Focused Large Cap Growth Fund

Class - C

OVERVIEW

Fund Objective


The Fund seeks to maximize capital appreciation.

Sub-Adviser Background


The Ithaka Group, LLC is an independent, employee-owned, investment management company focused on concentrated growth equity portfolios. Ithaka is located in Bethesda, MD.

Tickers & Cusips


Ticker DCFGX
Cusip 265458562
Share Class C-Shares
Fund Code 214

Fund Information


Dividend Frequency Annual*
Capital Gains Paid December*
Fund Inception 12/9/2011
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 (2/21/2024)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$34.10 ($0.32) -0.93 %
Net Asset Value (NAV): $34.10
NAV Change: ($0.32)
NAV Percentage Change: -0.93 %
YTD Return at NAV:
8.32 %
YTD Return at NAV: 8.32 %

Performance Inception Date (As of 12/9/2011)


Most recent
month-end (as of 1/31/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 44.36 % 4.46 % 14.61 % 12.05 % 13.13 %
Average Annual
Total Return (as of 12/31/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 53.61 % 1.44 % 15.74 % 11.28 % 12.69 %
Most recent
month-end (as of 1/31/2024)
Fund
Performance
1 Yr 44.36 %
3 Yr 4.46 %
5 Yr 14.61 %
10 Yrs 12.05 %
Since Inception 13.13 %
Average Annual Total Return
(as of 12/31/2023)
Fund
Performance
1 Yr 53.61 %
3 Yr 1.44 %
5 Yr 15.74 %
10 Yrs 11.28 %
Since Inception 12.69 %
Per prospectus dated 3/1/2023
Expense Ratio: 2.01 %
Per prospectus dated 3/1/2023
Expense Ratio:
2.01 %

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
12/27/2023 $0.84 Long-Term Capital Gain
12/29/2021 $3.28 Long-Term Capital Gain
12/30/2020 $0.84 Long-Term Capital Gain
12/27/2019 $0.83 Long-Term Capital Gain
12/27/2018 $1.70 Long-Term Capital Gain
12/27/2017 $0.18 Long-Term Capital Gain
12/29/2015 $0.09 Long-Term Capital Gain
12/27/2013 $0.17 Short-Term Capital Gain
12/27/2013 $0.02 Long-Term Capital Gain

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 1/31/2024)


Security % of Net Assets
Nvidia Corporation 8.65 %
ServiceNow, Inc. 7.63 %
Microsoft Corporation 7.52 %
Amazon.Com Incorporated 7.14 %
Mastercard Inc Cl. A 6.35 %
Salesforce.com Inc 4.31 %
Apple, Inc. 3.94 %
Adobe Systems, Inc. 3.92 %
Visa Inc. 3.86 %
Intuitive Surgical Inc 3.54 %

Fund Sector Allocation (As of 1/31/2024)


Information Technology (68.56%)
Consumer Discretionary (15.1%)
Health Care (12.08%)
Financials (2.48%)
Industrials (1.4%)
Cash (0.38%)

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.

Large Cap Stock Risk - Because the investment focus of the Fund is on large cap stocks, the value of the Fund may be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of large cap issuers may change as large cap investing style goes in and out of favor depending on a variety of political, regulatory, market, or economic developments.

Stock Market Risk - Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will underperform either the securities markets generally or particular segments of the securities markets.

Software Industry Risk - Technological developments, fixed-rate pricing and the ability to attract and retain skilled employees can significantly affect the software industry. The success of companies in the industry is also subject to the continued demand for internet services.

Non-Diversification Risk - A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

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.

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.

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.