plus 0.37% | ||||
(NOTIONAL AMOUNT $226,020) | ||||
Royal Dutch Shell PLC Equity Swap, JP Morgan - April 10, 2016 | (85,728 | ) | ||
to pay total return of Royal Dutch Shell PLC less USD- 3 Month LIBOR plus 0.37% | ||||
(NOTIONAL AMOUNT $2,029,751) | ||||
TOTAL SHORT EQUITY SWAP CONTRACTS | (53,809 | ) | ||
TOTAL EQUITY SWAP CONTRACTS | $ | 2,461,920 |
Portfolio Composition * - (Unaudited) | ||||||
Financial | 15.78% | Technology | 4.94% | |||
Consumer, Non-cyclical | 14.86% | Energy | 4.63% | |||
Consumer, Cyclical | 13.55% | Utilities | 1.88% | |||
Communications | 13.10% | Government | 0.74% | |||
Basic Materials | 8.65% | Diversified | 0.77% | |||
Industrial | 7.31% | Short-Term Investment | 13.79% | |||
Total | 100.00% |
The Sub-Adviser remains optimistic that interest rates in general will eventually rise, and that bank loan investors may benefit from a highly-correlated increase in LIBOR. As headlines continue to disagree on when this rise may occur and every word of the Federal Open Market Committee is carefully dissected for some hint of a timeframe, the Sub-Adviser remains encouraged by the positioning of the bank loan market. |
Total Returns as of April 30, 2015 | ||||||
Non-Annualized | ||||||
Six | One | Since Inception | ||||
Months | Year | (11/1/13) | ||||
Class N | 1.89% | 2.25% | 2.23% | |||
Class C | 1.52% | 1.58% | 1.44% | |||
Class A with load of 4.50% | (2.96)% | (2.59)% | (1.17)% | |||
Class A without load | 1.66% | 2.00% | 1.92% | |||
S&P/LSTA Leverage Loan Index | 2.32% | 3.44% | 3.80% | |||
Morningstar Bank Loan Category | 1.88% | 2.50% | 2.91% |
The S&P/LSTA U.S. Leveraged Loan 100 Index is designed to reflect the performance of the largest facilities in the leveraged loan market. Investors cannot invest directly in an index or benchmark. The Morningstar Bank Loan Category is generally representative of mutual funds that primarily invest in floating-rate bank loans instead of bonds. These bank loans generally offer interest payments that typically float above a common short-term benchmark such as the London interbank offered rate, or LIBOR. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
BANK LOANS - 90.7% | |||||||||||||
CONSUMER DISCRETIONARY - 26.8% | |||||||||||||
Acosta, Inc. | $ | 165,000 | 4.2500 | % | 4/20/2021 | $ | 166,044 | ||||||
Acosta, Inc. | 232,418 | 4.2500 | 9/27/2021 | 235,370 | |||||||||
Advantage Sales & Marketing, Inc. | 350,864 | 4.2500 | 7/23/2021 | 352,597 | |||||||||
Advantage Sales & Marketing, Inc. | 195,000 | 7.5000 | 7/25/2022 | 196,410 | |||||||||
Allison Transmission, Inc. | 589,800 | 3.5000 | 8/23/2019 | 594,223 | |||||||||
Aristocrat Technologies, Inc. | 381,000 | 4.7500 | 10/20/2021 | 385,001 | |||||||||
Borgata | 148,118 | 6.5000 | 8/15/2018 | 149,612 | |||||||||
Boyd Gaming Corp. | 534,858 | 4.0000 | 8/14/2020 | 539,019 | |||||||||
Brickman Group Holdings, Inc. | 324,894 | 4.0000 | 12/18/2020 | 325,984 | |||||||||
Brickman Group Holdings, Inc. | 249,000 | 7.5000 | 12/17/2021 | 252,061 | |||||||||
Caesars Entertainment Operating Co, Inc. | 203,234 | 10.0000 | 3/1/2017 | 186,759 | |||||||||
Caesars Entertainment Operating Co, Inc. | 137,310 | 9.7500 | 1/28/2018 | 126,516 | |||||||||
Caesars Entertainment Resort Properties, Inc. | 275,652 | 7.0000 | 10/11/2020 | 264,670 | |||||||||
Caesars Growth Properties Holdings, LLC | 254,080 | 6.2500 | 5/7/2021 | 228,545 | |||||||||
CBAC Borrower, LLC | 145,000 | 8.2500 | 7/2/2020 | 143,369 | |||||||||
Cequel Communications, LLC | 329,827 | 3.5000 | 2/14/2019 | 331,562 | |||||||||
Charter Communications Operations LLC | 330,172 | 3.0000 | 7/1/2020 | 329,811 | |||||||||
Charter Communications Operations LLC | 700 | 4.2500 | 9/10/2021 | 698 | |||||||||
Chrysler Group LLC | 222,115 | 3.5000 | 5/24/2017 | 222,768 | |||||||||
Chrysler Group LLC | 578,033 | 3.2500 | 12/31/2018 | 579,527 | |||||||||
CityCenter Holdings, LLC | 375,000 | 4.2500 | 10/6/2020 | 378,094 | |||||||||
Clear Channel Communication | 1,395,000 | 6.9343 | 1/30/2019 | 1,338,768 | |||||||||
Cooper-Standard Automotive | 414,870 | 4.0000 | 4/5/2021 | 417,465 | |||||||||
CSC Holdings, LLC | 855,692 | 2.6843 | 4/17/2020 | 855,093 | |||||||||
Cumulus Media Holdings, Inc. | 382,537 | 4.2500 | 12/23/2020 | 378,712 | |||||||||
Delta S.a.r.l | 410,000 | 4.7500 | 7/30/2021 | 411,304 | |||||||||
Federal Mogul Corp. | 446,625 | 4.7500 | 4/15/2021 | 446,982 | |||||||||
General Nutrition Centers, Inc. | 271,831 | 3.2500 | 3/4/2019 | 271,576 | |||||||||
Golden Nugget, Inc. | 158,967 | 5.5000 | 11/21/2019 | 160,597 | |||||||||
Golden Nugget, Inc. | 68,129 | 5.5000 | 11/21/2019 | 68,827 | |||||||||
Hilton Hotels Corp. | 1,483,151 | 3.5000 | 10/26/2020 | 1,490,351 | |||||||||
KAR Auction Services, Inc. | 313,940 | 3.5000 | 3/11/2021 | 314,725 | |||||||||
Key Safety Systems, Inc. | 345,265 | 4.7500 | 8/27/2021 | 348,448 | |||||||||
Laureate Education, Inc. | 379,832 | 5.0000 | 6/15/2018 | 368,437 | |||||||||
Leslie’s Poolmart, Inc. | 400,030 | 4.2500 | 10/16/2019 | 401,280 | |||||||||
Libbey Glass, Inc. | 399,982 | 3.7500 | 4/9/2021 | 401,358 | |||||||||
Mediacom Broadband, LLC | 302,662 | 3.2500 | 1/29/2021 | 302,473 | |||||||||
Mediacom Broadband, LLC | 62,685 | 3.7500 | 6/30/2021 | 62,871 | |||||||||
Mediacom Broadband, LLC | 157,210 | 3.7500 | 6/30/2021 | 157,800 | |||||||||
Metaldyne LLC | 129,714 | 4.2500 | 10/20/2021 | 129,990 | |||||||||
MGM Results International | 728,485 | 3.5000 | 12/20/2019 | 729,621 | |||||||||
Michaels Stores, Inc. | 286,357 | 3.7500 | 1/28/2020 | 287,708 | |||||||||
Mohegan Tribal Gaming Authority | 162,411 | 5.5000 | 11/19/2019 | 162,092 | |||||||||
NBTY, Inc. | 215,000 | 3.5000 | 10/2/2017 | 214,409 | |||||||||
Numericable US LLC | 116,264 | 4.5000 | 5/21/2020 | 116,918 | |||||||||
Numericable US LLC | 98,397 | 4.5000 | 5/21/2020 | 98,951 | |||||||||
Penn National Gaming, Inc. | 409,813 | 3.2500 | 10/30/2020 | 410,509 | |||||||||
Petsmart, Inc. | 311,000 | 5.0000 | 3/11/2022 | 315,202 | |||||||||
Pinnacle Entertainment, Inc. | 191,483 | 3.7500 | 8/13/2020 | 192,441 | |||||||||
Scientific Games International, Inc. | 217,455 | 6.0000 | 10/1/2021 | 219,992 | |||||||||
Servicemaster Co. | 588,544 | 4.2500 | 7/1/2021 | 591,434 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
CONSUMER DISCRETIONARY (Continued) - 26.8% | |||||||||||||
Shingle Springs Tribal Gaming Authority | $ | 145,485 | 6.2500 | % | 8/29/2019 | $ | 146,394 | ||||||
Sinclair Television Group, Inc. | 375,000 | 3.5000 | 7/30/2021 | 375,938 | |||||||||
SRAM, LLC | 286,840 | 5.2500 | 4/10/2020 | 287,078 | |||||||||
Staples, Inc. | 258,000 | 3.7500 | 4/23/2021 | 259,227 | |||||||||
Station Casinos LLC | 257,875 | 4.2500 | 3/2/2020 | 259,863 | |||||||||
Transtar Holding Co. | 34,434 | 5.7500 | 10/9/2018 | 34,607 | |||||||||
Tribune Co. | 503,335 | 4.0000 | 12/28/2020 | 506,639 | |||||||||
TWCC Holding Corp. | 228,217 | 3.5000 | 2/13/2017 | 226,507 | |||||||||
TWCC Holding Corp. | 270,000 | 7.0000 | 6/26/2020 | 254,138 | |||||||||
Univision Communications, Inc. | 1,345,321 | 4.0000 | 3/1/2020 | 1,348,402 | |||||||||
US Farathane LLC | 162,937 | 6.7500 | 12/23/2021 | 165,178 | |||||||||
Virgin Media Investment Holdings Ltd. | 337,650 | 3.5000 | 6/8/2020 | 338,372 | |||||||||
Ziggo NV | 154,941 | 3.5000 | 1/15/2022 | 155,258 | |||||||||
Ziggo NV | 99,846 | 3.5000 | 1/15/2022 | 100,051 | |||||||||
Ziggo NV | 164,212 | 3.5000 | 1/15/2022 | 164,548 | |||||||||
22,277,174 | |||||||||||||
CONSUMER STAPLES - 6.1% | |||||||||||||
Albertsons, Inc. | 281,000 | 5.5000 | 8/25/2021 | 284,357 | |||||||||
Aramark Corp. | 808,852 | 3.2500 | 2/24/2021 | 810,672 | |||||||||
Big Heart Pet Brands | 198,500 | 3.5000 | 3/9/2020 | 198,561 | |||||||||
Charger Opco BV | 73,000 | 3.5000 | 7/23/2021 | 73,000 | |||||||||
Del Monte Foods Co. | 63,850 | 5.5000 | 2/18/2021 | 61,635 | |||||||||
Dole Foods, Inc. | 577,330 | 4.5000 | 11/1/2018 | 581,782 | |||||||||
H.J. Heinz Co. | 1,130,811 | 3.2500 | 6/5/2020 | 1,134,215 | |||||||||
New HB Acquisiton, LLC | 287,100 | 6.7500 | 4/9/2020 | 293,021 | |||||||||
Pinnacle Foods Finance LLC | 908,965 | 3.0000 | 4/29/2020 | 910,597 | |||||||||
Prestige Brands, Inc. | 463,833 | 5.7500 | 9/3/2021 | 466,806 | |||||||||
Spectrum Brands, Inc. | 241,325 | 3.5000 | 9/4/2019 | 242,267 | |||||||||
5,056,913 | |||||||||||||
ENERGY - 2.9% | |||||||||||||
Arch Coal, Inc. | 302,671 | 6.2500 | 5/16/2018 | 226,770 | |||||||||
Chief Exploration and Development LLC | 172,000 | 7.5000 | 5/12/2021 | 164,174 | |||||||||
Drillships Financing Holding, Inc. | 142,820 | 6.0000 | 3/31/2021 | 116,245 | |||||||||
Drillships Financing Holding, Inc. | 111,440 | 5.5000 | 7/26/2021 | 97,092 | |||||||||
Expro Finance Luxembourg | 116,415 | 5.7500 | 9/2/2021 | 104,088 | |||||||||
Fieldwood Energy LLC | 97,575 | 3.8750 | 9/28/2018 | 94,965 | |||||||||
Fieldwood Energy LLC | 215,850 | 8.3750 | 9/30/2020 | 169,106 | |||||||||
Frac Tech International LLC | 49,200 | 5.7500 | 4/16/2021 | 41,431 | |||||||||
Jonah Energy, LLC | 243,000 | 7.5000 | 5/12/2021 | 225,990 | |||||||||
MEG Energy Corp. | 279,279 | 3.7500 | 3/31/2020 | 276,246 | |||||||||
Paragon Offshore Finance Co. | 175,581 | 3.7500 | 7/16/2021 | 132,674 | |||||||||
Seadrill Ltd. | 642,858 | 4.0000 | 2/21/2021 | 527,857 | |||||||||
Templar Energy, LLC | 205,000 | 8.5000 | 11/25/2020 | 155,715 | |||||||||
TGGT Holdings, LLC | 73,418 | 7.5000 | 11/15/2018 | 72,868 | |||||||||
2,405,221 | |||||||||||||
FINANCIALS - 5.1% | |||||||||||||
Altisource Solutions Sarl | 211 | 4.5000 | 12/9/2020 | 181 | |||||||||
Asurion, LLC | 172,991 | 5.0000 | 5/24/2019 | 174,211 | |||||||||
Asurion, LLC | 110,593 | 4.2500 | 7/8/2020 | 111,086 | |||||||||
Capital Automotive LP | 115,910 | 4.0000 | 4/10/2019 | 116,743 | |||||||||
Capital Automotive LP | 197,005 | 6.0000 | 4/30/2020 | 201,623 | |||||||||
Clipper Acquisitions Corp. | 296,250 | 3.0000 | 2/6/2020 | 297,176 | |||||||||
Delos Aircraft, Inc. | 381,000 | 3.5000 | 3/6/2021 | 382,633 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
FINANCIALS (Continued) - 5.1% | |||||||||||||
National Financial Partners Corp. | $ | 282,366 | 4.5000 | % | 7/1/2020 | $ | 284,025 | ||||||
Realogy Group LLC | 1,032,520 | 3.7500 | 3/5/2020 | 1,038,813 | |||||||||
Starwood Property Trust, Inc. | 481,429 | 3.5000 | 4/17/2020 | 480,827 | |||||||||
Trans Union LLC | 556,943 | 4.0000 | 4/9/2021 | 560,249 | |||||||||
Walter Investment Management Corp. | 589,061 | 4.7500 | 12/18/2020 | 564,580 | |||||||||
4,212,147 | |||||||||||||
HEALTHCARE - 13.7% | |||||||||||||
21st Century Oncology, Inc. | 100,000 | 6.5000 | 4/15/2022 | 99,750 | |||||||||
Accellent, Inc. | 185,130 | 4.5000 | 3/12/2021 | 185,970 | |||||||||
Air Medical Group Holdings, Inc. | 20,000 | 0.0000 | 4/15/2022 | 20,020 | |||||||||
Akorn, Inc. | 422,875 | 4.5000 | 4/16/2021 | 424,463 | |||||||||
American Renal Holdings, Inc. | 149,986 | 8.5000 | 2/20/2020 | 149,892 | |||||||||
Amneal Pharmaceuticals LLC | 142,000 | 5.7500 | 11/1/2019 | 142,888 | |||||||||
Amneal Pharmaceuticals LLC | 105,882 | 5.0000 | 11/1/2019 | 106,861 | |||||||||
Amsurg Corp. | 102,228 | 3.7500 | 7/16/2021 | 102,835 | |||||||||
Ardent Medical Services, Inc. | 115,000 | 11.0000 | 1/2/2019 | 116,869 | |||||||||
Capsugel Holdings US, Inc. | 213,372 | 3.5000 | 8/1/2018 | 214,506 | |||||||||
CHG Healthcare Services, Inc. | 241,816 | 4.2500 | 11/19/2019 | 243,388 | |||||||||
CHG Healthcare Services, Inc. | 141,220 | 9.0000 | 11/19/2020 | 142,985 | |||||||||
Community Health Systems, Inc. | 220,875 | 3.4343 | 12/31/2018 | 222,366 | |||||||||
Community Health Systems, Inc. | 791,017 | 4.2500 | 1/27/2021 | 796,823 | |||||||||
Davita Healthcare Partners, Inc. | 554,686 | 3.5000 | 6/24/2021 | 557,426 | |||||||||
DJO Finance LLC | 160,000 | 4.2500 | 6/24/2020 | 161,220 | |||||||||
Emdeon, Inc. | 497,500 | 3.7500 | 11/2/2018 | 499,522 | |||||||||
Endo International PLC | 346,500 | 3.2500 | 3/1/2021 | 347,295 | |||||||||
Envision Healthcare Corp. | 192,006 | 4.0000 | 5/25/2018 | 193,258 | |||||||||
Genoa Healthcare Holdings, LLC | 51,000 | 5.7500 | 4/21/2022 | 51,287 | |||||||||
Horizon Pharma Holdings USA, Inc. | 132,000 | 4.5000 | 4/29/2021 | 133,114 | |||||||||
IMS Health, Inc. | 454,906 | 3.5000 | 3/17/2021 | 455,645 | |||||||||
INC Research, LLC | 144,638 | 4.5000 | 11/15/2021 | 144,909 | |||||||||
Inventiv Haelth, Inc. | 233,269 | 7.7500 | 5/15/2018 | 234,047 | |||||||||
Kinetic Concepts, Inc. | 421,682 | 4.5000 | 5/4/2018 | 426,296 | |||||||||
Mallinckrodt International Finance | 156,420 | 3.2500 | 3/19/2021 | 156,616 | |||||||||
Mallinckrodt International Finance | 227,359 | 3.5000 | 3/19/2021 | 228,148 | |||||||||
MPH Acquicition Holdings LLC | 286,695 | 3.7500 | 3/31/2021 | 286,993 | |||||||||
National Mentor Holdings, Inc. | 269,519 | 4.2500 | 1/31/2021 | 270,867 | |||||||||
National Surgical Hospitals, Inc. | 92,303 | 5.2500 | 8/1/2019 | 92,764 | |||||||||
National Veterinary Associates, Inc. | 53,760 | 6.0000 | 8/13/2021 | 53,951 | |||||||||
National Veterinary Associates, Inc. | 106,000 | 8.0000 | 8/12/2022 | 106,663 | |||||||||
Ortho-Clinical Diagnostics, Inc. | 429,753 | 4.7500 | 6/30/2021 | 429,351 | |||||||||
Par Pharmaceutical Co., Inc. | 126,639 | 4.0000 | 9/30/2019 | 127,079 | |||||||||
PharMEDium Healthcare Corp. | 189,111 | 4.2500 | 1/28/2021 | 188,323 | |||||||||
PharMEDium Healthcare Corp. | 29,000 | 7.7500 | 1/28/2022 | 29,091 | |||||||||
PRA Holdings, Inc. | 380,770 | 4.5000 | 9/23/2020 | 383,912 | |||||||||
Quintiles Transnational Corp. | 502,538 | 3.7500 | 6/8/2018 | 503,795 | |||||||||
Regional Care Hospital, Inc. | 316,956 | 6.0000 | 4/23/2019 | 318,244 | |||||||||
Rexam Healthcare | 113,145 | 4.2500 | 5/3/2021 | 113,746 | |||||||||
Surgery Center Holdings, Inc. | 46,883 | 5.2500 | 11/3/2020 | 47,351 | |||||||||
Surgery Center Holdings, Inc. | 118,000 | 8.5000 | 11/3/2021 | 117,754 | |||||||||
Surgical Care Affiliates, Inc. | 72,000 | 4.2500 | 3/17/2022 | 72,349 | |||||||||
US Renal Care, Inc. | 373,935 | 4.2500 | 7/3/2019 | 376,582 | |||||||||
Valeant Pharmaceuticals International, Inc. | 662,020 | 3.5000 | 2/13/2019 | 665,085 | |||||||||
Valeant Pharmaceuticals International, Inc. | 600,000 | 4.0000 | 4/1/2022 | 605,148 | |||||||||
11,347,447 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
INDUSTRIALS - 10.5% | |||||||||||||
Air Canada | $ | 203,463 | 5.5000 | % | 9/26/2019 | $ | 206,006 | ||||||
Alliance Laundry Systems, LLC | 379,063 | 4.2500 | 12/10/2018 | 381,373 | |||||||||
AlliedBarton Security Services | 78,225 | 4.2500 | 2/12/2021 | 78,508 | |||||||||
AlliedBarton Security Services | 38,479 | 8.0000 | 8/13/2021 | 38,732 | |||||||||
American Airlines, Inc. | 236,000 | 4.2500 | 10/10/2021 | 237,621 | |||||||||
American Airlines, Inc. | 236,000 | 3.7500 | 10/11/2021 | 237,180 | |||||||||
Brock Holdings III, Inc. | 307,455 | 6.0000 | 3/16/2017 | 303,612 | |||||||||
Ceridian Corp. | 463,416 | 4.5000 | 9/15/2020 | 462,619 | |||||||||
Dyncorp International, Inc. | 233,563 | 6.2500 | 7/7/2016 | 233,175 | |||||||||
Filtration Group Corp. | 80,000 | 8.2500 | 11/19/2021 | 80,724 | |||||||||
Harland Clarke Holdings | 178,177 | 7.0000 | 5/22/2018 | 179,704 | |||||||||
Harland Clarke Holdings | 66,844 | 6.0000 | 8/2/2019 | 67,373 | |||||||||
HD Supply, Inc. | 532,644 | 4.0000 | 6/28/2018 | 535,420 | |||||||||
Headwaters, Inc. | 255,000 | 4.5000 | 3/24/2022 | 256,914 | |||||||||
Husky Injection Molding Systems Ltd. | 172,135 | 4.2500 | 6/30/2021 | 173,516 | |||||||||
Landmark Aviation, Inc. | 8,259 | 4.7500 | 10/25/2019 | 8,324 | |||||||||
LM US Member LLC | 208,092 | 4.7500 | 10/25/2019 | 209,731 | |||||||||
LM US Member LLC | 65,000 | 8.2500 | 1/25/2021 | 65,298 | |||||||||
McJunkin Red Man Corp. | 72,890 | 5.0000 | 11/8/2019 | 72,093 | |||||||||
Nortek, Inc. | 612,585 | 3.5000 | 10/30/2020 | 611,819 | |||||||||
Quikrete Holdings, Inc. | 384,342 | 4.0000 | 9/28/2020 | 386,264 | |||||||||
Rexnord Corp. | 485,705 | 4.0000 | 8/21/2020 | 488,133 | |||||||||
Sedgwick CMS Holdings, Inc. | 594,000 | 3.7500 | 3/1/2021 | 591,773 | |||||||||
Sedgwick CMS Holdings, Inc. | 195,000 | 6.7500 | 2/28/2022 | 193,172 | |||||||||
Spin Holdco, Inc. | 436,506 | 4.2500 | 11/14/2019 | 437,960 | |||||||||
Transdigm, Inc. | 82,378 | 3.7500 | 6/4/2021 | 82,665 | |||||||||
Transdigm, Inc. | 655,397 | 3.7500 | 2/28/2020 | 658,042 | |||||||||
United Airlines, Inc. | 435,810 | 3.7500 | 9/15/2021 | 440,443 | |||||||||
US Airways Group, Inc. | 509,850 | 3.5000 | 5/23/2019 | 511,222 | |||||||||
US Airways Group, Inc. | 35,545 | 3.7500 | 6/27/2019 | 35,727 | |||||||||
USIC Holdings, Inc. | 215,103 | 4.0000 | 7/10/2020 | 215,239 | |||||||||
Waste Industries, Inc. | 217,000 | 4.2500 | 2/27/2020 | 219,136 | |||||||||
8,699,518 | |||||||||||||
INFORMATION TECHNOLOGY - 11.8% | |||||||||||||
Active Network, Inc. | 93,741 | 5.5000 | 11/13/2020 | 94,093 | |||||||||
Allfrelx Holdings III, Inc. | 285,650 | 4.2500 | 7/17/2020 | 287,912 | |||||||||
Applied Systems, Inc. | 232,234 | 5.5000 | 1/25/2021 | 233,318 | |||||||||
Applied Systems, Inc. | 151,944 | 7.5000 | 1/24/2022 | 153,298 | |||||||||
Avago Technologies Cayman Ltd. | 317,774 | 3.7500 | 5/6/2021 | 319,678 | |||||||||
Blue Coat Systems, Inc. | 210,000 | 9.5000 | 6/28/2020 | 214,200 | |||||||||
Blue Coat Systems, Inc. | 342,533 | 4.0000 | 5/31/2019 | 343,412 | |||||||||
CCC Information Services, Inc. | 213,363 | 4.0000 | 12/20/2019 | 214,430 | |||||||||
CDW Corp. | 862,780 | 3.2500 | 4/29/2020 | 863,160 | |||||||||
Deltek, Inc. | 196,000 | 10.0000 | 10/10/2019 | 198,531 | |||||||||
Deltek, Inc. | 109,142 | 4.5000 | 10/10/2018 | 109,893 | |||||||||
Electronic Funds Source LLC | 263,013 | 5.5000 | 5/28/2021 | 264,767 | |||||||||
Excelitas Technologies Corp. | 157,600 | 6.0000 | 11/2/2020 | 159,044 | |||||||||
First Data Corp. | 1,418,657 | 3.6818 | 3/23/2018 | 1,423,686 | |||||||||
First Data Corp. | 53,399 | 3.6818 | 9/24/2018 | 53,566 | |||||||||
Freescale Semiconductor, Inc. | 285,650 | 5.0000 | 1/15/2021 | 288,448 | |||||||||
Infinity Acquisition LLC | 309,071 | 4.2500 | 8/6/2021 | 309,766 | |||||||||
Infor, Inc. | 472,042 | 3.7500 | 6/3/2020 | 472,042 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
INFORMATION TECHNOLOGY (Continued) - 11.8% | |||||||||||||
Infor, Inc. | $ | 309,871 | 3.7500 | % | 6/3/2020 | $ | 309,871 | ||||||
Interactive Data Corp. | 349,445 | 4.7500 | 5/3/2021 | 352,230 | |||||||||
Kronos, Inc. | 835,040 | 4.5000 | 10/30/2019 | 841,528 | |||||||||
Kronos, Inc. | 60,892 | 9.7500 | 4/30/2020 | 63,061 | |||||||||
Mitchell International, Inc. | 373,168 | 4.5000 | 10/13/2020 | 375,267 | |||||||||
Mitchell International, Inc. | 221,000 | 8.5000 | 10/11/2021 | 221,332 | |||||||||
Presidio, Inc. | 310,000 | 6.2500 | 2/2/2022 | 313,100 | |||||||||
Riverbed Technology, Inc. | 216,000 | 6.0000 | 4/24/2022 | 218,700 | |||||||||
Science Applications International Corp. | 330,000 | 3.7500 | 4/21/2022 | 332,130 | |||||||||
Skillsoft Corp. | 343,275 | 5.7500 | 4/8/2021 | 342,889 | |||||||||
Skillsoft Corp. | 137,000 | 9.2500 | 4/28/2022 | 132,319 | |||||||||
Sophia Holding LP | 283,985 | 4.0000 | 7/19/2018 | 285,405 | |||||||||
9,791,076 | |||||||||||||
MATERIALS- 5.8% | |||||||||||||
American Builders & Contractor Supply Co., Inc. | 600,850 | 3.5000 | 4/16/2020 | 603,292 | |||||||||
Anchor Glass Container Corp. | 376,119 | 4.2500 | 6/30/2021 | 378,844 | |||||||||
Ardah Holdings USA, Inc. | 46,530 | 4.0000 | 12/17/2019 | 46,838 | |||||||||
Arizona Chem US, Inc. | 142,685 | 4.5000 | 6/11/2021 | 143,677 | |||||||||
Berlin Packaging LLC | 293,899 | 4.5000 | 10/1/2021 | 296,287 | |||||||||
Berry Plastics Group, Inc. | 241,307 | 3.5000 | 2/10/2020 | 241,771 | |||||||||
Berry Plastics Group, Inc. | 417,785 | 3.7500 | 1/6/2021 | 419,612 | |||||||||
Crown Holdings, Inc. | 156,608 | 5.5000 | 10/25/2021 | 156,921 | |||||||||
FMG Resources Ltd. | 405,041 | 3.7500 | 6/28/2019 | 366,777 | |||||||||
Huntsman International LLC | 289,275 | 3.7500 | 10/1/2021 | 290,830 | |||||||||
Ineos US Finance LLC | 631,545 | 3.7500 | 5/4/2018 | 633,838 | |||||||||
Ineos US Finance LLC | 173,000 | 4.2500 | 3/31/2022 | 174,334 | |||||||||
Kloeckner & Co. | 68,000 | 5.0000 | 4/22/2020 | 68,446 | |||||||||
Reynolds Group Holdings, Inc. | 445,369 | 4.5000 | 11/30/2018 | 450,352 | |||||||||
Solenis International LP | 155,220 | 4.2500 | 7/31/2021 | 156,287 | |||||||||
Univar, Inc. | 142,767 | 5.0000 | 6/30/2017 | 143,562 | |||||||||
W.R. Grace & Co. | 189,663 | 3.0000 | 2/3/2021 | 190,152 | |||||||||
W.R. Grace & Co. | 68,250 | 2.7500 | 2/3/2021 | 68,426 | |||||||||
4,830,246 | |||||||||||||
TELECOMMUNICATION SERVICES - 4.7% | |||||||||||||
Communications Sales & Leasing, Inc. | 223,000 | 5.0000 | 10/24/2022 | 222,895 | |||||||||
Crown Castle Operating Co. | 413,818 | 3.0000 | 1/31/2021 | 414,830 | |||||||||
Global Tel Link Corp. | 305,379 | 5.0000 | 5/26/2020 | 302,706 | |||||||||
Intelsat Jackson Holdings SA | 800,000 | 3.7500 | 6/28/2019 | 800,428 | |||||||||
Level 3 Financing, Inc. | 355,000 | 4.0000 | 1/15/2020 | 356,610 | |||||||||
Level 3 Financing, Inc. | 636,000 | 4.5000 | 1/31/2022 | 638,286 | |||||||||
SBA Senior Finance II LLC | 212,395 | 3.2500 | 3/24/2021 | 212,646 | |||||||||
Securus Technologies, Inc. | 85,000 | 4.7500 | 4/30/2020 | 84,814 | |||||||||
Securus Technologies, Inc. | 142,825 | 4.7500 | 4/30/2020 | 140,504 | |||||||||
West Corp. | 446,073 | 3.2500 | 6/29/2018 | 447,398 | |||||||||
XO Communications, Inc. - Class A | 262,350 | 4.2500 | 3/19/2021 | 263,399 | |||||||||
3,884,516 | |||||||||||||
UTILITIES - 3.3% | |||||||||||||
Atlantic Power Ltd. | 61,554 | 4.7500 | 2/24/2021 | 61,939 | |||||||||
Calpine Construction Finance Co., LP | 261,489 | 3.2500 | 1/31/2022 | 234,635 | |||||||||
Calpine Construction Finance Co., LP | 475,548 | 3.0000 | 5/4/2020 | 260,862 | |||||||||
Calpine Corp. | 233,064 | 4.0000 | 10/9/2019 | 473,930 | |||||||||
Granite Acquisition, Inc. | 425,180 | 5.0000 | 12/17/2021 | 431,421 | |||||||||
Granite Acquisition, Inc. | 18,755 | 5.0000 | 12/17/2021 | 19,030 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
UTILITIES (Continued) - 3.3% | |||||||||||||
NRG Energy, Inc. | $ | 831,664 | 2.7500 | % | 7/2/2018 | $ | 830,549 | ||||||
Texas Competitive Electric Holdings | 639,105 | 4.6682 | 10/10/2017 | 396,718 | |||||||||
2,709,084 | |||||||||||||
TOTAL BANK LOANS (Cost - $75,606,292) | |||||||||||||
75,213,342 | |||||||||||||
BONDS & NOTES - 7.3% | |||||||||||||
AIRLINES - 0.1% | |||||||||||||
Air Canada - 144A | 75,000 | 6.7500 | 10/1/2019 | 80,438 | |||||||||
American Airlines Group, Inc. - 144A | 45,000 | 4.6250 | 3/1/2020 | 44,494 | |||||||||
124,932 | |||||||||||||
CHEMICALS - 0.2% | |||||||||||||
Hexion US Finance Corp. | 150,000 | 6.6250 | 4/15/2020 | 141,000 | |||||||||
COMMERCIAL MBS - 0.4% | |||||||||||||
Greenwich Capital Commercial | 490,000 | 5.4440 | 3/10/2039 | 516,306 | |||||||||
COMMERCIAL SERVICES - 0.3% | |||||||||||||
Interactive Data Corp. - 144A | 125,000 | 5.8750 | 4/15/2019 | 126,406 | |||||||||
United Rentals North America, Inc. | 75,000 | 7.3750 | 5/15/2020 | 81,247 | |||||||||
207,653 | |||||||||||||
COMPUTERS - 0.2% | |||||||||||||
Sungard Data Systems, Inc. | 120,000 | 6.6250 | 11/1/2019 | 125,550 | |||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.0% | |||||||||||||
Aircastle Ltd. | 75,000 | 6.2500 | 12/1/2019 | 82,969 | |||||||||
Aircastle Ltd. | 25,000 | 4.6250 | 12/15/2018 | 26,188 | |||||||||
Ally Financial, Inc. | 80,000 | 3.2500 | 2/13/2018 | 80,000 | |||||||||
Ally Financial, Inc. | 50,000 | 4.1250 | 2/13/2022 | 49,125 | |||||||||
Ally Financial, Inc. | 110,000 | 4.1250 | 3/30/2020 | 110,825 | |||||||||
Icahn Enterprises LP | 10,000 | 4.8750 | 3/15/2019 | 10,214 | |||||||||
International Lease Finance Corp. | 120,000 | 3.8750 | 4/15/2018 | 123,000 | |||||||||
Springleaf Finance Corp. | 305,000 | 5.2500 | 12/15/2019 | 308,050 | |||||||||
790,371 | |||||||||||||
ELECTRIC - 0.2% | |||||||||||||
Dynegy Finance, Inc. - 144A | 100,000 | 6.7500 | 11/1/2019 | 105,000 | |||||||||
RJS Power Holdings LLC - 144A | 100,000 | 5.1250 | 7/15/2019 | 98,750 | |||||||||
203,750 | |||||||||||||
ENTERTAINMENT - 0.4% | |||||||||||||
Cleopatra Finance LTD - 144A | 200,000 | 5.6250 | 2/15/2020 | 198,225 | |||||||||
GLP Capital LP | 50,000 | 4.8750 | 11/1/2020 | 51,125 | |||||||||
Isle of Capri Casinos, Inc. | 75,000 | 5.8750 | 3/15/2021 | 77,813 | |||||||||
327,163 | |||||||||||||
FOOD - 0.1% | |||||||||||||
Dole Foods, Inc. - 144A | 70,000 | 7.2500 | 5/1/2019 | 71,750 | |||||||||
HEALTHCARE-SERVICES - 0.6% | |||||||||||||
Community Health Systems, Inc. | 75,000 | 5.1250 | 8/15/2018 | 78,000 | |||||||||
HCA, Inc. | 200,000 | 3.7500 | 3/15/2019 | 206,500 | |||||||||
HCA, Inc. | 75,000 | 4.2500 | 10/15/2019 | 78,469 | |||||||||
Tenet Healthcare Corp. | 75,000 | 6.0000 | 10/1/2020 | 80,250 | |||||||||
Tenet Healthcare Corp. - 144A | 25,000 | 5.0000 | 3/1/2019 | 24,906 | |||||||||
468,125 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
HOLDING COMPANIES - DIVERSIFIED - 0.2% | |||||||||||||
Argos Merger Sub, Inc. - 144A | $ | 140,000 | 7.1250 | % | 3/15/2023 | $ | 147,350 | ||||||
LODGING - 0.2% | |||||||||||||
DR Horton, Inc. | 65,000 | 4.0000 | 2/15/2020 | 66,300 | |||||||||
Weyerhaeuser Real Estate - 144A | 70,000 | 4.3750 | 6/15/2019 | 69,213 | |||||||||
135,513 | |||||||||||||
HOUSEHOLD PRODUCTS/WARES - 0.1% | |||||||||||||
Spectrum Brands, Inc. | 75,000 | 6.3750 | 11/15/2020 | 79,875 | |||||||||
IRON/STEEL - 0.1% | |||||||||||||
United States Steel Corp. | 50,000 | 6.8750 | 4/1/2021 | 50,625 | |||||||||
LEISURE TIME - 0.0% | |||||||||||||
NCL Corp. LTD - 144A | 15,000 | 5.2500 | 11/15/2019 | 15,525 | |||||||||
MEDIA - 0.4% | |||||||||||||
Cequel Capital Corp. - 144A | 50,000 | 6.3750 | 9/15/2020 | 52,938 | |||||||||
iHeart Communications, Inc. | 75,000 | 10.0000 | 1/15/2018 | 65,906 | |||||||||
RCN Telecom Services LLC - 144A | 110,000 | 8.5000 | 8/15/2020 | 117,838 | |||||||||
Univision Communications, Inc. - 144A | 60,000 | 5.1250 | 5/15/2023 | 60,975 | |||||||||
297,657 | |||||||||||||
MINING - 0.3% | |||||||||||||
FMG Resources August 2006 Pty Ltd. - 144A | 120,000 | 8.2500 | 11/1/2019 | 105,150 | |||||||||
FMG Resources August 2006 Pty Ltd. - 144A | 20,000 | 9.7500 | 3/1/2022 | 20,663 | |||||||||
Vedanta Resources PLC - 144A | 100,000 | 9.5000 | 7/18/2018 | 104,250 | |||||||||
230,063 | |||||||||||||
OIL & GAS - 0.1% | |||||||||||||
California Resources Corp. - 144A | 100,000 | 5.0000 | 1/15/2020 | 95,000 | |||||||||
OIL & GAS SERVICES - 0.1% | |||||||||||||
FTS International - 144A | 50,000 | 6.2500 | 5/1/2022 | 40,000 | |||||||||
PHI, Inc. | 25,000 | 5.2500 | 3/15/2019 | 24,250 | |||||||||
64,250 | |||||||||||||
OTHER ABS - 0.4% | |||||||||||||
Vericrest Opportunity Loan Transferee - 144A | 160,916 | 3.3750 | 10/25/2058 | 161,037 | |||||||||
Vericrest Opportunity Loan Transferee - 144A | 174,908 | 3.3750 | 2/25/2055 | 175,363 | |||||||||
336,400 | |||||||||||||
PACKAGING & CONTAINERS - 0.5% | |||||||||||||
Ardagh Holdings USA, Inc. - 144A | 200,000 | 6.2500 | 1/31/2019 | 205,000 | |||||||||
Beverage Packaging Holdings Luxembourg II SA - 144A | 130,000 | 6.0000 | 6/15/2017 | 131,950 | |||||||||
Reynolds Group Issuer, Inc. | 50,000 | 5.7500 | 10/15/2020 | 52,375 | |||||||||
389,325 | |||||||||||||
PHARMACEUTICALS - 0.2% | |||||||||||||
Capsugel SA - 144A | 25,000 | 7.0000 | 5/15/2019 | 25,547 | |||||||||
Salix Pharmaceuticals Ltd. - 144A | 5,000 | 6.5000 | 1/15/2021 | 5,678 | |||||||||
Valeant Pharmaceuticals International, Inc. - 144A | 75,000 | 6.7500 | 8/15/2018 | 79,594 | |||||||||
Valeant Pharmaceuticals International, Inc. - 144A | 70,000 | 5.3750 | 3/15/2020 | 71,965 | |||||||||
182,784 | |||||||||||||
REITS - 0.3% | |||||||||||||
iStar Financial, Inc. | 120,000 | 4.8750 | 7/1/2018 | 120,150 | |||||||||
iStar Financial, Inc. | 60,000 | 5.0000 | 7/1/2019 | 60,000 | |||||||||
iStar Financial, Inc. | 100,000 | 4.0000 | 11/1/2017 | 99,040 | |||||||||
279,190 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Floating Rate Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
SOFTWARE - 0.2% | |||||||||||||
First Data Corp. | $ | 127,000 | 11.7500 | % | 8/15/2021 | $ | 146,368 | ||||||
TELECOMMUNICATIONS - 0.7% | |||||||||||||
Avaya, Inc. - 144A | 230,000 | 7.0000 | 4/1/2019 | 232,300 | |||||||||
Frontier Communications Corp. | 155,000 | 6.2500 | 9/15/2021 | 154,225 | |||||||||
Intelsat Jackson Holdings SA | 85,000 | 6.6250 | 12/15/2022 | 84,363 | |||||||||
Level 3 Financing, Inc. | 75,000 | 7.0000 | 6/1/2020 | 80,531 | |||||||||
551,419 | |||||||||||||
TOTAL BONDS & NOTES (Cost - $5,966,057) | 5,977,944 | ||||||||||||
Shares | |||||||||||||
SHORT-TERM INVESTMENT - 3.5% | |||||||||||||
MONEY MARKET FUND - 3.5% | |||||||||||||
Fidelity Institutional Money Market Funds - Government Portfolio | 2,874,364 | 0.0000 | + | 2,874,364 | |||||||||
TOTAL SHORT-TERM INVESTMENT - (Cost - $2,875,364) | |||||||||||||
TOTAL INVESTMENTS - 101.5% (Cost - $84,446,713) | $ | 84,065,650 | |||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)% | (1,073,713 | ) | |||||||||||
NET ASSETS - 100.0% | $ | 82,991,937 |
Portfolio Composition * - (Unaudited) | ||||||
Bank Loans | 89.47% | Asset Backed Securities | 0.40% | |||
Financial | 1.27% | Industrial | 0.46% | |||
Consumer, Non-Cyclical | 1.20% | Technology | 0.33% | |||
Communications | 1.01% | Utilities | 0.24% | |||
Consumer, Cyclical | 0.72% | Energy | 0.19% | |||
Mortgage Securities | 0.61% | Diversified | 0.18% | |||
Basic Materials | 0.50% | Short-Term Investment | 3.42% | |||
Total | 100.00% |
Total Returns as of April 30, 2015 | ||||||||||
Annualized | Annualized | Annualized Since | ||||||||
Six Months | One Year | Three Years | Five Years | Inception(7/1/05) | ||||||
Class N | 0.33% | 0.30% | 4.88% | 6.28% | 5.61% | |||||
Class C | (0.14)% | (0.45)% | 4.12% | 5.47% | 4.82% | |||||
Class A with load of 4.50% | (4.20)% | (4.35)% | 3.07% | 5.08% | 4.53%* | |||||
Class A without load | 0.30% | 0.14% | 4.65% | 6.04% | 5.10%* | |||||
BofA ML BB-B U.S. Non-Distressed HY Index | 2.02% | 3.73% | 7.39% | 8.23% | 6.85% | |||||
Morningstar High-Yield Bond Category | 1.02% | 1.39% | 6.44% | 7.14% | 6.29% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham High-Yield Bond Fund |
April 30, 2015 |
Dividend | ||||||||||
Security | Shares | Rate | Value | |||||||
PREFERRED STOCK - 0.2% | ||||||||||
DIVERSIFIED FINANCIAL SERVICES - 0.2% | ||||||||||
Ally Financial, Inc. - 144A | 164 | 7.0000 | % | $ | 167,916 | |||||
TOTAL PREFERRED STOCK (Cost - $163,590) |
Principal | Interest | Maturity | |||||||||||
Amount | Rate | Date | |||||||||||
BONDS & NOTES - 96.1% | |||||||||||||
AEROSPACE/DEFENSE - 0.5% | |||||||||||||
Triumph Group, Inc. | $ | 520,000 | 4.8750 | % | 4/1/2021 | 517,400 | |||||||
AIRLINES - 1.8% | |||||||||||||
Air Canada - 144A | 325,000 | 8.7500 | 4/1/2020 | 362,375 | |||||||||
Air Canada - 144A | 360,000 | 7.7500 | 4/15/2021 | 387,900 | |||||||||
American Airlines Group, Inc. - 144A | 535,000 | 4.6250 | 3/1/2020 | 528,981 | |||||||||
UAL | 618,373 | 6.6360 | 7/2/2022 | 667,842 | |||||||||
1,947,098 | |||||||||||||
APPAREL - 0.5% | |||||||||||||
Perry Ellis International, Inc. | 550,000 | 7.8750 | 4/1/2019 | 572,000 | |||||||||
AUTO MANUFACTURERS - 0.4% | |||||||||||||
Fiat Chrysler Automobile - 144A | 395,000 | 5.2500 | 4/15/2023 | 399,938 | |||||||||
AUTO PARTS & EQUIPMENT - 0.4% | |||||||||||||
Pittsburgh Glass Works LLC - 144A | 400,000 | 8.0000 | 11/15/2018 | 425,000 | |||||||||
BANKS - 1.6% | |||||||||||||
CIT Group, Inc. | 295,000 | 5.3750 | 5/15/2020 | 313,069 | |||||||||
Popular, Inc. | 645,000 | 7.0000 | 7/1/2019 | 653,868 | |||||||||
Synovus Financial Corp. | 626,000 | 7.8750 | 2/15/2019 | 710,510 | |||||||||
1,677,447 | |||||||||||||
BEVERAGES - 0.7% | |||||||||||||
Cott Beverages USA, Inc. - 144A | 445,000 | 5.3750 | 7/1/2022 | 428,891 | |||||||||
Cott Beverages USA, Inc. - 144A | 300,000 | 6.7500 | 1/1/2020 | 315,000 | |||||||||
743,891 | |||||||||||||
BUILDING MATERIALS - 1.1% | |||||||||||||
Builders FirstSource, Inc. - 144A | 390,000 | 7.6250 | 6/1/2021 | 408,525 | |||||||||
Griffon Corp. | 525,000 | 5.2500 | 3/1/2022 | 532,218 | |||||||||
Masonite International Corp. - 144A | 265,000 | 5.6250 | 3/15/2023 | 278,250 | |||||||||
1,218,993 | |||||||||||||
CHEMICALS - 0.7% | |||||||||||||
TPC Group, Inc. - 144A | 835,000 | 8.7500 | 12/15/2020 | 801,600 | |||||||||
COMMERCIAL SERVICES - 4.2% | |||||||||||||
ADT Corp. | 480,000 | 4.8750 | 7/15/2042 | 403,200 | |||||||||
Ahern Rentals, Inc. - 144A | 420,000 | 7.3750 | 5/15/2023 | 422,100 | |||||||||
Avis Budget Car Rental LLC - 144A | 495,000 | 5.1250 | 6/1/2022 | 501,188 | |||||||||
Cardtronics, Inc. - 144A | 570,000 | 5.1250 | 8/1/2022 | 568,575 | |||||||||
Cenveo Corp. - 144A | 725,000 | 6.0000 | 8/1/2019 | 677,875 | |||||||||
Live Nation Entertainment, Inc. - 144A | 325,000 | 7.0000 | 9/1/2020 | 347,750 | |||||||||
Live Nation Entertainment, Inc. - 144A | 555,000 | 5.3750 | 6/15/2022 | 570,262 | |||||||||
United Rentals North America, Inc. | 465,000 | 7.6250 | 4/15/2022 | 514,987 | |||||||||
WEX, Inc. - 144A | 525,000 | 4.7500 | 2/1/2023 | 521,063 | |||||||||
4,527,000 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham High-Yield Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
COMPUTERS - 1.7% | |||||||||||||
Dell, Inc. | $ | 310,000 | 5.4000 | % | 9/10/2040 | $ | 289,075 | ||||||
Dell, Inc. | 270,000 | 7.1000 | 4/15/2028 | 299,700 | |||||||||
NCR Corp. | 475,000 | 6.3750 | 12/15/2023 | 502,313 | |||||||||
SunGard Data Systems, Inc. | 715,000 | 6.6250 | 11/1/2019 | 748,068 | |||||||||
1,839,156 | |||||||||||||
COSMETICS/PERSONAL CARE - 0.7% | |||||||||||||
Revlon Consumer Products Corp. | 760,000 | 5.7500 | 2/15/2021 | 763,800 | |||||||||
DISTRIBUTION/WHOLESALE- 0.5% | |||||||||||||
HD Supply, Inc. - 144A | 530,000 | 5.2500 | 11/15/2021 | 551,862 | |||||||||
DIVERSIFIED FINANCIAL SERVICES - 5.4% | |||||||||||||
Aircastle Ltd. | 710,000 | 6.2500 | 12/1/2019 | 785,438 | |||||||||
Ally Financial, Inc. | 790,000 | 8.0000 | 11/1/2031 | 994,412 | |||||||||
Cogent Communications Finance, Inc. - 144A | 460,000 | 5.6250 | 4/15/2021 | 455,400 | |||||||||
CoreLogic, Inc. | 560,000 | 7.2500 | 6/1/2021 | 599,900 | |||||||||
Denali Borrower LLC - 144A | 395,000 | 5.6250 | 10/15/2020 | 423,143 | |||||||||
E*TRADE Financial Corp. | 410,000 | 5.3750 | 11/15/2022 | 436,650 | |||||||||
E*TRADE Financial Corp. | 270,000 | 4.6250 | 9/15/2023 | 276,413 | |||||||||
Fly Leasing Ltd. | 420,000 | 6.7500 | 12/15/2020 | 431,550 | |||||||||
Fly Leasing Ltd. | 410,000 | 6.3750 | 10/15/2021 | 413,075 | |||||||||
International Lease Finance Corp. | 760,000 | 8.6250 | 1/15/2022 | 973,750 | |||||||||
5,789,731 | |||||||||||||
ELECTRIC - 3.4% | |||||||||||||
Calpine Corp. | 350,000 | 5.3750 | 1/15/2023 | 354,813 | |||||||||
Calpine Corp. | 350,000 | 5.7500 | 1/15/2025 | 353,080 | |||||||||
Dynegy, Inc. | 705,000 | 5.8750 | 6/1/2023 | 699,713 | |||||||||
GenOn Energy, Inc. | 525,000 | 9.5000 | 10/15/2018 | 547,312 | |||||||||
NRG Energy, Inc. | 375,000 | 7.8750 | 5/15/2021 | 402,524 | |||||||||
NRG Energy, Inc. | 1,200,000 | 6.2500 | 7/15/2022 | 1,251,000 | |||||||||
3,608,442 | |||||||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.4% | |||||||||||||
Anixter, Inc. | 425,000 | 5.1250 | 10/1/2021 | 443,594 | |||||||||
Belden, Inc. - 144A | 625,000 | 5.5000 | 9/1/2022 | 645,312 | |||||||||
WESCO Distribution, Inc. | 435,000 | 5.3750 | 12/15/2021 | 445,875 | |||||||||
1,534,781 | |||||||||||||
ELECTRONICS - 0.5% | |||||||||||||
Viasystems, Inc. - 144A | 510,000 | 7.8750 | 5/1/2019 | 539,325 | |||||||||
ENTERTAINMENT - 4.1% | |||||||||||||
Isle of Capri Casinos, Inc. | 355,000 | 5.875 | 3/15/2021 | 368,313 | |||||||||
Palace Entertainment Holdings LLC - 144A | 1,140,000 | 8.875 | 4/15/2017 | 1,153,538 | |||||||||
Penn National Gaming, Inc. | 670,000 | 5.875 | 11/1/2021 | 671,675 | |||||||||
Pinnacle Entertainment, Inc. | 320,000 | 7.750 | 4/1/2022 | 356,000 | |||||||||
Regal Entertainment Group | 550,000 | 5.750 | 6/15/2023 | 561,000 | |||||||||
Scientific Games International, Inc. - 144A | 305,000 | 10.000 | 12/1/2022 | 284,412 | |||||||||
Scientific Games International, Inc. - 144A | 975,000 | 7.000 | 1/1/2022 | 1,021,312 | |||||||||
4,416,250 | |||||||||||||
FOOD - 0.6% | |||||||||||||
ESAL GMBH - 144A | 295,000 | 6.2500 | 2/5/2023 | 293,437 | |||||||||
JBS USA LLC - 144A | 320,000 | 5.8750 | 7/15/2024 | 327,200 | |||||||||
620,637 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham High-Yield Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
HAND/MACHINE TOOLS - 0.2% | |||||||||||||
Milacron Finance Corp. - 144A | $ | 215,000 | 7.7500 | % | 2/15/2021 | $ | 224,675 | ||||||
HEALTHCARE-PRODUCTS - 0.5% | |||||||||||||
Kinetics Concepts, Inc. | 460,000 | 10.500 | 11/1/2018 | 496,225 | |||||||||
HEALTHCARE-SERVICES - 4.8% | |||||||||||||
Amsurg Corp. | 570,000 | 5.6250 | 7/15/2022 | 581,514 | |||||||||
Community Health Systems, Inc. | 1,025,000 | 6.8750 | 2/1/2022 | 1,092,906 | |||||||||
Envision Healthcare Corp. - 144A | 475,000 | 5.1250 | 7/1/2022 | 490,438 | |||||||||
HCA, Inc. | 150,000 | 7.5000 | 2/15/2022 | 175,875 | |||||||||
HCA, Inc. | 260,000 | 5.3750 | 2/1/2025 | 274,300 | |||||||||
Select Medical Corp. | 865,000 | 6.3750 | 6/1/2021 | 865,519 | |||||||||
Tenet Healthcare Corp. | 400,000 | 6.0000 | 10/1/2020 | 428,000 | |||||||||
Tenet Healthcare Corp. | 865,000 | 8.1250 | 4/1/2022 | 946,094 | |||||||||
Tenet Healthcare Corp. - 144A | 340,000 | 5.0000 | 3/1/2019 | 338,725 | |||||||||
5,193,371 | |||||||||||||
