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df:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-05-01 2025-12-31 0001420040 df:S000080196Member df:MorningstarGlobalModeratelyConservativeAllocationCategoryReturnBeforeTaxesMember 2025-01-01 2025-12-31 0001420040 df:S000080196Member df:MorningstarGlobalModeratelyConservativeAllocationCategoryReturnBeforeTaxesMember 2023-05-01 2025-12-31 iso4217:USD pure false 485BPOS 2025-10-31 0001420040 2026-02-27 N-1A Dunham Funds 2026-03-01 2026-03-01 Dunham Corporate/Government Bond Fund Investment Objective: <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zo2mgW9q9V84" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to provide current income and capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zBeu1orvD0ha" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_907_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_zckQiH5VWjm5">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_903_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_z3at5ayJLDn4">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zFzpACD10ga"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zY0koDOJ9BD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_zt9MmNGujTS2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059524Member_zDArgJt0iUw6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member_z6Hd1laZmLic" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zkXwKQALDoM" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases<br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_znxyosLlAdDc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zxMXehLyhxad" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed<br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--RedemptionFeeOverRedemption_dn_zWYdnrVHFb02" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_409_eoef--ExchangeFee_dn_zgoKfai7d7v6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0450 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zwtd12xW9Ngh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zvvscESnJ8k5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_zpMXbF1Kc2he" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059524Member_zGRcsmLOQfnh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member_zP5wY7O3vjsc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zZPTsGa0BpXh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F47_zQag04bTHDa8">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.80%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.80%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.80%</span></span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWWbGqRlY4Zg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zIcP9ZvkIZy5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></span></td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zsYu0e65py4e" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F44_z7iMMS209hhc">(2)</sup></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zhXDSOoyZtW" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.27%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.77%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.02%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0E_zorpwX65GdD1" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F19_z3QkGnruzphd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 30 bps (0.30%) and range from 0.15% to 0.45% based on the Fund’s performance relative to the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0D_zGUBI0hmvw89" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1C_z2JFu1voJFx5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_909_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zu3GvtqaVrV4">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0080 0.0080 0.0080 0.0025 0.0075 0.0000 0.0021 0.0021 0.0021 0.0001 0.0001 0.0001 0.0127 0.0177 0.0102 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zOInpM78kZO7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgnZnWywtM8j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zGuvq3uqZWw" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zg73ihIsw7z2" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zQ38cTpGQGKf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zG56QYnxzueb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zyArNM6rDYrj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_zmzXY7BpUhw3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$573</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$832</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,110</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,904</span></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059524Member_zob7LKj0SmJ8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$180</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$557</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$959</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,084</span></span></td></tr> <tr id="xdx_410_20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member_zazdg7WG9b4k" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$104</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$325</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$563</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,248</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 573 832 1110 1904 180 557 959 2084 104 325 563 1248 Portfolio Turnover: <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zclGbUlFqWr4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zwVNuIT0qFD2">35%</span> of the average value of its portfolio.</span></span></p> 0.35 Principal Investment Strategies: <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zafzH096HTFb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objectives by investing primarily in corporate and government bonds using the Sub-Adviser’s active management techniques including sector analysis and allocation through active sector rotation, issuer selection and opportunistic trading. Under normal market conditions, the Fund invests at least 80% of its assets in corporate bonds of issuers from any country and in government bonds. The Fund defines corporate bonds to include: (1) debt securities issued by a corporation (or equivalent entity), (2) non-government mortgage-backed securities and collateralized mortgage obligations (MBS), (3) asset-backed securities (ABS) and (4) index-linked bonds. These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale. The Fund defines government bonds to include: (1) any United States government issued or guaranteed MBS (Gov-MBS) and debt securities issued by the United States’ Treasury, any agency or instrumentality of the United States; (2) any multi-governmental entity of which the United States is a member; and (3) any state or other political subdivision within the United States or its territories. In general, the Sub-Adviser buys securities that its active management techniques identify as undervalued and sells them when more compelling investments are available. The Fund’s Sub-Adviser may engage in active and frequent trading of the Fund’s portfolio securities to achieve the Fund’s investment objectives.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may invest up to 40% of its assets in higher-yielding, higher-risk corporate and government bonds, including high-yield bank loans — also known as “high-yield” or “junk” bonds — with medium to low credit quality ratings. High-yield bonds and bank loans are rated BB+ or lower by S&amp;P or comparably rated by another nationally recognized statistical rating organization (NRSRO), or if unrated determined by the Sub-Adviser to be of comparable quality. However, the Fund intends to maintain an average portfolio credit quality of investment grade. The bonds in the Fund’s portfolio can be of any maturity.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may invest up to 15% of its assets in derivative instruments, such as swaps (including credit default swap indices and single name credit default swaps), and forward and futures contracts, including interest rate futures. Derivatives may be used for investment purposes and/or to manage risks. The Fund also may hold foreign exchange derivatives (including currency forwards of both developed and emerging market countries). These instruments may be used to reduce foreign currency risk and/or to enhance returns.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_gRBRTB-QQMXW_z1xGmqYoztx3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zhkReVQbAE8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zKl064H7Ad1h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zt72QcE2Dimk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zkPTfBS8wXeh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk – </i>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.</span></p><p id="xdx_A9E_zIcduzqdFmah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_zgDhVOOURSDk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_z4IFJMqR9ie9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedAndAssetBackedSecuritiesRiskMember_zj5WcgZ7VwCg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Mortgage-Backed and Asset-Backed Securities Risk –</i> Mortgage-backed and asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, the Fund may exhibit additional volatility in a period of rising interest rates if it holds mortgage-backed securities (known as “extension risk”). Mortgage-backed securities may also be subject to prepayment risk; when interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the Fund’s returns because the Fund may have to reinvest that money at the lower prevailing interest rates. Non-agency mortgage-backed securities generally have greater credit risk than government issued mortgage-backed securities.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zvEY5FNwbMnc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>U.S. Government Securities Risk</i> – The risk that U.S. Government securities in the Fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LongTermMaturitiesDurationsRiskMember_zIxk9Ox7G948" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Long-Term Maturities/Durations Risk –</i> The risk of greater price fluctuations than would be associates with securities having shorter maturities or durations.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorBankLoansRiskMember_zFsZomd6R92g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Senior Bank Loans Risk – </i>Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore, may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IBORRiskMember_zTtsTdKXAsW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>IBOR Risk – </i>The risk that the elimination of the London Interbank Offered Rate (“LIBOR”) or similar interbank offered rates (“IBORs”), such as the Euro Overnight Index Average (“EONIA”), or any other changes or reforms to the determination or supervision of such rates, could have an adverse impact on the market for, or value of, any securities or payments linked to those rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions. Moreover, the effectiveness of replacement rates is uncertain.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zSwDplEG2Ra5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zcqek5qSdy39" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk – </i>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.</span></p><p id="xdx_A9A_z2s7eS330Kv7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_znymCNBvqUbb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zGLan762ijRf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zR6bSHziuGy6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zwTQLHFfJbQh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z24Gv5Dxqoh4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zhkReVQbAE8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk –</i> 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.</span></p><div id="xdx_C0C_gRBRTB-QQMXW_zbqNaSDpshlb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zKl064H7Ad1h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk – </i>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.</span></p><div id="xdx_C01_gRBRTB-QQMXW_zFOwXx1n1xT7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zt72QcE2Dimk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk – </i>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.</span></p><div id="xdx_C0F_gRBRTB-QQMXW_zx0bsCqdWZ9j"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zkPTfBS8wXeh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk – </i>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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_zgDhVOOURSDk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk – </i>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.</span></p><div id="xdx_C02_gRBRTB-QQMXW_zJWCjwfvxSQk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_z4IFJMqR9ie9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk – </i>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.</span></p><div id="xdx_C03_gRBRTB-QQMXW_z2fhAMEutrO4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedAndAssetBackedSecuritiesRiskMember_zj5WcgZ7VwCg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Mortgage-Backed and Asset-Backed Securities Risk –</i> Mortgage-backed and asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, the Fund may exhibit additional volatility in a period of rising interest rates if it holds mortgage-backed securities (known as “extension risk”). Mortgage-backed securities may also be subject to prepayment risk; when interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the Fund’s returns because the Fund may have to reinvest that money at the lower prevailing interest rates. Non-agency mortgage-backed securities generally have greater credit risk than government issued mortgage-backed securities.</span></p><div id="xdx_C0A_gRBRTB-QQMXW_zssPQ0BgxL6a"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zvEY5FNwbMnc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>U.S. Government Securities Risk</i> – The risk that U.S. Government securities in the Fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</span></p><div id="xdx_C0E_gRBRTB-QQMXW_zWP7EW7Fc26b"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LongTermMaturitiesDurationsRiskMember_zIxk9Ox7G948" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Long-Term Maturities/Durations Risk –</i> The risk of greater price fluctuations than would be associates with securities having shorter maturities or durations.</span></p><div id="xdx_C08_gRBRTB-QQMXW_zJCe466oVrc6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorBankLoansRiskMember_zFsZomd6R92g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Senior Bank Loans Risk – </i>Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore, may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.</span></p><div id="xdx_C07_gRBRTB-QQMXW_zdeB1XYzRwYh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IBORRiskMember_zTtsTdKXAsW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>IBOR Risk – </i>The risk that the elimination of the London Interbank Offered Rate (“LIBOR”) or similar interbank offered rates (“IBORs”), such as the Euro Overnight Index Average (“EONIA”), or any other changes or reforms to the determination or supervision of such rates, could have an adverse impact on the market for, or value of, any securities or payments linked to those rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions. Moreover, the effectiveness of replacement rates is uncertain.</span></p><div id="xdx_C06_gRBRTB-QQMXW_zMXGvRvkOXA7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zSwDplEG2Ra5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk –</i> 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.</span></p><div id="xdx_C07_gRBRTB-QQMXW_zB60S5epymEc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zcqek5qSdy39" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk – </i>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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_znymCNBvqUbb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C0C_gRBRTB-QQMXW_zng3opQUFmik"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zGLan762ijRf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><div id="xdx_C07_gRBRTB-QQMXW_zZCG32GdkSig"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zR6bSHziuGy6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk – </i>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.</span></p><div id="xdx_C01_gRBRTB-QQMXW_zWk7GyEPVTr4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zwTQLHFfJbQh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk </i>– 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.</span></p><div id="xdx_C02_gRBRTB-QQMXW_zI08AYFLABde"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z24Gv5Dxqoh4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_ztifTcS1QdF2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zHDPbng2wwlf">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zerL48WctqOi">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zM0XQI16VQzk">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zE1gTclzHSD5">(888) 3DUNHAM (338-6426)</span>.</span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8B_eoef--BarChartTableTextBlock_zlu8wZWAbcWe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zlDD9PGSK9k7" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_498_20160101__20161231_ztCEpGsLcvIf" style="text-align: center; width: 9%">2016</td> <td id="xdx_493_20170101__20171231_zqj4ISsXsdbd" style="text-align: center; width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zpvHX8PLTQx2" style="text-align: center; width: 9%">2018</td> <td id="xdx_495_20190101__20191231_zgiRc2lxUAOb" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 9%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member_zB78gNz6fzfk" style="vertical-align: top; text-align: center"> <td> </td> <td>3.34%</td> <td>3.79%</td> <td>-2.44%</td> <td>9.74%</td> <td>7.25%</td> <td>-0.64%</td> <td>-12.40%</td> <td>6.04%</td> <td>2.55%</td> <td>6.44%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du002_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0334 0.0379 -0.0244 0.0974 0.0725 -0.0064 -0.1240 0.0604 0.0255 0.0644 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zzslTFqIvy21" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zIQlZnNWe3u5">the highest return for a quarter</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zkfGGqckRiTl">6.43%</span> (quarter ended <span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zwnubPpHm3m9">December 31, 2023</span>) and <span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_z17lfpnuRWbk">the lowest return for a quarter</span> was <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zeDpyBnTfeTf">-5.48%</span> (quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zCCm8PohDRHg">June 30, 2022</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.0643 2023-12-31 the lowest return for a quarter -0.0548 2022-06-30 Dunham Corporate/Government Bond Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A80_eoef--PerformanceTableTextBlock_zvWZfax16iFg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zBl5c333Q7al" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; width: 60%"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_491_20250101__20251231_z0yh7wuUxRve" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: silver; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49D_20210101__20251231_zWU4qA6IRrf1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: silver; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_491_20160101__20251231_z6W4StMO98i8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: silver; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member_zpjOgYXk6jP9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member_z86oY458jJqc">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.44%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.15%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.18%</span></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zD8U3AtYIl16" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.58%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.11%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.02%</span></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059525Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zZxyLlMW7Gtf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.78%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.43%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.16%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059524Member_zQzgPj2TIJo4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059524Member_zaVyzQlGasT1">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.63%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.61%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.42%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_zw7YEbgHcNz3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020976Member__oef--ClassAxis__custom--C000059523Member_z9aQ3titJIH4">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.44%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.46%</span></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1oKiS4Eq0Z6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg U.S. Aggregate Bond Index </b>(<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_z6MvFve1GC8i">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.30%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.01%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020976Member__oef--PerformanceMeasureAxis__custom--MorningstarIntermediateCorePlusBondCategoryReturnBeforeTaxesMember_z36aYyajlpM5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Intermediate Core-Plus Bond Category </b>(return before taxes)<sup id="xdx_F41_zUea3nbwzIoa">*</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.11%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.68%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.05%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F02_z6gk2XCy9Vi5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F10_zztoGO4WbxLj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Intermediate Core-Plus Bond Category is generally representative of intermediate-term bond mutual funds that primarily invest in corporate and other investment-grade U.S. fixed-income securities and typically have durations of 3.5 to 6.0 years. Funds in this category also invest in high-yield and foreign bonds.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0644 0.0015 0.0218 0.0458 -0.0111 0.0102 0.0378 -0.0043 0.0116 return before taxes 0.0563 -0.0061 0.0142 return before taxes 0.0144 -0.0101 0.0146 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 0.0811 0.0068 0.0205 <p id="xdx_A87_eoef--PerformanceTableClosingTextBlock_zzikaDiiCUee" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_z1ZX9dBJmh38">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_z0zYpcDLPtc7">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_902_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020976Member_zGOIJJqmZov1">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Floating Rate Bond Fund Investment Objective: <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_z7ZioQyR5jne" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to provide a high level of current income,</span></p> <p id="xdx_A8F_eoef--ObjectiveSecondaryTextBlock_zj1GsaLAxdFj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with capital appreciation as a secondary goal.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zYZ4v1Tnl2jc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90E_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_z7yr2R51oQg3">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90A_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_zzO1NLSzu8A6">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zuHJGjWF1xj7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zq64ISe9qOab" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_zQoEzCrupIne" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131124Member_zGhfMdxnEdh6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member_zAPBBSmYh8Qg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_400_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zeGxYYj9ayKj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price) </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zndxZyNp1HHa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zuHPk0fFiiCl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_403_eoef--RedemptionFeeOverRedemption_dn_zzJ09wKS4lj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--ExchangeFee_dn_znoEDivTULbk" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0450 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zlauZfkJI7al"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zUdUhIuPlsia" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_zLOHmLahpOBd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131124Member_zWZDrnPGPkP7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member_z2baCbAZyxm8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zRTRjxxzVEHk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F4D_zu0x80HruNb3">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.86%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.86%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.86%</span></span></td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFZmQFeZ0G0f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zkwDwdhnfcG3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.22%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.22%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.22%</span></span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zvH59zvlJUm2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zO2PbGN7yQ4e">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zyrGGLzo1sU5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.84%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.09%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0B_zwkb1rZpBHLc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1C_zYPgfo9qjI33" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory fee is a fulcrum fee with a base or fulcrum of 28 bps (0.28%) and can range from 0.18% to 0.38%, based on the Fund’s performance relative to the Morningstar LSTA U.S. Leveraged Loan 100 Index, the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F04_zbocb9O7q24f" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F15_zceupOvIbq6c" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_907_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zMQ7dtERQTs3">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0086 0.0086 0.0086 0.0025 0.0075 0.0000 0.0022 0.0022 0.0022 0.0001 0.0001 0.0001 0.0134 0.0184 0.0109 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zo8CooK3hU7e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSRoaznevh2e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zzWP3rEHHsVj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear01_zwxIZDizJMPe" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zjcjbUT4VHHb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear05_zAKYuHLxl3wi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zVM1IKxrWUi7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41E_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_zH1vhf3FqMSi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$580</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$855</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,151</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,990</span></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131124Member_zWrAhW8KPobc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$187</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$579</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$995</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,159</span></span></td></tr> <tr id="xdx_41B_20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member_z6vepCtxAIM" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$111</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$347</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$601</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,329</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 580 855 1151 1990 187 579 995 2159 111 347 601 1329 Portfolio Turnover: <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zT3b0zWlKN0b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zPopXBDrlpPa">45%</span> of the average value of its portfolio.</span></span></p> 0.45 Principal Investment Strategies: <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zpD9rS2Cm7Yc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objectives by investing, under normal market conditions, at least 80% of the Fund’s assets (defined as net assets plus borrowings for investment purposes) in bonds. The Fund defines “bonds” as floating rate loans and other floating rate debt securities, including collateralized loan obligations (“CLO”s).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Floating rate loans generally represent amounts borrowed by corporations and other entities from banks and other institutional lenders. The Fund generally invests in loans that are rated below investment-grade (BB and lower, or an equivalent rating) or are not rated by a nationally recognized statistical rating organization (NRSRO), also known as “leveraged”, “high-yield” or “junk” loans. The loans in which the Fund will primarily invest are senior secured obligations of their borrowers and are typically secured by some or all of borrowers’ assets. Floating rate loans have interest rates that reset periodically (typically quarterly or monthly) and typically have tenors of eight years or less. The interest rates on floating rate loans may be based on a percentage above SOFR (Secured Overnight Financing Rate), a U.S. bank’s prime or base rate, the overnight federal funds rate, or another rate.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A CLO is a portfolio of leveraged loans and/or high-yield bonds that are securitized and managed as a fund. The assets are typically senior secured loans, which benefit from priority of payment over other claimants in the event of an insolvency. Each CLO is structured as a series of tranches that are interest-paying bonds. The Fund generally invests in CLOs that are rated below investment-grade (BB and lower, or an equivalent rating). CLOs have interest rates that reset periodically (typically quarterly or monthly). The interest rates on floating rate loans may be based on a percentage above SOFR (Secured Overnight Financing Rate).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additionally, the Fund will invest up to 20% of total assets in fixed-rate corporate bonds of any maturity generally rated below investment-grade (BB and lower, or an equivalent rating) or are not rated by a nationally recognized statistical rating organization (NRSRO), also known as “high-yield” or “junk” loans. These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser selects investments and seeks to reduce risk through portfolio diversification, credit analysis and attention to current developments in economic conditions. In general, the Sub-Adviser typically buys securities that provide high current income that it believes possess attractive risk/reward characteristics. The Sub-Adviser measures a security’s risk/reward ratio by its yield and expected probability of default when compared to a peer group of securities with similar credit risk. The Sub-Adviser typically will sell securities when, in the Sub-Adviser’s view, they no longer meet the buy criteria and when an issuer’s credit fundamentals deteriorate.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_gRBRTB-FSQMW_zoxnN3wkmSQ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance.</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorBankLoansRiskMember_z1vpiBsxh5l3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Senior Bank Loans Risk</i> – Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial time period after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zZcxULfvxwL9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>CLO Risk</i> – Negative economic trends nationally as well as in specific geographic areas of the United States could result in an increase in loan defaults and delinquencies. There is a material possibility that economic activity will be volatile or will slow significantly, and the CLO performance will likely be significantly and negatively impacted by such conditions. Such effects may include an inability for Obligors to obtain refinancing of their debt obligations. A decreased ability of Obligors to obtain refinancing may cause a deterioration in loan performance generally and for CLOs. It is not possible to determine whether or when such trends will improve or worsen in the future. CLOs may include underlying securities, which are investments in foreign countries. These factors could detract from CLO’s performance.</span></p><p id="xdx_A9C_zhNE25DC7U06" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_z8TeOeZpcXQ5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingInterestRatesRiskMember_zA7ZrRgbtvW1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Floating Interest Rates Risk </i>– Certain of the Fund’s investments, payment obligations and financing terms may be based on floating interest rates (“Reference Rates”). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any securities or payments linked to those Reference Rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zbuEaKDYTQt7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_z5HwKcBjEBG1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zLtLRWIKa2q1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zRpxoaSHApc1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zQf8yHQFJvfh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_ziYo0Nuehuz1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zwDiWC9dwM2h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbEYZMiHT9Oe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zCRjGGNYfzUe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorBankLoansRiskMember_z1vpiBsxh5l3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Senior Bank Loans Risk</i> – Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial time period after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.</span></p><div id="xdx_C0B_gRBRTB-FSQMW_z5XZo8rnMppb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zZcxULfvxwL9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>CLO Risk</i> – Negative economic trends nationally as well as in specific geographic areas of the United States could result in an increase in loan defaults and delinquencies. There is a material possibility that economic activity will be volatile or will slow significantly, and the CLO performance will likely be significantly and negatively impacted by such conditions. Such effects may include an inability for Obligors to obtain refinancing of their debt obligations. A decreased ability of Obligors to obtain refinancing may cause a deterioration in loan performance generally and for CLOs. It is not possible to determine whether or when such trends will improve or worsen in the future. CLOs may include underlying securities, which are investments in foreign countries. These factors could detract from CLO’s performance.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_z8TeOeZpcXQ5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk</i> – 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.</span></p><div id="xdx_C06_gRBRTB-FSQMW_zqu9S45IHW09"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingInterestRatesRiskMember_zA7ZrRgbtvW1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Floating Interest Rates Risk </i>– Certain of the Fund’s investments, payment obligations and financing terms may be based on floating interest rates (“Reference Rates”). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any securities or payments linked to those Reference Rates.</span></p><div id="xdx_C04_gRBRTB-FSQMW_zJ6IEVXL1oRl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zbuEaKDYTQt7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk</i> – 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.</span></p><div id="xdx_C00_gRBRTB-FSQMW_zHvU5R34LaMb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_z5HwKcBjEBG1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk</i> – 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.</span></p><div id="xdx_C06_gRBRTB-FSQMW_znedN3dMVue6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zLtLRWIKa2q1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk</i> – 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.</span></p><div id="xdx_C08_gRBRTB-FSQMW_zENBJuPMcZO5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zRpxoaSHApc1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk</i> – 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.</span></p><div id="xdx_C08_gRBRTB-FSQMW_z9ntulEEbC9i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zQf8yHQFJvfh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk</i> – 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.</span></p><div id="xdx_C00_gRBRTB-FSQMW_zB9Eij2gOwl3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_ziYo0Nuehuz1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C0A_gRBRTB-FSQMW_zAr4vpMAo8o8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zwDiWC9dwM2h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – 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.</span></p><div id="xdx_C03_gRBRTB-FSQMW_z8tqUxXp18d1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbEYZMiHT9Oe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk</i> – 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.</span></p><div id="xdx_C09_gRBRTB-FSQMW_zC3hZ6BMd3W5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zCRjGGNYfzUe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> Performance: <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zR963UjFIqTk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_z5KxKKXO3Z96">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zRgSNomXdfPc">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_z0eqrGGcupY8">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zf7renOlUiag">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8D_eoef--BarChartTableTextBlock_z5rzcagww0M9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdLG2ZLO8cm5" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_495_20160101__20161231_z3ArFskld97b" style="text-align: center; width: 9%">2016</td> <td id="xdx_496_20170101__20171231_ztLHNqAjoKl1" style="text-align: center; width: 9%">2017</td> <td id="xdx_494_20180101__20181231_zVmH2lbP0gSb" style="text-align: center; width: 9%">2018</td> <td id="xdx_491_20190101__20191231_zJ4yw2eMe5B8" style="text-align: center; width: 9%">2019</td> <td id="xdx_495_20200101__20201231_zUW4H3MdAF4f" style="text-align: center; width: 9%">2020</td> <td id="xdx_498_20210101__20211231_z3atSqXsReJ5" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zPvLy8nwXhr1" style="text-align: center; width: 9%">2022</td> <td id="xdx_49B_20230101__20231231_zKaOk8PeJT22" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_zvkPuU6ecrc6" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zTMJbke94Olk" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_409_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member_zdZtlQNyVXs6" style="vertical-align: top; text-align: center"> <td> </td> <td>7.56%</td> <td>2.95%</td> <td>-0.71%</td> <td>7.44%</td> <td>0.16%</td> <td>3.76%</td> <td>-2.29%</td> <td>13.33%</td> <td>8.39%</td> <td>5.30%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du003_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </p> 0.0756 0.0295 -0.0071 0.0744 0.0016 0.0376 -0.0229 0.1333 0.0839 0.0530 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zTg0KbWup6y9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zjZvdQJd5DM5">the highest return for a quarter</span> was <span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zLx2ZS84tR49">6.98%</span> (quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zA3GALDhnWlj">June 30, 2020</span>) and <span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zD6FkK18enu4">the lowest return for a quarter</span> was <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zeWM5mR9xNAb">-12.29%</span> (quarter ended <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zU2SaIiB2VG4">March 31, 2020</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.0698 2020-06-30 the lowest return for a quarter -0.1229 2020-03-31 Dunham Floating Rate Bond Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zKO4U1zrJmZk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zVAIOe7w8IKf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 70%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_491_20250101__20251231_z4G2ZCD98vDe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49F_20210101__20251231_zbSjo5SiwuHj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_49D_20160101__20251231_zppdPz6vsfQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member_zw5LtShZtCTf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member_zzKpLw09BrVh">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.30%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.57%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.49%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zQOiSis6aZ7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.63%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.18%</span></span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131125Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z480PBTwoXCk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.10%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.96%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.41%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131124Member_zqLL3fz3UZ91" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131124Member_zQ8RzelO1j8b">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.64%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.78%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.72%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_zUYFvwkC3sKf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042248Member__oef--ClassAxis__custom--C000131123Member_zyhKAzKzKch8">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.35%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.76%</span></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zj7wKiDEfxa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg U.S. Aggregate Bond Index </b>(<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zkjMWsmnUBkh">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.30%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.01%</span></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--PerformanceMeasureAxis__custom--MorningstarLSTAUSLeveragedLoan100IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zcpp2LqSqRF4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar LSTA U.S. Leveraged Loan 100 Index </b>(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zPNuiqNYS5Oi">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.35%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.32%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.81%</span></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042248Member__oef--PerformanceMeasureAxis__custom--MorningstarBankLoanCategoryReturnBeforeTaxesMember_zUOQ6fXCL0H" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Bank Loan Category </b>(return before taxes)<span id="xdx_F4B_z7p2304Db3f8">*</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.06%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.29%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.76%</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0E_zC3SozfkHY3c" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1E_zap23xgyRda6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Bank Loan Category is generally representative of mutual funds that primarily invest in floating-rate bank loans instead of bonds. These bank loans generally offer interest payments that typically float above a common short-term benchmark such as the Interbank Offered Rate, or IBOR, or the Secured Overnight Financing Rate (SOFR).