Corporate/Government Bond Fund

Class - C

OVERVIEW

Fund Objective


The Fund seeks to provide current income and capital appreciation.

Sub-Adviser Background


Virtus Fixed Income Advisers, LLC (“VFIA”), “Newfleet Asset Management division”“”, an investment management firm located at 100 One Financial Plaza, Hartford, Connecticut 06103, founded in 1989, serves as the Sub-Adviser to the Dunham Corporate/Government Bond Fund. Virtus Investment Partners, Inc. owns 100% of VFIA. As of December 31, 2022, the Newfleet Asset Management division of VFIA had approximately $7.8 billion in assets under management for a national and international client base including individuals and institutions

Tickers & Cusips


Ticker DCCGX
Cusip 265458208
Share Class C-Shares
Fund Code 201

Fund Information


Dividend Frequency Monthly
Capital Gains Paid December*
Fund Inception 12/10/2004
FISCAL Year-End October
* If applicable

Minimum Investments


For Class C shares, the initial minimum investment amount for regular accounts is $5,000, and for taxdeferred and certain tax efficient accounts (such as Roth IRAs) is $2,000. The minimum subsequent investment is $100. An account fee of $15 annually will be charged for all non-retirement accounts with a balance below $2,500. The account fee will not be charged if the balance falls below $2,500 due solely to depreciation of the investment. The fee is waived if your total investment amount in all Funds combined is $50,000 or more. There is no minimum initial investment for employee benefit plans, mutual fund platform platforms, supermarket programs, associations, and individual retirement accounts. The minimum subsequent investment in the Trust is $100 and there is no minimum subsequent investment for any Fund. The Trust reserves the right at any time to vary the initial and subsequent investment minimums.

PRICE/PERFORMANCE

Price & YTD Total Return (11/4/2024)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$12.44 $0.03 0.24 %
Net Asset Value (NAV): $12.44
NAV Change: $0.03
NAV Percentage Change: 0.24 %
YTD Return at NAV:
2.28 %
YTD Return at NAV: 2.28 %

Performance Inception Date (As of 12/10/2004)


Most recent
month-end (as of 10/31/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 10.54 % -2.16 % -0.37 % 0.73 % 2.29 %
Average Annual
Total Return (as of 9/30/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 10.91 % -1.53 % 0.09 % 1.00 % 2.40 %
Most recent
month-end (as of 10/31/2024)
Fund
Performance
1 Yr 10.54 %
3 Yr -2.16 %
5 Yr -0.37 %
10 Yrs 0.73 %
Since Inception 2.29 %
Average Annual Total Return
(as of 9/30/2024)
Fund
Performance
1 Yr 10.91 %
3 Yr -1.53 %
5 Yr 0.09 %
10 Yrs 1.00 %
Since Inception 2.40 %
Per prospectus dated 3/1/2024
Expense Ratio: 1.92 %
Per prospectus dated 3/1/2024
Expense Ratio:
1.92 %
As of 9/30/2024
Annualized 30 Day SEC Yield at NAV: 3.24 %
As of 9/30/2024
Annualized 30 Day SEC Yield at NAV:
3.24 %

Prices and returns quoted represent past results and are no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Distribution