HOLDING COMPANIES-DIVERSIFIED - 0.9% | |||||||||||||
Argos Merger Sub, Inc. - 144A | 400,000 | 7.1250 | 3/15/2023 | 421,000 | |||||||||
James Hardie International Finance Ltd. - 144A | 500,000 | 5.8750 | 2/15/2023 | 523,750 | |||||||||
944,750 | |||||||||||||
HOME BUILDERS - 1.6% | |||||||||||||
Taylor Morrison Communities, Inc. - 144A | 258,000 | 7.7500 | 4/15/2020 | 272,998 | |||||||||
Taylor Morrison Communities, Inc. - 144A | 690,000 | 5.2500 | 4/15/2021 | 695,175 | |||||||||
William Lyon Homes, Inc. | 655,000 | 8.5000 | 11/15/2020 | 713,950 | |||||||||
1,682,123 | |||||||||||||
HOME FURNISHINGS - 0.5% | |||||||||||||
Tempur Sealy International, Inc. | 530,000 | 6.8750 | 12/15/2020 | 567,100 | |||||||||
HOUSEHOLD PRODUCTS - 0.5% | |||||||||||||
Spectrum Brands, Inc. | 190,000 | 6.7500 | 3/15/2020 | 200,450 | |||||||||
Spectrum Brands, Inc. | 280,000 | 6.3750 | 11/15/2020 | 298,200 | |||||||||
498,650 | |||||||||||||
INTERNET - 1.5% | |||||||||||||
CyrusOne Finance Corp. | 840,000 | 6.3750 | 11/15/2022 | 889,350 | |||||||||
Equinix, Inc. | 145,000 | 5.3750 | 4/1/2023 | 150,438 | |||||||||
Equinix, Inc. | 575,000 | 5.3750 | 1/1/2022 | 599,437 | |||||||||
1,639,225 | |||||||||||||
LODGING - 3.6% | |||||||||||||
Boyd Gaming Corp. | 835,000 | 9.0000 | 7/1/2020 | 905,975 | |||||||||
Felcor Lodging LP | 720,000 | 5.6250 | 3/1/2023 | 752,400 | |||||||||
MGM Resorts International | 950,000 | 7.7500 | 3/15/2022 | 1,071,125 | |||||||||
MGM Resorts International | 390,000 | 6.7500 | 10/1/2020 | 421,688 | |||||||||
MTR Gaming Group | 650,000 | 11.5000 | 8/1/2019 | 703,625 | |||||||||
3,854,813 | |||||||||||||
MACHINERY-CONSTRUCTION & MINING - 0.3% | |||||||||||||
Terex Corp. | 265,000 | 6.0000 | 5/15/2021 | 270,300 | |||||||||
MACHINERY-DIVERSIFIED - 1.1% | |||||||||||||
Gardner Denver, Inc. - 144A | 1,215,000 | 6.8750 | 8/15/2021 | 1,136,025 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham High-Yield Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
MEDIA - 11.1% | |||||||||||||
Cequel Communications Holdings I LLC - 144A | $ | 830,000 | 6.3750 | % | 9/15/2020 | $ | 878,763 | ||||||
Clear Channel Worldwide Holdings, Inc. | 1,140,000 | 7.6250 | 3/15/2020 | 1,202,700 | |||||||||
CSC Holdings LLC | 240,000 | 6.7500 | 11/15/2021 | 272,100 | |||||||||
DISH DBS Corp. | 610,000 | 7.8750 | 9/1/2019 | 690,062 | |||||||||
Entercom Radio LLC | 620,000 | 10.5000 | 12/1/2019 | 675,800 | |||||||||
Gannett Co., Inc. - 144A | 85,000 | 5.5000 | 9/15/2024 | 88,612 | |||||||||
Gannett Co., Inc. | 605,000 | 5.1250 | 10/15/2019 | 640,544 | |||||||||
Gray Television, Inc. | 1,430,000 | 7.5000 | 10/1/2020 | 1,526,525 | |||||||||
LIN Television Corp. | 720,000 | 6.3750 | 1/15/2021 | 751,500 | |||||||||
Mediacom LLC | 660,000 | 7.2500 | 2/15/2022 | 709,500 | |||||||||
Nexstar Broadcasting, Inc. | 1,140,000 | 6.8750 | 11/15/2020 | 1,214,100 | |||||||||
Nexstar Broadcasting, Inc. - 144A | 325,000 | 6.1250 | 2/15/2022 | 338,000 | |||||||||
Numericable Group SA - 144A | 510,000 | 6.2500 | 5/15/2024 | 524,668 | |||||||||
Radio One, Inc. - 144A | 650,000 | 7.3750 | 4/15/2022 | 658,938 | |||||||||
Sinclair Television Group, Inc. | 560,000 | 6.3750 | 11/1/2021 | 595,000 | |||||||||
Sinclair Television Group, Inc. - 144A | 265,000 | 5.6250 | 8/1/2024 | 270,962 | |||||||||
Townsquare Radio LLC - 144A | 400,000 | 6.5000 | 4/1/2023 | 403,500 | |||||||||
Videotron Ltd. | 425,000 | 5.0000 | 7/15/2022 | 440,109 | |||||||||
11,881,383 | |||||||||||||
MINING - 0.9% | |||||||||||||
Alcoa, Inc. | 895,000 | 5.1250 | 10/1/2024 | 966,515 | |||||||||
MISCELLANEOUS MANUFACTURING - 0.9% | |||||||||||||
EnPro Industries, Inc. - 144A | 445,000 | 5.8750 | 9/15/2022 | 467,250 | |||||||||
Gates Global LLC - 144A | 550,000 | 6.0000 | 7/15/2022 | 515,625 | |||||||||
982,875 | |||||||||||||
OFFICE/BUSINESS EQUIPMENT - 0.5% | |||||||||||||
CDW LLC | 505,000 | 5.5000 | 12/1/2024 | 538,078 | |||||||||
OIL & GAS - 10.3% | |||||||||||||
Bill Barrett Corp. | 200,000 | 7.0000 | 10/15/2022 | 181,000 | |||||||||
Blue Racer Midstream LLC - 144A | 400,000 | 6.1250 | 11/15/2022 | 418,000 | |||||||||
Bonanza Creek Energy, Inc. | 860,000 | 6.7500 | 4/15/2021 | 879,350 | |||||||||
Bonanza Creek Energy, Inc. | 175,000 | 5.7500 | 2/1/2023 | 171,062 | |||||||||
California Resources Corp. | 105,000 | 6.0000 | 11/15/2024 | 99,356 | |||||||||
Carrizo Oil & Gas, Inc. | 525,000 | 7.5000 | 9/15/2020 | 555,082 | |||||||||
Carrizo Oil & Gas, Inc. | 270,000 | 6.2500 | 4/15/2023 | 274,725 | |||||||||
Chaparral Energy, Inc. | 565,000 | 7.6250 | 11/15/2022 | 456,237 | |||||||||
Chesapeake Energy Corp. | 620,000 | 6.1250 | 2/15/2021 | 626,200 | |||||||||
Concho Resources, Inc. | 530,000 | 5.5000 | 4/1/2023 | 539,937 | |||||||||
EP Energy, Inc. | 185,000 | 9.3750 | 5/1/2020 | 198,875 | |||||||||
Gulfport Energy Corp. | 825,000 | 7.7500 | 11/1/2020 | 874,500 | |||||||||
Jones Energry Holdings | 280,000 | 6.7500 | 4/1/2022 | 278,600 | |||||||||
Kodiak Oil & Gas Corp | 370,000 | 8.1250 | 12/1/2019 | 394,494 | |||||||||
Matador Resources Co. - 144A | 375,000 | 6.8750 | 4/15/2023 | 386,719 | |||||||||
Memorial Resource Development Corp. | 525,000 | 7.6250 | 5/1/2021 | 515,813 | |||||||||
Memorial Resource Development Corp. - 144A | 905,000 | 5.8750 | 7/1/2022 | 882,375 | |||||||||
Oasis Petroleum, Inc. | 325,000 | 6.8750 | 3/15/2022 | 332,313 | |||||||||
Rice Energy Corp. | 655,000 | 6.2500 | 5/1/2022 | 661,550 | |||||||||
Rosetta Resources, Inc. | 105,000 | 5.6250 | 5/1/2021 | 105,656 | |||||||||
Rosetta Resources, Inc. | 325,000 | 5.8750 | 6/1/2022 | 325,813 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham High-Yield Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
OIL & GAS (Continued) - 10.3% | |||||||||||||
Sanchez Energy Corp. | $ | 600,000 | 6.1250 | % | 1/15/2023 | $ | 591,000 | ||||||
Western Refining, Inc. | 1,040,000 | 6.2500 | 4/1/2021 | 1,055,600 | |||||||||
Whiting Petroleum Corp. | 245,000 | 5.0000 | 3/15/2019 | 245,613 | |||||||||
11,049,870 | |||||||||||||
PACKAGING & CONTAINERS - 0.7% | �� | ||||||||||||
Reynolds Group Issuer, Inc. . | 750,000 | 5.7500 | 10/15/2020 | 785,625 | |||||||||
PHARMACEUTICALS - 1.7% | |||||||||||||
Endo Finance LLC - 144A | 525,000 | 6.0000 | 2/1/2025 | 541,078 | |||||||||
Valeant Pharmaceuticals International - 144A | 560,000 | 6.3750 | 10/15/2020 | 592,200 | |||||||||
Valeant Pharmaceuticals International - 144A | 375,000 | 6.7500 | 8/15/2021 | 394,219 | |||||||||
VRX Escrow Corp - 144A | 335,000 | 5.8750 | 5/15/2023 | 344,631 | |||||||||
1,872,128 | |||||||||||||
PIPELINES - 4.1% | |||||||||||||
DCP Midstream LLC - 144A | 160,000 | 6.7500 | 9/15/2037 | 158,287 | |||||||||
DCP Midstream LLC - 144A | 105,000 | 5.3500 | 3/15/2020 | 104,207 | |||||||||
DCP Midstream LLC - 144A | 180,000 | 4.7500 | 9/30/2021 | 172,542 | |||||||||
MarkWest Energy Partners LP | 360,000 | 4.5000 | 7/15/2023 | 362,700 | |||||||||
Rockies Express Pipeline LLC - 144A | 525,000 | 5.6250 | 4/15/2020 | 559,125 | |||||||||
Rockies Express Pipeline LLC - 144A | 1,170,000 | 6.8750 | 4/15/2040 | 1,284,075 | |||||||||
Sabine Pass Liquefaction LLC | 870,000 | 5.6250 | 2/1/2021 | 894,212 | |||||||||
Sabine Pass Liquefaction LLC | 860,000 | 6.2500 | 3/15/2022 | 907,300 | |||||||||
4,442,448 | |||||||||||||
REAL ESTATE - 0.8% | |||||||||||||
Realogy Group LLC - 144A | 855,000 | 5.2500 | 12/1/2021 | 877,444 | |||||||||
REITS - 1.6% | |||||||||||||
iStar Financial, Inc. | 630,000 | 7.1250 | 2/15/2018 | 670,163 | |||||||||
iStar Financial, Inc. | 545,000 | 5.0000 | 7/1/2019 | 545,000 | |||||||||
RHP Hotel Properties LP | 480,000 | 5.0000 | 4/15/2021 | 490,176 | |||||||||
1,705,339 | |||||||||||||
RETAIL- 1.5% | |||||||||||||
Family Tree Escrow LLC - 144A | 420,000 | 5.7500 | 3/1/2023 | 443,100 | |||||||||
Men’s Wearhouse, Inc. - 144A | 855,000 | 7.0000 | 7/1/2022 | 910,575 | |||||||||
Rite Aid Corp. - 144A | 295,000 | 6.1250 | 4/1/2023 | 307,169 | |||||||||
1,660,844 | |||||||||||||
SOFTWARE - 1.6% | |||||||||||||
ACI Worldwide, Inc. - 144A | 295,000 | 6.3750 | 8/15/2020 | 311,225 | |||||||||
First Data Corp. | 515,000 | 11.2500 | 1/15/2021 | 580,663 | |||||||||
Nuance Communications, Inc. - 144A | 840,000 | 5.3750 | 8/15/2020 | 852,600 | |||||||||
1,744,488 | |||||||||||||
TELECOMMUNICATIONS - 13.7% | |||||||||||||
Altice Financing SA - 144A | 545,000 | 6.6250 | 2/15/2023 | 564,075 | |||||||||
Cincinnati Bell, Inc. | 490,000 | 8.3750 | 10/15/2020 | 523,075 | |||||||||
Commscope, Inc. - 144A | 350,000 | 5.0000 | 6/15/2021 | 351,750 | |||||||||
Commscope, Inc. - 144A | 350,000 | 5.5000 | 6/15/2024 | 354,375 | |||||||||
Earthlink Holdings Corp. | 720,000 | 8.8750 | 5/15/2019 | 752,400 | |||||||||
Earthlink Holdings Corp. | 960,000 | 7.3750 | 6/1/2020 | 1,003,200 | |||||||||
Fairpoint Communications, Inc. - 144A | 1,050,000 | 8.7500 | 8/15/2019 | 1,128,750 | |||||||||
Frontier Communications Corp. | 730,000 | 8.5000 | 4/15/2020 | 812,125 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham High-Yield Bond Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
TELECOMMUNICATIONS (Continued) - 13.7% | |||||||||||||
Frontier Communications Corp. | $ | 855,000 | 9.2500 | % | 7/1/2021 | $ | 974,700 | ||||||
Frontier Communications Corp. | 115,000 | 6.2500 | 9/15/2021 | 114,425 | |||||||||
Frontier Communications Corp. | 140,000 | 6.8750 | 1/15/2025 | 135,938 | |||||||||
GCI, Inc. - 144A | 335,000 | 6.8750 | 4/15/2025 | 345,050 | |||||||||
Intelsat Jackson Holdings | 230,000 | 7.2500 | 10/15/2020 | 237,734 | |||||||||
Intelsat Jackson Holdings | 315,000 | 7.5000 | 4/1/2021 | 328,388 | |||||||||
Intelsat Jackson Holdings | 515,000 | 5.5000 | 8/1/2023 | 486,675 | |||||||||
Level 3 Financing, Inc. | 925,000 | 6.1250 | 1/15/2021 | 981,656 | |||||||||
Level 3 Financing, Inc. | 520,000 | 5.3750 | 8/15/2022 | 533,000 | |||||||||
Level 3 Financing, Inc. - 144A | 330,000 | 5.1250 | 5/1/2023 | 329,587 | |||||||||
Sprint Capital Corp. | 170,000 | 6.8750 | 11/15/2028 | 154,275 | |||||||||
Sprint Corp. | 540,000 | 7.8750 | 9/15/2023 | 543,375 | |||||||||
Sprint Nextel Corp | 1,175,000 | 11.5000 | 11/15/2021 | 1,430,563 | |||||||||
Sprint Nextel Corp | 975,000 | 7.0000 | 8/15/2020 | 992,063 | |||||||||
ViaSat, Inc. | 375,000 | 6.8750 | 6/15/2020 | 400,616 | |||||||||
Windstream Holdings, Inc. | 350,000 | 7.7500 | 10/15/2020 | 361,375 | |||||||||
Windstream Holdings, Inc. | 905,000 | 7.7500 | 10/1/2021 | 893,686 | |||||||||
14,732,856 | |||||||||||||
TRANSPORTATION - 1.0% | |||||||||||||
Navios Maritime Acquisition Corp. - 144A | 325,000 | 8.1250 | 11/15/2021 | 333,937 | |||||||||
Watco Co. LLC - 144A | 730,000 | 6.3750 | 4/1/2023 | 743,688 | |||||||||
1,077,625 | |||||||||||||
TOTAL BONDS & NOTES (Cost - $101,255,032) | 103,319,126 | ||||||||||||
Interest | |||||||||||||
Security | Shares | Rate | |||||||||||
SHORT-TERM INVESTMENT - 2.5% | |||||||||||||
MONEY MARKET FUND - 2.5% | |||||||||||||
First American Government Obligations Fund | 2,688,951 | 0.01 | %+ | 2,688,951 | |||||||||
TOTAL SHORT-TERM INVESTMENT (Cost - $2,688,951) | |||||||||||||
TOTAL INVESTMENTS - 98.8% (Cost - $104,107,573) | $ | 106,175,993 | |||||||||||
OTHER ASSETS LESS LIABILITIES - 1.2% | 1,246,294 | ||||||||||||
NET ASSETS - 100.0% | $ | 107,422,287 |
Portfolio Composition - (Unaudited) | |||||
B3 | 32.2% | Ba2 | 7.4% | ||
B2 | 17.4% | Ba1 | 3.2% | ||
B1 | 16.4% | Short-Term Investment | 2.5% | ||
Ba3 | 12.2% | Caa2 | 0.7% | ||
Caa1 | 8.0% | Total | 100.0% |
Total Returns as of April 30, 2015 | ||||||
Annualized Since | ||||||
Six Months | One Year | Inception (11/1/13) | ||||
Class N | (4.83)% | (9.74)% | (5.21)% | |||
Class C | (5.20)% | (10.36)% | (5.93)% | |||
Class A with load of 4.50% | (9.19)% | (14.01)% | (8.30)% | |||
Class A without load | (4.95)% | (9.96)% | (5.44)% | |||
Barclays Global ex-US Aggregate Bond Index Unhedged | (4.83)% | (9.35)% | (4.42)% | |||
Morningstar World Bond Category | (1.18)% | (1.42)% | 0.89% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Opportunity Bond Fund |
April 30, 2015 |
Security | Principal Amount | Interest Rate | Date | Value | |||||||||
CORPORATE BONDS & NOTES - 37.5% | |||||||||||||
AGRICULTURE - 0.3% | |||||||||||||
Imperial Tobacco Finance PLC | 100,000 GBP | 5.5000 | % | 11/22/2016 | $ | 163,299 | |||||||
AUTO MANUFACTURERS - 2.6% | |||||||||||||
BMW Finance NV | 350,000 EUR | 3.2500 | 1/28/2016 | 401,427 | |||||||||
Daimler AG | 350,000 EUR | 4.1250 | 1/19/2017 | 418,596 | |||||||||
Fiat Chrysler Finance Europe | 100,000 EUR | 4.7500 | 7/15/2022 | 124,397 | |||||||||
Volkswagen International Finance NV | 350,000 EUR | 1.8750 | 5/15/2017 | 405,226 | |||||||||
Volkswagen International Finance NV | 75,000 EUR | 3.7500 | + | Perpetual | 90,537 | ||||||||
1,440,183 | |||||||||||||
AUTO PARTS & EQUIPMENT - 0.2% | |||||||||||||
Samvardhana Motherson Automotive Systems Group BV | 100,000 EUR | 4.1250 | 7/15/2021 | 115,215 | |||||||||
BANKS - 18.4% | |||||||||||||
Abbey National Treasury Services PLC | 200,000 EUR | 2.0000 | 1/14/2019 | 235,697 | |||||||||
ABN AMRO Bank NV | 50,000 EUR | 4.3100 | + | Perpetual | 57,321 | ||||||||
ABN AMRO Bank NV | 300,000 EUR | 6.3750 | 4/27/2021 | 425,059 | |||||||||
Barclays Bank PLC | 100,000 GBP | 5.7500 | 8/17/2021 | 183,927 | |||||||||
Barclays Bank PLC | 300,000 EUR | 6.0000 | 1/14/2021 | 412,555 | |||||||||
BNP Paribas SA | 200,000 EUR | 2.6250 | + | 10/14/2027 | 228,749 | ||||||||
BNP Paribas SA | 250,000 EUR | 2.8750 | 9/26/2023 | 323,000 | |||||||||
BPCE SA | 150,000 EUR | 3.7500 | 7/21/2017 | 180,905 | |||||||||
BPCE SA | 50,000 EUR | 4.6250 | + | Perpetual | 56,676 | ||||||||
BPCE SA | 200,000 EUR | 4.6250 | 7/18/2023 | 266,943 | |||||||||
Commonwealth Bank of Australia | 250,000 EUR | 4.2500 | 11/10/2016 | 298,047 | |||||||||
Commonwealth Bank of Australia | 300,000 EUR | 5.5000 | 8/6/2019 | 401,328 | |||||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 300,000 EUR | 4.3750 | 5/5/2016 | 350,675 | |||||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 300,000 EUR | 5.8750 | 5/20/2019 | 400,734 | |||||||||
Credit Agricole SA | 300,000 EUR | 3.8750 | 2/13/2019 | 379,587 | |||||||||
Credit Suisse AG | 300,000 EUR | 5.1250 | 9/18/2017 | 374,344 | |||||||||
Danske Bank AG | 150,000 EUR | 3.8750 | 2/28/2017 | 179,471 | |||||||||
DNB Bank ASA | 300,000 EUR | 3.0000 | + | 9/26/2023 | 356,067 | ||||||||
HSBC Holdings PLC | 250,000 EUR | 6.0000 | 6/10/2019 | 333,808 | |||||||||
ING BANK NV | 150,000 EUR | 6.1250 | + | 5/29/2023 | 192,459 | ||||||||
ING BANK NV | 100,000 GBP | 6.8750 | + | 5/29/2023 | 173,428 | ||||||||
Intesa Sanpaolo SpA | 200,000 EUR | 4.3750 | 10/15/2019 | 256,886 | |||||||||
KBC Groep NV | 200,000 EUR | 2.3740 | + | 11/25/2024 | 230,761 | ||||||||
KBC IFIMA SA | 150,000 EUR | 2.1250 | 9/10/2018 | 177,505 | |||||||||
Lloyds Bank PLC | 200,000 EUR | 6.5000 | 3/24/2020 | 276,673 | |||||||||
National Australia Bank Ltd. | 250,000 EUR | 4.6250 | 2/10/2020 | 328,890 | |||||||||
National Australia Bank Ltd. | 100,000 GBP | 5.1250 | 12/9/2021 | 179,282 | |||||||||
Santander International Debt SAU | 100,000 EUR | 4.0000 | 1/24/2020 | 128,943 | |||||||||
Societe Generale SA | 350,000 USD | 2.7500 | 10/12/2017 | 359,983 | |||||||||
Societe Generale SA | 200,000 EUR | 2.2500 | 1/23/2020 | 241,768 | |||||||||
Sumitomo Mitsui Banking Corp. | 350,000 USD | 1.5000 | 1/18/2018 | 349,455 | |||||||||
Svenska Handelsbanken AB | 300,000 EUR | 3.7500 | 2/24/2017 | 358,311 | |||||||||
Swedbank AB | 300,000 EUR | 3.3750 | 2/9/2017 | 355,338 | |||||||||
Toronto-Dominion Bank | 350,000 USD | 1.4000 | 4/30/2018 | 350,625 | |||||||||
UBS AG/London | 250,000 GBP | 6.6250 | 4/11/2018 | 441,734 | |||||||||
UniCredit SpA | 100,000 EUR | 3.3750 | 1/11/2018 | 120,181 | |||||||||
Westpac Banking Corp. | 250,000 EUR | 2.1250 | 7/9/2019 | 302,984 | |||||||||
10,270,099 | |||||||||||||
CHEMICALS - 0.7% | |||||||||||||
Linde Fiance BV | 300,000 EUR | 4.7500 | 4/24/2017 | 366,931 | |||||||||
CREDIT CARD ABS - 0.4% | |||||||||||||
Gracechurch Card Funding PLC | 150,000 GBP | 1.0066 | + | 7/15/2021 | 230,839 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 0.3% | |||||||||||||
Arrow Global Finance PLC | 100,000 GBP | 7.8750 | 3/1/2020 | 162,482 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Opportunity Bond Fund (Continued) |
April 30, 2015 |
Security | Principal Amount | Interest Rate | Date | Value | |||||||||
ELECTRIC - 3.2% | |||||||||||||
EDP Finance BV | 100,000 EUR | 2.6250 | % | 1/18/2022 | $ | 118,493 | |||||||
Electricite de France | 300,000 EUR | 2.7500 | 3/10/2023 | 380,100 | |||||||||
Enel Finance International NV | 250,000 EUR | 5.0000 | 9/14/2022 | 355,930 | |||||||||
GDF Guez | 250,000 GBP | 7.0000 | 10/30/2028 | 548,742 | |||||||||
Iberdrola Finanzas | 300,000 EUR | 4.1250 | 3/23/2020 | 391,193 | |||||||||
1,794,458 | |||||||||||||
ELECTRONICS - 0.6% | |||||||||||||
Trionista Holdco GmbH | 300,000 EUR | 5.0000 | 4/30/2020 | 352,337 | |||||||||
ENGINEERING & CONSTRUCTION - 0.4% | |||||||||||||
Deutsche Raststaetten Gruppe IV GmbH | 100,000 EUR | 6.7500 | 12/30/2020 | 122,911 | |||||||||
Heathrow Fiance PLC | 50,000 GBP | 7.1250 | 3/1/2017 | 83,503 | |||||||||
206,414 | |||||||||||||
ENTERTAINMENT - 0.4% | |||||||||||||
CPUK Finance Ltd. | 150,000 GBP | 11.6250 | 2/28/2018 | 246,144 | |||||||||
FOOD - 0.2% | |||||||||||||
Agrokor dd | 100,000 EUR | 9.1250 | 2/1/2020 | 125,276 | |||||||||
GAS - 0.7% | |||||||||||||
National Grid PLC | 300,000 EUR | 4.3750 | 3/10/2020 | 395,323 | |||||||||
INSURANCE - 2.7% | |||||||||||||
Allianz Finance II BV | 150,000 EUR | 4.0000 | 11/23/2016 | 178,268 | |||||||||
Allianz Finance II BV | 250,000 EUR | 4.7500 | 7/22/2019 | 330,039 | |||||||||
Allianz Finance II BV | 200,000 EUR | 5.7500 | + | 7/8/2041 | 272,960 | ||||||||
AXA SA | 200,000 EUR | 5.2500 | + | 4/16/2040 | 259,619 | ||||||||
Willow No 2 Ireland PLC for Zurich Insurance Co. Ltd. | 350,000 EUR | 3.3750 | 6/27/2022 | 455,217 | |||||||||
1,496,103 | |||||||||||||
INTERNET - 0.2% | |||||||||||||
United Group BV | 100,000 EUR | 7.8750 | 11/15/2020 | 120,361 | |||||||||
MEDIA - 1.4% | |||||||||||||
Cable Communications Systems NV | 100,000 EUR | 7.5000 | 11/1/2020 | 118,847 | |||||||||
Numericable - SFR | 100,000 EUR | 5.3750 | 5/15/2022 | 117,446 | |||||||||
Sky PLC | 300,000 EUR | 1.5000 | 9/15/2021 | 344,298 | |||||||||
Unitymedia Hessen GmbH & Co. KG | 100,000 EUR | 4.0000 | 1/15/2025 | 115,315 | |||||||||
Unitymedia Hessen GmbH & Co. KG - 144A | 100,000 EUR | 3.5000 | 1/15/2027 | 111,840 | |||||||||
807,746 | |||||||||||||
OIL & GAS - 0.4% | |||||||||||||
ONGC Videsh Ltd. | 200,000 EUR | 2.7500 | 7/15/2021 | 234,611 | |||||||||
PACKAGING & CONTAINERS - 0.4% | |||||||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 100,000 EUR | 4.2500 | 1/15/2022 | 114,923 | |||||||||
Crown European Holdings SA | 100,000 EUR | 4.0000 | 7/15/2022 | 120,249 | |||||||||
235,172 | |||||||||||||
REITS - 0.2% | |||||||||||||
Societe Fonciere Lyonnaise SA | 100,000 EUR | 4.6250 | 5/25/2016 | 117,230 | |||||||||
SAVINGS & LOANS - 1.1% | |||||||||||||
Coventry Building Society | 150,000 EUR | 2.2500 | 12/4/2017 | 176,112 | |||||||||
Nationwide Building Society | 150,000 GBP | 5.6250 | 9/9/2019 | 266,057 | |||||||||
Silverstone Master Issuer PLC | 100,000 GBP | 5.0630 | 10/21/2016 | 162,380 | |||||||||
604,549 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Opportunity Bond Fund (Continued) |
April 30, 2015 |
Maturity | |||||||||||||
Security | Principal Amount | Interest Rate | Date | Value | |||||||||
TELECOMMUNICATIONS - 2.7% | |||||||||||||
Altice Financing SA - 144A | 100,000 EUR | 5.2500 | % | 2/15/2023 | $ | 118,062 | |||||||
America Movil SAB de CV | 300,000 EUR | 3.0000 | 7/12/2021 | 376,814 | |||||||||
Deutsche Telekom International Finance BV | 250,000 EUR | 4.8750 | 4/22/2025 | 377,488 | |||||||||
Play Finance 2 SA | 100,000 EUR | 5.2500 | 2/1/2019 | 116,695 | |||||||||
Telecom Italia SpA | 50,000 GBP | 6.3750 | 6/24/2019 | 85,495 | |||||||||
Telefonica Europe BV | 100,000 EUR | 5.8750 | + | Perpetual | 127,983 | ||||||||
Virgin Media Secured Finance PLC | 100,000 GBP | 5.5000 | 1/15/2021 | 166,709 | |||||||||
Wind Acquisition Finance SA | 100,000 EUR | 4.0000 | 7/15/2020 | 113,820 | |||||||||
1,483,066 | |||||||||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $23,065,052) | 20,967,838 | ||||||||||||
FOREIGN GOVERNMENT BONDS - 56.4% | |||||||||||||
Austria Government Bond - 144A | 250,000 EUR | 3.4000 | 11/22/2022 | 344,905 | |||||||||
Belgium Government Bond | 200,000 EUR | 4.2500 | 9/28/2022 | 288,745 | |||||||||
Belgium Government Bond - 144A | 100,000 EUR | 5.0000 | 3/28/2035 | 190,359 | |||||||||
Bundesrepublik Deutschland | 300,000 EUR | 4.7500 | 7/4/2034 | 580,812 | |||||||||
Canadian Government Bond | 750,000 CAD | 1.5000 | 6/1/2023 | 622,566 | |||||||||
Canadian Government Bond | 250,000 CAD | 4.0000 | 6/1/2041 | 279,813 | |||||||||
Canadian Government Bond | 350,000 CAD | 5.7500 | 6/1/2033 | 450,212 | |||||||||
Denmark Government Bond | 2,250,000 DKK | 3.0000 | 11/15/2021 | 400,979 | |||||||||
France Government Bond OAT | 800,000 EUR | 2.2500 | 5/25/2024 | 1,033,921 | |||||||||
France Government Bond OAT | 200,000 EUR | 4.5000 | 4/25/2041 | 387,350 | |||||||||
France Government Bond OAT | 170,000 EUR | 4.7500 | 4/25/2035 | 315,894 | |||||||||
Hungary Government International Bond | 150,000 USD | 5.3750 | 3/25/2024 | 168,915 | |||||||||
Indonesia Government International Bond - 144A | 150,000 EUR | 2.8750 | 7/8/2021 | 177,009 | |||||||||
Italy Buoni Poliennali Del Tesoro | 550,000 EUR | 1.5000 | 6/1/2025 | 617,489 | |||||||||
Italy Buoni Poliennali Del Tesoro - 144A | 100,000 EUR | 3.2500 | 9/1/2046 | 130,857 | |||||||||
Italy Buoni Poliennali Del Tesoro - 144A | 200,000 EUR | 3.5000 | 3/1/2030 | 269,187 | |||||||||
Italy Buoni Poliennali Del Tesoro | 600,000 EUR | 3.7500 | 9/1/2024 | 806,479 | |||||||||
Italy Buoni Poliennali Del Tesoro | 300,000 EUR | 4.5000 | 2/1/2020 | 397,201 | |||||||||
Italy Buoni Poliennali Del Tesoro | 420,000 EUR | 4.5000 | 3/1/2024 | 591,686 | |||||||||
Italy Buoni Poliennali Del Tesoro | 750,000 EUR | 4.7500 | 9/15/2016 | 894,528 | |||||||||
Italy Buoni Poliennali Del Tesoro - 144A | 350,000 EUR | 4.7500 | 9/1/2044 | 579,818 | |||||||||
Italy Buoni Poliennali Del Tesoro | 350,000 EUR | 5.0000 | 9/1/2040 | 580,953 | |||||||||
Italy Buoni Poliennali Del Tesoro | 150,000 EUR | 5.5000 | 11/1/2022 | 220,206 | |||||||||
Japan Government Ten Year Bond | 270,650,000 JPY | 1.4000 | 9/20/2019 | 2,394,733 | |||||||||
Japan Government Ten Year Bond | 171,800,000 JPY | 1.9000 | 6/20/2017 | 1,493,111 | |||||||||
Japan Government Thirty Year Bond | 90,400,000 JPY | 2.0000 | 9/20/2041 | 874,491 | |||||||||
Japan Government Thirty Year Bond | 146,950,000 JPY | 2.5000 | 6/20/2036 | 1,535,811 | |||||||||
Japan Government Twenty Year Bond | 99,050,000 JPY | 1.9000 | 9/20/2023 | 942,503 | |||||||||
Japan Government Twenty Year Bond | 205,350,000 JPY | 2.1000 | 12/20/2027 | 2,045,390 | |||||||||
Korea Treasury Bond | 832,150,000 KRW | 3.0000 | 9/10/2024 | 815,076 | |||||||||
Mexican Bonos | 22,150,000 MXN | 6.5000 | 6/9/2022 | 1,509,094 | |||||||||
Mexican Bonos | 22,000 MXN | 8.0000 | 12/7/2023 | 163,717 | |||||||||
Mexican Bonos | 9,900,000 MXN | 7.5000 | 6/3/2027 | 718,307 | |||||||||
Poland Government Bond | 300,000 PLN | 5.7500 | 9/23/2022 | 101,572 | |||||||||
Romanian Government International Bond | 100,000 EUR | 2.8750 | 10/28/2024 | 120,669 | |||||||||
Spain Government Bond - 144A | 550,000 EUR | 1.6000 | 4/30/2025 | 624,556 | |||||||||
Spain Government Bond - 144A | 510,000 EUR | 3.8000 | 4/30/2024 | 687,649 | |||||||||
Spain Government Bond - 144A | 150,000 EUR | 4.2000 | 1/31/2037 | 221,920 | |||||||||
Spain Government Bond | 700,000 EUR | 4.2500 | 10/31/2016 | 834,718 | |||||||||
Spain Government Bond - 144A | 250,000 EUR | 4.4000 | 10/31/2023 | 349,601 | |||||||||
Spain Government Bond - 144A | 520,000 EUR | 5.1500 | 10/31/2044 | 910,736 | |||||||||
Spain Government Bond - 144A | 100,000 EUR | 5.4000 | 1/31/2023 | 147,047 | |||||||||
Spain Government Bond | 230,000 EUR | 6.0000 | 1/31/2029 | 385,678 | |||||||||
Sweden Government Bond | 3,600,000 SEK | 4.2500 | 3/12/2019 | 503,885 | |||||||||
Switzerland Government Bond | 500,000 CHF | 4.0000 | 2/11/2023 | 706,002 | |||||||||
United Kingdom Gilt | 300,000 GBP | 4.2500 | 6/7/2032 | 589,210 | |||||||||
United Kingdom Gilt | 200,000 GBP | 4.2500 | 12/7/2055 | 447,636 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Opportunity Bond Fund (Continued) |
April 30, 2015 |
Maturity | |||||||||||||
Security | Principal Amount | Interest Rate | Date | Value | |||||||||
FOREIGN GOVERNMENT BONDS (Continued) - 56.4% | |||||||||||||
United Kingdom Gilt | 370,000 GBP | 4.5000 | % | 12/7/2042 | $ | 796,953 | |||||||
United Kingdom Gilt Inflation Linked | 150,000 GBP | 1.2500 | 11/22/2027 | 392,044 | |||||||||
United Kingdom Gilt Inflation Linked | 400,000 GBP | 1.8750 | 11/22/2022 | 946,640 | |||||||||
TOTAL FOREIGN GOVERNMENT BONDS (Cost - $33,078,522) | 31,588,633 | ||||||||||||
COLLATERALIZED MORTGAGE BACK SECURITIES - EURO - 0.4% | |||||||||||||
German Residential Funding PLC 2013-1A | 96,043 EUR | 1.1920 | + | 8/27/2024 | 109,891 | ||||||||
Tauras CMBS PLC 2013-GMF1 A | 96,967 EUR | 1.0380 | + | 5/21/2024 | 110,432 | ||||||||
TOTAL COLLATERALIZED MORTGAGE BACK SECURITIES - EURO (Cost - $261,442) | 220,323 | ||||||||||||
WHOLE LOAN COLLATERAL - 0.4% | |||||||||||||
Silverstone Master Issuer PLC -144A (Cost - $230,955) | 150,000 | 0.9363 | 1/21/2070 | 231,261 | |||||||||
SHORT-TERM INVESTMENTS - 1.5% | Shares | ||||||||||||
MONEY MARKET FUND - 1.5% | |||||||||||||
Fidelity Institutional Money Market Funds - Government Portfolio | |||||||||||||
(Cost - $830,056) | 830,056 | 0.0001 | + | — | 830,056 | ||||||||
TOTAL INVESTMENTS - 96.2% (Cost - $57,466,027) | $ | 53,838,111 | |||||||||||
OTHER ASSETS LESS LIABILITIES - 3.8% | 2,133,383 | ||||||||||||
NET ASSETS - 100.0% | $ | 55,971,494 |
MBS - Mortgage Back Security | DKK - Danish Krone | MXN - Mexican Peso |
REIT - Real Estate Investment Trust | EUR - EURO | PLN - Polish Zloty |
AUD - Australian Dollar | GBP - United Kingdom Pound | SEK - Swedish Krona |
CAD - Canadian Dollar | JPY - Japanese Yen | |
CHF - Swiss Franc | KRW - South Korean Won |
Unrealized | |||||||
Appreciation | |||||||
Futures Contracts | Contracts | (Depreciation) | |||||
FUTURES CONTRACTS PURCHASED* | |||||||
Canadian 10 Year Bond maturing June, 2015 | |||||||
(Underlying Face Amount at Value $572,685) | 6 | $ | (11,550 | ) | |||
10 YR AUD Government Bond maturing June, 2015 | |||||||
(Underlying Face Amount at Value $42,335,562) | 7 | (3,431 | ) | ||||
Japan 10 Year Future maturing June, 2015 | |||||||
(Underlying Face Amount at Value $10,328) | 1 | 2,674 | |||||
NET UNREALIZED LOSS FROM FUTURES CONTRACTS PURCHASED | (12,307 | ) | |||||
FUTURES CONTRACTS SOLD * | |||||||
Euro BOBL Future maturing June, 2015 | |||||||
(Underlying Face Amount at Value ($1,619,136)) | (10 | ) | 5,606 | ||||
Euro Bund Future maturing June, 2015 | |||||||
(Underlying Face Amount at Value ($1,575,887)) | (8 | ) | 30,945 | ||||
Euro Buxl maturing June, 2015 | |||||||
(Underlying Face Amount at Value ($212,021)) | (1 | ) | 9,710 | ||||
Euro Schatz maturing June, 2015 | |||||||
(Underlying Face Amount at Value ($1,956,590)) | (14 | ) | (79 | ) | |||
Long Gilt Future maturing June, 2015 | |||||||
(Underlying Face Amount at Value ($1,674,693)) | (6 | ) | 24,503 | ||||
NET UNREALIZED GAIN FROM FUTURES CONTRACTS SOLD | 70,685 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Opportunity Bond Fund (Continued) |
April 30, 2015 |
Unrealized | ||||
Appreciation | ||||
NET UNREALIZED GAIN FROM FUTURES CONTRACTS | $ | 58,378 |
Portfolio Composition * - (Unaudited) | ||||||
Japan | 17.89% | Mexico | 5.14% | |||
Britain | 13.20% | Germany | 3.16% | |||
Italy | 10.31% | Switzerland | 2.83% | |||
France | 9.88% | Sweden | 2.26% | |||
Netherlands | 9.25% | Other Countries | 17.38% | |||
Spain | 8.70% | Total | 100.00% |
Total Returns as of April 30, 2015 | ||||||||||
Six | One | Annualized | Annualized | Annualized Since Inception | ||||||
Months | Year | Three Years | Five Years | (4/30/2010) | ||||||
Class N | 6.01% | 7.68% | 2.82% | 2.74% | 2.74% | |||||
Class C | 5.57% | 6.64% | 1.80% | 1.75% | 1.75% | |||||
Class A with load of 5.75% | (0.19)% | 1.15% | 0.56% | 1.27% | 1.27% | |||||
Class A without load | 5.89% | 7.37% | 2.56% | 2.48% | 2.48% | |||||
IQ Hedge Global Macro Beta Index | 0.05% | (0.20)% | 1.90% | 11.74% | 11.74% | |||||
IQ Hedge Long/Short Beta Index | 4.04% | 7.62% | 7.79% | 6.59% | 6.59% | |||||
Morningstar Long/Short Equity Category | 2.21% | 3.24% | 2.50% | 2.25% | 2.25% |
The Morningstar Long/Short Equity Category is generally representative of mutual funds that primarily invest in both long and short positions in equities and related derivatives. |
As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 4.05% for Class N, 5.05% for Class C and 4.30% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of fund shares or fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Dynamic Macro Fund |
April 30, 2015 |
Security | Shares | Value | |||||
EXCHANGE TRADED FUNDS - 35.1% | |||||||
COMMODITY FUND - 7.0% | |||||||
PowerShares DB Commodity Index Tracking Fund * | 96,303 | $ | 1,761,382 | ||||
DEBT FUND - 4.8% | |||||||
SPDR Barclays High Yield Bond ETF | 30,633 | 1,208,165 | |||||
EQUITY FUNDS - 23.3% | |||||||
iShares MSCI Emerging Markets ETF | 28,759 | 1,233,186 | |||||
SPDR S&P 500 ETF Trust | 22,054 | 4,598,700 | |||||
5,831,886 | |||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $8,463,480) | 8,801,433 | ||||||
OPTIONS * - 6.6% | |||||||
CALL OPTION ON FUTURES PURCHASED - 6.4% | Contacts + | ||||||
Swiss Market IX, Expiration June 15, 2015 | |||||||
Exercise Price $9,115.74 * | 80 | 13,779 | |||||
US 10 Year Future, Expiration June 19, 2015 | |||||||
Exercise Price $114 * | 128 | 1,586,000 | |||||
TOTAL CALL OPTIONS ON FUTURES - (Cost - $1,456,094) | 1,599,779 | ||||||
PUT OPTIONS ON FUTURES PURCHASED - 0.2% | |||||||
S&P 500 E-Mini Option, Expiration May 15, 2015 | |||||||
Exercise Price $2000 | 33 | 8,250 | |||||
S&P 500 E-Mini Option Expiration June 19, 2015 | |||||||
Exercise Price $2000 | 47 | 46,412 | |||||
TOTAL PUT OPTIONS ON FUTURES - (Cost - $71,497) | 54,662 | ||||||
TOTAL OPTIONS (Cost - $1,527,591) | 1,654,441 |
Principal | Discount | ||||||||||||
Amount ($) | Rate | Maturity | |||||||||||
SHORT-TERM INVESTMENTS - 65.0% | |||||||||||||
U.S. GOVERNMENT SECURITIES - 44.9% | |||||||||||||
US Treasury Bill ++ | 65,000 | 0.0000 | % | 6/4/2015 | 64,998 | ||||||||
US Treasury Bill | 10,422,000 | 0.0200 | % | 7/9/2015 | 10,421,661 | ||||||||
US Treasury Bill ++ | 765,000 | 0.1450 | % | 9/17/2015 | 764,799 | ||||||||
11,251,458 | |||||||||||||
MONEY MARKET - 20.1% | Shares | Interest Rate | |||||||||||
STIT- Liquid Assets - Institutional Class | 5,034,738 | 0.2000 | %^ | 5,034,738 | |||||||||
TOTAL SHORT-TERM INVESTMENTS - (Cost - $16,286,196) | 16,286,196 | ||||||||||||
TOTAL INVESTMENTS - 106.7% (Cost - $26,277,267) | $ | 26,742,070 | |||||||||||
LIABILITIES LESS OTHER ASSETS - (6.7)% | (1,673,492 | ) | |||||||||||
NET ASSETS - 100.0% | $ | 25,068,578 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Dynamic Macro Fund (Continued) |
April 30, 2015 |
Unrealized | |||||||
Appreciation | |||||||
Security | Contracts | (Depreciation) | |||||
FUTURES CONTRACTS PURCHASED ** - 1.2% | |||||||
10 YR Mini JBG Future, June 2015 | |||||||
(Underlying Face Amount at Value $30,968) | 30 | $ | 345 | ||||
AEX Index (Amsterdam), May 2015 | |||||||
(Underlying Face Amount at Value $731,777) | 6 | (20,047 | ) | ||||
CAC 40 10 Euro Future, May 2015 | |||||||
(Underlying Face Amount at Value $819,151) | 13 | (19,985 | ) | ||||
DAX Index, June 2015 | |||||||
(Underlying Face Amount at Value $2,527,583) | 7 | (111,637 | ) | ||||
Hang Seng Index Future, May 2015 | |||||||
(Underlying Face Amount at Value $23,389) | 1 | 1,832 | |||||
IBEX - 35 Index Future, May 2015 | |||||||
(Underlying Face Amount at Value $428,205) | 3 | (12,281 | ) | ||||
Long Gilt Future, June 2015 | |||||||
(Underlying Face Amount at Value $3,628,502) | 13 | (15,290 | ) | ||||
S&P 500 E- Mini Future, June 2015 | |||||||
(Underlying Face Amount at Value $2,286,790) | 22 | (5,677 | ) | ||||
S&P/TSX 60 IX Future, June 2015 | |||||||
(Underlying Face Amount at Value $240,868) | 2 | 8,999 | |||||
SPI 200 Future, June 2015 | |||||||
(Underlying Face Amount at Value $268,244) | 3 | (6,266 | ) | ||||
TOPIX Index Future, June 2015 | |||||||
(Underlying Face Amount at Value $23,299) | 21 | 90,098 | |||||
US 10 Year Future, June 2015 | |||||||
(Underlying Face Amount at Value $1,797,250) | 14 | (9,572 | ) | ||||
TOTAL FUTURES CONTRACTS PURCHASED | $ | (99,481 | ) | ||||
FUTURES CONTRACTS SOLD ** - (0.5)% | |||||||
10 YR AUD Government Bond, March 2015 | |||||||
(Underlying Face Amount at Value $1,364,225) | (17 | ) | 24,194 | ||||
Canadian 10 Year Bond, June 2015 | |||||||
(Underlying Face Amount at Value $381,790) | (4 | ) | 10,273 | ||||
Euro-Bund Future, March 2015 | |||||||
(Underlying Face Amount at Value $7,485,463) | (38 | ) | 81,426 | ||||
FTSE 100 Index, March 2015 | |||||||
(Underlying Face Amount at Value $1,637,312) | (10 | ) | 8,963 | ||||
FTSE/MIS Index Future, June 2015 | |||||||
(Underlying Face Amount at Value $997,438) | (7 | ) | (2,083 | ) | |||
TOTAL FUTURES CONTRACTS SOLD | 122,773 | ||||||
WRITTEN PUT FUTURE OPTIONS - (0.1)% | |||||||
Swiss Market IX, Expiration June 15, 2015 | |||||||
Exercise Price $9,115.74 (Cost - ($21,047) | (80 | ) | (21,317 | ) |
* | Non income producing security. |
+ | Each option contract allows holder to purchase/sell 100 sahres of the underlying security at the exercise price. |
++ | All or part of the security was held as collateral for futures outstanding as of April 30, 2015 |
^ | Variable rate security. Interest rate is as of April 30, 2015. |
** | 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 of the Fund’s 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. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Dynamic Macro Fund (Continued) |
April 30, 2015 |
Portfolio Composition * - (Unaudited) | ||||||
U.S. Government Securities | 42.07% | Call Options On Futures Purchased | 5.98% | |||
Equity Funds | 21.81% | Debt Funds | 4.52% | |||
Money Market Fund | 18.83% | Put Option On Futures Purchased | 0.20% | |||
Commodity Fund | 6.59% | Total | 100.00% |
Total Returns as of April 30, 2015 | ||||||||||
Annualized | Annualized | Annualized Since | ||||||||
Six Months | One Year | Three Years | Five Years | Inception (2/13/09) | ||||||
Class N | 2.21% | 5.93% | 1.15% | 0.27% | 1.65% | |||||
Class C | 1.74% | 4.84% | 0.14% | (0.77)% | 0.09% * | |||||
Class A with load of 5.75% | (3.76)% | (0.41)% | (1.07)% | (1.18)% | (0.64)% ** | |||||
Class A without load | 2.12% | 5.68% | 0.90% | 0.00% | 1.62% ** | |||||
Dow Jones Credit Suisse Managed Futures Liquid Index | 18.67% | 30.11% | 7.71% | 4.30% | 3.31% | |||||
Morningstar Managed Futures Category | 8.52% | 13.97% | 1.37% | 0.15% | (0.72)% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Alternative Strategy Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
EXCHANGE TRADED FUNDS - 29.5% | ||||||||
COUNTRY FUND - 4.1% | ||||||||
iShares China Large-Cap ETF | 8,500 | 436,305 | ||||||
iShares MSCI South Africa ETF | 5,500 | 388,795 | ||||||
825,100 | ||||||||
DIVERSFIED FINANCIAL SERVICES - 4.8% | ||||||||
Fidelity MSCI Consumer Discretionary Index ETF | 12,900 | 391,515 | ||||||
SPDR S&P Regional Banking ETF | 13,800 | 567,318 | ||||||
958,833 | ||||||||
GROWTH & INCOME - LARGE CAP - 10.0% | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 6,600 | 192,522 | ||||||
SPDR S&P 500 ETF Trust | 8,700 | 1,814,124 | ||||||
2,006,646 | ||||||||
INTERNATIONAL EQUITY - 3.0% | ||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 6,800 | 205,292 | ||||||
WisdomTree Europe Hedged Equity Fund | 6,200 | 398,412 | ||||||
603,704 | ||||||||
LEISURE - 3.0% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 7,900 | 594,949 | ||||||
TECHNOLOGY - 4.6% | �� | |||||||
iShares Nasdaq Biotechnology ETF | 1,150 | 383,709 | ||||||
Powershares QQQ Trust Series 1 | 5,100 | 548,913 | ||||||
932,622 | ||||||||
TOTAL EXCHANGE TRADED FUNDS - (Cost - $5,748,517) | 5,921,854 |
Security | Shares | Value | ||||||
EXCHANGE TRADED NOTE - 3.0% | ||||||||
COMMODITY - 3.0% | ||||||||
DB Gold Short ETN * | 38,800 | $ | 602,176 | |||||
(Cost - $600,954) | ||||||||
SHORT - TERM INVESTMENT - 55.1% | ||||||||
MONEY MARKET FUND - 55.1% | ||||||||
Invesco STIT-Treasury Portfolio - 0.03% + | ||||||||
(Cost - $11,055,370) | 11,055,370 | 11,055,370 | ||||||
TOTAL INVESTMENTS - 87.6% (Cost - $17,404,841) | $ | 17,579,400 | ||||||
OTHER ASSETS LESS LIABILITIES - 12.4% | 2,487,365 | |||||||
NET ASSETS - 100.0% | $ | 20,066,765 |
ETF - Exchange Traded Fund
ETN - Exchange Traded Note
* | Non income producing security. |
+ | Variable rate security. Interest rate is as of April 30, 2015. |
Portfolio Composition * - (Unaudited) | ||||||||||
Growth & Income - Large Cap | 11.4 | % | Technology | 3.1 | % | |||||
Financial Services | 5.4 | % | Market Neutral - Equity | 2.3 | % | |||||
Country Funds | 4.7 | % | Health & Biotechnology | 2.2 | % | |||||
Commodity | 3.4 | % | International Equity | 1.2 | % | |||||
Leisure Industry | 3.4 | % | Short Term | 62.9 | % | |||||
Total | 100.0 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which are based on Fund net assets.
