High-Yield 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


PineBridge Investments LLC (PineBridge) PineBridge is a global asset manager with experience in emerging and developed markets, and investment capabilities in multi-asset, fixed income, equities and alternatives. PineBridge is differentiated by the integration of on-the-ground investment teams of approximately 200 professionals, providing investors with the combined benefits of global fundamental perspectives and analytical insights. PineBridge manages over $80 billion for a global client base that includes institutions, insurance companies, and intermediaries.

Tickers & Cusips


Ticker DNHYX
Cusip 265458604
Share Class N-Shares
Fund Code 102

Fund Information


Dividend Frequency Monthly
Capital Gains Paid December*
Fund Inception 7/1/2005
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 (12/5/2023)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$8.41 $0.01 0.12 %
Net Asset Value (NAV): $8.41
NAV Change: $0.01
NAV Percentage Change: 0.12 %
YTD Return at NAV:
11.63 %
YTD Return at NAV: 11.63 %

Performance Inception Date (As of 7/1/2005)


Most recent
month-end (as of 11/30/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 10.27 % 2.09 % 4.68 % 3.62 % 4.77 %
Average Annual
Total Return (as of 9/30/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 12.71 % 2.53 % 3.44 % 3.60 % 4.64 %
Most recent
month-end (as of 11/30/2023)
Fund
Performance
1 Yr 10.27 %
3 Yr 2.09 %
5 Yr 4.68 %
10 Yrs 3.62 %
Since Inception 4.77 %
Average Annual Total Return
(as of 9/30/2023)
Fund
Performance
1 Yr 12.71 %
3 Yr 2.53 %
5 Yr 3.44 %
10 Yrs 3.60 %
Since Inception 4.64 %
Per prospectus dated 3/1/2023
Expense Ratio: 1.19 %
Per prospectus dated 3/1/2023
Expense Ratio:
1.19 %
As of 11/30/2023
Annualized 30 Day SEC Yield at NAV: 5.74 %
As of 11/30/2023
Annualized 30 Day SEC Yield at NAV:
5.74 %