Date $/Share Type
10/31/2024 $0.04 Dividend
9/30/2024 $0.03 Dividend
8/30/2024 $0.04 Dividend
7/31/2024 $0.04 Dividend
6/28/2024 $0.04 Dividend
5/31/2024 $0.04 Dividend
4/30/2024 $0.04 Dividend
3/28/2024 $0.03 Dividend
2/29/2024 $0.03 Dividend
1/31/2024 $0.03 Dividend
12/27/2023 $0.03 Dividend
11/30/2023 $0.04 Dividend
10/31/2023 $0.03 Dividend
9/29/2023 $0.03 Dividend
8/31/2023 $0.04 Dividend
7/31/2023 $0.03 Dividend
6/30/2023 $0.03 Dividend
5/31/2023 $0.03 Dividend
4/28/2023 $0.03 Dividend
3/31/2023 $0.03 Dividend
2/28/2023 $0.02 Dividend
1/31/2023 $0.02 Dividend
12/28/2022 $0.01 Dividend
11/30/2022 $0.01 Dividend
10/31/2022 $0.01 Dividend
9/30/2022 $0.01 Dividend
8/31/2022 $0.02 Dividend
7/29/2022 $0.01 Dividend
6/30/2022 $0.01 Dividend
5/31/2022 $0.01 Dividend
4/29/2022 $0.01 Dividend
3/31/2022 $0.01 Dividend
2/28/2022 $0.01 Dividend
1/31/2022 $0.01 Dividend
12/29/2021 $0.01 Dividend
11/30/2021 $0.01 Dividend
10/29/2021 $0.01 Dividend
9/30/2021 $0.01 Dividend
8/31/2021 $0.01 Dividend
7/30/2021 $0.01 Dividend
6/30/2021 $0.01 Dividend
5/28/2021 $0.01 Dividend
4/30/2021 $0.01 Dividend
3/31/2021 $0.01 Dividend
2/26/2021 $0.01 Dividend
1/29/2021 $0.01 Dividend
12/30/2020 $0.01 Dividend
11/30/2020 $0.01 Dividend
10/30/2020 $0.01 Dividend
9/30/2020 $0.01 Dividend
8/31/2020 $0.01 Dividend
7/31/2020 $0.01 Dividend
6/30/2020 $0.01 Dividend
5/29/2020 $0.02 Dividend
4/30/2020 $0.02 Dividend
3/31/2020 $0.02 Dividend
2/28/2020 $0.02 Dividend
1/31/2020 $0.01 Dividend
12/31/2019 $0.03 Dividend
11/29/2019 $0.02 Dividend
10/31/2019 $0.02 Dividend
9/30/2019 $0.02 Dividend
8/30/2019 $0.02 Dividend
7/31/2019 $0.02 Dividend
6/28/2019 $0.02 Dividend
5/31/2019 $0.02 Dividend
4/30/2019 $0.02 Dividend
3/29/2019 $0.02 Dividend
2/28/2019 $0.02 Dividend
1/31/2019 $0.02 Dividend
12/31/2018 $0.03 Dividend
11/30/2018 $0.02 Dividend
10/31/2018 $0.03 Dividend
9/28/2018 $0.02 Dividend
8/31/2018 $0.02 Dividend
7/31/2018 $0.02 Dividend
6/29/2018 $0.02 Dividend
5/31/2018 $0.02 Dividend
4/30/2018 $0.02 Dividend
3/29/2018 $0.02 Dividend
2/28/2018 $0.02 Dividend
1/31/2018 $0.02 Dividend
12/29/2017 $0.02 Dividend
11/30/2017 $0.02 Dividend
10/31/2017 $0.02 Dividend
9/29/2017 $0.02 Dividend
8/31/2017 $0.02 Dividend
7/31/2017 $0.02 Dividend
6/30/2017 $0.02 Dividend
5/31/2017 $0.02 Dividend
4/28/2017 $0.01 Dividend
3/31/2017 $0.02 Dividend
2/28/2017 $0.02 Dividend
1/31/2017 $0.01 Dividend
12/30/2016 $0.03 Dividend
11/30/2016 $0.02 Dividend
10/31/2016 $0.00 Dividend
9/30/2016 $0.02 Dividend
8/31/2016 $0.03 Dividend
7/29/2016 $0.03 Dividend
6/30/2016 $0.03 Dividend
5/31/2016 $0.03 Dividend
4/29/2016 $0.02 Dividend
3/31/2016 $0.01 Dividend
2/29/2016 $0.02 Dividend
1/29/2016 $0.02 Dividend
12/31/2015 $0.06 Dividend
11/30/2015 $0.03 Dividend
10/30/2015 $0.03 Dividend
9/30/2015 $0.03 Dividend
8/31/2015 $0.02 Dividend
7/31/2015 $0.02 Dividend
6/30/2015 $0.03 Dividend
5/29/2015 $0.03 Dividend
4/30/2015 $0.03 Dividend