Total Returns as of April 30, 2015 | |||||||||||
Six | Annualized | Annualized | Annualized | Annualized Since | |||||||
Months | One Year | Three Years | Five Years | Ten Years | Inception (12/10/04) | ||||||
Class N | 3.78% | 8.36% | 9.58% | 8.75% | 7.53% | 6.46% | |||||
Class C | 3.35% | 7.27% | 8.49% | 7.68% | 6.47% | 5.41% | |||||
Class A with load of 5.75% | (2.22)% | 1.85% | 7.16% | 7.23% | N/A | 5.28%* | |||||
Class A without load | 3.73% | 8.11% | 9.32% | 8.51% | N/A | 6.03%* | |||||
Merrill Lynch All Convertibles All Qualities Index | 3.91% | 8.95% | 14.41% | 10.85% | 8.39% | 7.39% | |||||
ML Conv. ex Mandatory Index | 3.78% | 8.36% | 9.58% | 8.75% | 7.53% | 6.46% | |||||
Morningstar Moderate Allocation Category | 3.21% | 6.68% | 11.38% | 9.00% | 7.42% | 6.97% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Appreciation & Income Fund |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
CONVERTIBLE BONDS - 76.1% | |||||||||||||
AIRLINES - 0.9% | |||||||||||||
AirTran Holdings, Inc. | $ | 95,000 | 5.2500 | % | 11/1/2016 | $ | 267,306 | ||||||
BIOTECHNOLOGY - 12.5% | |||||||||||||
Acorda Therapeutics, Inc. | 1,000,000 | 1.7500 | 6/15/2021 | 987,500 | |||||||||
Ani Pharmaceuticals, Inc. | 760,000 | 3.0000 | 12/1/2019 | 865,450 | |||||||||
Illumina, Inc. - 144A | 325,000 | 0.0000 | 6/15/2019 | 363,187 | |||||||||
Illumina, Inc. - 144A | 600,000 | 0.5000 | 6/15/2021 | 694,500 | |||||||||
Medivation, Inc. | 365,000 | 2.6250 | 4/1/2017 | 858,206 | |||||||||
3,768,843 | |||||||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.0% | |||||||||||||
FXCM, Inc. | 715,000 | 2.2500 | 6/15/2018 | 596,131 | |||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 3.8% | |||||||||||||
SunPower Corp. - 144A | 1,120,000 | 0.8750 | 6/1/2021 | 1,141,700 | |||||||||
HEALTHCARE-PRODUCTS - 3.1% | |||||||||||||
Wright Medical Group, Inc. - 144A | 895,000 | 2.0000 | 6/15/2019 | 941,988 | |||||||||
HEALTHCARE-SERVICES - 3.1% | |||||||||||||
Molina Healthcare, Inc. | 605,000 | 1.1250 | 1/15/2020 | 927,919 | |||||||||
HOLDING COMPANIES - DIVERSIFIED - 3.3% | |||||||||||||
Horizon Pharma Investment Ltd. - 144A | 800,000 | 2.5000 | 3/15/2022 | 997,000 | |||||||||
HOME BUILDERS - 2.6% | |||||||||||||
Standard Pacific Corp. | 700,000 | 1.2500 | 8/1/2032 | 820,750 | |||||||||
MEDIA - 2.0% | |||||||||||||
Liberty Media Corp. | 588,000 | 1.3750 | 10/15/2023 | 591,675 | |||||||||
OIL & GAS - 3.6% | |||||||||||||
Goodrich Petroleum Corp. | 320,000 | 5.0000 | 10/1/2032 | 190,400 | |||||||||
Whiting Petroleum Corp. - 144A | 750,000 | 1.2500 | 4/1/2020 | 897,188 | |||||||||
1,087,588 | |||||||||||||
PHARMACEUTICALS - 7.4% | |||||||||||||
Akorn, Inc. | 110,000 | 3.5000 | 6/1/2016 | 522,019 | |||||||||
Depomed, Inc. | 840,000 | 2.5000 | 9/1/2021 | 1,183,875 | |||||||||
Mylan, Inc. | 100,000 | 3.7500 | 9/15/2015 | 541,438 | |||||||||
2,247,332 | |||||||||||||
REAL ESTATE - 3.0% | |||||||||||||
Forest City Enterprises, Inc. - Class A | 790,000 | 3.6250 | 8/15/2020 | 893,194 | |||||||||
SEMICONDUCTORS - 6.4% | |||||||||||||
ON Semiconductor Corp. | 500,000 | 2.6250 | 12/15/2026 | 623,438 | |||||||||
Rambus, Inc. | 1,000,000 | 1.1250 | 8/15/2018 | 1,292,500 | |||||||||
1,915,938 | |||||||||||||
SOFTWARE - 13.2% | |||||||||||||
Akamai Technologies, Inc. | 750,000 | 0.0000 | 2/15/2019 | 819,379 | |||||||||
Dealertrack Technologies, Inc. | 750,000 | 1.5000 | 3/15/2017 | 909,844 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Appreciation & Income Fund (Continued) |
April 30, 2015 |
Principal | Interest | Maturity | |||||||||||
Security | Amount | Rate | Date | Value | |||||||||
SOFTWARE (Continued) - 13.2% | |||||||||||||
Medidata Solutions, Inc. | $ | 1,100,000 | 1.0000 | % | 8/1/2018 | $ | 1,298,687 | ||||||
PROS Holdings, Inc. - 144A | 950,000 | 2.0000 | 12/1/2019 | 939,906 | |||||||||
3,967,816 | |||||||||||||
TELECOMMUNICATIONS - 6.2% | |||||||||||||
Finisar | 932,000 | 0.5000 | 12/15/2033 | 940,737 | |||||||||
Gogo, Inc. - 144A | 870,000 | 3.7500 | 3/1/2020 | 921,116 | |||||||||
1,861,853 | |||||||||||||
TRANSPORTATION - 3.0% | |||||||||||||
Scorpio Tankers, Inc. - 144A | 860,000 | 2.3750 | 7/1/2019 | 889,025 | |||||||||
TOTAL CONVERTIBLE BONDS (Cost - $21,438,744) | 22,916,058 |
Dividend | ||||||||||
Shares | Rate | |||||||||
PREFERRED STOCK - 13% | ||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.1% | ||||||||||
AMG Capital Trust II | 5,500 | 5.1500 | % | 338,595 | ||||||
INSURANCE - 3.4% | ||||||||||
Maiden Holding Ltd. | 20,000 | 7.2500 | 1,037,000 | |||||||
OIL & GAS - 1.1% | ||||||||||
Rex Energy Corp. | 7,000 | 6.0000 | 315,140 | |||||||
PHARMACEUTICALS - 2.5% | ||||||||||
Actavis PLC | 735 | 5.5000 | 739,265 | |||||||
REITS - 4.9% | ||||||||||
Crown Castle International Corp. | 5,750 | 4.5000 | 602,025 | |||||||
iStar Financial, Inc. | 15,000 | 4.5000 | 886,179 | |||||||
1,488,204 | ||||||||||
TOTAL PREFERRED STOCK (Cost - $3,525,849) | 3,918,204 |
Interest | ||||||||||
Rate | ||||||||||
SHORT-TERM INVESTMENT - 11.2% | ||||||||||
MONEY MARKET FUND - 11.2% | ||||||||||
First American Government Obligations Fund | 3,368,365 | 0.01 | %+ | 3,368,365 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost - $3,368,365) | ||||||||||
TOTAL INVESTMENTS - 100.3% (Cost - $28,332,958) | $ | 30,202,627 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (96,271 | ) | ||||||||
TOTAL NET ASSETS - 100.0% | $ | 30,106,356 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Appreciation & Income Fund (Continued) |
April 30, 2015 |
Portfolio Composition * - (Unaudited) | ||
Convertible Bonds | 75.8% | |
Preferred Stock | 13.0% | |
Short-Term Investment | 11.2% | |
Total | 100.0% |
Total Returns as of April 30, 2015 | ||||||||||||
Six | Annualized | Annualized | Annualized | Annualized Since Inception | ||||||||
Months | One Year | Three Years | Five Years | Ten Years | (12/10/04) | |||||||
Class N | 3.27% | 7.52% | 14.43% | 11.67% | 6.45% | 6.37% | ||||||
Class C | 2.74% | 6.48% | 13.27% | 10.55% | 5.40% | 5.32% | ||||||
Class A with load of 5.75% | (2.81)% | 1.08% | 11.87% | 10.08% | N/A | 3.93%* | ||||||
Class A without load | 3.14% | 7.26% | 14.11% | 11.39% | N/A | 4.67%* | ||||||
Russell 1000 Value Index | 2.89% | 9.31% | 17.20% | 13.39% | 7.51% | 7.30% | ||||||
Morningstar Large Cap Value Category | 3.28% | 8.46% | 15.05% | 11.99% | 6.71% | 6.42% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Large Cap Value Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 97.2% | ||||||||
AEROSPACE/DEFENSE - 2.1% | ||||||||
United Technologies Corp. | 10,516 | $ | 1,196,195 | |||||
AGRICULTURE - 1.2% | ||||||||
Philip Morris International, Inc. | 7,895 | 658,996 | ||||||
AUTO & TRUCK PARTS - 1.8% | ||||||||
BorgWarner, Inc. | 17,400 | 1,030,080 | ||||||
BANKS - 13.6% | ||||||||
Bank of New York Mellon Corp. | 26,700 | 1,130,478 | ||||||
Goldman Sachs Group, Inc. | 5,500 | 1,080,310 | ||||||
JPMorgan Chase & Co. | 34,002 | 2,150,967 | ||||||
US Bancorp | 20,307 | 870,561 | ||||||
Wells Fargo & Co. | 43,400 | 2,391,340 | ||||||
7,623,656 | ||||||||
COMPUTERS - 5.0% | ||||||||
Apple, Inc. | 11,200 | 1,401,680 | ||||||
EMC Corp. | 29,700 | 799,227 | ||||||
SanDisk Corp. | 8,900 | 595,766 | ||||||
2,796,673 | ||||||||
COSMETICS / PERSONAL CARE - 1.5% | ||||||||
The Procter & Gamble Co. | 10,900 | 866,659 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 5.8% | ||||||||
American Express Co. | 8,300 | 642,835 | ||||||
Discover Financial Services | 26,900 | 1,559,393 | ||||||
T Rowe Price Group, Inc. | 13,100 | 1,063,458 | ||||||
3,265,686 | ||||||||
ELECTRIC - 4.1% | ||||||||
NextEra Energy, Inc. | 12,736 | 1,285,444 | ||||||
Public Service Enterprise Group, Inc. | 24,200 | 1,005,268 | ||||||
2,290,712 | ||||||||
ELECTRONICS - 3.6% | ||||||||
Agilent Technologies, Inc. | 16,000 | 661,920 | ||||||
Honeywell International, Inc. | 13,472 | 1,359,594 | ||||||
2,021,514 | ||||||||
HEALTHCARE PRODUCTS - 2.0% | ||||||||
Baxter International, Inc. | 16,700 | 1,147,958 | ||||||
HEALTHCARE SERVICES - 1.6% | ||||||||
MEDNAX, Inc. * | 12,800 | 905,984 | ||||||
INSURANCE - 4.2% | ||||||||
The Allstate Corp. | 16,632 | 1,158,585 | ||||||
American International Group, Inc. | 21,600 | 1,215,864 | ||||||
2,374,449 | ||||||||
INTERNET - 1.5% | ||||||||
eBay, Inc. * | 14,100 | 821,466 | ||||||
MACHINERY - DIVERSIFIED - 1.6% | ||||||||
Deere & Co. | 10,000 | 905,200 |
Security | Shares | Value | ||||||
MEDIA - 7.3% | ||||||||
CBS Corp. | 16,100 | $ | 1,000,293 | |||||
DIRECTV * | 15,500 | 1,405,928 | ||||||
Time Warner Cable, Inc. | 5,000 | 777,600 | ||||||
Time Warner, Inc. | 10,800 | 911,628 | ||||||
4,095,449 | ||||||||
MINING - 1.3% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 31,000 | 721,370 | ||||||
MISCELLANEOUS MANUFACTURING - 5.9% | ||||||||
Dover Corp. | 15,800 | 1,196,376 | ||||||
General Electric Co. | 78,927 | 2,137,343 | ||||||
3,333,719 | ||||||||
OIL & GAS - 7.9% | ||||||||
Chevron Corp. | 13,600 | 1,510,416 | ||||||
ConocoPhillips | 16,596 | 1,127,200 | ||||||
EOG Resource, Inc. | 8,900 | 880,655 | ||||||
Marathon Petroleum Corp. | 9,300 | 916,701 | ||||||
4,434,972 | ||||||||
OIL & GAS SERVICES - 1.8% | ||||||||
Baker Hughes, Inc. | 14,800 | 1,013,208 | ||||||
PHARMACEUTICALS - 11.8% | ||||||||
Abbott Laboratories | 23,700 | 1,100,154 | ||||||
Actavis PLC * | 5,780 | 1,634,931 | ||||||
AmerisourceBergen Corp. | 23,400 | 2,674,620 | ||||||
Express Scripts Holdings Co. * | 13,900 | 1,200,960 | ||||||
6,610,665 | ||||||||
RETAIL - 3.9% | ||||||||
Dick’s Sporting Goods, Inc. | 15,300 | 830,178 | ||||||
Wal-Mart Stores, Inc. | 17,200 | 1,342,460 | ||||||
2,172,638 | ||||||||
SEMICONDUCTORS - 2.7% | ||||||||
Intel Corp. | 45,828 | 1,491,701 | ||||||
SOFTWARE - 3.2% | ||||||||
Microsoft Corp. | 17,900 | 870,656 | ||||||
Oracle Corp. | 20,900 | 911,658 | ||||||
1,782,314 | ||||||||
TELECOMMUNICATIONS - 1.8% | ||||||||
Cisco Systems, Inc. | 35,200 | 1,014,816 | ||||||
TOTAL COMMON STOCK (Cost - $34,103,976) | 54,576,080 | |||||||
SHORT - TERM INVESTMENT - 2.6% | ||||||||
MONEY MARKET FUND - 2.6% | ||||||||
STIT-STIC Prime Portfolio - 0.04% + | ||||||||
(Cost - $1,471,970) | 1,471,970 | 1,471,970 | ||||||
TOTAL INVESTMENTS - 99.8% (Cost - $35,575,946) (a) | $ | 56,048,050 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.2% | 125,798 | |||||||
NET ASSETS - 100.0% | $ | 56,173,848 |
* | Non-income producing security. |
+ | Variable rate security. Interest rate is as of April 30, 2015. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Large Cap Value Fund (Continued) |
April 30, 2015 |
Portfolio Composition * - (Unaudited) | ||||||||||
Financial | 23.67 | % | Energy | 9.72 | % | |||||
Consumer, Non-Cyclical | 18.18 | % | Consumer, Cyclical | 5.71 | % | |||||
Industrial | 13.30 | % | Utilities | 4.09 | % | |||||
Technology | 10.83 | % | Funds | 2.63 | % | |||||
Communications | 10.58 | % | Basic Materials | 1.29 | % | |||||
Total | 100.00 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which are based on Fund net assets. |
Total Returns as of April 30, 2015 | ||||||
Annualized | ||||||
Since | ||||||
Six | One | Inception | ||||
Months | Year | (9/14/12) | ||||
Class N | (0.26)% | 2.60% | 7.93% | |||
Class C | (0.84)% | 1.55% | 6.86% | |||
Class A with load of 5.75% | (6.21)% | (3.57)% | 5.24% | |||
Class A without load | (0.45)% | 2.29% | 7.64% | |||
Dow Jones US Select Dividend Index | 2.00% | 8.42% | 16.10% | |||
Morningstar Aggressive Allocation Category | 3.28% | 8.46% | 15.38% |
As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.84% for Class N, 2.84% for Class C and 2.09% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%.The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of fund shares or fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Alternative Income Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 95.9% | ||||||||
AGRICULTURE - 5.2% | ||||||||
Altria Group, Inc. | 3,000 | $ | 150,150 | |||||
Reynolds American, Inc. | 4,000 | 293,200 | ||||||
443,350 | ||||||||
AUTO MANUFACTURERS - 1.9% | ||||||||
Ford Motor Co. | 10,000 | 158,000 | ||||||
BANKS - 0.5% | ||||||||
Deutsche Bank AG | 1,277 | 40,992 | ||||||
CHEMICALS - 2.4% | ||||||||
Dow Jones Chemical Co. | 4,000 | 204,000 | ||||||
COMMERCIAL SERVICES - 4.3% | ||||||||
Macquarie Infrastructure Co. LLC | 3,000 | 248,280 | ||||||
RR Donnelley & Sons Co. | 6,000 | 111,720 | ||||||
360,000 | ||||||||
ELECTRIC - 5.1% | ||||||||
Dominion Resources, Inc. | 2,000 | 143,360 | ||||||
MDU Resources Group, Inc. | 4,000 | 89,160 | ||||||
NextEra Energy, Inc. | 2,000 | 201,860 | ||||||
434,380 | ||||||||
ENERGY - ALTERNATE SOURCES - 1.2% | ||||||||
Clean Energy Fuels Corp. * | 10,000 | 98,700 | ||||||
ENGINEERING & CONSTRUCTION - 0.6% | ||||||||
Chicago Bridge & Iron Co. | 1,000 | 47,650 | ||||||
ENVIRONMENTAL CONTROL - 3.6% | ||||||||
Coventa Holding Corp. | 15,000 | 304,350 | ||||||
GAS - 8.1% | ||||||||
Atmos Energy Corp. | 2,000 | 108,000 | ||||||
National Grid PLC - ADR | 3,000 | 202,290 | ||||||
NiSource, Inc. | 5,000 | 217,100 | ||||||
Sempra Energy | 1,500 | 159,255 | ||||||
686,645 | ||||||||
INTERNET - 0.4% | ||||||||
Yahoo!, Inc. * | 1,000 | 42,565 | ||||||
IRON / STEEL - 0.9% | ||||||||
Mesabi Trust | 5,000 | 76,050 | ||||||
MINING - 1.1% | ||||||||
Freeport-Mcmoran, Inc. | 4,000 | 93,080 | ||||||
MISCELLANEOUS MANUFACTURING - 1.3% | ||||||||
General Electric Co. | 4,000 | 108,320 | ||||||
OIL & GAS - 5.3% | ||||||||
BP PLC - ADR | 5,000 | 215,800 | ||||||
ConocoPhillips | 2,000 | 135,840 | ||||||
Marathon Petroleum Corp. | 1,000 | 98,570 | ||||||
450,210 | ||||||||
PHARMACEUTICALS - 3.3% | ||||||||
AstraZeneca PLC - ADR | 2,000 | 136,960 | ||||||
GlaxoSmithKline PLC - ADR | 3,000 | 138,450 | ||||||
275,410 | ||||||||
PIPELINES - 24.4% | ||||||||
Buckeye Partners LP - MLP | 1,000 | 81,580 | ||||||
DCP Midstream Partners LP - MLP | 1,000 | 40,800 | ||||||
Enbridge, Inc. | 2,000 | 104,660 | ||||||
Energy Transfer Equity LP - MLP | 1,000 | 66,660 | ||||||
Energy Transfer Partners LP - MLP | 4,650 | 268,654 | ||||||
EnLink Midstream Partners LP - MLP | 2,000 | 51,460 | ||||||
Enterprise Products Partners LP - MLP | 3,000 | 102,750 | ||||||
Kidner Morgan, Inc. | 4,000 | 171,800 | ||||||
Magellan Midstream Partners LP - MLP | 1,000 | 83,500 | ||||||
MarkWest Energy Partners LP - MLP | 1,000 | 67,460 |
Security | Shares | Value | ||||||
PIPELINES - 24.4% (Continued) | ||||||||
ONEOK Partners LP - MLP | 1,000 | $ | 41,950 | |||||
Pembina Pipeline Corp. | 2,000 | 69,620 | ||||||
Plains All American Pipeline LP - MLP | 2,000 | 100,220 | ||||||
Shell Midstream Partners LP - MLP | 4,000 | 160,760 | ||||||
Spectra Energy Corp. | 3,000 | 111,750 | ||||||
Sunoco Logistics Partners LP - MLP | 2,000 | 88,720 | ||||||
Targa Resources Partners LP - MLP | 1,169 | 53,119 | ||||||
TC Pipelines LP - MLP | 1,000 | 68,080 | ||||||
TransCanada Corp. | 1,000 | 46,420 | ||||||
Williams Cos., Inc. | 3,000 | 153,570 | ||||||
Williams Partners LP - MLP | 2,500 | 123,500 | ||||||
2,057,033 | ||||||||
REITS - 2.0% | ||||||||
Getty Realty Corp. | 2,000 | 34,740 | ||||||
Highwoods Properties, Inc. | 1,000 | 43,040 | ||||||
Lexington Realty Trust | 3,000 | 27,810 | ||||||
Mack-Cali Realty Corp. | 1,000 | 17,950 | ||||||
Universal Health Realty Income Trust | 1,000 | 49,660 | ||||||
173,200 | ||||||||
SEMICONDUCTORS - 6.9% | ||||||||
Intel Corp. | 10,000 | 325,500 | ||||||
Microchip Technology, Inc. | 5,000 | 238,275 | ||||||
563,775 | ||||||||
TELECOMMUNICATIONS - 17.4% | ||||||||
AT&T, Inc. | 3,000 | 103,920 | ||||||
BCE, Inc. | 1,000 | 44,110 | ||||||
CenturyLink ,Inc. | 3,000 | 107,880 | ||||||
Cisco Systems, Inc. | 10,000 | 288,300 | ||||||
Deutsche Telekom AG - ADR | 20,000 | 367,400 | ||||||
Frontier Communications Corp. | 15,000 | 102,900 | ||||||
Verizon Communications, Inc. | 2,000 | 100,880 | ||||||
Vodafone Group PLC - ADR | 10,000 | 352,000 | ||||||
1,467,390 | ||||||||
TOTAL COMMON STOCK (Cost - $7,697,933) | 8,085,100 | |||||||
EXCHANGE TRADED FUNDS - 3.4% | ||||||||
EQUITY FUNDS - 3.4% | ||||||||
iShares Russell 2000 ETF | 2,000 | 242,320 | ||||||
SPDR S&P Regional Banking ETF | 1,000 | 41,110 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $287,239) | 283,430 | |||||||
TOTAL INVESTMENTS - 99.3% (Cost - $7,985,172) | $ | 8,368,530 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.7% | 63,438 | |||||||
NET ASSETS - 100.0% | $ | 8,431,968 |
ADR - American Depositary Receipt
ETF - Exchange Traded Funds
REIT - Real Estate Investment Trust
MLP - Master Limited Partnership
* | Non income Producing Security. |
See accompanying notes to financial statements.
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Alternative Income Fund (Continued) |
April 30, 2015 |
Portfolio Composition * - (Unaudited) | ||||||||||
Energy | 31.14 | % | Industrial | 5.50 | % | |||||
Communications | 18.04 | % | Basic Materials | 4.46 | % | |||||
Utilities | 13.40 | % | Exchange Traded Funds | 3.38 | % | |||||
Consumer, Non-Cyclical | 12.89 | % | Financial | 2.56 | % | |||||
Technology | 6.74 | % | Consumer, Cyclical | 1.89 | % | |||||
Total | 100.00 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which are based on Fund net assets.
Total Returns as of April 30, 2015 | ||||||||
Annualized | Annualized Since | |||||||
Six | One | Three | Inception | |||||
Months | Year | Years | (12/8/11) | |||||
Class N | 6.60% | 19.22% | 12.75% | 15.30% | ||||
Class C | 6.10% | 18.08% | 11.66% | 14.19% | ||||
Class A with load of 5.75% | 0.32% | 12.16% | 10.31% | 13.03% | ||||
Class A without load | 6.44% | 18.97% | 12.51% | 15.02% | ||||
Russell 1000 Growth Index | 6.54% | 16.67% | 16.60% | 19.54% | ||||
Morningstar Large Cap Growth Category | 5.33% | 14.84% | 15.16% | 18.12% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Focused Large Cap Growth Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 99.5% | ||||||||
AEROSPACE/DEFENSE - 4.8% | ||||||||
BE Aerospace, Inc. | 13,732 | $ | 821,036 | |||||
KLX, Inc. * | 14,899 | 624,417 | ||||||
TransDigm Group, Inc. | 6,761 | 1,434,211 | ||||||
2,879,664 | ||||||||
APPAREL - 5.5% | ||||||||
Michael Kors Holdings Ltd. * | 20,299 | 1,255,696 | ||||||
Under Armour, Inc. - Class A * | 26,197 | 2,031,577 | ||||||
3,287,273 | ||||||||
BIOTECHNOLOGY - 16.7% | ||||||||
Alexion Pharmaceuticals, Inc. * | 8,567 | 1,449,793 | ||||||
Biogen Idec, Inc. * | 4,044 | 1,512,173 | ||||||
BioMarin Pharmaceutical, Inc. * | 4,979 | 557,897 | ||||||
Celgene Corp. * | 21,091 | 2,279,093 | ||||||
Illumina, Inc. * | 9,746 | 1,795,701 | ||||||
Regeneron Pharmaceuticals, Inc. * | 5,423 | 2,480,806 | ||||||
10,075,463 | ||||||||
CHEMICALS - 2.0% | ||||||||
Monsanto Co. | 9,984 | 1,137,777 | ||||||
COMMERCIAL SERVICES - 4.0% | ||||||||
MasterCard, Inc. - Class A | 26,667 | 2,405,630 | ||||||
COMPUTERS - 3.1% | ||||||||
Apple, Inc. | 15,121 | 1,892,393 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 4.2% | ||||||||
Visa, Inc. - Class A | 38,198 | 2,522,978 | ||||||
INTERNET - 32.8% | ||||||||
Amazon.com, Inc. * | 3,774 | 1,591,798 | ||||||
Baidu, Inc. - ADR * | 4,953 | 991,987 | ||||||
Facebook, Inc. - Class A * | 53,544 | 4,217,661 | ||||||
Fireeye, Inc. * | 21,224 | 876,551 | ||||||
Google, Inc. - Class A * | 1,350 | 740,840 | ||||||
Google, Inc. - Class C * | 2,756 | 1,480,661 | ||||||
LinkedIn Corp. - Class A * | 14,682 | 3,701,773 | ||||||
Priceline Group, Inc. * | 2,380 | 2,945,988 | ||||||
Splunk, Inc. * | 19,329 | 1,282,383 |
Security | Shares | Value | ||||||
INTERNET (Continued) - 32.8% | ||||||||
TripAdvisor, Inc. * | 11,745 | $ | 945,355 | |||||
Twitter, Inc. * | 25,038 | 975,480 | ||||||
19,750,477 | ||||||||
MACHINERY-DIVERSIFIED - 1.9% | ||||||||
The Middleby Corp. * | 11,148 | 1,129,738 | ||||||
MEDIA - 2.2% | ||||||||
Walt Disney Co. | 12,435 | 1,351,933 | ||||||
RETAIL - 10.3% | ||||||||
Chipotle Mexican Grill, Inc. - Class A * | 2,492 | 1,548,379 | ||||||
Starbucks Corp. | 68,174 | 3,380,067 | ||||||
TJX Cos., Inc. | 19,625 | 1,266,598 | ||||||
6,195,044 | ||||||||
SEMICONDUCTORS - 3.3% | ||||||||
ARM Holdings PLC - ADR | 39,321 | 2,004,978 | ||||||
SOFTWARE - 6.7% | ||||||||
Salesforce.com, Inc. * | 39,112 | 2,848,136 | ||||||
Workday, Inc. - Class A * | 12,767 | 1,164,478 | ||||||
4,012,614 | ||||||||
TELECOMMUNICATIONS - 1.0% | ||||||||
Palo Alto Networks, Inc. * | 4,208 | 621,606 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost - $49,123,065) | 59,267,568 | |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
MONEY MARKET FUND - 1.3% | ||||||||
First American Obligations Fund, 0.02% + | 781,133 | 781,133 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost - $781,133) | ||||||||
TOTAL INVESTMENTS - 99.8% (Cost - $49,904,198) | $ | 60,048,701 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.2% | 145,706 | |||||||
NET ASSETS - 100.0% | $ | 60,194,407 |
* Non-Income producing security. |
ADR - American Depositary Receipt. |
+ Variable rate security. Interest rate is as of April 30, 2015. |
Portfolio Composition * - (Unaudited) | ||||||||||
Communications | 36.2 | % | Industrial | 6.7 | % | |||||
Consumer, Non-Cyclical | 20.8 | % | Financial | 4.2 | % | |||||
Consumer, Cyclical | 15.8 | % | Basic Materials | 1.9 | % | |||||
Technology | 13.2 | % | Short-Term Investments | 1.2 | % | |||||
Total | 100.0 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which is based on Fund net assets.
Total Returns as of April 30, 2015** | ||||||||||
Annualized | Annualized | Annualized | Annualized Since Inception | |||||||
One Year | Three Years | Five Years | Ten Years | (12/10/04) | ||||||
Class N | 6.81% | 5.91% | 12.28% | 6.59% | 6.07% | |||||
Class C | 6.29% | 4.86% | 11.16% | 5.53% | 5.03% | |||||
Class A with load of 5.75% | 0.49% | (0.44)% | 9.78% | N/A | 1.97%* | |||||
Class A without load | 6.65% | 5.61% | 11.97% | N/A | 2.70%* | |||||
MSCI All Country World ex US Index (net) | 5.56% | 2.63% | 8.74% | 6.26% | 6.34% | |||||
Morningstar Foreign Large Cap Blend Category | 5.93% | 2.35% | 9.67% | 5.33% | 5.37% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Stock Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 95.2% | ||||||||
ADVERTISING - 0.1% | ||||||||
JCDecaux SA | 877 | $ | 34,594 | |||||
AEROSPACE/DEFENSE - 1.0% | ||||||||
Airbus Group NV | 10,769 | 745,218 | ||||||
Airbus Group NV - ADR | 2,823 | 48,781 | ||||||
793,999 | ||||||||
AGRICULTURE - 0.4% | ||||||||
Swedish Match AB | 10,619 | 326,186 | ||||||
AIRLINES - 0.9% | ||||||||
ANA Holdings, Inc. | 109,000 | 300,677 | ||||||
Japan Airlines Co., Ltd. | 12,100 | 402,530 | ||||||
Turk Hava Yollari * | 1 | 3 | ||||||
703,210 | ||||||||
APPAREL - 0.8% | ||||||||
Adidas-Salomon AG - ADR | 3,579 | 147,097 | ||||||
LVMH Moet Hennessy Louis Vuitton | 2,680 | 467,953 | ||||||
615,050 | ||||||||
AUTO MANUFACTURERS - 6.0% | ||||||||
Bayerische Motoren Werke AG | 5,585 | 657,864 | ||||||
Daimler AG | 13,858 | 1,330,444 | ||||||
Fiat Chrysler Automobiles NV * | 57,071 | 863,490 | ||||||
Hino Motors | 33,700 | 438,651 | ||||||
Porsche Automobil Holding SE - ADR | 23,773 | 224,179 | ||||||
Peugeot SA * | 31,337 | 591,575 | ||||||
Renault SA | 3,524 | 370,242 | ||||||
Volkswagen AG | 1,083 | 273,936 | ||||||
Volvo AB | 6,351 | 87,550 | ||||||
4,837,931 | ||||||||
AUTO PARTS & EQUIPMENT - 4.2% | ||||||||
Bridgestone Corp. | 4,400 | 183,873 | ||||||
Continental AG - ADR | 1,467 | 67,775 | ||||||
Continental AG | 2,278 | 533,076 | ||||||
GKN PLC | 95,089 | 510,604 | ||||||
Koito Manufacturing Co. Ltd. | 6,300 | 219,954 | ||||||
Michelin (CGDE) - Unspon ADR | 11,888 | 264,151 | ||||||
Michelin (CGDE)-B | 2,615 | 291,186 | ||||||
NOK Corp | 4,100 | 128,553 | ||||||
Pirelli & C. SpA | 14,227 | 245,792 | ||||||
Sumitomo Electric Industries Ltd. | 15,100 | 212,854 | ||||||
Toyota Gosei Co. Ltd. | 8,400 | 193,909 | ||||||
Toyota Industries Corp. | 1,900 | 107,362 | ||||||
Valeo SA | 2,303 | 368,674 | ||||||
3,327,763 | ||||||||
BANKS - 6.8% | ||||||||
Adkbank T.A.S. | 49,821 | 145,005 | ||||||
Banco do Brasil SA - ADR | 19,850 | 172,695 | ||||||
Bank Hapoalim BM | 92,680 | 463,593 | ||||||
Bank Leumi Le-Israel BM * | 54,789 | 212,951 | ||||||
Bank Mandiri Persero Tbk PT | 151,100 | 124,281 | ||||||
Bank of Yokohama Ltd. | 38,000 | 240,625 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 304,400 | 271,758 | ||||||
China CITIC Bank Corp. Ltd. | 573,000 | 519,582 | ||||||
China Construction Bank Corp. - ADR | 13,502 | 260,400 | ||||||
China Construction Bank Corp. | 895,000 | 868,735 |
Security | Shares | Value | ||||||
BANKS (Continued) - 6.8% | ||||||||
HDFC Bank Ltd. - ADR | 4,139 | $ | 235,261 | |||||
Industrial & Commercial Bank of China Ltd. | 457,000 | 396,396 | ||||||
Itau Unibanco Holding SA - ADR | 10,535 | 135,059 | ||||||
Mediobanca SpA | 37,343 | 361,977 | ||||||
National Bank of Greece SA - ADR * | 59,821 | 87,441 | ||||||
Turkiye Garanti Bankasi AS | 119,279 | 379,119 | ||||||
Turkiye Is Bankasi | 116,205 | 261,022 | ||||||
Turkiye Vakiflar Bankasi TAO | 107,562 | 190,642 | ||||||
Yamatuchi Financial Group, Inc. | 12,000 | 150,078 | ||||||
5,476,620 | ||||||||
BEVERAGES - 1.1% | ||||||||
Carlsberg A/S - ADR | 5,400 | 98,280 | ||||||
Carlsberg A/S | 7,167 | 652,752 | ||||||
Heineken NV | 7,046 | 160,943 | ||||||
911,975 | ||||||||
BUILDING MATERIALS - 3.4% | ||||||||
Asahi Glass Co., Ltd. | 43,000 | 288,735 | ||||||
Cie de Saint-Gobain | 4,573 | 207,524 | ||||||
CRH PLC | 1,974 | 55,209 | ||||||
Daikin Industries Ltd. | 3,500 | 235,260 | ||||||
Geberit AG | 742 | 261,857 | ||||||
HeidelbergCement AG | 5,150 | 394,736 | ||||||
Holcim Ltd. | 9,717 | 777,779 | ||||||
Lafarge SA | 5,875 | 428,039 | ||||||
Sika AG | 18 | 61,561 | ||||||
2,710,700 | ||||||||
CHEMICALS - 6.6% | ||||||||
Akso Nobel NV | 2,857 | 218,279 | ||||||
BASF SE | 6,380 | 632,909 | ||||||
Daicel Corp. | 23,000 | 276,665 | ||||||
EMS-Chemie Holding AG | 367 | 153,475 | ||||||
Givaudan SA | 240 | 447,475 | ||||||
K+S AG | 12,905 | 420,078 | ||||||
Koninkliijke DSM NV | 11,789 | 671,346 | ||||||
Kuraray Co. Ltd. | 15,500 | 209,129 | ||||||
Linde AG | 821 | 160,196 | ||||||
Lonza Group AG | 1,736 | 244,575 | ||||||
Mitsubishi Chemical Holdings Corp. | 22,500 | 139,774 | ||||||
Novozymes A/S - ADR | 7,260 | 336,428 | ||||||
Shin-Etsu Chemical Co. Ltd. | 5,000 | 304,955 | ||||||
Sumitomo Chemical Co. Ltd. | 44,000 | 246,896 | ||||||
Syngenta AG - ADR | 1,553 | 104,113 | ||||||
Syngenta AG | 339 | 113,034 | ||||||
Yara International ASA | 11,600 | 593,606 | ||||||
5,272,933 | ||||||||
COMMERCIAL SERVICES - 1.9% | ||||||||
Albertis Infraestructures SA | 14,370 | 264,407 | ||||||
Adecco SA | 1,286 | 104,430 | ||||||
Cielo SA | 1,200 | 16,600 | ||||||
Dai Nippon Printing Co. Ltd. | 18,000 | 185,531 | ||||||
Edenred | 6,784 | 181,608 | ||||||
G4S PLC | 105,810 | 475,131 | ||||||
Randstad Holding NV | 2,342 | 139,473 | ||||||
Recruit Holdings Co. Ltd. | 3,000 | 100,768 | ||||||
Toppan Printing Co. Ltd. | 9,000 | 75,289 | ||||||
1,543,237 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Stock Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | ||||||
COMPUTERS - 1.0% | ||||||||
Atos | 1,664 | $ | 129,869 | |||||
Fujitsu Ltd. | 30,000 | 198,402 | ||||||
TDK Corp. | 6,300 | 452,779 | ||||||
781,050 | ||||||||
COSMETICS/PERSONAL CARE - 0.8% | ||||||||
Beiersdorf AG | 855 | 74,264 | ||||||
Unilever NV - Dutch Cert | 5,265 | 229,325 | ||||||
Unilever NV - NY Reg. Shrs | 8,317 | 361,623 | ||||||
665,212 | ||||||||
DISTRIBUTION / WHOLESALE - 1.4% | ||||||||
Mitsubishi Corp. | 18,100 | 389,657 | ||||||
Mitsui & Co. Ltd. | 30,400 | 424,219 | ||||||
Sumitomo Corp. | 17,200 | 202,635 | ||||||
Toyota Tsusho Corp. | 5,300 | 135,964 | ||||||
1,152,475 | ||||||||
DIVERSIFIED FINANANCIAL SERVICES - 0.5% | ||||||||
Aberdeen Asset Management PLC | 24,973 | 181,562 | ||||||
Haitong Securities Co. Ltd. | 72,800 | 237,752 | ||||||
419,314 | ||||||||
ELECTRIC - 0.5% | ||||||||
Fortum OYJ | 19,165 | 377,903 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 2.0% | ||||||||
Brother Industries Ltd. | 14,500 | 230,181 | ||||||
Delta Electronics, Inc. | 12,000 | 72,217 | ||||||
Legrand A | 2,937 | 169,576 | ||||||
Osram Licht AG * | 8,751 | 460,359 | ||||||
Schneider Electric SE | 7,618 | 568,597 | ||||||
Ushio, Inc. | 7,600 | 99,438 | ||||||
1,600,368 | ||||||||
ELECTRONICS - 2.1% | ||||||||
Hirose Electric Co. Ltd. | 430 | 60,409 | ||||||
Hoya Corp | 5,300 | 203,806 | ||||||
Ibiden Co. Ltd. | 3,600 | 62,821 | ||||||
Keyence Corp. | 200 | 106,529 | ||||||
Kyocera Corp. | 7,500 | 390,628 | ||||||
Murata Manufacturing Co. Ltd. | 2,900 | 407,729 | ||||||
NEC Corp. | 68,000 | 225,726 | ||||||
Nippon Electric Glass Co. Ltd | 2,000 | 11,348 | ||||||
Omron Corp. | 5,200 | 238,235 | ||||||
1,707,231 | ||||||||
ENGINEERING & CONSTRUCTION - 0.7% | ||||||||
ACS Actividades de Construccion y Servicios SA | 4,807 | 169,129 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,761 | 237,531 | ||||||
Hochtief AG | 1,449 | 111,795 | ||||||
518,455 | ||||||||
ENVIRONMENTAL CONTROL - 1.2% | ||||||||
Umicore SA | 19,876 | 986,518 | ||||||
FOOD - 3.6% | ||||||||
Chocoladefabriken Lindt & Sprungli AG | 39 | 212,354 | ||||||
Delhaize Group SA | 1,707 | 137,212 | ||||||
Kerry Group PLC | 1,389 | 102,014 | ||||||
Metro AG | 5,352 | 193,698 |
Security | Shares | Value | ||||||
FOOD (Continued) - 3.6% | ||||||||
Nissin Food Holdings Co. Ltd. | 11,300 | $ | 540,569 | |||||
Orkla ASA - ADR | 10,873 | 84,809 | ||||||
Seven & I Holdings Co. Ltd. - ADR | 3,700 | 79,365 | ||||||
Unilever PLC | 12,331 | 541,109 | ||||||
Unilever PLC - ADR | 22,486 | 985,337 | ||||||
2,876,467 | ||||||||
FOREST PRODUCTS & PAPER - 0.3% | ||||||||
Stora Enso OYJ | 22,077 | 231,981 | ||||||
GAS - 0.4% | ||||||||
Gas Natural SDG SA | 14,125 | 346,796 | ||||||
HAND/MACHINE TOOLS - 0.9% | ||||||||
Fuji Electric Co. Ltd. | 24,000 | 112,926 | ||||||
Sandvik AB | 35,754 | 450,915 | ||||||
Schindler Holding AG | 1,047 | 173,792 | ||||||
737,633 | ||||||||
HEALTHCARE - PRODUCTS - 0.7% | ||||||||
Coloplast A/S | 2,282 | 186,080 | ||||||
Sonova Holding AG | 647 | 89,066 | ||||||
Sysmex Corp. - ADR | 5,090 | 140,484 | ||||||
Terumo Corp. | 6,000 | 153,761 | ||||||
569,391 | ||||||||
HOLDING COMPANIES-DIVERSIFIED - 0.5% | ||||||||
Haci Omer Sabanci Holdings AS | 1 | 2 | ||||||
Industrivarden AB - A shares* | 9,569 | 204,674 | ||||||
Industrivarden AB - C shares | 4,303 | 89,461 | ||||||
Swire Pacific Ltd. | 30,000 | 75,834 | ||||||
369,971 | ||||||||
HOME FURNISHINGS - 1.2% | ||||||||
Arcelik AS | 1 | 5 | ||||||
Electrolux AB - Series B | 14,329 | 428,115 | ||||||
Sony Corp. | 16,300 | 491,666 | ||||||
919,786 | ||||||||
HOUSEHOLD PRODUCTS - 0.7% | ||||||||
Henkel AG & Co KGaA | 252 | 25,489 | ||||||
Societe BIC SA | 3,283 | 560,016 | ||||||
585,505 | ||||||||
INSURANCE - 3.6% | ||||||||
Aegon NV | 16,547 | 130,362 | ||||||
Aegon NV - NY Reg. Shares | 6,847 | 53,954 | ||||||
China Life Insurance Co. Ltd. - ADR | 8,691 | 631,575 | ||||||
China Life Insurance Co. Ltd. - H Shares | 22,000 | 106,763 | ||||||
China Pacific Insurance Group Co. Ltd. | 31,400 | 170,182 | ||||||
CNP Assurances | 6,382 | 114,538 | ||||||
Dai-ichi Life Insurance Co. Ltd. | 29,500 | 483,765 | ||||||
MS&AD Insurance Group Holdings, Inc. | 10,500 | 299,801 | ||||||
New China Life Insurance Co. Ltd. | 6,000 | 37,126 | ||||||
T&D Holdings, Inc. | 16,400 | 236,115 | ||||||
Tokio Marine Holdings, Inc. - ADR | 6,248 | 255,481 | ||||||
Tokio Marine Holdings, Inc. | 7,600 | 309,120 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 2,363 | 93,897 | ||||||
2,922,679 | ||||||||
INTERNET - 0.2% | ||||||||
United Internet AG | 3,514 | 156,877 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Stock Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | ||||||
INVESTMENT COMPANIES - 0.2% | ||||||||
EXOR SpA | 3,756 | $ | 173,025 | |||||
IRON/STELL - 1.5% | ||||||||
ArcelorMittal | 11,157 | 118,552 | ||||||
ArcelorMittal - NY Reg. Shrs | 20,338 | 217,413 | ||||||
JFE Holdings, Inc. | 7,800 | 175,687 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 122,000 | 316,632 | ||||||
Severstal PAO - GDR | 8,969 | 99,377 | ||||||
ThyssenKrupp AG | 4,607 | 122,226 | ||||||
Yamato Kogyo Co. Ltd. | 6,700 | 157,281 | ||||||
1,207,168 | ||||||||
LODGING - 0.6% | ||||||||
Accor SA | 8,873 | 485,835 | ||||||
MACHINERY CONSTRUCTION & MINING - 2.5% | ||||||||
ABB Ltd. - ADR | 5,306 | 115,512 | ||||||
Abb Ltd. | 20,038 | 437,510 | ||||||
Altas Copco AB - ADR | 4,100 | 127,879 | ||||||
Atlas Copco AB - A Shares | 6,565 | 204,468 | ||||||
Atlas Copco AB - B Shares | 5,645 | 156,841 | ||||||
Hitachi Construction Machinery Co. Ltd. | 18,700 | 331,244 | ||||||
Hitachi Ltd. | 30,000 | 204,225 | ||||||
Komatsu Ltd. | 11,100 | 222,818 | ||||||
Mitsubishi Electric Corp. | 15,000 | 195,454 | ||||||
1,995,951 | ||||||||
MACHINERY - DIVERSIFIED - 1.3% | ||||||||
Amada Co. Ltd. | 7,000 | 70,480 | ||||||
Hexagon AB - B Shares | 5,707 | 210,929 | ||||||
Kone OYJ | 2,252 | 96,742 | ||||||
Metso OYJ | 9,745 | 276,608 | ||||||
Mitsubishi Heavy Industries Ltd. | 30,000 | 165,847 | ||||||
Zardoya Otis SA | 19,896 | 256,127 | ||||||
1,076,733 | ||||||||
MEDIA - 0.8% | ||||||||
ITV PLC | 54,584 | 212,143 | ||||||
ProSiebenSat.1 Media AG | 8,517 | 434,811 | ||||||
646,954 | ||||||||
METAL FABRICATE / HARDWARE - 0.7% | ||||||||
Assa Abloy AB - ADR | 5,500 | 159,445 | ||||||
Assa Abloy AB | 2,626 | 152,013 | ||||||
SKF AB | 4,804 | 117,083 | ||||||
Vallourec SA | 6,995 | 164,706 | ||||||
593,247 | ||||||||
MINING - 0.9% | ||||||||
Boliden AB | 13,983 | 303,130 | ||||||
Mitsubishi Materials Corp. | 21,000 | 75,429 | ||||||
MMC Norilsk Nickel OJSC - ADR | 3,971 | 74,575 | ||||||
Norsk Hydro ASA | 56,732 | 268,333 | ||||||
721,467 | ||||||||
MISCELLANEOUS MANUFACTURING - 2.3% | ||||||||
FUJIFILM Holdings Corp. | 18,500 | 695,268 | ||||||
Konica Minolta Holdings, Inc. | 24,000 | 264,412 | ||||||
Largan Precision Co. Ltd. | 3,000 | 300,648 | ||||||
Sulzer AG | 1,647 | 183,128 | ||||||
Wartsila OYJ Abp | 7,855 | 359,858 | ||||||
1,803,314 | ||||||||
Security | Shares | Value | ||||||
OFFICE / BUSINESS EQUIPMENT - 1.3% | ||||||||
Canon, Inc. - ADR | 5,612 | $ | 199,787 | |||||
Canon, Inc. | 18,700 | 665,239 | ||||||
Ricoh Co. Ltd. | 5,800 | 59,806 | ||||||
Seiko Epson Corp. | 6,000 | 104,610 | ||||||
1,029,442 | ||||||||
OIL & GAS - 2.6% | ||||||||
Gazprom OAO - ADR | 109,630 | 644,624 | ||||||
Lukoil OAO - ADR | 9,468 | 484,762 | ||||||
Neste Oil OYJ | 12,039 | 326,956 | ||||||
Rosneft OAO - GDR | 54,536 | 269,038 | ||||||
Surgutneftegas OAO - ADR | 22,795 | 165,036 | ||||||
Tatneft OAO - ADR | 6,719 | 230,395 | ||||||
2,120,811 | ||||||||
PACKAGING & CONTAINERS - 0.4% | ||||||||
Toyo Seikan Group Holdings Ltd. | 18,800 | 296,610 | ||||||
PHARMACEUTICALS - 8.4% | ||||||||
Actelion Ltd. | 375 | 49,166 | ||||||
Astellas Pharma, Inc. | 30,000 | 466,067 | ||||||
Bayer AG | 4,811 | 691,442 | ||||||
Chugai Pharmaceutical Co. Ltd. | 10,100 | 306,466 | ||||||
Grifols SA - ADR | 2,652 | 84,360 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 14,000 | 204,480 | ||||||
Medipal Holdings Corp. | 9,900 | 134,756 | ||||||
Novo Nordisk A/S - ADR | 8,187 | 460,683 | ||||||
Novo Nordisk A/S | 16,294 | 913,842 | ||||||
Otsuka Holdings Co Ltd | 6,200 | 195,259 | ||||||
Roche Holding AG-BR | 848 | 236,542 | ||||||
Roche Holding AG- Genusschein | 1,641 | 467,900 | ||||||
Sanofi | 10,729 | 1,090,506 | ||||||
Shire PLC - ADR | 3,016 | 734,426 | ||||||
Sumitomo Dainippon Pharma Co Ltd | 29,700 | 334,822 | ||||||
Suzuken Co. Ltd. | 2,750 | 85,860 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,800 | 245,881 | ||||||
Teva Pharmaceutical Industries Ltd. | 619 | 37,614 | ||||||
6,740,072 | ||||||||
PIPELINES - 0.7% | ||||||||
Koninklijke Vopak NV | 9,988 | 523,478 | ||||||
REAL ESTATE - 0.6% | ||||||||
Hysan Development Co. Ltd. | 10,000 | 46,203 | ||||||
Longfor Properties Co. Ltd. | 149,500 | 259,457 | ||||||
SOHO China Ltd. | 245,000 | 185,846 | ||||||
491,506 | ||||||||
REITS - 0.2% | ||||||||
Link REIT | 29,500 | 182,973 | ||||||
RETAIL - 2.1% | ||||||||
Cie Financiere Richemont SA | 1,279 | 113,593 | ||||||
Citizen Holdings Co. Ltd. | 6,000 | 47,375 | ||||||
Dixons Carphone PLC | 20,323 | 132,051 | ||||||
Hennes & Mauritz AB - B Shares - ADR | 11,573 | 91,658 | ||||||
Hennes & Mauritz AB - B Shares | 5,783 | 229,414 | ||||||
Inditex SA | 8,158 | 261,398 | ||||||
Kering | 1,978 | 365,267 | ||||||
Luxottica Group SpA | 5,980 | 393,246 | ||||||
Swatch Group | 855 | 75,486 | ||||||
1,709,488 |
Security | Shares | Value | ||||||
SEMICONDUCTORS - 2.7% | ||||||||
ARM Holdings PLC - ADR | 1,750 | $ | 89,233 | |||||
ASML Holding NV - NY Reg. Shares | 3,980 | 426,019 | ||||||
ASML Holding NV | 5,021 | 539,531 | ||||||
Infineon Technologies AG - ADR | 14,944 | 175,742 | ||||||
Infineon Technologies AG | 33,725 | 395,913 | ||||||
Rohm Co. Ltd. | 1,900 | 131,496 | ||||||
Samsung Electronics Co. Ltd. - GDR - Reg S | 375 | 188,625 | ||||||
STMicroelectronics NV - ADR - NY Reg. Shares | 15,017 | 119,535 | ||||||
STMicroelectronics NV | 13,195 | 105,083 | ||||||
2,171,177 | ||||||||
SOFTWARE - 2.0% | ||||||||
Amadeus IT Holding SA - A Shares | 10,559 | 480,593 | ||||||
Konami Corp. | 14,500 | 265,506 | ||||||
SAP SE - ADR | 2,018 | 152,742 | ||||||
SAP SE | 9,607 | 724,886 | ||||||
1,623,727 | ||||||||
STORAGE / WAREHOUSING - 0.2% | ||||||||
Mitsubishi Logistics Corp. | 8,000 | 123,471 | ||||||
TELECOMMUNICATIONS - 4.5% | ||||||||
Alcatel-Lucent - ADR * | 172,397 | 586,150 | ||||||
Altice SA | 3,859 | 407,467 | ||||||
Belgacom SA | 6,096 | 226,711 | ||||||
China Unicom Hong Kong Ltd. - ADR | 16,984 | 319,129 | ||||||
NICE-Systems Ltd | 1,152 | 69,249 | ||||||
Nokia OYJ - ADR | 73,313 | 482,400 | ||||||
Nokia OYJ | 40,695 | 274,183 | ||||||
Orange SA - ADR | 9,406 | 154,070 | ||||||
SES SA - ADR | 2,947 | 103,129 | ||||||
TDC A/S | 1,721 | 13,090 | ||||||
Telecom Italia SpA - ADR | 2,538 | 24,238 | ||||||
Telefonaktiebolaget LM Ericsson - ADR | 24,728 | 270,030 | ||||||
Telefonaktiebolaget LM Ericsson | 53,276 | 581,402 | ||||||
Telenet Group Holding NV * | 370 | 22,203 | ||||||
Turk Telekomunikasyon AS | 37,604 | 103,828 | ||||||
3,637,279 | ||||||||
TRANSPORTATION - 3.1% | ||||||||
Central Japan Railway Co. | 1,800 | 320,766 | ||||||
Deutsche Post AG - ADR | 7,242 | 239,058 | ||||||
Deutsche Post AG | 14,034 | 461,436 | ||||||
DSV A/S | 8,466 | 293,389 | ||||||
East Japan Railway Co. | 3,100 | 273,382 | ||||||
Hankyu Hanshin Holdings, Inc. | 41,000 | 246,921 | ||||||
Keio Corp. | 18,000 | 138,712 | ||||||
Nippon Express Co. Ltd. | 27,000 | 154,643 | ||||||
Tobu Railway Co. Ltd. | 68,000 | 323,432 | ||||||
2,451,739 | ||||||||
WATER - 0.1% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 16,400 | 97,427 | ||||||
TOTAL COMMON STOCK (Cost - $69,815,384) | 76,382,704 |
Security | Dividend Rate (%) | Shares | Value | |||||||||
PREFERRED STOCK - 3.2% | ||||||||||||
AUTO MANUFACTURERS - 1.4% | ||||||||||||
Bayerische Motoren Werke AG | 2.9200 | 2,202 | $ | 200,920 | ||||||||
Porsche Automobil Holding SE | 2.0100 | 1,500 | 142,116 | |||||||||
Volkswagon AG | 4.8600 | 3,081 | 792,025 | |||||||||
1,135,061 | ||||||||||||
BANKS - 0.3% | ||||||||||||
Banco Bradesco SA | 1.0553 | 11,000 | 118,139 | |||||||||
Itau Unbanco Holding SA | 1.3349 | 7,900 | 101,746 | |||||||||
219,885 | ||||||||||||
ELECTRIC - 0.5% | ||||||||||||
Cia Energetica de Sao Paulo | 5.4143 | 20,600 | 128,428 | |||||||||
RWE AG | 1.0000 | 15,559 | 292,540 | |||||||||
420,968 | ||||||||||||
HOLDINGS COMPANIES - DIVERSIFIED - 0.6% | ||||||||||||
Itausa - Investimentos Itau SA | 0.4022 | 140,000 | 497,614 | |||||||||
IRON / STEEL - 0.3% | ||||||||||||
Vale SA | 0.6029 | 40,500 | 243,030 | |||||||||
SEMICONDUCTORS - 0.1% | ||||||||||||
Samsung Electronics Co. Ltd. | 77 | 78,110 | ||||||||||
TOTAL PREFERRED STOCK (Cost - $2,494,749) | 2,594,668 | |||||||||||
SHORT-TERM INVESTMENT - 1.4% | ||||||||||||
MONEY MARKET FUND - 1.4% | ||||||||||||
Fidelity Institutional Money Market Funds - Government | ||||||||||||
Portfolio 0.00% +, ^ (Cost - $1,116,418) | 1,116,418 | 1,116,418 | ||||||||||
TOTAL INVESTMENTS - 99.8% (Cost - $73,426,551) | $ | 80,093,790 | ||||||||||
OTHER ASSETS LESS LIABILITIES - 0.2% | 132,872 | |||||||||||
NET ASSETS - 100.0% | $ | 80,226,662 |
* | Non-income producing security. |
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.
