International Opportunity Bond Fund

Class - N

OVERVIEW

Fund Objective


The Fund seeks to provide a high level of current income, with capital appreciation as a secondary goal.

Sub-Adviser Background


Virtus Fixed Income Advisers, LLC (“VFIA”), “Stone Harbor Investment Partners division”, 31 West 52nd Street, 16th Fl., New York, New York 10019, serves as the Sub-Adviser to the Dunham International Opportunity Bond Fund. Virtus Investment Partners, Inc. owns 100% of VFIA. As of December 31, 2022, the Stone Harbor Investment Partners division of VFIA had approximately $10.9 billion in assets under management.

Tickers & Cusips


Ticker DNIOX
Cusip 265458448
Share Class N-Shares
Fund Code 117

Fund Information


Dividend Frequency Monthly
Capital Gains Paid December*
Fund Inception 11/1/2013
FISCAL Year-End October
* If applicable

Minimum Investments


There is no minimum initial investment on a per Fund basis for Class N shares. However, the minimum initial investment in Class N shares of the Dunham Funds, on an aggregate basis, is $100,000 for taxable accounts and $50,000 for tax-deferred accounts ("MIN"). The MIN can be waived if the investor has, in the opinion of the Adviser, adequate intent and availability of assets to reach a future level of investment among the Funds that is equal to or greater than the MIN. The MIN can also be waived by the Adviser for shareholders investing through a wrap program or similar arrangement. There is no minimum subsequent investment amount for Class N shares. If a Class N shareholder's investment in the Dunham Funds falls below the MIN for reasons other than depreciation of the investment, the investor may receive a notice from the Adviser and will be given a reasonable amount of time to cure the deficiency. If the deficiency is not cured within such time, the Adviser reserves the right to convert the account to Class A shares (on a load waived basis) or take other appropriate measures.

PRICE/PERFORMANCE

Price & YTD Total Return (5/23/2024)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$7.76 ($0.02) -0.26 %
Net Asset Value (NAV): $7.76
NAV Change: ($0.02)
NAV Percentage Change: -0.26 %
YTD Return at NAV:
1.72 %
YTD Return at NAV: 1.72 %

Performance Inception Date (As of 11/1/2013)


Most recent
month-end (as of 4/30/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 9.24 % -1.09 % 0.51 % -0.68 % -0.44 %
Average Annual
Total Return (as of 3/31/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 10.49 % -0.27 % 0.66 % -0.43 % -0.30 %
Most recent
month-end (as of 4/30/2024)
Fund
Performance
1 Yr 9.24 %
3 Yr -1.09 %
5 Yr 0.51 %
10 Yrs -0.68 %
Since Inception -0.44 %
Average Annual Total Return
(as of 3/31/2024)
Fund
Performance
1 Yr 10.49 %
3 Yr -0.27 %
5 Yr 0.66 %
10 Yrs -0.43 %
Since Inception -0.30 %
Per prospectus dated 3/1/2024
Gross Expense Ratio: 1.69 %
Net Expense Ratio: 1.69 %
Net Expense Ratio Excluding Expenses on Securities Sold Short: 1.68 %
Per prospectus dated 3/1/2024
Gross Expense Ratio:
1.69 %
Net Expense Ratio:
1.69 %
Net Expense Ratio Excluding Expenses on Securities Sold Short:
1.68 %
As of 4/30/2024
Annualized 30 Day SEC Yield at NAV: 4.41 %
As of 4/30/2024
Annualized 30 Day SEC Yield at NAV:
4.41 %