3/31/2015 $0.02 Dividend
2/27/2015 $0.04 Dividend
1/30/2015 $0.02 Dividend
12/31/2014 $0.05 Dividend
11/28/2014 $0.03 Dividend
10/31/2014 $0.03 Dividend
9/30/2014 $0.03 Dividend
8/29/2014 $0.03 Dividend
7/31/2014 $0.02 Dividend
6/30/2014 $0.03 Dividend
5/30/2014 $0.03 Dividend
4/30/2014 $0.03 Dividend
3/31/2014 $0.02 Dividend
2/28/2014 $0.03 Dividend
1/31/2014 $0.02 Dividend
12/31/2013 $0.03 Dividend
12/27/2013 $0.05 Long-Term Capital Gain
11/29/2013 $0.02 Dividend
10/31/2013 $0.02 Dividend
9/30/2013 $0.04 Dividend
8/30/2013 $0.03 Dividend
7/31/2013 $0.04 Dividend
6/28/2013 $0.03 Dividend
5/31/2013 $0.03 Dividend
4/30/2013 $0.03 Dividend
3/28/2013 $0.02 Dividend
2/28/2013 $0.02 Dividend
1/31/2013 $0.02 Dividend
12/31/2012 $0.01 Dividend
12/31/2012 $0.06 Long-Term Capital Gain
12/31/2012 $0.21 Short-Term Capital Gain
11/30/2012 $0.02 Dividend
10/31/2012 $0.02 Dividend
9/28/2012 $0.01 Dividend
8/31/2012 $0.01 Dividend
7/31/2012 $0.02 Dividend
6/29/2012 $0.02 Dividend
5/31/2012 $0.03 Dividend
4/30/2012 $0.03 Dividend
3/30/2012 $0.03 Dividend
2/29/2012 $0.04 Dividend
1/31/2012 $0.04 Dividend
12/30/2011 $0.03 Dividend
12/28/2011 $0.29 Long-Term Capital Gain
11/30/2011 $0.04 Dividend
10/31/2011 $0.04 Dividend
9/30/2011 $0.04 Dividend
8/31/2011 $0.05 Dividend
7/29/2011 $0.04 Dividend
6/30/2011 $0.04 Dividend
5/31/2011 $0.04 Dividend
4/29/2011 $0.03 Dividend
3/31/2011 $0.04 Dividend
2/28/2011 $0.03 Dividend
1/31/2011 $0.03 Dividend
12/31/2010 $0.04 Dividend
12/28/2010 $0.29 Short-Term Capital Gain
12/28/2010 $0.15 Long-Term Capital Gain
11/30/2010 $0.04 Dividend
10/29/2010 $0.03 Dividend
9/30/2010 $0.04 Dividend
8/31/2010 $0.05 Dividend
7/30/2010 $0.04 Dividend
6/30/2010 $0.04 Dividend
5/28/2010 $0.03 Dividend
4/30/2010 $0.03 Dividend
3/31/2010 $0.04 Dividend
2/26/2010 $0.04 Dividend
1/29/2010 $0.05 Dividend
12/31/2009 $0.04 Dividend
12/29/2009 $0.07 Short-Term Capital Gain
11/30/2009 $0.03 Dividend
10/30/2009 $0.03 Dividend
9/30/2009 $0.03 Dividend
8/31/2009 $0.03 Dividend
7/31/2009 $0.03 Dividend
6/30/2009 $0.04 Dividend
5/29/2009 $0.03 Dividend
4/30/2009 $0.03 Dividend
3/31/2009 $0.03 Dividend
2/27/2009 $0.04 Dividend
1/30/2009 $0.04 Dividend
12/31/2008 $0.04 Dividend
11/28/2008 $0.04 Dividend
10/31/2008 $0.39 Dividend
9/30/2008 $0.03 Dividend
8/29/2008 $0.03 Dividend
7/31/2008 $0.03 Dividend
6/30/2008 $0.04 Dividend
5/30/2008 $0.03 Dividend
4/30/2008 $0.03 Dividend
3/31/2008 $0.04 Dividend
2/29/2008 $0.04 Dividend
1/31/2008 $0.04 Dividend
12/31/2007 $0.04 Dividend
12/27/2007 $0.00 Short-Term Capital Gain
12/27/2007 $0.02 Long-Term Capital Gain
11/30/2007 $0.04 Dividend
10/31/2007 $0.05 Dividend
9/28/2007 $0.03 Dividend
8/31/2007 $0.04 Dividend
7/31/2007 $0.04 Dividend
6/29/2007 $0.04 Dividend
5/31/2007 $0.04 Dividend
4/30/2007 $0.04 Dividend
3/30/2007 $0.04 Dividend
2/28/2007 $0.04 Dividend
1/31/2007 $0.04 Dividend
12/29/2006 $0.04 Dividend
11/30/2006 $0.04 Dividend