NV - Non-Voting
NVDR - Non-Voting Depositary Receipt.
REIT - Real Estate Investment Trust.
+ | Variable rate security. Interest rate is as of April 30, 2015. |
^ | All or part of the security was held as collateral for forward foreign currecy contracts outstanding as of April 30, 2015 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham International Stock Fund (Continued) |
April 30, 2015 |
Portfolio Composition * - (Unaudited) | ||||||||||
Japan | 24.70 | % | China | 4.59 | % | |||||
Germany | 13.64 | % | Denamrk | 3.69 | % | |||||
France | 10.47 | % | Netherlands | 3.58 | % | |||||
Switzerland | 5.80 | % | Finland | 3.03 | % | |||||
Britain | 5.72 | % | Other Countries | 19.55 | % | |||||
Sweden | 5.23 | % | Total | 100.00 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which are based on Fund net assets.
Total Returns as of April 30, 2015 | ||||||||||||
Six | One | Annualized | Annualized | Annualized | Annualized Since Inception | |||||||
Months | Year | Three Years | Five Years | Ten Years | (12/10/04) | |||||||
Class N | 2.94% | 14.34% | 11.47% | 12.30% | 7.59% | 7.25% | ||||||
Class C | 2.45% | 13.19% | 10.36% | 11.18% | 6.52% | 6.18% | ||||||
Class A with load of 5.75% | (3.08)% | 7.50% | 9.00% | 10.67% | N/A | 3.23%* | ||||||
Class A without load | 2.83% | 14.04% | 11.17% | 12.00% | N/A | 3.97%* | ||||||
FTSE NAREIT All REITs Index | 2.54% | 12.86% | 11.26% | 12.87% | 7.76% | 4.16% | ||||||
Morningstar Real Estate Category | 2.67% | 12.88% | 10.09% | 12.08% | 7.45% | 7.12% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Real Estate Stock Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
REITS - 99.1% | ||||||||
APARTMENTS - 19.8% | ||||||||
AvalonBay Communities, Inc. | 14,522 | $ | 2,386,545 | |||||
Equity Residential | 51,020 | 3,768,337 | ||||||
Essex Property Trust, Inc. | 13,670 | 3,034,057 | ||||||
9,188,939 | ||||||||
DIVERSIFIED - 5.2% | ||||||||
Gramercy Capital Corp. | 31,212 | 853,336 | ||||||
Vornado Realty Trust | 15,220 | 1,575,118 | ||||||
2,428,454 | ||||||||
FREE STANDING - 1.1% | ||||||||
National Retail Properties, Inc. | 13,360 | 513,024 | ||||||
HEALTHCARE - 12.7% | ||||||||
Health Care REIT, Inc. | 34,160 | 2,460,204 | ||||||
National Health Investors, Inc. | 5,750 | 383,640 | ||||||
Physicians Realty Trust | 37,700 | 625,820 | ||||||
Sabra Health Care REIT, Inc. | 15,510 | 463,439 | ||||||
Ventas, Inc. | 28,570 | 1,968,473 | ||||||
5,901,576 | ||||||||
HOTELS - 9.9% | ||||||||
Ashford Hospitality Trust, Inc. | 23,946 | 216,951 | ||||||
Chatham Lodging Trust | 19,920 | 550,589 | ||||||
Chesapeake Lodging Trust | 28,240 | 896,620 | ||||||
DiamondRock Hospitality Co. | 51,940 | 704,306 | ||||||
FelCor Lodging Trust, Inc. | 100,100 | 1,112,111 | ||||||
Host Hotels & Resorts, Inc. | 27,110 | 545,995 | ||||||
LaSalle Hotel Properties | 15,510 | 569,062 | ||||||
4,595,634 | ||||||||
INDUSTRIAL - 4.6% | ||||||||
First Industrial Realty Trust, Inc. | 33,900 | 668,847 | ||||||
Prologis, Inc. | 36,780 | 1,478,556 | ||||||
2,147,403 | ||||||||
OFFICE - 13.6% | ||||||||
Alexandria Real Estate Equities, Inc. | 6,860 | 633,727 |
Security | Shares | Value | ||||||
OFFICE (Continued) - 13.6% | ||||||||
Boston Properties, Inc. | 15,310 | $ | 2,025,666 | |||||
Brandywine Realty Trust | 26,680 | 388,994 | ||||||
Highwoods Properties, Inc. | 31,970 | 1,375,989 | ||||||
Kilroy Realty Corp. | 18,953 | 1,345,473 | ||||||
Paramount Group Inc. | 29,760 | 545,203 | ||||||
6,315,052 | ||||||||
REGIONAL MALLS - 14.4% | ||||||||
General Growth Properties, Inc. | 53,552 | 1,467,325 | ||||||
Simon Property Group, Inc. | 26,501 | 4,809,666 | ||||||
Taubman Centers, Inc. | 6,000 | 432,060 | ||||||
6,709,051 | ||||||||
SHOPPING CENTERS - 9.8% | ||||||||
Acadia Realty Trust | 45,268 | 1,398,782 | ||||||
Ramco-Gershenson Properties Trust | 36,100 | 631,028 | ||||||
Regency Centers Corp. | 25,830 | 1,621,607 | ||||||
Tanger Factory Outlet Centers, Inc. | 26,610 | 893,564 | ||||||
4,544,981 | ||||||||
SELF STORAGE - 8.0% | ||||||||
CubeSmart | 55,530 | 1,281,077 | ||||||
Extra Space Storage, Inc. | 36,760 | 2,423,587 | ||||||
3,704,664 | ||||||||
TOTAL REITS (Cost - $37,857,139) | 46,048,778 | |||||||
SHORT-TERM INVESTMENT - 0.5% | ||||||||
MONEY MARKET FUND - 0.5% | ||||||||
Fidelity Institutional Money Market | ||||||||
Fund - Government Portfolio, 0.01% + | 238,511 | 238,511 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost - $238,511) | ||||||||
TOTAL INVESTMENTS - 99.6% (Cost - $38,095,650) | $ | 46,287,289 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.4% | 207,141 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 46,494,430 |
REITS - Real Estate Investment Trusts.
+ | Variable rate security. Interest rate is as of April 30, 2015. |
Portfolio Composition * - (Unaudited) | ||||||||||
Apartments | 19.9 | % | Self Storage | 8.0 | % | |||||
Regional Mall | 16.4 | % | Shopping Centers | 7.9 | % | |||||
Office | 13.6 | % | Diversified | 5.3 | % | |||||
Health Care | 12.8 | % | Industrial | �� | 4.6 | % | ||||
Hotels | 9.9 | % | Free Standing | 1.1 | % | |||||
Short-Term Investments | 0.5 | % | ||||||||
100.0 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which are based on Fund net assets.
Total Returns as of April 30, 2015 | ||||||||||||
Annualized Since | ||||||||||||
Six | Annualized | Annualized | Annualized | Inception | ||||||||
Months | One Year | Three Years | Five Years | Ten Years | (12/10/04) | |||||||
Class N | 1.23% | 5.68% | 12.96% | 10.82% | 6.86% | 5.54% | ||||||
Class C | 0.72% | 4.67% | 11.82% | 9.73% | 5.82% | 4.51% | ||||||
Class A with load of 5.75% | (4.75)% | (0.67)% | 10.55% | 9.28% | N/A | 3.88%* | ||||||
Class A without load | 1.08% | 5.40% | 12.75% | 10.59% | N/A | 4.62%* | ||||||
Russell 2000 Value Index | 2.05% | 4.89% | 14.52% | 10.55% | 7.87% | 6.90% | ||||||
Morningstar Small Cap Value Category | 2.90% | 4.60% | 14.41% | 11.35% | 8.10% | 7.40% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Small Cap Value Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 96.2% | ||||||||
AEROSPACE / DEFENSE - 1.1% | ||||||||
Ducommun, Inc. * | 10,840 | $ | 329,536 | |||||
AIRLINES - 1.0% | ||||||||
SkyWest, Inc. | 22,654 | 309,227 | ||||||
APPAREL - 0.9% | ||||||||
Unifi, Inc. * | 7,850 | 277,027 | ||||||
AUTO PARTS & EQUIPMENT - 1.9% | ||||||||
Cooper Tire & Rubber Co. | 8,170 | 347,143 | ||||||
Douglas Dynamics, Inc. | 9,770 | 212,498 | ||||||
559,641 | ||||||||
BANKS - 12.9% | ||||||||
1st Source Corp. | 3,689 | 114,802 | ||||||
BancFirst Corp. | 2,200 | 126,984 | ||||||
BancorpSouth, Inc. | 14,120 | 341,845 | ||||||
Banner Corp. | 7,870 | 355,881 | ||||||
Central Pacific Financial Corp | 7,189 | 164,628 | ||||||
First Citizens BancShares, Inc. - Class B | 1,290 | 310,039 | ||||||
First Interstate BancSystem, Inc. | 8,468 | 229,144 | ||||||
First Midwest Bancorp, Inc. | 18,300 | 312,930 | ||||||
FirstMerit Corp. | 17,560 | 340,137 | ||||||
Hanmi Financial Corp. | 16,700 | 355,376 | ||||||
Southwest Bancorp, Inc. | 12,160 | 209,517 | ||||||
Trico Bancshares | 6,711 | 156,500 | ||||||
Trustmark Corp. | 14,000 | 333,200 | ||||||
Wintrust Financial Corp. | 7,503 | 365,696 | ||||||
Yadkin Financial Corp. * | 8,395 | 165,214 | ||||||
3,881,893 | ||||||||
CHEMICALS - 3.0% | ||||||||
Minerals Technologies, Inc. | 4,740 | 321,040 | ||||||
OM Group, Inc. | 11,815 | 354,923 | ||||||
Stepan Co. | 4,100 | 208,813 | ||||||
884,776 | ||||||||
COMMERCIAL SERVICES - 1.7% | ||||||||
Korn/Ferry International * | 8,440 | 266,113 | ||||||
SP Plus Corp. * | 10,216 | 232,516 | ||||||
498,629 | ||||||||
COMPUTERS - 2.6% | ||||||||
DST Systems, Inc. | 3,070 | 353,296 | ||||||
Insight Enterprises, Inc. * | 14,940 | 427,583 | ||||||
780,879 | ||||||||
COSMETICS / PERSONAL CARE - 0.2% | ||||||||
Revlon, Inc. * Class A | 1,886 | 73,761 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6% | ||||||||
KCG Holdings, Inc. | 26,960 | 346,167 | ||||||
Manning & Napier, Inc. | 12,383 | 131,631 | ||||||
477,798 |
Security | Shares | Value | ||||||
ELECTRIC - 3.0% | ||||||||
ALLETE, Inc. | 5,750 | $ | 289,225 | |||||
PNM Resources, Inc. | 10,190 | 283,078 | ||||||
Portoland General Electric Co. | 9,250 | 325,230 | ||||||
897,533 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.1% | ||||||||
Littelfuse, Inc. | 3,430 | 336,106 | ||||||
ELECTRONICS - 3.5% | ||||||||
Checkpoint Systems, Inc. * | 10,500 | 108,780 | ||||||
OSI Systems, Inc. * | 4,780 | 321,264 | ||||||
Sanmina Corp. * | 14,975 | 304,442 | ||||||
Watts Water Technologies, Inc. | 5,490 | 299,479 | ||||||
1,033,965 | ||||||||
ENGINEERING & CONSTRUCTION - 0.9% | ||||||||
KBR, Inc. | 15,710 | 274,454 | ||||||
ENTERTAINMENT - 1.6% | ||||||||
Marriott Vacations Worldwide Corp. | 5,720 | 470,241 | ||||||
FOOD - 2.0% | ||||||||
Ingles Markets, Inc. | 6,158 | 257,774 | ||||||
Post Holdings, Inc. | 6,960 | 326,702 | ||||||
584,476 | ||||||||
FOREST PRODUCTS & PAPER - 0.9% | ||||||||
PH Glatfelter Co. | 11,230 | 278,504 | ||||||
GAS - 2.9% | ||||||||
Laclede Group, Inc. | 6,010 | 312,099 | ||||||
Northwest Natural Gas Co. | 6,200 | 289,540 | ||||||
Piedmont Natural Gas Co,. Inc. | 7,010 | 262,454 | ||||||
864,093 | ||||||||
HEALTHCARE - PRODUCTS - 1.8% | ||||||||
Greatbatch, Inc. * | 10,120 | 545,670 | ||||||
HOME BUILDERS - 1.2% | ||||||||
Taylor Morrison Home Corp. * | 19,430 | 359,844 | ||||||
HOME FURNISHINGS - 1.1% | ||||||||
Universal Electronics, Inc. * | 6,317 | 340,739 | ||||||
INSURANCE - 6.2% | ||||||||
American Equity Investment Life Holding Co. | 12,917 | 348,113 | ||||||
Aspen Insurance Holdings Ltd. | 6,600 | 308,418 | ||||||
Employers Holdings, Inc. | 9,040 | 220,666 | ||||||
Endurance Specialty Holdings Ltd. | 4,950 | 298,881 | ||||||
First American Financial Corp. | 9,520 | 331,201 | ||||||
Hanover Insurance Group, Inc. | 4,950 | 339,422 | ||||||
1,846,701 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Small Cap Value Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | ||||||
MINING - 0.3% | ||||||||
Coeur Mining, Inc. * | 17,020 | $ | 88,844 | |||||
MISCELLANEOUS MANUFACTURING - 1.1% | ||||||||
ITT Corp. | 8,550 | 339,008 | ||||||
OIL & GAS - 1.3% | ||||||||
Murphy USA, Inc. | 4,750 | 310,318 | ||||||
Unit Corp. * | 9,580 | 333,767 | ||||||
WPX Energy, Inc. | 29,940 | 411,675 | ||||||
1,055,760 | ||||||||
OIL & GAS SERVICES - 3.5% | ||||||||
Superior Energy Services, Inc. | 15,690 | 400,095 | ||||||
PACKAGING & CONTAINTERS - 1.1% | ||||||||
Owens-Illinois, Inc. * | 14,240 | 340,478 | ||||||
PHARMACEUTICALS - 3.6% | ||||||||
Owens & Minor, Inc. | 8,760 | 295,387 | ||||||
PharMerica Corp. * | 11,970 | 343,060 | ||||||
Progenics Pharmaceuticals, Inc. * | 39,500 | 195,525 | ||||||
Sagent Pharmaceuticals, Inc. * | 10,800 | 251,748 | ||||||
1,085,720 | ||||||||
REITS - 13.8% | ||||||||
Cedar Realty Trust, Inc. | 45,120 | 315,389 | ||||||
Chesapeake Lodging Trust | 10,670 | 338,772 | ||||||
Education Realty Trust, Inc. | 9,340 | 314,011 | ||||||
First Industrial Realty Trust, Inc. | 14,640 | 288,847 | ||||||
First Potomac Realty Trust | 24,740 | 265,213 | ||||||
Government Properties Income Trust | 10,830 | 225,697 | ||||||
Hudson Pacific Properties, Inc. | 11,730 | 353,777 | ||||||
LaSalle Hotel Properties | 8,420 | 308,930 | ||||||
Lexington Realty Trust | 27,240 | 252,515 | ||||||
Pennsylvania Real Estate Investment Trust | 14,700 | 332,367 | ||||||
RLJ Lodging Trust | 10,130 | 300,557 | ||||||
Select Income REIT | 8,398 | 194,749 | ||||||
Summit Hotel Properties, Inc. | 25,499 | 335,822 | ||||||
Sunstone Hotel Investors, Inc. | 20,798 | 324,033 | ||||||
4,150,679 | ||||||||
RETAIL - 4.8% | ||||||||
American Eagle Outfitters, Inc. | 19,830 | 315,495 | ||||||
Big Lots, Inc. | 6,330 | 288,458 | ||||||
Build-A-Bear Workshop, Inc. * | 16,132 | 297,313 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,120 | 280,858 | ||||||
Stage Stores, Inc. | 13,500 | 260,685 | ||||||
1,442,809 |
Security | Shares | Value | ||||||
SAVINGS & LOANS - 4.4% | ||||||||
Astoria Financial Corp. | 23,500 | $ | 309,495 | |||||
Homestreet, Inc. * | 9,500 | 196,460 | ||||||
Meta Financial Group, Inc. | 5,650 | 231,142 | ||||||
Washington Federal, Inc. | 14,460 | 312,336 | ||||||
WSFS Financial Corp. | 3,630 | 258,347 | ||||||
1,307,780 | ||||||||
SEMICONDUCTORS - 1.6% | ||||||||
IXYS Corp. | 12,842 | 145,243 | ||||||
MKS Instrumetns, Inc. | 9,390 | 326,866 | ||||||
472,109 | ||||||||
SOFTWARE - 1.1% | ||||||||
Progress Software Corp. * | 12,000 | 316,800 | ||||||
TELECOMMUNICATIONS - 3.7% | ||||||||
Atlantic Tele-Network, Inc. | 4,540 | 299,731 | ||||||
NETGEAR, Inc. | 10,296 | 311,660 | ||||||
Polycom, Inc. * | 22,780 | 297,279 | ||||||
Spok Holdings, Inc. | 10,330 | 194,462 | ||||||
1,103,132 | ||||||||
TEXTILES - 1.0% | ||||||||
UniFirst Corp. | 2,760 | 312,515 | ||||||
TRANSPORTATION - 1.8% | ||||||||
Con-way, Inc. | 5,720 | 235,092 | ||||||
Werner Enterprises, Inc. | 11,320 | 304,168 | ||||||
539,260 | ||||||||
TOTAL COMMON STOCK - (Cost - $27,224,474) | 28,860,482 | |||||||
EXCHANGE TRADED FUNDS - 1.7% | ||||||||
EQUITY FUND - 1.7% | ||||||||
iShares Russell 2000 Value ETF (Cost - $515,165) | 5,000 | 504,850 | ||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
MONEY MARKET FUND - 1.8% | ||||||||
Invesco STIT-Treasury Portfolio Institutional - 0.01% + | 542,044 | 542,044 | ||||||
(Cost - $542,044) | ||||||||
TOTAL INVESTMENTS - 99.7% (Cost - $28,281,683) | $ | 29,907,376 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.3% | 81,842 | |||||||
NET ASSETS - 100.0% | $ | 29,989,218 |
REIT - Real Estate Investment Trust
+ | Variable rate security - interest rate is as April 30, 2015. |
* | Non Income producing security. |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Small Cap Value Fund (Continued) |
April 30, 2015 |
Portfolio Composition * - (Unaudited) | ||||||||||
Financial | 39.00 | % | Energy | 4.87 | % | |||||
Consumer, Cyclical | 13.62 | % | Basic Materials | 4.19 | % | |||||
Industrial | 10.68 | % | Communications | 3.69 | % | |||||
Consumer, Non-Cyclical | 9.32 | % | Short-Term Investment | 1.81 | % | |||||
Utilities | 5.89 | % | Equity Fund | 1.68 | % | |||||
Technology | 5.25 | % | Total | 100.00 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which are based on Fund net assets.
Total Returns as of April 30, 2015 | ||||||||||||
Annualized | Annualized | Annualized | Annualized Since Inception | |||||||||
Six Months | One Year | Three Years | Five Years | Ten Years | (12/10/04) | |||||||
Class N | 0.27% | 7.40% | 2.04% | 0.93% | 6.18% | 6.85% | ||||||
Class C | (0.18)% | 6.30% | 1.03% | (0.08)% | 5.13% | 5.80% | ||||||
Class A with load of 5.75% | (5.61)% | 0.98% | (0.21)% | (0.50)% | N/A | (0.08)%* | ||||||
Class A without load | 0.14% | 7.11% | 1.79% | 0.68% | N/A | 0.63%* | ||||||
MSCI Emerging Markets Index (net) | 3.92% | 7.80% | 3.24% | 3.02% | 9.58% | 9.98% | ||||||
Morningstar Diversified Emerging Markets Category | 0.96% | 4.16% | 2.73% | 2.36% | 8.17% | 8.48% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Emerging Markets Stock Fund |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 91.3% | ||||||||
AIRLINES - 0.7% | ||||||||
Korean Air lInes Co. Ltd. * | 7,500 | $ | 319,991 | |||||
APPAREL - 1.0% | ||||||||
Pou Chen Corp. | 360,000 | 504,537 | ||||||
AUTO MANUFACTURERS - 2.8% | ||||||||
Great Wall Motor Co. Ltd. | 42,000 | 318,652 | ||||||
Tata Motors Ltd. - ADR | 25,000 | 1,029,750 | ||||||
Tata Motors Ltd. * ^ | 1,376 | 9,061 | ||||||
1,357,463 | ||||||||
BANKS - 18.3% | ||||||||
Banco Macro SA - ADR | 10,000 | 552,500 | ||||||
Bank of China Ltd. | 1,200,000 | 822,175 | ||||||
BDO UniBank, Inc. | 150,000 | 366,326 | ||||||
China Construction Bank Corp. | 1,250,000 | 1,213,317 | ||||||
Commercial International Bank Egypt SAE - GDR | 225,000 | 1,554,128 | ||||||
FirstRand Ltd. | 180,000 | 855,609 | ||||||
Grupo Financiero Galicia SA - ADR | 15,000 | 330,600 | ||||||
ICICI Bank Ltd. - ADR | 70,000 | 765,100 | ||||||
Industrial & Commercial Bank of China Ltd. | 600,000 | 520,433 | ||||||
Kasikornbank PCL - NVDR | 60,000 | 379,749 | ||||||
Krung Thai Bank PCL -NVDR | 800,000 | 482,832 | ||||||
OTP Bank PLC | 50,000 | 1,106,017 | ||||||
8,948,786 | ||||||||
CHEMICALS - 3.1% | ||||||||
Engro Corp Ltd. | 250,000 | 778,368 | ||||||
Nan Ya Plastics Corp. | 300,000 | 737,412 | ||||||
1,515,780 | ||||||||
COMMERCIAL SERVICES - 1.6% | ||||||||
Zhejiang Expressway Co., Ltd. | 500,000 | 794,030 | ||||||
COMPUTERS - 4.4% | ||||||||
Infosys Ltd. - ADR | 40,000 | 1,239,200 | ||||||
Innolux Corp. | 750,000 | 386,916 | ||||||
Lenovo Group Ltd. | 300,000 | 515,828 | ||||||
2,141,944 | ||||||||
COSMETICS / PERSONAL CARE - 0.9% | ||||||||
Amorepacific Corp. | 125 | 452,769 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 4.7% | ||||||||
China Everbright Ltd. | 90,000 | 297,501 | ||||||
CTBC Financial Holding Co., Ltd. | 1,265,649 | 985,244 | ||||||
Fubon Financial Holding Co. Ltd. | 200,000 | 430,154 | ||||||
Mirae Asset Securities Co., Ltd. | 10,500 | 578,976 | ||||||
2,291,875 | ||||||||
ELECTRIC - 1.7% | ||||||||
Energy Development Corp. | 1,250,000 | 226,399 | ||||||
Huaneng Power International, Inc. | 250,000 | 354,525 | ||||||
Korea Electric Power Corp. | 6,000 | 260,833 | ||||||
841,757 | ||||||||
ELECTRONICS - 3.1% | ||||||||
AU Optronics Corp. | 500,000 | 250,948 | ||||||
Hon Hai Precision Industry Co., Ltd. | 224,000 | 671,270 | ||||||
Pegatron Corp. | 200,000 | 592,549 | ||||||
1,514,767 |
Security | Shares | Value | ||||||
FOOD - 3.0% | ||||||||
JBS SA | 200,000 | $ | 1,025,264 | |||||
Universla Rubina Corp. | 90,000 | 438,303 | ||||||
1,463,567 | ||||||||
FOREST PRODUCTS & PAPER - 0.4% | ||||||||
Mondi Ltd. | 15,000 | 300,968 | ||||||
HEALTHCARE PRODUCTS - 0.8% | ||||||||
Hengan International Group Co, Ltd. | 30,000 | 370,077 | ||||||
HOLDING COMPANIES - DIVERSIFIED - 1.7% | ||||||||
AVI Ltd. | 50,000 | 340,932 | ||||||
Siam Cememnt PLC - NVDR | 30,000 | 486,878 | ||||||
827,810 | ||||||||
HOME FURNISHINGS - 1.2% | ||||||||
Steinhoff International Holdings Ltd. | 90,000 | 568,240 | ||||||
INSURANCE - 3.0% | ||||||||
BB Seguridade Participacoes SA | 50,000 | 579,715 | ||||||
PICC Property & Casualty Co., Ltd. | 400,000 | 886,138 | ||||||
1,465,853 | ||||||||
INTERNET - 3.3% | ||||||||
MercadoLibre, Inc. | 4,000 | 569,320 | ||||||
Tencent Holdings Ltd. | 50,000 | 1,031,858 | ||||||
1,601,178 | ||||||||
IRON / STEEL- 1.8% | ||||||||
Fosun International Ltd. | 200,000 | 498,453 | ||||||
Hyundai Steel Co. | 5,000 | 365,360 | ||||||
863,813 | ||||||||
LODGING - 0.9% | ||||||||
Kangwon Land, Inc. | 12,500 | 425,989 | ||||||
MINING - 1.7% | ||||||||
MMC Norilsk Nickel OJSC - ADR | 45,000 | 845,100 | ||||||
OIL & GAS - 11.3% | ||||||||
China Petroleum & Chemical Corp. | 400,000 | 377,475 | ||||||
CNOOC Ltd. | 360,000 | 613,825 | ||||||
Gazprom OAO - ADR | 180,000 | 1,058,400 | ||||||
Lukoil OAO - ADR | 30,000 | 1,536,000 | ||||||
MOL Hungarian Oil & Gas PLC | 6,000 | 333,885 | ||||||
Pakistan Petroleum Ltd. | 200,000 | 353,948 | ||||||
PTT PCL - NVDR | 75,000 | 806,599 | ||||||
YPF SA - ADR | 15,000 | 458,100 | ||||||
5,538,232 | ||||||||
PHARMACEUTICALS - 0.5% | ||||||||
Dr. Reddy's Laboratories Ltd. - ADR | 5,000 | 259,900 | ||||||
REAL ESTATE - 2.9% | ||||||||
Ayala Land, Inc. | 480,000 | 414,708 | ||||||
China Overseas Land & Investment Ltd. | 240,000 | 999,608 | ||||||
1,414,316 | ||||||||
RETAIL - 0.9% | ||||||||
ANTA Sports Products | 200,000 | 439,731 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Emerging Markets Stock Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | ||||||
ENGINEERING & CONSTRUCTION - 1.5% | ||||||||
Airports of Thailand PCL - NVDR | 40,000 | $ | 349,820 | |||||
China Communications Construction Co. Ltd. | 200,000 | 363,741 | ||||||
713,561 | ||||||||
TELECOMMUNICATIONS - 6.1% | ||||||||
China Mobile Ltd. | 90,000 | 1,285,388 | ||||||
Global Telecom Holding - GDR * | 150,000 | 328,500 | ||||||
Philippine Long Distance Telephone Co. | 6,000 | 375,983 | ||||||
SK Telecom Co., Ltd. | 1,000 | 267,900 | ||||||
Telecom Argentina SA - ADR | 12,000 | 250,320 | ||||||
True Corp. PLC - NVDR * | 1,250,000 | 459,292 | ||||||
2,967,383 | ||||||||
SEMICONDUCTORS - 8.0% | ||||||||
Advanced Semiconductor Engineering, Inc. - ADR | 150,000 | 1,069,500 | ||||||
Samsung Electronics Co. Ltd. | 500 | 655,749 | ||||||
Siliconware Precision Industries Co., Ltd - ADR | 50,000 | 405,500 | ||||||
SK Hynx, Inc. * | 12,500 | 534,669 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 50,000 | 1,222,000 | ||||||
3,887,418 | ||||||||
TOTAL COMMON STOCK (Cost - $38,776,199) | 44,636,835 |
Security | Shares | Value | ||||||
EXCHANGE TRADED FUNDS - 6.4% | ||||||||
EQUITY FUNDS - 6.4% | ||||||||
iShares MSCI Philippines ETF | 20,000 | $ | 805,600 | |||||
iShares MSCI Taiwan ETF | 70,000 | 1,150,800 | ||||||
Market Vectors Russia ETF | 60,000 | 1,182,000 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $3,032,499) | 3,138,400 | |||||||
SHORT-TERM INVESTMENT - 3.0% | ||||||||
MONEY MARKET FUND - 3.0% | ||||||||
First American Government Obligations Fund - 0.01% + | ||||||||
(Cost - $1,439,058) | 1,439,058 | 1,439,058 | ||||||
TOTAL INVESTMENTS - 100.7% (Cost - $43,247,756) | $ | 49,214,293 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)% | (334,928 | ) | ||||||
NET ASSETS - 100.0% | $ | 48,879,365 |
* | Non-income producing security. |
^ | Rights |
+ | Variable rate security. Interest rate is as of April 30, 2015. |
ADR - American Depositary Receipt. | ETF - Exchange Traded Funds | |
GDR - Global Depositary Receipt. | NVDR - Non-Voting Depositary Receipt |
Portfolio Composition * - (Unaudited) | ||||||||||
China | 18.53 | % | India | 6.71 | % | |||||
Taiwan | 14.74 | % | Thailand | 6.03 | % | |||||
United States | 9.30 | % | Hong Kong | 5.25 | % | |||||
South Korea | 7.85 | % | Argentina | 4.39 | % | |||||
Rusisa | 6.99 | % | Other Countries | 20.21 | % | |||||
Total | 100.00 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which is based on Fund net assets.
Total Returns as of April 30, 2015 | ||||||||||||
Six | Annualized | Annualized | Annualized | Annualized Since Inception | ||||||||
Months | One Year | Three Years | Five Years | Ten Years | (12/10/04) | |||||||
Class N | 8.93% | 12.29% | 14.86% | 12.50% | 9.53% | 8.63% | ||||||
Class C | 8.36% | 11.16% | 13.70% | 11.37% | 8.45% | 7.56% | ||||||
Class A with load of 5.75% | 2.51% | 5.49% | 12.30% | 10.89% | N/A | 7.63%* | ||||||
Class A without load | 8.79% | 11.95% | 14.55% | 12.22% | N/A | 8.40%* | ||||||
Russell 2000 Growth Index | 7.25% | 14.65% | 17.22% | 14.94% | 10.41% | 8.64% | ||||||
Morningstar Small Cap Growth Category | 5.82% | 11.24% | 14.38% | 13.02% | 8.62% | 7.56% |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Small Cap Growth Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | ||||||
COMMON STOCK - 97.8% | ||||||||
AIRLINES - 1.8% | ||||||||
Allegiant Travel Co. | 892 | $ | 137,154 | |||||
Spirit Airlines, Inc. * | 3,651 | 249,984 | ||||||
Virgin America, Inc. * | 7,194 | 206,756 | ||||||
593,894 | ||||||||
APPAREL - 4.6% | ||||||||
Carter's, Inc. | 3,949 | 394,347 | ||||||
G-III Apparel Group Ltd. * | 3,165 | 351,885 | ||||||
Sequential Brands Group, Inc. * | 5,160 | 63,984 | ||||||
Sketchers USA, Inc. - Class A * | 4,894 | 440,068 | ||||||
Steven Madden Ltd. * | 7,864 | 306,853 | ||||||
1,557,137 | ||||||||
BANKS - 4.9% | ||||||||
Bank of the Ozarks | 8,517 | 330,119 | ||||||
BankUnited, Inc. | 8,585 | 282,103 | ||||||
Customers Bancorp, Inc. * | 14,532 | 366,352 | ||||||
Signature Bank * | 2,609 | 349,841 | ||||||
Western Alliance Bancorp * | 9,891 | 305,830 | ||||||
1,634,245 | ||||||||
BIOTECHNOLOGY - 2.5% | ||||||||
Repligen, Inc. * | 9,950 | 293,625 | ||||||
Spark Therapeutics, Inc. * | 5,140 | 294,368 | ||||||
Synageva BioPharma Corp. * | 2,764 | 254,177 | ||||||
842,170 | ||||||||
BUILDING MATERIALS - 3.6% | ||||||||
Apogee Enterprises, Inc. | 7,822 | 411,594 | ||||||
Caesarstone Sdot-Yam Ltd. | 4,796 | 284,115 | ||||||
NCI Building Systems, Inc. * | 14,336 | 221,921 | ||||||
PGT, Inc. * | 26,609 | 301,214 | ||||||
1,218,844 | ||||||||
CHEMICALS - 0.9% | ||||||||
Cytec Industries, Inc. | 5,547 | 306,694 | ||||||
COMMERICAL SERVICES - 6.8% | ||||||||
AMN Healthcare Services, Inc. * | 13,954 | 318,291 | ||||||
Healthcare Services Group, Inc. | 9,120 | 276,062 | ||||||
ICF International, Inc. * | 3,539 | 136,252 | ||||||
Multi-Color Corp. | 4,909 | 308,187 | ||||||
Nord Anglia Education, Inc. * | 12,045 | 313,772 | ||||||
On Assignment, Inc. * | 1,852 | 62,320 | ||||||
Sabre Corp. | 13,906 | 346,120 | ||||||
Team Health Holdings, Inc. * | 4,236 | 252,339 | ||||||
WEX, Inc. * | 2,409 | 271,518 | ||||||
2,284,861 | ||||||||
COMPUTERS - 4.8% | ||||||||
EPAM Systems * | 5,875 | 380,171 | ||||||
Globant SA * | 13,878 | 291,577 | ||||||
Manhattan Associates, Inc. * | 6,941 | 364,819 | ||||||
Mercury Systems, Inc. * | 17,013 | 234,950 | ||||||
Synaptics, Inc. * | 3,853 | 326,426 | ||||||
1,597,943 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.6% | ||||||||
ELLIE Mae, Inc. * | 6,500 | 357,500 |
Security | Shares | Value | ||||||
DIVERSIFIED FINANCIAL SERVICES (Continued) - 2.6% | ||||||||
Portfolio Recovery Associates, Inc. * | 4,792 | $ | 262,482 | |||||
WageWorks, Inc. * | 4,890 | 246,456 | ||||||
866,438 | ||||||||
ELECTRONICS - 1.1% | ||||||||
IMAX Corp. * | 9,434 | 352,454 | ||||||
ENGINEERING & CONSTRUCTION - 1.0% | ||||||||
Comfort Systems USA, Inc. | 15,708 | 324,999 | ||||||
ENTERTAINMENT - 0.9% | ||||||||
AMC Entertainment Holdings, Inc. | 10,381 | 312,053 | ||||||
ENVIRONMENTAL CONTROL - 1.2% | ||||||||
US Ecology, Inc. | 8,561 | 401,597 | ||||||
FOOD - 1.8% | ||||||||
Pinnacle Foods, Inc. | 7,649 | 310,167 | ||||||
United Natural Foods, Inc. * | 4,258 | 287,245 | ||||||
597,412 | ||||||||
HEALTHCARE-PRODUCTS - 7.7% | ||||||||
Abaxis, Inc. | 5,325 | 340,800 | ||||||
Cepheid, Inc. * | 4,990 | 279,939 | ||||||
Cooper Cos, Inc. | 1,798 | 320,170 | ||||||
Intersect ENT, Inc. * | 11,439 | 287,062 | ||||||
K2M Group Holdings, Inc. * | 17,735 | 372,612 | ||||||
LDR Holding Corp. * | 7,952 | 269,175 | ||||||
Nanostring Technologies, Inc. * | 10,014 | 119,567 | ||||||
West Pharmaceutical Services | 5,504 | 293,253 | ||||||
Zeltiq Aesthetics, Inc. * | 9,648 | 296,194 | ||||||
2,578,772 | ||||||||
HEALTHCARE-SERVICES - 3.2% | ||||||||
Acadia Healthcare Co., Inc. * | 4,515 | 309,278 | ||||||
Centene Corp. * | 7,000 | 433,930 | ||||||
Surgical Care Affiliates, Inc. * | 8,878 | 334,701 | ||||||
1,077,909 | ||||||||
HOME BUILDERS - 0.8% | ||||||||
William Lyon Homes * | 11,875 | 257,094 | ||||||
INSURANCE - 0.8% | ||||||||
Federated National Holding Co. | 8,767 | 252,490 | ||||||
INTERNET - 4.6% | ||||||||
ComScore, Inc. * | 9,525 | 498,729 | ||||||
GrubHub, Inc. * | 6,919 | 284,855 | ||||||
Ringcentral, Inc. * | 18,927 | 326,112 | ||||||
Stamps.com, Inc. * | 2,266 | 140,243 | ||||||
Zendesk, Inc. * | 13,174 | 303,792 | ||||||
1,553,731 | ||||||||
LEISURE TIME - 1.0% | ||||||||
Malibu Boats, Inc. * | 7,851 | 166,206 | ||||||
Performance Sports Group Ltd. * | 7,769 | 157,711 | ||||||
323,917 | ||||||||
LODGING - 0.4% | ||||||||
Marcus Corp. | 7,313 | 141,653 |
SCHEDULE OF INVESTMENTS (Unaudited) |
Dunham Small Cap Growth Fund (Continued) |
April 30, 2015 |
Security | Shares | Value | ||||||
MEDIA - 1.0% | ||||||||
AMC Networks, Inc. * | 4,582 | $ | 345,666 | |||||
MISCELLANEOUS MANUFACTURING - 1.8% | ||||||||
CLARCOR, Inc. | 4,718 | 306,670 | ||||||
Proto Labs, Inc. * | 4,158 | 291,060 | ||||||
597,730 | ||||||||
OFFICE FURNISHINGS - 0.9% | ||||||||
Knoll, Inc. | 13,931 | 317,209 | ||||||
OIL & GAS - 2.7% | ||||||||
Diamondback Energy, Inc. * | 3,461 | 285,775 | ||||||
PDC Energy, Inc. * | 5,301 | 300,779 | ||||||
RSP Permian, Inc. * | 10,561 | 306,480 | ||||||
893,034 | ||||||||
PHARMACEUTICALS - 7.6% | ||||||||
Depomed, Inc. * | 14,643 | 340,596 | ||||||
DexCom, Inc. * | 5,169 | 349,269 | ||||||
Diplomat Pharmacy, Inc. * | 8,708 | 311,921 | ||||||
Esperion Therapeutics, Inc. * | 3,188 | 303,274 | ||||||
Intra-Cellular Therapies, Inc. * | 15,094 | 308,672 | ||||||
Nevro Corp. * | 7,246 | 326,215 | ||||||
Quintiles Transnational Holdings, Inc. * | 5,472 | 360,495 | ||||||
Relypsa, Inc. * | 3,698 | 106,983 | ||||||
Zafgen, Inc. * | 4,514 | 140,475 | ||||||
2,547,900 | ||||||||
REAL ESTATE - 1.4% | ||||||||
Marcus & Millichap, Inc. * | 13,598 | 481,097 | ||||||
RETAIL - 9.2% | ||||||||
Buffalo Wild Wings, Inc. * | 1,969 | 313,662 | ||||||
Burlington Stores, Inc. * | 5,168 | 266,514 | ||||||
Cabela's, Inc. - Class A * | 5,484 | 289,226 | ||||||
Carmax, Inc. * | 5,070 | 345,318 | ||||||
Chipotle Mexican Grill, Inc. * | 480 | 298,243 | ||||||
Jack in the Box, Inc. | 3,886 | 337,188 | ||||||
Kate Spade & Co. * | 8,871 | 290,082 | ||||||
Restoration Hardware Holding * | 3,107 | 267,730 | ||||||
Signet Jewelers Ltd. | 2,748 | 368,589 | ||||||
Urban Outfitters, Inc. * | 8,222 | 329,206 | ||||||
3,105,758 |
Security | Shares | Value | ||||||
SEMICONDUCTORS - 6.3% | ||||||||
Avago Technologies Ltd. | 4,035 | $ | 471,611 | |||||
Cavium, Inc. * | 4,775 | 309,372 | ||||||
IPG Photonics Corp. * | 3,262 | 288,948 | ||||||
MA-COM Technology Solutions Holdings, Inc. * | 10,307 | 314,054 | ||||||
Monolithic Power Systems, Inc. | 6,023 | 312,172 | ||||||
NXP Semiconductor NV * | 4,532 | 435,616 | ||||||
2,131,773 | ||||||||
SOFTWARE - 7.7% | ||||||||
Benefitfocus, Inc. * | 8,587 | 296,681 | ||||||
Cvent, Inc. * | 15,964 | 429,112 | ||||||
Paycom Software, Inc. * | 9,701 | 306,649 | ||||||
Proofpoint, Inc. * | 5,486 | 296,134 | ||||||
Qlik Technologies, Inc. * | 9,912 | 344,838 | ||||||
Radware Ltd. * | 14,037 | 332,256 | ||||||
Tyler Technologies, Inc. * | 2,346 | 286,095 | ||||||
Verint Systems, Inc. * | 4,721 | 290,011 | ||||||
2,581,776 | ||||||||
TELECOMMUNICATIONS - 0.4% | ||||||||
Infinera Corp. * | 7,596 | 142,805 | ||||||
TRANSPORTATION - 1.8% | ||||||||
Old Dominion Freight Line, Inc. * | 4,623 | 328,834 | ||||||
Swift Transportation Co. * | 11,127 | 269,273 | ||||||
598,107 | ||||||||
TOTAL COMMON STOCK | 32,819,162 | |||||||
(Cost - $28,229,792) | ||||||||
SHORT-TERM INVESTMENT - 5.3% | ||||||||
MONEY MARKET FUND - 5.3% | ||||||||
Fidelity Institutional Money Market Funds - | ||||||||
Government Portfolio, 0.01% + | 1,771,163 | 1,771,163 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost - $1,771,163) | ||||||||
TOTAL INVESTMENTS - 103.1% (Cost - $30,000,955) | $ | 34,590,325 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.1)% | (1,049,742 | ) | ||||||
NET ASSETS - 100.0% | $ | 33,540,583 |
* | Non-Income producing security. |
+ | Variable rate security. Interest rate is as of April 30, 2015. |
Portfolio Composition * - (Unaudited) | ||||||||||
Consumer, Non-Cyclical | 28.7 | % | Communications | 5.9 | % | |||||
Consumer, Cyclical | 19.1 | % | Energy | 2.6 | % | |||||
Technology | 18.2 | % | Basic Materials | 0.9 | % | |||||
Industrial | 10.1 | % | Short-Term Investment | 5.1 | % | |||||
Financial | 9.4 | % | Total | 100.0 | % |
* | Based on total value of investments as of April 30, 2015. |
Percentage may differ from Schedule of Investments which is based on Fund net assets.