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
4/30/2024 $0.03 Dividend
3/28/2024 $0.03 Dividend
2/29/2024 $0.02 Dividend
1/31/2024 $0.03 Dividend
12/27/2023 $0.05 Dividend
11/30/2023 $0.03 Dividend
10/31/2023 $0.03 Dividend
9/29/2023 $0.03 Dividend
8/31/2023 $0.03 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 $0.22 Dividend
11/30/2022 $0.03 Dividend
10/31/2022 $0.03 Dividend
9/30/2022 $0.03 Dividend
8/31/2022 $0.03 Dividend
7/29/2022 $0.03 Dividend
6/30/2022 $0.03 Dividend
5/31/2022 $0.03 Dividend
4/29/2022 $0.02 Dividend
3/31/2022 $0.03 Dividend
2/28/2022 $0.03 Dividend
1/31/2022 $0.02 Dividend
12/29/2021 $0.00 Long-Term Capital Gain
12/29/2021 $0.08 Dividend
11/30/2021 $0.02 Dividend
10/29/2021 $0.02 Dividend
9/30/2021 $0.02 Dividend
8/31/2021 $0.02 Dividend
7/30/2021 $0.02 Dividend
6/30/2021 $0.02 Dividend
5/28/2021 $0.02 Dividend
4/30/2021 $0.02 Dividend
3/31/2021 $0.02 Dividend
2/26/2021 $0.02 Dividend
1/29/2021 $0.02 Dividend
12/30/2020 $0.04 Dividend
11/30/2020 $0.01 Dividend
10/30/2020 $0.02 Distribution
9/30/2020 $0.01 Distribution
8/31/2020 $0.02 Distribution
7/31/2020 $0.02 Distribution
6/30/2020 $0.02 Distribution
5/29/2020 $0.03 Distribution
4/30/2020 $0.02 Distribution
3/31/2020 $0.02 Distribution
2/28/2020 $0.02 Distribution
1/31/2020 $0.00 Dividend
12/27/2019 $0.02 Long-Term Capital Gain
12/31/2018 $0.04 Dividend
12/27/2018 $0.00 Short-Term Capital Gain
12/27/2018 $0.01 Long-Term Capital Gain
12/27/2017 $0.01 Long-Term Capital Gain
12/28/2016 $0.09 Long-Term Capital Gain
12/31/2015 $0.01 Dividend
11/28/2014 $0.00 Dividend
10/31/2014 $0.01 Dividend
9/30/2014 $0.00 Dividend
8/29/2014 $0.01 Dividend
7/31/2014 $0.01 Dividend
6/30/2014 $0.01 Dividend
5/30/2014 $0.00 Dividend
4/30/2014 $0.01 Dividend
3/31/2014 $0.00 Dividend
2/28/2014 $0.00 Dividend
1/31/2014 $0.01 Dividend
12/31/2013 $0.01 Dividend
11/29/2013 $0.00 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 4/30/2024)


Security % of Net Assets
Euro 1.60 %
Egypt Government International Bond 7.5% Due 02/16/2061 7.50% 2/61 1.32 %
Buoni Poliennali Del Tes 2.80% 12/28 1.21 %
Great Britsh Pound 1.21 %
Tullow Oil PLC 7.00% 3/25 1.02 %
SierraCol Energy Andina LLC 6.00% 6/28 1.01 %
Poinsettia Finance Ltd. 6.63% 6/31 1.00 %
Banco Mercantil del Norte SA/Grand Cayman 6.75% 9/68 0.96 %
Italy Buoni Poliennali Del Tesoro 2.45% 9/33 0.95 %
Metinvest BV 7.75% 10/29 0.89 %

Fund Country Allocation (As of 4/30/2024)


Netherlands (2.74%)
United Kingdom (10.21%)
United States (7.41%)
Mexico (5.42%)
Spain (5.24%)
France (4.87%)
Foreign Exchange Contracts (3.67%)
Italy (3.64%)
Cash (3.58%)
Germany (3.38%)
Luxembourg (3.35%)
Turkey (2.97%)
Cayman Islands (2.89%)
Ireland (2.67%)
Brazil (2.51%)
Colombia (2.46%)
India (2.38%)
Argentina (1.91%)
South Africa (1.89%)
Jersey (1.78%)
Egypt (1.33%)
Nigeria (1.17%)
Singapore (1.08%)
Bahrain (1.05%)
Dominican Republic (1.03%)
Other (19.37%)

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.

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.

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.

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.

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.

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.

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.

Liquidity Risk - Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for the Fund to dispose of a security position at all or at a price which represents current or fair market value.

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.

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.

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.

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.

Structured Note Risk - Structured notes involve tracking risk, issuer default risk and may involve leverage risk.

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.