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
11/30/2023 $0.04 Dividend
10/31/2023 $0.04 Dividend
9/29/2023 $0.04 Dividend
8/31/2023 $0.04 Dividend
7/31/2023 $0.04 Dividend
6/30/2023 $0.05 Dividend
5/31/2023 $0.04 Dividend
4/28/2023 $0.05 Dividend
3/31/2023 $0.04 Dividend
2/28/2023 $0.03 Dividend
1/31/2023 $0.03 Dividend
12/28/2022 $0.11 Dividend
11/30/2022 $0.03 Dividend
10/31/2022 $0.03 Dividend
9/30/2022 $0.03 Dividend
8/31/2022 $0.04 Dividend
7/29/2022 $0.03 Dividend
6/30/2022 $0.04 Dividend
5/31/2022 $0.03 Dividend
4/29/2022 $0.03 Dividend
3/31/2022 $0.04 Dividend
2/28/2022 $0.03 Dividend
1/31/2022 $0.03 Dividend
12/29/2021 $0.03 Dividend
11/30/2021 $0.03 Dividend
10/29/2021 $0.03 Dividend
9/30/2021 $0.03 Dividend
8/31/2021 $0.03 Dividend
7/30/2021 $0.03 Dividend
6/30/2021 $0.03 Dividend
5/28/2021 $0.03 Dividend
4/30/2021 $0.03 Dividend
3/31/2021 $0.03 Dividend
2/26/2021 $0.03 Dividend
1/29/2021 $0.03 Dividend
12/30/2020 $0.04 Dividend
11/30/2020 $0.03 Distribution
10/30/2020 $0.04 Distribution
9/30/2020 $0.03 Distribution
8/31/2020 $0.03 Distribution
7/31/2020 $0.04 Distribution
6/30/2020 $0.03 Distribution
5/29/2020 $0.03 Distribution
4/30/2020 $0.03 Distribution
3/31/2020 $0.03 Distribution
2/28/2020 $0.03 Distribution
1/31/2020 $0.03 Dividend
12/31/2019 $0.03 Dividend
11/29/2019 $0.04 Dividend
10/31/2019 $0.04 Dividend
9/30/2019 $0.03 Dividend
8/30/2019 $0.04 Dividend
7/31/2019 $0.04 Dividend
6/28/2019 $0.04 Dividend
5/31/2019 $0.04 Dividend
4/30/2019 $0.04 Dividend
3/29/2019 $0.04 Dividend
2/28/2019 $0.03 Dividend
1/31/2019 $0.04 Dividend
12/31/2018 $0.06 Dividend
11/30/2018 $0.03 Dividend
10/31/2018 $0.04 Dividend
9/28/2018 $0.03 Dividend
8/31/2018 $0.04 Dividend
7/31/2018 $0.04 Dividend
6/29/2018 $0.03 Dividend
5/31/2018 $0.04 Dividend
4/30/2018 $0.04 Dividend
3/29/2018 $0.04 Dividend
2/28/2018 $0.04 Dividend
1/31/2018 $0.03 Dividend
12/29/2017 $0.03 Dividend
11/30/2017 $0.03 Dividend
10/31/2017 $0.03 Dividend
9/29/2017 $0.03 Dividend
8/31/2017 $0.04 Dividend
7/31/2017 $0.03 Dividend
6/30/2017 $0.04 Dividend
5/31/2017 $0.04 Dividend
4/28/2017 $0.03 Dividend
3/31/2017 $0.04 Dividend
2/28/2017 $0.04 Dividend
2/3/2017 $0.02 Dividend
1/31/2017 $0.01 Dividend
12/30/2016 $0.06 Dividend
11/30/2016 $0.04 Dividend
10/31/2016 $0.04 Dividend
9/30/2016 $0.04 Dividend
8/31/2016 $0.04 Dividend
7/29/2016 $0.03 Dividend
6/30/2016 $0.04 Dividend
5/31/2016 $0.04 Dividend
4/29/2016 $0.03 Dividend
3/31/2016 $0.04 Dividend
2/29/2016 $0.03 Dividend
1/29/2016 $0.03 Dividend
12/31/2015 $0.04 Dividend
11/30/2015 $0.03 Dividend
10/30/2015 $0.03 Dividend
9/30/2015 $0.04 Dividend
8/31/2015 $0.03 Dividend
7/31/2015 $0.04 Dividend
6/30/2015 $0.04 Dividend
5/29/2015 $0.03 Dividend
4/30/2015 $0.04 Dividend
3/31/2015 $0.04 Dividend
2/27/2015 $0.04 Dividend
1/30/2015 $0.03 Dividend
12/31/2014 $0.04 Dividend
11/28/2014 $0.03 Dividend
10/31/2014 $0.04 Dividend
9/30/2014 $0.04 Dividend
8/29/2014 $0.04 Dividend
7/31/2014 $0.04 Dividend
6/30/2014 $0.04 Dividend
5/30/2014 $0.04 Dividend
4/30/2014 $0.04 Dividend