</span></td> </tr></table> return before taxes 0.0530 0.0557 0.0449 0.0218 0.0263 0.0218 0.0310 0.0296 0.0241 return before taxes 0.0464 0.0478 0.0372 return before taxes 0.0028 0.0435 0.0376 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses, or taxes 0.0735 0.0632 0.0581 0.0606 0.0629 0.0576 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zPrIhGOdtqee" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_z9dsJbaldEmk">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zgkHSY1XtA2d">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_90F_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000042248Member_zRJYGngFUJq8">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham High-Yield Bond Fund Investment Objective: <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zcCXk5VFQlQ8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to provide a high level of current income,</span></p> <p id="xdx_A8B_eoef--ObjectiveSecondaryTextBlock_z9qfogCTjTF9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with capital appreciation as a secondary goal.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zzsIIVRP5pd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90E_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_zO2EXZhC9RA8">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90E_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_z2QQcdq3d3mi">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zFVFsfABKCGe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zoo1evL86ark" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_496_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_zOln45NlXiP9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_496_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059530Member_zAlClhw296A7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_496_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member_zcKfs2QZx3Yi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_409_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zNgFJUkp9gC" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40C_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zzWuMMjkD6ja" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zW55eQFLqlv9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_400_eoef--RedemptionFeeOverRedemption_dn_zw6dUsqDXvCf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_401_eoef--ExchangeFee_dn_zQ5Lne64ueC4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0450 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zZKaX6OsSU6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zRRUPmdd80d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_496_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_ziGNXDN5Trmc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_496_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059530Member_zUH6wm6T0upg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_496_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member_zs2brY1y2MJc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zGDUKAbtnRM8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F46_zUtNc7K2SWt1">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.91%</span></span></td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zj97A9Hb8ng3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zeRqSulyB0J" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.19%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.19%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.19%</span></span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zoDvA4S5Q5P8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_zawRmnBvwMAi">(2)</sup></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zgvvQbq11Hs3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.86%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.11%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F04_zxXBduIMDK4l" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1F_zwQdwuAtlLhg" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 32 bps (0.32%) and can range from 0.22% to 0.42% based on the Fund’s performance relative to the Bloomberg U.S. Corporate High-Yield Bond Ba/B 2% Issuer Capped Index, the Fund’s Benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F09_z0Qxk1pbB9qj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1E_z6K726qQR0P9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_909_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_z0r3T0LaLRUh">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0091 0.0091 0.0091 0.0025 0.0075 0.0000 0.0019 0.0019 0.0019 0.0001 0.0001 0.0001 0.0136 0.0186 0.0111 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zU6ejjM4hdX6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHtr52gNW76d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zJeu83WUrUW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear01_zHC7OcCEsfC3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zFhLZp4TMuDl" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zszPRAAGgK8c" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear10_z3XtitSM6Oe1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_z7BJgt6GJJRh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$582</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$861</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,161</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,011</span></span></td></tr> <tr id="xdx_417_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059530Member_zZ1kxeZhXVB" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$189</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$585</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,006</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,180</span></span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member_zNcwduPZC8Ii" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$113</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$353</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$612</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,352</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 582 861 1161 2011 189 585 1006 2180 113 353 612 1352 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zPWkFUt0QCX2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zOD0JbvVJZG2">69%</span> of the average value of its portfolio.</span></span></p> 0.69 Principal Investment Strategies: <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zbJV4vKJ9RFj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objectives by investing primarily in lower-rated (generally rated BB and B), and unrated, higher-risk corporate bonds of any maturity. The Fund normally invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in debt securities and convertible securities rated below investment grade (rated BB+ or lower) by S&amp;P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as “high-yield” or “junk” bonds, and in unrated debt securities determined by the Sub-Adviser to be of comparable quality. These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser selects investments and seeks to reduce risk through portfolio diversification, credit analysis and attention to current developments in economic conditions. In general, the Sub-Adviser typically buys high-yield securities that provide high current income that it believes possess attractive risk/reward characteristics. The Sub-Adviser measures a security’s risk/reward ratio by its yield and expected probability of default when compared to a peer group of securities with similar credit risk. The Sub-Adviser typically will sell securities when, in the Sub-Adviser’s view, they no longer meet the buy criteria and when an issuer’s credit fundamentals deteriorate.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_gRBRTB-TB_zrKfsLYjw7U8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_zSfVLYtggBl1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zXWOzTGUFnsd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zzHjVW3gF0z2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_z6nmklPnMUuh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zBg3408EWD51" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zvYsp6rTS0Ye" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk</i> – Privately issued securities, including those which may be resold 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.</span></p><p id="xdx_A93_z6J0iKl4RhQ6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zriTUXNWrDvh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zBNzdnQcaQn6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbHaRwikRf61" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zGj7G2K0p454" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_zSfVLYtggBl1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk – </i>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.</span></p><div id="xdx_C0E_gRBRTB-TB_zAMsqNucA3S4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zXWOzTGUFnsd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk –</i> 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.</span></p><div id="xdx_C07_gRBRTB-TB_zLA2aNojyXuk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zzHjVW3gF0z2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk – </i>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.</span></p><div id="xdx_C0B_gRBRTB-TB_ztbEvrtkSK05"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_z6nmklPnMUuh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk – </i>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.</span></p><div id="xdx_C0F_gRBRTB-TB_zed1G9VFAyaa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zBg3408EWD51" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk – </i>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.</span></p><div id="xdx_C0D_gRBRTB-TB_z40CPwJcpbE6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zvYsp6rTS0Ye" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk</i> – Privately issued securities, including those which may be resold 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zriTUXNWrDvh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C02_gRBRTB-TB_zdwI2u3Haedk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zBNzdnQcaQn6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> 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.</span></p><div id="xdx_C08_gRBRTB-TB_zRdFwI58vwyd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbHaRwikRf61" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><div id="xdx_C0E_gRBRTB-TB_zyU3VPAzK165"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zGj7G2K0p454" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_z2azUiOqxtYc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zjmUInZzc8P3">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_z2tpWoO7iNQ">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zkgrIkrWxKWg">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zaKn1kfOet">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A80_eoef--BarChartTableTextBlock_zlB0DwaXQRwj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_ztKrYevXVCbk" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_490_20160101__20161231_zS9QjpiIgl5c" style="text-align: center; width: 9%">2016</td> <td id="xdx_490_20170101__20171231_zHHvay41dTma" style="text-align: center; width: 9%">2017</td> <td id="xdx_494_20180101__20181231_zzKN6qbbqMB8" style="text-align: center; width: 9%">2018</td> <td id="xdx_49C_20190101__20191231_zt10DBsEhgp" style="text-align: center; width: 9%">2019</td> <td id="xdx_498_20200101__20201231_zSjCytbt8vZ9" style="text-align: center; width: 9%">2020</td> <td id="xdx_494_20210101__20211231_zmj6mTg3Wnh" style="text-align: center; width: 9%">2021</td> <td id="xdx_491_20220101__20221231_zuGjaEPn6GSi" style="text-align: center; width: 9%">2022</td> <td id="xdx_491_20230101__20231231_zpUUaaXJXyp6" style="text-align: center; width: 9%">2023</td> <td id="xdx_49F_20240101__20241231_zEnFgyGnPVt7" style="text-align: center; width: 9%">2024</td> <td id="xdx_49F_20250101__20251231_z6LmBsJ2gWg2" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_409_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member_z2JEHzlF7CVc" style="vertical-align: top; text-align: center"> <td> </td> <td>10.98%</td> <td>6.61%</td> <td>-4.27%</td> <td>14.55%</td> <td>7.70%</td> <td>4.97%</td> <td>-10.30%</td> <td>14.75%</td> <td>7.16%</td> <td>7.48%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du004_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1098 0.0661 -0.0427 0.1455 0.0770 0.0497 -0.1030 0.1475 0.0716 0.0748 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zuRWabnPc5W" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zoV5IPWQUe46">the highest return for a quarter</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zs11t4TeZhrk">9.20%</span> (quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zpa5rLsUlhuk">June 30, 2020</span>) and <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zYInjG9fOxN">the lowest return for a quarter</span> was <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zOBacbOx2zk3">-11.13%</span> (quarter ended <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zljgK3tF1nFi">March 31, 2020</span>).</span></p> the highest return for a quarter 0.0920 2020-06-30 the lowest return for a quarter -0.1113 2020-03-31 Dunham High-Yield Bond Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A88_eoef--PerformanceTableTextBlock_zhnUBIUsboke"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zF4ckHgRs3h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_49F_20250101__20251231_zN5r8zcQzjm3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49A_20210101__20251231_z8grb9fBYvw" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_490_20160101__20251231_zz3VJaH7Ieg8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member_zxKHfOgKeyv" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member_zG3COTrDeey6">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.48%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.47%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.69%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zo3tD5gkZaHg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.76%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.06%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.40%</span></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059531Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7XwQdE7gsr5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.36%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059530Member_zPzK6Yo8qDb7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059530Member_zuKhPBKODtWf">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.74%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.70%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.91%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_zlmej9IUko0b" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020978Member__oef--ClassAxis__custom--C000059529Member_zNaFGAmWmqXg">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.43%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.94%</span></span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zA2QReoPJaJ4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg U.S. Aggregate Bond Index </b>(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zggmNT0sFzdg">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.30%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.01%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--PerformanceMeasureAxis__custom--BloombergUSCorporateHighYieldBondBaB2PercentIssuerCappedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zyzM6ivmJtf2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg U.S. Corporate High-Yield Bond Ba/B 2% Issuer Capped Index</b> (<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zlutfrJXBjL8">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.78%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.11%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.15%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020978Member__oef--PerformanceMeasureAxis__custom--MorningstarHighYieldBondCategoryReturnBeforeTaxesMember_zcNlqoFDfYs2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar High-Yield Bond Category </b>(return before taxes)<span id="xdx_F45_z4Qfx96f40B8">*</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.80%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.87%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.27%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b id="xdx_F07_z4pz4zfjXnNi">*</b></span></td><td style="text-align: justify"><span id="xdx_F16_zbvB6sxpEao5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar High-Yield Bond Category is generally representative of mutual funds that primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard &amp; Poor’s or Moody’s at the level of BB (considered speculative for taxable bonds) and below.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0748 0.0447 0.0569 0.0476 0.0206 0.0340 0.0438 0.0234 0.0336 return before taxes 0.0674 0.0370 0.0491 return before taxes 0.0243 0.0328 0.0494 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses, or taxes 0.0878 0.0411 0.0615 0.0880 0.0487 0.0627 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_zHDESPBuScv" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zgvCdiVxH0y4">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zoCx8D85wzaf">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_909_eoef--PerformanceTableExplanationAfterTaxHigher_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zhNFF9FPgurj">In certain cases, after-tax returns may be higher than the other return figures for the same period.</span> <span id="xdx_90B_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020978Member_zm2an3bQRtll">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. In certain cases, after-tax returns may be higher than the other return figures for the same period. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham International Opportunity Bond Fund Investment Objective: <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zRk4T1ZslaCg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to provide a high level of current income,</span></p> <p id="xdx_A80_eoef--ObjectiveSecondaryTextBlock_zvykAW4PO3Bh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with capital appreciation as a secondary goal.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zbN4hytj2NU2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90B_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zoUYKvFfSu78">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_903_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zv9VIcE82hJa">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zi4V1oICNzgc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z3DnCT72E4p2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; width: 60%; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zk0yR7cgWEzg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131121Member_zdKqzkFWH3x5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member_zvZ6aZzWmAod" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zspTfcVdmRUc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price) </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_409_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zmKqLuxLO7O6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_406_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zV40gGDLykBd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dn_z0iuPstP1ysc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--ExchangeFee_dn_z4BDvVXrJCWa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0450 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zNVPoZsaqMt5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5TrhKzD7Gci" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 5pt; padding-left: 5pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zg9j4e9sL219" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131121Member_zh4QG12N1I19" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member_zYwY72hBrRY" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zA0Wsf2QWFh8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F4C_zzP8lJJWmpBb">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21%</span></span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_znjtN9tiVHe9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses:</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--Component1OtherExpensesOverAssets_dpn_z2k27uFe7ppa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 0.15in; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Expense</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></span></td></tr> <tr id="xdx_407_eoef--Component2OtherExpensesOverAssets_dpn_zyMJ3nqoVmla" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 0.15in; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining Other Expenses</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.43%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.43%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.43%</span></span></td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zZk3MNt1lP3c" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4D_zg7fdVtwoS1b">(2) </sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zcQk9XrBpTg1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.41%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.66%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F06_zgEnlPQCeM03" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F16_zER3RGdRX1q8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70% based on the Fund’s performance relative to the Bloomberg Global Aggregate Bond ex-US Total Return Index Hedged, the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0A_z97JHHBEd0ol" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F19_zpTFc55z1Tzl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_909_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zRLhjBeJYMs2">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies</span>.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0121 0.0121 0.0121 0.0025 0.0075 0.0000 0.0001 0.0001 0.0001 0.0043 0.0043 0.0043 0.0001 0.0001 0.0001 0.0191 0.0241 0.0166 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies Example: <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zzpzhTFdFlja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfbaok4b9xk2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zSd9HLq9iu71" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear01_zxOpsPWIngV3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zZuJ4N4NXsTc" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zrggrc5OQYDa" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zY4AYjVT7JB4" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_417_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zs2Z9mJ6Gyo5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$635</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,023</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,435</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,582</span></span></td></tr> <tr id="xdx_41A_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131121Member_zOszmbwaolYb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$244</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$751</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,285</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,746</span></span></td></tr> <tr id="xdx_415_20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member_zqFZq7UoQJvf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$169</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$523</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$902</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,965</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 635 1023 1435 2582 244 751 1285 2746 169 523 902 1965 Portfolio Turnover: <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zFvVRxTh1es8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zDEheqRtA8g4">78%</span> of the average value of its portfolio.</span></span></p> 0.78 Principal Investment Strategies: <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zYyN5yrRm8kh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objectives by investing, under normal market conditions, at least 80% of the Fund’s assets (defined as net assets plus borrowings for investment purposes) in bonds. The Fund defines “bonds” as bonds, adjustable rate securities, derivatives and other instruments with similar economic exposures (including interest rate futures, interest rate swaps, inflation swaps, credit default swaps, forward contracts on foreign exchanges, forward mortgage-backed securities trades and repurchase agreements) of foreign government and corporate issuers. These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale. The Fund primarily invests in issuers outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund invests in debt securities of issuers in both developed and emerging markets. The Fund may buy securities issued by companies of any size or market capitalization and it can invest in debt securities having short, intermediate or long maturities. The Fund does not limit its investments to a particular credit quality or rating category and can invest without limit in securities rated below investment grade (known as “high-yield” or “junk” bonds) by a nationally recognized statistical rating organization (NRSRO) or in unrated securities.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also use derivatives to seek increased returns or to try to manage investment risks, including but not limited to options, forward contracts, futures contracts, swaps (including interest rate swaps, inflation swaps and credit default swaps), and structured notes. The Sub-Adviser may manage foreign currency exposure, both to reduce risk and to seek to enhance returns. To do so, the Fund may invest in foreign exchange derivatives, including forwards and options related to foreign currencies, including currencies of both developed and emerging market countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser constructs portfolios through a combination of bottom-up security selection and top-down asset allocation, thereby accounting for security specific risk and broad market and asset class volatility. The Sub-Adviser’s opportunity set encompasses a Non-U.S issuer universe of global credit markets including Pan European High Yield, Emerging Markets Sovereign Debt, Developed Markets Investment Grade Corporate Debt, Developed Markets Government Debt, and Emerging Markets Corporate Debt. Generally, individual opportunities are identified through a rigorous fundamental credit analysis process applied across global markets and across the capital structure of issuers. The Sub-Adviser also evaluates each security on a relative value basis to other potential investments. The Sub-Adviser manages broad volatility risks through setting total risk levels and asset class exposures. The Sub-Adviser evaluates each potential investment to determine its contribution to overall portfolio risk. It generally sells securities when full valuation is reached, when a security comes up materially short versus expected results, or if alternative investments have been identified as offering better value. Investment exposures typically focus on the higher yielding spread markets, however the strategy retains the flexibility to take a more defensive position as deemed appropriate.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_gRBRTB-YXK_zspY99gFVfFl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zxJJ07W2xSN3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zkxe7FjaA1H8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk </i>– 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.</span></p><p id="xdx_A92_zNc7u31RWMrg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zWLKBCv4PW0j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk </i>– 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. The Fund may invest in adjustable rate securities that pay interest at rates that reset at various times. These reset provisions tend to reduce the impact of changes in interest rates on the value of the security. However, there can be no assurance that such reset provisions will have their intended effect.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWxNJsKB8185" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zizJlKVGE8qa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zYlmoWZ0LZJ1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zPm9bBMjTtq6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zcaO7DXmvI54" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVxyAeC5koZb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zclUZmXnpxS3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_ze6eTlmZcwah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk </i>– 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.</span></p><p id="xdx_A97_zJNECgNxaMM2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zrkO8XG8nGrh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_znvFM4uROnzb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNoteRiskMember_zGaAxPgpUXZ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Structured Note Risk </i>– Structured notes involve tracking risk, issuer default risk and may involve leverage risk.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zSo8M6kvHTi5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zxJJ07W2xSN3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk </i>– 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.</span></p><div id="xdx_C03_gRBRTB-YXK_zbsbBAAdaa8b"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zkxe7FjaA1H8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk </i>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zWLKBCv4PW0j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk </i>– 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. The Fund may invest in adjustable rate securities that pay interest at rates that reset at various times. These reset provisions tend to reduce the impact of changes in interest rates on the value of the security. However, there can be no assurance that such reset provisions will have their intended effect.</span></p><div id="xdx_C07_gRBRTB-YXK_zD4OzfwdoYOb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWxNJsKB8185" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk – </i>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.</span></p><div id="xdx_C07_gRBRTB-YXK_zFPLq1q8fkuf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zizJlKVGE8qa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk </i>– 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.</span></p><div id="xdx_C05_gRBRTB-YXK_zQ9UOV3bknaj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zYlmoWZ0LZJ1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk </i>– 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.</span></p><div id="xdx_C0A_gRBRTB-YXK_zU3ZaJlfG96i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zPm9bBMjTtq6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk </i>– 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.</span></p><div id="xdx_C0A_gRBRTB-YXK_zy8RfZAsKr3l"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zcaO7DXmvI54" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C02_gRBRTB-YXK_zJGgtsolEws8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVxyAeC5koZb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk </i>– 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.</span></p><div id="xdx_C01_gRBRTB-YXK_zYp6s5BcvwZj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zclUZmXnpxS3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk</i> – 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.</span></p><div id="xdx_C0D_gRBRTB-YXK_zx8WTyAhKhle"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_ze6eTlmZcwah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk </i>– 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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zrkO8XG8nGrh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk </i>– 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.</span></p><div id="xdx_C09_gRBRTB-YXK_zy5hQ0rjWNPh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_znvFM4uROnzb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk </i>– 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.</span></p><div id="xdx_C0A_gRBRTB-YXK_zXnYtMqoUrpf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNoteRiskMember_zGaAxPgpUXZ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Structured Note Risk </i>– Structured notes involve tracking risk, issuer default risk and may involve leverage risk.</span></p><div id="xdx_C02_gRBRTB-YXK_zcef6P1us8a1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zSo8M6kvHTi5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zbPDdeeJr7hf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zW7l5I7rGkia">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zGRuXEbTk8c4">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zLBNuFjU4vX3">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_z2MaWM59V3Dk">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8F_eoef--BarChartTableTextBlock_zkpqC9HkpFI8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zzRedFS3KGpg" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_49B_20160101__20161231_zLy0vR72XHmb" style="text-align: center; width: 9%">2016</td> <td id="xdx_490_20170101__20171231_zFKotkKXlIv4" style="text-align: center; width: 9%">2017</td> <td id="xdx_496_20180101__20181231_zAIYCxdoilCk" style="text-align: center; width: 9%">2018</td> <td id="xdx_490_20190101__20191231_zmXJGac6z6i1" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_zuavPdl3xerd" style="text-align: center; width: 9%">2020</td> <td id="xdx_493_20210101__20211231_z783DkZ50iJj" style="text-align: center; width: 9%">2021</td> <td id="xdx_497_20220101__20221231_zMXzu8nlySTb" style="text-align: center; width: 9%">2022</td> <td id="xdx_496_20230101__20231231_zfBEsknwShyc" style="text-align: center; width: 9%">2023</td> <td id="xdx_490_20240101__20241231_zPdMYwyTnRT3" style="text-align: center; width: 9%">2024</td> <td id="xdx_496_20250101__20251231_zy9dKUJ3uFIc" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_408_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member_zjshDIl85fn8" style="vertical-align: top; text-align: center"> <td> </td> <td>0.18%</td> <td>9.80%</td> <td>-4.74%</td> <td>4.01%</td> <td>4.06%</td> <td>-1.81%</td> <td>-13.95%</td> <td>12.31%</td> <td>6.39%</td> <td>5.91%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du005_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0018 0.0980 -0.0474 0.0401 0.0406 -0.0181 -0.1395 0.1231 0.0639 0.0591 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zpvXXjRbJXY1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zyZ85fsTx5Gd">the highest return for a quarter</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zOeNN6HzQMAb">14.75%</span> (quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zHEgiN67rGbf">June 30, 2020</span>) and <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zLuqA2w6D5aj">the lowest return for a quarter</span> was <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zoyV1SgLgl83">-16.18%</span> (quarter ended <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zYoSCMVNc062">March 31, 2020</span>).</span></p> the highest return for a quarter 0.1475 2020-06-30 the lowest return for a quarter -0.1618 2020-03-31 Dunham International Opportunity Bond Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A85_eoef--PerformanceTableTextBlock_zfxyHpuobDf4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zTqtwdqRRZMg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 60%; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_496_20250101__20251231_z7QX3KL62j8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_495_20210101__20251231_zCzMAEPsDyN4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_497_20160101__20251231_z9lLpWicbNrk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member_z1f1pXTwidQ3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member_zLZYFUaGr1Wj">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.35%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.95%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zH6YgvJMWfzl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.97%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.27%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.96%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131122Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z67uiNIpqyc6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.49%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.29%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.07%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131121Member_zdzFijZadCgh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131121Member_zgvLlq2UKHel">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.62%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.19%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zC9aHkDxwBn9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042247Member__oef--ClassAxis__custom--C000131120Member_zH75Y32iFSMb">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.19%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.24%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateBondExUSIndexUnhedgedReflectsNoDeductionForFeesExpensesOrTaxesMember_zblMYUDsl0B7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg Global Aggregate Bond ex-US Index Unhedged </b>(<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zVINuF7rEUpc">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.85%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-3.59%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.56%</span></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateBondExUSTotalReturnIndexHedgedReflectsNoDeductionForFeesExpensesOrTaxesMember_zcySMkQJ4jBe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg Global Aggregate Bond ex-US Total Return Index Hedged </b>(<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zwQo4ivrrTm7">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.80%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.79%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.57%</span></span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042247Member__oef--PerformanceMeasureAxis__custom--MorningstarGlobalBondCategoryReturnBeforeTaxesMember_zkhfwRVbpK9h" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Global Bond Category </b>(return before taxes)<span id="xdx_F48_zliTdheoa6Lf">*</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.25%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.25%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.00%</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F01_zDKxXzcTCqEh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1D_z9aVM6k8baMc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Global Bond Category is generally representative of funds that invest at least 40% of bonds in foreign markets.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0591 0.0135 0.0195 0.0497 -0.0027 0.0096 0.0349 0.0029 0.0107 return before taxes 0.0525 0.0062 0.0119 return before taxes 0.0102 0.0019 0.0124 reflects no deduction for fees, expenses, or taxes 0.0885 -0.0359 0.0056 reflects no deduction for fees, expenses, or taxes 0.0280 0.0079 0.0257 0.1025 -0.0025 0.0200 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zCFvoLOcdRI9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zalWfnZ4Mu2b">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zSDfn88Xkpve">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_908_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000042247Member_zqLp2ejqeiSe">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Large Cap Value Fund Investment Objective: <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zwEAJRzwO389" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to maximize total return from capital appreciation and dividends.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zC7t0PHhZKW1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90A_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_zaczA2nrSTP9">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_909_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_zI67EGZ0QAmd">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zaJJvRCVKJU8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z9xLtc7S0rMe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_zKfvlyMWV4Zh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059512Member_zga25do65dh4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member_zRvGW4LeEa4d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zAYXmsZCP3Ri" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_409_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zUnzPjVRqSdi" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_408_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zPU9Nsq3K5m7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dn_ztW3BuII14m1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--ExchangeFee_dn_ziloFh1fIrFk" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z7bbIxgJzIX3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z6FTOsdNZl07" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_zKkY5fKcByj5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059512Member_zAUemVUfrinl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member_zDDVqQ1o17Mk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zad6s9DoQCg6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F47_zcqekqcRXSF8">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.99%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.99%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.99%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJgi0kUz0iQg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zuPsxfeoiFp2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.18%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.18%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.18%</span></span></span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zArYO9ryCexi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.17%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.17%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0D_z9aL90ehJfwe" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1D_za7zV7pyakc4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or a fulcrum fee of 30 bps (0.30%) and can range from 0.10% to 0.50% based on the Fund’s performance relative to the Russell 1000^®Value Index, the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0099 0.0099 0.0099 0.0025 0.0100 0.0000 0.0018 0.0018 0.0018 0.0142 0.0217 0.0117 Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zshndbIqBVBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1ZEDlYW6XIk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zjSx2WTfVbNg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear01_zmWvMzuiB60g" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zXBj7blBVbTc" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span> </td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zV8y2dB069vj" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zU26KD8isugh" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span> </td> </tr> <tr id="xdx_41C_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_zPNN7UBnOZQ6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$711</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$998</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,307</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,179</span></span></td></tr> <tr id="xdx_418_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059512Member_zGGN3ku4FeI5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$220</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$679</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,164</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,503</span></span></td></tr> <tr id="xdx_41B_20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member_zgwZ0XbpAwt6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$119</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$372</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$644</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,420</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 10%; padding-left: 5pt"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: center; width: 10%; padding-left: 5pt"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: center; width: 10%; padding-left: 5pt"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: center; width: 10%; padding-left: 5pt"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: center; width: 10%; padding-left: 5pt"></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 711 998 1307 2179 220 679 1164 2503 119 372 644 1420 Portfolio Turnover: <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zh2CPsimn0Gc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_ztDX9GuAjvx8">33%</span> of the average value of its portfolio.