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) |
April 30, 2015 |
Dunham | Dunham | Dunham | |||||||||||||||||||||||
Corporate / | Monthly | Dunham | Dunham | International | Dunham | Dunham | Dunham | ||||||||||||||||||
Government | Distribution | Floating Rate | High-Yield | Opportunity | Dynamic Macro | Alternative | Appreciation & | ||||||||||||||||||
Bond Fund | Fund | Bond Fund | Bond Fund | Bond Fund | Fund | Strategy Fund | Income Fund | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments in securities, at cost | $ | 55,691,495 | $ | 322,952,945 | $ | 84,446,713 | $ | 104,107,573 | $ | 57,466,027 | $ | 26,277,267 | $ | 17,404,841 | $ | 28,558,927 | |||||||||
Investments in securities, at value | $ | 56,519,835 | $ | 324,339,877 | $ | 84,065,650 | $ | 106,175,993 | $ | 53,838,111 | $ | 26,742,070 | $ | 17,579,400 | $ | 30,202,627 | |||||||||
Foreign currency, at value (Cost $82,375 and $653,209, respectively) | — | 80,768 | — | — | 661,632 | — | — | — | |||||||||||||||||
Deposits with brokers | — | 7,193,707 | — | — | 217,755 | — | — | — | |||||||||||||||||
Unrealized appreciation on swap contracts | — | 3,192,759 | — | — | — | — | — | — | |||||||||||||||||
Unrealized appreciation on futures | — | — | — | — | 73,438 | 226,130 | — | — | |||||||||||||||||
Cash | — | 13,170,000 | — | — | — | — | — | — | |||||||||||||||||
Receivable for securities sold | 252,335 | 4,218,765 | 278,639 | 126,841 | 539,191 | — | 7,105,915 | — | |||||||||||||||||
Receivable for swaps closed | — | 642,291 | — | — | — | — | — | — | |||||||||||||||||
Interest and dividends receivable | 544,136 | 478,003 | 512,200 | 1,666,992 | 609,374 | 22,655 | — | 103,980 | |||||||||||||||||
Receivable for fund shares sold | 342,133 | 1,932,969 | 598,151 | 450,292 | 299,943 | 87,173 | 307 | 105,103 | |||||||||||||||||
Receivable for open forward foreign currency contracts | — | 30,048 | — | — | 309,583 | 753 | — | — | |||||||||||||||||
Prepaid expenses and other assets | 29,570 | 33,830 | 26,237 | 31,013 | 5,221 | 36,278 | 9,419 | 18,777 | |||||||||||||||||
Total Assets | 57,688,009 | 355,313,017 | 85,480,877 | 108,451,131 | 56,554,248 | 27,115,059 | 24,695,041 | 30,430,487 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Option contracts written (premiums received $10,843,945 & $21,047) | — | 10,273,205 | — | — | — | 21,317 | — | — | |||||||||||||||||
Securities sold short (proceeds $27,906,117) | — | 30,563,011 | — | — | — | — | — | — | |||||||||||||||||
Unrealized depreciation on swaps | — | 730,839 | — | — | — | — | — | — | |||||||||||||||||
Unrealized depreciation on futures | — | — | — | — | 15,060 | 202,838 | — | — | |||||||||||||||||
Payable for dividends on short sales | — | 101,769 | — | — | — | — | — | — | |||||||||||||||||
Payable to broker for futures | — | — | — | — | — | 99,551 | — | — | |||||||||||||||||
Payable for securities purchased | 1,174,710 | 12,480,749 | 2,409,253 | 872,075 | — | 1,616,959 | 4,579,841 | 202,207 | |||||||||||||||||
Payable for fund shares redeemed | 666 | 252,442 | 525 | 28,604 | 500 | 172 | 6,198 | 52,756 | |||||||||||||||||
Payable for open forward foreign currency contracts | — | 534,042 | — | — | 495,113 | — | — | — | |||||||||||||||||
Distributions payable | 500 | 109,707 | 1,328 | 20,881 | — | — | — | — | |||||||||||||||||
Payable to adviser | 23,139 | 166,319 | 40,563 | 52,859 | 26,955 | 13,015 | 10,899 | 15,764 | |||||||||||||||||
Payable to sub-adviser | 7,310 | 243,111 | 20,593 | 13,066 | 16,302 | 81,065 | 5,250 | 29,329 | |||||||||||||||||
Payable for distribution fees | 3,608 | 59,420 | 660 | 20,267 | 735 | 2,069 | 1,111 | 8,899 | |||||||||||||||||
Payable for administration fees | 6,013 | 14,725 | 9,079 | 6,612 | 3,561 | 737 | 815 | 2,096 | |||||||||||||||||
Payable for fund accounting fees | 703 | 8,230 | 1,001 | 3,337 | 1,540 | 468 | 1,264 | 1,228 | |||||||||||||||||
Payable for transfer agent fees | 2,413 | 2,645 | 997 | 1,551 | 2,689 | 1,562 | 898 | 1,663 | |||||||||||||||||
Payable for custody fees | 825 | 10,697 | 1,311 | 984 | 14,263 | 1,307 | 1,833 | 1,262 | |||||||||||||||||
Accrued expenses and other liabilities | 4,815 | 35,966 | 3,630 | 8,608 | 6,036 | 5,421 | 20,167 | 8,927 | |||||||||||||||||
Total Liabilities | 1,224,702 | 55,586,877 | 2,488,940 | 1,028,844 | 582,754 | 2,046,481 | 4,628,276 | 324,131 | |||||||||||||||||
Net Assets | $ | 56,463,307 | $ | 299,726,140 | $ | 82,991,937 | $ | 107,422,287 | $ | 55,971,494 | $ | 25,068,578 | $ | 20,066,765 | $ | 30,106,356 | |||||||||
Net Assets: | |||||||||||||||||||||||||
Paid in capital | $ | 56,462,732 | $ | 308,381,364 | $ | 83,829,640 | $ | 112,589,659 | $ | 59,953,271 | $ | 24,084,545 | $ | 20,588,092 | $ | 28,144,877 | |||||||||
Accumulated net investment income (loss) | (12,486 | ) | 816,701 | 21,029 | 24,302 | 219,093 | (152,399 | ) | (242,067 | ) | (50,101 | ) | |||||||||||||
Accumulated net realized gain (loss) on investments, options, securities sold short, futures, swap contracts, and foreign currency transactions | (815,279 | ) | (10,729,145 | ) | (477,669 | ) | (7,260,094 | ) | (409,633 | ) | 647,899 | (453,819 | ) | 367,880 | |||||||||||
Net unrealized appreciation (depreciation) on investments, options, securities sold short, futures, swap contracts, and foreign currency translations | 828,340 | 1,257,220 | (381,063 | ) | 2,068,420 | (3,791,237 | ) | 488,533 | 174,559 | 1,643,700 | |||||||||||||||
Net Assets | $ | 56,463,307 | $ | 299,726,140 | $ | 82,991,937 | $ | 107,422,287 | $ | 55,971,494 | $ | 25,068,578 | $ | 20,066,765 | $ | 30,106,356 | |||||||||
Net Asset Value Per Share | |||||||||||||||||||||||||
Class N Shares: | |||||||||||||||||||||||||
Net Assets | $ | 48,398,978 | $ | 167,721,788 | $ | 71,759,887 | $ | 85,588,208 | $ | 47,481,356 | $ | 20,392,059 | $ | 17,332,513 | $ | 21,105,074 | |||||||||
Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 3,437,068 | 4,351,078 | 7,258,038 | 9,181,847 | 5,177,915 | 1,992,438 | 693,438 | 2,261,027 | |||||||||||||||||
Net asset value, offering and redemption price per share | $ | 14.08 | $ | 38.55 | $ | 9.89 | $ | 9.32 | $ | 9.17 | $ | 10.23 | $ | 25.00 | $ | 9.33 | |||||||||
Class A Shares: | |||||||||||||||||||||||||
Net Assets | $ | 4,274,650 | $ | 77,782,154 | $ | 7,570,442 | $ | 10,746,604 | $ | 6,412,320 | $ | 2,737,013 | $ | 1,838,266 | $ | 4,209,614 | |||||||||
Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 303,904 | 2,055,663 | 766,222 | 1,143,825 | 700,178 | 266,952 | 74,799 | 451,804 | |||||||||||||||||
Net asset value and redemption price per share * | $ | 14.07 | $ | 37.84 | $ | 9.87 | $ | 9.40 | $ | 9.16 | $ | 10.25 | $ | 24.58 | $ | 9.32 | |||||||||
Front-end sales charge factor | 0.9550 | 0.9425 | 0.9425 | 0.9550 | 0.9425 | 0.9425 | 0.9425 | 0.9425 | |||||||||||||||||
Offering price per share (Net asset value per share / front-end sales charge factor) | $ | 14.73 | $ | 40.15 | $ | 10.48 | $ | 9.84 | $ | 9.72 | $ | 10.88 | $ | 26.08 | $ | 9.89 | |||||||||
Class C Shares: | |||||||||||||||||||||||||
Net Assets | $ | 3,789,679 | $ | 54,222,198 | $ | 3,661,608 | $ | 11,087,475 | $ | 2,077,818 | $ | 1,939,506 | $ | 895,986 | $ | 4,791,668 | |||||||||
Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 271,073 | 1,690,895 | 370,626 | 1,196,738 | 227,832 | 192,971 | 38,319 | 522,379 | |||||||||||||||||
Net asset value, offering and redemption price per share | $ | 13.98 | $ | 32.07 | $ | 9.88 | $ | 9.26 | $ | 9.12 | $ | 10.05 | $ | 23.38 | $ | 9.17 |
* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued) |
April 30, 2015 |
Dunham | Dunham | ||||||||||||||||||||||||
Dunham | Dunham | Focused | Dunham | Dunham | Dunham | Emerging | Dunham | ||||||||||||||||||
Large Cap | Alternative | Large Cap | International | Real Estate | Small Cap | Markets | Small Cap | ||||||||||||||||||
Value Fund | Income Fund | Growth Fund | Stock Fund | Stock Fund | Value Fund | Stock Fund | Growth Fund | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments in securities, at cost | $ | 35,575,946 | $ | 7,985,172 | $ | 49,904,198 | $ | 73,426,551 | $ | 38,095,650 | $ | 28,281,683 | $ | 43,247,756 | $ | 30,000,955 | |||||||||
Investments in securities, at value | $ | 56,048,050 | $ | 8,368,530 | $ | 60,048,701 | $ | 80,093,790 | $ | 46,287,289 | $ | 29,907,376 | $ | 49,214,293 | $ | 34,590,325 | |||||||||
Foreign currency, at value (Cost $370 and $114,044, respectively) | — | 342 | — | 95,723 | — | — | — | — | |||||||||||||||||
Receivable for securities sold | — | 325,704 | — | 306,938 | 458,620 | — | 3,381,000 | 873,041 | |||||||||||||||||
Interest and dividends receivable | 29,519 | 14,473 | 11,547 | 317,289 | 29,100 | 25,526 | 40,795 | 2,419 | |||||||||||||||||
Receivable for fund shares sold | 120,762 | — | 180,063 | 191,977 | 376,528 | 99,425 | 119,320 | 187,183 | |||||||||||||||||
Receivable for open forward foreign currency contracts | — | — | — | 656,649 | — | — | 14,065 | — | |||||||||||||||||
Prepaid expenses and other assets | 33,612 | 4,314 | 30,793 | 34,552 | 36,586 | 33,074 | 26,628 | 25,296 | |||||||||||||||||
Total Assets | 56,231,943 | 8,713,363 | 60,271,104 | 81,696,918 | 47,188,123 | 30,065,401 | 52,796,101 | 35,678,264 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Cash overdraft | — | 253,414 | — | — | — | — | 15,494 | — | |||||||||||||||||
Payable for securities purchased | — | — | — | 459,283 | 517,595 | 26,183 | 3,829,034 | 2,090,971 | |||||||||||||||||
Payable for fund shares redeemed | 747 | — | 2,683 | 2,318 | 108,211 | 324 | 1,123 | 2,790 | |||||||||||||||||
Payable for open forward foreign currency contracts | — | — | — | 886,434 | — | — | 185 | — | |||||||||||||||||
Payable to adviser | 29,791 | 4,619 | 32,382 | 42,948 | 25,224 | 16,380 | 25,579 | 18,361 | |||||||||||||||||
Payable to sub-adviser | 3,451 | 984 | 24,719 | 63,999 | 27,588 | 14,621 | 17,247 | 2,187 | |||||||||||||||||
Payable for distribution fees | 6,390 | 3,589 | 6,928 | 9,599 | 5,036 | 3,543 | 6,151 | 9,961 | |||||||||||||||||
Payable for administration fees | 2,151 | 545 | 2,399 | 2,037 | 637 | 933 | 2,245 | 1,222 | |||||||||||||||||
Payable for fund accounting fees | 1,626 | 525 | 607 | 1,056 | 1,100 | 2,394 | 1,177 | 1,488 | |||||||||||||||||
Payable for transfer agent fees | 2,687 | 1,338 | 858 | 325 | 1,120 | 1,252 | 2,454 | 1,723 | |||||||||||||||||
Payable for custody fees | 1,041 | 820 | 339 | 641 | 2,023 | 821 | 9,287 | 2,187 | |||||||||||||||||
Accrued expenses and other liabilities | 10,211 | 15,561 | 5,782 | 1,616 | 5,159 | 9,732 | 6,760 | 6,791 | |||||||||||||||||
Total Liabilities | 58,095 | 281,395 | 76,697 | 1,470,256 | 693,693 | 76,183 | 3,916,736 | 2,137,681 | |||||||||||||||||
Net Assets | $ | 56,173,848 | $ | 8,431,968 | $ | 60,194,407 | $ | 80,226,662 | $ | 46,494,430 | $ | 29,989,218 | $ | 48,879,365 | $ | 33,540,583 | |||||||||
Net Assets: | |||||||||||||||||||||||||
Paid in capital | $ | 35,849,883 | $ | 7,999,323 | $ | 49,843,483 | $ | 72,034,396 | $ | 36,061,885 | $ | 27,732,835 | $ | 49,133,439 | $ | 27,958,391 | |||||||||
Undistributed net investment income (loss) | 144,618 | 145,258 | (669,270 | ) | (525,207 | ) | 308,081 | (14,145 | ) | (185,301 | ) | (165,913 | ) | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (292,757 | ) | (95,943 | ) | 875,691 | 2,298,340 | 1,932,825 | 644,835 | (6,027,453 | ) | 1,158,735 | ||||||||||||||
Net unrealized appreciation on investments and foreign currency translations | 20,472,104 | 383,330 | 10,144,503 | 6,419,133 | 8,191,639 | 1,625,693 | 5,958,680 | 4,589,370 | |||||||||||||||||
Net Assets | $ | 56,173,848 | $ | 8,431,968 | $ | 60,194,407 | $ | 80,226,662 | $ | 46,494,430 | $ | 29,989,218 | $ | 48,879,365 | $ | 33,540,583 | |||||||||
Net Asset Value Per Share | |||||||||||||||||||||||||
Class N Shares: | |||||||||||||||||||||||||
Net Assets | $ | 44,405,707 | $ | 2,978,921 | $ | 40,735,972 | $ | 64,234,808 | $ | 32,574,977 | $ | 24,004,627 | $ | 40,338,592 | $ | 23,324,153 | |||||||||
Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 2,672,332 | 263,644 | 2,545,762 | 4,051,077 | 1,730,155 | 1,634,968 | 2,763,861 | 1,321,071 | |||||||||||||||||
Net asset value, offering and redemption price per share | $ | 16.62 | $ | 11.30 | $ | 16.00 | $ | 15.86 | $ | 18.83 | $ | 14.68 | $ | 14.60 | $ | 17.66 | |||||||||
Class A Shares: | |||||||||||||||||||||||||
Net Assets | $ | 5,995,398 | $ | 2,858,136 | $ | 14,881,806 | $ | 8,612,881 | $ | 10,128,820 | $ | 3,592,080 | $ | 4,851,953 | $ | 7,003,280 | |||||||||
Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 361,672 | 253,267 | 937,866 | 543,820 | 536,328 | 245,965 | 339,441 | 407,145 | |||||||||||||||||
Net asset value, and redemption price per share * | $ | 16.58 | $ | 11.29 | $ | 15.87 | $ | 15.84 | $ | 18.89 | $ | 14.60 | $ | 14.29 | $ | 17.20 | |||||||||
Front-end sales charge factor | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 | |||||||||||||||||
Offering price per share (Net asset value per share / front-end sales charge factor) | $ | 17.59 | $ | 11.98 | $ | 16.84 | $ | 16.81 | $ | 20.04 | $ | 15.49 | $ | 15.17 | $ | 18.25 | |||||||||
Class C Shares: | |||||||||||||||||||||||||
Net Assets | $ | 5,772,743 | $ | 2,594,911 | $ | 4,576,629 | $ | 7,378,973 | $ | 3,790,633 | $ | 2,392,511 | $ | 3,688,820 | $ | 3,213,150 | |||||||||
Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 358,402 | 230,993 | 295,684 | 480,252 | 208,213 | 177,245 | 270,129 | 211,656 | |||||||||||||||||
Net asset value, offering and redemption price per share | $ | 16.11 | $ | 11.23 | $ | 15.48 | $ | 15.36 | $ | 18.21 | $ | 13.50 | $ | 13.66 | $ | 15.18 |
* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase. |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2015 |
Dunham | Dunham | Dunham | |||||||||||||||||||||||
Corporate / | Monthly | Dunham | Dunham | International | Dunham | Dunham | Dunham | ||||||||||||||||||
Government | Distribution | Floating Rate | High-Yield | Opportunity | Dynamic Macro | Alternative | Appreciation & | ||||||||||||||||||
Bond Fund | Fund | Bond Fund | Bond Fund | Bond Fund | Fund | Strategy Fund | Income Fund | ||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||
Interest income | $ | 1,144,817 | $ | 1,057,250 | $ | 1,812,457 | $ | 3,581,555 | $ | 543,170 | $ | 1,072 | $ | 256 | $ | 197,250 | |||||||||
Dividend income | 27,258 | 2,286,798 | 1,545 | 11,403 | — | 75,669 | 178,277 | 100,231 | |||||||||||||||||
Less: Foreign withholding taxes | — | (25,470 | ) | — | — | (18,090 | ) | — | — | — | |||||||||||||||
Total Investment Income | 1,172,075 | 3,318,578 | 1,814,002 | 3,592,958 | 525,080 | 76,741 | 178,533 | 297,481 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||
Investment advisory fees | 133,667 | 925,356 | 233,905 | 380,844 | 151,072 | 59,867 | 62,086 | 90,151 | |||||||||||||||||
Sub-advisory fees | 80,200 | 1,306,279 | 155,937 | 253,896 | 113,304 | 69,078 | 59,571 | 62,412 | |||||||||||||||||
Sub-advisory performance fees | (38,415 | ) | 410,345 | (51,537 | ) | (138,450 | ) | (26,693 | ) | 34,911 | (31,613 | ) | (14,317 | ) | |||||||||||
Fund accounting fees | 7,628 | 43,070 | 10,689 | 19,402 | 7,053 | 2,666 | 3,968 | 4,501 | |||||||||||||||||
Distribution fees- Class C Shares | 13,810 | 252,947 | 12,749 | 41,432 | 6,967 | 8,821 | 4,900 | 20,508 | |||||||||||||||||
Distribution fees- Class A Shares | 5,022 | 89,766 | 10,260 | 23,957 | 6,963 | 2,653 | 2,433 | 5,611 | |||||||||||||||||
Administration fees | 42,932 | 92,172 | 51,689 | 51,088 | 25,683 | 5,580 | 7,126 | 10,841 | |||||||||||||||||
Registration fees | 14,807 | 26,054 | 22,315 | 21,389 | 27,879 | 14,910 | 18,280 | 23,534 | |||||||||||||||||
Transfer agent fees | 7,612 | 24,743 | 11,021 | 14,886 | 9,506 | 8,293 | 7,917 | 8,697 | |||||||||||||||||
Custodian fees | 6,186 | 85,440 | 13,951 | 4,719 | 25,750 | 3,017 | 5,221 | 3,070 | |||||||||||||||||
Professional fees | 10,412 | 17,441 | 20,777 | 11,549 | 10,842 | 10,969 | 8,387 | 8,762 | |||||||||||||||||
Chief Compliance Officer fees | 831 | 19,997 | 5,732 | 9,402 | 2,985 | 277 | 2,379 | 684 | |||||||||||||||||
Printing and postage expense | 4,959 | 44,043 | 6,959 | 6,465 | 3,985 | 5,813 | 4,189 | 3,230 | |||||||||||||||||
Trustees’ fees | 323 | 10,112 | 2,537 | 4,242 | 5,621 | 349 | 975 | 1,307 | |||||||||||||||||
Insurance expense | 673 | 2,763 | 433 | 704 | 463 | 106 | 241 | 179 | |||||||||||||||||
Non 12b-1 shareholder servicing fees | 342 | 20,678 | 500 | 5,501 | 644 | 342 | 1,797 | 1,107 | |||||||||||||||||
Dividend expenses on short sales | — | 624,002 | — | — | — | — | — | — | |||||||||||||||||
Interest expense | — | — | 3,904 | — | — | — | — | — | |||||||||||||||||
Security borrowing fees | — | 95,568 | — | — | — | — | — | — | |||||||||||||||||
Miscellaneous expenses | 575 | 13,799 | 5,489 | 5,224 | 6,420 | 1,488 | 3,132 | 4,542 | |||||||||||||||||
Total Operating Expenses | 291,564 | 4,104,575 | 517,310 | 716,250 | 378,444 | 229,140 | 160,989 | 234,819 | |||||||||||||||||
Less: Advisory/Sub-advisory fees waived | — | (238,561 | ) | — | — | — | — | — | — | ||||||||||||||||
Net Operating Expenses | 291,564 | 3,866,014 | 517,310 | 716,250 | 378,444 | 229,140 | 160,989 | 234,819 | |||||||||||||||||
Net Investment Income (Loss) | 880,511 | (547,436 | ) | 1,296,692 | 2,876,708 | 146,636 | (152,399 | ) | 17,544 | 62,662 | |||||||||||||||
Realized and Unrealized Gain (Loss) on Investments, Options Purchased, Securities Sold Short, Futures, Written Options, Foreign Currency Transactions and Swap Contracts: | |||||||||||||||||||||||||
Net realized gain (loss) from: | |||||||||||||||||||||||||
Investments | (349,578 | ) | 1,911,267 | (409,181 | ) | (3,856,552 | ) | 394,031 | 20 | 865,066 | 403,747 | ||||||||||||||
Futures | — | — | — | — | (118,648 | ) | 1,139,844 | — | — | ||||||||||||||||
Options purchased | — | 2,464,125 | — | — | — | (107,083 | ) | — | — | ||||||||||||||||
Securities sold short | — | (2,488,491 | ) | — | — | — | — | — | — | ||||||||||||||||
Written options | — | (4,298,671 | ) | — | — | — | 7,488 | — | — | ||||||||||||||||
Swap Contracts | (1,821,813 | ) | — | — | — | — | — | — | |||||||||||||||||
Foreign currency transactions | — | — | — | — | (1,013,857 | ) | 1,066 | — | — | ||||||||||||||||
Foreign currency exchange contracts | — | 3,033,190 | — | — | 328,841 | (463 | ) | — | — | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
Investments | 162,177 | 5,203,800 | 661,002 | 950,127 | (2,174,637 | ) | 159,858 | (478,083 | ) | 579,082 | |||||||||||||||
Futures | — | — | — | — | 91,669 | (104,266 | ) | — | — | ||||||||||||||||
Options purchased | — | 137,295 | — | — | — | 173,391 | — | — | |||||||||||||||||
Securities sold short | — | 1,736,110 | — | — | — | — | — | — | |||||||||||||||||
Written options | — | (777,470 | ) | — | — | — | (270 | ) | — | — | |||||||||||||||
Swap contracts | — | 3,799,591 | — | — | — | — | — | — | |||||||||||||||||
Foreign currency translations | — | — | — | — | 15,483 | (45 | ) | — | — | ||||||||||||||||
Foreign currency exchange contracts | — | (1,144,884 | ) | — | — | (84,553 | ) | 753 | — | — | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | (187,401 | ) | 7,754,049 | 251,821 | (2,906,425 | ) | (2,561,671 | ) | 1,270,293 | 386,983 | 982,829 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 693,110 | $ | 7,206,613 | $ | 1,548,513 | $ | (29,717 | ) | $ | (2,415,035 | ) | $ | 1,117,894 | $ | 404,527 | $ | 1,045,491 |
STATEMENTS OF OPERATIONS (Unaudited) (Continued) |
For the Six Months Ended April 30, 2015 |
Dunham | Dunham | ||||||||||||||||||||||||
Dunham | Dunham | Focused | Dunham | Dunham | Dunham | Emerging | Dunham | ||||||||||||||||||
Large Cap | Alternative | Large Cap | International | Real Estate | Small Cap | Markets | Small Cap | ||||||||||||||||||
Value Fund | Income Fund | Growth Fund | Stock Fund | Stock Fund | Value Fund | Stock Fund | Growth Fund | ||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||
Interest income | $ | 211 | $ | 49 | $ | 56 | $ | 124 | $ | 36 | $ | 28 | $ | 32 | $ | 57 | |||||||||
Dividend income | 565,124 | 154,066 | 118,847 | 872,799 | 886,968 | 280,436 | 287,541 | 53,665 | |||||||||||||||||
Less: Foreign withholding taxes | — | (697 | ) | (814 | ) | (166,811 | ) | — | — | (47,637 | ) | (1,492 | ) | ||||||||||||
Total Investment Income | 565,335 | 153,418 | 118,089 | 706,112 | 887,004 | 280,464 | 239,936 | 52,230 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||
Investment advisory fees | 180,589 | 26,688 | 191,161 | 241,411 | 167,668 | 96,043 | 139,389 | 105,023 | |||||||||||||||||
Sub-advisory fees | 119,467 | 16,424 | 102,933 | 241,411 | 102,794 | 66,492 | 107,222 | 80,787 | |||||||||||||||||
Sub-advisory performance fees | (110,964 | ) | (10,218 | ) | (24,070 | ) | 78,416 | 71,184 | 37,032 | 42,504 | (63,255 | ) | |||||||||||||
Fund accounting fees | 9,575 | 1,475 | 7,834 | 11,463 | 3,609 | 6,653 | 7,146 | 5,421 | |||||||||||||||||
Distribution fees- Class C Shares | 28,374 | 11,791 | 22,186 | 33,705 | 21,482 | 12,070 | 17,181 | 16,288 | |||||||||||||||||
Distribution fees- Class A Shares | 8,289 | 3,463 | 20,058 | 9,978 | 12,053 | 4,157 | 5,145 | 8,533 | |||||||||||||||||
Administration fees | 19,373 | 2,929 | 18,078 | 36,168 | 14,715 | 11,147 | 18,060 | 10,431 | |||||||||||||||||
Registration fees | 8,912 | 3,884 | 15,480 | 11,680 | 21,726 | 14,346 | 19,590 | 19,860 | |||||||||||||||||
Transfer agent fees | 10,046 | 7,237 | 9,117 | 9,939 | 9,606 | 9,203 | 8,029 | 8,927 | |||||||||||||||||
Custodian fees | 3,181 | 1,947 | 9,880 | 58,376 | 7,101 | 3,760 | 34,423 | 5,939 | |||||||||||||||||
Professional fees | 9,528 | 8,590 | 8,170 | 10,132 | 10,110 | 8,925 | 10,132 | 8,810 | |||||||||||||||||
Chief Compliance Officer fees | 3,395 | 401 | 3,999 | 2,270 | 2,729 | 1,699 | 2,597 | 2,486 | |||||||||||||||||
Printing and postage expense | 3,472 | 502 | 4,253 | 4,463 | 5,199 | 2,480 | 3,472 | 4,720 | |||||||||||||||||
Trustees’ fees | 1,455 | 271 | 1,976 | 1,810 | 1,339 | 584 | 3,253 | 992 | |||||||||||||||||
Insurance expense | 502 | 56 | 275 | 790 | 236 | 252 | 313 | 153 | |||||||||||||||||
Non 12b-1 shareholder servicing fees | 342 | 619 | 1,698 | 836 | 1,000 | 644 | 342 | 788 | |||||||||||||||||
Miscellaneous expenses | 1,652 | 3,909 | 3,740 | 3,452 | 1,987 | 1,312 | 4,313 | 2,240 | |||||||||||||||||
Net Operating Expenses | 297,188 | 79,968 | 396,768 | 756,300 | 454,538 | 276,799 | 423,111 | 218,143 | |||||||||||||||||
Net Investment Income (Loss) | 268,147 | 73,450 | (278,679 | ) | (50,188 | ) | 432,466 | 3,665 | (183,175 | ) | (165,913 | ) | |||||||||||||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency: | |||||||||||||||||||||||||
Net realized gain (loss) from: | |||||||||||||||||||||||||
Investments | 1,437,181 | (65,187 | ) | 1,652,097 | 1,256,261 | 2,610,647 | 661,864 | (2,010,033 | ) | 1,417,373 | |||||||||||||||
Foreign currency transactions | — | — | — | (39,188 | ) | — | — | (188 | ) | — | |||||||||||||||
Foreign currency exchange contracts | — | — | — | 1,122,913 | — | — | (43,239 | ) | — | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
Investments | (55,832 | ) | (29,801 | ) | 2,260,344 | 3,199,595 | (1,284,527 | ) | (304,790 | ) | 2,567,520 | 1,445,524 | |||||||||||||
Foreign currency translations | — | (28 | ) | — | 9,053 | — | — | (21,527 | ) | — | |||||||||||||||
Foreign currency exchange contracts | — | — | — | (395,203 | ) | — | — | 13,880 | — | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 1,381,349 | (95,016 | ) | 3,912,441 | 5,153,431 | 1,326,120 | 357,074 | 506,413 | 2,862,897 | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 1,649,496 | $ | (21,566 | ) | $ | 3,633,762 | $ | 5,103,243 | $ | 1,758,586 | $ | 360,739 | $ | 323,238 | $ | 2,696,984 |
STATEMENTS OF CHANGES IN NET ASSETS |
Dunham Corporate/Government Bond Fund | Dunham Monthly Distribution Fund | Dunham Floating Rate Bond Fund (1) | Dunham High-Yield Bond Fund | Dunham International Opportunity Bond Fund (1) | Dunham Dynamic Macro Fund | ||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||||||||||
Apr. 30, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Oct. 31, 2014 | ||||||||||||||||||||||||||
Operations: | (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | |||||||||||||||||||||||||
Net investment income (loss) | $ | 880,511 | $ | 1,486,703 | $ | (547,436 | ) | $ | 512,463 | $ | 1,296,692 | $ | 1,827,661 | $ | 2,876,708 | $ | 6,650,678 | $ | 146,636 | $ | 237,796 | $ | (152,399 | ) | $ | 173,976 | |||||||||||
Net realized gain (loss) from investments, foreign currency, securities sold short, futures, swap contracts and options | (349,578 | ) | (332,208 | ) | (1,200,393 | ) | 23,019,455 | (409,181 | ) | (53,987 | ) | (3,856,552 | ) | 1,765,927 | (409,633 | ) | (160,302 | ) | 1,040,872 | 200,686 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency, securities sold short, futures, swap contracts and options | 162,177 | 749,743 | 8,954,442 | (14,801,536 | ) | 661,002 | (1,042,065 | ) | 950,127 | (3,217,654 | ) | (2,152,038 | ) | (1,639,199 | ) | 229,421 | (46,550 | ) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | 693,110 | 1,904,238 | 7,206,613 | 8,730,382 | 1,548,513 | 731,609 | (29,717 | ) | 5,198,951 | (2,415,035 | ) | (1,561,705 | ) | 1,117,894 | 328,112 | ||||||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||||||||||||||
Net Realized Gains: | |||||||||||||||||||||||||||||||||||||
Class N | — | (191,951 | ) | (2,669,547 | ) | (6,012,613 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Class A | — | (14,055 | ) | (1,198,284 | ) | (2,955,457 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Class C | — | (18,187 | ) | (1,002,637 | ) | (1,996,319 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net Investment Income: | |||||||||||||||||||||||||||||||||||||
Class N | (791,307 | ) | (1,407,855 | ) | — | — | (1,124,405 | ) | (1,506,355 | ) | (2,248,382 | ) | (5,200,564 | ) | (20,234 | ) | — | — | (123,821 | ) | |||||||||||||||||
Class A | (64,774 | ) | (97,767 | ) | — | — | (126,344 | ) | (260,777 | ) | (400,659 | ) | (916,366 | ) | (1,136 | ) | — | — | (27,716 | ) | |||||||||||||||||
Class C | (50,327 | ) | (103,240 | ) | — | — | (45,169 | ) | (68,934 | ) | (221,119 | ) | (515,994 | ) | — | — | — | (19,736 | ) | ||||||||||||||||||
Distributions From Paid In Capital | |||||||||||||||||||||||||||||||||||||
Class N | — | — | — | (913,335 | ) | — | — | — | — | — | (224,660 | ) | — | — | |||||||||||||||||||||||
Class A | — | — | — | (449,313 | ) | — | — | — | — | — | (10,256 | ) | — | — | |||||||||||||||||||||||
Class C | — | — | — | (309,594 | ) | — | — | — | — | — | (1,461 | ) | — | — | |||||||||||||||||||||||
Total Distributions to Shareholders | (906,408 | ) | (1,833,055 | ) | (4,870,468 | ) | (12,636,631 | ) | (1,295,918 | ) | (1,836,066 | ) | (2,870,160 | ) | (6,632,924 | ) | (21,370 | ) | (236,377 | ) | — | (171,273 | ) | ||||||||||||||
Share Transactions of Beneficial Interest: | |||||||||||||||||||||||||||||||||||||
Net proceeds from shares sold | |||||||||||||||||||||||||||||||||||||
Class N | 7,275,475 | 8,510,305 | 32,327,251 | 50,381,636 | 11,669,190 | 69,872,906 | 9,579,623 | 17,352,248 | 10,445,938 | 47,351,487 | 9,237,596 | 11,725,933 | |||||||||||||||||||||||||
Class A | 1,123,457 | 1,612,475 | 18,238,484 | 40,490,119 | 2,281,067 | 14,942,559 | 5,692,882 | 5,739,293 | 3,782,256 | 4,013,190 | 1,041,971 | 1,398,067 | |||||||||||||||||||||||||
Class C | 326,334 | 496,826 | 12,162,350 | 25,701,584 | 569,830 | 4,576,138 | 794,652 | 2,406,391 | 415,355 | 2,589,886 | 329,635 | 679,798 | |||||||||||||||||||||||||
Reinvestment of distributions | |||||||||||||||||||||||||||||||||||||
Class N | 790,958 | 1,598,729 | 2,482,656 | 6,726,777 | 1,124,196 | 1,506,190 | 2,143,719 | 4,604,843 | 20,234 | 224,659 | — | 33,572 | |||||||||||||||||||||||||
Class A | 61,975 | 104,336 | 974,684 | 2,540,692 | 117,909 | 246,728 | 348,675 | 799,676 | 1,098 | 9,815 | — | 26,374 | |||||||||||||||||||||||||
Class C | 49,215 | 119,432 | 768,071 | 1,884,730 | 44,868 | 68,862 | 155,831 | 429,779 | — | 1,461 | — | 18,864 | |||||||||||||||||||||||||
Cost of shares redeemed | |||||||||||||||||||||||||||||||||||||
Class N | (3,372,879 | ) | (47,484,087 | ) | (25,720,534 | ) | (59,855,935 | ) | (4,385,282 | ) | (7,418,283 | ) | (26,367,915 | ) | (52,959,839 | ) | (3,351,204 | ) | (3,535,358 | ) | (1,497,116 | ) | (7,335,922 | ) | |||||||||||||
Class A | (580,050 | ) | (4,918,860 | ) | (21,157,312 | ) | (31,369,421 | ) | (8,504,075 | ) | (1,315,978 | ) | (16,833,928 | ) | (4,168,167 | ) | (616,356 | ) | (378,493 | ) | (161,683 | ) | (1,489,076 | ) | |||||||||||||
Class C | (259,708 | ) | (4,670,592 | ) | (6,973,771 | ) | (15,656,857 | ) | (350,184 | ) | (1,202,842 | ) | (1,277,954 | ) | (4,799,855 | ) | (120,629 | ) | (647,358 | ) | (198,761 | ) | (1,035,059 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest | 5,414,777 | (44,631,436 | ) | 13,101,879 | 20,843,325 | 2,567,519 | 81,276,280 | (25,764,415 | ) | (30,595,631 | ) | 10,576,692 | 49,629,289 | 8,751,642 | 4,022,551 | ||||||||||||||||||||||
Total Increase (Decrease) in Net Assets | 5,201,479 | (44,560,253 | ) | 15,438,024 | 16,937,076 | 2,820,114 | 80,171,823 | (28,664,292 | ) | (32,029,604 | ) | 8,140,287 | 47,831,207 | 9,869,536 | 4,179,390 | ||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||
Beginning of Period | 51,261,828 | 95,822,081 | 284,288,116 | 267,351,040 | 80,171,823 | — | 136,086,579 | 168,116,183 | 47,831,207 | — | 15,199,042 | 11,019,652 | |||||||||||||||||||||||||
End of Period * | $ | 56,463,307 | $ | 51,261,828 | $ | 299,726,140 | $ | 284,288,116 | $ | 82,991,937 | $ | 80,171,823 | $ | 107,422,287 | $ | 136,086,579 | $ | 55,971,494 | $ | 47,831,207 | $ | 25,068,578 | $ | 15,199,042 | |||||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | (12,486 | ) | $ | 13,411 | $ | 816,701 | $ | 1,364,137 | $ | 21,029 | $ | 20,255 | $ | 24,302 | $ | 17,754 | $ | 219,093 | $ | 93,827 | $ | (152,399 | ) | $ | — |
(1) Dunham Floating Rate Bond Fund and Dunham International Opportunity Bond Fund commenced operations on November 1, 2013 |
STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
Dunham Alternative Strategy Fund | Dunham Appreciation & Income Fund | Dunham Large Cap Value Fund | Dunham Alternative Income Fund | Dunham Focused Large Cap Growth Fund | |||||||||||||||||||||||||||
Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 17,544 | $ | (204,341 | ) | $ | 62,662 | $ | 221,675 | $ | 268,147 | $ | 350,088 | $ | 73,450 | $ | 127,065 | $ | (278,679 | ) | $ | (444,063 | ) | ||||||||
Net realized gain (loss) from investments and foreign currency transactions | 865,066 | 332,590 | 403,747 | 4,607,521 | 1,437,181 | 2,770,154 | (65,187 | ) | 142,850 | 1,652,097 | (686,421 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (478,083 | ) | 488,948 | 579,082 | (2,610,842 | ) | (55,832 | ) | 2,840,219 | (29,829 | ) | 75,183 | 2,260,344 | 4,363,169 | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | 404,527 | 617,197 | 1,045,491 | 2,218,354 | 1,649,496 | 5,960,461 | (21,566 | ) | 345,098 | 3,633,762 | 3,232,685 | ||||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||||||||
Net Realized Gains: | |||||||||||||||||||||||||||||||
Class N | — | — | (2,968,783 | ) | — | — | — | (46,343 | ) | (30,417 | ) | — | (11,605 | ) | |||||||||||||||||
Class A | — | — | (748,302 | ) | — | — | — | (43,217 | ) | (54,314 | ) | — | (159,295 | ) | |||||||||||||||||
Class C | — | — | (649,083 | ) | — | — | — | (34,496 | ) | (35,392 | ) | — | (8,445 | ) | |||||||||||||||||
Net Investment Income | |||||||||||||||||||||||||||||||
Class N | — | — | (287,785 | ) | (229,783 | ) | (323,640 | ) | (429,743 | ) | (8,563 | ) | (40,604 | ) | — | — | |||||||||||||||
Class A | — | — | (61,328 | ) | (51,341 | ) | (42,004 | ) | (48,768 | ) | (6,782 | ) | (50,281 | ) | — | — | |||||||||||||||
Class C | — | — | (23,109 | ) | (18,910 | ) | — | (9,655 | ) | (2,788 | ) | (23,218 | ) | — | — | ||||||||||||||||
Distribution From Paid in Capital | |||||||||||||||||||||||||||||||
Class N | — | — | — | — | — | — | (11,774 | ) | — | — | — | ||||||||||||||||||||
Class A | — | — | — | — | — | — | (8,629 | ) | — | — | — | ||||||||||||||||||||
Class C | — | — | — | — | — | — | (3,324 | ) | — | — | — | ||||||||||||||||||||
Total Distributions to Shareholders | — | — | (4,738,390 | ) | (300,034 | ) | (365,644 | ) | (488,166 | ) | (165,916 | ) | (234,226 | ) | — | (179,345 | ) | ||||||||||||||
Share Transactions of Beneficial Interest: | |||||||||||||||||||||||||||||||
Net proceeds from shares sold | |||||||||||||||||||||||||||||||
Class N | 3,708,824 | 3,386,957 | 3,587,890 | 3,653,653 | 5,521,868 | 7,303,589 | 903,401 | 2,290,988 | 5,833,965 | 36,989,379 | |||||||||||||||||||||
Class A | 239,135 | 1,124,027 | 926,126 | 1,058,835 | 1,166,516 | 4,479,463 | 123,464 | 286,838 | 6,142,345 | 10,900,494 | |||||||||||||||||||||
Class C | 60,240 | 367,370 | 940,353 | 706,746 | 569,668 | 1,373,157 | 546,592 | 810,596 | 347,119 | 4,504,988 | |||||||||||||||||||||
Reinvestment of distributions | |||||||||||||||||||||||||||||||
Class N | — | — | 3,247,305 | 229,479 | 323,513 | 429,513 | 64,562 | 69,433 | — | 11,605 | |||||||||||||||||||||
Class A | — | — | 583,948 | 29,715 | 41,710 | 47,655 | 39,329 | 72,503 | — | 157,494 | |||||||||||||||||||||
Class C | — | — | 669,690 | 18,702 | — | 9,650 | 30,942 | 47,034 | — | 8,445 | |||||||||||||||||||||
Cost of shares redeemed | |||||||||||||||||||||||||||||||
Class N | (2,075,359 | ) | (4,348,672 | ) | (1,793,157 | ) | (2,445,331 | ) | (4,382,622 | ) | (7,929,190 | ) | (885,833 | ) | (490,587 | ) | (4,609,457 | ) | (2,624,037 | ) | |||||||||||
Class A | (451,104 | ) | (14,753,758 | ) | (1,170,954 | ) | (1,287,058 | ) | (3,002,117 | ) | (2,303,419 | ) | (5,268 | ) | (72,871 | ) | (12,176,120 | ) | (3,409,226 | ) | |||||||||||
Class C | (240,990 | ) | (478,336 | ) | (323,151 | ) | (739,874 | ) | (589,918 | ) | (1,339,098 | ) | (84,071 | ) | (208,701 | ) | (393,094 | ) | (899,697 | ) | |||||||||||
Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest | 1,240,746 | (14,702,412 | ) | 6,668,050 | 1,224,867 | (351,382 | ) | 2,071,320 | 733,118 | 2,805,233 | (4,855,242 | ) | 45,639,445 | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 1,645,273 | (14,085,215 | ) | 2,975,151 | 3,143,187 | 932,470 | 7,543,615 | 545,636 | 2,916,105 | (1,221,480 | ) | 48,692,785 | |||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||
Beginning of Period | 18,421,492 | 32,506,707 | 27,131,205 | 23,988,018 | 55,241,378 | 47,697,763 | 7,886,332 | 4,970,227 | 61,415,887 | 12,723,102 | |||||||||||||||||||||
End of Period * | $ | 20,066,765 | $ | 18,421,492 | $ | 30,106,356 | $ | 27,131,205 | $ | 56,173,848 | $ | 55,241,378 | $ | 8,431,968 | $ | 7,886,332 | $ | 60,194,407 | $ | 61,415,887 | |||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | (242,067 | ) | $ | (259,611 | ) | $ | (50,101 | ) | $ | 259,459 | $ | 144,618 | $ | 242,115 | $ | 145,258 | $ | 89,941 | $ | (669,270 | ) | $ | (390,591 | ) | ||||||
STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
Dunham International Stock Fund | Dunham Real Estate Stock Fund | Dunham Small Cap Value Fund | Dunham Emerging Markets Stock Fund | Dunham Small Cap Growth Fund | |||||||||||||||||||||||||||
Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | Six Months Ended Apr. 30, 2015 | Year Ended Oct. 31, 2014 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (50,188 | ) | $ | 601,389 | $ | 432,466 | $ | 299,653 | $ | 3,665 | $ | 39,706 | $ | (183,175 | ) | $ | 470,735 | $ | (165,913 | ) | $ | (447,061 | ) | |||||||
Net realized gain (loss) from investments and foreign currency transactions | 2,339,986 | 6,288,227 | 2,610,647 | 2,612,926 | 661,864 | 1,843,545 | (2,053,460 | ) | 252,461 | 1,417,373 | 3,012,814 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 2,813,445 | (5,945,140 | ) | (1,284,527 | ) | 5,655,443 | (304,790 | ) | 659,185 | 2,559,873 | 239,745 | 1,445,524 | (1,082,990 | ) | |||||||||||||||||
Net Increase in Net Assets Resulting From Operations | 5,103,243 | 944,476 | 1,758,586 | 8,568,022 | 360,739 | 2,542,436 | 323,238 | 962,941 | 2,696,984 | 1,482,763 | |||||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||||||||
Net Realized Gains: | |||||||||||||||||||||||||||||||
Class N | (213,428 | ) | — | (1,801,657 | ) | (803,480 | ) | (1,480,348 | ) | (843,473 | ) | — | — | (1,843,030 | ) | (2,932,007 | ) | ||||||||||||||
Class A | (29,714 | ) | — | (494,611 | ) | (63,694 | ) | (199,656 | ) | (84,887 | ) | — | — | (582,885 | ) | (536,416 | ) | ||||||||||||||
Class C | (24,848 | ) | — | (214,050 | ) | (67,922 | ) | (163,574 | ) | (105,306 | ) | — | — | (313,703 | ) | (1,095,637 | ) | ||||||||||||||
Net Investment Income: | |||||||||||||||||||||||||||||||
Class N | (1,143,359 | ) | (860,471 | ) | (214,891 | ) | (412,071 | ) | (55,192 | ) | (20,015 | ) | (471,950 | ) | — | — | — | ||||||||||||||
Class A | (136,048 | ) | (78,868 | ) | (48,514 | ) | (20,595 | ) | — | — | (46,968 | ) | — | — | — | ||||||||||||||||
Class C | (70,549 | ) | (47,089 | ) | — | (9,227 | ) | — | — | (18,608 | ) | — | — | — | |||||||||||||||||
Total Distributions to Shareholders | (1,617,946 | ) | (986,428 | ) | (2,773,723 | ) | (1,376,989 | ) | (1,898,770 | ) | (1,053,681 | ) | (537,526 | ) | — | (2,739,618 | ) | (4,564,060 | ) | ||||||||||||
Share Transactions of Beneficial Interest: | |||||||||||||||||||||||||||||||
Net proceeds from shares sold | |||||||||||||||||||||||||||||||
Class N | 7,447,904 | 12,144,401 | 4,826,375 | 9,009,495 | 2,040,651 | 8,710,390 | 6,607,434 | 13,375,215 | 2,851,823 | 9,728,560 | |||||||||||||||||||||
Class A | 1,920,594 | 7,762,059 | 8,110,222 | 2,000,357 | 756,733 | 2,437,388 | 1,181,658 | 2,168,739 | 1,173,191 | 4,181,090 | |||||||||||||||||||||
Class C | 744,707 | 1,654,454 | 553,150 | 1,763,615 | 150,697 | 719,325 | 522,236 | 1,322,370 | 192,706 | 1,219,199 | |||||||||||||||||||||
Reinvestment of distributions | |||||||||||||||||||||||||||||||
Class N | 1,356,406 | 860,058 | 1,959,665 | 1,187,201 | 1,534,285 | 863,221 | 471,942 | — | 1,836,187 | 2,930,877 | |||||||||||||||||||||
Class A | 146,151 | 75,419 | 537,515 | 83,235 | 197,400 | 83,535 | 46,050 | — | 414,220 | 738,749 | |||||||||||||||||||||
Class C | 94,504 | 46,594 | 205,692 | 77,149 | 163,312 | 105,306 | 18,512 | — | 312,902 | 536,416 | |||||||||||||||||||||
Cost of shares redeemed | |||||||||||||||||||||||||||||||
Class N | (4,727,764 | ) | (5,539,023 | ) | (10,801,536 | ) | (12,691,307 | ) | (2,126,478 | ) | (3,649,194 | ) | (2,425,038 | ) | (3,134,012 | ) | (2,530,385 | ) | (6,027,134 | ) | |||||||||||
Class A | (1,673,614 | ) | (4,617,949 | ) | (2,046,757 | ) | (1,270,176 | ) | (463,271 | ) | (1,180,665 | ) | (397,785 | ) | (665,010 | ) | (1,017,966 | ) | (3,360,870 | ) | |||||||||||
Class C | (348,313 | ) | (747,149 | ) | (1,056,408 | ) | (896,298 | ) | (271,211 | ) | (485,363 | ) | (432,908 | ) | (474,119 | ) | (409,705 | ) | (826,816 | ) | |||||||||||
Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest | 4,960,575 | 11,638,864 | 2,287,918 | (736,729 | ) | 1,982,118 | 7,603,943 | 5,592,101 | 12,593,183 | 2,822,973 | 9,120,071 | ||||||||||||||||||||
Total Increase in Net Assets | 8,445,872 | 11,596,912 | 1,272,781 | 6,454,304 | 444,087 | 9,092,698 | 5,377,813 | 13,556,124 | 2,780,339 | 6,038,774 | |||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||
Beginning of Period | 71,780,790 | 60,183,878 | 45,221,649 | 38,767,345 | 29,545,131 | 20,452,433 | 43,501,552 | 29,945,428 | 30,760,244 | 24,721,470 | |||||||||||||||||||||
End of Period * | $ | 80,226,662 | $ | 71,780,790 | $ | 46,494,430 | $ | 45,221,649 | $ | 29,989,218 | $ | 29,545,131 | $ | 48,879,365 | $ | 43,501,552 | $ | 33,540,583 | $ | 30,760,244 | |||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | (525,207 | ) | $ | 874,937 | $ | 308,081 | $ | 139,020 | $ | (14,145 | ) | $ | 37,382 | $ | (185,301 | ) | $ | 535,400 | $ | (165,913 | ) | $ | — |
FINANCIAL HIGHLIGHTS |
Dunham Corporate/Government Bond Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 14.14 | $ | 14.07 | $ | 14.74 | $ | 14.32 | $ | 14.99 | $ | 14.32 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income* | 0.23 | 0.38 | 0.37 | 0.36 | 0.52 | 0.54 | |||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.16 | (0.36 | ) | 0.77 | (0.20 | ) | 0.76 | ||||||||||
Total income from investment operations | 0.18 | 0.54 | 0.01 | 1.13 | 0.32 | 1.30 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.24 | ) | (0.42 | ) | (0.41 | ) | (0.42 | ) | (0.56 | ) | (0.56 | ) | |||||||
Distributions from net realized gains | 0.00 | (0.05 | ) | (0.27 | ) | (0.29 | ) | (0.43 | ) | (0.07 | ) | ||||||||
Total distributions | (0.24 | ) | (0.47 | ) | (0.68 | ) | (0.71 | ) | (0.99 | ) | (0.63 | ) | |||||||
Net asset value, end of period | $ | 14.08 | $ | 14.14 | $ | 14.07 | $ | 14.74 | $ | 14.32 | $ | 14.99 | |||||||
Total return +# | 1.29 | % | 3.85 | % | 0.09 | % | 8.10 | % | 2.33 | % | 9.32 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 48,399 | $ | 43,888 | $ | 81,201 | $ | 103,912 | $ | 58,810 | $ | 78,181 | |||||||
Ratios of expenses to average net assets: | |||||||||||||||||||
Before fee waivers ^ | 1.02 | % | 1.37 | % | 1.21 | % | 1.14 | % | 1.30 | % | 1.37 | % | |||||||
After fee waivers ^ | 1.02 | % | 1.37 | % | 1.21 | % | 1.14 | % | 1.30 | % | 1.37 | % | |||||||
Ratios of net investment income to average net assets: | |||||||||||||||||||
Before fee waivers ^ | 3.36 | % | 2.69 | % | 2.56 | % | 2.50 | % | 3.62 | % | 3.66 | % | |||||||
After fee waivers ^ | 3.36 | % | 2.69 | % | 2.56 | % | 2.50 | % | 3.62 | % | 3.66 | % | |||||||
Portfolio turnover rate | 21 | %(1) | 60 | % | 173 | % | 211 | % | 178 | % | 174 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.13 | $ | 14.06 | $ | 14.73 | $ | 14.31 | $ | 14.98 | $ | 14.36 | $ | 14.05 | $ | 13.98 | $ | 14.64 | $ | 14.23 | $ | 14.90 | $ | 14.24 | |||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income* | 0.22 | 0.35 | 0.34 | 0.29 | 0.49 | 0.50 | 0.18 | 0.27 | 0.26 | 0.27 | 0.41 | 0.42 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.06 | ) | 0.15 | (0.36 | ) | 0.79 | (0.20 | ) | 0.76 | (0.06 | ) | 0.16 | (0.35 | ) | 0.74 | (0.20 | ) | 0.76 | |||||||||||||||||||
