Large Cap Value Fund

Class - A


Fund Objective

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

Sub-Advisor Background

Rothschild Asset Management Inc. (Rothschild) is an independent, family-owned global investment adviser. For more than 200 years, Rothschild has participated in the global financial markets and provides its services to governments, companies, and individuals.

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 & YTD Total Return (11/15/2021)

Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$19.66 ($0.01) -0.05 %
Net Asset Value (NAV): $19.66
NAV Change: ($0.01)
NAV Percentage Change: -0.05 %
YTD Return at NAV:
26.76 %
YTD Return at NAV: 26.76 %

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

Most recent
month-end (as of 10/31/2021)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Fund Performance 45.28 % 14.74 % 12.57 % 11.20 % 6.74 %
Fund Performance
with Maximum Sales Charge
36.96 % 12.50 % 11.25 % 10.55 % 6.31 %
Average Annual
Total Return (as of 9/30/2021)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Fund Performance 34.82 % 10.21 % 10.82 % 11.70 % 6.32 %
Fund Performance
with Maximum Sales Charge
27.10 % 8.06 % 9.52 % 11.04 % 5.89 %
Most recent
month-end (as of 10/31/2021)
1 Yr 45.28 %
3 Yr 14.74 %
5 Yr 12.57 %
10 Yrs 11.20 %
Since Inception 6.74 %
Most recent
month-end (as of 10/31/2021)
Fund Performance
with Maximum Sales Charge
1 Yr 36.96 %
3 Yr 12.50 %
5 Yr 11.25 %
10 Yrs 10.55 %
Since Inception 6.31 %
Average Annual Total Return
(as of 9/30/2021)
1 Yr 34.82 %
3 Yr 10.21 %
5 Yr 10.82 %
10 Yrs 11.70 %
Since Inception 6.32 %
Average Annual Total Return
(as of 9/30/2021)
Fund Performance
with Maximum Sales Charge
1 Yr 27.10 %
3 Yr 8.06 %
5 Yr 9.52 %
10 Yrs 11.04 %
Since Inception 5.89 %
Per prospectus dated 3/1/2021
Expense Ratio: 1.49 %
Maximum Front-End Load: 5.75 %
Per prospectus dated 3/1/2021
Expense Ratio:
1.49 %
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.


Date $/Share Type
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.


Top 10 Holdings (As of 10/29/2021)

Security % of Net Assets
Bank of America Corporation 3.29 %
J.P. Morgan Chase & Co. 3.19 %
Alphabet Inc 2.94 %
UnitedHealth Group Inc 2.73 %
Thermo Fisher Scientific Inc 2.66 %
NextEra Energy Inc 2.49 %
ConocoPhillips 2.31 %
Disney (Walt) Company 1.90 %
Johnson & Johnson 1.88 %
Target Corp 1.84 %

Fund Sector Allocation (As of 10/29/2021)

Financials (22.5%)
Health Care (13.06%)
Information Technology (12.91%)
Industrials (11.52%)
Consumer Discretionary (11.38%)
Energy (5.97%)
Consumer Staples (5.03%)
Real Estate (4.24%)
Utilities (3.69%)
Materials (3.57%)
Cash (3.25%)
Telecommunication Services (2.88%)

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.

Financials Sector Risk - Companies in the financials sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. Recently enacted legislation in the U.S. has relaxed capital requirements and other regulatory burdens on certain U.S. banks. While the effect of the legislation may benefit certain companies in the financials sector, increased risk taking by affected banks may also result in greater overall risk in the financials sector. The impact of changes in capital requirements, or recent or future regulation in various countries, on any individual financial company or on the financials sector as a whole cannot be predicted. Certain risks may impact the value of investments in the financials sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. The financials sector is particularly sensitive to fluctuations in interest rates. The financials sector is also a target for cyber-attacks, and may experience technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact the Fund.

Management Risk - Each Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness and potential appreciation of a security, whether selected under a “value”, “growth” or other investment style, may prove to be inaccurate and may not produce the desired results. The Adviser and Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Funds, 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.

Securities Lending Risk - Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Board of Trustees. A risk of lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. The Fund might not be able to recover the securities or their value. In determining whether to lend securities, the Adviser or its agent, will consider all relevant facts and circumstances, including the creditworthiness of the borrower.