</span></span></p> 0.33 Principal Investment Strategies: <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zyYsODiagZB4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing primarily in value-oriented, large capitalization or “large cap” common stocks of companies traded on U.S. stock exchanges or in the over-the-counter market. Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the common stock of large cap companies. The Fund defines large capitalization companies as those companies whose market capitalizations are equal to or greater than the smallest company in the Russell 1000^® Index during the most recent 12-month period. For the most recent annual reconstitution published as of June 2025, the market capitalization range of companies in the Russell 1000^® Index was approximately $1.6 billion to $3.8 trillion, which range will vary daily.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser focuses on large capitalization value stocks it believes are statistically undervalued while exhibiting attractive earnings dynamics. In general, the Sub-Adviser buys securities that it believes are undervalued and have better than average valuation as measured by statistics such as price to earnings or price to cash flow and sells them when they become fully valued or more compelling investments are available.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_gRBRTB-ABYG_z2P3KmX1dje5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapStockRiskMember_zQLCOl5darvb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Cap Stock Risk</i> <i>–</i> 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. </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_z2xx9SQMG2X3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesSectorRiskMember_zwvUBAykmZL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Financial Services Sector Risk</i> – The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zasy5efsHkF6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7mHIDCkyb1d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “value” and potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z3lf754iMWrb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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. </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapStockRiskMember_zQLCOl5darvb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Cap Stock Risk</i> <i>–</i> 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. </span></p><div id="xdx_C01_gRBRTB-ABYG_ztvwgUZsNH2g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_z2xx9SQMG2X3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><div id="xdx_C02_gRBRTB-ABYG_ztDsWk92G644"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesSectorRiskMember_zwvUBAykmZL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Financial Services Sector Risk</i> – The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.</span></p><div id="xdx_C0A_gRBRTB-ABYG_z0c8PoD7LO3b"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zasy5efsHkF6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk </i>– 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.</span></p><div id="xdx_C0D_gRBRTB-ABYG_zgOOTgrn5Ehg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7mHIDCkyb1d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “value” and potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><div id="xdx_C0E_gRBRTB-ABYG_zE6RUEfdNdr9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z3lf754iMWrb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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. </span></p> Performance: <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zGttXugDDJCg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_z0GrMtD6Jb2j">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zMLLEbXsnfE3">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zbLcf4GwHBm">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zhLoKQ4kBZnj">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8C_eoef--BarChartTableTextBlock_zA8fBKd2VIUg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ztlDwVoWqaJ7" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_492_20160101__20161231_zFsZomd6R92g" style="text-align: center; width: 9%">2016</td> <td id="xdx_49A_20170101__20171231_zkE6LX9XaTZj" style="text-align: center; width: 9%">2017</td> <td id="xdx_499_20180101__20181231_zIxk9Ox7G948" style="text-align: center; width: 9%">2018</td> <td id="xdx_49A_20190101__20191231_zvEY5FNwbMnc" style="text-align: center; width: 9%">2019</td> <td id="xdx_496_20200101__20201231_z5dcViuZOPTc" style="text-align: center; width: 9%">2020</td> <td id="xdx_492_20210101__20211231_zj5WcgZ7VwCg" style="text-align: center; width: 9%">2021</td> <td id="xdx_490_20220101__20221231_zymUDE9Hcela" style="text-align: center; width: 9%">2022</td> <td id="xdx_493_20230101__20231231_z4IFJMqR9ie9" style="text-align: center; width: 9%">2023</td> <td id="xdx_49A_20240101__20241231_zx9SjO25Nlzb" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zgDhVOOURSDk" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member_zXefjBEUhAY8" style="vertical-align: top; text-align: center"> <td> </td> <td>11.55%</td> <td>15.25%</td> <td>-8.90%</td> <td>26.03%</td> <td>2.44%</td> <td>28.81%</td> <td>-8.06%</td> <td>9.47%</td> <td>15.83%</td> <td>18.04%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du006_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1155 0.1525 -0.0890 0.2603 0.0244 0.2881 -0.0806 0.0947 0.1583 0.1804 <p id="xdx_A82_eoef--BarChartClosingTextBlock_ztN8HdubMOAc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zqkXbGNDudMh">the highest return for a quarter</span> was <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zpJwoamgXC88">14.52%</span> (quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zosEFN5hePzb">December 31, 2020</span>) and <span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zh9ILHHrqJy4">the lowest return for a quarter</span> was <span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zLWun6uyLfN4">-25.33%</span> (quarter ended <span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_z5WroUURmmX1">March 31, 2020</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.1452 2020-12-31 the lowest return for a quarter -0.2533 2020-03-31 Dunham Large Cap Value Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A84_eoef--PerformanceTableTextBlock_zhs267ZcMdt2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zYy99cL437D9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_491_20250101__20251231_zVLiEYvZz556" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_499_20210101__20251231_ziGSP8mJtvZj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_491_20160101__20251231_zI5ck09OSxT8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; width: 10%; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; width: 10%; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; width: 10%; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member_zhs267ZcMdt2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member_zQLCOl5darvb">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.04%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.13%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.36%</span></span></td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhbSU1T2Mjrg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.68%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.77%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #E0E0E0; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.35%</span></span></td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059513Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3lf754iMWrb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.62%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.41%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.29%</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059512Member_zwvUBAykmZL2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059512Member_z2P3KmX1dje5">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.85%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.26%</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_z2xx9SQMG2X3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020972Member__oef--ClassAxis__custom--C000059511Member_zyYsODiagZB4">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.92%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.53%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.43%</span></span></td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zJLZe7baadTa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_z1ZHK9N1QDOd">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></span></td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z7mHIDCkyb1d" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Russell 1000</b>^® <b>Value Index</b> (<span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_z8U1YXzJgbhb">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.33%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.53%</span></span></td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zaezZZMqiUpl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar US Large-Mid Cap Broad Value Index </b>(<span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zgXdFG0maub2">reflects no deduction for fees, expenses, or taxes</span>)<span id="xdx_F4E_zZZtl6udd8X2">*</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.83%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.50%</span></span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020972Member__oef--PerformanceMeasureAxis__custom--MorningstarLargeCapValueCategoryReturnBeforeTaxesMember_zasy5efsHkF6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Large Cap Value Category </b>(return before taxes)<span id="xdx_F4D_zPxsP6WB9MDb">**</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.79%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.54%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.11%</span></span></td> </tr> </table> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0F_zgwVYIqhue05">*</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1B_zpgKFmimQSc7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Fund has added this additional benchmark.</span></span></td> </tr></table> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0A_zOtQyl61Bb0h" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F14_zHyznHE5VBt8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Large Cap Value Category is generally representative of mutual funds that primarily invest in big (large capitalization) U.S. companies that are less expensive or growing more slowly than other large-cap stocks.</span></span></td> </tr></table> return before taxes 0.1804 0.1213 0.1036 0.1668 0.1077 0.0935 0.1162 0.0941 0.0829 return before taxes 0.1685 0.1101 0.0926 return before taxes 0.1092 0.1053 0.0943 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1591 0.1133 0.1053 reflects no deduction for fees, expenses, or taxes 0.1883 0.1338 0.1250 0.1579 0.1254 0.1211 <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zVYBxD7eSM73" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zffcKPACzAHg">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_z6vxrTkNCoW3">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_901_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020972Member_zMGRq3mpILT8">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Small Cap Value Fund Investment Objective: <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_z7BsJC3C6kJ5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to maximize total return from capital appreciation and income.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zXefjBEUhAY8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_904_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_zhMfUZBa32s7">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_904_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_zh2CPsimn0Gc">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_z6vxrTkNCoW3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zh9ILHHrqJy4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_zP6GA3bpVdB7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059518Member_zjSx2WTfVbNg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member_zmWvMzuiB60g" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_404_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zLWun6uyLfN4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_z5WroUURmmX1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_z1ZHK9N1QDOd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_dn_z8U1YXzJgbhb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_407_eoef--ExchangeFee_dn_zffcKPACzAHg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zpJwoamgXC88"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zqkXbGNDudMh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_zXBj7blBVbTc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059518Member_zV8y2dB069vj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member_zU26KD8isugh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_ze1or3DDAdH5" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F45_zxJgDknoDNYf">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.89%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.89%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.89%</span></span></td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAYXmsZCP3Ri" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zUnzPjVRqSdi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.27%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.27%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.27%</span></span></td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zPU9Nsq3K5m7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_zrqhyRbARGE5">(2)</sup></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_ztW3BuII14m1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.17%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.17%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 10%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 10%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 10%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0C_zHGuJirxogD2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F15_zd5Cc4jvnfE3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70%, based on the Fund’s performance relative to the Russell 2000® Value Index, the Fund’s benchmark.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F08_zWNj6AMKvPU8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F10_zceIJcCiFEJe" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_903_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_ziloFh1fIrFk">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0089 0.0089 0.0089 0.0025 0.0100 0.0000 0.0027 0.0027 0.0027 0.0001 0.0001 0.0001 0.0142 0.0217 0.0117 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zbLcf4GwHBm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcLtFww0mbZ4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zgOOTgrn5Ehg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear01_zVXOLAN2SP0g" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zE6RUEfdNdr9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zjHATDgBAe54" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_z0GrMtD6Jb2j" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_410_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_z1ZEDlYW6XIk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$711</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$998</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,307</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,179</span></span></td></tr> <tr id="xdx_417_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059518Member_zy7x2QHDsZw3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$220</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$679</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,164</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,503</span></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member_zshndbIqBVBi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$119</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$372</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$644</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,420</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 711 998 1307 2179 220 679 1164 2503 119 372 644 1420 Portfolio Turnover: <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z0c8PoD7LO3b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zaJJvRCVKJU8">106%</span> of the average value of its portfolio.</span></span></p> 1.06 Principal Investment Strategies: <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_ztDsWk92G644" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing primarily in domestic, value-oriented, small-capitalization or “small cap” equity securities (common stock) of companies traded on U.S. stock exchanges or in the over-the-counter market. The Fund normally invests at least 80% of its assets in small cap companies. The Fund defines small capitalization companies as those companies whose market capitalizations are equal to or less than the largest company in the Russell 2000® Index during the most recent 12-month period. For the most recent annual reconstitution published as of June 2025, the maximum market capitalization of companies in the Russell 2000® Index was approximately $15.7 billion. The Sub-Adviser uses a value approach to select the Fund’s investments. Using this investment style, the Adviser seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect what the Sub-Adviser believes to be their intrinsic values.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser employs a bottom-up strategy, focusing on undervalued industries that the Sub-Adviser believes are experiencing positive change. The Sub-Adviser then uses both qualitative and quantitative methods to assess a security’s potential value. The Sub-Adviser seeks to identify companies with increasing returns on capital in their core businesses which are selling at attractive valuations.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Sub-Adviser constantly monitors and adjusts as appropriate.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_gRBRTB-PD_zDQIHBVkTFO" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationRiskMember_ztvwgUZsNH2g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small Capitalization Risk –</i> The Fund’s investments in small cap companies carry more risks than investments in larger companies. Small cap companies often have narrower markets, fewer products, or services to offer and more limited managerial and financial resources than do larger, more established companies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationRiskMember_zIs92vlPzXY3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Micro Capitalization Risk –</i> The purchase or sale of more than a limited number of shares of the securities of a micro-cap company may affect its market price. Micro-cap companies are generally followed by few, if any, securities analysts, and there tends to be less publicly available information about them. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than small and mid-capitalization companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth and may be more vulnerable to adverse business or market developments.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zytABYyixtG7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesSectorRiskMember_ztDX9GuAjvx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Financial Services Sector Risk</i> – The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.</span></p><p id="xdx_A90_ze8yygt9KlMd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustRiskMember_zArYO9ryCexi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real Estate Investment Trust Risk – </i>A REIT’s performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants’ failure to pay rent, or poor management.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zuPsxfeoiFp2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “value” and potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zJgi0kUz0iQg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zjpCNC6gUPm5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z2WSGkZjOU63" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zjhjPSPilozi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationRiskMember_ztvwgUZsNH2g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small Capitalization Risk –</i> The Fund’s investments in small cap companies carry more risks than investments in larger companies. Small cap companies often have narrower markets, fewer products, or services to offer and more limited managerial and financial resources than do larger, more established companies.</span></p><div id="xdx_C06_gRBRTB-PD_zYE7Y7bybjq1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationRiskMember_zIs92vlPzXY3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Micro Capitalization Risk –</i> The purchase or sale of more than a limited number of shares of the securities of a micro-cap company may affect its market price. Micro-cap companies are generally followed by few, if any, securities analysts, and there tends to be less publicly available information about them. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than small and mid-capitalization companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth and may be more vulnerable to adverse business or market developments.</span></p><div id="xdx_C09_gRBRTB-PD_zPWqnkFzwhsj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zytABYyixtG7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><div id="xdx_C05_gRBRTB-PD_z70eq9XJhQ8j"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesSectorRiskMember_ztDX9GuAjvx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Financial Services Sector Risk</i> – The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustRiskMember_zArYO9ryCexi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real Estate Investment Trust Risk – </i>A REIT’s performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants’ failure to pay rent, or poor management.</span></p><div id="xdx_C02_gRBRTB-PD_zfxyHpuobDf4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zuPsxfeoiFp2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “value” and potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><div id="xdx_C0C_gRBRTB-PD_zpvXXjRbJXY1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zJgi0kUz0iQg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i>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.</span></p><div id="xdx_C0B_gRBRTB-PD_zkpqC9HkpFI8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zjpCNC6gUPm5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C09_gRBRTB-PD_zbPDdeeJr7hf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z2WSGkZjOU63" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><div id="xdx_C03_gRBRTB-PD_zSo8M6kvHTi5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zjhjPSPilozi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zcqekqcRXSF8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_znvFM4uROnzb">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_ze6eTlmZcwah">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zclUZmXnpxS3">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zVxyAeC5koZb">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A81_eoef--BarChartTableTextBlock_z9aL90ehJfwe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zgwZ0XbpAwt6" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_491_20160101__20161231_zwC870K02yN4" style="text-align: center; width: 9%">2016</td> <td id="xdx_498_20170101__20171231_zIf29edFP1O5" style="text-align: center; width: 9%">2017</td> <td id="xdx_49A_20180101__20181231_zO6EIg1Bidrf" style="text-align: center; width: 9%">2018</td> <td id="xdx_49F_20190101__20191231_zm3OyR1N8R3j" style="text-align: center; width: 9%">2019</td> <td id="xdx_49C_20200101__20201231_zkFDZEr1D8we" style="text-align: center; width: 9%">2020</td> <td id="xdx_497_20210101__20211231_zkwgvri1LW96" style="text-align: center; width: 9%">2021</td> <td id="xdx_49B_20220101__20221231_z6oJSCvvYji1" style="text-align: center; width: 9%">2022</td> <td id="xdx_491_20230101__20231231_zrUYepQaRpj3" style="text-align: center; width: 9%">2023</td> <td id="xdx_499_20240101__20241231_zbQCCZ5FGNIi" style="text-align: center; width: 9%">2024</td> <td id="xdx_492_20250101__20251231_zRb60NKmIHQg" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_409_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member_zTqfgchmfutj" style="vertical-align: top; text-align: center"> <td> </td> <td>26.64%</td> <td>8.95%</td> <td>-11.11%</td> <td>21.31%</td> <td>-2.60%</td> <td>32.31%</td> <td>-12.01%</td> <td>15.32%</td> <td>7.96%</td> <td>9.79%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du007_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.2664 0.0895 -0.1111 0.2131 -0.0260 0.3231 -0.1201 0.1532 0.0796 0.0979 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zGGN3ku4FeI5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zcaO7DXmvI54">the highest return for a quarter</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zPm9bBMjTtq6">26.79%</span> (quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zYlmoWZ0LZJ1">December 31, 2020</span>) and <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zizJlKVGE8qa">the lowest return for a quarter</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zkSMAByny3Be">-35.47%</span> (quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zWxNJsKB8185">March 31, 2020</span>).</span></p> the highest return for a quarter 0.2679 2020-12-31 the lowest return for a quarter -0.3547 2020-03-31 Dunham Small Cap Value Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A85_eoef--PerformanceTableTextBlock_zDDVqQ1o17Mk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zAUemVUfrinl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025<span id="xdx_F6B_zB2wpRjuGUx3">*</span></b></span></span></td> <td id="xdx_492_20250101__20251231_zFvVRxTh1es8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span><sup id="xdx_F52_zQWjd4mf3u55" style="display: none">*</sup></td> <td id="xdx_492_20210101__20251231_zxOpsPWIngV3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span><sup id="xdx_F52_zi4V1oICNzgc" style="display: none">*</sup></td> <td id="xdx_491_20160101__20251231_zZuJ4N4NXsTc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span><sup id="xdx_F5C_z4BDvVXrJCWa" style="display: none">*</sup></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member_zY4AYjVT7JB4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member_fKg_____zbN4hytj2NU2">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.79%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.74%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.71%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3DnCT72E4p2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.92%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.44%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059519Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zspTfcVdmRUc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.95%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.71%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.19%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059518Member_zzpzhTFdFlja" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059518Member_fKg_____z51IwuUWr4Z7">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.70%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.67%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.63%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_ziov1rBohuqd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020974Member__oef--ClassAxis__custom--C000059517Member_fKg_____zvykAW4PO3Bh">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.23%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.80%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zmKqLuxLO7O6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zWLKBCv4PW0j">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zV40gGDLykBd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Russell 2000</b>^®<b>Value Index </b>(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zkxe7FjaA1H8">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.59%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.27%</span></span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadValueExtendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zgBay0woLeAg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar US Small Cap Broad Value Extended Index</b> (reflects no deduction for fees, expenses, or taxes)<span id="xdx_F47_zaayO7G8lU3j">**</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.48%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.32%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.50%</span></span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020974Member__oef--PerformanceMeasureAxis__custom--MorningstarSmallCapValueCategoryReturnBeforeTaxesMember_z0iuPstP1ysc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Small Cap Value Category </b>(return before taxes)<sup id="xdx_F42_zUQqf0t5Csne">***</sup></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.93%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.93%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.51%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0C_zL0rgmLFc7U2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F14_zkmyGfk0k27h" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On April 1, 2024, the Fund’s principal investment strategies were substantially changed. Therefore, the performance prior to each date may have been different had the current principal investment strategies been in place.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F09_zGlBGhVDmrug" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F15_zkli62VyTJ51" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Fund has added this additional benchmark.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F05_zOpEaVI05fZj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">***</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F11_zmvus7dhhuIf" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Small Cap Value Category is generally representative of mutual funds that primarily invest in Small (small capitalization) U.S. companies that are less expensive or growing more slowly than other small-cap stocks.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0979 0.0974 0.0871 0.0736 0.0692 0.0644 0.0595 0.0671 0.0619 return before taxes 0.0870 0.0867 0.0763 return before taxes 0.0323 0.0818 0.0780 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1259 0.0888 0.0927 0.1048 0.1032 0.0950 0.0793 0.1093 0.1151 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zKkY5fKcByj5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zxJJ07W2xSN3">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zspY99gFVfFl">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_906_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020974Member_zYyN5yrRm8kh">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N. Dunham Focused Large Cap Growth Fund Investment Objective: <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zaczA2nrSTP9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to maximize capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zgvLlq2UKHel" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90C_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_zRk4T1ZslaCg">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90E_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_znrAMRCtMgH6">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zC9aHkDxwBn9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zH6YgvJMWfzl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_zW0wmDFhszCb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107186Member_z1h1HVIE7vt4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member_zZP74j5ESWa3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_400_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z67uiNIpqyc6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zblMYUDsl0B7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zcySMkQJ4jBe" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_406_eoef--RedemptionFeeOverRedemption_dn_zkhfwRVbpK9h" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--ExchangeFee_dn_zdzFijZadCgh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zqVAA8ZyhbF3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zPmEGcl0xbb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_zHDESPBuScv" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107186Member_zF4ckHgRs3h" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member_zhnUBIUsboke" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zlB0DwaXQRwj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F41_zSCy4hF21jI1">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.86%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.86%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.86%</span></span></td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGj7G2K0p454" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zTP3ACbe4iOd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.17%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.17%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.17%</span></span></span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zbHaRwikRf61" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.03%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.03%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F08_zlAAMyG7O4h6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F11_zFkxr9nrl2M3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum fee of 35 bps (0.35%) and can range from 0.20% to 0.50% based on the Fund’s performance relative to the Russell 1000^®Growth Index, the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0086 0.0086 0.0086 0.0025 0.0100 0.0000 0.0017 0.0017 0.0017 0.0128 0.0203 0.0103 Example: <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zj2gurw0rNC9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuF8CZIQuee5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zWsFWGIf9l3a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear01_zCzMAEPsDyN4" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_z9lLpWicbNrk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zRzRu2Y76Uz7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_z1f1pXTwidQ3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_418_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_zP03Uj334vbd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$698</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$958</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,237</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,031</span></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107186Member_zuRWabnPc5W" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$206</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$637</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,093</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,358</span></span></td></tr> <tr id="xdx_418_20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member_ztKrYevXVCbk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$105</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$328</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$569</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,259</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 698 958 1237 2031 206 637 1093 2358 105 328 569 1259 Portfolio Turnover: <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_z7QX3KL62j8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zBNzdnQcaQn6">44%</span> of the average value of its portfolio.</span></span></p> 0.44 Principal Investment Strategies: <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zqLp2ejqeiSe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing primarily in domestic and foreign growth-oriented, large capitalization or “large cap” equity securities (common stock and securities convertible into common stocks) of companies traded on U.S. stock exchanges or in the over-the-counter market. The Fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the common stock of large cap companies. The Fund defines large capitalization companies as those companies whose market capitalizations are equal to or greater than the smallest company in the Russell 1000^® Index during the most recent 12-month period. For the most recent annual reconstitution published as of June 2025, the market capitalization range of companies in the Russell 1000^® Index was approximately was approximately $1.6 billion to $3.8 trillion, which range will vary daily. Shareholders will be provided 60 days advance notice of any change to this policy.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund is considered a focused fund as it generally limits the number of holdings in the portfolio to 35 stocks. The Sub-Adviser’s investment philosophy focuses on the analysis of the company’s financial statements, the company’s business model, the company’s perceived advantages over its competitors, and the attractiveness, size and growth rate of each company’s market where it competes. The Sub-Adviser considers a company that is increasing revenues and cash flow to be a “growth” company. The Sub-Adviser further analyzes each company’s management track record and continuity in conjunction with an in-depth analysis and evaluation of its financial statements.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In general, the Sub-Adviser buys securities when the company is demonstrating above average growth in revenues and cash flow and it believes the security is reasonably priced relative to its expected rate of growth. The Sub-Adviser may choose to sell a security when it believes the company may have deteriorating growth prospects as measured by slowing revenue growth or slowing cash flow growth or when the Sub-Adviser wishes to take advantage of what it believes to be a better investment opportunity.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund is non-diversified, which mean that it can invest a greater percentage of its assets in any one issuer than a diversified fund</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_gRBRTB-TUXNWD_zSDfn88Xkpve" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapStockRiskMember_zalWfnZ4Mu2b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Cap Stock Risk</i> <i>–</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zwQo4ivrrTm7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyIndustryRiskMember_zVINuF7rEUpc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Technology Industry Risk – </i>The advent of artificial intelligence (AI) has in many cases increased the volatility of technology stocks whose underlying companies are vying to play a critical role in the buildout of AI offerings. The success of companies in the AI industry is also subject to the continued availability of component/parts that comprise the global AI supply chain.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zOeNN6HzQMAb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Non-Diversification Risk –</i> A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zYoSCMVNc062" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p id="xdx_A99_zDkKnvMdlvTl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zoyV1SgLgl83" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “growth” potential of a company and the potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zLuqA2w6D5aj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> Investments in foreign countries are subject to 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 investments may experience greater volatility than U.S. investments.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zHEgiN67rGbf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapStockRiskMember_zalWfnZ4Mu2b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Cap Stock Risk</i> <i>–</i> 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.</span></p><div id="xdx_C02_gRBRTB-TUXNWD_zvYsp6rTS0Ye"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zwQo4ivrrTm7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><div id="xdx_C0A_gRBRTB-TUXNWD_z1YUJETvgRE9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyIndustryRiskMember_zVINuF7rEUpc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Technology Industry Risk – </i>The advent of artificial intelligence (AI) has in many cases increased the volatility of technology stocks whose underlying companies are vying to play a critical role in the buildout of AI offerings. The success of companies in the AI industry is also subject to the continued availability of component/parts that comprise the global AI supply chain.</span></span></p><div id="xdx_C06_gRBRTB-TUXNWD_zzHjVW3gF0z2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zOeNN6HzQMAb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Non-Diversification Risk –</i> A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p><div id="xdx_C0A_gRBRTB-TUXNWD_zSfVLYtggBl1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zYoSCMVNc062" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zoyV1SgLgl83" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “growth” potential of a company and the potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><div id="xdx_C0A_gRBRTB-TUXNWD_zPWkFUt0QCX2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zLuqA2w6D5aj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> Investments in foreign countries are subject to 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 investments may experience greater volatility than U.S. investments.