DAAVX Fees and Costs — Dunham Dynamic Macro Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 1.75%. This share class carries a maximum front-end sales load of 5.75% and a deferred sales charge of up to 0.75%. In fiscal 2025 the fund paid $15K in broker commissions, 0.0184% of average net assets, and portfolio turnover was 145%.
DAAVX Fees and Expenses
Annual operating expenses and sales charges of DAAVX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.96% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 1.75% |
| Fee waiver | — |
| Net expense ratio | 1.75% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.75% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DAAVX Costs Over Time
On $10,000 invested in DAAVX, assuming 5% a year before costs, total costs come to $1,761 over 5 years, cutting the return by 3.07% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $648 | $575 | $575 |
| Fund expenses (net expense ratio 1.75%) | $173 | $536 | $922 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $29 | $118 | $254 |
| Total costs | $852 | $1,234 | $1,761 |
| Value after costs | $9,648 | $10,342 | $11,002 |
| Impact on return, per year | 8.52% | 3.87% | 3.07% |
DAAVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0184%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): $82.7M
- Portfolio turnover (prospectus): 145%
- Securities on loan, average value: $7.1M
- Net income from securities lending: $28K (0.033% of average net assets)
DAAVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $8K | 54.79% |
| SANFORD FINANCIAL SERVICES | $7K | 45.21% |
DAAVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP | $32.7M | 39.55% |
| ROYAL BANK OF SCOTLAND | $17.1M | 20.62% |
| DEUTSCHE BANK | $11.8M | 14.21% |
| BNP PARIBAS | $7.4M | 8.90% |
| UBS | $7.0M | 8.42% |
| HSBC SECURITIES | $3.4M | 4.13% |
| JPMORGAN CHASE | $1.9M | 2.26% |
| TORONTO DOMINION SEC | $1.2M | 1.47% |
| SANFORD FINANCIAL SERVICES | $363K | 0.44% |
Dunham Dynamic Macro Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DNAVX | Class N | 1.50% | none |
| DAAVX | Class A | 1.75% | 5.75% |
| DCAVX | Class C | 2.50% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.