Year-End Distribution


Mutual funds typically distribute taxable capital gains to shareholders each December. Click below to view the year-end distribution factors (per share) for the Dunham Funds.

HOLDINGS

Top 10 Holdings (As of 9/30/2024)


Security % of Net Assets
United States Treasury Note 4.625% Due 05/15/2054 4.63% 5/54 3.10 %
United States Treasury Note 4.25% Due 02/15/2054 4.25% 2/54 2.46 %
United States Treasury Note 4% Due 11/15/2052 4.00% 11/52 1.97 %
United States Treasury Bond 1.38% 8/50 1.59 %
United States Treasury Note 3.625% Due 02/15/2053 3.63% 2/53 1.53 %
United States Treasury Note 3.625% Due 05/15/2053 3.63% 5/53 1.18 %
United States Treasury Note 4% Due 07/31/2029 4.00% 7/29 1.12 %
Freddie Mac Pool Pool # SD8309 6% Due 03/01/2053 6.00% 3/53 1.09 %
Fannie Mae Pool Pool # FS7751 4% Due 03/01/2053 4.00% 3/53 1.09 %
Freddie Mac Pool Pool # SD2026 5% Due 11/01/2052 5.00% 11/52 1.06 %

Fund Sector Allocation (As of 9/30/2024)


Corporate Bonds (26.72%)
Government Bonds (18.77%)
Mortgage-Backed (12.98%)
Asset-Backed (11.63%)
Collateralized Mortgage Obligation (10.64%)
Foreign Bonds (10.53%)
Bank Loans (4.12%)
Cash (2.93%)
Collateralized Loan Obligation (1.47%)
Municipal Bonds (0.2%)
Common Stock (0.01%)

Investors should consider the investment objectives, risk factors, charges, and expenses of the Dunham Funds carefully before investing. This and other important information is contained in the Dunham Funds’ summary prospectus and/or prospectus, which may be obtained by contacting your financial advisor, or by calling toll free (800) 442‐4358. Please read prospectus materials carefully before investing or sending money. Investing involves risk, including possible loss of principal.

Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

Returns for Class A Shares include the maximum sales charge (5.75% for equity funds and 4.50% for fixed income funds). Net Asset Value (NAV) returns exclude these charges, which would have reduced returns.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of less than one year are cumulative total returns.

Credit Risk - Issuers of debt securities may suffer from a reduced ability to repay their interest and principal obligations. They may even default on interest and/or principal payments due to the Fund. An increase in credit risk or a default will cause the value of Fund debt securities to decline. Issuers with lower credit quality are more susceptible to economic or industry downturns and are more likely to default.

Interest Rate Risk - In general, the price of a debt security falls when interest rates rise. Debt securities have varying levels of sensitivity to changes in interest rates. Securities with longer maturities may be more sensitive to interest rate changes.