</span></p><div id="xdx_C09_gRBRTB-TUXNWD_zJeu83WUrUW5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zHEgiN67rGbf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zyZ85fsTx5Gd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zFhLZp4TMuDl">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_z3XtitSM6Oe1">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zHtr52gNW76d">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zsdPtbr7Rdce">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8F_eoef--BarChartTableTextBlock_z8qXf8HZYxN6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zfEjkx8eOHA3" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_49A_20160101__20161231_zVAqWoliKPz1" style="text-align: center; width: 9%">2016</td> <td id="xdx_499_20170101__20171231_zaG7EBuQcij" style="text-align: center; width: 9%">2017</td> <td id="xdx_496_20180101__20181231_zLPd6AFzy4zi" style="text-align: center; width: 9%">2018</td> <td id="xdx_490_20190101__20191231_zrA5k31otgPg" style="text-align: center; width: 9%">2019</td> <td id="xdx_498_20200101__20201231_zWnPjN4nZik2" style="text-align: center; width: 9%">2020</td> <td id="xdx_499_20210101__20211231_zMTuFLSfinQk" style="text-align: center; width: 9%">2021</td> <td id="xdx_498_20220101__20221231_z0WmsczZnPIj" style="text-align: center; width: 9%">2022</td> <td id="xdx_49E_20230101__20231231_zp9vH4mgGMze" style="text-align: center; width: 9%">2023</td> <td id="xdx_495_20240101__20241231_ztmvlOCMce4j" style="text-align: center; width: 9%">2024</td> <td id="xdx_492_20250101__20251231_zVChN2dt0TMa" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member_zYb3ieTYln4g" style="vertical-align: top; text-align: center"> <td> </td> <td>-7.45%</td> <td>26.43%</td> <td>10.02%</td> <td>35.51%</td> <td>49.77%</td> <td>13.30%</td> <td>-38.80%</td> <td>55.16%</td> <td>27.11%</td> <td>2.05%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du008_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> -0.0745 0.2643 0.1002 0.3551 0.4977 0.1330 -0.3880 0.5516 0.2711 0.0205 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_z2MaWM59V3Dk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zU6ejjM4hdX6">the highest return for a quarter</span> was <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zuxAljUnm0s5">36.19%</span> (quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zRRUPmdd80d">June 30, 2020</span>) and <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zZKaX6OsSU6">the lowest return for a quarter</span> was <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zlSMTJMzabek">-26.95%</span> (quarter ended <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zoo1evL86ark">June 30, 2022</span>).</span></p> the highest return for a quarter 0.3619 2020-06-30 the lowest return for a quarter -0.2695 2022-06-30 Dunham Focused Large Cap Growth Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A84_eoef--PerformanceTableTextBlock_zGRuXEbTk8c4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zJuartHCBOf5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_492_20250101__20251231_zzsIIVRP5pd4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_492_20210101__20251231_zcCXk5VFQlQ8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_49E_20160101__20251231_zJPNCETs0fK4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member_zkjbBwZnzK32" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member_zCRjGGNYfzUe">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.05%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.89%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.81%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5rzcagww0M9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.24%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.10%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.46%</span></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrId60hL0WA7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.55%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.43%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107186Member_zVAIOe7w8IKf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107186Member_zwMOfbVxdJCd">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.05%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.83%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.67%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_zKO4U1zrJmZk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000034854Member__oef--ClassAxis__custom--C000107185Member_zbEYZMiHT9Oe">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-4.07%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.37%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.86%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zR963UjFIqTk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zNgFJUkp9gC">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zC5Ieiele92d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Russell 1000</b>^®<b>Growth Index </b>(<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zzWuMMjkD6ja">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.70%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.35%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.14%</span></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zr01wVmpswVg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar US Large-Mid Cap Broad Growth Index</b> (<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_z0WSwBsPkoJi">reflects no deduction for fees, expenses, or taxes</span>)<span id="xdx_F4F_z2xK3cAhiH83">*</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.67%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.44%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.49%</span></span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000034854Member__oef--PerformanceMeasureAxis__custom--MorningstarLargeCapGrowthCategoryReturnBeforeTaxesMember_zSG2s6yTBw5f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Large Cap Growth Category </b>(return before taxes)<sup id="xdx_F41_zKe1FLhFKPGb">**</sup></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.64%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.24%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.72%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F02_zMJ7N6gopTr6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F10_zdMvx0Ph8GY6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Fund has added this additional benchmark.</span></span></td> </tr></table> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0B_zdJRSqZY8T3g" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F16_zC64nX4inXIa" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Large Cap Growth Category Index is generally representative of mutual funds that primarily invest in big (large capitalization) U.S. companies that are projected to grow faster than other large-cap stocks.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0205 0.0689 0.1381 -0.0124 0.0510 0.1246 0.0355 0.0534 0.1143 return before taxes 0.0105 0.0583 0.1267 return before taxes -0.0407 0.0537 0.1286 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1870 0.1535 0.1814 reflects no deduction for fees, expenses, or taxes 0.1667 0.1344 0.1649 0.1664 0.1224 0.1572 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zW7l5I7rGkia" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zW55eQFLqlv9">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zw6dUsqDXvCf">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_90B_eoef--PerformanceTableExplanationAfterTaxHigher_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zQ5Lne64ueC4">In certain cases, after-tax returns may be higher than the other return figures for the same period.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000034854Member_zFVFsfABKCGe">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. In certain cases, after-tax returns may be higher than the other return figures for the same period. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Small Cap Growth Fund Investment Objective: <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_ztz1VoCjwzr7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to maximize capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zvSxyWtCnhC7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90E_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059514Member_zris39URgMd3">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90C_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059514Member_zwDiWC9dwM2h">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_z5FKcyYK04Qa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zygG5rOggIBf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059514Member_ziYo0Nuehuz1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059515Member_zQf8yHQFJvfh" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member_zRpxoaSHApc1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40B_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zJGgtsolEws8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_402_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zNsgnZzrj714" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_409_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zYp6s5BcvwZj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_407_eoef--RedemptionFeeOverRedemption_dn_zJi66ZkhxKUd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_408_eoef--ExchangeFee_dn_zx8WTyAhKhle" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zS4nyrqmeuy9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zU3ZaJlfG96i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059514Member_zLtLRWIKa2q1" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059515Member_z5HwKcBjEBG1" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member_zbuEaKDYTQt7" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z62ZFmX6YCgj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F48_zNLmrotd4Hsc">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.95%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.95%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.95%</span></span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zT3b0zWlKN0b" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses:</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--Component1OtherExpensesOverAssets_dpn_zMDoyYl2E401" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Expense </span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td></tr> <tr id="xdx_408_eoef--Component2OtherExpensesOverAssets_dpn_zzWP3rEHHsVj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining Other Expenses</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.27%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.27%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.27%</span></span></span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zwxIZDizJMPe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4F_z90pNrLbpQ3k">(2)</sup></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.01%</span></span></span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zjcjbUT4VHHb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.49%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.25%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.24%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F06_zWma9n2hkSj7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F13_zGtDngQyoYV6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 50 bps (0.50%) and can range from 0.00% to 1.00% based on the Fund’s performance relative to the Russell 2000^®Growth Index, the Fund’s benchmark.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F08_z4DzLPsFwhoc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F14_zdzN8nShpEQ3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_903_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zAKYuHLxl3wi">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0095 0.0095 0.0095 0.0025 0.0100 0.0000 0.0001 0.0001 0.0001 0.0027 0.0027 0.0027 0.0001 0.0002 0.0001 0.0149 0.0225 0.0124 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zQ9UOV3bknaj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i></i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFPLq1q8fkuf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zJ2FGLhIAaRe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear01_zPR5W9A58Ep8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zCc3MqzWz4Oc" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zD4OzfwdoYOb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zxJPVvmgxFl9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_411_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059514Member_zivc0neIW7k2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$715</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$996</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,277</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,979</span></span></td></tr> <tr id="xdx_419_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059515Member_zA7ZrRgbtvW1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$228</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$703</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,205</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,585</span></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member_z8TeOeZpcXQ5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$126</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$393</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$681</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,500</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 715 996 1277 1979 228 703 1205 2585 126 393 681 1500 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z0IyqV4PJRj4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zVM1IKxrWUi7">153%</span> of the average value of its portfolio.</span></span></p> 1.53 Principal Investment Strategies: <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zDEheqRtA8g4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing primarily in domestic growth-oriented, small-capitalization or “small-cap” common stocks of companies traded on U.S. stock exchanges or in the over-the-counter market using its proprietary stock selection process. Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in small cap companies. The Fund defines small capitalization companies as those companies whose market capitalizations are equal to or less than the largest company in the Russell 2000^® Index during the most recent 12-month period. For the most recent annual reconstitution published as of June 2025, the maximum market capitalization of companies in the Russell 2000^® Index was approximately $15.7 billion, which will vary daily. The Sub-Adviser attempts to invest in companies trading at a discount to their growth rate.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In general, the Sub-Adviser buys securities of companies that it identifies as having a product or service with a superior value proposition coupled with a positive business outlook when it believes shares in those companies are attractively priced. The Sub-Adviser sells securities to limit overconcentration in individual stocks, to take advantage of attractive price level valuations and to remove those companies with eroding or less attractive value propositions. The Fund’s Sub-Adviser may engage in active and frequent trading of the Fund’s portfolio securities to achieve the Fund’s investment objectives.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_gRBRTB-SR_zRLhjBeJYMs2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationRiskMember_z2s7eS330Kv7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small Capitalization Risk –</i> The Fund’s investments in small cap companies carry more risks than investments in larger companies. Small cap companies often have narrower markets, fewer products, or services to offer and more limited managerial and financial resources than do larger, more established companies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zIcduzqdFmah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z0uGa6D5ZpP3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Information Technology Sector Risk</i> – Investments in technology companies exposed to special risks, such as rapid advances in technology that might cause existing products to become obsolete. Companies in a number of technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Additionally, technology companies are dependent upon consumer and business acceptance as new technologies evolve.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQag04bTHDa8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z7iMMS209hhc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z2JFu1voJFx5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “growth” potential of a company and the potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p><p id="xdx_A90_ziP9Ln11XZU1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_z3QkGnruzphd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationRiskMember_z2s7eS330Kv7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small Capitalization Risk –</i> The Fund’s investments in small cap companies carry more risks than investments in larger companies. Small cap companies often have narrower markets, fewer products, or services to offer and more limited managerial and financial resources than do larger, more established companies.</span></p><div id="xdx_C09_gRBRTB-SR_zo8CooK3hU7e"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zIcduzqdFmah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><div id="xdx_C0F_gRBRTB-SR_zUdUhIuPlsia"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z0uGa6D5ZpP3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Information Technology Sector Risk</i> – Investments in technology companies exposed to special risks, such as rapid advances in technology that might cause existing products to become obsolete. Companies in a number of technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Additionally, technology companies are dependent upon consumer and business acceptance as new technologies evolve.</span></p><div id="xdx_C00_gRBRTB-SR_z8yJTeGhulb5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQag04bTHDa8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><div id="xdx_C0A_gRBRTB-SR_zeGxYYj9ayKj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z7iMMS209hhc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><div id="xdx_C0A_gRBRTB-SR_zuHPk0fFiiCl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z2JFu1voJFx5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness, “growth” potential of a company and the potential appreciation of securities may prove to be inaccurate and may not produce the desired results. 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_z3QkGnruzphd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zorpwX65GdD1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_z0DO806QvA9">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zGVHvdAaLwsa">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zj1GsaLAxdFj">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_z7ZioQyR5jne">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8D_eoef--BarChartTableTextBlock_ztjS7bfez9s5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zkO29a06AORk" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"></td> <td id="xdx_493_20160101__20161231_zkOnWo2lFWFb" style="text-align: center; width: 9%">2016</td> <td id="xdx_49D_20170101__20171231_zB9SBZ2xnDrj" style="text-align: center; width: 9%">2017</td> <td id="xdx_491_20180101__20181231_zFQ33WUflEr6" style="text-align: center; width: 9%">2018</td> <td id="xdx_498_20190101__20191231_zJfKXpzeXM18" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_zfGJpx6AAGP5" style="text-align: center; width: 9%">2020</td> <td id="xdx_49B_20210101__20211231_zh9d03qRri5b" style="text-align: center; width: 9%">2021</td> <td id="xdx_491_20220101__20221231_zkmGHp6rx00l" style="text-align: center; width: 9%">2022</td> <td id="xdx_491_20230101__20231231_zge4npAy7F17" style="text-align: center; width: 9%">2023</td> <td id="xdx_49E_20240101__20241231_zbbCqHr8e1Q8" style="text-align: center; width: 9%">2024</td> <td id="xdx_49A_20250101__20251231_z9DJC7CIowxk" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_407_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member_zSswi5gytBDe" style="vertical-align: top; text-align: center"> <td> </td> <td>6.16%</td> <td>30.03%</td> <td>-3.82%</td> <td>25.11%</td> <td>68.51%</td> <td>5.25%</td> <td>-33.04%</td> <td>21.73%</td> <td>14.10%</td> <td>12.32%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="du009_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0616 0.3003 -0.0382 0.2511 0.6851 0.0525 -0.3304 0.2173 0.1410 0.1232 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zS23m6YEpiac" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zG1A49QSa1p3">the highest return for a quarter</span> was <span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zjFKoyq0a45l">41.61%</span> (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zMIETo4t3RW2">June 30, 2020</span>) and <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_z08fU2D8Qws5">the lowest return for a quarter</span> was <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zzikaDiiCUee">-24.96%</span> (quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zBl5c333Q7al">December 31, 2018</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.4161 2020-06-30 the lowest return for a quarter -0.2496 2018-12-31 Dunham Small Cap Growth Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zYSHbU20JX59"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_ztxJGuZKUEpg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_49A_20250101__20251231_ztifTcS1QdF2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_493_20210101__20251231_z24Gv5Dxqoh4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_49B_20160101__20251231_ztRvwLoTBMD" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member_zfFdNjYRpOyc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return before taxes</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.32%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.90%</span></span></td></tr> <tr id="xdx_40B_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUnJ6UKvUZJ3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.35%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.67%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.43%</span></span></td></tr> <tr id="xdx_401_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059516Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSwDplEG2Ra5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.16%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.84%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059515Member_zGLan762ijRf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return before taxes</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.20%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.90%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.79%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--ClassAxis__custom--C000059514Member_z3UdPcqCb7T4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return before taxes</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.61%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.46%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.96%</span></span></td></tr> <tr id="xdx_40F_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z9V83ltGp6b8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zvWZfax16iFg">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></span></td></tr> <tr id="xdx_405_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zTtsTdKXAsW5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Russell 2000</b>^® <b>Growth Index </b>(<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zqQqclaRS488">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.57%</span></span></td></tr> <tr id="xdx_406_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadGrowthExtendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zw8gFE7URQN4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar US Small Cap Broad Growth Extended Index </b>(reflects no deduction for fees, expenses, or taxes)<span id="xdx_F4A_zXacNJM5W6Jb">*</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.12%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.22%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.92%</span></span></td> </tr> <tr id="xdx_405_eoef--AverageAnnualReturnLabel_dp_hdei--LegalEntityAxis__custom--S000020973Member__oef--PerformanceMeasureAxis__custom--MorningstarSmallCapGrowthCategoryReturnBeforeTaxesMember_zZiBF48OBBEi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Small Cap Growth Category </b>(return before taxes)<span id="xdx_F4E_zkGriDMjou5k">**</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.83%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.95%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.13%</span></span></td></tr> </table> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F02_z5KjxMbJa2G5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F14_zPiWy2y3niRc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Fund has added this additional benchmark.</span></span></td> </tr></table> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F04_zVJM3wwEM9Qh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1F_zh8D0ulEUkMb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Small Cap Growth Category is generally representative of mutual funds that primarily invest in small (small capitalization) U.S. companies that are projected to grow faster than other small-cap stocks.</span></span></td> </tr></table> 12.32% 1.91% 11.90% 11.35% 0.67% 9.43% 8.01% 1.16% 8.84% 11.20% 0.90% 10.79% 5.61% 0.46% 10.96% reflects no deduction for fees, expenses, or taxes 17.88% 14.42% 14.82% reflects no deduction for fees, expenses, or taxes 13.01% 3.18% 9.57% 13.12% 4.22% 9.92% 8.83% 3.95% 11.13% <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zj8SD7gPUfSd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zzslTFqIvy21">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zlDD9PGSK9k7">actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_90E_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020973Member_zlu8wZWAbcWe">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Investment Objective: <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zTi0AxkUnVk6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to maximize capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_z29z7dkgpgKi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_901_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_zILAOz1sjx3h">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_zSLlsSQqsfv8">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_z4kKz47LNYr3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zOwRns3qAhkh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_494_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_z8I42kqCwaSg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059527Member_zDoTGDaLheH5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member_zio69WOSPwQ" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zZ1ZBXew4Vt4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40C_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zY2npFX56EWf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_ze7ds2W0FIO7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--RedemptionFeeOverRedemption_dn_z2lA9L5vo5i1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40A_eoef--ExchangeFee_dn_zRyvU9U3g7Sg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z7UxuJA9b7g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zv9Kj6Sl76b9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_494_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_zQr8ZuGB0eYf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059527Member_zWBydPGrlKre" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member_zgrClseFoNhk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zTrx1uqvWmKh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F4E_zWGKd5sW1G74">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.77%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.77%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.77%</span></span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6aYDej19yuc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses:</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eoef--Component1OtherExpensesOverAssets_dpn_zsuWdVFlnj84" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Expense</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.04%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.04%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.04%</span></span></td></tr> <tr id="xdx_40D_eoef--Component2OtherExpensesOverAssets_dpn_zsLjGBPne8kl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.38%</span></span></td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zoSNmuuwWVrf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F46_zOoSpiLRd5yk">(2) </sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zR3n5hR0usGd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.46%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F09_zCjElKpesLPl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F10_zAnngKpoOw4f" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.05% to 0.85% based on the Fund’s performance relative to the MSCI Emerging Markets Index (Net), the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0B_zWd6wiEVgQAc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F15_zKkKMjVpwxib" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_901_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zrt6XqNOHB67">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0077 0.0077 0.0077 0.0025 0.0100 0.0000 0.0004 0.0004 0.0004 0.0038 0.0038 0.0038 0.0002 0.0002 0.0002 0.0146 0.0221 0.0121 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z1h47KBygNtl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zq3yZjNZhFba"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zhU5RwCgj8ne" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear01_z7LJWHF0OKu9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zc8LCObSthUk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zWuhibmIY9j9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zJSBrC4eaQld" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_zlDGIBwHM5b2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$715</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,010</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,327</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,221</span></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059527Member_z5k5jLNQLpMj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$224</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$691</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,185</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,544</span></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member_zZp1uZQSVW7l" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$123</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$384</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$665</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,466</span></span></td></tr> </table> 715 1010 1327 2221 224 691 1185 2544 123 384 665 1466 Portfolio Turnover: <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zDdsmXnTFf37" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zzwxwaQSDWka">107%</span> of the average value of its portfolio.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 1.07 Principal Investment Strategies: <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zy0MWHAL8hQa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing primarily in emerging market equity securities traded on foreign stock exchanges. Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in stock of companies that are organized in or maintain at least 50% of their assets in, or that derive at least 50% of their revenues from, emerging market countries. The Fund defines equity securities to include: common stocks, preferred stocks (either convertible or non-convertible), rights, warrants, direct equity interests in trusts, partnerships, joint ventures and other unincorporated entities or enterprises, convertible debt instruments and special classes of shares available only to foreigners in markets that restrict ownership of certain shares or classes to their own nationals or residents. The Fund defines an emerging market country as any country included in the MSCI Emerging Markets Index. Emerging market countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser’s disciplined investment process seeks to capture returns from identifying the inefficiencies from markets failing to price in the impact of economic liquidity (especially monetary conditions), the under-appreciated impact of structural change, and the underpricing of sustainable competitive advantage in companies. Therefore, the Sub-Adviser generally buys stocks of companies in countries that exhibit these traits and are generating high and improving Returns on Invested Capital and generally sells stocks of companies that are less attractive regarding the aforementioned metrics.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_gRBRTB-JZWRR_z3FVdCdTlSrk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRisksMember_zDfZUnrB6FSj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risks –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_z2ODl1ipHNtd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zLX87B5Vvtvk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegionalCountryRiskMember_zNWDUMBd5cyd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regional/Country Risk – </i>The Fund generally has greater exposure to market, currency, economic, political, regulatory, geopolitical, and other risks in the regions or countries where it invests. Consequently, compared with a more geographically diversified fund, it may experience increased volatility, or reductions in the value of its investments.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zk7o6B0Zdp29" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Risk – </i>The Fund’s investments in companies or issuers economically tied to China are subject to the country/regional, emerging markets, currency, cybersecurity, and geopolitical risks, in addition to unique risks. They are associated with considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty which could have negative impacts on the Fund. They may be (or become in the future) restricted or sanctioned by the U.S. government or another government.</span></span></p><p id="xdx_A9C_zFA3rYe4Ajcj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRelatedVariableInterestEntityRiskMember_zwUr7Al9HkRk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Related Variable Interest Entity Risk – </i>The Fund could seek to gain economic exposure to certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In a VIE structure, a series of contractual arrangements are entered into between a holding company domiciled outside of China and a Chinese operating company or companies. VIE structures and these contractual arrangements are not equivalent to equity ownership in the operating company, which presents additional risks. The market value and liquidity of the associated investments could fall, causing substantial or total investment losses for investors with no recourse available. </span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zxZA8GrXi5t8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Information Technology Sector Risk</i> – Investments in technology companies exposed to special risks, such as rapid advances in technology that might cause existing products to become obsolete. Companies in a number of technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Additionally, technology companies are dependent upon consumer and business acceptance as new technologies evolve.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z7fAm6WPtZZd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_z8gBJPyAqeQk" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zTLGupIEt3X2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zAWU0XR3oZwa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zgR3JfMWQU53" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRisksMember_zDfZUnrB6FSj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risks –</i> 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.</span></p><div id="xdx_C02_gRBRTB-JZWRR_zUXfW6Eb7Ct7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_z2ODl1ipHNtd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> 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.</span></p><div id="xdx_C02_gRBRTB-JZWRR_zF23MmnR0o1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zLX87B5Vvtvk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk –</i> 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.</span></p><div id="xdx_C06_gRBRTB-JZWRR_zsk8xzvylJ3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegionalCountryRiskMember_zNWDUMBd5cyd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regional/Country Risk – </i>The Fund generally has greater exposure to market, currency, economic, political, regulatory, geopolitical, and other risks in the regions or countries where it invests. Consequently, compared with a more geographically diversified fund, it may experience increased volatility, or reductions in the value of its investments.</span></span></p><div id="xdx_C05_gRBRTB-JZWRR_zpS5D2ZK6lsl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zk7o6B0Zdp29" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Risk – </i>The Fund’s investments in companies or issuers economically tied to China are subject to the country/regional, emerging markets, currency, cybersecurity, and geopolitical risks, in addition to unique risks. They are associated with considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty which could have negative impacts on the Fund. They may be (or become in the future) restricted or sanctioned by the U.S. government or another government.</span></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRelatedVariableInterestEntityRiskMember_zwUr7Al9HkRk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Related Variable Interest Entity Risk – </i>The Fund could seek to gain economic exposure to certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In a VIE structure, a series of contractual arrangements are entered into between a holding company domiciled outside of China and a Chinese operating company or companies. VIE structures and these contractual arrangements are not equivalent to equity ownership in the operating company, which presents additional risks. The market value and liquidity of the associated investments could fall, causing substantial or total investment losses for investors with no recourse available. </span></span></p><div id="xdx_C09_gRBRTB-JZWRR_zv6VdfScxbgk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zxZA8GrXi5t8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Information Technology Sector Risk</i> – Investments in technology companies exposed to special risks, such as rapid advances in technology that might cause existing products to become obsolete. Companies in a number of technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Additionally, technology companies are dependent upon consumer and business acceptance as new technologies evolve.</span></p><div id="xdx_C0E_gRBRTB-JZWRR_zE8oPWylWEKf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z7fAm6WPtZZd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk – </i>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.</span></p><div id="xdx_C07_gRBRTB-JZWRR_zASgtqnMOSX9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_z8gBJPyAqeQk" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C0C_gRBRTB-JZWRR_zbprq6DOa742"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zTLGupIEt3X2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><div id="xdx_C07_gRBRTB-JZWRR_z47P2y7nGEFh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zAWU0XR3oZwa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><div id="xdx_C07_gRBRTB-JZWRR_zPO6mwxcW3jh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zgR3JfMWQU53" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zPjcynmksm21" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zbaN4D09ajuh">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zJVbupTo9ts6">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zk8R0SBN0vtb">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_z3vKFNe9Avq6">(888) 3DUNHAM (338-6426)</span>.</span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A87_eoef--BarChartTableTextBlock_zcJOAwbK8cek"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z1bhzwWlv3Cg" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_49D_20160101__20161231_z76OLfyf7uE7" style="width: 9%">2016</td> <td id="xdx_49D_20170101__20171231_z4AL2HDruKZ2" style="width: 9%">2017</td> <td id="xdx_49D_20180101__20181231_zahx5AReupJ9" style="width: 9%">2018</td> <td id="xdx_49D_20190101__20191231_zX5LS5mQoDbh" style="width: 9%">2019</td> <td id="xdx_49D_20200101__20201231_zoaZpmieMtHl" style="width: 9%">2020</td> <td id="xdx_49D_20210101__20211231_zxH3Urb5DrEa" style="width: 9%">2021</td> <td id="xdx_49D_20220101__20221231_zlausGFU7Wbb" style="width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zt1DVbetCX7c" style="width: 9%">2023</td> <td id="xdx_49D_20240101__20241231_zGZ64tthhfZd" style="width: 9%">2024</td> <td id="xdx_49D_20250101__20251231_zy3cS8etCRU4" style="width: 9%">2025</td></tr> <tr id="xdx_403_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member_zhaDafyupTNf" style="vertical-align: top; text-align: left"> <td> </td> <td>13.21%</td> <td>33.76%</td> <td>-20.16%</td> <td>23.04%</td> <td>25.17%</td> <td>-6.34%</td> <td>-24.42%</td> <td>7.22%</td> <td>5.81%</td> <td>30.26%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du010_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.1321 0.3376 -0.2016 0.2304 0.2517 -0.0634 -0.2442 0.0722 0.0581 0.3026 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z25kiRj3d8w4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zvsYAEY9hkgl">the highest return for a quarter was</span> <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_z3DWEgnoaYDe">23.87%</span> (quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zI3MH1pUvRDc">December 31, 2020</span>) and <span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zZTh5AdotmA5">the lowest return for a quarter was</span> <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zg0AZgoHqMWk">-23.87%</span> (quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zrYqiKCkgsw3">March 31, 2020</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.2387 2020-12-31 the lowest return for a quarter was -0.2387 2020-03-31 Dunham Emerging Markets Stock Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A89_eoef--PerformanceTableTextBlock_zPNz84DYAExk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z6VJ6GxI7i38" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_494_20250101__20251231_zvczPHZPW4tb" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_490_20210101__20251231_zpIL5GpJJI0b" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_495_20160101__20251231_zDWkmtb7IxAf" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member_zqB0G498DLyd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member_zzFHQu84xqC5">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.26%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.90%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.89%</span></span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwBDjwAzaCpa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.93%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.26%</span></span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059528Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zkzhL49aDyMf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.34%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059527Member_zYHYNocjIUWd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059527Member_zVCnwxC4hohj">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.09%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.83%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_ztp8Ev2jMHAj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020977Member__oef--ClassAxis__custom--C000059526Member_zu7BzhG5PYE6">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.44%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.52%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.01%</span></span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSIndexNetReflectsNoDeductionForFeesExpensesOrTaxesMember_zRzoLE8vT8wb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MSCI All Country World ex U.S. Index Net </b>(<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zNqDQS99Hr9c">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.41%</span></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020977Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexNetReflectsNoDeductionForFeesExpensesOrTaxesMember_z179wMqt9kJ4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MSCI Emerging Markets Index Net </b>(<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zFGqn2Kp1ez3">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.57%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.20%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.42%</span></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp0_hdei--LegalEntityAxis__custom--S000020977Member__oef--PerformanceMeasureAxis__custom--MorningstarDiversifiedEmergingMarketsCategoryReturnBeforeTaxesMember_zuy7gOg597P6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Diversified Emerging Markets Category </b>(return before taxes)<span id="xdx_F43_zdErtDkbcvpl">*</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.52%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.04%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0A_zdMC8H7Gn40b" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1C_zJWCGcx97Qfl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Diversified Emerging Markets Category is generally representative of mutual funds that primarily invest among 20 or more developing nations, with a general focus on the emerging markets of Asia and Latin America rather than on the emerging markets countries in the Middle East, Africa, or Europe.