Total income (loss) from investment operations | 0.16 | 0.50 | (0.02 | ) | 1.08 | 0.29 | 1.26 | 0.12 | 0.43 | (0.09 | ) | 1.01 | 0.21 | 1.18 | |||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.22 | ) | (0.38 | ) | (0.38 | ) | (0.37 | ) | (0.53 | ) | (0.57 | ) | (0.19 | ) | (0.31 | ) | (0.30 | ) | (0.31 | ) | (0.45 | ) | (0.45 | ) | |||||||||||||
Distributions from net realized gains | 0.00 | (0.05 | ) | (0.27 | ) | (0.29 | ) | (0.43 | ) | (0.07 | ) | 0.00 | (0.05 | ) | (0.27 | ) | (0.29 | ) | (0.43 | ) | (0.07 | ) | |||||||||||||||
Total distributions | (0.22 | ) | (0.43 | ) | (0.65 | ) | (0.66 | ) | (0.96 | ) | (0.64 | ) | (0.19 | ) | (0.36 | ) | (0.57 | ) | (0.60 | ) | (0.88 | ) | (0.52 | ) | |||||||||||||
Net asset value, end of period | $ | 14.07 | $ | 14. 13 | $ | 14.06 | $ | 14.73 | $ | 14.31 | $ | 14.98 | $ | 13.98 | $ | 14.05 | $ | 13.98 | $ | 14.64 | $ | 14.23 | $ | 14.90 | |||||||||||||
Total return + | 1.17 | % | 3.59 | % | (0.15 | )% | 7.78 | % | 2.15 | % | 8.98 | % | 0.86 | % | 3.08 | % | (0.59 | )% | 7.30 | % | 1.57 | % | 8.48 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 4,275 | $ | 3,684 | $ | 6,888 | $ | 3,598 | $ | 610 | $ | 518 | $ | 3,790 | $ | 3,690 | $ | 7,733 | $ | 9,007 | $ | 9,250 | $ | 12,466 | |||||||||||||
Ratios of expenses to average net assets: | |||||||||||||||||||||||||||||||||||||
Before fee waivers ^ | 1.27 | % | 1.62 | % | 1.46 | % | 1.39 | % | 1.55 | % | 1.62 | % | 1.77 | % | 2.12 | % | 1.96 | % | 1.89 | % | 2.05 | % | 2.12 | % | |||||||||||||
After fee waivers ^ | 1.27 | % | 1.62 | % | 1.46 | % | 1.39 | % | 1.55 | % | 1.62 | % | 1.77 | % | 2.12 | % | 1.96 | % | 1.89 | % | 2.05 | % | 2.12 | % | |||||||||||||
Ratios of net investment income to average net assets: | |||||||||||||||||||||||||||||||||||||
Before fee waivers ^ | 3.11 | % | 2.44 | % | 2.37 | % | 2.25 | % | 3.37 | % | 3.41 | % | 2.62 | % | 1.94 | % | 1.80 | % | 1.75 | % | 2.87 | % | 2.91 | % | |||||||||||||
After fee waivers ^ | 3.11 | % | 2.44 | % | 2.37 | % | 2.25 | % | 3.37 | % | 3.41 | % | 2.62 | % | 1.94 | % | 1.80 | % | 1.75 | % | 2.87 | % | 2.91 | % | |||||||||||||
Portfolio turnover rate | 21 | %(1) | 60 | % | 173 | % | 211 | % | 178 | % | 174 | % | 21 | %(1) | 60 | % | 173 | % | 211 | % | 178 | % | 174 | % |
* | The net investment income per share data was determined using the average shares outstanding throughout each period |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Tota return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Monthly Distribution Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 38.16 | $ | 38.47 | $ | 37.22 | $ | 35.87 | $ | 36.52 | $ | 34.09 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (loss)* | (0.03 | ) | 0.17 | 0.36 | 0.14 | 0.01 | 0.22 | ||||||||||||
Net realized and unrealized gain ** | 1.04 | 1.35 | 2.13 | 2.41 | 0.53 | 3.35 | |||||||||||||
Total income from investment operations | 1.01 | 1.52 | 2.49 | 2.55 | 0.54 | 3.57 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | 0.00 | 0.00 | (0.41 | ) | (0.22 | ) | 0.00 | 0.00 | |||||||||||
Distributions from net realized gains | (0.62 | ) | (1.59 | ) | (0.83 | ) | (0.32 | ) | (1.19 | ) | (1.14 | ) | |||||||
Tax return of capital | 0.00 | (0.24 | ) | 0.00 | (0.66 | ) | 0.00 | 0.00 | |||||||||||
Total distributions | (0.62 | ) | (1.83 | ) | (1.24 | ) | (1.20 | ) | (1.19 | ) | (1.14 | ) | |||||||
Net asset value, end of period | $ | 38.55 | $ | 38.16 | $ | 38. 47 | $ | 37.22 | $ | 35.87 | $ | 36.52 | |||||||
Total return + | 2.67 | % | 4.01 | % | 6.75 | % | 7.19 | % | 1.47 | % | 10.64 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 167,722 | $ | 156,964 | $ | 161,347 | $ | 127,346 | $ | 65,621 | $ | 38,328 | |||||||
Ratios of expenses to average net assets: | |||||||||||||||||||
After waivers | 2.48 | % | 2.53 | % | 2.23 | % | 2.75 | % | 2.57 | % | 2.45 | % | |||||||
Dividends/borrowings on short sales | 0.44 | % | 0.59 | % | 0.24 | % | 0.52 | % | 0.30 | % | 0.26 | % | |||||||
Excluding dividends/borrowings on short sales: | |||||||||||||||||||
Before fee waivers ^ | 2.20 | % | 2.11 | % | 2.10 | % | 2.23 | % | 2.27 | % | 2.19 | % | |||||||
After fee waivers ^ | 2.04 | % | 1.94 | % | 1.99 | % | 2.23 | % | 2.27 | % | 2.19 | % | |||||||
Ratios of net investment income (loss) to average net assets: | |||||||||||||||||||
Before fee waivers ^ | (0.14 | )% | 0.26 | % | 0.84 | % | 0.39 | % | 0.03 | % | 0.62 | % | |||||||
After fee waivers ^ | (0.14 | )% | 0.43 | % | 0.95 | % | 0.39 | % | 0.03 | % | 0.62 | % | |||||||
Portfolio turnover rate | 93 | %(1) | 229 | % | 227 | % | 205 | % | 277 | % | 370 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.52 | $ | 37.95 | $ | 36.82 | $ | 35.58 | $ | 36.32 | $ | 33.99 | $ | 32.01 | $ | 32.87 | $ | 32.29 | $ | 31.55 | $ | 32.59 | $ | 30.83 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment loss* | (0.07 | ) | 0.07 | 0.24 | 0.03 | (0.09 | ) | 0.14 | (0.18 | ) | (0.20 | ) | (0.07 | ) | (0.18 | ) | (0.32 | ) | (0.12 | ) | |||||||||||||||||
Net realized and unrealized gain ** | 1.01 | 1.33 | 2.13 | 2.40 | 0.54 | 3.33 | 0.86 | 1.17 | 1.89 | 2.09 | 0.47 | 3.02 | |||||||||||||||||||||||||
Total income from investment operations | 0.94 | 1.40 | 2.37 | 2.43 | 0.45 | 3.47 | 1.36 | 1.94 | 3.64 | 3.82 | 0.30 | 5.80 | |||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | 0.00 | 0.00 | (0.41 | ) | (0.21 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.41 | ) | (0.19 | ) | 0.00 | 0.00 | |||||||||||||||||||||
Distributions from net realized gains | (0.62 | ) | (1.59 | ) | (0.83 | ) | (0.32 | ) | (1.19 | ) | (1.14 | ) | (0.62 | ) | (1.59 | ) | (0.83 | ) | (0.32 | ) | (1.19 | ) | (1.14 | ) | |||||||||||||
Tax return of capital | 0.00 | (0.24 | ) | 0.00 | (0.66 | ) | 0.00 | 0.00 | 0.00 | (0.24 | ) | 0.00 | (0.66 | ) | 0.00 | 0.00 | |||||||||||||||||||||
Total distributions | (0.62 | ) | (1.83 | ) | (1.24 | ) | (1.19 | ) | (1.19 | ) | (1.14 | ) | (0.62 | ) | (1.83 | ) | (1.24 | ) | (1.17 | ) | (1.19 | ) | (1.14 | ) | |||||||||||||
Net asset value, end of period | $ | 37.84 | $ | 37.52 | $ | 37.95 | $ | 36.82 | $ | 35.58 | $ | 36.32 | $ | 32.07 | $ | 32.01 | $ | 32.87 | $ | 32.29 | $ | 31.55 | $ | 32.59 | |||||||||||||
Total return + | 2.53 | % | 3.74 | % | 6.50 | % | 6.92 | % | 1.22 | % | 10.38 | % | 2.15 | % | 2.99 | % | 5.71 | % | 6.13 | % | 0.43 | % | 9.59 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 77,782 | $ | 79,132 | $ | 68,427 | $ | 51,485 | $ | 32,381 | $ | 23,453 | $ | 54,222 | $ | 48,193 | $ | 37,577 | $ | 30,206 | $ | 27,701 | $ | 21,181 | |||||||||||||
Ratios of expenses to average net assets: | |||||||||||||||||||||||||||||||||||||
After waivers | 2.70 | % | 2.78 | % | 2.48 | % | 3.00 | % | 2.82 | % | 2.70 | % | 3.48 | % | 3.53 | % | 3.23 | % | 3.75 | % | 3.57 | % | 3.45 | % | |||||||||||||
Dividends/borrowings on short sales | 0.44 | % | 0.59 | % | 0.24 | % | 0.52 | % | 0.30 | % | 0.26 | % | 0.44 | % | 0.59 | % | 0.24 | % | 0.52 | % | 0.30 | % | 0.26 | % | |||||||||||||
Excluding dividends/borrowings on short sales: | |||||||||||||||||||||||||||||||||||||
Before fee waivers ^ | 2.26 | % | 2.36 | % | 2.34 | % | 2.48 | % | 2.52 | % | 2.44 | % | 3.20 | % | 3.11 | % | 3.10 | % | 3.23 | % | 3.27 | % | 3.19 | % | |||||||||||||
After fee waivers ^ | 2.26 | % | 2.19 | % | 2.24 | % | 2.48 | % | 2.52 | % | 2.44 | % | 3.04 | % | 2.94 | % | 2.99 | % | 3.23 | % | 3.27 | % | 3.19 | % | |||||||||||||
Ratios of net investment loss to average net assets: | |||||||||||||||||||||||||||||||||||||
Before fee waivers ^ | (0.39 | )% | 0.01 | % | 0.52 | % | 0.14 | % | (0.22 | )% | -0.37 | % | (1.14 | )% | (0.74 | )% | (0.32 | )% | (0.61 | )% | (0.97 | )% | (0.38 | )% | |||||||||||||
After fee waivers ^ | (0.39 | )% | 0.18 | % | 0.63 | % | 0.14 | % | (0.22 | )% | -0.37 | % | (1.14 | )% | (0.57 | )% | (0.21 | )% | (0.61 | )% | (0.97 | )% | (0.38 | )% | |||||||||||||
Portfolio turnover rate | 93 | %(1) | 229 | % | 227 | % | 205 | % | 277 | % | 370 | % | 93 | %(1) | 229 | % | 227 | % | 205 | % | 277 | % | 370 | % |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each period. |
** | Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) |
(1) | Not annualized. |
^ | Annualized for periods of less than one year. |
FINANCIAL HIGHLIGHTS |
Dunham Floating Rate Bond Fund |
Class N | Class A | Class C | |||||||||||||||||
Six Months Ended April 30, 2015 | Year Ended October 31, 2014* | Six Months Ended April 30, 2015 | Year Ended October 31, 2014* | Six Months Ended April 30, 2015 | Year Ended October 31, 2014* | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
Net asset value, beginning of period | $ | 9.87 | $ | 10.00 | $ | 9.87 | $ | 10.00 | $ | 9.86 | $ | 10.00 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income** | 0.16 | 0.29 | 0.15 | 0.28 | 0.13 | 0.22 | |||||||||||||
Net realized and unrealized gain (loss) | 0.02 | (0.15 | ) | 0.00 (2 | ) | (0.16 | ) | 0.02 | (0.16 | ) | |||||||||
Total income from investment operations | 0.18 | 0.14 | 0.15 | 0.12 | 0.15 | 0.06 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.16 | ) | (0.27 | ) | (0.15 | ) | (0.25 | ) | (0.13 | ) | (0.20 | ) | |||||||
Total distributions | (0.16 | ) | (0.27 | ) | (0.15 | ) | (0.25 | ) | (0.13 | ) | (0.20 | ) | |||||||
Net asset value, end of period | $ | 9.89 | $ | 9.87 | $ | 9.87 | $ | 9.87 | $ | 9.88 | $ | 9.86 | |||||||
Total return + | 1.89 | % | 1.43 | % | 1.66 | % | 1.20 | % | 1.52 | % | 0.63 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 71,760 | $ | 63,120 | $ | 7,570 | $ | 13,664 | $ | 3,662 | $ | 3,888 | |||||||
Ratios of expenses to average net assets: ^ | 1.27 | % | 1.27 | % | 1.52 | % | 1.52 | % | 2.02 | % | 2.02 | % | |||||||
Ratios of net investment income to average net assets: ^ | 3.38 | % | 2.87 | % | 3.13 | % | 2.84 | % | 2.63 | % | 2.24 | % | |||||||
Portfolio turnover rate | 26 | % (1) | 50 | % | 26 | % (1) | 50 | % | 26 | % (1) | 50 | % |
* | The Fund commenced operations on November 1, 2013. |
** | The net investment income per share data was determined using the average shares outstanding throughout each period. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
(1) | Not annualized. |
(2) | Amount is less than $0.01. |
^ | Annualized for periods less than one year. |
FINANCIAL HIGHLIGHTS |
Dunham High-Yield Bond Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.51 | $ | 9.61 | $ | 9.52 | $ | 9.08 | $ | 9.36 | $ | 8.65 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income* | 0.21 | 0.46 | 0.47 | 0.53 | 0.65 | 0.72 | |||||||||||||
Net realized and unrealized gain (loss) | (0.18 | ) | (0.10 | ) | 0.09 | 0.44 | (0.28 | ) | 0.70 | ||||||||||
Total income from investment operations | 0.03 | 0.36 | 0.56 | 0.97 | 0.37 | 1.42 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.22 | ) | (0.46 | ) | (0.47 | ) | (0.53 | ) | (0.65 | ) | (0.71 | ) | |||||||
Total distributions | (0.22 | ) | (0.46 | ) | (0.47 | ) | (0.53 | ) | (0.65 | ) | (0.71 | ) | |||||||
Net asset value, end of period | $ | 9.32 | $ | 9.51 | $ | 9.61 | $ | 9.52 | $ | 9.08 | $ | 9.36 | |||||||
Total return + | 0.33 | % | 3.77 | % | 6.05 | % | 10.96 | % | 4.03 | % | 17.11 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 85,588 | $ | 102,412 | $ | 134,487 | $ | 114,810 | $ | 45,586 | $ | 58,597 | |||||||
Ratios of expenses to average net assets: ^ | 1.03 | % | 1.09 | % | 1.11 | % | 1.23 | % | 1.38 | % | 1.23 | % | |||||||
Ratios of net investment income to | |||||||||||||||||||
average net assets: ^ | 4.64 | % | 4.72 | % | 4.89 | % | 5.70 | % | 6.92 | % | 7.99 | % | |||||||
Portfolio turnover rate | 31 | % (1) | 62 | % | 94 | % | 58 | % | 49 | % | 60 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.58 | $ | 9.68 | $ | 9.59 | $ | 9.15 | $ | 9.42 | $ | 8.71 | $ | 9.46 | $ | 9.55 | $ | 9.47 | $ | 9.04 | $ | 9.31 | $ | 8.61 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income* | 0.20 | 0.44 | 0.45 | 0.51 | 0.63 | 0.70 | 0.18 | 0.38 | 0.40 | 0.47 | 0.58 | 0.65 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.17 | ) | (0.10 | ) | 0.09 | 0.44 | (0.27 | ) | 0.71 | (0.20 | ) | (0.08 | ) | 0.08 | 0.43 | (0.28 | ) | 0.69 | |||||||||||||||||||
Total income from investment operations | 0.03 | 0.34 | 0.54 | 0.95 | 0.36 | 1.41 | (0.02 | ) | 0.30 | 0.48 | 0.90 | 0.30 | 1.34 | ||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.21 | ) | (0.44 | ) | (0.45 | ) | (0.51 | ) | (0.63 | ) | (0.70 | ) | (0.18 | ) | (0.39 | ) | (0.40 | ) | (0.47 | ) | (0.57 | ) | (0.64 | ) | |||||||||||||
Total distributions | (0.21 | ) | (0.44 | ) | (0.45 | ) | (0.51 | ) | (0.63 | ) | (0.70 | ) | (0.18 | ) | (0.39 | ) | (0.40 | ) | (0.47 | ) | (0.57 | ) | (0.64 | ) | |||||||||||||
Net asset value, end of period | $ | 9.40 | $ | 9.58 | $ | 9.68 | $ | 9.59 | $ | 9.15 | $ | 9.42 | $ | 9.26 | $ | 9.46 | $ | 9.55 | $ | 9.47 | $ | 9.04 | $ | 9.31 | |||||||||||||
Total return + | 0.30 | % | 3.49 | % | 5.74 | % | 10.70 | % | 3.84 | % | 16.85 | % | (0.14 | )% | 3.13 | % | 5.17 | % | 10.19 | % | 3.28 | % | 16.16 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 10,747 | $ | 22,022 | $ | 19,888 | $ | 13,722 | $ | 6,457 | $ | 5,366 | $ | 11,087 | $ | 11,652 | $ | 13,741 | $ | 14,457 | $ | 10,404 | $ | 9,214 | |||||||||||||
Ratios of expenses to average net assets: ^ | 1.28 | % | 1.34 | % | 1.36 | % | 1.48 | % | 1.63 | % | 1.48 | % | 1.78 | % | 1.84 | % | 1.86 | % | 1.98 | % | 2.13 | % | 1.98 | % | |||||||||||||
Ratios of net investment income to average net assets: ^ | 4.39 | % | 4.47 | % | 4.64 | % | 5.45 | % | 6.67 | % | 7.74 | % | 3.89 | % | 3.97 | % | 4.15 | % | 4.95 | % | 6.17 | % | 7.24 | % | |||||||||||||
Portfolio turnover rate | 31 | % (1) | 62 | % | 94 | % | 58 | % | 49 | % | 60 | % | 31 | % (1) | 62 | % | 94 | % | 58 | % | 49 | % | 60 | % |
* | The net investment income per share data was determined using the average shares outstanding throughout each year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
(1) | Not annualized. |
^ | Annualized for periods less than one year. |
FINANCIAL HIGHLIGHTS |
Dunham International Opportunity Bond Fund |
Class N | Class A | Class C | |||||||||||||||||
Six Months Ended April 30, 2015 | Year Ended October 31, 2014* | Six Months Ended April 30, 2015 | Year Ended October 31, 2014* | Six Months Ended April 30, 2015 | Year Ended October 31, 2014* | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
Net asset value, beginning of period | $ | 9.64 | $ | 10.00 | $ | 9.64 | $ | 10.00 | $ | 9.62 | $ | 10.00 | |||||||
Loss from investment operations: | |||||||||||||||||||
Net investment income (loss)** | 0.03 | 0.07 | 0.02 | 0.04 | (0.00 | ) (a) | (0.01 | ) | |||||||||||
Net realized and unrealized loss | (0.50 | ) | (0.37 | ) | (0.50 | ) | (0.36 | ) | (0.50 | ) | (0.36 | ) | |||||||
Total loss from investment operations | (0.47 | ) | (0.30 | ) | (0.48 | ) | (0.32 | ) | (0.50 | ) | (0.37 | ) | |||||||
Less distributions: | |||||||||||||||||||
Tax return of capital | 0.00 | (0.06 | ) | 0.00 | (0.04 | ) | 0.00 | (0.01 | ) | ||||||||||
Total distributions | 0.00 | (0.06 | ) | 0.00 | (0.04 | ) | 0.00 | (0.01 | ) | ||||||||||
Net asset value, end of period | $ | 9.17 | $ | 9.64 | $ | 9.16 | $ | 9.64 | $ | 9.12 | $ | 9.62 | |||||||
Total return + | (4.83 | )% | (2.99 | )% | (4.95 | )% | (3.22 | )% | (5.20 | )% | (3.72 | )% | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 47,481 | $ | 42,440 | $ | 6,412 | $ | 3,513 | $ | 2,078 | $ | 1,879 | |||||||
Ratios of expenses to average net assets ^ | 1.45 | % | 1.38 | % | 1.70 | % | 1.63 | % | 2.20 | % | 2.13 | % | |||||||
Ratios of net investment income (loss) to average net assets ^ | 0.64 | % | 0.66 | % | 0.39 | % | 0.41 | % | (0.11 | )% | (0.09 | )% | |||||||
Portfolio turnover rate | 17 | %(1) | 60 | % | 17 | %(1) | 60 | % | 17 | %(1) | 60 | % |
* | The Fund commenced operations on November 1, 2013. |
** | The net investment income (loss) per share data was determined using the average shares outstanding throughout the period. |
(a) | Represents less than $0.01 per share. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Dynamic Macro Fund* |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Period Ended October 31, | |||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.65 | $ | 9.67 | $ | 9.95 | $ | 10.10 | $ | 10.17 | $ | 10.00 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (loss)** | (0.08 | ) | 0.19 | 0.33 | 0.30 | 0.17 | (0.13 | ) | |||||||||||
Net realized and unrealized gain (loss) *** | 0.66 | (0.02 | ) | (0.25 | ) | 0.02 | (0.15 | ) | 0.30 | ||||||||||
Total income from investment operations | 0.58 | 0.17 | 0.08 | 0.32 | 0.02 | 0.17 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | 0.00 | (0.19 | ) | (0.33 | ) | (0.35 | ) | 0.00 | 0.00 | ||||||||||
Distributions from net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.09 | ) | 0.00 | ||||||||||||
Tax return of capital | 0.00 | 0.00 | (0.03 | ) | (0.12 | ) | 0.00 | 0.00 | |||||||||||
Total distributions | 0.00 | (0.19 | ) | (0.36 | ) | (0.47 | ) | (0.09 | ) | 0.00 | |||||||||
Net asset value, end of period | $ | 10.23 | $ | 9.65 | $ | 9.67 | $ | 9.95 | $ | 10.10 | $ | 10.17 | |||||||
Total return +, # | 6.01 | % | 1.80 | % | 0.80 | % | 3.29 | % | 0.20 | % | 1.70 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 20,392 | $ | 11,758 | $ | 7,185 | $ | 9,002 | $ | 8,798 | $ | 4,303 | |||||||
Ratios of expenses to average net assets: ^ | |||||||||||||||||||
Before fee waivers^ | 2.37 | % | 1.90 | % | 1.67 | % | 2.28 | % | 1.98 | % | 2.75 | % | |||||||
After fee waivers^ | 2.37 | % | 1.90 | % | 1.67 | % | 2.28 | % | 1.98 | % | 2.75 | % | |||||||
Ratios of net investment income (loss) to average net assets: ^ | |||||||||||||||||||
Before fee waivers^ | (1.54 | )% | 1.96 | % | 3.35 | % | 2.94 | % | 1.71 | % | (2.39 | )% | |||||||
After fee waivers^ | (1.54 | )% | 1.96 | % | 3.35 | % | 2.94 | % | 1.71 | % | (2.39 | )% | |||||||
Portfolio turnover rate | 0 | % (1) | 238 | % | 292 | % | 418 | % | 704 | % | 402 | % (1) |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Period Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | Period Ended October 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.68 | $ | 9.70 | 9.98 | $ | 10.06 | $ | 10.16 | $ | 10.00 | $ | 9.52 | $ | 9.56 | $ | 9.86 | $ | 9.96 | $ | 10.13 | $ | 10.00 | ||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss)** | (0.09 | ) | 0.18 | 0.31 | 0.26 | 0.02 | (0.14 | ) | (0.12 | ) | 0.11 | 0.23 | 0.17 | 0.07 | (0.17 | ) | |||||||||||||||||||||
Net realized and unrealized gain (loss) *** | 0.66 | (0.04 | ) | (0.25 | ) | 0.03 | (0.03 | ) | 0.30 | 0.65 | (0.04 | ) | (0.26 | ) | 0.05 | (0.15 | ) | 0.30 | |||||||||||||||||||
Total income (loss) from investment operations | 0.57 | 0.14 | 0.06 | 0.29 | (0.01 | ) | 0.16 | 0.53 | 0.07 | (0.03 | ) | 0.22 | (0.08 | ) | 0.13 | ||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | 0.00 | (0.16 | ) | (0.31 | ) | (0.25 | ) | 0.00 | 0.00 | 0.00 | (0.11 | ) | (0.24 | ) | (0.20 | ) | 0.00 | 0.00 | |||||||||||||||||||
Distributions from net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.09 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.09 | ) | 0.00 | |||||||||||||||||||||||
Tax return of capital | 0.00 | 0.00 | (0.03 | ) | (0.12 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 | ) | (0.12 | ) | 0.00 | 0.00 | |||||||||||||||||||||
Total distributions | 0.00 | (0.16 | ) | (0.34 | ) | (0.37 | ) | (0.09 | ) | 0.00 | 0.00 | (0.11 | ) | (0.27 | ) | (0.32 | ) | (0.09 | ) | 0.00 | |||||||||||||||||
Net asset value, end of period | $ | 10.25 | $ | 9.68 | $ | 9.70 | $ | 9.98 | $ | 10.06 | $ | 10.16 | $ | 10.05 | $ | 9.52 | $ | 9.56 | $ | 9.86 | $ | 9.96 | $ | 10.13 | |||||||||||||
Total return +, # | 5.89 | % | 1.52 | % | 0.55 | % | 3.00 | % | (0.10 | )% | 1.60 | % | 5.57 | % | 0.78 | % | (0.29 | )% | 2.27 | % | (0.79 | )% | 1.30 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,737 | $ | 1,729 | $ | 1,782 | $ | 2,230 | $ | 1,788 | $ | 6,224 | $ | 1,940 | $ | 1,712 | $ | 2,053 | $ | 1,786 | $ | 1,067 | $ | 160 | |||||||||||||
Ratios of expenses to average net assets: ^ | |||||||||||||||||||||||||||||||||||||
Before fee waivers^ | 2.62 | % | 2.15 | % | 1.92 | % | 2.53 | % | 2.23 | % | 3.00 | % | 3.37 | % | 2.90 | % | 2.67 | % | 3.28 | % | 2.98 | % | 3.75 | % | |||||||||||||
After fee waivers^ | 2.62 | % | 2.15 | % | 1.92 | % | 2.53 | % | 2.23 | % | 3.00 | % | 3.37 | % | 2.90 | % | 2.67 | % | 3.28 | % | 2.98 | % | 3.75 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | |||||||||||||||||||||||||||||||||||||
Before fee waivers^ | (1.79 | )% | 1.92 | % | 3.13 | % | 2.69 | % | 1.46 | % | (2.64 | )% | (2.54 | )% | 1.19 | % | 2.38 | % | 1.94 | % | 0.71 | % | (3.39 | )% | |||||||||||||
After fee waivers^ | (1.79 | )% | 1.92 | % | 3.13 | % | 2.69 | % | 1.46 | % | (2.64 | )% | (2.54 | )% | 1.19 | % | 2.38 | % | 1.94 | % | 0.71 | % | (3.39 | )% | |||||||||||||
Portfolio turnover rate | 0 | %(1) | 238 | % | 292 | % | 418 | % | 704 | % | 402 | %(1) | 0 | %(1) | 238 | % | 292 | % | 418 | % | 704 | % | 402 | %(1) |
* | The Fund commenced operations on April 30, 2010. |
** | The net investment income (loss) per share data was determined using the average shares outstanding throughout each period. |
*** | The amount of net realized and unrealized loss on investment per share for the year ended October 31, 2014 does not accord with the amounts in the Statements of Operations du to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |
^ | Annualized for periods less than one year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Alternative Strategy Fund |
Class N | ||||||||||||||||||||||
Six Months Ended | Year Ended | Period Ended | ||||||||||||||||||||
April 30, | October 31, | October 31, | Year Ended July 31, | |||||||||||||||||||
2015 | 2014 | 2013 * | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.45 | $ | 23.74 | $ | 23.85 | $ | 23.45 | $ | 26.90 | $ | 25.15 | $ | 26.71 | ||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) ** | 0.03 | (0.21 | ) | (0.07 | ) | (0.10 | ) | (0.29 | ) | (0.21 | ) | (0.26 | ) | |||||||||
Net realized and unrealized gain (loss) | 0.52 | 0.92 | (0.04 | ) | 0.50 | (1.66 | ) | 1.96 | (0.23 | ) | ||||||||||||
Total income (loss) from investment operation | 0.55 | 0.71 | (0.11 | ) | 0.40 | (1.95 | ) | 1.75 | (0.49 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (1.50 | ) | 0.00 | (0.89 | ) | |||||||||||||
Distributions from net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.18 | ) | ||||||||||||||
Total distributions | — | — | — | — | (1.50 | ) | 0.00 | (1.07 | ) | |||||||||||||
Net asset value, end of period | $ | 25.00 | $ | 24.45 | $ | 23.74 | $ | 23.85 | $ | 23.45 | $ | 26.90 | $ | 25.15 | ||||||||
Total return +, # | 2.25 | % | 2.99 | % | (0.46 | )% | 1.71 | % | (7.23 | )% | 6.96 | % | (1.97 | )% | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 17,333 | $ | 15,355 | $ | 15,873 | $ | 15,641 | $ | 10,818 | $ | 15,716 | $ | 18,300 | ||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||
Before fee waivers ^(1) | 1.61 | % | 1.84 | % | 1.85 | % | 2.35 | % | 2.29 | % | 1.94 | % | 2.10 | % | ||||||||
After fee waivers ^(1) | 1.61 | % | 1.84 | % | 1.85 | % | 1.67 | % | 1.65 | % | 1.65 | % | 1.65 | % | ||||||||
Ratios of net investment loss to average net assets: | ||||||||||||||||||||||
Before fee waivers ^(1,2) | 0.25 | % | (0.87 | )% | (1.13 | )% | (1.11 | )% | (1.79 | )% | (1.06 | )% | (1.43 | )% | ||||||||
After fee waivers ^(1,2) | 0.25 | % | (0.87 | )% | (1.13 | )% | (0.43 | )% | (1.15 | )% | (0.77 | )% | (0.98 | )% | ||||||||
Portfolio turnover rate | 2,196 | %(1) | 4,686 | % | 934 | % | 2,340 | % | 5,840 | % | 1,959 | % | 2,121 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Period Ended October 31, | Year Ended July 31, | Six Months Ended April 30, | Year Ended October 31, | Period Ended October 31, | Year Ended July 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 * | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 * | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.07 | $ | 23.43 | $ | 23.55 | $ | 23.22 | $ | 26.73 | $ | 25.07 | $ | 26.69 | $ | 22.98 | $ | 22.55 | $ | 22.71 | $ | 22.55 | $ | 26.22 | $ | 24.77 | $ | 26.58 | |||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) ** | 0.01 | (0.22 | ) | (0.07 | ) | (0.11 | ) | (0.35 | ) | (0.27 | ) | (0.32 | ) | (0.08 | ) | (0.42 | ) | (0.12 | ) | (0.35 | ) | (0.53 | ) | (0.47 | ) | (0.51 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.50 | 0.86 | (0.05 | ) | 0.44 | (1.66 | ) | 1.93 | (0.23 | ) | 0.48 | 0.85 | (0.04 | ) | 0.51 | (1.64 | ) | 1.92 | (0.23 | ) | |||||||||||||||||||||||
Total income (loss) from investment operation | 0.51 | 0.64 | (0.12 | ) | 0.33 | (2.01 | ) | 1.66 | (0.55 | ) | 0.40 | 0.43 | (0.16 | ) | 0.16 | (2.17 | ) | 1.45 | (0.74 | ) | |||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (1.50 | ) | 0.00 | (0.89 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (1.50 | ) | 0.00 | (0.89 | ) | |||||||||||||||||||||||||
Distributions from net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.18 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.18 | ) | |||||||||||||||||||||||||||
Total distributions | 0.00 | 0.00 | 0.00 | 0.00 | (1.50 | ) | 0.00 | (1.07 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (1.50 | ) | 0.00 | (1.07 | ) | |||||||||||||||||||||||||
Net asset value, end of period | $ | 24.58 | $ | 24.07 | $ | 23.43 | 55$23. | $ | 23.22 | $ | 26.73 | $ | 25.07 | $ | 23.38 | $ | 22.98 | $ | 22.55 | $ | 22.71 | $ | 22.55 | $ | 26.22 | $ | 24.77 | ||||||||||||||||
Total return +, # | 2.12 | % | 2.73 | % | (0.51% | ) | 1.42 | % | (7.51 | )% | 6.62 | % | (2.20 | )% | 1.74 | % | 1.91 | % | (0.70 | )% | 0.71 | % | (8.33 | )% | 5.85 | % | (2.94 | )% | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 1,838 | $ | 2,008 | $ | 15,484 | $ | 10,591 | $ | 1,016 | $ | 12,069 | $ | 4,672 | $ | 896 | $ | 1,058 | $ | 1,150 | $ | 972 | $ | 212 | $ | 1,854 | $ | 2,351 | |||||||||||||||
Ratios of expenses to average net assets: | |||||||||||||||||||||||||||||||||||||||||||
Before fee waivers ^(1) | 1.86 | % | 2.09 | % | 2.10 | % | 2.36 | % | 2.54 | % | 2.19 | % | 2.35 | % | 2.61 | % | 2.84 | % | 2.85 | % | 3.11 | % | 3.29 | % | 2.94 | % | 3.10 | % | |||||||||||||||
After fee waivers ^(1) | 1.86 | % | 2.09 | % | 2.10 | % | 1.98 | % | 1.90 | % | 1.90 | % | 1.90 | % | 2.61 | % | 2.84 | % | 2.85 | % | 2.67 | % | 2.65 | % | 2.65 | % | 2.65 | % | |||||||||||||||
Ratios of net investment loss to average net assets: | |||||||||||||||||||||||||||||||||||||||||||
Before fee waivers ^(1,2) | 0.06 | % | (1.25 | )% | (1.14 | )% | (0.85 | )% | (2.04 | )% | (1.31 | )% | (1.68 | )% | (0.71 | )% | (1.87 | )% | (2.06 | )% | (1.99 | )% | (2.80 | )% | (2.06 | )% | (2.43 | )% | |||||||||||||||
After fee waivers ^(1,2) | 0.06 | % | (1.25 | )% | (1.14 | )% | (0.48 | )% | (1.40 | )% | (1.02 | )% | (1.23 | )% | (0.71 | )% | (1.87 | )% | (2.06 | )% | (1.56 | )% | (2.16 | )% | (1.77 | )% | (1.98 | )% | |||||||||||||||
Portfolio turnover rate | 2,196 | %(1) | 4,686 | % | 934 | % | 2,340 | % | 5,840 | % | 1,959 | % | 2,121 | % | 2,196 | %(1) | 4,686 | % | 934 | % | 2,340 | % | 5,840 | % | 1,959 | % | 2,121 | % |
* | The Fund’s fiscal year end changed from July 31 to October 31 effective August 1, 2013. |
** | The net investment income (loss) per share data was determined using the average shares outstanding throughout each period |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
^ | Annualized for periods less than one year. |
(1) | The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests |
(2) | Recognition of net investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Appreciation & Income Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.88 | $ | 10.09 | $ | 8.90 | $ | 8.86 | $ | 8.47 | $ | 7.53 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (loss)* | (0.05 | ) | 0.11 | 0.16 | 0.10 | 0.08 | 0.16 | ||||||||||||
Net realized and unrealized gain | 0.38 | 0.83 | 1.28 | 0.05 | 0.55 | 0.90 | |||||||||||||
Total income from investment operations | 0.33 | 0.94 | 1.44 | 0.15 | 0.63 | 1.06 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.16 | ) | (0.15 | ) | (0.25 | ) | (0.11 | ) | (0.24 | ) | (0.12 | ) | |||||||
Distributions from net realized gains | (1.72 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Total distributions | (1.88 | ) | (0.15 | ) | (0.25 | ) | (0.11 | ) | (0.24 | ) | (0.12 | ) | |||||||
Net asset value, end of period | $ | 9.33 | $ | 10.88 | $ | 10.09 | $ | 8.90 | $ | 8.86 | $ | 8.47 | |||||||
Total return + | 3.78 | % | 9.37 | % | 16.59 | % | 1.83 | % | 7.56 | % | 14.22 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 21,105 | $ | 18,576 | $ | 15,855 | $ | 23,843 | $ | 24,475 | $ | 23,718 | |||||||
Ratios of expenses to average net assets: ^ | 1.50 | % | 1.44 | % | 1.39 | % | 1.60 | % | 1.91 | % | 1.52 | % | |||||||
Ratios of net investment income to average net assets: ^ | (1.01 | )% | 1.07 | % | 1.70 | % | 1.13 | % | 0.90 | % | 1.99 | % | |||||||
Portfolio turnover rate | 41 | %(1) | 129 | % | 62 | % | 51 | % | 69 | % | 71 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.85 | $ | 10.06 | $ | 8.88 | $ | 8.83 | $ | 8.45 | $ | 7.52 | $ | 10.66 | $ | 9.90 | $ | 8.74 | $ | 8.70 | $ | 8.32 | $ | 7.40 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss)* | (0.05 | ) | 0.09 | 0.13 | 0.08 | 0.06 | 0.14 | (0.09 | ) | 0.01 | 0.06 | 0.01 | (0.01 | ) | 0.08 | ||||||||||||||||||||||
Net realized and unrealized gain | 0.38 | 0.82 | 1.27 | 0.06 | 0.55 | 0.90 | 0.38 | 0.80 | 1.26 | 0.06 | 0.55 | 0.89 | |||||||||||||||||||||||||
Total income from investment operations | 0.33 | 0.91 | 1.40 | 0.14 | 0.61 | 1.04 | 0.29 | 0.81 | 1.32 | 0.07 | 0.54 | 0.97 | |||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.14 | ) | (0.12 | ) | (0.22 | ) | (0.09 | ) | (0.23 | ) | (0.11 | ) | (0.06 | ) | (0.05 | ) | (0.16 | ) | (0.03 | ) | (0.16 | ) | (0.05 | ) | |||||||||||||
Distributions from net realized gains | (1.72 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (1.72 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
Total distributions | (1.86 | ) | (0.12 | ) | (0.22 | ) | (0.09 | ) | (0.23 | ) | (0.11 | ) | (1.78 | ) | (0.05 | ) | (0.16 | ) | (0.03 | ) | (0.16 | ) | (0.05 | ) | |||||||||||||
Net asset value, end of peiod | $ | 9.32 | $ | 10.85 | $ | 10.06 | $ | 8.88 | $ | 8.83 | $ | 8.45 | $ | 9.17 | $ | 10.66 | $ | 9.90 | $ | 8.74 | $ | 8.70 | $ | 8.32 | |||||||||||||
Total return + | 3.73 | % | 9.10 | % | 16.21 | % | 1.63 | % | 7.33 | % | 13.96 | % | 3.35 | % | 8.21 | % | 15.35 | % | 0.84 | % | 6.49 | % | 13.14 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 4,210 | $ | 4,509 | $ | 4,368 | $ | 4,470 | $ | 2,994 | $ | 7,530 | $ | 4,792 | $ | 4,046 | $ | 3,765 | $ | 3,867 | $ | 4,130 | $ | 3,471 | |||||||||||||
Ratios of expenses to average net assets: ^ | 1.75 | % | 1.69 | % | 1.64 | % | 1.85 | % | 2.16 | % | 1.77 | % | 2.50 | % | 2.44 | % | 2.39 | % | 2.60 | % | 2.91 | % | 2.52 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | (1.26 | )% | 0.83 | % | 1.45 | % | 0.88 | % | 0.65 | % | 1.74 | % | (2.01 | )% | 0.08 | % | 0.70 | % | 0.13 | % | (0.10 | )% | 0.99 | % | |||||||||||||
Portfolio turnover rate | 41 | %(1) | 129 | % | 62 | % | 51 | % | 69 | % | 71 | % | 41 | %(1) | 129 | % | 62 | % | 51 | % | 69 | % | 71 | % |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Large Cap Value Fund |
Class N | ||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net asset value, beginning of period | $ | 16.21 | $ | 14.55 | $ | 11.74 | $ | 10.60 | $ | 9.96 | $ | 8.70 | ||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income * | 0.09 | 0.13 | 0.16 | 0.12 | 0.06 | 0.06 | ||||||||||||||
Net realized and unrealized gain | 0.44 | 1.70 | 2.78 | 1.07 | 0.64 | 1.25 | ||||||||||||||
Total income from investment operations | 0.53 | 1.83 | 2.94 | 1.19 | 0.70 | 1.31 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.12 | ) | (0.17 | ) | (0.13 | ) | (0.05 | ) | (0.06 | ) | (0.05 | ) | ||||||||
Total distributions | (0.12 | ) | (0.17 | ) | (0.13 | ) | (0.05 | ) | (0.06 | ) | (0.05 | ) | ||||||||
Net asset value, end of period | $ | 16.62 | $ | 16.21 | $ | 14.55 | $ | 11.74 | $ | 10.60 | $ | 9.96 | ||||||||
Total return + | 3.27 | % | 12.64 | % | 25.30 | % | 11.29 | % | 7.06 | % | 15.11 | % | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 44,406 | $ | 41,917 | $ | 37,688 | $ | 37,650 | $ | 34,171 | $ | 31,436 | ||||||||
Ratios of expenses to average net assets: ^ | 0.94 | % | 1.26 | % | 1.00 | % | 1.17 | % | 1.62 | % | 1.40 | % | ||||||||
Ratios of net investment income to average net assets: ^ | 1.09 | % | 0.82 | % | 1.25 | % | 1.04 | % | 0.53 | % | 0.61 | % | ||||||||
Portfolio turnover rate | 14 | %(1) | 22 | % | 16 | % | 30 | % | 30 | % | 23 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.16 | $ | 14.52 | $ | 11.72 | $ | 10.57 | $ | 9.95 | $ | 8.69 | $ | 15.68 | $ | 14.09 | $ | 11.36 | $ | 10.31 | $ | 9.73 | $ | 8.53 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss)* | 0.07 | 0.09 | 0.13 | 0.09 | 0.04 | 0.01 | 0.01 | (0.03 | ) | 0.03 | 0.00(a | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||
Net realized and unrealized gain | 0.44 | 1.69 | 2.77 | 1.08 | 0.64 | 1.28 | 0.42 | 1.65 | 2.71 | 1.05 | 0.63 | 1.24 | |||||||||||||||||||||||||
Total income from investment operations | 0.51 | 1.78 | 2.90 | 1.17 | 0.68 | 1.29 | 0.43 | 1.62 | 2.74 | 1.05 | 0.58 | 1.20 | |||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.14 | ) | (0.10 | ) | (0.02 | ) | (0.06 | ) | (0.03 | ) | 0.00 | (0.03 | ) | (0.01 | ) | 0.00 | 0.00 | 0.00 | |||||||||||||||||
Total distributions | (0.09 | ) | (0.14 | ) | (0.10 | ) | (0.02 | ) | (0.06 | ) | (0.03 | ) | 0.00 | (0.03 | ) | (0.01 | ) | 0.00 | 0.00 | 0.00 | |||||||||||||||||
Net asset value, end of period | $ | 16.58 | 16$. | $ | 14.52 | $ | 11.72 | $ | 10.57 | $ | 9.95 | $ | 16.11 | $ | 15.68 | $ | 14.09 | $ | 11.36 | $ | 10.31 | $ | 9.73 | ||||||||||||||
Total return +, # | 3.14 | % | 12.31 | % | 24.99 | % | 11.04 | % | 6.78 | % | 14.82 | % | 2.74 | % | 11.49 | % | 24.09 | % | 10.18 | % | 5.96 | % | 14.07 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 5,995 | $ | 7,685 | $ | 4,980 | $ | 2,969 | $ | 2,874 | $ | 3,844 | $ | 5,773 | $ | 5,639 | $ | 5,029 | $ | 5,431 | $ | 6,129 | $ | 5,769 | |||||||||||||
Ratios of expenses to average net assets: ^ | 1.19 | % | 1.51 | % | 1.25 | % | 1.42 | % | 1.87 | % | 1.65 | % | 1.94 | % | 2.26 | % | 2.00 | % | 2.17 | % | 2.62 | % | 2.40 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | 0.87 | % | 0.57 | % | 0.99 | % | 0.79 | % | 0.28 | % | 0.36 | % | 0.10 | % | (0.18 | )% | 0.25 | % | 0.04 | % | (0.47 | )% | (0.39 | )% | |||||||||||||
Portfolio turnover rate | 14 | %(1) | 22 | % | 16 | % | 30 | % | 30 | % | 23 | % | 14 | %(1) | 22 | % | 16 | % | 30 | % | 30 | % | 23 | % |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
(a) | Represents less than $0.01 per share. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Alternative Income Fund |
Class N | |||||||||||||
Six Months Ended April 30, 2015 | Year Ended Oct. 31, 2014 | Year Ended Oct. 31, 2013 | Period Ended October 31, 2012 * | ||||||||||
(Unaudited) | |||||||||||||
Net asset value, beginning of period | $ | 11.58 | $ | 11.24 | $ | 9.73 | $ | 10.00 | |||||
Income (loss) from investment operations: | |||||||||||||
Net investment income (loss)** | 0.12 | 0.28 | 0.17 | (0.07 | ) | ||||||||
Net realized and unrealized gain (loss) | (0.16 | ) | 0.57 | 1.46 | (0.20 | ) | |||||||
Total income (loss) from investment operations | (0.04 | ) | 0.85 | 1.63 | (0.27 | ) | |||||||
Less distributions: | |||||||||||||
Distributions from net investment income | (0.03 | ) | (0.25 | ) | (0.12 | ) | 0.00 | ||||||
Distributions from net realized gains | (0.17 | ) | (0.26 | ) | 0.00 | 0.00 | |||||||
Tax return of capital | (0.04 | ) | 0.00 | 0.00 | 0.00 | ||||||||
Total distributions | (0.24 | ) | (0.51 | ) | (0.12 | ) | 0.00 | ||||||
Net asset value, end of period | $ | 11.30 | $ | 11.58 | $ | 11.24 | $ | 9.73 | |||||
Total return + | (0.26 | )% | 7.76 | % | 16.84 | % | (2.70 | )% | |||||
Ratios/Supplemental Data: | |||||||||||||
Net assets, end of period (in 000s) | $ | 2,979 | $ | 2,961 | $ | 1,099 | $ | 341 | |||||
Ratios of expenses to average net assets ^ | 1.58 | % | 1.83 | % | 2.90 | % | 9.47 | % | |||||
Ratios of net investment income (loss) to average net assets ^ | 2.16 | % | 2.40 | % | 1.66 | % | (6.42 | )% | |||||
Portfolio turnover rate | 27 | %(1) | 120 | % | 69 | % | 7 | %(1) |
Class A | Class C | ||||||||||||||||||||||||
Six Months Ended April 30, 2015 | Year Ended Oct. 31, 2014 | Year Ended Oct. 31, 2013 | Period Ended October 31, 2012 * | Six Months Ended April 30, 2015 | Year Ended Oct. 31, 2014 | Year Ended Oct. 31, 2013 | Period Ended October 31, 2012 * | ||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.57 | $ | 11.24 | $ | 9.73 | $ | 10.00 | $ | 11.53 | $ | 11.21 | $ | 9.72 | $ | 10.00 | |||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||
Net investment income (loss)** | 0.11 | 0.26 | 0.15 | (0.08 | ) | 0.06 | 0.17 | 0.07 | (0.11 | ) | |||||||||||||||
Net realized and unrealized gain (loss) | (0.16 | ) | 0.56 | 1.46 | (0.19 | ) | (0.16 | ) | 0.56 | 1.46 | (0.17 | ) | |||||||||||||
Total income (loss) from investment operations | (0.05 | ) | 0.82 | 1.61 | (0.27 | ) | (0.10 | ) | 0.73 | 1.53 | (0.28 | ) | |||||||||||||
Less distributions: | |||||||||||||||||||||||||
Distributions from net investment income | (0.03 | ) | (0.23 | ) | (0.10 | ) | 0.00 | (0.02 | ) | (0.15 | ) | (0.04 | ) | 0.00 | |||||||||||
Distributions from net realized gains | (0.17 | ) | (0.26 | ) | 0.00 | 0.00 | (0.17 | ) | (0.26 | ) | 0.00 | 0.00 | |||||||||||||
Tax return of capital | (0.03 | ) | 0.00 | 0.00 | 0.00 | (0.01 | ) | 0.00 | 0.00 | 0.00 | |||||||||||||||
Total distributions | (0.23 | ) | (0.49 | ) | (0.10 | ) | 0.00 | (0.20 | ) | (0.41 | ) | (0.04 | ) | 0.00 | |||||||||||
Net asset value, end of period | $ | 11.29 | $ | 11.57 | $ | 11.24 | $ | 9.73 | $ | 11.23 | $ | 11.53 | $ | 11.21 | $ | 9.72 | |||||||||
Total return +, # | (0.37 | )% | 7.43 | % | 16.60 | % | (2.70 | )% | (0.84 | )% | 6.68 | % | 15.75 | % | (2.80 | )% | |||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,858 | $ | 2,768 | $ | 2,405 | $ | 1,106 | $ | 2,595 | $ | 2,157 | $ | 1,466 | 525$ | ||||||||||
Ratios of expenses to average net assets ^ | 1.83 | % | 2.08 | % | 3.15 | % | 9.72 | % | 2.58 | % | 2.83 | % | 3.90 | % | 10.47 | % | |||||||||
Ratios of net investment income (loss) to average net assets ^ | 1.92 | % | 2.36 | % | 1.42 | % | (6.67 | )% | 1.14 | % | 1.56 | % | 0.67 | % | (7.42 | )% | |||||||||
Portfolio turnover rate | 27 | %(1) | 120 | % | 69 | % | 7 | %(1) | 27 | %(1) | 120 | % | 69 | % | 7 | %(1) |
* | The Fund commenced operations on September 14, 2012. |
** | The net investment income (loss) per share data was determined using the average shares outstanding throughout each period. |
^ | Annualized for periods less than one year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Focused Large Cap Growth Fund |
Class N | |||||||||||||
Six Months Ended April 30, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Period Ended October 31, 2012 * | ||||||||||
(Unaudited) | |||||||||||||
Net asset value, beginning of period | $ | 15.01 | $ | 14.02 | $ | 10.42 | $ | 10.00 | |||||
Income from investment operations: | |||||||||||||
Net investment loss** | (0.06 | ) | (0.11 | ) | (0.10 | ) | (0.16 | ) | |||||
Net realized and unrealized gain | 1.05 | 1.29 | 3.70 | 0.58 | |||||||||
Total income from investment operations | 0.99 | 1.18 | 3.60 | 0.42 | |||||||||
Less distributions: | |||||||||||||
Distributions from net realized gains | 0.00 | (0.19 | ) | 0.00 | 0.00 | ||||||||
Total distributions | 0.00 | (0.19 | ) | 0.00 | 0.00 | ||||||||
Net asset value, end of period | $ | 16.00 | $ | 15.01 | $ | 14.02 | $ | 10.42 | |||||
Total return + | 6.60 | % | 8.48 | % | 34.55 | % | 4.20 | % | |||||
Ratios/Supplemental Data: | |||||||||||||
Net assets, end of period (in 000s) | $ | 40,736 | $ | 37,106 | $ | 814 | $ | 450 | |||||
Ratios of expenses to average net assets: | |||||||||||||
Before fee waivers ^ | 1.21 | % | 1.16 | % | 1.71 | % | 2.11 | % | |||||
After fee waivers ^ | 1.21 | % | 1.16 | % | 1.69 | % | 1.80 | % | |||||
Ratios of net investment loss to average net assets: | |||||||||||||
Before fee waivers ^ | (0.82 | )% | (0.76 | )% | (0.70 | )% | (1.06 | )% | |||||
After fee waivers ^ | (0.82 | )% | (0.76 | )% | (0.67 | )% | (0.75 | )% | |||||
Portfolio turnover rate | 27 | %(1) | 29 | % | 91 | % | 27 | %(1) |
Class A | Class C | ||||||||||||||||||||||||
Six Months Ended April 30, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Period Ended October 31, 2012* | Six Months Ended April 30, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Period Ended October 31, 2012* | ||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.91 | $ | 13.96 | $ | 10.39 | $ | 10.00 | $ | 14.59 | $ | 13.76 | $ | 10.33 | $ | 10.00 | |||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment loss** | (0.08 | ) | (0.21 | ) | (0.11 | ) | (0.09 | ) | (0.14 | ) | (0.26 | ) | (0.26 | ) | (0.30 | ) | |||||||||
Net realized and unrealized gain | 1.04 | 1.35 | 3.68 | 0.48 | 1.03 | 1.28 | 3.69 | 0.63 | |||||||||||||||||
Total income from investment operations | 0.96 | 1.14 | 3.57 | 0.39 | 0.89 | 1.02 | 3.43 | 0.33 | |||||||||||||||||
Less distributions: | |||||||||||||||||||||||||
Distributions from net realized gains | 0.00 | (0.19 | ) | 0.00 | 0.00 | 0.00 | (0.19 | ) | 0.00 | 0.00 | |||||||||||||||
Total distributions | 0.00 | (0.19 | ) | 0.00 | 0.00 | 0.00 | (0.19 | ) | 0.00 | 0.00 | |||||||||||||||
Net asset value, end of period | $ | 15.87 | $ | 14.91 | $ | 13.96 | $ | 10.39 | $ | 15.48 | $ | 14.59 | $ | 13.76 | $ | 10.33 | |||||||||
Total return + | 6.44 | % | 8.23 | % | 34.36 | % | 3.90 | % | 6.10 | % | 7.47 | % | 33.20 | % | 3.30 | % | |||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 14,882 | $ | 19,949 | $ | 11,399 | $ | 10,344 | $ | 4,577 | $ | 4,361 | $ | 510 | $ | 146 | |||||||||
Ratios of expenses to average net assets: | |||||||||||||||||||||||||
Before fee waivers ^ | 1.46 | % | 1.41 | % | 1.96 | % | 2.36 | % | 2.21 | % | 2.16 | % | 2.71 | % | 3.11 | % | |||||||||
After fee waivers ^ | 1.46 | % | 1.41 | % | 1.94 | % | 2.05 | % | 2.21 | % | 2.16 | % | 2.69 | % | 2.80 | % | |||||||||
Ratios of net investment loss to average net assets: | |||||||||||||||||||||||||