Call or Redemption Risk - If interest rates decline, issuers of debt securities may exercise redemption or call provisions. This may force the Fund to reinvest redemption or call proceeds in securities with lower yields, which may reduce Fund performance.

Changing Fixed Income Market Conditions Risk - During periods of sustained rising rates, fixed income risks will be amplified. If the U.S. Federal Reserve’s Federal Open Market Committee (“FOMC”) raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. Rising rates tend to decrease liquidity, increase trading costs, and increase volatility, all of which make portfolio management more difficult and costly to the Fund and its shareholders.

Lower-Rated Securities Risk - Securities rated below investment-grade, sometimes called "high-yield" or "junk" bonds, are speculative investments that generally have more credit risk than higher-rated securities. Companies issuing high-yield fixed-income securities are not as strong financially as those issuing securities with higher credit ratings and are more likely to encounter financial difficulties. Lower rated issuers are more likely to default and their securities could become worthless.

Private Placement Risk - Privately issued securities, including those which may be sold only in accordance with Rule 144A under the Securities Act of 1933, are restricted securities that are not registered with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the liquidity of the market for specific privately issued securities may vary. Delay or difficulty in selling such securities may result in a loss to the Fund. Privately issued securities that the Sub-Adviser determines to be “illiquid” are subject to the Fund’s policy of not investing more than 15% of its net assets in illiquid securities.

Mortgage-Backed & Asset-Backed Securities Risk - Mortgage-backed and asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, the Fund may exhibit additional volatility in a period of rising interest rates if it holds mortgage-backed securities (known as “extension risk”). Mortgage- backed securities may also be subject to prepayment risk; when interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the Fund’s returns because the Fund may have to reinvest that money at the lower prevailing interest rates. Non-agency mortgage-backed securities generally have greater credit risk than government issued mortgage-backed securities.

U.S. Government Securities Risk - The risk that U.S. Government securities in the Fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.

Long-Term Maturities/Durations Risk - The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.

Senior Bank Loans Risk - Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore, may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.

IBOR Risk - The risk that the elimination of the London Interbank Offered Rate (“LIBOR”) or similar interbank offered rates (“IBORs”), such as the Euro Overnight Index Average (“EONIA”), or any other changes or reforms to the determination or supervision of such rates, could have an adverse impact on the market for, or value of, any securities or payments linked to those rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions. Moreover, the effectiveness of replacement rates is uncertain.

Emerging Markets Risk - Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

Foreign Investing Risk - Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability, and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

Natural Disaster / Endemic Risk - Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

Management Risk - The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.

Derivatives Risk - Derivatives or other similar instruments (referred to collectively as “derivatives”), such as futures, forwards, options, swaps, structured securities and other instruments, are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. Derivatives may involve costs and risks that are different from, or possibly greater than, the costs and risks associated with investing directly in securities and other traditional investments. Derivatives prices can be volatile, may correlate imperfectly with price of the applicable underlying asset, reference rate or index and may move in unexpected ways, especially in unusual market conditions, such as markets with high volatility or large market declines. Some derivatives are particularly sensitive to changes in interest rates. Other risks include liquidity risk which refers to the potential inability to terminate or sell derivative positions and for derivatives to create margin delivery or settlement payment obligations for the Fund. Further, losses could result if the counterparty to a transaction does not perform as promised. Derivatives that involve a small initial investment relative to the risk assumed may be considered to be “leveraged,” which can magnify or otherwise increase investment losses. In addition, the use of derivatives for non-hedging purposes (that is, to seek to increase total return) is considered a speculative practice and may present an even greater risk of loss than when used for hedging purposes. Derivatives are also subject to operational and legal risks.

Currency Risk - Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments denominated in a foreign currency or may widen existing losses. Exchange rate movements are volatile and it may not be possible to effectively hedge the currency risks of many countries.

Securities Lending Risk - The risk of securities lending is that the financial institution that borrows securities from the Fund could go bankrupt or otherwise default on its commitment under the securities lending agreement and the Fund might not be able to recover the loaned securities or their value.