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.3026 0.0090 0.0689 0.2893 -0.0002 0.0626 0.1791 0.0034 0.0534 return before taxes 0.2891 -0.0009 0.0583 return before taxes 0.2244 -0.0052 0.0601 reflects no deduction for fees, expenses, or taxes 0.3238 0.0791 0.0841 reflects no deduction for fees, expenses, or taxes 0.3357 0.0420 0.0842 0.3152 0.0525 0.0804 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zBEwq2TNADWc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zoSNby2u4qHi">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zq2pHPZRKTs9">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_903_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020977Member_zQWLmF5irE61">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham International Stock Fund Investment Objective: <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zbEC2ldwKieg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to maximize total return from capital appreciation and dividends.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zCykGp3cFFUj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_900_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_zxZuXy7iCugb">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_901_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_zMZtdihnrFEj">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zTVZtSmltAyd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zOZEYZi7pcRa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_zhxJCvTybd9f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059533Member_zga2WjOOEXOk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_493_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member_zZ8vqF43kyu9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zrMGXtN3d5P2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_404_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zhSBMPaekYpa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zY02enzRbzbh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_dn_zg6SOuTdX2rh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_403_eoef--ExchangeFee_dn_zm95eqtVgoid" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zfi67Umdkfqi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zIa9JX7Aqccj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_zDNxDvQYMz28" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059533Member_zYP9QfLZfFn9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_493_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member_zlnQdFntVwj2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zkNFb1QHGsyi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F46_zQfOE6JgYFv4">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.58%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.58%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.58%</span></span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCvsL9iyP9nl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses:</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--Component1OtherExpensesOverAssets_dpn_zlZ78F4gSmta" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Expense</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_405_eoef--Component2OtherExpensesOverAssets_dpn_zwKuopiP3ep8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.36%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.37%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.36%</span></span></span></td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_z65VsXwTmZRc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.20%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.96%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.95%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0E_zGfnm6EaCBFi" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F10_zfddxRpq0xAj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 65 bps (0.65%) and can range from 0.30% to 1.00% based on the Fund’s performance relative to the MSCI All Country World Index ex-U.S. (net), the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i> </i></b></span></p> 0.0158 0.0158 0.0158 0.0025 0.0100 0.0000 0.0001 0.0001 0.0001 0.0036 0.0037 0.0036 0.0220 0.0296 0.0195 Example: <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zLkGVeSA76g4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTWYK2DMeEwi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zBej1g99Q4ah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear01_zfqO9BmQaaFj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zxq3gCZjB3jk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_zvRNsodS3bB2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zeDo28eOTjU7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41B_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_zVInBaLx9Wae" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$785</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,224</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,687</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,963</span></span></td></tr> <tr id="xdx_411_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059533Member_zMUdXiwm4Nr1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$299</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$915</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,557</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3,280</span></span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member_z2mMeXcPHhTe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$198</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$612</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,052</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,275</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 785 1224 1687 2963 299 915 1557 3280 198 612 1052 2275 Portfolio Turnover: <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zKG0OBTcPfti" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zDZ1IoiV0a54">120%</span> of the average value of its portfolio.</span></span></p> 1.20 Principal Investment Strategies: <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zozXLaWtNgW6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing in equities (common and preferred stock and depositary receipts for common and preferred stock) of international corporations traded on stock exchanges around the world, including those in emerging markets, alternative trading venues or in the over-the-counter market. The Fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in stock of non-U.S. companies in at least three foreign countries, which may include companies located or operating in established or emerging market countries. The Fund defines a non-U.S. company as one that is domiciled, has its principal place of business, derives at least 50% of its revenue or profits, or has at least 50% of its assets outside the U.S. The primary regions of investment are Western Europe, the United Kingdom, Japan, Canada, Australia and Asia.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser generally constructs its portfolios by using proprietary econometric models and a proprietary optimization process that balances the trade-off between a stock’s expected return, its contribution to portfolio level risk, portfolio specific restrictions, and its opportunity costs relative to trading costs. Buys and sells occur when opportunities arise that improve the portfolio’s risk adjusted benchmark relative expected returns, net of amortized transaction costs. The Fund’s Sub-Adviser may engage in active and frequent trading of the Fund’s portfolio securities to achieve the Fund’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_gRBRTB-NPUYJO_zSSldZ4ph6Ie" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zKWBoEQ0lTM1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRisksMember_zQ4BdPzoQF8k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risks –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zbNWlUZwTVm6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Risk – </i>The Fund’s investments in companies or issuers economically tied to China are subject to the country/regional, emerging markets, currency, cybersecurity, and geopolitical risks, in addition to unique risks. They are associated with considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty which could have negative impacts on the Fund. They may be (or become in the future) restricted or sanctioned by the U.S. government or another government. </span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRelatedVariableInterestEntityRiskMember_zo04PN1NXV8l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Related Variable Interest Entity Risk – </i>The Fund could seek to gain economic exposure to certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In a VIE structure, a series of contractual arrangements are entered into between a holding company domiciled outside of China and a Chinese operating company or companies. VIE structures and these contractual arrangements are not equivalent to equity ownership in the operating company, which presents additional risks. The market value and liquidity of the associated investments could fall, causing substantial or total investment losses for investors with no recourse available. </span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--JapanRiskMember_zVSNaXdz5xue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Japan Risk</i>– The Fund may invest a significant portion of its assets in securities issued by Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></span></p><p id="xdx_A9D_z73zgSfWozvb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_z2u5B1yvvmC6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk</i> - 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zcgcX1jRMcAl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zv3dNtLFzm84" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zRfDab2elu7d" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zy3Iths1D0E9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zfletjO284Wg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zKWBoEQ0lTM1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> 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.</span></p><div id="xdx_C09_gRBRTB-NPUYJO_zWCBzK6Bh7S7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRisksMember_zQ4BdPzoQF8k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risks –</i> 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.</span></p><div id="xdx_C0B_gRBRTB-NPUYJO_zbTETvlgeSzd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zbNWlUZwTVm6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Risk – </i>The Fund’s investments in companies or issuers economically tied to China are subject to the country/regional, emerging markets, currency, cybersecurity, and geopolitical risks, in addition to unique risks. They are associated with considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty which could have negative impacts on the Fund. They may be (or become in the future) restricted or sanctioned by the U.S. government or another government. </span></span></p><div id="xdx_C01_gRBRTB-NPUYJO_znCbppt08DQ7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRelatedVariableInterestEntityRiskMember_zo04PN1NXV8l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>China Related Variable Interest Entity Risk – </i>The Fund could seek to gain economic exposure to certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In a VIE structure, a series of contractual arrangements are entered into between a holding company domiciled outside of China and a Chinese operating company or companies. VIE structures and these contractual arrangements are not equivalent to equity ownership in the operating company, which presents additional risks. The market value and liquidity of the associated investments could fall, causing substantial or total investment losses for investors with no recourse available. </span></span></p><div id="xdx_C0B_gRBRTB-NPUYJO_zFDRzDdOP3n5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--JapanRiskMember_zVSNaXdz5xue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Japan Risk</i>– The Fund may invest a significant portion of its assets in securities issued by Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_z2u5B1yvvmC6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk</i> - 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.</span></p><div id="xdx_C08_gRBRTB-NPUYJO_zuE5LFNn6U55"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zcgcX1jRMcAl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk – </i>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.</span></p><div id="xdx_C01_gRBRTB-NPUYJO_zkkKbcqwkTjg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zv3dNtLFzm84" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><div id="xdx_C00_gRBRTB-NPUYJO_z8WAgKpY2I1a"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zRfDab2elu7d" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C07_gRBRTB-NPUYJO_zivPMp4mQGXi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zy3Iths1D0E9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk –</i> Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><div id="xdx_C0D_gRBRTB-NPUYJO_zw0yTOVnEFG6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zfletjO284Wg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_ziVvPJSJd413" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zEst8CrhqHO8">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zK44t6jiMenh">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zpoKfXSZnrcf">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zc1mxuHrk9Mh">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A89_eoef--BarChartTableTextBlock_z25DjtdkOmD5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zKCqkXGKpQH8" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_490_20160101__20161231_zn61FVtcrDW4" style="width: 9%">2016</td> <td id="xdx_49F_20170101__20171231_zlxwAznrInhj" style="width: 9%">2017</td> <td id="xdx_494_20180101__20181231_zrgmPPE3j5e6" style="width: 9%">2018</td> <td id="xdx_499_20190101__20191231_zMBWhUxbelRd" style="width: 9%">2019</td> <td id="xdx_493_20200101__20201231_zWzJVke9fQc5" style="width: 9%">2020</td> <td id="xdx_49A_20210101__20211231_zuWkAyERaTl9" style="width: 9%">2021</td> <td id="xdx_493_20220101__20221231_zxIw3SiJ27M8" style="width: 9%">2022</td> <td id="xdx_49C_20230101__20231231_zIOzgFU72N41" style="width: 9%">2023</td> <td id="xdx_494_20240101__20241231_z0SXMqnog3ee" style="width: 9%">2024</td> <td id="xdx_493_20250101__20251231_zrB9DM4QweSk" style="width: 9%">2025</td></tr> <tr id="xdx_406_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member_z2SBssUk1Kq2" style="vertical-align: top; text-align: left"> <td> </td> <td>3.13%</td> <td>25.62%</td> <td>-13.39%</td> <td>19.37%</td> <td>19.48%</td> <td>10.83%</td> <td>-13.82%</td> <td>17.17%</td> <td>8.80%</td> <td>47.84%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du011_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.0313 0.2562 -0.1339 0.1937 0.1948 0.1083 -0.1382 0.1717 0.0880 0.4784 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zz9S4LDcdoAd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zSsJImSwGWMk">the highest return for a quarter was</span> <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zgdoqkPbd8i7">22.07%</span> (quarter ended <span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_z7lk3u42K7Ta">December 31, 2020</span>) and <span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zcQ8J2yCAAff">the lowest return for a quarter was</span> <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zp7EXC3uNeH2">-23.27%</span> (quarter ended <span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zELMJXGrAfT9">March 31, 2020</span>).</span></p> the highest return for a quarter was 0.2207 2020-12-31 the lowest return for a quarter was -0.2327 2020-03-31 Dunham International Stock Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A86_eoef--PerformanceTableTextBlock_zK0H8DSQ8uXh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zWSZEJTQQn7c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_495_20250101__20251231_zOPq6f3zMeLb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49B_20210101__20251231_zS9FyRd4uZa4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Year</b></span></td> <td id="xdx_49E_20160101__20251231_z9YbmWxpQFEb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member_zba2h8niKky4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member_zW0TFNofXk5e">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47.84%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.48%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.16%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zBKc4yNEjtwf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.51%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.82%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.49%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059534Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zgZ2vuyYtABg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.71%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.07%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.66%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059533Member_zOwgU4iDAwD5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059533Member_zwdCbhFW80g6">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.46%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.05%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_zajE7Foa2Ebi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020979Member__oef--ClassAxis__custom--C000059532Member_z4WH6JwVweP3">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.22%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSIndexNetReflectsNoDeductionForFeesExpensesOrTaxesMember_zIJ7d4TqZ7Sj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #F2F2F2"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MSCI All Country World ex U.S. Index Net </b>(<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zuwbEW8jO9k6">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.41%</span></span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020979Member__oef--PerformanceMeasureAxis__custom--MorningstarForeignLargeCapValueCategoryReturnBeforeTaxesMember_zzqeZEEHu963" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Foreign Large Cap Value Category </b>(return before taxes)<span id="xdx_F4A_zdY53eT7vGNi">*</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.29%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.39%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0B_zkN9xGvM7Zp9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1B_zgcs43RQtlaa" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Foreign Large Cap Value Category is generally representative of mutual funds that primarily invest in non-U.S. stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Foreign large value portfolios invest mainly in big international stocks that are less expensive or growing more slowly than other large-cap stocks. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.4784 0.1248 0.1116 0.4351 0.0982 0.0949 0.2971 0.0907 0.0866 return before taxes 0.4646 0.1136 0.1005 return before taxes 0.3902 0.1088 0.1022 reflects no deduction for fees, expenses, or taxes 0.3238 0.0791 0.0841 0.3928 0.1229 0.0939 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_z0EHO2h1YsUl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zYF5IZPQDr7a">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_zMyuHHw5UdO6">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_90B_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020979Member_ze2HmlVJ4JN4">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Dynamic Macro Fund Investment Objective: <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zp8QdhzUphhg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to maximize total return from capital appreciation and dividends,</span></p> <p id="xdx_A84_eoef--ObjectiveSecondaryTextBlock_zc7glCzH1ouc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with capital preservation during market downturns as a secondary goal.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zfQo9xmuqC9d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_908_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_zE9dz0LEu3K2">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_902_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_zYIVPBqVolzg">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zjYaXXiR2nq7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdeOSYFqmYJ3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_498_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_zgxQDkkBr4De" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087896Member_zW2Ihv81pyUb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member_zmfpHgBVNbhg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zCzQWNjN2VGb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zQwf2r3pfwsc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_z1Ab1dgg8ew6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dn_zX38bnJ69Utj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_401_eoef--ExchangeFee_dn_zb8uhBCBaFK" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zijwmyr6DXgk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQSahGYbbsOg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_498_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_z8t9ejKSNfr" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087896Member_zgizIqPSnIll" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member_zzj7ymU5SZlg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zefQc85LMxka" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F48_zvNv5xYqrZU1">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.96%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.96%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.96%</span></span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBTDBfR8JXXf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses:</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eoef--Component1OtherExpensesOverAssets_dpn_zaxCF5e0ztt4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 9.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Expense </span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18%</span></span></td></tr> <tr id="xdx_40C_eoef--Component2OtherExpensesOverAssets_dpn_zLDsu6ZMxXYg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 9.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining Other Expenses</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.28%</span></span></td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zgvrwv4TgIK3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4C_zvpDqcssm27c">(2) </sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.08%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.08%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.08%</span></span></span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_z0gy4LAOhcE2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.75%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.50%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.50%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0C_zz9VwnCpJK0i" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F14_zCvFsCgjrKqe" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 60 bps (0.60%) and can range from 0.25% to 0.95% based on the Fund’s performance relative to the Dow Jones Moderately Aggressive Portfolio Index, the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F01_zx6058qB5Zx7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F11_zLqkiClwF7Xd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_90A_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_z72kMUleZj7f">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0096 0.0096 0.0096 0.0025 0.0100 0.0000 0.0018 0.0018 0.0018 0.0028 0.0028 0.0028 0.0008 0.0008 0.0008 0.0175 0.0250 0.0150 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zunwrB5STwi1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyosLk41ENt8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z7tyZ7aM5Wh6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; white-space: nowrap; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear01_zixXtwq9GRXg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: center; text-indent: 0pt; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zvuZzWLQeFVf" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_z5Ms4pinFwYe" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zMK6sem7IpPi" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_z7vv1R93zmT8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$743</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,094</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,469</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,519</span></span></td></tr> <tr id="xdx_415_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087896Member_zAviBv2LBNo1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$253</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$779</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,331</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,836</span></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member_zGmSf0SrCx92" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$153</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$474</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$818</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,791</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 743 1094 1469 2519 253 779 1331 2836 153 474 818 1791 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zOcCG8dzA5U4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zkK3UuzKJB75">145%</span> of the average value of its portfolio.</span></span></p> 1.45 Principal Investment Strategies: <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_z8nPygg3YAf7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser’s macro asset allocation strategy is based primarily on the active management of the fund’s exposure to market risk in different asset classes and seeks to take advantage of opportunities arising from the variability of risk premia over time. The Fund’s Sub-Adviser seeks to achieve the total return component of the Fund’s investment objective by using a dynamic macro asset allocation strategy. The Fund may invest in or seek exposure to a wide range of asset classes including, without limitation, (i) equity (of any market capitalization), (ii) fixed-income (including all grades and maturities of domestic and foreign credit (including emerging markets) (iii) commodities, (iv) real estate investment trusts (“REITs”) and (v) currencies. The Sub-Adviser’s strategy seeks long and short exposure in these various asset classes and currencies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may take long positions indirectly through exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”) and derivative instruments such as, but not limited to, commodity linked notes, futures, swaps, options and currency forward contracts. The Fund may take short positions indirectly through ETFs or ETNs, and derivative instruments (listed above) that are intended to provide inverse exposure to a particular asset class or currency. Long positions and short positions may be intended to enhance expected return, reduce expected risk or both. The Sub-Adviser expects the Fund’s net long exposure to typically be between 75% and 125%, but it may range from 0% to 200%. The Fund’s net exposure in equity is between -100% and 100%, in bonds between -100% and 200%, and in commodities between -50 and 75%.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Futures are typically based on, though are not limited to, equity indexes, government bonds, commodities and currencies. Swaps are typically related to – without limitations commodities and commodity indexes. Options would typically be on, though are not limited to, equity indexes, equity index futures, government bonds, government bond futures and currencies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund has no geographic or other limits on the allocation of its assets among asset classes.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser seeks to achieve the capital preservation component of the Fund’s investment objective during down markets through broad diversification across different asset classes in combination with dynamic management of risk premia and dynamic risk management including (1) shifting allocation between asset classes, (2) short positions on equities, (3) allocation to government bonds and (4) allocation to cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk premia (i.e., excess returns above the risk-free rate) represent the long-term compensation of an investor for the assumption of market risk in different asset classes. The Sub-Adviser’s goal is to identify when risk premia are particularly attractive, actively shift between asset classes, between long or short positions, as well as allocations to cash.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser generally purchases a security when its model identifies that its risk-reward profile is relatively more attractive than other opportunities. The Sub-Adviser generally sells a security when its model identifies that the relative attractiveness deteriorates or risk associated with the security increases significantly. In addition, the Sub-Adviser may sell a security if better investment opportunities emerge elsewhere.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_gRBRTB-QJNX_zfBzZmq4MGsc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance.</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_zpRv7X8w6YFd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Asset Allocation Risk </i>– In allocating the Fund’s assets, the Sub-Adviser may favor markets or asset classes that perform poorly relative to other markets and asset classes. The Sub-Adviser’s investment analysis, its selection of investments, and its assessment of the risk/return potential of asset classes and markets may not produce the intended results and/or can lead to an investment focus that results in the Fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the Fund invests.</span></p><p id="xdx_A9E_zBHGOH8rlRL5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zNT6ijfN0Xu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zfAMSL9y9bi9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zUk1IeEiHVpa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Commodity Risk </i>– Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNoteRiskMember_zBDQsbHiaSTl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Structured Note Risk </i>– Structured notes involve tracking risk, issuer default risk and may involve leverage risk.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zthM3iDkkzjc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zzlpsMSsDMh3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk </i>– Using derivatives can create leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zWdHOTN3yuqd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zvt8wjc5hYLe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>U.S. Government Securities Risk </i>– The risk that U.S. Government securities in the Fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_z9r7ZqcWUTB5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zd9YDKpInIAk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zQqaDLwJDMH" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF Risk </i>– ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest exclusively in common stocks. The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.</span></p><p id="xdx_A91_z7ubq3ERcEAa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ETFs are subject to specific risks, depending on the nature of the fund. For instance, investing in inverse ETFs is similar to holding various short positions, or using a combination of advanced investment strategies to profit from falling prices. When the value of ETFs held by the Fund decline, the value of your investment in the Fund declines.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETNRiskMember_zajgZ46fykRj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETN Risk </i>– ETNs are securities that combine aspects of a bond and an ETF. ETN returns are based upon the performance of a market index or other reference asset less fees, and can be held to maturity as a debt security. ETNs are traded on a securities exchange. Their value is based on their reference index or strategy and the credit quality of the issuer. Because ETNs are debt instruments of the issuer of the ETN, they are subject to the credit risk of the issuer. ETNs are also subject to the risk that they may trade at a premium or discount to value attributable to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETN’s fees and expenses, as well as their share of the Fund’s fees and expenses. There may also not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted and ETNs may be delisted by the listing exchange.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z1U5OmAY1HS4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketShortTermSecuritiesRiskMember_zebKhI8MIYEb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Money Market/Short-Term Securities Risk </i>– To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LongTermMaturitiesDurationsRiskMember_zSaU5qmV17pi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Long-Term Maturities/Durations Risk</i> – Fixed income securities with longer maturities or durations may be subject to greater price fluctuations due to interest rate, tax law, and general market changes than securities with shorter maturities or durations.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z3EtoCp3wUv7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk </i>– The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zOZ61ly64HR5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zvZ5UQqfQ4k3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zonq1wOvxcd7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zs6jtE8OMzH9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk </i>– 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.</span></p><p id="xdx_A9B_zXbp2UfCRkkd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zYbEL9gjgSra" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_zpRv7X8w6YFd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Asset Allocation Risk </i>– In allocating the Fund’s assets, the Sub-Adviser may favor markets or asset classes that perform poorly relative to other markets and asset classes. The Sub-Adviser’s investment analysis, its selection of investments, and its assessment of the risk/return potential of asset classes and markets may not produce the intended results and/or can lead to an investment focus that results in the Fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the Fund invests.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zNT6ijfN0Xu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk </i>– 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.</span></p><div id="xdx_C06_gRBRTB-QJNX_zU1YvJwMg8q1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zfAMSL9y9bi9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk </i>– 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.</span></p><div id="xdx_C0F_gRBRTB-QJNX_z3LT56HRnb7f"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zUk1IeEiHVpa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Commodity Risk </i>– Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></p><div id="xdx_C0D_gRBRTB-QJNX_zZNaT0VbrXz3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNoteRiskMember_zBDQsbHiaSTl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Structured Note Risk </i>– Structured notes involve tracking risk, issuer default risk and may involve leverage risk.</span></p><div id="xdx_C0D_gRBRTB-QJNX_zLtv1Me44Yhk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zthM3iDkkzjc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk </i>– 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.</span></p><div id="xdx_C03_gRBRTB-QJNX_z8HwzPSFjDzj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zzlpsMSsDMh3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk </i>– Using derivatives can create leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p><div id="xdx_C03_gRBRTB-QJNX_zVjBwzI8XgVc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zWdHOTN3yuqd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk </i>– 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.</span></p><div id="xdx_C02_gRBRTB-QJNX_zIFqkPJBZuSa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zvt8wjc5hYLe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>U.S. Government Securities Risk </i>– The risk that U.S. Government securities in the Fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</span></p><div id="xdx_C0E_gRBRTB-QJNX_zRml9P3Cyz9g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_z9r7ZqcWUTB5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk </i>– 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.</span></p><div id="xdx_C01_gRBRTB-QJNX_z8opQBO2tzac"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zd9YDKpInIAk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk </i>– 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.</span></p><div id="xdx_C08_gRBRTB-QJNX_zWPMIP3SObQ3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zQqaDLwJDMH" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF Risk </i>– ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest exclusively in common stocks. The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETNRiskMember_zajgZ46fykRj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETN Risk </i>– ETNs are securities that combine aspects of a bond and an ETF. ETN returns are based upon the performance of a market index or other reference asset less fees, and can be held to maturity as a debt security. ETNs are traded on a securities exchange. Their value is based on their reference index or strategy and the credit quality of the issuer. Because ETNs are debt instruments of the issuer of the ETN, they are subject to the credit risk of the issuer. ETNs are also subject to the risk that they may trade at a premium or discount to value attributable to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETN’s fees and expenses, as well as their share of the Fund’s fees and expenses. There may also not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted and ETNs may be delisted by the listing exchange.</span></p><div id="xdx_C0F_gRBRTB-QJNX_zVCEOM0nwUQg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z1U5OmAY1HS4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk </i>– 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.</span></p><div id="xdx_C00_gRBRTB-QJNX_zts5QzQPTYpf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketShortTermSecuritiesRiskMember_zebKhI8MIYEb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Money Market/Short-Term Securities Risk </i>– To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span></p><div id="xdx_C00_gRBRTB-QJNX_z08Uv7RawRwk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LongTermMaturitiesDurationsRiskMember_zSaU5qmV17pi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Long-Term Maturities/Durations Risk</i> – Fixed income securities with longer maturities or durations may be subject to greater price fluctuations due to interest rate, tax law, and general market changes than securities with shorter maturities or durations.</span></p><div id="xdx_C06_gRBRTB-QJNX_zZlor8iu6kXf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z3EtoCp3wUv7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk </i>– The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.</span></p><div id="xdx_C03_gRBRTB-QJNX_zRdeJJ9RyBNd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zOZ61ly64HR5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk </i>– 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.</span></p><div id="xdx_C02_gRBRTB-QJNX_zjQ4jxt1pICj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zvZ5UQqfQ4k3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk </i>– 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.</span></p><div id="xdx_C08_gRBRTB-QJNX_zC8Mm9ddN2Yl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zonq1wOvxcd7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – 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.