Before fee waivers ^ | (1.07 | )% | (1.48 | )% | (0.95 | )% | (1.31 | )% | (1.82 | )% | (1.87 | )% | (1.70 | )% | (2.06 | )% | |||||||||
After fee waivers ^ | (1.07 | )% | (1.48 | )% | (0.92 | )% | (1.00 | )% | (1.82 | )% | (1.87 | )% | (1.67 | )% | (1.75 | )% | |||||||||
Portfolio turnover rate | 27 | % (1) | 29 | % | 91 | % | 27 | % (1) | 27 | % (1) | 29 | % | 91 | % | 27 | % (1) |
* | The Fund commenced operations on December 8, 2011. |
** | The net investment loss per share data was determined using the average shares outstanding throughout each period. |
^ | Annualized for periods less than a year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
(1) | Not annualized. |
^ | Annualized for periods less than one year. |
FINANCIAL HIGHLIGHTS |
Dunham International Stock Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 15.21 | $ | 15.22 | $ | 12.05 | $ | 11.85 | $ | 12.79 | $ | 11.12 | |||||||
Income (loss) from investment operations: | |||||||||||||||||||
Net investment income (loss) * | (0.00 | ) (a) | 0.15 | 0.07 | 0.14 | 0.15 | 0.08 | ||||||||||||
Net realized and unrealized gain (loss) | 1.01 | 0.10 | 3.24 | 0.22 | (0.98 | ) | 1.80 | ||||||||||||
Total income (loss) from investment operations | 1.01 | 0.25 | 3.31 | 0.36 | (0.83 | ) | 1.88 | ||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.30 | ) | (0.26 | ) | (0.14 | ) | (0.16 | ) | (0.11 | ) | (0.21 | ) | |||||||
Distributions from net realized gains | (0.06 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Total distributions | (0.36 | ) | (0.26 | ) | (0.14 | ) | (0.16 | ) | (0.11 | ) | (0.21 | ) | |||||||
Net asset value, end of period | $ | 15.86 | $ | 15.21 | $ | 15.22 | $ | 12.05 | $ | 11.85 | $ | 12.79 | |||||||
Total return + # | 6.81 | % | 1.66 | % | 27.64 | % | 3.16 | % | (6.56 | )% | 17.15 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 64,235 | $ | 57,359 | $ | 49,815 | $ | 44,947 | $ | 39,163 | $ | 36,546 | |||||||
Ratios of expenses to average net assets: ^ | 1.92 | % | 2.04 | % | 2.11 | % | 1.97 | % | 2.28 | % | 2.53 | % | |||||||
Ratios of net investment income to average net assets: ^ | (0.02 | )% | 0.99 | % | 0.52 | % | 1.24 | % | 1.19 | % | 0.67 | % | |||||||
Portfolio turnover rate | 65 | %(1) | 117 | % | 131 | % | 142 | % | 110 | % | 118 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.16 | $ | 15.19 | $ | 12.03 | $ | 11.84 | $ | 12.79 | $ | 11.13 | $ | 14.68 | $ | 14.70 | $ | 11.64 | $ | 11.44 | $ | 12.37 | $ | 10.78 | |||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss)* | (0.02 | ) | 0.15 | 0.06 | 0.10 | 0.18 | 0.04 | (0.07 | ) | (0.00) | (a) | (0.06 | ) | 0.03 | 0.02 | (0.04 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) | 1.02 | 0.06 | 3.22 | 0.22 | (1.04 | ) | 1.82 | 0.97 | 0.10 | 3.13 | 0.21 | (0.95 | ) | 1.75 | |||||||||||||||||||||||
Total income (loss) from investment operations | 1.00 | 0.21 | 3.28 | 0.32 | (0.86 | ) | 1.86 | 0.90 | 0.10 | 3.07 | 0.24 | (0.93 | ) | 1.71 | |||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.26 | ) | (0.24 | ) | (0.12 | ) | (0.13 | ) | (0.09 | ) | (0.20 | ) | (0.16 | ) | (0.12 | ) | (0.01 | ) | (0.04 | ) | 0.00 | (0.12 | ) | ||||||||||||||
Distributions from net realized gains | (0.06 | ) | 0.00 | 0.00 | 0.00 | (0.06 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
Total distributions | (0.32 | ) | (0.24 | ) | (0.12 | ) | (0.13 | ) | (0.09 | ) | (0.20 | ) | (0.22 | ) | (0.12 | ) | (0.01 | ) | (0.04 | ) | 0.00 | (0.12 | ) | ||||||||||||||
Net asset value, end of period | $ | 15.84 | $ | 15.16 | $ | 15.19 | $ | 12.03 | $ | 11.84 | $ | 12.79 | $ | 15.36 | $ | 14.68 | $ | 14.70 | $ | 11.64 | $ | 11.44 | $ | 12.37 | |||||||||||||
Total return + # | 6.72 | % | 1.35 | % | 27.40 | % | 2.80 | % | (6.78 | )% | 16.85 | % | 6.29 | % | 0.67 | % | 26.40 | % | 2.10 | % | (7.52 | )% | 16.00 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 8,613 | $ | 7,871 | $ | 4,741 | $ | 1,580 | $ | 1,309 | $ | 322 | $ | 7,379 | $ | 6,551 | $ | 5,627 | $ | 5,881 | $ | 6,849 | $ | 7,036 | |||||||||||||
Ratios of expenses to average net assets: ^ | 2.17 | % | 2.29 | % | 2.36 | % | 2.22 | % | 2.53 | % | 2.78 | % | 2.92 | % | 3.04 | % | 3.11 | % | 2.97 | % | 3.28 | % | 3.53 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | (0.26 | )% | 0.97 | % | 0.41 | % | 0.99 | % | 0.94 | % | 0.42 | % | (1.02 | )% | (0.02 | )% | (0.46 | )% | 0.24 | % | 0.19 | % | (0.33 | )% | |||||||||||||
Portfolio turnover rate | 65 | %(1) | 117 | % | 131 | % | 142 | % | 110 | % | 118 | % | 65 | %(1) | 117 | % | 131 | % | 142 | % | 110 | % | 118 | % |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each period |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Tota return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions (a) Represents less than $0.01 per share. |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Real Estate Stock Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 19.27 | $ | 16.53 | $ | 15.79 | $ | 13.80 | $ | 12.84 | $ | 9.27 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income * | 0.18 | 0.13 | 0.23 | 0.21 | 0.14 | 0.14 | |||||||||||||
Net realized and unrealized gain | 0.42 | 3.20 | 1.27 | 1.90 | 0.98 | 3.54 | |||||||||||||
Total income from investment operations | 0.60 | 3.33 | 1.50 | 2.11 | 1.12 | 3.68 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.11 | ) | (0.20 | ) | (0.23 | ) | (0.12 | ) | (0.16 | ) | (0.11 | ) | |||||||
Distributions from net realized gains | (0.93 | ) | (0.39 | ) | (0.53 | ) | 0.00 | 0.00 | 0.00 | ||||||||||
Total distributions | (1.04 | ) | (0.59 | ) | (0.76 | ) | (0.12 | ) | (0.16 | ) | (0.11 | ) | |||||||
Net asset value, end of period | $ | 18.83 | $ | 19.27 | $ | 16.53 | $ | 15.79 | $ | 13.80 | $ | 12.84 | |||||||
Total return + | 2.94 | % | 21.09 | % | 9.85 | % | 15.46 | % | 8.82 | % | 39.91 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 32,575 | $ | 37,143 | $ | 33,545 | $ | 20,424 | $ | 12,507 | $ | 7,686 | |||||||
Ratios of expenses to average net assets: ^ | 1.63 | % | 1.59 | % | 1.30 | % | 1.46 | % | 1.51 | % | 2.26 | % | |||||||
Ratios of net investment income to average net assets: ^ | 1.81 | % | 0.77 | % | 1.40 | % | 1.42 | % | 1.09 | % | 1.22 | % | |||||||
Portfolio turnover rate | 58 | % (1) | 97 | % | 163 | % | 123 | % | 59 | % | 157 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.33 | $ | 16.55 | $ | 15.77 | $ | 13.80 | $ | 12.85 | $ | 9.27 | $ | 18.65 | $ | 16.02 | $ | 15.33 | $ | 13.40 | $ | 12.49 | $ | 9.01 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss) * | 0.15 | 0.08 | 0.15 | 0.21 | 0.13 | 0.10 | 0.08 | (0.04 | ) | 0.07 | 0.07 | 0.01 | 0.02 | ||||||||||||||||||||||||
Net realized and unrealized gain | 0.43 | 3.22 | 1.31 | 1.87 | 0.95 | 3.56 | 0.41 | 3.11 | 1.23 | 1.86 | 0.94 | 3.46 | |||||||||||||||||||||||||
Total income from investment operations | 0.58 | 3.30 | 1.46 | 2.08 | 1.08 | 3.66 | 0.49 | 3.07 | 1.30 | 1.93 | 0.95 | 3.48 | |||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.13 | ) | (0.15 | ) | (0.11 | ) | (0.13 | ) | (0.08 | ) | 0.00 | (0.05 | ) | (0.08 | ) | 0.00 | (0.04 | ) | 0.00 | ||||||||||||||||
Distributions from net realized gains | (0.93 | ) | (0.39 | ) | (0.53 | ) | 0.00 | 0.00 | 0.00 | (0.93 | ) | (0.39 | ) | (0.53 | ) | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Total distributions | (1.02 | ) | (0.52 | ) | (0.68 | ) | (0.11 | ) | (0.13 | ) | (0.08 | ) | (0.93 | ) | (0.44 | ) | (0.61 | ) | 0.00 | (0.04 | ) | 0.00 | |||||||||||||||
Net asset value, end of period | $ | 18.89 | $ | 19.33 | $ | 16.55 | $ | 15.77 | $ | 13.80 | $ | 12.85 | $ | 18.21 | $ | 18.65 | $ | 16.02 | 33$15. | $ | 13.40 | $ | 12.49 | ||||||||||||||
Total return + | 2.83 | % | 20.73 | % | 9.60 | % | 15.20 | % | 8.48 | % | 39.66 | % | 2.45 | % | 19.88 | % | 8.73 | % | 14.40 | % | 7.65 | % | 38.62 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 10,129 | $ | 3,913 | $ | 2,539 | $ | 709 | $ | 6,962 | $ | 47 | $ | 3,791 | $ | 4,166 | $ | 2,684 | $ | 2,370 | $ | 1,944 | $ | 1,310 | |||||||||||||
Ratios of expenses to average net assets: ^ | 1.88 | % | 1.84 | % | 1.55 | % | 1.71 | % | 1.76 | % | 2.51 | % | 2.63 | % | 2.59 | % | 2.30 | % | 2.46 | % | 2.51 | % | 3.26 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | 1.56 | % | 0.48 | % | 1.15 | % | 1.17 | % | 0.81 | % | 0.97 | % | 0.81 | % | (0.24 | )% | 0.40 | % | 0.42 | % | 0.07 | % | 0.22 | % | |||||||||||||
Portfolio turnover rate | 58 | % (1) | 97 | % | 163 | % | 123 | % | 59 | % | 157 | % | 58 | % (1) | 97 | % | 163 | % | 123 | % | 59 | % | 157 | % |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
(1) | Not annualized. |
^ | Annualized for periods less than one year. |
FINANCIAL HIGHLIGHTS |
Dunham Small Cap Value Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 15.45 | $ | 14.65 | $ | 11.21 | $ | 10.44 | $ | 9.78 | $ | 7.94 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment income * | 0.01 | 0.04 | 0.07 | 0.00 | (a) | 0.02 | 0.03 | ||||||||||||
Net realized and unrealized gain | 0.21 | 1.45 | 3.40 | 0.77 | 0.66 | 1.90 | |||||||||||||
Total income from investment operations | 0.22 | 1.49 | 3.47 | 0.77 | 0.68 | 1.93 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.04 | ) | (0.02 | ) | (0.03 | ) | 0.00 | (0.02 | ) | (0.09 | ) | ||||||||
Distributions from net realized gains | (0.95 | ) | (0.67 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Total distributions | (0.99 | ) | (0.69 | ) | (0.03 | ) | 0.00 | (0.02 | ) | (0.09 | ) | ||||||||
Net asset value, end of period | $ | 14.68 | $ | 15.45 | $ | 14.65 | $ | 11.21 | $ | 10.44 | $ | 9.78 | |||||||
Total return + # | 1.23 | % | 10.30 | % | 31.05 | % | 7.38 | % | 6.94 | % | 24.39 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 24,005 | $ | 23,783 | $ | 16,640 | $ | 15,764 | $ | 14,739 | $ | 14,378 | |||||||
Ratios of expenses to average net assets: ^ | 1.76 | % | 1.45 | % | 1.29 | % | 2.02 | % | 2.10 | % | 2.08 | % | |||||||
Ratios of net investment income to average net assets: ^ | 0.14 | % | 0.27 | % | 0.62 | % | 0.04 | % | 0.06 | % | 0.37 | % | |||||||
Portfolio turnover rate | 65 | % (1) | 106 | % | 147 | % | 62 | % | 50 | % | 41 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.36 | $ | 14.59 | $ | 11.16 | $ | 10.40 | $ | 9.75 | $ | 7.92 | $ | 14.32 | $ | 13.74 | $ | 10.59 | $ | 9.96 | $ | 9.40 | $ | 7.65 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss)* | (0.01 | ) | (0.00 | ) | 0.01 | 0.00 | (a) | (0.01 | ) | 0.00 | (a) | (0.06 | ) | (0.10 | ) | (0.03 | ) | (0.10 | ) | (0.09 | ) | (0.06 | ) | ||||||||||||||
Net realized and unrealized gain | 0.20 | 1.44 | 3.42 | 0.76 | 0.66 | 1.89 | 0.19 | 1.35 | 3.18 | 0.73 | 0.65 | 1.82 | |||||||||||||||||||||||||
Total income from investment operations | 0.19 | 1.44 | 3.43 | 0.76 | 0.65 | 1.89 | 0.13 | 1.25 | 3.15 | 0.63 | 0.56 | 1.76 | |||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.06 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01 | ) | |||||||||||||||||||||||
Distributions from net realized gains | (0.95 | ) | (0.67 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.95 | ) | (0.67 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
Total distributions | (0.95 | ) | (0.67 | ) | 0.00 | 0.00 | 0.00 | (0.06 | ) | (0.95 | ) | (0.67 | ) | 0.00 | 0.00 | 0.00 | (0.01 | ) | |||||||||||||||||||
Net asset value, end of period | $ | 14.60 | $ | 15.36 | $ | 14.59 | $ | 11.16 | $ | 10.40 | $ | 9.75 | $ | 13.50 | $ | 14.32 | $ | 13.74 | $ | 10.59 | $ | 9.96 | $ | 9.40 | |||||||||||||
Total return + # | 1.08 | % | 10.02 | % | 30.74 | % | 7.31 | % | 6.67 | % | 24.01 | % | 0.72 | % | 9.22 | % | 29.75 | % | 6.33 | % | 5.96 | % | 23.02 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 3,592 | $ | 3,268 | $ | 1,756 | $ | 567 | $ | 193 | $ | 154 | $ | 2,393 | $ | 2,494 | $ | 2,057 | $ | 2,099 | $ | 2,574 | $ | 2,341 | |||||||||||||
Ratios of expenses to average net assets: ^ | 2.01 | % | 1.70 | % | 1.54 | % | 2.27 | % | 2.35 | % | 2.33 | % | 2.76 | % | 2.45 | % | 2.29 | % | 3.02 | % | 3.10 | % | 3.08 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | (0.12 | )% | (0.06 | )% | 0.15 | % | (0.21 | )% | (0.22 | )% | 0.12 | % | (0.87 | )% | (0.70 | )% | (0.37 | )% | (0.96 | )% | (0.95 | )% | (0.63 | )% | |||||||||||||
Portfolio turnover rate | 65 | % (1) | 106 | % | 147 | % | 62 | % | 50 | % | 41 | % | 65 | % (1) | 106 | % | 147 | % | 62 | % | 50 | % | 41 | % |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each period. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
(a) | Represents less than $0.01 per share. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Emerging Markets Stock Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 14.75 | $ | 14.66 | $ | 13.82 | $ | 13.43 | $ | 16.03 | $ | 13.41 | |||||||
Income (loss) from investment operations: | |||||||||||||||||||
Net investment income (loss)* | (0.05 | ) | 0.20 | 0.00 | (a) | 0.04 | (0.05 | ) | (0.11 | ) | |||||||||
Net realized and unrealized gain (loss) ** | 0.09 | (0.11 | ) | 0.84 | 0.35 | (2.55 | ) | 3.01 | |||||||||||
Total income (loss) from investment operations | 0.04 | 0.09 | 0.84 | 0.39 | (2.60 | ) | 2.90 | ||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net investment income | (0.19 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.28 | ) | |||||||||||
Total distributions | (0.19 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.28 | ) | |||||||||||
Net asset value, end of period | $ | 14.60 | $ | 14.75 | $ | 14.66 | $ | 13.82 | $ | 13.43 | $ | 16.03 | |||||||
Total return +, # | 0.27 | % | 0.61 | % | 6.08 | % | 2.90 | % | (16.22 | )% | 21.98 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 40,341 | $ | 35,872 | $ | 24,736 | $ | 16,017 | $ | 14,616 | $ | 13,592 | |||||||
Ratios of expenses to average net assets: ^ | 1.87 | % | 1.29 | % | 2.00 | % | 1.75 | % | 2.10 | % | 2.24 | % | |||||||
Ratios of net investment income (loss) to average net assets: ^ | (0.74 | )% | 1.39 | % | 0.03 | % | 0.29 | % | (0.35 | )% | (0.80 | )% | |||||||
Portfolio turnover rate | 73 | % (1) | 108 | % | 166 | % | 104 | % | 98 | % | 206 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.44 | $ | 14.39 | $ | 13.59 | $ | 13.23 | $ | 15.83 | $ | 13.28 | $ | 13.76 | $ | 13.82 | $ | 13.16 | $ | 12.90 | $ | 15.56 | $ | 13.06 | |||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss)* | (0.07 | ) | 0.16 | (0.07 | ) | 0.05 | (0.12 | ) | (0.15 | ) | (0.12 | ) | 0.04 | (0.14 | ) | (0.09 | ) | (0.20 | ) | (0.24 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) ** | 0.08 | (0.11 | ) | 0.87 | 0.31 | (2.48 | ) | 2.98 | 0.09 | (0.10 | ) | 0.80 | 0.35 | (2.46 | ) | 2.91 | |||||||||||||||||||||
Total income (loss) from investment operations | 0.01 | 0.05 | 0.80 | 0.36 | (2.60 | ) | 2.83 | (0.03 | ) | (0.06 | ) | 0.66 | 0.26 | (2.66 | ) | 2.67 | |||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.16 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.28 | ) | (0.07 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.17 | ) | |||||||||||||||||||||
Total distributions | (0.16 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.28 | ) | (0.07 | ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.17 | ) | |||||||||||||||||||||
Net asset value, end of period | $ | 14.29 | $ | 14.44 | $ | 14.39 | $ | 13.59 | $ | 13.23 | $ | 15.83 | $ | 13.66 | $ | 13.76 | $ | 13.82 | $ | 13.16 | $ | 12.90 | $ | 15.56 | |||||||||||||
Total return +, # | 0.14 | % | 0.35 | % | 5.89 | % | 2.72 | % | (16.42 | )% | 21.62 | % | (0.18 | )% | (0.43 | )% | 5.02 | % | 2.02 | % | (17.10 | )% | 20.67 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 4,852 | $ | 4,036 | $ | 2,475 | $ | 11,364 | $ | 951 | $ | 2,663 | $ | 3,689 | $ | 3,593 | $ | 2,735 | $ | 2,497 | $ | 2,755 | $ | 2,746 | |||||||||||||
Ratios of expenses to average net assets: ^ | 2.12 | % | 1.54 | % | 2.25 | % | 2.00 | % | 2.35 | % | 2.49 | % | 2.87 | % | 2.29 | % | 3.00 | % | 2.75 | % | 3.10 | % | 3.24 | % | |||||||||||||
Ratios of net investment income (loss) to average net assets: ^ | (0.98 | )% | 1.14 | % | (0.48 | )% | 0.04 | % | (0.80 | )% | (1.05 | )% | (1.79 | )% | 0.34 | % | (1.03 | )% | (0.71 | )% | (1.35 | )% | (1.80 | )% | |||||||||||||
Portfolio turnover rate | 73 | %(1) | 108 | % | 166 | % | 104 | % | 98 | % | 206 | % | 73 | %(1) | 108 | % | 166 | % | 104 | % | 98 | % | 206 | % |
(a) | Represents less than $0.01 per share. |
* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
** | The amount of net realized and unrealized loss on investment per share for the year ended October 31, 2014 does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
^ | Annualized for periods less than one year. |
(1) | Not annualized. |
FINANCIAL HIGHLIGHTS |
Dunham Small Cap Growth Fund |
Class N | |||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Unaudited) | |||||||||||||||||||
Net asset value, beginning of period | $ | 17.71 | $ | 20.62 | $ | 15.69 | $ | 14.75 | $ | 13.67 | $ | 11.02 | |||||||
Income from investment operations: | |||||||||||||||||||
Net investment loss* | (0.08 | ) | (0.29 | ) | (0.19 | ) | (0.17 | ) | (0.18 | ) | (0.24 | ) | |||||||
Net realized and unrealized gain | 1.61 | 1.11 | 6.10 | 1.11 | 1.26 | 2.89 | |||||||||||||
Total income from investment operations | 1.53 | 0.82 | 5.91 | 0.94 | 1.08 | 2.65 | |||||||||||||
Less distributions: | |||||||||||||||||||
Distributions from net realized gains | (1.58 | ) | (3.73 | ) | (0.98 | ) | 0.00 | 0.00 | 0.00 | ||||||||||
Total distributions | (1.58 | ) | (3.73 | ) | (0.98 | ) | 0.00 | 0.00 | 0.00 | ||||||||||
Net asset value, end of period | $ | 17.66 | $ | 17.71 | $ | 20.62 | $ | 15.69 | $ | 14.75 | $ | 13.67 | |||||||
Total return + # | 8.93 | % | 3.64 | % | 40.28 | % | 6.37 | % | 7.90 | % | 24.05 | % | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000s) | $ | 23,324 | $ | 21,153 | $ | 16,146 | $ | 14,627 | $ | 14,975 | $ | 14,301 | |||||||
Ratios of expenses to average net assets: ^ | 1.20 | % | 1.84 | % | 1.35 | % | 1.34 | % | 1.45 | % | 2.22 | % | |||||||
Ratios of net investment loss to average net assets: ^ | (0.88 | )% | (1.61 | )% | (1.08 | )% | (1.12 | )% | (1.15 | )% | (1.88 | )% | |||||||
Portfolio turnover rate | 68 | %(1) | 192 | % | 231 | % | 211 | % | 235 | % | 194 | % |
Class A | Class C | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | Six Months Ended April 30, | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.31 | $ | 20.28 | $ | 15.49 | $ | 14.59 | $ | 13.56 | $ | 10.96 | $ | 15.51 | $ | 18.66 | $ | 14.43 | $ | 13.69 | $ | 12.82 | $ | 10.44 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||
Net investment loss* | (0.10 | ) | (0.34 | ) | (0.24 | ) | (0.21 | ) | (0.24 | ) | (0.25 | ) | (0.14 | ) | (0.42 | ) | (0.32 | ) | (0.30 | ) | (0.31 | ) | (0.34 | ) | |||||||||||||
Net realized and unrealized gain | 1.57 | 1.10 | 6.01 | 1.11 | 1.27 | 2.85 | 1.39 | 1.00 | 5.53 | 1.04 | 1.18 | 2.72 | |||||||||||||||||||||||||
Total income from investment operations | 1.47 | 0.76 | 5.77 | 0.90 | 1.03 | 2.60 | 1.25 | 0.58 | 5.21 | 0.74 | 0.87 | 2.38 | |||||||||||||||||||||||||
Less distributions: | |||||||||||||||||||||||||||||||||||||
Distributions from net realized gains | (1.58 | ) | (3.73 | ) | (0.98 | ) | 0.00 | 0.00 | 0.00 | (1.58 | ) | (3.73 | ) | (0.98 | ) | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Total distributions | (1.58 | ) | (3.73 | ) | (0.98 | ) | 0.00 | 0.00 | 0.00 | (1.58 | ) | (3.73 | ) | (0.98 | ) | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Net asset value, end of period | $ | 17.20 | $ | 17.31 | $ | 20.28 | $ | 15.49 | $ | 14.59 | $ | 13.56 | $ | 15.18 | $ | 15.51 | $ | 18.66 | $ | 14.43 | $ | 13.69 | $ | 12.82 | |||||||||||||
Total return + # | 8.79 | % | 3.36 | % | 39.88 | % | 6.17 | % | 7.60 | % | 23.72 | % | 8.36 | % | 2.56 | % | 38.87 | % | 5.41 | % | 6.79 | % | 22.80 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 7,003 | $ | 6,443 | $ | 5,890 | $ | 2,418 | $ | 1,950 | $ | 852 | $ | 3,213 | $ | 3,165 | $ | 2,685 | $ | 2,694 | $ | 3,193 | $ | 3,291 | |||||||||||||
Ratios of expenses to average net assets: ^ | 1.45 | % | 2.09 | % | 1.60 | % | 1.59 | % | 1.70 | % | 2.47 | % | 2.20 | % | 2.84 | % | 2.35 | % | 2.34 | % | 2.45 | % | 3.22 | % | |||||||||||||
Ratios of net investment loss to average net assets: ^ | (1.13 | )% | (1.86 | )% | (1.33 | )% | (1.37 | )% | (1.40 | )% | (2.13 | )% | (1.88 | )% | (2.61 | )% | (2.08 | )% | (2.12 | )% | (2.15 | )% | (2.88 | )% | |||||||||||||
Portfolio turnover rate | 68 | %(1) | 192 | % | 231 | % | 211 | % | 235 | % | 194 | % | 68 | %(1) | 192 | % | 231 | % | 211 | % | 235 | % | 194 | % |
* | The net investment loss per share data was determined using the average shares outstanding throughout each year. |
+ | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares. |
# | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(1) | Not annualized. |
^ | Annualized for periods less than one year. |
Fund | Primary Objective |
Corporate/Government Bond | Current income and capital appreciation |
Monthly Distribution | Positive returns in rising and falling market environments |
Floating Rate Bond | High level of current income |
High-Yield Bond | High level of current income |
International Opportunity Bond | High level of current income |
Dynamic Macro | Maximize total return from capital appreciation and dividends |
Alternative Strategy | Long-term capital appreciation by realizing gains during periods of rising and declining markets |
Appreciation & Income | Total return under varying market conditions through both current income and capital appreciation |
Large Cap Value | Maximize total return from capital appreciation and dividends |
Alternative Income | Maximize income |
Focused Large Cap Growth | Maximize capital appreciation |
International Stock | Maximize total return from capital appreciation and dividends |
Real Estate Stock | Maximize total return from capital appreciation and dividends |
Small Cap Value | Maximize total return from capital appreciation and income |
Emerging Markets Stock | Maximize capital appreciation |
Small Cap Growth | Maximize capital appreciation |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds & Notes * | $ | — | $ | 31,315,680 | $ | — | $ | 31,315,680 | ||||||||
Foreign Government Bonds | — | 416,438 | — | 416,438 | ||||||||||||
Municipal | — | 3,129,050 | — | 3,129,050 | ||||||||||||
U.S. Government & Agency | — | 15,362,046 | — | 15,362,046 | ||||||||||||
Bank Loans | — | 3,671,112 | — | 3,671,112 | ||||||||||||
Preferred Stock * | 765,576 | — | — | 765,576 | ||||||||||||
Short-Term Investment | 1,859,933 | — | — | 1,859,933 | ||||||||||||
Total | $ | 2,625,509 | $ | 53,894,326 | $ | — | $ | 56,519,835 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 226,950,332 | $ | — | $ | — | $ | 226,950,332 | ||||||||
Rights | 47,752 | — | — | 47,752 | ||||||||||||
Closed End Funds | 1,708,984 | — | — | 1,708,984 | ||||||||||||
Preferred Stock * | 16,979,641 | — | — | 16,979,641 | ||||||||||||
Bonds & Notes * | — | 32,773,877 | — | 32,773,877 | ||||||||||||
Purchased Put Options | 1,321,587 | — | — | 1,321,587 | ||||||||||||
Short-Term Investment | 44,557,704 | — | — | 44,557,704 | ||||||||||||
Total Assets | $ | 291,566,000 | $ | 32,773,877 | $ | — | $ | 324,339,877 | ||||||||
Derivatives | ||||||||||||||||
Forward Currency Exchange Contracts | — | 30,048 | — | 30,048 | ||||||||||||
Equity Swap Contracts | 3,192,759 | — | — | 3,192,759 | ||||||||||||
Total Derivatives | $ | 3,192,759 | $ | 30,048 | $ | — | $ | 3,222,807 | ||||||||
Liabilities-Securities Sold Short | 30,563,011 | — | 30,563,011 | |||||||||||||
Total Liabilities | $ | 30,563,011 | $ | — | $ | — | $ | 30,563,011 | ||||||||
Liabilities-Derivatives | ||||||||||||||||
Written Call Options | 9,905,605 | — | — | 9,905,605 | ||||||||||||
Written Put Options | 367,600 | — | — | 367,600 | ||||||||||||
Equity Swap Contracts | 730,839 | — | — | 730,839 | ||||||||||||
Forward Currency Exchange Contracts | — | 534,042 | — | 534,042 | ||||||||||||
Total Derivatives | $ | 11,004,044 | $ | 534,042 | $ | — | $ | 11,538,086 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank Loans * | $ | — | $ | 75,213,342 | $ | — | $ | 75,213,342 | ||||||||
Bonds & Notes * | — | 5,977,944 | — | 5,977,944 | ||||||||||||
Short-Term Investment | 2,874,364 | — | — | 2,874,364 | ||||||||||||
Total | $ | 2,874,364 | $ | 81,191,286 | $ | — | $ | 84,065,650 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Preferred Stock * | $ | 167,916 | $ | — | $ | — | $ | 167,916 | ||||||||
Bonds & Notes * | — | 103,319,126 | — | 103,319,126 | ||||||||||||
Short-Term Investment | 2,688,951 | — | — | 2,688,951 | ||||||||||||
Total | $ | 2,856,867 | $ | 103,319,126 | $ | — | $ | 106,175,993 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds & Notes * | $ | — | $ | 20,967,838 | $ | — | $ | 20,967,838 | ||||||||
Foreign Government Bonds * | — | 31,588,634 | — | 31,588,634 | ||||||||||||
Collateral Mortgage Backed Security | — | 220,323 | — | 220,323 | ||||||||||||
Whole Loan Collateral | — | 231,261 | — | 231,261 | ||||||||||||
Short-Term Investment | 830,056 | — | — | 830,056 | ||||||||||||
Total Assets | $ | 830,056 | $ | 53,008,056 | $ | — | $ | 53,838,112 | ||||||||
Derivatives | ||||||||||||||||
Futures Contracts | $ | 73,438 | $ | — | $ | — | $ | 73,438 | ||||||||
Foreign Currency Exchange Contracts | — | 309,583 | — | 309,583 | ||||||||||||
Total Derivatives | $ | 73,438 | $ | 309,583 | $ | — | $ | 383,021 | ||||||||
Liabilities-Derivatives | ||||||||||||||||
Futures Contracts | $ | 15,060 | $ | — | $ | — | $ | 15,060 | ||||||||
Foreign Currency Exchange Contracts | — | 495,113 | — | 495,113 | ||||||||||||
Total Derivatives | $ | 15,060 | $ | 495,113 | $ | — | $ | 510,173 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds * | $ | 8,801,433 | $ | — | $ | — | $ | 8,801,433 | ||||||||
Short-Term Investments | 5,034,738 | 11,251,458 | — | 16,286,196 | ||||||||||||
Derivatives | ||||||||||||||||
Purchased Options | 1,654,441 | — | — | 1,654,441 | ||||||||||||
Futures | 226,130 | — | — | 226,130 | ||||||||||||
Foreign Currency Exchange Contracts | — | 753 | — | 753 | ||||||||||||
Total | $ | 15,716,742 | $ | 11,252,211 | $ | — | $ | 26,968,953 | ||||||||
Liabilities - Derivatives | ||||||||||||||||
Futures | $ | 202,838 | $ | — | $ | — | $ | 202,838 | ||||||||
Written Options | 21,317 | — | — | 21,317 | ||||||||||||
Total | $ | 224,155 | $ | — | $ | — | $ | 224,155 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds * | $ | 5,921,854 | $ | — | $ | — | $ | 5,921,854 | ||||||||
Exchange Traded Notes * | 602,176 | — | — | 602,176 | ||||||||||||
Short-Term Investment | 11,055,370 | — | — | 11,055,370 | ||||||||||||
Total | $ | 17,579,400 | $ | — | $ | — | $ | 17,579,400 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Convertible Bonds * | $ | — | $ | 22,916,058 | $ | — | $ | 22,916,058 | ||||||||
Preferred Stock * | 3,918,204 | — | — | 3,918,204 | ||||||||||||
Short-Term Investment | 3,368,365 | — | — | 3,368,365 | ||||||||||||
Total | $ | 7,286,569 | $ | 22,916,058 | $ | — | $ | 30,202,627 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 54,576,080 | $ | — | $ | — | $ | 54,576,080 | ||||||||
Short-Term Investment | 1,471,970 | — | — | 1,471,970 | ||||||||||||
Total | $ | 56,048,050 | $ | — | $ | — | $ | 56,048,050 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 8,085,100 | $ | — | $ | — | $ | 8,085,100 | ||||||||
Exchange Traded Funds * | 283,430 | — | — | 283,430 | ||||||||||||
Total | $ | 8,368,530 | $ | — | $ | — | $ | 8,368,530 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 59,267,568 | $ | — | $ | — | $ | 59,267,568 | ||||||||
Short-Term Investment | 781,133 | — | — | 781,133 | ||||||||||||
Total | $ | 60,048,701 | $ | — | $ | — | $ | 60,048,701 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 12,719,154 | $ | 63,663,550 | $ | — | $ | 76,382,704 | ||||||||
Preferred Stock * | 1,088,956 | 1,505,712 | — | 2,594,668 | ||||||||||||
Short-Term Investment | 1,116,418 | — | — | 1,116,418 | ||||||||||||
Total Assets | $ | 14,924,528 | $ | 65,169,262 | $ | — | $ | 80,093,790 | ||||||||
Assets - Derivatives | ||||||||||||||||
Forward Currency Exchange Contracts | $ | — | $ | 656,649 | $ | — | $ | 656,649 | ||||||||
Liabilities - Derivatives | ||||||||||||||||
Forward Currency Exchange Contracts | $ | — | $ | 886,434 | $ | — | $ | 886,434 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
REITS * | $ | 46,048,778 | $ | — | $ | — | $ | 46,048,778 | ||||||||
Short-Term Investment | 238,511 | — | — | 238,511 | ||||||||||||
Total | $ | 46,287,289 | $ | — | $ | — | $ | 46,287,289 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 28,860,482 | $ | — | $ | — | $ | 28,860,482 | ||||||||
Exchange Traded Funds | 504,850 | — | — | 504,850 | ||||||||||||
Short-Term Investment | 542,044 | — | — | 542,044 | ||||||||||||
Total | $ | 29,907,376 | $ | — | $ | — | $ | 29,907,376 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 16,027,605 | $ | 28,609,230 | $ | — | $ | 44,636,835 | ||||||||
Exchange Traded Funds | 3,138,400 | — | — | 3,138,400 | ||||||||||||
Short-Term Investment | 1,439,058 | — | — | 1,439,058 | ||||||||||||
Total | $ | 20,605,063 | $ | 28,609,230 | $ | — | $ | 49,214,293 | ||||||||
Assets - Derivatives | ||||||||||||||||
Forward Currency Exchange Contracts | $ | — | $ | 14,065 | $ | — | $ | 14,065 | ||||||||
Liabilities - Derivatives | ||||||||||||||||
Forward Currency Exchange Contracts | $ | — | $ | 185 | $ | — | $ | 185 |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock * | $ | 32,819,162 | $ | — | $ | — | $ | 32,819,162 | ||||||||
Short-Term Investment | 1,771,163 | — | — | 1,771,163 | ||||||||||||
Total | $ | 34,590,325 | $ | — | $ | — | $ | 34,590,325 |
Location on the Statements of Assets and Liabilities | ||||
Derivates Investment Type | Asset Derivatives | Liability Derivatives | ||
Equity/Currency/Commodity | Investment securites | Options contracts written | ||
Interest rate contracts | Unrealized appreciation on Swap Contracts | Unrealized depreciation on Swap Contracts | ||
Unrealized appreciation on futures | Unrealized depreciation on futures | |||
Receivable for open forward foreign currency | Payable for open forward foreign currency | |||
contracts | contracts |
Asset Derivatives Investment Value | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Total value at | ||||||||||||||||
Contracts | Contracts | Contracts | Contracts | April 30, 2015 | ||||||||||||||||
Monthly Distribution | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 30,048 | $ | — | $ | — | $ | 30,048 | ||||||||||
Swaps | 3,192,759 | — | — | — | 3,192,759 | |||||||||||||||
Purchased Options | 1,321,587 | — | — | — | 1,321,587 | |||||||||||||||
International Opportunity Bond | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 309,583 | $ | — | $ | — | $ | 309,583 | ||||||||||
Futures | 34,213 | — | — | 39,225 | 73,438 | |||||||||||||||
Dynamic Macro | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 753 | $ | — | $ | — | $ | 753 | ||||||||||
Futures | 109,892 | — | — | 116,238 | 226,130 | |||||||||||||||
Purchased Options | 54,662 | 13,779 | — | 1,586,000 | 1,654,441 | |||||||||||||||
International Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 656,649 | $ | — | $ | — | $ | 656,649 | ||||||||||
Emerging Markets Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 14,065 | $ | — | $ | — | $ | 14,065 |
Liability Derivatives Investment value | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Total value at | ||||||||||||||||
Contracts | Contracts | Contracts | Contracts | April 30, 2015 | ||||||||||||||||
Monthly Distribution | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 534,042 | $ | — | $ | — | $ | 534,042 | ||||||||||
Swaps | 730,839 | — | — | — | 730,839 | |||||||||||||||
Written Options | 10,273,205 | — | — | — | 10,273,205 | |||||||||||||||
Short Sales | 30,563,011 | — | — | — | 30,563,011 | |||||||||||||||
International Opportunity Bond | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 495,113 | $ | — | $ | — | $ | 495,113 | ||||||||||
Futures | — | 79 | — | 14,981 | 15,060 | |||||||||||||||
Dynamic Macro | ||||||||||||||||||||
Futures | $ | 193,266 | $ | — | $ | — | $ | 9,572 | $ | 202,838 | ||||||||||
Written Options | — | 21,317 | — | — | 21,317 | |||||||||||||||
International Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | 886,434 | $ | — | $ | — | $ | — | $ | 886,434 | ||||||||||
Emerging Markets Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 185 | $ | — | $ | — | $ | 185 |
Derivative Investment Type | Location of Gain (Loss on Derivatives |
Equity/Currency/Commodity/ | Net Realized gain (loss) from: Futures, Options |
Interest rate contracts | purchased, Written options, Swap contracts, |
Foreign currency exchange contracts | |
Net change in unrealized appreciation | |
(depreciation) on: Futures, Options purchased, | |
Written options, Swap contracts, Foreign | |
currency exchange contracts |
Realized gain/(loss) on derivatives recognized in the Statements of Operations | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Total value at | ||||||||||||||||
Derivative Investment type | Contracts | Contracts | Contracts | Contracts | April 30, 2015 | |||||||||||||||
Monthly Distribution | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 3,033,190 | $ | — | $ | — | $ | 3,033,190 | ||||||||||
Swaps | (1,821,813 | ) | — | — | — | (1,821,813 | ) | |||||||||||||
Purchased Options | 2,464,125 | — | — | — | 2,464,125 | |||||||||||||||
Written Options | (4,298,671 | ) | — | — | — | (4,298,671 | ) | |||||||||||||
Short Sales | (2,488,491 | ) | — | — | — | (2,488,491 | ) | |||||||||||||
International Opportunity Bond | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 328,841 | $ | — | $ | — | $ | 328,841 | ||||||||||
Futures | (191,054 | ) | — | — | 72,406 | (118,648 | ) | |||||||||||||
Dynamic Macro | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (463 | ) | $ | — | $ | — | $ | (463 | ) | ||||||||
Futures | 1,067,457 | — | — | 72,387 | 1,139,844 | |||||||||||||||
Purchased Options | (234,971 | ) | 15,963 | — | 111,925 | (107,083 | ) | |||||||||||||
Written Options | — | 7,488 | — | — | 7,488 | |||||||||||||||
International Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 1,122,913 | $ | — | $ | — | $ | 1,122,913 | ||||||||||
Emerging Markets Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (43,239 | ) | $ | — | $ | — | $ | (43,239 | ) |
Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Total value at | ||||||||||||||||
Contracts | Contracts | Contracts | contracts | April 30, 2015 | ||||||||||||||||
Monthly Distribution | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,144,884 | ) | $ | — | $ | — | $ | (1,144,884 | ) | ||||||||
Swaps | 3,799,591 | — | — | — | 3,799,591 | |||||||||||||||
Purchased Options | 137,295 | — | — | — | 137,295 | |||||||||||||||
Written Options | (777,470 | ) | — | — | — | (777,470 | ) | |||||||||||||
Short Sales | 1,736,110 | — | — | — | 1,736,110 | |||||||||||||||
International Opportunity Bond | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (84,553 | ) | $ | — | $ | — | $ | (84,553 | ) | ||||||||
Futures | 91,669 | — | — | — | 91,669 | |||||||||||||||
Dynamic Macro | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 753 | $ | — | $ | — | $ | 753 | ||||||||||
Futures | (220,540 | ) | — | — | 116,274 | (104,266 | ) | |||||||||||||
Purchased Options | 77,026 | (7,268 | ) | — | 103,633 | 173,391 | ||||||||||||||
Written Options | — | (270 | ) | — | — | (270 | ) | |||||||||||||
International Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (395,203 | ) | $ | — | $ | — | $ | (395,203 | ) | ||||||||
Emerging Markets Stock | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 13,880 | $ | — | $ | — | $ | 13,880 |
Monthly Distribution | ||||||||||||||||||||||||
Assets: | Gross Amounts Not Offset in the | |||||||||||||||||||||||
Statement of Assets & Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Offset in the | Assets Presented in | |||||||||||||||||||||||
Gross Amounts of | Statement of Assets | the Statement of | Financial | Cash Collateral | ||||||||||||||||||||
Description | Recognized Assets | & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount | ||||||||||||||||||
Equity Swap Contracts | $ | 3,192,759 | $ | 730,839 | $ | 2,461,920 | $ | - | $ | - | $ | 2,461,920 | ||||||||||||
Total | $ | 3,192,759 | $ | 730,839 | $ | 2,461,920 | $ | - | $ | - | $ | 2,461,920 |
Liabilities: | Gross Amounts Not Offset in the | |||||||||||||||||||||||
Statement of Assets & Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts of | Offset in the | Liabilities Presented | ||||||||||||||||||||||
Recognized | Statement of Assets | in the Statement of | Financial | Cash Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | Assets & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Securities Sold Short | $ | 30,563,011 | $ | — | $ | 30,563,011 | $ | 17,393,011 | (1) | $ | 13,170,000 | (1) | $ | — | ||||||||||
Written Options | 10,273,205 | — | 10,273,205 | 3,079,498 | (1) | 7,193,707 | (1) | — | ||||||||||||||||
Forward Foreign | ||||||||||||||||||||||||
Currency Contracts | 534,042 | 30,048 | 503,994 | 503,994 | (1) | — | — | |||||||||||||||||
Total | $ | 41,370,258 | $ | 30,048 | $ | 41,340,210 | $ | 20,976,503 | $ | 20,363,707 | $ | — | ||||||||||||
International Opportunity Bond | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
the Statement of Assets & | ||||||||||||||||||||||||
Assets: | Liabilities | |||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Cash | |||||||||||||||||||||
Recognized | Statement of Assets | the Statement of | Financial | Collateral | ||||||||||||||||||||
Description | Assets | & Liabilities | Assets & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 73,438 | $ | (15,060 | ) | $ | 58,378 | $ | — | $ | — | $ | — | |||||||||||
Total | $ | 73,438 | $ | (15,060 | ) | $ | 58,378 | $ | — | $ | — | $ | — | |||||||||||
the Statement of Assets & | ||||||||||||||||||||||||
Liabilities: | Liabilities | |||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | ||||||||||||||||||||||
Amounts of | Offset in the | Liabilities Presented | Cash | |||||||||||||||||||||
Recognized | Statement of Assets | in the Statement of | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | Assets & Liabilities | Instruments | Pledged (1) | Net Amount | ||||||||||||||||||
Forward Foreign | ||||||||||||||||||||||||
Currency Contracts | (495,113 | ) | 309,583 | $ | (185,530 | ) | — | 185,530 | — | |||||||||||||||
Total | $ | (495,113 | ) | $ | 309,583 | $ | (185,530 | ) | $ | — | $ | 185,530 | $ | — | ||||||||||
Dynamic Macro | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
the Statement of Assets & | ||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | |||||||||||||||||||||
Recognized | Statement of Assets | in the Statement of | Financial | Collateral | ||||||||||||||||||||
Description | Assets | & Liabilities | Assets & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 226,130 | $ | (202,838 | ) | $ | 23,292 | $ | — | $ | — | $ | 23,292 | |||||||||||
International Stock | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | |||||||||||||||||||||
Recognized | Statement of Assets | in the Statement of | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | Assets & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Forward Foreign | ||||||||||||||||||||||||
Currency Contracts | $ | (886,434 | ) | $ | 656,649 | $ | (229,785 | ) | $ | 229,785 | (1) | $ | — | $ | — | |||||||||
. |
Emerging Markets Stock | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
the Statement of Assets & | ||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | |||||||||||||||||||||
Recognized | Statement of Assets | in the Statement of | Financial | Collateral | ||||||||||||||||||||
Description | Assets | & Liabilities | Assets & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Forward Foreign | ||||||||||||||||||||||||
Currency Contracts | $ | 14,065 | $ | (185 | ) | $ | 13,880 | $ | — | $ | — | $ | 13,880 | |||||||||||
a. | Management Fees – Dunham & Associates serves as each Fund’s investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, Dunham & Associates, subject to the supervision of the Board and in conformity with the stated policies of the Funds, manages the operations of the Funds. The Adviser, subject to the review and approval of the Board, selects Sub-Advisers for each Fund and supervises and monitors the performance of each Sub-Adviser. As compensation for its services, each Fund pays the Adviser a fixed fee, accrued daily and paid monthly, based on each Fund’s respective average daily net assets. The Adviser has entered into a Sub-Advisory Agreement with each Sub-Adviser and the Trust, on behalf of each Fund. Under the Sub-Advisory Agreements, each Fund pays the Sub-Adviser a “Fulcrum Fee.” A Fulcrum Fee is a performance fee whereby the Sub-Adviser is rewarded when out-performing, or is penalized when under-performing, a Fund’s benchmark index. The Funds’ Fulcrum Fee arrangements have been in place, with few changes, since July 1, 2006. As a result of the Fulcrum Fee arrangement, the total annual management fee for a Fund will have a range as shown in the table below. |
Adviser’s | Sub-Adviser’s | |||||||||||
Management Fee | Portion | Portion | ||||||||||
Corporate/Government Bond* | 0.65% – 0.95 | % | 0.50 | % | 0.15% – 0.45 | % | ||||||
Monthly Distribution** | 0.90% – 1.90 | % | 0.65 | % | 0.25% – 1.25 | % | ||||||
Floating Rate Bond | 0.80% – 1.20 | % | 0.60 | % | 0.20% – 0.60 | % | ||||||
High-Yield Bond | 0.80% – 1.20 | % | 0.60 | % | 0.20% – 0.60 | % | ||||||
International Opportunity Bond | 0.80% – 1.30 | % | 0.60 | % | 0.20% – 0.70 | % | ||||||
Dynamic Macro*** | 1.05% – 1.75 | % | 0.65 | % | 0.40% – 1.10 | % | ||||||
Alternative Strategy**** | 0.85% – 1.50 | % | 0.65 | % | 0.15% – 0.85 | % | ||||||
Appreciation & Income | 0.85% – 1.35 | % | 0.65 | % | 0.20% – 0.70 | % | ||||||
Large Cap Value | 0.65% – 1.51 | % | 0.65 | % | 0.00% – 0.86 | % | ||||||
Alternative Income | 0.75% – 1.35 | % | 0.65 | % | 0.10% – 0.70 | % | ||||||
Focused Large Cap Growth | 0.85% – 1.15 | % | 0.65 | % | 0.20% – 0.50 | % | ||||||
International Stock | 0.95% – 1.65 | % | 0.65 | % | 0.30% – 1.00 | % | ||||||
Real Estate Stock | 0.75% – 1.35 | % | 0.65 | % | 0.10% – 0.70 | % | ||||||
Small Cap Value | 0.75% – 1.45 | % | 0.65 | % | 0.10% – 0.80 | % | ||||||
