Small Cap Growth Fund

OVERVIEW

Fund Objective

The Fund seeks to maximize capital appreciation.

Sub-Adviser Background

Pier Capital, LLC (Pier) formerly known as SEB Asset Management America, Inc., is an independent investment adviser which was originally founded in 1987. Pier specializes in small cap growth stocks. Pier searches for companies that exhibit a long-term sustainable business model and invests at a discount to the growth rate.

Tickers & Cusips

Ticker	DCDGX
Cusip	265458695
Share Class	C-Shares
Fund Code	210

Fund Information

Dividend Frequency	Annual*
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 (12/4/2023)

Net Asset Value (NAV):	NAV Change:	NAV Percentage Change:
$9.90	$0.09	0.92 %

Net Asset Value (NAV):	$9.90
NAV Change:	$0.09
NAV Percentage Change:	0.92 %

YTD Return at NAV:
13.27 %

YTD Return at NAV:	13.27 %

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

Most recent month-end (as of 11/30/2023)	1 Yr	3 Yr	5 Yr	10 Yrs	Since Inception
Fund Performance	3.45 %	-5.43 %	6.76 %	7.44 %	7.63 %

Average Annual Total Return (as of 9/30/2023)	1 Yr	3 Yr	5 Yr	10 Yrs	Since Inception
Fund Performance	11.79 %	-0.51 %	2.92 %	7.66 %	7.58 %

Most recent month-end (as of 11/30/2023)	Fund Performance
1 Yr	3.45 %
3 Yr	-5.43 %
5 Yr	6.76 %
10 Yrs	7.44 %
Since Inception	7.63 %

Average Annual Total Return (as of 9/30/2023)	Fund Performance
1 Yr	11.79 %
3 Yr	-0.51 %
5 Yr	2.92 %
10 Yrs	7.66 %
Since Inception	7.58 %

Per prospectus dated 3/1/2023
Expense Ratio:	2.17 %

Per prospectus dated 3/1/2023
Expense Ratio:
2.17 %

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
12/29/2021	$2.00	Short-Term Capital Gain
12/29/2021	$1.85	Long-Term Capital Gain
12/29/2021	$0.01	Dividend
12/30/2020	$0.13	Dividend
12/30/2020	$1.40	Short-Term Capital Gain
12/30/2020	$2.13	Long-Term Capital Gain
12/27/2019	$0.25	Long-Term Capital Gain
12/27/2019	$0.00	Dividend
12/27/2018	$1.67	Short-Term Capital Gain
12/27/2018	$2.13	Long-Term Capital Gain
12/27/2017	$1.07	Short-Term Capital Gain
12/27/2017	$1.89	Long-Term Capital Gain
12/29/2015	$0.51	Short-Term Capital Gain
12/29/2015	$0.93	Long-Term Capital Gain
12/29/2014	$0.23	Short-Term Capital Gain
12/29/2014	$1.34	Long-Term Capital Gain
12/27/2013	$2.61	Short-Term Capital Gain
12/27/2013	$1.11	Long-Term Capital Gain
12/27/2012	$0.98	Long-Term Capital Gain
8/14/2008	$0.03	Short-Term Capital Gain
12/27/2007	$0.81	Short-Term Capital Gain
12/27/2007	$0.63	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.

2023 Year-End Distributions

HOLDINGS

Top 10 Holdings (As of 10/31/2023)

Security	% of Net Assets
Bwx Technologies Inc	1.97 %
TechnipFMC PLC	1.76 %
Hexcel Corp	1.69 %
Maximus	1.67 %
Ollie'S Bargain Outlet Holdings, Inc.	1.61 %
FTI Consulting Inc	1.59 %
Tradeweb Markets Inc	1.50 %
Crowdstrike Holdings Inc.	1.48 %
Fabrinet	1.47 %
Calix Inc.	1.46 %

Complete portfolio holdings (updated monthly, upon availability)

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

	Information Technology (27.27%)
	Health Care (21.19%)
	Consumer Discretionary (16.86%)
	Industrials (15.65%)
	Financials (7.4%)
	Consumer Staples (5.7%)
	Cash (2.83%)
	Energy (2.82%)
	Telecommunication Services (0.28%)

LITERATURE

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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