3/31/2014 $0.04 Dividend
2/28/2014 $0.04 Dividend
1/31/2014 $0.04 Dividend
12/31/2013 $0.04 Dividend
11/29/2013 $0.04 Dividend
10/31/2013 $0.04 Dividend
9/30/2013 $0.04 Dividend
8/30/2013 $0.04 Dividend
7/31/2013 $0.04 Dividend
6/28/2013 $0.04 Dividend
5/31/2013 $0.04 Dividend
4/30/2013 $0.04 Dividend
3/28/2013 $0.04 Dividend
2/28/2013 $0.05 Dividend
1/31/2013 $0.04 Dividend
12/31/2012 $0.04 Dividend
11/30/2012 $0.04 Dividend
10/31/2012 $0.04 Dividend
9/28/2012 $0.04 Dividend
8/31/2012 $0.04 Dividend
7/31/2012 $0.04 Dividend
6/29/2012 $0.04 Dividend
5/31/2012 $0.05 Dividend
4/30/2012 $0.04 Dividend
3/30/2012 $0.05 Dividend
2/29/2012 $0.05 Dividend
1/31/2012 $0.05 Dividend
12/30/2011 $0.05 Dividend
11/30/2011 $0.05 Dividend
10/31/2011 $0.05 Dividend
9/30/2011 $0.05 Dividend
8/31/2011 $0.06 Dividend
7/29/2011 $0.05 Dividend
6/30/2011 $0.05 Dividend
5/31/2011 $0.06 Dividend
4/29/2011 $0.05 Dividend
3/31/2011 $0.06 Dividend
2/28/2011 $0.06 Dividend
1/31/2011 $0.06 Dividend
12/31/2010 $0.06 Dividend
11/30/2010 $0.06 Dividend
10/29/2010 $0.05 Dividend
9/30/2010 $0.06 Dividend
8/31/2010 $0.06 Dividend
7/30/2010 $0.06 Dividend
6/30/2010 $0.07 Dividend
5/28/2010 $0.06 Dividend
4/30/2010 $0.06 Dividend
3/31/2010 $0.06 Dividend
2/26/2010 $0.06 Dividend
1/29/2010 $0.05 Dividend
12/31/2009 $0.06 Dividend
11/30/2009 $0.06 Dividend
10/30/2009 $0.06 Dividend
9/30/2009 $0.06 Dividend
8/31/2009 $0.06 Dividend
7/31/2009 $0.05 Dividend
6/30/2009 $0.06 Dividend
5/29/2009 $0.05 Dividend
4/30/2009 $0.04 Dividend
3/31/2009 $0.04 Dividend
2/27/2009 $0.05 Dividend
1/30/2009 $0.04 Dividend
12/31/2008 $0.05 Dividend
11/28/2008 $0.04 Dividend
10/31/2008 $0.04 Dividend
9/30/2008 $0.06 Dividend
8/29/2008 $0.05 Dividend
7/31/2008 $0.06 Dividend
6/30/2008 $0.05 Dividend
5/30/2008 $0.05 Dividend
4/30/2008 $0.05 Dividend
3/31/2008 $0.06 Dividend
2/29/2008 $0.05 Dividend
1/31/2008 $0.05 Dividend
12/31/2007 $0.05 Dividend
11/30/2007 $0.05 Dividend
10/31/2007 $0.05 Dividend
9/28/2007 $0.05 Dividend
8/31/2007 $0.06 Dividend
7/31/2007 $0.05 Dividend
6/29/2007 $0.05 Dividend
5/31/2007 $0.05 Dividend
4/30/2007 $0.05 Dividend
3/30/2007 $0.06 Dividend
2/28/2007 $0.06 Dividend
1/31/2007 $0.05 Dividend
12/29/2006 $0.05 Dividend
11/30/2006 $0.05 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
Hi-Crush 2.77 %
CHS/Community Health Systems Inc. 5.63% 3/27 1.11 %
Carnival Corporation 5.75% 3/27 1.01 %
Sirius XM Radio Inc. 4.00% 7/28 0.95 %
Altice France S.A. 5.50% 10/29 0.95 %
CCO Holdings LLC / CCO Holdings Capital Corporation 6.375% Due 09/01/2029 6.38% 9/29 0.94 %
C&S Group Enterprises LLC 5.00% 12/28 0.85 %
Ford Motor Credit Company LLC 7.35% Due 11/04/2027 7.35% 11/27 0.84 %
Altice Financing SA 5.00% 1/28 0.77 %
ITT Holdings LLC 6.50% 8/29 0.75 %

Credit Quality Allocation (As of 10/31/2023)


B2 (18.66%)
B1 (17.85%)
B3 (16.48%)
Ba3 (14.08%)
Ba2 (11.85%)
Ba1 (5.21%)
NR (4.23%)
Caa1 (3.9%)
Caa2 (3.38%)
Baa3 (3.02%)
Cash (1.09%)
Baa2 (0.15%)
Caa3 (0.1%)

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.

View Full Disclosures