Emerging Markets Stock | 0.75% – 1.55 | % | 0.65 | % | 0.10% – 0.90 | % | ||||||
Small Cap Growth | 0.65% – 1.65 | % | 0.65 | % | 0.00% – 1.00 | % |
* | Prior to July 1, 2013, when a new fee schedule became effective, the Sub-Adviser had contractually agreed to reduce its base Sub-Advisory fee by 0.05%, from 0.35% to 0.30% annually as of May 10, 2013 until May 30, 2014. |
** | Effective April 1, 2013, the Sub-Adviser had contractually agreed to waive a portion of its fee (excluding 12b-1 fees) until at least February 29, 2016, so that such fees, on annual basis, do not exceed 1.05% of the Fund’s aggregate average daily net assets of its Class N, Class A and Class C shares. |
*** | Prior to October 1,2014 when a new fee schedule became effective, the prior Sub-Adviser had contractually agreed to waive a portion of its fee to maintain the Fund’s total annual operating expenses (excluding any brokerage fees and commissions, indirect expenses, borrowing costs, taxes, and extraordinary expenses) at 1.59% for Class N Shares, 1.84% for Class A shares, and 2.59% for Class C shares; provided, however, that the annual Sub-Advisory fee shall in no case be waived to less than 0.10% of the Fund’s average daily net assets. |
**** | Effective April 1, 2015, the Sub-Adviser had contractually agreed to reduce its base Sub-Advisory fee by 0.15%, from 0.65% to 0.50% annually as of April 1, 2015 until April 30, 2016. |
Base | Null | Minimum | Maximum | |||
Fund | Sub-Adviser | Benchmark | Fee | Zone | Fee | Fee |
Corporate/Government | Newfleet Asset | Barclays Aggregate Bond | 0.30% | +/- 0.15% | 0.15% | 0.45% |
Bond * | Management, LLC | Index | ||||
Monthly Distribution** | Westchester Capital | IQ Hedge Market Neutral | 0.75% | +/- 0.15% | 0.25% | 1.25% |
Management, LLC | Beta Index | |||||
Floating Rate Bond | Newfleet Asset | S&P/LSTA Leveraged | 0.40% | +/- 0.00% | 0.20% | 0.60% |
Management, LLC | Loan Index | |||||
High-Yield Bond | PENN Capital | BofA Merrill Lynch BB | 0.40% | +/- 0.20% | 0.20% | 0.60% |
Management Co., Inc. | U.S. Non-Distressed BB- | |||||
B High-Yield Index | ||||||
International Opportunity | Rogge Global Partners | Barclays Global ex US | 0.45% | +/-0.00% | 0.20% | 0.70% |
Bond | PLC | Aggregate Bond Index | ||||
Dynamic Macro *** | Mellon Capital | IQ Hedge Global Macro | 0.75% | +/- 0.00% | 0.40% | 1.10% |
Management | Beta Index | |||||
Corporation | ||||||
Alternative Strategy **** | Market Concepts, LLC | Dow Jones Credit Suisse | 0.50% | +/- 0.15% | 0.15% | 0.85% |
Managed Futures Liquid | ||||||
Index | ||||||
Appreciation & Income | PENN Capital | Merrill Lynch All Conv All | 0.45% | +/- 0.25% | 0.20% | 0.70% |
Management Co., Inc. | Qual Index | |||||
Large Cap Value | C.S. McKee L.P. | Russell 1000 Value Index | 0.43% | +/- 1.50% | 0.00% | 0.86% |
Alternative Income | Harbor Springs | Dow Jones US Select | 0.40% | +/- 0.30% | 0.10% | 0.70% |
Financial Management, | Dividend Index | |||||
LLC | ||||||
Focused Large Cap Growth | The Ithaka Group, LLC | Russell 1000 Growth | 0.35% | +/- 0.30% | 0.20% | 0.50% |
Index | ||||||
International Stock | Arrowstreet Capital L.P. | MSCI All Country World | 0.65% | +/- 0.20% | 0.30% | 1.00% |
Index ex USA (Net) | ||||||
Real Estate Stock | Cornerstone Real | FTSE NAREIT All REITs | 0.40% | +/- 0.00% | 0.10% | 0.70% |
Estate Advisers LLC | Index | |||||
Small Cap Value | Piermont Capital | Russell 2000 Value Index | 0.45% | +/- 0.00% | 0.10% | 0.80% |
Management, LLC | ||||||
Emerging Markets Stock | Bailard, Inc. | MSCI Emerging Markets | 0.50% | +/- 0.00% | 0.10% | 0.90% |
Index USD (Net) | ||||||
Small Cap Growth | Pier Capital, LLC | Russell 2000 Growth | 0.50% | +/- 0.20% | 0.00% | 1.00% |
Index |
* | Prior to July 1, 2013, when a new fee schedule became effective, the Sub-Adviser had contractually agreed to reduce its base Sub-Advisory fee by 0.05%, from 0.35% to 0.30% annually as of May 10, 2013 until May 30, 2014. |
** | Effective April 1, 2013, the Sub-Adviser had contractually agreed to waive a portion of its fee (excluding 12b-1 fees) until at least February 29, 2016, so that such fees, on annual basis, do not exceed 1.05% of the Fund’s aggregate average daily net assets of its Class N, Class A and Class C shares. |
*** | Prior to October 1, 2014 when a new fee schedule became effective the prior Sub-Adviser had contractually agreed to waive a portion of its fee to maintain the Fund’s total annual operating expenses (excluding any brokerage fees and commissions, indirect expenses, borrowing costs, taxes, extraordinary expenses at 1.59% for Class N Shares, 1.84% for Class A shares, and 2.59% for Class C shares; provided, however, that the annual Sub-Advisory fee shall in no case be waived to less than 0.10% of the Fund’s average daily net assets. |
**** | Effective April 1, 2015, the Sub-Adviser had contractually agreed to reduce its base Sub-Advisory fee by 0.15%, from 0.65% to 0.50% annually as of April 1, 2015 until April 30, 2016. |
Sale | |||||||||||||
Purchases | Proceeds | ||||||||||||
(excluding | (excluding | Purchases | Proceeds | ||||||||||
U.S. | U.S. | of U.S. | of U.S. | ||||||||||
Government | Government | Government | Government | ||||||||||
Fund | Securities) | Securities) | Securities | Securities | |||||||||
Corporate/Government Bond | $9,965,595 | $7,075,775 | $6,924,175 | $3,947,370 | |||||||||
Monthly Distribution | 262,695,782 | 239,631,556 | — | — | |||||||||
Floating Rate Bond | 22,109,084 | 19,833,595 | — | — | |||||||||
High-Yield Bond | 38,168,759 | 61,942,374 | — | — | |||||||||
International Opportunity Bond | 17,080,863 | 8,177,518 | — | — | |||||||||
Dynamic Macro | 2,364,090 | — | — | — | |||||||||
Alternative Strategy | 275,644,437 | 283,164,068 | — | — | |||||||||
Appreciation & Income | 10,946,650 | 10,616,685 | — | — | |||||||||
Large Cap Value | 7,416,516 | 8,734,566 | — | — | |||||||||
Alternative Income | 2,892,925 | 2,250,008 | — | — | |||||||||
Focused Large Cap Growth | 16,213,595 | 21,800,050 | — | — | |||||||||
International Stock | 51,985,917 | 47,542,979 | — | — | |||||||||
Real Estate Stock | 29,018,041 | 29,072,732 | — | — | |||||||||
Small Cap Value | 18,813,759 | 18,822,966 | — | — | |||||||||
Emerging Markets Stock | 35,637,864 | 30,981,095 | — | — | |||||||||
Small Cap Growth | 21,755,931 | 21,321,465 | — | — |
Options Purchased | Options Written | |||||||||||||||
Contracts | Premium | Contracts | Premium | |||||||||||||
Outstanding at October 31, 2014 | 22,879 | $ | 5,470,611 | 42,957 | $ | 6,382,121 | ||||||||||
Options purchased/written during period | 63,183 | 7,221,494 | 115,131 | 22,242,383 | ||||||||||||
Options exercised during period | (1,910 | ) | (889,804 | ) | (12,667 | ) | (2,359,069 | ) | ||||||||
Options expired during period | (31,749 | ) | (2,707,785 | ) | (24,755 | ) | (1,649,524 | ) | ||||||||
Options closed during period | (23,720 | ) | (6,652,689 | ) | (73,056 | ) | (13,771,966 | ) | ||||||||
Outstanding at April 30, 2015 | 28,683 | $ | 2,441,827 | 47,610 | $ | 10,843,945 |
Options Purchased | Options Written | |||||||||||||||
Contracts | Premium | Contracts | Premium | |||||||||||||
Outstanding at October 31, 2014 | 101 | $ | 532,416 | — | $ | — | ||||||||||
Options purchased/written during period | 556 | 2,606,259 | 160 | 28,535 | ||||||||||||
Options exercised during period | — | — | — | — | ||||||||||||
Options expired during period | (172 | ) | (234,748 | ) | (80 | ) | (7,488 | ) | ||||||||
Options closed during period | (197 | ) | (1,376,336 | ) | — | — | ||||||||||
Outstanding at April 30, 2015 | 288 | $ | 1,527,591 | 80 | $ | 21,047 |
Gross | Unrealized | |||||||||||||||
Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
Fund | Identified Cost | Appreciation | Depreciation | (Depreciation)* | ||||||||||||
Corporate/Government Bond | $ | 55,691,495 | $ | 1,457,618 | $ | (629,278 | ) | $ | 828,340 | |||||||
Monthly Distribution | 323,573,563 | 12,104,009 | (11,337,695 | ) | 766,314 | |||||||||||
Floating Rate Bond | 84,448,176 | 473,766 | (856,292 | ) | (382,526 | ) | ||||||||||
High-Yield Bond | 104,107,573 | 2,737,375 | (668,955 | ) | 2,068,420 | |||||||||||
International Opportunity Bond | 57,466,027 | 455,964 | (4,083,880 | ) | (3,627,916 | ) | ||||||||||
Dynamic Macro | 26,277,268 | 536,230 | (71,428 | ) | 464,802 | |||||||||||
Alternative Strategy | 17,525,476 | 112,174 | (58,250 | ) | 53,924 | |||||||||||
Appreciation & Income | 28,468,306 | 2,299,707 | (565,386 | ) | 1,734,321 | |||||||||||
Large Cap Value | 36,403,144 | 20,640,346 | (995,440 | ) | 19,644,906 | |||||||||||
Alternative Income | 7,985,172 | 648,722 | (265,364 | ) | 383,358 | |||||||||||
Focused Large Cap Growth | 50,088,747 | 11,170,388 | (1,210,434 | ) | 9,959,954 | |||||||||||
International Stock | 73,734,237 | 8,528,789 | (2,169,236 | ) | 6,359,553 | |||||||||||
Real Estate Stock | 38,773,063 | 8,598,646 | (1,084,420 | ) | 7,514,226 | |||||||||||
Small Cap Value | 28,281,683 | 2,716,526 | (1,090,833 | ) | 1,625,693 | |||||||||||
Emerging Markets Stock | 43,254,193 | 6,595,603 | (635,503 | ) | 5,960,100 | |||||||||||
Small Cap Grow th | 30,170,676 | 5,189,326 | (769,677 | ) | 4,419,649 |
Monthly Distribution: | Unrealized | |||||||||||||||||
Settlement | Local | U.S. Dollar | Appreciation | |||||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | (Depreciation) | |||||||||||||
To Sell: | ||||||||||||||||||
British Pound | 6/15/2015 | JP Morgan | 1,877,796 | $ | 2,885,503 | $ | 22,294 | |||||||||||
Singapore Dollar | 6/25/2015 | JP Morgan | 3,108,635 | 2,344,877 | 7,753 | |||||||||||||
Euro | 7/8/2015 | JP Morgan | 52,574 | 59,004 | (2,523 | ) | ||||||||||||
Euro | 7/10/2015 | JP Morgan | 3,229,500 | 3,625,175 | (131,830 | ) | ||||||||||||
Australian Dollar | 7/22/2015 | JP Morgan | 2,590,285 | 2,032,320 | (63,258 | ) | ||||||||||||
British Pound | 7/22/2015 | JP Morgan | 816,515 | 1,254,380 | (12,248 | ) | ||||||||||||
Euro | 8/17/2015 | JP Morgan | 4,287,374 | 4,814,695 | (254,944 | ) | ||||||||||||
Euro | 8/25/2015 | JP Morgan | 223,984 | 251,567 | (5,800 | ) | ||||||||||||
Australian Dollar | 8/26/2015 | JP Morgan | 459,094 | 359,553 | (794 | ) | ||||||||||||
British Pound | 12/4/2015 | JP Morgan | 328,806 | 504,341 | (795 | ) | ||||||||||||
Euro | 1/20/2016 | JP Morgan | 417,402 | 470,312 | (19,074 | ) | ||||||||||||
British Pound | 3/23/2016 | JP Morgan | 849,070 | 1,303,230 | (42,775 | ) | ||||||||||||
$ | 19,904,957 | $ | (503,994 | ) |
International Opportunity Bond: | Unrealized | |||||||||||||||||
Settlement | Local | U.S. Dollar | Appreciation | |||||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | (Depreciation) | |||||||||||||
To Buy | ||||||||||||||||||
Australian Dollar | 6/16/2015 | Barclays Bank | 9,577 | $ | 7,529 | $ | 287 | |||||||||||
Australian Dollar | 6/16/2015 | Deutsche Bank | 1,212,626 | 953,289 | 35,803 | |||||||||||||
Australian Dollar | 6/16/2015 | Credit Suisse | 409,173 | 321,666 | 12,245 | |||||||||||||
British Pound | 6/16/2015 | Barclays Bank | 148,557 | 228,278 | 8,278 | |||||||||||||
Canadian Dollar | 6/16/2015 | Barclays Bank | 669,051 | 551,636 | 25,378 | |||||||||||||
Canadian Dollar | 6/16/2015 | Deutsche Bank | 900,786 | 742,703 | 33,284 | |||||||||||||
Danish Krone | 6/16/2015 | Credit Suisse | 189,269 | 28,484 | 3,105 | |||||||||||||
Euro | 6/16/2015 | Barclays Bank | 1,896,779 | 2,128,084 | 89,365 | |||||||||||||
Israeli Shekel | 6/10/2015 | Credit Suisse | 530,000 | 137,268 | 3,013 | |||||||||||||
Japanese Yen | 6/16/2015 | Deutsche Bank | 84,900,000 | 709,809 | (487 | ) | ||||||||||||
Malaysian Ringgit | 6/10/2015 | Barclays Bank | 680,000 | 189,888 | 3,430 | |||||||||||||
Polish Zloty | 6/10/2015 | Barclays Bank | 180,000 | 49,845 | 2,263 | |||||||||||||
Russian Ruble | 6/10/2015 | Deutsche Bank | 3,760,000 | 71,807 | 14,422 | |||||||||||||
Singapore Dollar | 6/10/2015 | Barclays Bank | 120,000 | 90,539 | 2,089 | |||||||||||||
Singapore Dollar | 6/10/2015 | Credit Suisse | 110,000 | 82,995 | 2,458 | |||||||||||||
South African Rand | 6/10/2015 | Barclays Bank | 2,160,000 | 179,415 | (5,788 | ) | ||||||||||||
South African Rand | 6/10/2015 | Credit Suisse | 600,000 | 49,838 | 350 | |||||||||||||
South Korean Won | 6/10/2015 | Barclays Bank | 529,132,000 | 490,706 | 10,973 | |||||||||||||
South Korean Won | 6/10/2015 | Deutsche Bank | 111,900,000 | 103,774 | 2,915 | |||||||||||||
Swedish Krona | 6/16/2015 | Credit Suisse | 720,000 | 86,294 | 2,896 | |||||||||||||
Swiss Franc | 6/16/2015 | Barclays Bank | 142,362 | 152,328 | 5,054 | |||||||||||||
Swiss Franc | 6/16/2015 | Credit Suisse | 159,457 | 170,620 | 3,631 | |||||||||||||
Turkish Lira New | 6/10/2015 | Deutsche Bank | 410,000 | 151,346 | (11,113 | ) | ||||||||||||
$ | 7,678,141 | $ | 243,851 |
International Opportunity Bond: | Unrealized | |||||||||||||||||
Settlement | Local | U.S. Dollar | Appreciation | |||||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | (Depreciation) | |||||||||||||
To Sell: | ||||||||||||||||||
British Pound | 6/16/2015 | Credit Suisse | 1,060,923 | $ | 1,630,249 | $ | (65,201 | ) | ||||||||||
British Pound | 6/16/2015 | Barclays Bank | 80,749 | 124,082 | (4,961 | ) | ||||||||||||
British Pound | 6/16/2015 | Deutsche Bank | 163,563 | 251,337 | (9,515 | ) | ||||||||||||
Euro | 6/16/2015 | Barclays Bank | 2,609,057 | 2,927,221 | (107,515 | ) | ||||||||||||
Euro | 6/16/2015 | Credit Suisse | 2,556,616 | 2,868,385 | (110,786 | ) | ||||||||||||
Euro | 6/16/2015 | Deutsche Bank | 281,080 | 315,357 | (10,465 | ) | ||||||||||||
Israeli Shekel | 6/10/2015 | Barclays Bank | 110,000 | 28,490 | (639 | ) | ||||||||||||
Mexican Peso | 6/10/2015 | Barclays Bank | 25,791,261 | 1,674,722 | 37,546 | |||||||||||||
Mexican Peso | 6/10/2015 | Credit Suisse | 6,409,505 | 416,193 | 5,828 | |||||||||||||
New Zealand Dollar | 6/16/2015 | Barclays Bank | 803,826 | 608,978 | (17,628 | ) | ||||||||||||
New Zealand Dollar | 6/16/2015 | Deutsche Bank | 373,311 | 282,820 | (8,172 | ) | ||||||||||||
South Korean Won | 6/10/2015 | Credit Suisse | 206,147,000 | 191,176 | (828 | ) | ||||||||||||
Swiss Franc | 6/16/2015 | Deutsche Bank | 239,108 | 255,847 | (8,918 | ) | ||||||||||||
$ | 11,574,857 | $ | (301,254 | ) |
International Opportunity Bond: | |||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||
Settlement | Local | Local Currency | U.S. Dollar | U.S. Dollar | Appreciation | ||||||||||||||||||||
Foreign Currency | Date | Counterparty | Currency Sell | Buy | Value Buy | Value Sell | (Depreciation ) | ||||||||||||||||||
To Buy: | To Sell: | ||||||||||||||||||||||||
Czech Koruna | Euro | 6/10/2015 | Deutche Bank | 1,780,000 | 64,927 | $ | 73,503 | $ | 73,343 | $ | 142 | ||||||||||||||
Danish Krone | Euro | 6/16/2015 | Barclays Bank | 407,227 | 54,890 | 61,293 | 61,584 | 113 | |||||||||||||||||
Euro | Danish Krone | 6/16/2015 | Deutche Bank | 216,097 | 1,611,711 | 242,449 | 242,563 | (497 | ) | ||||||||||||||||
Euro | Swedish Krona | 6/16/2015 | Credit Suisse | 101,886 | 944,301 | 114,288 | 113,177 | 778 | |||||||||||||||||
Japanese Yen | Euro | 6/16/2015 | Barclays Bank | 204,452,886 | 1,583,256 | 1,709,334 | 1,776,328 | (71,964 | ) | ||||||||||||||||
Japanese Yen | Euro | 6/16/2015 | Deutche Bank | 171,740,843 | 1,329,943 | 1,435,844 | 1,492,124 | (60,450 | ) | ||||||||||||||||
Norwegian Krone | Euro | 6/16/2015 | Deutche Bank | 836,902 | 95,849 | 110,853 | 107,537 | 2,381 | |||||||||||||||||
Polish Zloty | Euro | 6/16/2015 | Deutche Bank | 220,000 | 52,628 | 60,922 | 59,041 | 1,556 | |||||||||||||||||
Swiss Franc | Euro | 6/16/2015 | Credit Suisse | 23,306 | 22,390 | 24,937 | 25,120 | (186 | ) | ||||||||||||||||
$ | 3,833,423 | $ | 3,950,817 | $ | (128,127 | ) |
Settlement | Local | U.S. Dollar | Unrealized | |||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | Appreciation | |||||||||||
To Buy: | ||||||||||||||||
Swiss Franc | 6/17/2015 | Goldman Sachs | 23,154 | $ | 24,776 | $ | 753 |
Settlement | Local | U.S. Dollar | Unrealized | |||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | Appreciation | |||||||||||
To Buy: | ||||||||||||||||
Australian Dollar | 6/17/2015 | Royal Bank of Scotland | 6,547,963 | $ | 5,147,291 | $ | 102,853 | |||||||||
British Pound | 6/17/2015 | Deutsche Bank | 6,038,262 | 9,341,227 | 201,556 | |||||||||||
Canadian Dollar | 6/17/2015 | UBS | 7,157,647 | 5,901,434 | 200,123 | |||||||||||
Danish Krone | 6/17/2015 | UBS | 2,482,437 | 373,602 | 9,832 | |||||||||||
Euro | 6/17/2015 | Bank of New York Mellon | 109,285 | 122,614 | 2,842 | |||||||||||
Hong Kong Dollar | 6/17/2015 | UBS | 12,092,809 | 1,585,921 | 1,543 | |||||||||||
Israeli Shekel | 6/17/2015 | Royal Bank of Scotland | 4,340,088 | 1,124,122 | 34,037 | |||||||||||
Japanese Yen | 6/17/2015 | Bank of New York Mellon | 107,623,171 | 899,759 | 4,706 | |||||||||||
New Zealand Dollar | 6/17/2015 | Royal Bank of Scotland | 217,647 | 164,872 | 5,503 | |||||||||||
Norwegian Krone | 6/17/2015 | Royal Bank of Scotland | 2,981,165 | 394,862 | 21,108 | |||||||||||
Singapore Dollar | 6/17/2015 | UBS | 1,100,611 | 830,311 | 33,706 | |||||||||||
Swedish Krona | 6/17/2015 | UBS | 774,645 | 92,845 | 2,540 | |||||||||||
Swiss Franc | 6/17/2015 | Deutsche Bank | 1,108,420 | 1,186,066 | 35,406 | |||||||||||
$ | 27,164,926 | $ | 655,755 |
International Stock: | Unrealized | |||||||||||||||
Settlement | Local | U.S. Dollar | Appreciation | |||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | (Depreciation ) | |||||||||||
To Sell: | ||||||||||||||||
Australian Dollar | 6/17/2015 | Royal Bank of Scotland | 328,177 | $ | 257,977 | $ | (5,677 | ) | ||||||||
Australian Dollar | 6/17/2015 | UBS | 35,381 | 27,813 | (670 | ) | ||||||||||
British Pound | 6/17/2015 | Deutsche Bank | 296,068 | 454,944 | (14,092 | ) | ||||||||||
Canadian Dollar | 6/17/2015 | UBS | 131,206 | 108,178 | (3,914 | ) | ||||||||||
Danish Krone | 6/17/2015 | UBS | 15,969,630 | 2,403,400 | (66,580 | ) | ||||||||||
Euro | 6/17/2015 | UBS | 14,852,885 | 16,664,373 | (536,205 | ) | ||||||||||
Hong Kong Dollar | 6/17/2015 | UBS | 551,511 | 71,152 | (50 | ) | ||||||||||
Israeli Shekel | 6/17/2015 | Royal Bank of Scotland | 6,288,219 | 1,628,706 | (65,989 | ) | ||||||||||
Japanese Yen | 6/17/2015 | Bank of New York Mellon | 983,880,680 | 8,225,888 | (74,425 | ) | ||||||||||
Japanese Yen | 6/17/2015 | Royal Bank of Scotland | 15,567,065 | 130,091 | 894 | |||||||||||
New Zealand Dollar | 6/17/2015 | Royal Bank of Scotland | 10,441 | 7,909 | (83 | ) | ||||||||||
Norwegian Krone | 6/17/2015 | Royal Bank of Scotland | 6,854,762 | 907,928 | (40,070 | ) | ||||||||||
Swedish Krona | 6/17/2015 | Bank of New York Mellon | 11,270,127 | 1,350,784 | (18,957 | ) | ||||||||||
Swedish Krona | 6/17/2015 | UBS | 12,490,451 | 1,497,047 | (30,241 | ) | ||||||||||
Swiss Franc | 6/17/2015 | Deutsche Bank | 677,698 | 725,171 | (29,481 | ) | ||||||||||
$ | 34,461,361 | $ | (885,540 | ) |
Emerging Markets Stock: | ||||||||||||||||
Settlement | Local | U.S. Dollar | Unrealized | |||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | (Depreciation ) | |||||||||||
To Buy: | ||||||||||||||||
Hong Kong Dollar | 5/4/2015 | US Bank | 11,054,118 | $ | 1,426,116 | $ | (185 | ) |
Emerging Markets Stock: | ||||||||||||||||
Settlement | Local | U.S. Dollar | Unrealized | |||||||||||||
Foreign Currency | Date | Counterparty | Currency | Value | Appreciation | |||||||||||
To Sell: | ||||||||||||||||
Turkish Lira | 6/17/2015 | US Bank | 4,192,070 | $ | 1,564,999 | $ | 14,065 |
Class N Shares | Class A Shares | |||||||||||||||||||||||||||||||
Net Increase | Net Increase | |||||||||||||||||||||||||||||||
Distributions | (Decrease) in | Distributions | (Decrease) in | |||||||||||||||||||||||||||||
Fund | Issued | Reinvested | Redeemed | Shares | Issued | Reinvested | Redeemed | Shares | ||||||||||||||||||||||||
Corporate/Government Bond | 508,167 | 65,657 | (239,591 | ) | 334,233 | 79,363 | 5,108 | (41,278 | ) | 43,193 | ||||||||||||||||||||||
Monthly Distribution | 843,852 | 64,682 | (670,319 | ) | 238,215 | 482,226 | 25,851 | (561,504 | ) | (53,427 | ) | |||||||||||||||||||||
Floating Rate Bond | 1,192,230 | 114,563 | (445,533 | ) | 861,260 | 233,026 | 12,018 | (863,834 | ) | (618,790 | ) | |||||||||||||||||||||
High-Yield Bond | 1,035,396 | 231,217 | (2,851,241 | ) | (1,584,628 | ) | 619,656 | 37,343 | (1,810,818 | ) | (1,153,819 | ) | ||||||||||||||||||||
International Opportunity Bond | 1,136,026 | 2,121 | (361,544 | ) | 776,603 | 402,613 | 115 | (66,945 | ) | 335,783 | ||||||||||||||||||||||
Dynamic Macro | 926,730 | - | (152,800 | ) | 773,930 | 104,500 | - | (16,200 | ) | 88,300 | ||||||||||||||||||||||
Alternative Strategy | 150,468 | - | (84,009 | ) | 66,459 | 9,817 | - | (18,419 | ) | (8,602 | ) | |||||||||||||||||||||
Appreciation & Income | 378,241 | 362,827 | (188,108 | ) | 552,960 | 95,400 | 65,318 | (124,673 | ) | 36,045 | ||||||||||||||||||||||
Large Cap Value | 336,204 | 19,465 | (269,004 | ) | 86,665 | 71,365 | 2,513 | (187,748 | ) | (113,870 | ) | |||||||||||||||||||||
Alternative Income | 80,617 | 5,742 | (78,341 | ) | 8,018 | 11,014 | 3,497 | (463 | ) | 14,048 | ||||||||||||||||||||||
Focused Large Cap Growth | 371,194 | - | (297,621 | ) | 73,573 | 410,884 | - | (811,420 | ) | (400,536 | ) | |||||||||||||||||||||
International Stock | 494,272 | 92,841 | (307,926 | ) | 279,187 | 127,175 | 10,011 | (112,438 | ) | 24,748 | ||||||||||||||||||||||
Real Estate Stock | 244,485 | 100,754 | (542,294 | ) | (197,055 | ) | 409,982 | 27,522 | (103,578 | ) | 333,926 | |||||||||||||||||||||
Small Cap Value | 135,684 | 101,946 | (141,690 | ) | 95,940 | 50,788 | 13,178 | (30,758 | ) | 33,208 | ||||||||||||||||||||||
Emerging Markets Stock | 470,633 | 33,977 | (171,980 | ) | 332,630 | 85,135 | 3,384 | (28,576 | ) | 59,943 | ||||||||||||||||||||||
Small Cap Growth | 162,601 | 107,442 | (143,419 | ) | 126,624 | 68,024 | 24,863 | (57,894 | ) | 34,993 |
Class C Shares | ||||||||||||||||
Net Increase | ||||||||||||||||
Distributions | (Decrease) in | |||||||||||||||
Fund | Issued | Reinvested | Redeemed | Shares | ||||||||||||
Corporate/Government Bond | 22,799 | 4,137 | (18,618 | ) | 8,318 | |||||||||||
Monthly Distribution | 378,666 | 23,970 | (217,358 | ) | 185,278 | |||||||||||
Floating Rate Bond | 58,103 | 4,581 | (35,630 | ) | 27,054 | |||||||||||
High-Yield Bond | 85,950 | 16,926 | (138,502 | ) | (35,626 | ) | ||||||||||
International Opportunity Bond | 45,562 | - | (12,992 | ) | 32,570 | |||||||||||
Dynamic Macro | 33,629 | - | (20,411 | ) | 13,218 | |||||||||||
Alternative Strategy | 2,659 | - | (10,295 | ) | (7,636 | ) | ||||||||||
Appreciation & Income | 101,240 | 75,928 | (34,363 | ) | 142,805 | |||||||||||
Large Cap Value | 35,787 | - | (37,071 | ) | (1,284 | ) | ||||||||||
Alternative Income | 48,774 | 2,760 | (7,601 | ) | 43,933 | |||||||||||
Focused Large Cap Growth | 22,926 | - | (26,145 | ) | (3,219 | ) | ||||||||||
International Stock | 50,803 | 6,655 | (23,607 | ) | 33,851 | |||||||||||
Real Estate Stock | 28,910 | 10,901 | (54,928 | ) | (15,117 | ) | ||||||||||
Small Cap Value | 10,804 | 11,766 | (19,511 | ) | 3,059 | |||||||||||
Emerging Markets Stock | 39,667 | 1,420 | (32,088 | ) | 8,999 | |||||||||||
Small Cap Growth | 12,684 | 21,228 | (26,318 | ) | 7,594 |
Class N Shares | Class A Shares | |||||||||||||||||||||||||||||||
Net Increase | Net Increase | |||||||||||||||||||||||||||||||
Distributions | (Decrease) in | Distributions | (Decrease) in | |||||||||||||||||||||||||||||
Fund | Issued | Reinvested | Redeemed | Shares | Issued | Reinvested | Redeemed | Shares | ||||||||||||||||||||||||
Corporate/Government Bond | 601,689 | 113,304 | (3,381,394 | ) | (2,666,401 | ) | 114,010 | 7,402 | (350,564 | ) | (229,152 | ) | ||||||||||||||||||||
Monthly Distribution | 1,299,418 | 174,928 | (1,555,306 | ) | (80,960 | ) | 1,061,343 | 67,049 | (822,610 | ) | 305,782 | |||||||||||||||||||||
Floating Rate Bond | 7,005,944 | 133,845 | (743,012 | ) | 6,396,777 | 1,492,431 | 24,772 | (132,192 | ) | 1,385,011 | ||||||||||||||||||||||
High-Yield Bond | 1,790,286 | 476,574 | (5,494,690 | ) | (3,227,830 | ) | 588,769 | 82,163 | (428,003 | ) | 242,929 | |||||||||||||||||||||
International Opportunity Bond | 4,734,216 | 22,379 | (355,283 | ) | 4,401,312 | 401,150 | 978 | (37,733 | ) | 364,395 | ||||||||||||||||||||||
Dynamic Macro | 1,237,775 | 3,525 | (765,702 | ) | 475,598 | 147,184 | 2,761 | (154,991 | ) | (5,046 | ) | |||||||||||||||||||||
Alternative Strategy | 142,699 | - | (183,097 | ) | (40,398 | ) | 47,976 | - | (625,382 | ) | (577,406 | ) | ||||||||||||||||||||
Appreciation & Income | 348,519 | 22,324 | (233,752 | ) | 137,091 | 1,022 | 2,893 | (122,240 | ) | (118,325 | ) | |||||||||||||||||||||
Large Cap Value | 474,170 | 28,501 | (506,752 | ) | (4,081 | ) | 280,235 | 3,166 | (150,890 | ) | 132,511 | |||||||||||||||||||||
Alternative Income | 196,178 | 6,125 | (44,413 | ) | 157,890 | 25,389 | 6,456 | (6,674 | ) | 25,171 | ||||||||||||||||||||||
Focused Large Cap Growth | 2,594,973 | 798 | (181,663 | ) | 2,414,108 | 746,820 | 10,877 | (236,037 | ) | 521,660 | ||||||||||||||||||||||
International Stock | 799,836 | 56,397 | (357,947 | ) | 498,286 | 510,054 | 4,952 | (308,127 | ) | 206,879 | ||||||||||||||||||||||
Real Estate Stock | 544,572 | 77,292 | (723,897 | ) | (102,033 | ) | 117,278 | 5,391 | (73,685 | ) | 48,984 | |||||||||||||||||||||
Small Cap Value | 589,649 | 57,740 | (243,955 | ) | 403,434 | 165,405 | 5,610 | (78,622 | ) | 92,393 | ||||||||||||||||||||||
Emerging Markets Stock | 963,065 | - | (218,744 | ) | 744,321 | 155,924 | - | (48,428 | ) | 107,496 | ||||||||||||||||||||||
Small Cap Growth | 576,390 | 162,465 | (327,317 | ) | 411,538 | 233,047 | 41,784 | (193,059 | ) | 81,772 |
Class C Shares | ||||||||||||||||
Net Increase | ||||||||||||||||
Distributions | (Decrease) in | |||||||||||||||
Fund | Issued | Reinvested | Redeemed | Shares | ||||||||||||
Corporate/Government Bond | 35,490 | 8,526 | (334,511 | ) | (290,495 | ) | ||||||||||
Monthly Distribution | 784,590 | 57,882 | (480,019 | ) | 362,453 | |||||||||||
Floating Rate Bond | 458,466 | 6,210 | (121,105 | ) | 343,571 | |||||||||||
High-Yield Bond | 249,172 | 44,732 | (499,686 | ) | (205,782 | ) | ||||||||||
International Opportunity Bond | 259,895 | 145 | (64,778 | ) | 195,262 | |||||||||||
Dynamic Macro | 72,554 | 2,006 | (109,421 | ) | (34,861 | ) | ||||||||||
Alternative Strategy | 16,323 | - | (21,274 | ) | (4,951 | ) | ||||||||||
Appreciation & Income | 68,327 | 1,842 | (70,857 | ) | (688 | ) | ||||||||||
Large Cap Value | 89,744 | 656 | (87,769 | ) | 2,631 | |||||||||||
Alternative Income | 69,772 | 4,216 | (17,724 | ) | 56,264 | |||||||||||
Focused Large Cap Growth | 325,491 | 592 | (64,205 | ) | 261,878 | |||||||||||
International Stock | 110,428 | 3,140 | (50,032 | ) | 63,536 | |||||||||||
Real Estate Stock | 103,703 | 5,147 | (53,022 | ) | 55,828 | |||||||||||
Small Cap Value | 51,936 | 7,538 | (34,995 | ) | 24,479 | |||||||||||
Emerging Markets Stock | 98,573 | - | (35,396 | ) | 63,177 | |||||||||||
Small Cap Growth | 78,036 | 33,652 | (51,557 | ) | 60,131 |
For the year ended October 31, 2014 | For the period ended October 31, 2013 | |||||||||||||||||||||||||||||||
Ordinary | Long-Term | Return of | Ordinary | Long-Term | Return of | |||||||||||||||||||||||||||
Fund | Income | Capital Gains | Capital | Total | Income | Capital Gains | Capital | Total | ||||||||||||||||||||||||
Corporate/Government Bond | $ | 1,609,392 | $ | 223,663 | $ | — | $ | 1,833,055 | $ | 4,989,941 | $ | 479,818 | $ | — | $ | 5,469,759 | ||||||||||||||||
Monthly Distribution | 6,127,602 | 4,836,787 | 1,672,242 | 12,636,631 | 7,756,262 | — | — | 7,756,262 | ||||||||||||||||||||||||
Floating Rate Bond | 1,836,066 | — | — | 1,836,066 | — | — | — | — | ||||||||||||||||||||||||
High-Yield Bond | 6,632,924 | — | — | 6,632,924 | 7,438,832 | — | — | 7,438,832 | ||||||||||||||||||||||||
International Opportunity Bond | — | — | 236,377 | 236,377 | — | — | — | — | ||||||||||||||||||||||||
Dynamic Macro | 171,273 | — | — | 171,273 | 379,368 | — | 30,656 | 410,024 | ||||||||||||||||||||||||
Alternative Strategy | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Appreciation & Income | 300,034 | — | — | 300,034 | 826,595 | — | — | 826,595 | ||||||||||||||||||||||||
Large Cap Value | 488,166 | — | — | 488,166 | 439,727 | — | — | 439,727 | ||||||||||||||||||||||||
Alternative Income | 42,433 | 191,793 | — | 234,226 | 31,226 | — | — | 31,226 | ||||||||||||||||||||||||
Focused Large Cap Growth | 156,567 | 22,778 | — | 179,345 | — | — | — | — | ||||||||||||||||||||||||
Real Estate Stock | 441,893 | 935,096 | — | 1,376,989 | 307,473 | 786,227 | — | 1,093,700 | ||||||||||||||||||||||||
International Stock | 986,428 | — | — | 986,428 | 523,067 | — | — | 523,067 | ||||||||||||||||||||||||
Small Cap Value | 20,015 | 1,033,666 | — | 1,053,681 | 44,834 | — | — | 44,834 | ||||||||||||||||||||||||
Emerging Markets Stock | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth | 3,200,033 | 1,364,027 | — | 4,564,060 | — | 1,257,195 | — | 1,257,195 |
Total | ||||||||||||||||||||||||
Undistributed | Capital Loss | Unrealized | Accumulated | |||||||||||||||||||||
Undistributed | Long-Term | Carry | Late Year | Appciationre | Earnings | |||||||||||||||||||
Fund | Ordinary Income | Capital Cains | Forwards | Loss | (Depreciation ) | (Deficits ) | ||||||||||||||||||
Corporate/Government Bond | $ | 13,411 | $ | — | $ | (465,701 | ) | $ | — | $ | 666,163 | $ | 213,873 | |||||||||||
Monthly Distribution | — | — | (3,371,794 | ) | — | (7,619,575 | ) | (10,991,369 | ) | |||||||||||||||
Floating Rate Bond | 20,255 | — | (67,025 | ) | — | (1,043,528 | ) | (1,090,298 | ) | |||||||||||||||
High-Yield Bond | 17,754 | — | (3,403,542 | ) | — | 1,118,293 | (2,267,495 | ) | ||||||||||||||||
International Opportunity Bond | — | — | — | — | (1,545,372 | ) | (1,545,372 | ) | ||||||||||||||||
Dynamic Macro | — | — | (431,749 | ) | — | 297,888 | (133,861 | ) | ||||||||||||||||
Alternative Strategy | — | — | (1,198,250 | ) | (259,611 | ) | 532,007 | (925,854 | ) | |||||||||||||||
Appreciation & Income | 808,269 | 3,916,839 | — | — | 929,270 | 5,654,378 | ||||||||||||||||||
Large Cap Value | 242,115 | — | (902,741 | ) | — | 19,700,739 | 19,040,113 | |||||||||||||||||
Alternative Income | — | 93,728 | — | — | 502,672 | 596,400 | ||||||||||||||||||
Focused Large Cap Grow th | — | — | (591,857 | ) | (390,591 | ) | 7,699,610 | 6,717,162 | ||||||||||||||||
Real Estate Stock | 1,617,460 | 1,031,469 | — | — | 8,798,753 | 11,447,682 | ||||||||||||||||||
International Stock | 1,302,369 | 267,504 | — | — | 3,137,096 | 4,706,969 | ||||||||||||||||||
Small Cap Value | 1,490,330 | 390,448 | — | — | 1,913,636 | 3,794,414 | ||||||||||||||||||
Emerging Markets Stock | 535,365 | — | (3,967,556 | ) | — | 3,392,405 | (39,786 | ) | ||||||||||||||||
Small Cap Grow th | 318,339 | 2,332,362 | — | — | 2,974,125 | 5,624,826 |
Late Year | ||||
Fund | Losses | |||
Corporate/Government Bond | $ | — | ||
Monthly Distribution | — | |||
Floating Rate Bond | — | |||
High-Yield Bond | — | |||
International Opportunity Bond | — | |||
Dynamic Macro | — | |||
Alternative Strategy | 259,611 | |||
Appreciation & Income | — | |||
Large Cap Value | — | |||
Alternative Income | 390,591 | |||
Focused Large Cap Growth | — | |||
International Stock | — | |||
Real Estate Stock | — | |||
Small Cap Value | — | |||
Emerging Markets Stock | — | |||
Small Cap Grow th | — |
Expiring October 31, | Non-Expiring | Long-Term | ||||||||||||||||||||||||||
Fund | 2015 | 2016 | 2017 | 2019 | Short-Term | Non-Expiring | Total | |||||||||||||||||||||
Corporate/Government Bond | $ | — | $ | — | $ | — | $ | — | $ | 645,701 | $ | — | $ | 645,701 | ||||||||||||||
Monthly Distribution | 3,371,794 | — | — | — | — | — | 3,371,794 | |||||||||||||||||||||
Floating Rate Bond | — | — | — | — | 67,025 | — | 67,025 | |||||||||||||||||||||
High-Yield Bond | — | — | 3,403,542 | — | — | — | 3,403,542 | |||||||||||||||||||||
International Opportunity Bond | — | — | — | — | — | — | — | |||||||||||||||||||||
Dynamic Macro | — | — | — | 152,058 | — | 279,691 | 431,749 | |||||||||||||||||||||
Alternative Strategy | — | — | — | — | 1,198,250 | — | 1,198,250 | |||||||||||||||||||||
Appreciation & Income | — | — | — | — | — | — | — | |||||||||||||||||||||
Large Cap Value | — | — | 902,741 | — | — | — | 902,741 | |||||||||||||||||||||
Alternative Income | — | — | — | — | — | — | — | |||||||||||||||||||||
Focused Large Cap Grow th | — | — | — | — | 516,209 | 75,648 | 591,857 | |||||||||||||||||||||
International Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
Real Estate Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
Small Cap Value | — | — | — | — | — | — | — | |||||||||||||||||||||
Emerging Markets Stock | — | — | 3,386,845 | 351,019 | 229,692 | — | 3,967,556 | |||||||||||||||||||||
Small Cap Grow th | — | — | — | — | — | — | — |
Hypothetical | |||||||||||||||||||||||
Actual | (5% return before expenses) | ||||||||||||||||||||||
Fund’s | Beginning | Ending | Expenses | Ending | Expenses | ||||||||||||||||||
Annualized | Account Value | Account Value | Paid During | Account Value | Paid During | ||||||||||||||||||
Expense Ratio | 11/1/14 | 4/30/15 | Period* | 4/30/15 | Period* | ||||||||||||||||||
Class N: | |||||||||||||||||||||||
Corporate/Government Bond Fund | 1.02 | % | $1,000.00 | $ | 1,012.90 | $ | 5.09 | $ | 1,019.74 | $ | 5.11 | ||||||||||||
Monthly Distribution Fund | 2.45 | % | $1,000.00 | $ | 1,026.70 | $ | 12.31 | $ | 1,012.65 | $ | 12.23 | ||||||||||||
Floating Rate Bond Fund | 1.27 | % | $1,000.00 | $ | 1,018.90 | $ | 6.36 | $ | 1,017.36 | $ | 7.50 | ||||||||||||
High-Yield Bond Fund | 1.03 | % | $1,000.00 | $ | 1,003.30 | $ | 5.12 | $ | 1,019.69 | $ | 5.16 | ||||||||||||
International Opportunity Bond Fund | 1.45 | % | $1,000.00 | $ | 951.70 | $ | 7.00 | $ | 1,017.62 | $ | 7.24 | ||||||||||||
Dynamic Macro Fund | 2.37 | % | $1,000.00 | $ | 1,060.10 | $ | 12.11 | $ | 1,013.04 | $ | 11.83 | ||||||||||||
Alternative Strategy Fund | 1.61 | % | $1,000.00 | $ | 1,022.10 | $ | 8.07 | $ | 1,016.81 | $ | 8.05 | ||||||||||||
Appreciation & Income Fund | 1.50 | % | $1,000.00 | $ | 1,037.80 | $ | 7.58 | $ | 1,017.36 | $ | 7.50 | ||||||||||||
Large Cap Value Fund | 0.94 | % | $1,000.00 | $ | 1,032.70 | $ | 4.74 | $ | 1,020.13 | $ | 4.71 | ||||||||||||
Alternative Income Fund | 1.58 | % | $1,000.00 | $ | 977.40 | $ | 7.82 | $ | 1,016.96 | $ | 7.90 | ||||||||||||
Focused Large Cap Growth Fund | 1.21 | % | $1,000.00 | $ | 1,066.00 | $ | 6.20 | $ | 1,018.79 | $ | 6.06 | ||||||||||||
International Stock Fund | 1.92 | % | $1,000.00 | $ | 1,068.10 | $ | 9.85 | $ | 1,015.27 | $ | 9.59 | ||||||||||||
Real Estate Stock Fund | 1.63 | % | $1,000.00 | $ | 1,029.40 | $ | 8.20 | $ | 1,016.71 | $ | 8.15 | ||||||||||||
Small Cap Value Fund | 1.76 | % | $1,000.00 | $ | 1,012.30 | $ | 8.78 | $ | 1,016.07 | $ | 8.80 | ||||||||||||
Emerging Markets Stock Fund | 1.86 | % | $1,000.00 | $ | 1,002.70 | $ | 9.24 | $ | 1,015.57 | $ | 9.30 | ||||||||||||
Small Cap Growth Fund | 1.20 | % | $1,000.00 | $ | 1,089.30 | $ | 6.22 | $ | 1,018.84 | $ | 6.01 | ||||||||||||
Class A: | |||||||||||||||||||||||
Corporate/Government Bond Fund | 1.27 | % | $1,000.00 | $ | 1,011.70 | $ | 6.33 | $ | 1,018.50 | $ | 6.36 | ||||||||||||
Monthly Distribution Fund | 2.70 | % | $1,000.00 | $ | 1,025.30 | $ | 13.56 | $ | 1,011.41 | $ | 13.47 | ||||||||||||
Floating Rate Bond Fund | 1.52 | % | $1,000.00 | $ | 1,016.60 | $ | 7.60 | $ | 1,016.12 | $ | 8.75 | ||||||||||||
High-Yield Bond Fund | 1.28 | % | $1,000.00 | $ | 1,003.00 | $ | 6.36 | $ | 1,018.45 | $ | 6.41 | ||||||||||||
International Opportunity Bond Fund | 1.70 | % | $1,000.00 | $ | 950.50 | $ | 8.22 | $ | 1,016.36 | $ | 8.50 | ||||||||||||
Dynamic Macro Fund | 2.62 | % | $1,000.00 | $ | 1,058.90 | $ | 13.37 | $ | 1,011.80 | $ | 13.07 | ||||||||||||
Alternative Strategy Fund | 1.86 | % | $1,000.00 | $ | 1,021.20 | $ | 9.32 | $ | 1,015.57 | $ | 9.30 | ||||||||||||
Appreciation & Income Fund | 1.75 | % | $1,000.00 | $ | 1,037.30 | $ | 8.84 | $ | 1,016.12 | $ | 8.75 | ||||||||||||
Large Cap Value Fund | 1.19 | % | $1,000.00 | $ | 1,031.40 | $ | 5.99 | $ | 1,018.89 | $ | 5.96 | ||||||||||||
Alternative Income Fund | 1.83 | % | $1,000.00 | $ | 995.50 | $ | 9.05 | $ | 1,015.72 | $ | 9.15 | ||||||||||||
Focused Large Cap Growth Fund | 1.46 | % | $1,000.00 | $ | 1,064.40 | $ | 7.47 | $ | 1,017.55 | $ | 7.30 | ||||||||||||
International Stock Fund | 2.17 | % | $1,000.00 | $ | 1, 066.50 | $ | 11.12 | $ | 1,014.03 | $ | 10.84 | ||||||||||||
Real Estate Stock Fund | 1.88 | % | $1,000.00 | $ | 1,028.30 | $ | 9.45 | $ | 1,015.47 | $ | 9.39 | ||||||||||||
Small Cap Value Fund | 2.01 | % | $1,000.00 | $ | 1,010.80 | $ | 10.02 | $ | 1,014.83 | $ | 10.04 | ||||||||||||
Emerging Markets Stock Fund | 2.11 | % | $1,000.00 | $ | 1,001.40 | $ | 10.47 | $ | 1,014.33 | $ | 10.54 | ||||||||||||
Small Cap Growth Fund | 1.45 | % | $1,000.00 | $ | 1,087.90 | $ | 7.51 | $ | 1,017.60 | $ | 7.25 |
Hypothetical | ||||||||||||||||||||||||
Actual | (5% return before expenses) | |||||||||||||||||||||||
Fund’s | Beginning | Ending | Expenses | Ending | Expenses | |||||||||||||||||||
Annualized | Account Value | Account Value | Paid During | Account Value | Paid During | |||||||||||||||||||
Expense Ratio | 11/1/14 | 4/30/15 | Period* | 4/30/15 | Period* | |||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Corporate/Government Bond Fund | 1.77 | % | $ | 1,000.00 | $ | 1,008.60 | $ | 8.82 | $ | 1,016.02 | $ | 8.85 | ||||||||||||
Monthly Distribution Fund | 3.45 | % | $ | 1,000.00 | $ | 1,021.50 | $ | 17.29 | $ | 1,007.69 | $ | 17.17 | ||||||||||||
Floating Rate Bond Fund | 2.02 | % | $ | 1,000.00 | $ | 1,015.20 | $ | 10.09 | $ | 1,012.40 | $ | 12.47 | ||||||||||||
High-Yield Bond Fund | 1.78 | % | $ | 1,000.00 | $ | 998.60 | $ | 8.82 | $ | 1,015.97 | $ | 8.90 | ||||||||||||
International Opportunity Bond Fund | 2.20 | % | $ | 1,000.00 | $ | 948.00 | $ | 10.63 | $ | 1,013.88 | $ | 10.99 | ||||||||||||
Dynamic Macro Fund | 3.37 | % | $ | 1,000.00 | $ | 1,055.70 | $ | 17.18 | $ | 1,008.08 | $ | 16.78 | ||||||||||||
Alternative Strategy Fund | 2.61 | % | $ | 1,000.00 | $ | 1,017.40 | $ | 13.06 | $ | 1,011.85 | $ | 13.02 | ||||||||||||
Appreciation & Income Fund | 2.50 | % | $ | 1,000.00 | $ | 1,033.50 | $ | 12.60 | $ | 1,012.40 | $ | 12.47 | ||||||||||||
Large Cap Value Fund | 1.94 | % | $ | 1,000.00 | $ | 1,027.40 | $ | 9.75 | $ | 1,015.17 | $ | 9.69 | ||||||||||||
Alternative Income Fund | 2.58 | % | $ | 1,000.00 | $ | 991.60 | $ | 12.74 | $ | 1,012.00 | $ | 12.87 | ||||||||||||
Focused Large Cap Growth Fund | 2.21 | % | $ | 1,000.00 | $ | 1,061.00 | $ | 11.29 | $ | 1,013.84 | $ | 11.03 | ||||||||||||
International Stock Fund | 2.92 | % | $ | 1,000.00 | $ | 1,062.90 | $ | 14.94 | $ | 1,010.31 | $ | 14.55 | ||||||||||||
Real Estate Stock Fund | 2.63 | % | $ | 1,000.00 | $ | 1,024.50 | $ | 13.20 | $ | 1,011.75 | $ | 13.12 | ||||||||||||
Small Cap Value Fund | 2.76 | % | $ | 1,000.00 | $ | 1,007.20 | $ | 13.74 | $ | 1,011.11 | $ | 13.76 | ||||||||||||
Emerging Markets Stock Fund | 2.86 | % | $ | 1,000.00 | $ | 998.20 | $ | 14.17 | $ | 1,010.61 | $ | 14.26 | ||||||||||||
Small Cap Growth Fund | 2.20 | % | $ | 1,000.00 | $ | 1,083.60 | $ | 11.37 | $ | 1,013.88 | $ | 10.99 |
FACTS | WHAT DO THE DUNHAM FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you |
have with us. This information can include: | |
■ Social Security number and wire transfer instructions | |
■ account transactions and transaction history | |
■ investment experience and purchase history | |
When you are no longer a customer, we continue to share your information as described in this notice. | |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Dunham Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Do Dunham Funds share? | Can you limit this |
sharing? | ||
For our everyday business purposes - | ||
such as to process your transactions, maintain your | Yes | No |
account(s), respond to court orders and legal | ||
investigations, or report to credit bureaus | ||
For our marketing purposes - | Yes | No |
to offer our products and services to you | ||
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes - | No | We don’t share |
information about your transactions and experiences | ||
For our affiliates’ everyday business purposes - | No | We don’t share |
information about your creditworthiness | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call (800) 442-4358 or go to www.dunham.com |
What we do | |
How do Dunham Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We permit only authorized parties and affiliates (as permitted by law) who have signed an agreement (which protects your personal information) with us to have access to customer information. |
How do Dunham Funds | We collect your personal information, for example, when you |
collect my personal | |
information? | ■ open and account or deposit money |
■ direct us to buy securities or direct us to sell your securities | |
■ seek advice about your investments | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only |
■ sharing for affiliates’ everyday business purposes-information about your creditworthiness | |
■ affiliates from using your information to market to you | |
■ sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
■ Our affiliates include financial companies, such as Dunham & Associates Investment Counsel, Inc. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
■ Dunham Funds do not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
■ Dunham Funds doesn’t jointly market |
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.
Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Funds. Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders. None
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not required for semi-annual reports.
(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith..
(a)(3) Not applicable.
(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) 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, Principal Executive Officer/President
Date 7/9/15
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, Principal Executive Officer/President
Date 7/9/15
By (Signature and Title)
/s/ Denise Iverson
Denise Iverson, Principal Financial Officer/Treasurer
Date 7/9/15