Large Cap Value Fund

Class - A

OVERVIEW

Fund Objective


The Fund seeks to maximize total return from capital appreciation and dividends.

Sub-Adviser Background


Great Lakes Advisors, LLC (“Great Lakes”), an investment management firm located at Metro Center, 1 Station Place, Suite 470, Stamford, CT 06902, serves as the Sub-Adviser to the Dunham Large Cap Value Fund. As of December 31, 2022, Great Lakes had approximately $10.5 billion in assets under management, including discretionary and non-discretionary (model delivery) portfolios.

Tickers & Cusips


Ticker DALVX
Cusip 265458877
Share Class A-Shares
Fund Code 306

Fund Information


Dividend Frequency Annual*
Capital Gains Paid December*
Fund Inception 1/3/2007
FISCAL Year-End October
* If applicable

Minimum Investments


For Class A shares, the initial minimum investment amount for regular accounts is $5,000, and for tax-deferred accounts 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 will be waived if you have multiple accounts and your total investment amount is $50,000 or more.

The minimum can also be waived by the Adviser for shareholders investing through a wrap program or similar arrangement.

PRICE/PERFORMANCE

Price & YTD Total Return (11/29/2023)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$17.15 $0.03 0.18 %
Net Asset Value (NAV): $17.15
NAV Change: $0.03
NAV Percentage Change: 0.18 %
YTD Return at NAV:
2.63 %
YTD Return at NAV: 2.63 %

Performance Inception Date (As of 1/3/2007)


Most recent
month-end (as of 10/31/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance -1.41 % 9.56 % 6.46 % 6.55 % 5.29 %
Fund Performance
with Maximum Sales Charge
-7.06 % 7.43 % 5.21 % 5.92 % 4.92 %
Average Annual
Total Return (as of 9/30/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 11.61 % 10.34 % 5.93 % 7.32 % 5.52 %
Fund Performance
with Maximum Sales Charge
5.22 % 8.19 % 4.69 % 6.68 % 5.15 %
Most recent
month-end (as of 10/31/2023)
Fund
Performance
1 Yr -1.41 %
3 Yr 9.56 %
5 Yr 6.46 %
10 Yrs 6.55 %
Since Inception 5.29 %
Most recent
month-end (as of 10/31/2023)
Fund Performance
with Maximum Sales Charge
1 Yr -7.06 %
3 Yr 7.43 %
5 Yr 5.21 %
10 Yrs 5.92 %
Since Inception 4.92 %
Average Annual Total Return
(as of 9/30/2023)
Fund
Performance
1 Yr 11.61 %
3 Yr 10.34 %
5 Yr 5.93 %
10 Yrs 7.32 %
Since Inception 5.52 %
Average Annual Total Return
(as of 9/30/2023)
Fund Performance
with Maximum Sales Charge
1 Yr 5.22 %
3 Yr 8.19 %
5 Yr 4.69 %
10 Yrs 6.68 %
Since Inception 5.15 %
Per prospectus dated 3/1/2023
Expense Ratio: 1.51 %
Maximum Front-End Load: 5.75 %
Per prospectus dated 3/1/2023
Expense Ratio:
1.51 %
Maximum Front-End Load:
5.75 %

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
12/28/2022 $0.11 Dividend
12/28/2022 $0.14 Short-Term Capital Gain
12/28/2022 $0.20 Long-Term Capital Gain
12/29/2021 $0.37 Short-Term Capital Gain
12/29/2021 $0.78 Long-Term Capital Gain
12/29/2021 $0.07 Dividend
12/30/2020 $0.12 Dividend
12/27/2019 $0.34 Long-Term Capital Gain
12/27/2019 $0.14 Dividend
12/27/2018 $0.06 Short-Term Capital Gain
12/27/2018 $0.48 Long-Term Capital Gain
12/27/2018 $0.12 Dividend
12/27/2017 $0.10 Long-Term Capital Gain
12/28/2016 $0.19 Dividend
12/29/2015 $4.10 Long-Term Capital Gain
12/29/2015 $0.14 Dividend
12/29/2014 $0.09 Dividend
12/27/2012 $0.10 Dividend
12/28/2011 $0.02 Dividend
12/28/2010 $0.06 Dividend
12/29/2009 $0.03 Dividend
12/29/2008 $0.05 Dividend
12/27/2007 $0.04 Short-Term Capital Gain
12/27/2007 $0.23 Long-Term Capital Gain
12/27/2007 $0.13 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 10/31/2023)


Security % of Net Assets
Exxon Mobil Corporation 3.52 %
J.P. Morgan Chase & Co. 2.86 %
Merck & Company, Inc. 2.49 %
Abbott Labs 2.34 %
Procter & Gamble Company 2.07 %
Berkshire Hathaway, Inc. 2.04 %
ConocoPhillips 2.03 %
NextEra Energy Inc 1.98 %
Mondelez International 1.96 %
Honeywell International, Inc. 1.78 %

Fund Sector Allocation (As of 10/31/2023)


Financials (17.99%)
Health Care (15.7%)
Information Technology (13.94%)
Industrials (11.93%)
Energy (9.58%)
Consumer Discretionary (7.38%)
Consumer Staples (6.1%)
Materials (4.68%)
Real Estate (4.37%)
Utilities (4.1%)
Telecommunication Services (2.14%)
Cash (2.09%)

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.

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