</span></p><div id="xdx_C0A_gRBRTB-QJNX_zhvQhLPJ4U3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zs6jtE8OMzH9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk </i>– 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zYbEL9gjgSra" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zJErQWLLHOT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zOBv5REU7lkh">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zXgZfAQwX467">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zJLhR6cKXmia">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zKNGMv6Or7l9">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A85_eoef--BarChartTableTextBlock_z29SpSysRU28"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zEbAjagWz6Il" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_498_20160101__20161231_zCyqFucivmOg" style="width: 9%">2016</td> <td id="xdx_492_20170101__20171231_zDvfFKXhQdDf" style="width: 9%">2017</td> <td id="xdx_493_20180101__20181231_z24p9nw3sKsc" style="width: 9%">2018</td> <td id="xdx_492_20190101__20191231_zvAgm6Xog2Ja" style="width: 9%">2019</td> <td id="xdx_491_20200101__20201231_zaesrO76xfFc" style="width: 9%">2020</td> <td id="xdx_491_20210101__20211231_zS9tClxVSWi5" style="width: 9%">2021</td> <td id="xdx_499_20220101__20221231_zr9cPtwQrhje" style="width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_z6Ld0PmHa5ag" style="width: 9%">2023</td> <td id="xdx_49C_20240101__20241231_zFvpTcDtEdYc" style="width: 9%">2024</td> <td id="xdx_49B_20250101__20251231_ziN0a1bLvVOd" style="width: 9%">2025</td></tr> <tr id="xdx_40E_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member_z14v7UCylhp4" style="vertical-align: top; text-align: left"> <td> </td> <td>2.29%</td> <td>8.09%</td> <td>-8.45%</td> <td>13.99%</td> <td>1.63%</td> <td>9.29%</td> <td>-14.02%</td> <td>18.69%</td> <td>10,90%</td> <td>5,10%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du012_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.0229 0.0809 -0.0845 0.1399 0.0163 0.0929 -0.1402 0.1869 0.1090 0.0510 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zf1UDWcYlJ78" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_z3ED8nhwOET1">the highest return for a quarter was</span> <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zBmFF5p5f7bi">8.60%</span> (quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zVGV5PAicOMj">June 30, 2023</span>) and <span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zWPdwtD7fdIa">the lowest return for a quarter was</span> <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zjMVSPsVAzv">-12.37%</span> (quarter ended <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zu1I5sXy62Ll">March 31, 2020</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.0860 2023-06-30 the lowest return for a quarter was -0.1237 2020-03-31 Dunham Dynamic Macro Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A8F_eoef--PerformanceTableTextBlock_z2Whtn5ukunb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zaCk93XGyRvd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; white-space: nowrap; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025<span id="xdx_F60_zRizee1lDV54">*</span></b></span></span></td> <td id="xdx_49A_20250101__20251231_zrVoGAtWmjh3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year<span id="xdx_F52_zqmqqdhSYZ7a" style="display: none">*</span></b></span></td> <td id="xdx_49B_20210101__20251231_zWwJuY5OqAUl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years<span id="xdx_F53_zHcNDWTUFCE9" style="display: none">*</span></b></span></td> <td id="xdx_49E_20160101__20251231_zFVIRx3VM9bg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years<span id="xdx_F5D_zBFOAMas0Wda" style="display: none">*</span></b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member_zKpvh7VJeTPb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member_fKg_____zXSVUYKWAWv4">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.10%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.83%</span></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGvU9QpBW3Yf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.29%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.14%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087897Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z339PZC3UTFa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.65%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.90%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.83%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087896Member_z2GBwhy4IOMl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087896Member_fKg_____zF8AFLOmbEe2">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.11%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.80%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_zAJjin5HsDZ5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000028743Member__oef--ClassAxis__custom--C000087895Member_fKg_____zvK707nuyiI1">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.89%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.95%</span></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zhQN5kO2xj2d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MSCI All Country World Index </b>(<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zWfvCJe20Mp2">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.19%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.72%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000028743Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratelyAggressivePortfolioIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zb8jBqJBzlug" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dow Jones Moderately Aggressive Portfolio Index</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zCPgJKsSYMgh">reflects no deduction for fees, expenses, or taxes</span>)</span></p></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.73%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.64%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.35%</span></span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp0_hdei--LegalEntityAxis__custom--S000028743Member__oef--PerformanceMeasureAxis__custom--MorningstarTacticalAllocationCategoryReturnBeforeTaxesMember_zk1TFnXNOvH6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Tactical Allocation Category </b>(return before taxes)<span id="xdx_F49_zV67Xzoh6sT2">**</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.39%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.98%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0B_zOQbV70D0Gy4" style="width: 0.3in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1B_zIueizpIpHVi" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On each of October 1, 2014, and February 1, 2023, the Fund’s principal investment strategies were substantially changed. Therefore, the performance prior to each date may have been different had the current principal investment strategies been in place.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td id="xdx_F02_zkyWYP4qRdhf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.3in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F1E_zRczYg8GfYXi" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Tactical Allocation Category is generally representative of mutual funds that primarily actively shift allocations across investments. These include material shifts across equity regions and bond sectors on a frequent basis. To qualify for the Morningstar Tactical Allocation category, a fund must have minimum exposure of 10% in bonds and 20% in equity and the fund must historically demonstrate material shifts in sector or regional allocations, either through a gradual shift during three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically, the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single-equity region or bond sector exceeds 50%.</span></td></tr></table> return before taxes 0.0510 0.0538 0.0383 0.0229 0.0421 0.0314 0.0465 0.0390 0.0283 return before taxes 0.0411 0.0434 0.0280 return before taxes -0.0121 0.0389 0.0295 reflects no deduction for fees, expenses, or taxes 0.2234 0.1119 0.1172 reflects no deduction for fees, expenses, or taxes 0.1673 0.0764 0.0935 0.1339 0.0688 0.0698 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zk9TGL693am" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zMIPapnpFQ0b">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zlPbV7KftJv6">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. In certain cases, after-tax returns may be higher than the other return figures for the same period.</span> <span id="xdx_90F_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000028743Member_zSl4YXGavlo5">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. In certain cases, after-tax returns may be higher than the other return figures for the same period. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Long/Short Credit Fund Investment Objective: <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zQg1GefPHxgi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to maximize total return under varying market conditions through both current income and capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zqIlkZAud9K3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90F_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_zdjWnD7pNlB2">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_908_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_zf5hy54Mjzlg">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zAiQMWHpPXk4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zBvnjhPS8N2a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_zQK4VCM5zu5e" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059521Member_zmzsZDl3nXX3" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member_z3HWp7ImeFfg" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: -6.7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_408_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zubrWUwAdXO2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zY7t77Y0PNHf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zmnMfv4aphAl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40A_eoef--RedemptionFeeOverRedemption_dn_zbRDuEZwaV95" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_400_eoef--ExchangeFee_dn_zLZTZbyc1jPh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zWfWVqI1rhL1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zItGhEMrW1z6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_zZmSdeWnFx31" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059521Member_zx5roh2Pv2Yi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member_zwm2MX1GXf4i" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zKwPvpYq7eSi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F4E_z49sxqXBzSxd">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXMfVSwlwRX9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_z3BFi2a83Gd6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.16%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.16%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.16%</span></span></span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zfvItLNfStwi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.16%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.91%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F08_ztPzwCM2KeQb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F12_zTy5lAbYtMa4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 60 bps (0.60%) and can range from 0.05% to 1.15%, based on the Fund’s performance relative to the BofA Merrill Lynch 3-month Treasury Bill Index PLUS 300 bps, the Fund’s benchmark.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></p> 0.0075 0.0075 0.0075 0.0025 0.0100 0.0000 0.0016 0.0016 0.0016 0.0116 0.0191 0.0091 Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zt33tzthM1s7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOlRVOTqtNx5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zIMTv0ZgRYOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear01_zR6NWHktckO1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zoHYTzcOXRh8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zF0uim4r0Coh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zyDaks2vX9Hj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_zhBWgkDCjNr5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$686</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$922</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,177</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,903</span></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059521Member_z6lLRAFwc94j" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$194</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$600</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,032</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,233</span></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member_zRMJ4WNG4Rol" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$93</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$290</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$504</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,120</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> 686 922 1177 1903 194 600 1032 2233 93 290 504 1120 Portfolio Turnover: <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zYfwQk2CFCr2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zXlSUOTnBNG6">234%</span> of the average value of its portfolio.</span></span></p> 2.34 Principal Investment Strategies: <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zqcwIwEb6G24" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objective by investing normally at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in various credit-related instruments. Credit-related instruments include, but are not limited to, U.S. Government and agency securities, foreign government and supranational debt securities, corporate bonds, emerging market debt securities, preferred securities, structured products, senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, and derivatives with similar economic characteristics. The Fund may invest in credit-related instruments rated below investment grade, which are commonly referred to as “junk bonds.” These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may invest up to 20% of its total assets in equity instruments, including common stock and other instruments whose price is linked to the value of common stock. The Fund may hold long or short positions in equity instruments, and may invest in equity instruments of issuers of any market capitalization.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also gain both long and short exposure to credit-related instruments by entering into a series of purchase and sale contracts or by investing in, among other instruments, swaps, including total return, credit default and index swaps; options; forward contracts and futures contracts that provide long or short exposure to other credit obligations; and other similar transactions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may engage in short sales for hedging purposes or to enhance total return. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When selecting individual securities, the Sub-Adviser focuses on supply/demand factors, historical value trends, and new issue opportunities combined with company-specific research, industry analysis, and its view on overall credit trends. The Sub-Adviser incorporates its quantitative and qualitative analysis to determine the optimal security to purchase in the company’s capital structure as well as to determine the desired allocation to each security or derivative. The Sub-Adviser utilizes short positions and derivatives to manage various risk exposures, including interest rate risk and credit risk.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_gRBRTB-IVPQEN_z9TvhLHDo9v3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zoJyF6j4ZiTj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zttqp4XlAcXb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zv4PooNCFCTl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk</i> – Using derivatives can create leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p><p id="xdx_A96_ztuGQwk8FZoj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EventRiskMember_z7pgoK9vMo6e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Event Risk</i> — Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zYqA22P7Q63e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zUw1L9NY0D37" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zuJAarFTgXOk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesSectorRiskMember_z64hIFCHJfHa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Financial Services Sector Risk</i> - The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketShortTermSecuritiesRiskMember_zhtziJeFM0G4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Money Market/Short-Term Securities Risk </i>– To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateLoansRiskMember_zy6KfuWrBaD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Corporate Loans Risk</i> — Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LongTermMaturitiesDurationsRiskMember_zAIB55F5JTNh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Long-Term Maturities/Durations Risk –</i>The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zOa3sRqJXBWe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_zaMF9gUetiBg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk – </i>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.</span></p><p id="xdx_A95_zAG5g57WimHd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zk7gjCBoQZBb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk – </i>A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorBankLoansRiskMember_zbHo46kK1SM3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Senior Bank Loans Risk –</i> Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zDI9kYxZhZz9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zow7Md1N4xBe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zVI0CVDdS7Zi" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zX1QjwyOrm2d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTHar7wv2Xh2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSellingRiskMember_zTg9hS5FgPKg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Selling Risk</i> – If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss which may be unlimited. Also, the Fund is required to deposit collateral in connection with such short sales and may have to pay a fee to borrow particular securities.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zrixtI2UiZF3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk – </i>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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zoJyF6j4ZiTj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit Risk –</i> 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.</span></p><div id="xdx_C06_gRBRTB-IVPQEN_zqmLCEMiumJc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zttqp4XlAcXb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk – </i>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.</span></p><div id="xdx_C05_gRBRTB-IVPQEN_zC2dZ5hsQDzh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zv4PooNCFCTl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk</i> – Using derivatives can create leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EventRiskMember_z7pgoK9vMo6e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Event Risk</i> — Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.</span></p><div id="xdx_C03_gRBRTB-IVPQEN_zTFmtMT7DnFd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zYqA22P7Q63e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk – </i>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.</span></p><div id="xdx_C07_gRBRTB-IVPQEN_zNHmFt9DkIUh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallOrRedemptionRiskMember_zUw1L9NY0D37" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Call or Redemption Risk – </i>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.</span></p><div id="xdx_C08_gRBRTB-IVPQEN_zjvqPVUknBjl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zuJAarFTgXOk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk –</i> 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.</span></p><div id="xdx_C0E_gRBRTB-IVPQEN_zftLCFTg3lnf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesSectorRiskMember_z64hIFCHJfHa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Financial Services Sector Risk</i> - The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.</span></p><div id="xdx_C0E_gRBRTB-IVPQEN_zgAXMUCbwSG9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketShortTermSecuritiesRiskMember_zhtziJeFM0G4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Money Market/Short-Term Securities Risk </i>– To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span></p><div id="xdx_C0C_gRBRTB-IVPQEN_zcpVp9ZJXZ74"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateLoansRiskMember_zy6KfuWrBaD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Corporate Loans Risk</i> — Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations.</span></p><div id="xdx_C0F_gRBRTB-IVPQEN_z0PpA49Oancb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LongTermMaturitiesDurationsRiskMember_zAIB55F5JTNh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Long-Term Maturities/Durations Risk –</i>The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.</span></p><div id="xdx_C07_gRBRTB-IVPQEN_zvgqBJHWNinc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zOa3sRqJXBWe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Private Placement Risk – </i>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.</span></p><div id="xdx_C08_gRBRTB-IVPQEN_z1vetoAzUYzk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedSecuritiesRiskMember_zaMF9gUetiBg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Lower-Rated Securities Risk – </i>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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zk7gjCBoQZBb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk – </i>A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.</span></p><div id="xdx_C0E_gRBRTB-IVPQEN_zwxo3IQc6yPc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorBankLoansRiskMember_zbHo46kK1SM3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Senior Bank Loans Risk –</i> Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the senior loans. The market prices of floating rate loans are generally less sensitive to interest rate changes than are the market prices for securities with fixed interest rates. Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.</span></p><div id="xdx_C05_gRBRTB-IVPQEN_zhAA2dJXP5s5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zDI9kYxZhZz9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk –</i> 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.</span></p><div id="xdx_C05_gRBRTB-IVPQEN_zaaa0EMdIhw8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zow7Md1N4xBe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk –</i> 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.</span></p><div id="xdx_C0C_gRBRTB-IVPQEN_zjI5zFj7Ncua"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zVI0CVDdS7Zi" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C06_gRBRTB-IVPQEN_zJpVDtvZEI9g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zX1QjwyOrm2d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><div id="xdx_C06_gRBRTB-IVPQEN_z42GyZCwp7C9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTHar7wv2Xh2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk –</i> 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.</span></p><div id="xdx_C09_gRBRTB-IVPQEN_zQ87OPIJFYWl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSellingRiskMember_zTg9hS5FgPKg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Selling Risk</i> – If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss which may be unlimited. Also, the Fund is required to deposit collateral in connection with such short sales and may have to pay a fee to borrow particular securities.</span></p><div id="xdx_C08_gRBRTB-IVPQEN_zu9kPJ8Fktch"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zrixtI2UiZF3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zSFNTM12c0d9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zaVHNgOK0dua">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zHkelxy5V7j5">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zmH317KvCJo2">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zJxNvIv7Wyb4">(888) 3DUNHAM (338-6426)</span>.</span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A85_eoef--BarChartTableTextBlock_zbsTnHmkzKpf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQVTuOEp14be" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_49B_20160101__20161231_zL5SPXIlPWS7" style="width: 9%">2016</td> <td id="xdx_49C_20170101__20171231_zX8X3vmappJd" style="width: 9%">2017</td> <td id="xdx_496_20180101__20181231_zvUnBgfPJTal" style="width: 9%">2018</td> <td id="xdx_49F_20190101__20191231_z0jV1O9Ordh" style="width: 9%">2019</td> <td id="xdx_495_20200101__20201231_zqNTpBGl1qEd" style="width: 9%">2020</td> <td id="xdx_49E_20210101__20211231_zoPcRXPMBhpc" style="width: 9%">2021</td> <td id="xdx_49F_20220101__20221231_zF6mvnTQ9Er5" style="width: 9%">2022</td> <td id="xdx_493_20230101__20231231_zGxN8Uaedxa8" style="width: 9%">2023</td> <td id="xdx_49D_20240101__20241231_zYCqJHNJlp5k" style="width: 9%">2024</td> <td id="xdx_49C_20250101__20251231_zdJgffjbOTh7" style="width: 9%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member_zAzZxRfh067g" style="vertical-align: top; text-align: left"> <td> </td> <td>1.10%</td> <td>11.53%</td> <td>5.15%</td> <td>6.88%</td> <td>5.16%</td> <td>2.54%</td> <td>-1.69%</td> <td>1.53%</td> <td>5.31%</td> <td>3.41%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du013_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.0110 0.1153 0.0515 0.0688 0.0516 0.0254 -0.0169 0.0153 0.0531 0.0341 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z5h6OWO9RJqc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zU6jt1Z8fQwj">the highest return for a quarter was</span> <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zDGyoLkgWbjb">6.68%</span> (quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_z6KVpPAXT9ha">September 30, 2016</span>) and <span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zD0C64uiyG1l">the lowest return for a quarter was</span> <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zuoHnvcsb69k">-6.03%</span> (quarter ended <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zy1kt6It0LR8">March 31, 2016</span>).</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.0668 2016-09-30 the lowest return for a quarter was -0.0603 2016-03-31 Dunham Long/Short Credit Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A89_eoef--PerformanceTableTextBlock_zAxoo9SJe8G9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zoIUGDXENyTe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; white-space: nowrap; vertical-align: bottom; background-color: silver; padding-right: 5pt; layout-grid-mode: line; width: 60%; text-align: left; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b>*</span></span></td> <td id="xdx_49A_20250101__20251231_zvnOuAP2qjwa" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; white-space: nowrap; vertical-align: bottom; background-color: silver; padding-left: 5pt; layout-grid-mode: line; text-align: center; text-indent: 0pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year<span id="xdx_F51_zhQEa4FywoLh" style="display: none">*</span></b></span></td> <td id="xdx_498_20210101__20251231_zUWsRSLwLV9g" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; white-space: nowrap; vertical-align: bottom; background-color: silver; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years<span id="xdx_F54_zTw1pJzA36Ij" style="display: none">*</span></b></span></td> <td id="xdx_49D_20160101__20251231_zmd3w2NLvhK4" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; white-space: nowrap; vertical-align: bottom; background-color: silver; padding-right: 5pt; layout-grid-mode: line; width: 10%; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years<span id="xdx_F5E_zff6e4s8P9K6" style="display: none">*</span></b></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member_zmYxWMOjJMKe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member_fKg_____zQdzA3c8Y6Hi">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.41%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.19%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.04%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGyCb9MtxW58" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.34%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.78%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.81%</span></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059522Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zFvGbWw2kicc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.09%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.64%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059521Member_z1ZGQzfDOAz7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059521Member_fKg_____zfmJzT5Ma4tl">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.47%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.19%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.01%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_zdCJAv5HhcOf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020975Member__oef--ClassAxis__custom--C000059520Member_fKg_____zaQ32MHchg4a">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-2.81%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.74%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.18%</span></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zYq8on4OTmb7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bloomberg U.S. Aggregate Bond Index </b>(<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zXEpf2d7aoI5">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.30%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.36%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.01%</span></span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--PerformanceMeasureAxis__custom--BofAMerrillLynch3monthTreasuryBillIndexPLUS300bpsReflectsNoDeductionForFeesExpensesOrTaxesMember_zjbkQ5NPCAd2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>BofA Merrill Lynch 3-month Treasury Bill Index PLUS 300 bps. </b>(<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zQlDR5glkRz">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.24%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.20%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.19%</span></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020975Member__oef--PerformanceMeasureAxis__custom--MorningstarNontraditionalBondCategoryReturnBeforeTaxesMember_zdsumo9BHWw3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Nontraditional Bond Category </b>(return before taxes)<span id="xdx_F49_zHtII4jOzey3">**</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.96%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.77%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.29%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F05_zTMyLYyyaAof" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F18_zB0qUqBfHUgf" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On July 1, 2018, the Fund’s principal investment strategy was materially changed. Therefore, the Fund’s performance prior to that date may have been different had the current principal investment strategy been in place.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F06_zeToqysbVFMj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></td><td style="text-align: justify"><span id="xdx_F14_zVYauYH5hlBd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Nontraditional Bond Category is generally representative of mutual funds that deploy absolute return strategies, strategies that are low-correlated to the overall bond market, and strategies that take long and short market and security-level positions.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0341 0.0219 0.0404 0.0234 0.0078 0.0281 0.0201 0.0109 0.0264 return before taxes 0.0247 0.0119 0.0301 return before taxes -0.0281 0.0074 0.0318 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses, or taxes 0.0724 0.0620 0.0519 0.0696 0.0377 0.0429 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_z7tfaAmdLc7e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zxYDBHhNuU4">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_z6IVJY3Vmz7d">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_900_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020975Member_zYKOxi6NIth4">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Monthly Distribution Fund Investment Objective: <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zv92WT7Ot8Fh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to provide positive returns in rising and falling market environments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zZwgOBrTYhpc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_907_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_zCe72G8MAxR7">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90E_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_z8H4cyiagUXb">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zjQGECLKHjgh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zC4vHatbv13c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDDDDD"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_znnGfnAoLn57" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066379Member_zk1yIp3M8uwh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_493_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member_zhyWh9WwwCAl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z5fpTF0DrVQh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price) </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_402_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zMeicoMEMqv1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zDbg3oM7vjQ" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_400_eoef--RedemptionFeeOverRedemption_dn_zWzGJR7coZs1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--ExchangeFee_dn_z2PeQIBd6Q2j" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z27pJiMfhITh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zSEL9tEHJr0j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_zHdCPpMl35Yk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066379Member_z0N149RDIL09" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_493_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member_zWQxasorEtjj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_z4DRCmNYsCV6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F49_z0pgLMYyF1mc">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTbDrMryIlbe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses:</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--Component1OtherExpensesOverAssets_dpn_zv9MlLoo5Icj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.15in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividend Expense on Securities Sold Short</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_404_eoef--Component2OtherExpensesOverAssets_dpn_zSOK5STR1jWg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.15in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18%</span></span></td></tr> <tr id="xdx_405_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zdDgED1JQZW1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_z3nBaYNQDfx6">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zzCMVlJqboDj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.03%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.03%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0A_zgjUVRelwUjl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F14_ztfH0UXmZdN7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 60 bps (0.60%) and can range from 0.22% to 0.98%, based on the Fund’s performance relative to the S&amp;P Merger Arbitrage Total Return Local Currency Index, the Fund’s benchmark.</span></span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F0E_zujvuOz8fDfj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F19_zyPD7qUhihMh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_901_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_z8KznvQJ4Vr3">The operating expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0108 0.0108 0.0108 0.0025 0.0100 0.0000 0.0075 0.0075 0.0075 0.0018 0.0018 0.0018 0.0002 0.0002 0.0002 0.0228 0.0303 0.0203 The operating expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zpdm9qr9y3F4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfUQK8ulFXuf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zGx4H0GvDNs8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear01_z2jNaif4e8wb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z07tyDmDqyGa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear05_zeW4eCNVxqje" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zAuUWQoFM7t2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_419_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_zvtKa8LWJHF8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$793</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,246</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,725</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3,040</span></span></td></tr> <tr id="xdx_419_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066379Member_zDz6eUyigBCf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$306</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$936</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,591</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3,346</span></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member_znTf7F1qdYS8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$206</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$637</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,093</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,358</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 793 1246 1725 3040 306 936 1591 3346 206 637 1093 2358 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zKuOqZF6T3Gb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zZEXK0paf973">377%</span> of the average value of its portfolio.</span></span></p> 3.77 Principal Investment Strategies: <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zjFPhqg2UAl1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser seeks to achieve attractive absolute returns by utilizing an event driven strategy across a diversified set of equities while actively managing risk to preserve capital, minimize volatility, and maintain liquidity. The Sub-Adviser generally seeks to accomplish this objective by investing in equities (including common stock, initial public offerings (“IPOs”) and other new issues) and equity-related securities (including preferred stock, options, swaps, forwards and warrants) across a diversified range of industries. The Fund may also invest in foreign issuers through American Depositary Receipts and in cash and cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser invests in companies undergoing significant corporate events such as mergers and/or acquisitions (“M&amp;A”), tender offers, Dutch auctions, recapitalizations, restructuring and divestitures. The majority of investments are expected to be connected to agreed-to merger and acquisition deals; however, the Fund may also pursue investment opportunities in a range of other event-driven situations including, without limitation, corporate buy-ins; hostile mergers; pre-bid acquisitions; corporate spin-offs; likely transactions; restructurings; and corporate litigation and regulatory events.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser uses a probability assessment framework to consider and select event-driven investments. Investments are assessed across a number of dimensions, which may include strategic rationale, valuation, antitrust/regulatory issues, political, financing, contractual terms, company and/or industry stability, transaction type, acquirer issues and timing certainty.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The number of positions and their size will depend on each position’s estimated risk adjusted expected return, and the nature of the event (e.g., the number of announced M&amp;A deals, the size and breadth of an index reweight). The overall allocation of the Event-Driven portfolio will also be a function of the opportunity set for the strategy.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions (including any return of capital) is not fixed but is expected to be at or near the level of the prime interest rate (“Prime Rate”). Additionally, the Fund’s distribution policy is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of the Fund’s current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. All or a portion of a distribution may consist of a return of capital, which would be a return of original shareholder investments in the Fund and not an income or capital gains distribution. Shareholders should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund’s distribution policy, please turn to the “Distribution Policy and Goals” section in the Fund’s Prospectus. For disclosure regarding the extent to which the Fund’s distribution policy resulted in distributions of capital (i.e., a return of capital), please refer to Form 19a-1 Notice available at: <span style="text-decoration: underline">https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_gRBRTB-GC_zv0nxbeVBLZj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MergerAndEventDrivenRiskMember_zoYHm4VUdvEi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Merger and Event-Driven Risk</i> – Investments in companies that are expected to be, or already are, the subject of a publicly announced merger, takeover, tender offer, leveraged buyout, spin-off, liquidation or other corporate reorganizations carry the risk that the proposed or expected corporate event may not be completed or may be completed on less favorable terms than originally expected.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSellingRiskMember_zMS7otMPVsI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Selling Risk</i> – If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss which may be unlimited. Also, the Fund is required to deposit collateral in connection with such short sales and may have to pay a fee to borrow particular securities.</span></p><p id="xdx_A94_z9X4HnSnzkUk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zwg1vk1ReO4h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zIKkccVwJFek" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk</i> – Using derivatives can create leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. The use of leverage, such as borrowing money to purchase securities, engaging in reverse repurchase agreements, lending portfolio securities and engaging in forward commitment transactions, will magnify the Fund’s gains or losses.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zzTTepx4R" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Options Risk</i> – The Fund may use options to enhance return and or mitigate risk. However, options can fall rapidly in response to developments in specific companies or industries and the Fund’s investments may be negatively impacted by unexpected market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractRiskMember_zJhWhM6AkiR1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Forward Contract Risk – </i>Forward contracts involve a number of the same characteristics and risks as futures contracts but there also are several differences. Forward contracts are not market traded, and are not necessarily marked to market on a daily basis. They settle only at the pre-determined settlement date. This can result in deviations between forward prices and futures prices, especially in circumstances where interest rates and futures prices are positively correlated. Second, in the absence of exchange trading and involvement of clearing houses, there are no standardized terms for forward contracts. Accordingly, the parties are free to establish such settlement times and underlying amounts of a security or currency as desirable, which may vary from the standardized provisions available through any futures contract. Finally, forward contracts, as two party obligations for which there is no secondary market, involve counterparty credit risk not present with futures.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zgVxZ24MFD4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk – </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zeuicwhGyxOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVXgtfgkkxO4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zvvcduQUI8L7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk</i> – A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketShortTermSecuritiesRiskMember_zG78gMUX5Ru6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Money Market/Short-Term Securities Risk</i> – To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span></p><p id="xdx_A96_zRDhahXV9f07" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zoaakOCsAUIb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small and Medium Capitalization Risk</i> – The Fund’s investments in smaller and medium-sized companies carry more risks than investments in larger companies. Companies with small and medium size market capitalization often have narrower markets, fewer products or services to offer and more limited managerial and financial resources than do larger, more established companies. Investing in lesser-known, small and medium capitalization companies involves greater risk of volatility of the Fund’s net asset value than is customarily associated with larger, more established companies. Often smaller and medium capitalization companies and the industries in which they are focused are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more sensitive to changing market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_ze7cJjNqRey" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>IPO Risk </i>– The Fund invests in IPOs at the time of the initial offering and in post-IPO trading. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the initial public offering prior to inclusion in the Fund. The price of stocks included in the Fund may not continue to appreciate. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often include large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zWtY5mFFiYRa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Distribution Policy Risk</i> – The Fund’s distribution policy is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of the Fund’s current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit<i>.</i> Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_znAu3zKRUWlk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zxkNxujeoqsd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Active Management Risk –</i> 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zBwYSSN0dv6g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MergerAndEventDrivenRiskMember_zoYHm4VUdvEi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Merger and Event-Driven Risk</i> – Investments in companies that are expected to be, or already are, the subject of a publicly announced merger, takeover, tender offer, leveraged buyout, spin-off, liquidation or other corporate reorganizations carry the risk that the proposed or expected corporate event may not be completed or may be completed on less favorable terms than originally expected.</span></p><div id="xdx_C03_gRBRTB-GC_zT81edGAo6jb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSellingRiskMember_zMS7otMPVsI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Selling Risk</i> – If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss which may be unlimited. Also, the Fund is required to deposit collateral in connection with such short sales and may have to pay a fee to borrow particular securities.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zwg1vk1ReO4h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk</i> – 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.</span></p><div id="xdx_C0F_gRBRTB-GC_zO97D2MQof6i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zIKkccVwJFek" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk</i> – Using derivatives can create leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. The use of leverage, such as borrowing money to purchase securities, engaging in reverse repurchase agreements, lending portfolio securities and engaging in forward commitment transactions, will magnify the Fund’s gains or losses.</span></p><div id="xdx_C0F_gRBRTB-GC_zDxIAi0XqxBi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zzTTepx4R" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Options Risk</i> – The Fund may use options to enhance return and or mitigate risk. However, options can fall rapidly in response to developments in specific companies or industries and the Fund’s investments may be negatively impacted by unexpected market conditions.</span></p><div id="xdx_C0D_gRBRTB-GC_z1Z7L39gtC6j"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractRiskMember_zJhWhM6AkiR1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Forward Contract Risk – </i>Forward contracts involve a number of the same characteristics and risks as futures contracts but there also are several differences. Forward contracts are not market traded, and are not necessarily marked to market on a daily basis. They settle only at the pre-determined settlement date. This can result in deviations between forward prices and futures prices, especially in circumstances where interest rates and futures prices are positively correlated. Second, in the absence of exchange trading and involvement of clearing houses, there are no standardized terms for forward contracts. Accordingly, the parties are free to establish such settlement times and underlying amounts of a security or currency as desirable, which may vary from the standardized provisions available through any futures contract. Finally, forward contracts, as two party obligations for which there is no secondary market, involve counterparty credit risk not present with futures.</span></p><div id="xdx_C09_gRBRTB-GC_z3EmRF388ifg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_zgVxZ24MFD4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk – </i>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.</span></p><div id="xdx_C06_gRBRTB-GC_zHhTicwfIx4l"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zeuicwhGyxOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C0A_gRBRTB-GC_zpIYoxmYQdkf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVXgtfgkkxO4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – 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.</span></p><div id="xdx_C00_gRBRTB-GC_zLO0WBRZgfpe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zvvcduQUI8L7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk</i> – A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.</span></p><div id="xdx_C07_gRBRTB-GC_zQyLZU4aff98"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketShortTermSecuritiesRiskMember_zG78gMUX5Ru6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Money Market/Short-Term Securities Risk</i> – To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zoaakOCsAUIb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small and Medium Capitalization Risk</i> – The Fund’s investments in smaller and medium-sized companies carry more risks than investments in larger companies. Companies with small and medium size market capitalization often have narrower markets, fewer products or services to offer and more limited managerial and financial resources than do larger, more established companies. Investing in lesser-known, small and medium capitalization companies involves greater risk of volatility of the Fund’s net asset value than is customarily associated with larger, more established companies. Often smaller and medium capitalization companies and the industries in which they are focused are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more sensitive to changing market conditions.</span></p><div id="xdx_C0D_gRBRTB-GC_zH23OzRKyyN2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_ze7cJjNqRey" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>IPO Risk </i>– The Fund invests in IPOs at the time of the initial offering and in post-IPO trading. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the initial public offering prior to inclusion in the Fund. The price of stocks included in the Fund may not continue to appreciate. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often include large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.</span></p><div id="xdx_C0F_gRBRTB-GC_zDZcHvguypPe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zWtY5mFFiYRa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Distribution Policy Risk</i> – The Fund’s distribution policy is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of the Fund’s current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit<i>.</i> Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.</span></p><div id="xdx_C04_gRBRTB-GC_ztOaXpowkGI6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_znAu3zKRUWlk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk</i> – 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.</span></p><div id="xdx_C0B_gRBRTB-GC_zyRm8vLAgI2g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zxkNxujeoqsd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Active Management Risk –</i> 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.</span></p><div id="xdx_C06_gRBRTB-GC_zs1RjUp0gYdj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zBwYSSN0dv6g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zOPCQXlHxjqj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_z54eIMxMXXm9">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance.</span> The sales charge is reflected in the average annual total return table. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zGtuMAaSXsf3">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zaJ5Z8VJprWl">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zw0UAFHf6s0b">(888) 3DUNHAM (338-6426)</span>.</span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A83_eoef--BarChartTableTextBlock_zHDtm1v0Usu6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_za9Keryb79sf" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_49F_20160101__20161231_zveumMcWyHo6" style="width: 9%">2016</td> <td id="xdx_49C_20170101__20171231_ziYsIQjEdY9j" style="width: 9%">2017</td> <td id="xdx_498_20180101__20181231_zutMi23hH6Ia" style="width: 9%">2018</td> <td id="xdx_49A_20190101__20191231_zQtK4Qq9kR9j" style="width: 9%">2019</td> <td id="xdx_494_20200101__20201231_zZ1pNrOjN7Zb" style="width: 9%">2020</td> <td id="xdx_497_20210101__20211231_zJfZbVlSfX4j" style="width: 9%">2021</td> <td id="xdx_499_20220101__20221231_zfo1fbH5sQw5" style="width: 9%">2022</td> <td id="xdx_49E_20230101__20231231_zrAX3zNGuX6" style="width: 9%">2023</td> <td id="xdx_499_20240101__20241231_z6pF9d19s2F" style="width: 9%">2024</td> <td id="xdx_497_20250101__20251231_zhXZGwZkCdq1" style="width: 9%">2025</td></tr> <tr id="xdx_405_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member_zvZ7EXoN7hwj" style="vertical-align: top; text-align: left"> <td> </td> <td>4.42%</td> <td>4.35%</td> <td>-0.38%</td> <td>4.93%</td> <td>0.69%</td> <td>0.36%</td> <td>0.80%</td> <td>4.36%</td> <td>5.52%</td> <td>8.18%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du014_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.0442 0.0435 -0.0038 0.0493 0.0069 0.0036 0.0080 0.0436 0.0552 0.0818 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zGuOXirkj9S7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zcNUXFsyOJI4">the highest return for a quarter was</span> <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_znxPivLJgZXi">3.17%</span> (quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_z6RTyTADdmmg">September 30, 2023</span>) and <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_z0KPID7YNtNi">the lowest return for a quarter was</span> <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zTfm6EOHpAlk">-4.30%</span> (quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zZvHIcvZCPN7">March 31, 2020</span>).</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.0317 2023-09-30 the lowest return for a quarter was -0.0430 2020-03-31 Dunham Monthly Distribution Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A80_eoef--PerformanceTableTextBlock_zN8FhmYKwAq1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_ziilLBGXjh8l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 60%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; white-space: nowrap; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025<span id="xdx_F6B_z71nJAnFrJY3">*</span></b></span></span></td> <td id="xdx_497_20250101__20251231_zHH4CwbvaEfj" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year<span id="xdx_F58_za7QROtV7uAg" style="display: none">*</span></b></span></td> <td id="xdx_49E_20210101__20251231_zfkmiisnM5Hc" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years<span id="xdx_F57_zxnJ7zQGyq8h" style="display: none">*</span></b></span></td> <td id="xdx_493_20160101__20251231_z9ycQ7LGMI99" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; width: 10%; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years<span id="xdx_F50_z08RVP4OGWg2" style="display: none">*</span></b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; text-align: center; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member_zX6Kng9dfIgk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member_fKg_____z9XZ24a38JPb">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.18%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.80%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.29%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVqNL0z4pA7c" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.01%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.65%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.27%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066380Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbiuFlwFcj9k" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.78%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.52%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.21%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066379Member_z3WjLC8W6iB7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066379Member_fKg_____zZela9s4RKzi">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.11%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.77%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.26%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_zOCn8rgNR9P7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000022888Member__oef--ClassAxis__custom--C000066378Member_fKg_____zXht3HtRsy79">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.70%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.33%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.42%</span></span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zyg6JGLQ25b" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zSUJwxjaEwqk">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--PerformanceMeasureAxis__custom--SAndPMergerArbitrageTotalReturnLocalCurrencyIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zZiH71260JN5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P Merger Arbitrage Total Return Local Currency Index<span id="xdx_F41_zoQtMWUsWBjg">**</span> </b>(<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zGa1evFIYYzb">reflects no deduction for fees, expenses, or taxes</span>)</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.72%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.55%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.26%</span></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--PerformanceMeasureAxis__custom--CreditSuisseMergerArbitrageLiquidIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zZzUhw1tqsJ4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit Suisse Merger Arbitrage Liquid Index<span id="xdx_F43_zavTulC5mA9b">*</span><br/> </b>(<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zrEskJt9x4u1">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.53%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.06%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000022888Member__oef--PerformanceMeasureAxis__custom--MorningstarEventDrivenCategoryReturnBeforeTaxesMember_zfXZc18GUT1d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; layout-grid-mode: line; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Event Driven Category <br/> </b>(return before taxes)<span id="xdx_F46_zshvTHlqllv1">***</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.22%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.37%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.89%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F06_zwjg40ok7GG4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1A_z1vABiZTGCyj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On April 1, 2021, the Fund’s principal investment strategy was materially changed. Therefore, the Fund’s performance prior to that date may have been different had the current principal investment strategy been in place.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F07_zUXC8uIzk2Tb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F13_zsx5mWXG7454" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In prior prospectuses, the Fund compared its performance against the Credit Suisse Merger Arbitrage Liquid Index. The Fund’s Adviser believes the S&amp;P Merger Arbitrage Total Return Local Currency Index is a more appropriate and accurate index against which to compare the Fund’s investment strategies and, therefore, the S&amp;P Merger Arbitrage Total Return Local Currency Index replaces the Credit Suisse Merger Arbitrage Liquid Index as the Fund’s primary benchmark.</span></span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F09_zL7O7i3Fn6yh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">***</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1D_zJajEc4qET8g" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Event Driven Category is generally representative of mutual funds that primarily employ strategies that seek to profit from corporate actions, such as mergers and acquisitions. Mutual funds in this category typically focus on equity securities but can invest across the capital structure. However, they typically have low to moderate equity market sensitivity since company-specific developments tend to drive security prices.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes 0.0818 0.0380 0.0329 0.0501 0.0265 0.0227 0.0478 0.0252 0.0221 return before taxes 0.0711 0.0277 0.0226 return before taxes 0.0170 0.0233 0.0242 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1272 0.0555 0.0426 reflects no deduction for fees, expenses, or taxes 0.1253 0.0606 0.0463 0.1022 0.0537 0.0589 <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zyzW3rQgxkll" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zBKXWrVV0D4l">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zkkH7oWVVLZ7">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_906_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000022888Member_zJqRMJ3MAxLg">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham Real Estate Stock Fund Investment Objective: <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_z6ZlJMaREy7h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to maximize total return from capital appreciation and dividends.</span></p> <p id="xdx_A8F_eoef--ObjectiveSecondaryTextBlock_z4e70IJYNHsg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A secondary investment objective of the Fund is to exceed, over the long-term, the total return available from direct ownership of real estate with less risk than direct ownership.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zpJLHUJaAKC7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90F_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_z92bTSjEBA52">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90E_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_zEnjVY4VgTA9">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zrKRtVEW89p8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z9FRXgGuIKp1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_z75JLNlwlGcg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059509Member_z0qAiH7r5bNh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member_zwXGd6aF2yPl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_402_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zNw7OBT8ufTi" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_407_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zWLDLwZRhrng" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zri9jEUfZx4i" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--RedemptionFeeOverRedemption_dn_z369Ymzjt7Pe" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--ExchangeFee_dn_zgvxzfypgiL4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_z8XSeD0wXL97"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zW5q0xlkpste" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_zf6rSRqhpJwg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059509Member_zPfAEXdVuzU4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member_zbqqWoTA6K38" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zPDy5meiCbO9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F45_zt2rDGn4dJej">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.10%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.10%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.10%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zjP1dEdL4IPb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zY3rZy6kkNAj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.38%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.38%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.38%</span></span></span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zech5MO6vYRb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.73%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.48%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.48%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F04_zGb4L0XSk5Q3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1D_zCN53HLsU322" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Management Fees have been restated to reflect a new Sub-Advisory agreement that is effective October 1, 2025. The Management fees assume the Sub-Adviser’s base fee. Actual Sub-Advisory fees may be higher or lower depending on Fund performance. The new Sub-Advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.05% to 0.85%, based on the Fund’s performance relative to the Dow Jones Global Select REIT Total Return Net Index.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0110 0.0110 0.0110 0.0025 0.0100 0.0000 0.0038 0.0038 0.0038 0.0173 0.0248 0.0148 Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_z4AyK3M8mMgk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjxcNTmdiCV1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z7CpgOAPkoh8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zPNOhe7lyPHg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zgmjnGLDbRge" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zu5Ec9S7SJEj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear10_zFsGxbt6W9Y6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41B_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_zxy6zITmqJyi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$741</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,089</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,460</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,499</span></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059509Member_zWrbGa2OK3E7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$251</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$773</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,321</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,816</span></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member_z8Z7uts9Fdea" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$151</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$468</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$808</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,768</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 741 1089 1460 2499 251 773 1321 2816 151 468 808 1768 Portfolio Turnover: <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zYlCIRDhrvZ6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zUsjG1PGHlni">165%</span> of the average value of its portfolio.</span></span></p> 1.65 Principal Investment Strategies: <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zgG7YadlIf8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objectives by investing primarily in income-producing equity securities (including real estate investment trusts (“REITs”)) of real estate companies. The Fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in equity securities of companies principally engaged in the real estate industry that are economically tied to different countries throughout the world, including the United States. The Fund defines a company as principally engaged in the real estate industry if at least 50% of the company’s revenues or 50% of the market value of the company’s assets are related to the ownership, operation, construction, development, financing, leasing, management or sale of real estate. The Fund may also invest in real estate companies or issuers that are economically tied to emerging markets. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Fund’s Sub-Adviser may engage in active and frequent trading of the Fund’s portfolio securities to achieve the Fund’s investment objectives.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sub-adviser’s approach to real estate investing is value-oriented, based upon real estate fundamentals and assessments of management teams. The sub-adviser emphasizes both quantitative and qualitative investment analysis, and focuses on valuation relative to a company’s underlying real estate assets as well as a company’s on-going concern valuation. Through detailed company research that includes regular management visits, property tours and financial analysis, the sub-adviser analyzes the quality of real estate asset cash flows, sustainability and growth of company dividends. The sub-adviser also evaluates the company’s strategy, management’s track record, incentives and ability to create long term shareholder value. Only about 10% of institutional quality commercial real estate is publicly traded, and the sub-adviser believes that public real estate securities managers need a firm understanding of the other 90%—the private real estate markets—to successfully add value.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decisions to sell portfolio securities are based on relative analysis which entails examination of a variety of factors, including the sub-adviser’s assessment of relative risk adjusted return for the securities.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></span></p> <p id="xdx_A83_eoef--RiskTextBlock_gRBRTB-ZXTNLAF_zP3DcMKhQw6a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateIndustryConcentrationRiskMember_zrpTyaXQmaN1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real Estate Industry Concentration Risk </i>– By concentrating in a single sector, the Fund carries much greater risk of adverse developments in that sector than a fund that invests in a wide variety of industries. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustRiskMember_zDsD40fUDe76" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real Estate Investment Trust Risk </i>– A REIT’s performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants’ failure to pay rent or poor management.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zPEzFLRF2XK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zhUC0U8S7kl6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Non-Diversification Risk </i>– As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z0lniRp1ncsi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk </i>– 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.</span></p><p id="xdx_A92_zlFga8pHMTM8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zaZIoOcFOGW2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small and Medium Capitalization Risk </i>– The Fund’s investments in smaller and medium-sized companies carry more risks than investments in larger companies. Companies with small and medium size market capitalization often have narrower markets, fewer products or services to offer and more limited managerial and financial resources than do larger, more established companies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z3xPKdaOSsxe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_z86kXZKj9vj1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk</i> – 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. </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zWtHbVDmNDU8" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zEutPvkumbr6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk </i>– Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zM1O6uGTYyRe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateIndustryConcentrationRiskMember_zrpTyaXQmaN1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real Estate Industry Concentration Risk </i>– By concentrating in a single sector, the Fund carries much greater risk of adverse developments in that sector than a fund that invests in a wide variety of industries. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.</span></p><div id="xdx_C06_gRBRTB-ZXTNLAF_z64HH15xDhCd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustRiskMember_zDsD40fUDe76" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real Estate Investment Trust Risk </i>– A REIT’s performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants’ failure to pay rent or poor management.</span></p><div id="xdx_C01_gRBRTB-ZXTNLAF_z61DvrMuhap6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zPEzFLRF2XK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk </i>– 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.</span></p><div id="xdx_C05_gRBRTB-ZXTNLAF_z4JxZ08aMStd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zhUC0U8S7kl6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Non-Diversification Risk </i>– As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p><div id="xdx_C04_gRBRTB-ZXTNLAF_zThRdYq6GtGi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z0lniRp1ncsi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk </i>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zaZIoOcFOGW2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small and Medium Capitalization Risk </i>– The Fund’s investments in smaller and medium-sized companies carry more risks than investments in larger companies. Companies with small and medium size market capitalization often have narrower markets, fewer products or services to offer and more limited managerial and financial resources than do larger, more established companies.</span></p><div id="xdx_C04_gRBRTB-ZXTNLAF_z3th1Zvw9g5c"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z3xPKdaOSsxe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk</i> – 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.</span></p><div id="xdx_C04_gRBRTB-ZXTNLAF_zADvz2W39OBj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestingRiskMember_z86kXZKj9vj1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Investing Risk</i> – 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. </span></p><div id="xdx_C04_gRBRTB-ZXTNLAF_zqAsnRFgaVg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEpidemicRiskMember_zWtHbVDmNDU8" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster/Epidemic Risk</i> – 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.</span></p><div id="xdx_C08_gRBRTB-ZXTNLAF_zvELV1Gsc4d"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zEutPvkumbr6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk </i>– Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.</span></p><div id="xdx_C0F_gRBRTB-ZXTNLAF_zNHZ31hsxusa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zM1O6uGTYyRe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk </i>– 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zTDvNGQdeFr5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zv3gaOYUhaea">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zZUzlBczquQc">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zwpzhwX3dD59">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zxq7j7nnKpJb">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8F_eoef--BarChartTableTextBlock_zqcRdq4jDMa8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z7tfejWNt2Ge" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_492_20160101__20161231_zOeBbRMb3kha" style="width: 9%">2016</td> <td id="xdx_49F_20170101__20171231_z4Kp5irHgiXl" style="width: 9%">2017</td> <td id="xdx_49D_20180101__20181231_zUDM4Ecdi7sg" style="width: 9%">2018</td> <td id="xdx_491_20190101__20191231_zv12eZolKCp9" style="width: 9%">2019</td> <td id="xdx_492_20200101__20201231_zz9nNBX0agNh" style="width: 9%">2020</td> <td id="xdx_492_20210101__20211231_zI5jD93iyiGi" style="width: 9%">2021</td> <td id="xdx_493_20220101__20221231_zt6HMlph6pf6" style="width: 9%">2022</td> <td id="xdx_499_20230101__20231231_zQLopYRHc928" style="width: 9%">2023</td> <td id="xdx_49E_20240101__20241231_zRwMIzrr2elk" style="width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zRaXSHevlCoc" style="width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member_zdoDg8aB9Ymk" style="vertical-align: top; text-align: left"> <td> </td> <td>6.25%</td> <td>4.24%</td> <td>-6.37%</td> <td>27.32%</td> <td>20.77%</td> <td>10.01%</td> <td>-39.51%</td> <td>13.60%</td> <td>7.20%</td> <td>-5.93%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du015_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.0625 0.0424 -0.0637 0.2732 0.2077 0.1001 -0.3951 0.1360 0.0720 -0.0593 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z5fqGJTb8xac" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_z1hyawka4Oi8">the highest return for a quarter was</span> <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zYGbkwFPP2yj">16.78%</span> (quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_z9nBGXzyXur9">June 30, 2020</span>) and <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_z8dOmECGUBh3">the lowest return for a quarter was</span> <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_z2VaIf6Kyw8g">-19.20%</span> (quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zw7du2mqJx5j">June 30, 2022</span>).</span></p> the highest return for a quarter was 0.1678 2020-06-30 the lowest return for a quarter was -0.1920 2022-06-30 Dunham Real Estate Stock Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A83_eoef--PerformanceTableTextBlock_zVwWVejA2bQ3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zkBa6mqJZLz7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; white-space: nowrap; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_49B_20250101__20251231_zVRHCF7LG5Jk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49C_20210101__20251231_zUBrIzkQpO69" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_49C_20160101__20251231_zbIQoMp7K1Oj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member_z0lOldd8c5Fc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member_zEzRVFR6j2ab">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-5.93%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-5.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.97%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCRX67CBSzc7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-6.41%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-5.92%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.54%</span></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059510Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyvmho0o68Q" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-3.51%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-3.96%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.28%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059509Member_zeMqaiR3MfL5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059509Member_zo71uXFocbG8">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-6.83%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-6.22%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.96%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_zFFO6nnyOTmf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000020971Member__oef--ClassAxis__custom--C000059508Member_z4EX3bvsWId6">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-11.52%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-6.63%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.13%</span></span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zUWRzwWKsGz2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zZqKnh5vK379">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--PerformanceMeasureAxis__custom--DowJonesGlobalSelectREITTotalReturnNetIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zOtTa6MrNsw5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dow Jones Global Select REIT Total Return Net Index </b>(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zBelwRVpQPWe">reflects no deduction for fees, expenses, or taxes</span>)<span id="xdx_F49_z0mGW9RK6OC9">*</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.39%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.85%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.98%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--PerformanceMeasureAxis__custom--DowJonesUSRealEstateTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zakRnfFjZgC3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dow Jones U.S. Real Estate Total Return Index</b> (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zVYC86GFhHlh">reflects no deduction for fees, expenses, or taxes</span>)<span id="xdx_F46_zkxkUGarxmPf">*</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.78%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.91%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.81%</span></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000020971Member__oef--PerformanceMeasureAxis__custom--MorningstarRealEstateCategoryReturnBeforeTaxesMember_zkgitdlCy3N2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Real Estate Category </b>(return before taxes)<span id="xdx_F4B_zbZKXBiwvFrb">**</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.14%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.28%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.73%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F02_z7b0YrOE9Rqa" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1A_zwg4wdimzyb7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In prior prospectuses, the Fund compared its performance against the Dow Jones U.S. Real Estate Total Return Index. The Fund’s Adviser believes the Dow Jones Global Select REIT Total Return Net Index is a more appropriate and accurate index against which to compare the Fund’s investment strategies and, therefore, the Dow Jones Global Select REIT Total Return Net Index replaces the Dow Jones U.S. Real Estate Total Return Index as the Fund’s primary benchmark.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F0D_zVOa7eLxo7Xj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F19_zL3zqAuF8EP" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Real Estate Category is generally representative of mutual funds that primarily invest in REITs of various types. REITs are companies that develop and manage real estate properties.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> return before taxes -0.0593 -0.0528 0.0197 -0.0641 -0.0592 0.0054 -0.0351 -0.0396 0.0128 return before taxes -0.0683 -0.0622 0.0096 return before taxes -0.1152 -0.0663 0.0113 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.0739 0.0385 0.0298 reflects no deduction for fees, expenses, or taxes 0.0378 0.0491 0.0581 0.0214 0.0528 0.0573 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zsMUEFi9SVMj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_z93687w3jJOi">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_zKzFpcd5dJwl">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_907_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000020971Member_z7S9qY0cqp2e">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. Dunham U.S. Enhanced Market Fund Investment Objective: <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z3woR9p3fWk5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to maximize long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zgNkVl7bzgBe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_908_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zyCHnBgPuhGl">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_900_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zSvCnHeMTb81">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial intermediary and in <b>How to Purchase Shares </b>on page 118 of the Fund’s Prospectus and in <b>How to Buy and Sell Shares </b>on page 89 of the Fund’s Statement of Additional Information.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zZYKPa4VkuNe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zrTAOeLvhGwk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td id="xdx_494_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zSkY723vevd7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241912Member_zcy1vxuccrVe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C</b></span></td> <td id="xdx_49E_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_zFbpQnYnBdy5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N</b></span></td></tr> <tr id="xdx_40A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zn4g2jn2HBy1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zQckFPowAlxc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a % of the of the original purchase price for purchases of $1 million or more)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_406_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zCPN4GiQ7ZL6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed <br/> on Reinvested Dividends and other Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--RedemptionFeeOverRedemption_dn_zwPxNmRXqYT2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40A_eoef--ExchangeFee_dn_zeR0ynXPXZaa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0.0575 0 0 0.0075 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zxv2oOziryf7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zaDzZMsGxfp" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_494_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_z8TodfAKZk8d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241912Member_zLzCnWflCvO2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_z5Ih9qOJi0fb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_z6rUcQXEowDd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees<sup id="xdx_F43_zpIKVsvb3Svg">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhnQGK7qCkd5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z9XeZNiP6Tzb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.20%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.20%</span></span></td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zGWXP6vM7d49" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zTUghq4f8ADg">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.02%</span></span></span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zjjnOtjbOi26" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.56%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.30%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="text-align: center; width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F00_zU1EDj8Uk0p9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F17_z56vWo3gGOB3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 50 bps (0.50%) and can range from 0.30% to 0.70% based on the Fund’s performance relative to the S&amp;P 500 Total Return Index, the Fund’s benchmark.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F04_zagYLW0NEgBb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F1E_z0P6wfhvOiBa" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_90F_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_z1MFguiq5xGb">The operating expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0108 0.0108 0.0108 0.0025 0.0100 0.0000 0.0021 0.0020 0.0020 0.0002 0.0002 0.0002 0.0156 0.0230 0.0130 The operating expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_z7Rlj1R7ro8a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQuGDxwgCuV9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z4JpJbzqGy3e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class</span></b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear01_z9Z0VNxBFMb1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zBnO1ajIGC02" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_z76EGrsiAWR9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zlOWg6nDDKte" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zd2L5cdfaMRb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$725</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,039</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,376</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,325</span></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241912Member_zysJPrZ2dG2f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$233</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$718</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,230</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,636</span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_zJMMeI7QMMB2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class N</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$132</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$412</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$713</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,568</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 725 1039 1376 2325 233 718 1230 2636 132 412 713 1568 Portfolio Turnover: <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zGCIJgo1f9Za" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_ztch22kMhHm3">39%</span> of the average value of its portfolio.</span></span></p> 0.39 Principal Investment Strategies: <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zr8HkYs40Vug" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investments that provide exposure to equity securities of U.S. companies and debt securities of the U.S. government through investments in options, futures, and U.S. Treasuries. The Fund seeks to provide upside participation in the U.S. stock market when the U.S. stock market advances and seeks to reduce declines in the Fund’s value when the stock market declines. The Fund gains equity exposure through investments in S&amp;P 500 Index options (including FLEX Options) and futures, but does not invest directly in equity securities. The Fund also invests in U.S. Treasuries and U.S. Treasury futures to help reduce downside risk.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser periodically rebalances the asset mix between U.S. Treasuries, U.S. Treasury futures, and equity index options and futures to respond to changing market conditions and to achieve what it believes to be the optimal balance between risk and reward. When determining the allocation and when to rebalance, the Sub-Adviser takes into account, among other factors: interest rates, the Fund’s equity exposure, the percentage of the Fund invested in options, the current level of the S&amp;P 500 Index, the implied volatility of S&amp;P 500 Index options, bond and dividend yields, the delta of the Fund’s options positions (which is a measure of the sensitivity of the Fund’s option prices to changes in the price of the S&amp;P 500 Index), and time to maturity of the options.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Typically, approximately up to 45% of the Fund’s assets are used to purchase long-term (typically tenors of 5 years or more) “FLEX” call options on the S&amp;P 500 Index and S&amp;P 500 Index futures, targeting baseline equity exposure of approximately 100% at reset. The Sub-Adviser may also purchase and write call and put options, and may hold futures both long and short, to make incremental adjustments to the Fund’s equity exposure. The remaining assets will typically be used to purchase U.S. Treasury securities and U.S. Treasury futures (representing approximately up to 150% notional exposure), targeting a net interest rate exposure (long duration from Treasuries offset by short duration from options) to potentially balance downside protection while generating positive fixed income returns, with a targeted duration range based on the Sub-Adviser’s interest rate views. </span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser may use U.S. Treasury futures to leverage interest rate exposure to potentially limit downside risk, and notional fixed income exposure could represent up to 150% of the Fund’s assets. U.S. Treasury futures, used to provide leverage for the fixed income portfolio, may not be fully collateralized, and may be held long or short to manage interest rate exposure.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Although the Fund uses derivative instruments based on the S&amp;P 500 index and attempts to reduce downside risk through the use of U.S. Treasuries and U.S. Treasury futures, it is possible that these strategies may underperform the S&amp;P 500 index in up and down markets. This means that losses for the shareholders can be worse than performance declines in the S&amp;P 500 index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund is non-diversified.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may also engage in securities lending.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_gRBRTB-I_zY9KNdPJleii" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance. </i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zhA409o1fxE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_zlCACVoUveF2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Asset Allocation Risk</i> – In allocating the Fund’s assets, the Sub-Adviser may favor markets or asset classes that perform poorly relative to other markets and asset classes. The Sub-Adviser’s investment analysis, its selection of investments, and its assessment of the risk/return potential of asset classes and markets may not produce the intended results and/or can lead to an investment focus that results in the Fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the Fund invests.</span></p><p id="xdx_A98_zGg2aVBIRDd3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TacticalAssetAllocationRiskMember_zg7dHb0Jov7g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tactical Asset Allocation Risk</i> – Tactical asset allocation is an investment strategy that actively adjusts a portfolio’s asset allocation. The Fund’s tactical asset management discipline may not work as intended. The Fund may not achieve its objective and may not perform as well as other funds using other asset management styles, including those based on fundamental analysis (a method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other factors) or strategic asset allocation (a strategy that involves periodically rebalancing the portfolio in order to maintain a long-term goal for asset allocation). The Sub-Adviser’s evaluations and assumptions in selecting investments may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zFVYtQa3KDqc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk</i> – 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. 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance of a derivative generally largely depends on the performance of its underlying asset, reference rate or index. If using derivative instruments is unsuccessful, performance may be worse than if no derivatives were used. When used for hedging purposes, there is a risk, especially under extreme market conditions, that a derivative may provide no such hedging benefit. Additionally, there is no guarantee that a liquid secondary market will exist for a derivative position or that a derivative position will be able to be terminated, particularly with respect to “over-the-counter” instruments (investments not traded on an exchange). If the Fund is unable to close out a position on an options or futures contract, for example, the Fund would remain subject to the risk of adverse price movements until the Fund is able to close out the position. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. Furthermore, counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities, including bankruptcy or insolvency. Options and futures contracts are also subject to the creditworthiness of clearing organizations and exchanges; futures in particular are subject to the credit risk of futures commission merchants. Derivatives can also be difficult to value, especially in declining markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap agreements may include equity, interest rate, index, total return, commodity, currency and credit default swaps. Swap agreements typically are contracts with a brokerage firm or other institutional buyer in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular set dollar or currency value of predetermined investments or instruments. Currently, some, but not all, swap transactions are subject to central clearing. Non-cleared swap agreements, including credit default swaps, involve greater risks than cleared swaps, including illiquidity risk and counterparty risk. Certain non-cleared swaps are subject to margin requirements that mandate the posting and collection of minimum margin amounts, which is intended to reduce some of the risks associated with these instruments. Eventually many swaps will be centrally cleared and exchange-traded. Although central clearing is expected to decrease counterparty risk because it interposes the central clearinghouse as the counterparty in bi-laterally negotiated contracts, central clearing will not make swap transactions risk-free.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives, and adversely affect the value or performance or derivatives and the Fund.</span></p><p id="xdx_A93_zHLxunkCYQb5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FLEXOptionsRiskMember_gRBRTB-TMAIK_zmy0nq1P6Wt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>FLEX Options Risk</i> –The Fund may experience substantial downside from specific FLEX Option positions, and certain FLEX Option positions may expire worthless. In addition, the FLEX Options are subject to the following risks:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C0E_gRBRTB-TMAIK_zX562oDZc7f9"><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zXlqkQiOAEbk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Valuation Risk</i> – The value of the FLEX Options will be affected by, among others, changes in the value of the Index, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction).</span></p></div><div id="xdx_C03_gRBRTB-TMAIK_z9lo29XfnV02"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-TMAIK_zw6tUHHOUiy4"><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z7L7i8HB1Dzh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options.</span></p></div><div id="xdx_C02_gRBRTB-TMAIK_zvN5h2oQNadc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-TMAIK_zYn4DVLesc6i"><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zoH6uhUEWHGb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Counterparty Risk</i> – Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (the “OCC”). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional standardized exchange-traded options.</span></p></div><div id="xdx_C0C_gRBRTB-TMAIK_zDjJ8WtRZnge"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-TMAIK_zCPOfIGXKu8f"><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zqRLuyVEj99l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Correlation Risk</i> – The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods, consistent with the Fund’s valuation policy. Because a component of the FLEX Option’s value will be affected by, among other things, changes in the value of the Index, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time until the FLEX Options expire, the value of the Fund’s FLEX Options positions is not anticipated to increase or decrease at the same rate as the Index, and it is possible they may move in different directions, and as a result, the Fund’s NAV may not increase or decrease at the same rate as the Index. Similarly, the components of the option’s value are anticipated to impact the effect of the Buffer on the Fund’s NAV, which may not be in full effect prior to the end of the Outcome Period. The Fund’s strategy is designed to produce the Outcomes upon the expiration of the FLEX Options on the last business day of the Outcome Period, and it should not be expected that the Outcomes will be provided at any point other than the end of the Outcome Period.</span></p></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UpsideParticipationRiskDownsideLossRiskMember_zbzbtWjl5KHh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Upside Participation Risk/Downside Loss Risk</i> – There can be no guarantee that the Fund will be successful in its strategy to provide shareholders with a total return that matches the increase of the underlying index over a given period. In the event an investor purchases shares of the Fund after securities transactions were entered into or does not stay invested in the Fund for the long term or a full-market cycle, the returns realized by the investor may not match those that the Fund seeks to achieve.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition, there can be no guarantee that the Fund will be successful in its strategy to provide protection against underlying index losses. The Fund’s strategy seeks to deliver returns that participate in the returns of the underlying index while limiting downside losses, if shares are held over long periods of time. The Fund does not provide principal protection or non-principal protection, and an investor may experience significant losses on its investment, including the loss of its entire investment.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zcm2nn1Raj61" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Options Risk</i> – The Fund may use options to enhance return and or mitigate risk. However, options can fall rapidly in response to developments in specific companies or industries and the Fund’s investments may be negatively impacted by unexpected market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zlYv9LJAG3th" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk</i> – 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. However, the magnitude of rate changes across maturities and borrower sectors is uncertain.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Additionally, default risk increases when issuers borrow at higher rates. Prolonged declines in the Fund’s share price may lead to increased redemption requests by shareholders. To meet redemption requests, the Fund may have to sell securities in times of overall market turmoil, lower liquidity and declining prices. Generally, each of these changing market conditions risks may cause the Fund’s share price to fluctuate or decline more than other types of investments.</span></p><p id="xdx_A98_z5HzF1Oeprq4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zN4bCm2ZpTL6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk</i> – Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security may fall when interest rates rise. Securities with longer maturities may be more sensitive to interest rate changes. Certain corporate bonds and mortgage-backed securities may be significantly affected by changes in interest rates. Some mortgage-backed securities may have a structure that makes their reaction to interest rates and other factors difficult to predict, making their value highly volatile. Because zero coupon securities do not make interest payments, they are considered more volatile than bonds making periodic payments. When interest rates rise, zero coupon securities fall more sharply than interest paying bonds. However, zero coupon securities rise more rapidly in value when interest rates drop.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_z74yvcOD5tna" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk</i> – The Fund’s use of leverage through futures, options will magnify the Fund’s gains or losses. Futures require relatively small cash investment to control large amounts of derivatives, which magnifies gains and losses to the Fund. Leveraging the Fund creates an opportunity for increased returns but, at the same time, creates special risk considerations. For example, leveraging may exaggerate changes in the net asset value of the Fund’s shares and in the yield on the Fund’s portfolio.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zWRVyqbCzqO8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Non-Diversification Risk</i> – A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zijBJqVXbJde" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk</i> – 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zfvuwSMHKdh6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Limited History of Operations Risk</i> – The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z5Q3vuXNg0nh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk</i> – The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_z2uM6ajKBfKl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>U.S. Government Securities Risk</i> – Obligations issued or guaranteed by the U.S. Government, its agencies, authorities and instrumentalities and backed by the full faith and credit of the United States only guarantee principal and interest will be timely paid to holders of the securities. The entities do not guarantee that the value of fund shares will increase, and in fact, the market values of such obligations may fluctuate. In addition, not all U.S. Government securities are backed by the full faith and credit of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEndemicRiskMember_znxyB7BZNFlb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster / Endemic Risk</i> – 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, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. For example, the novel coronavirus (COVID -19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund’s portfolio investments.</span></p><p id="xdx_A93_zKwPb26kWcPk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zx96zXD5jmYb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income. 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zhA409o1fxE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Stock Market Risk</i> – 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.</span></p><div id="xdx_C03_gRBRTB-I_z5u7hr9MlUm3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_zlCACVoUveF2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Asset Allocation Risk</i> – In allocating the Fund’s assets, the Sub-Adviser may favor markets or asset classes that perform poorly relative to other markets and asset classes. The Sub-Adviser’s investment analysis, its selection of investments, and its assessment of the risk/return potential of asset classes and markets may not produce the intended results and/or can lead to an investment focus that results in the Fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the Fund invests.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TacticalAssetAllocationRiskMember_zg7dHb0Jov7g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tactical Asset Allocation Risk</i> – Tactical asset allocation is an investment strategy that actively adjusts a portfolio’s asset allocation. The Fund’s tactical asset management discipline may not work as intended. The Fund may not achieve its objective and may not perform as well as other funds using other asset management styles, including those based on fundamental analysis (a method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other factors) or strategic asset allocation (a strategy that involves periodically rebalancing the portfolio in order to maintain a long-term goal for asset allocation). The Sub-Adviser’s evaluations and assumptions in selecting investments may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.</span></p><div id="xdx_C0C_gRBRTB-I_zaXPv37UsMY2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zFVYtQa3KDqc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives Risk</i> – 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. 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.</span></p><div id="xdx_C09_gRBRTB-I_zcGP7Vy615Q3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C01_gRBRTB-I_zy3ozNX26Wzb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance of a derivative generally largely depends on the performance of its underlying asset, reference rate or index. If using derivative instruments is unsuccessful, performance may be worse than if no derivatives were used. When used for hedging purposes, there is a risk, especially under extreme market conditions, that a derivative may provide no such hedging benefit. Additionally, there is no guarantee that a liquid secondary market will exist for a derivative position or that a derivative position will be able to be terminated, particularly with respect to “over-the-counter” instruments (investments not traded on an exchange). If the Fund is unable to close out a position on an options or futures contract, for example, the Fund would remain subject to the risk of adverse price movements until the Fund is able to close out the position. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. Furthermore, counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities, including bankruptcy or insolvency. Options and futures contracts are also subject to the creditworthiness of clearing organizations and exchanges; futures in particular are subject to the credit risk of futures commission merchants. Derivatives can also be difficult to value, especially in declining markets.</span></p></div> <div id="xdx_C08_gRBRTB-I_zSGNITrvbWo4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C01_gRBRTB-I_zBD5cBlmpqq7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap agreements may include equity, interest rate, index, total return, commodity, currency and credit default swaps. Swap agreements typically are contracts with a brokerage firm or other institutional buyer in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular set dollar or currency value of predetermined investments or instruments. Currently, some, but not all, swap transactions are subject to central clearing. Non-cleared swap agreements, including credit default swaps, involve greater risks than cleared swaps, including illiquidity risk and counterparty risk. Certain non-cleared swaps are subject to margin requirements that mandate the posting and collection of minimum margin amounts, which is intended to reduce some of the risks associated with these instruments. Eventually many swaps will be centrally cleared and exchange-traded. Although central clearing is expected to decrease counterparty risk because it interposes the central clearinghouse as the counterparty in bi-laterally negotiated contracts, central clearing will not make swap transactions risk-free.</span></p></div> <div id="xdx_C02_gRBRTB-I_zuC1iKLy3f1f"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-I_zTffnr6Rycs5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives, and adversely affect the value or performance or derivatives and the Fund.</span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FLEXOptionsRiskMember_gRBRTB-TMAIK_zmy0nq1P6Wt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>FLEX Options Risk</i> –The Fund may experience substantial downside from specific FLEX Option positions, and certain FLEX Option positions may expire worthless. In addition, the FLEX Options are subject to the following risks:</span></p><div id="xdx_C0C_gRBRTB-I_zAxLCpZYS9ok"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zXlqkQiOAEbk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Valuation Risk</i> – The value of the FLEX Options will be affected by, among others, changes in the value of the Index, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction).</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z7L7i8HB1Dzh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zoH6uhUEWHGb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Counterparty Risk</i> – Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (the “OCC”). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional standardized exchange-traded options.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zqRLuyVEj99l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Correlation Risk</i> – The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods, consistent with the Fund’s valuation policy. Because a component of the FLEX Option’s value will be affected by, among other things, changes in the value of the Index, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time until the FLEX Options expire, the value of the Fund’s FLEX Options positions is not anticipated to increase or decrease at the same rate as the Index, and it is possible they may move in different directions, and as a result, the Fund’s NAV may not increase or decrease at the same rate as the Index. Similarly, the components of the option’s value are anticipated to impact the effect of the Buffer on the Fund’s NAV, which may not be in full effect prior to the end of the Outcome Period. The Fund’s strategy is designed to produce the Outcomes upon the expiration of the FLEX Options on the last business day of the Outcome Period, and it should not be expected that the Outcomes will be provided at any point other than the end of the Outcome Period.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zXlqkQiOAEbk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Valuation Risk</i> – The value of the FLEX Options will be affected by, among others, changes in the value of the Index, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction).</span></p><div id="xdx_C06_gRBRTB-I_za7fu6OtukEh"><div id="xdx_C03_gRBRTB-TMAIK_z9lo29XfnV02"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z7L7i8HB1Dzh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity Risk</i> – In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options.</span></p><div id="xdx_C08_gRBRTB-I_zUQH1ZCbhwD"><div id="xdx_C02_gRBRTB-TMAIK_zvN5h2oQNadc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zoH6uhUEWHGb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Counterparty Risk</i> – Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (the “OCC”). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional standardized exchange-traded options.</span></p><div id="xdx_C0F_gRBRTB-I_znZyBE4mwq6k"><div id="xdx_C0C_gRBRTB-TMAIK_zDjJ8WtRZnge"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zqRLuyVEj99l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Correlation Risk</i> – The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods, consistent with the Fund’s valuation policy. Because a component of the FLEX Option’s value will be affected by, among other things, changes in the value of the Index, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time until the FLEX Options expire, the value of the Fund’s FLEX Options positions is not anticipated to increase or decrease at the same rate as the Index, and it is possible they may move in different directions, and as a result, the Fund’s NAV may not increase or decrease at the same rate as the Index. Similarly, the components of the option’s value are anticipated to impact the effect of the Buffer on the Fund’s NAV, which may not be in full effect prior to the end of the Outcome Period. The Fund’s strategy is designed to produce the Outcomes upon the expiration of the FLEX Options on the last business day of the Outcome Period, and it should not be expected that the Outcomes will be provided at any point other than the end of the Outcome Period.</span></p><div id="xdx_C0B_gRBRTB-I_zZwYcaUgRsKe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UpsideParticipationRiskDownsideLossRiskMember_zbzbtWjl5KHh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Upside Participation Risk/Downside Loss Risk</i> – There can be no guarantee that the Fund will be successful in its strategy to provide shareholders with a total return that matches the increase of the underlying index over a given period. In the event an investor purchases shares of the Fund after securities transactions were entered into or does not stay invested in the Fund for the long term or a full-market cycle, the returns realized by the investor may not match those that the Fund seeks to achieve.</span></p><div id="xdx_C0A_gRBRTB-I_zyui7Rz8euAb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C06_gRBRTB-I_zFDDxTycsJl8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition, there can be no guarantee that the Fund will be successful in its strategy to provide protection against underlying index losses. The Fund’s strategy seeks to deliver returns that participate in the returns of the underlying index while limiting downside losses, if shares are held over long periods of time. The Fund does not provide principal protection or non-principal protection, and an investor may experience significant losses on its investment, including the loss of its entire investment.</span></p></div> <div id="xdx_C03_gRBRTB-I_znHcK0tQ6Dmb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zcm2nn1Raj61" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Options Risk</i> – The Fund may use options to enhance return and or mitigate risk. However, options can fall rapidly in response to developments in specific companies or industries and the Fund’s investments may be negatively impacted by unexpected market conditions.</span></p><div id="xdx_C0C_gRBRTB-I_zCcmAWWaLUB4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zlYv9LJAG3th" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Changing Fixed Income Market Conditions Risk</i> – 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. However, the magnitude of rate changes across maturities and borrower sectors is uncertain.</span></p><div id="xdx_C0D_gRBRTB-I_zkIezu6RSsd6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0B_gRBRTB-I_zB5apmEJJ6q1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Additionally, default risk increases when issuers borrow at higher rates. Prolonged declines in the Fund’s share price may lead to increased redemption requests by shareholders. To meet redemption requests, the Fund may have to sell securities in times of overall market turmoil, lower liquidity and declining prices. Generally, each of these changing market conditions risks may cause the Fund’s share price to fluctuate or decline more than other types of investments.</span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zN4bCm2ZpTL6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest Rate Risk</i> – Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security may fall when interest rates rise. Securities with longer maturities may be more sensitive to interest rate changes. Certain corporate bonds and mortgage-backed securities may be significantly affected by changes in interest rates. Some mortgage-backed securities may have a structure that makes their reaction to interest rates and other factors difficult to predict, making their value highly volatile. Because zero coupon securities do not make interest payments, they are considered more volatile than bonds making periodic payments. When interest rates rise, zero coupon securities fall more sharply than interest paying bonds. However, zero coupon securities rise more rapidly in value when interest rates drop.</span></p><div id="xdx_C09_gRBRTB-I_z9Pz4W4arPK4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_z74yvcOD5tna" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Leveraging Risk</i> – The Fund’s use of leverage through futures, options will magnify the Fund’s gains or losses. Futures require relatively small cash investment to control large amounts of derivatives, which magnifies gains and losses to the Fund. Leveraging the Fund creates an opportunity for increased returns but, at the same time, creates special risk considerations. For example, leveraging may exaggerate changes in the net asset value of the Fund’s shares and in the yield on the Fund’s portfolio.</span></p><div id="xdx_C0E_gRBRTB-I_z5mPC3imIqfe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zWRVyqbCzqO8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Non-Diversification Risk</i> – A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p><div id="xdx_C0B_gRBRTB-I_zBjaXLMQnm7g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zijBJqVXbJde" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk</i> – 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.</span></p><div id="xdx_C03_gRBRTB-I_zY1Ib4ruh3J6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zfvuwSMHKdh6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Limited History of Operations Risk</i> – The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C05_gRBRTB-I_z66c3xD3mG5l"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z5Q3vuXNg0nh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk</i> – The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.</span></p><div id="xdx_C04_gRBRTB-I_z6tqCJNM6722"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_z2uM6ajKBfKl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>U.S. Government Securities Risk</i> – Obligations issued or guaranteed by the U.S. Government, its agencies, authorities and instrumentalities and backed by the full faith and credit of the United States only guarantee principal and interest will be timely paid to holders of the securities. The entities do not guarantee that the value of fund shares will increase, and in fact, the market values of such obligations may fluctuate. In addition, not all U.S. Government securities are backed by the full faith and credit of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law.</span></p><div id="xdx_C05_gRBRTB-I_z32YpO72DaVe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NaturalDisasterEndemicRiskMember_znxyB7BZNFlb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Natural Disaster / Endemic Risk</i> – 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, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. For example, the novel coronavirus (COVID -19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund’s portfolio investments.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zx96zXD5jmYb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Securities Lending Risk</i> – Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income. 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zMjBmzHXAjzk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zorManIenar6">The following bar chart and table below provide some indication of the risks of investing in the Fund by showing the performance of Class N Shares of the Fund for the past year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.</span> The Class A sales charge is reflected in the average annual total return table. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_z2MrLGIyalNe">Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <i><span style="text-decoration: underline"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zbYmcr07wnH6">www.dunham.com</span></span></i> or by calling toll free <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zG6Ej1trCmH6">(888) 3DUNHAM (338-6426)</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following bar chart and table below provide some indication of the risks of investing in the Fund by showing the performance of Class N Shares of the Fund for the past year and by showing how the Fund’s Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. www.dunham.com (888) 3DUNHAM (338-6426) Class N Shares Annual Total Return for Years Ended December 31 <div id="xdx_A8F_eoef--BarChartTableTextBlock_zm37udQXDOFd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zdNFLsmtHnNl" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_496_20240101__20241231_zhiGj1Bkshvc" style="width: 9%">2024</td> <td id="xdx_490_20250101__20251231_zcaScLzQciR" style="width: 9%">2025</td></tr> <tr id="xdx_40D_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_ziM93xo2AwS2" style="vertical-align: top; text-align: left"> <td> </td> <td>25.57%</td> <td>16.27%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><img alt="(BAR CHART)" src="du016_v1.jpg"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> </b></span></p> 0.2557 0.1627 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zmi2e5YvMlWh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the periods shown in the bar chart, <span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zj1bL12ECQFf">the highest return for a quarter was</span> <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zyg0n5SfM1Ve">11.54%</span> (quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zRJD0SEbaYU1">March 31, 2024</span>) and <span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zW7hHW0TZl36">the lowest return for a quarter was</span> <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zFNCWmV4n7M1">-5.98%</span> (quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zM0jjdNyMsQg">March 31, 2025</span>).</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.1154 2024-03-31 the lowest return for a quarter was -0.0598 2025-03-31 Dunham U.S. Enhanced Market Fund AVERAGE ANNUAL TOTAL RETURN   <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zpe72BrnJgR4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zwHYpzGnx7ce" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: silver"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; white-space: nowrap; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>For the periods ended December 31, 2025</b></span></span></td> <td id="xdx_496_20250101__20251231_zU8ngSZB2sil" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49B_20230501__20251231_zMR4Bbn3xNp4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; white-space: nowrap"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Since Inception<span id="xdx_F5E_zIQhZoYyC5G7">*</span></b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class N Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_zbYTq4KQtet5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_zADiWGUMP0A4">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.27%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.01%</span></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zpdbNDUP2oN2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E0E0E0"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.37%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.19%</span></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zAesGO7akjnj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">return after taxes on distributions and sale of Fund shares </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.79%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.61%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class C Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241912Member_zkHY3VebYc2f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241912Member_zlt7OdGGcuIf">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.08%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.83%</span></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zFWqMoV5jxC8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zsy3OtldXCEa">return before taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.76%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.67%</span></span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zm9pA7SsbxDh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b> (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_z2FxeeXBAf53">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.14%</span></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080196Member__oef--PerformanceMeasureAxis__custom--MorningstarGlobalModeratelyConservativeAllocationCategoryReturnBeforeTaxesMember_zQxDpBacyv8h" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Morningstar Global Moderately Conservative Allocation Category </b>(return before taxes)<span id="xdx_F4B_zk8bytHwNn17">**</span></span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.15%</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.33%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F06_zIM73whp9QSd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F13_zg7MWvL5sEn5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Dunham U.S. Enhanced Market Fund commenced operations on <span id="xdx_901_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241913Member_zx0SQiEOXzv"><span id="xdx_90A_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241912Member_zCSvIkF2TT01"><span id="xdx_907_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000080196Member__oef--ClassAxis__custom--C000241914Member_zyNFi4CB7VW9">May 1, 2023</span></span></span></span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F05_zxjf3HzIhWEk" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F12_z42Xy16XwCXa" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Morningstar Global Moderately Conservative Allocation Category is generally comprised of funds and ETFs that invest in stocks, bonds, and cash to provide growth and income. These funds typically have 30–50% of their assets in equities.</span></span></td> </tr></table> return before taxes 0.1627 0.2101 0.0937 0.1419 0.1179 0.1461 return before taxes 0.1508 0.1983 return before taxes 0.1076 0.1867 reflects no deduction for fees, expenses, or taxes 0.1788 0.2214 0.1315 0.1033 2023-05-01 2023-05-01 2023-05-01 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_z2ULKQ6jCTM8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_z8EinGquW4fk">After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_zTa8vmVhoYV6">If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.</span> <span id="xdx_901_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--LegalEntityAxis__custom--S000080196Member_z2jxAZamn2zg">After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.</span></span></p> After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 30 bps (0.30%) and range from 0.15% to 0.45% based on the Fund’s performance relative to the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Morningstar Intermediate Core-Plus Bond Category is generally representative of intermediate-term bond mutual funds that primarily invest in corporate and other investment-grade U.S. fixed-income securities and typically have durations of 3.5 to 6.0 years. Funds in this category also invest in high-yield and foreign bonds. The Sub-Advisory fee is a fulcrum fee with a base or fulcrum of 28 bps (0.28%) and can range from 0.18% to 0.38%, based on the Fund’s performance relative to the Morningstar LSTA U.S. Leveraged Loan 100 Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Morningstar Bank Loan Category is generally representative of mutual funds that primarily invest in floating-rate bank loans instead of bonds. These bank loans generally offer interest payments that typically float above a common short-term benchmark such as the Interbank Offered Rate, or IBOR, or the Secured Overnight Financing Rate (SOFR). The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 32 bps (0.32%) and can range from 0.22% to 0.42% based on the Fund’s performance relative to the Bloomberg U.S. Corporate High-Yield Bond Ba/B 2% Issuer Capped Index, the Fund’s Benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Morningstar High-Yield Bond Category is generally representative of mutual funds that primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB (considered speculative for taxable bonds) and below. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70% based on the Fund’s performance relative to the Bloomberg Global Aggregate Bond ex-US Total Return Index Hedged, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Morningstar Global Bond Category is generally representative of funds that invest at least 40% of bonds in foreign markets. The Sub-Advisory Fee is a fulcrum fee with a base or a fulcrum fee of 30 bps (0.30%) and can range from 0.10% to 0.50% based on the Fund’s performance relative to the Russell 1000® Value Index, the Fund’s benchmark. The Fund has added this additional benchmark. The Morningstar Large Cap Value Category is generally representative of mutual funds that primarily invest in big (large capitalization) U.S. companies that are less expensive or growing more slowly than other large-cap stocks. The Sub-Advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70%, based on the Fund’s performance relative to the Russell 2000® Value Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. On April 1, 2024, the Fund’s principal investment strategies were substantially changed. Therefore, the performance prior to each date may have been different had the current principal investment strategies been in place. The Fund has added this additional benchmark. The Morningstar Small Cap Value Category is generally representative of mutual funds that primarily invest in Small (small capitalization) U.S. companies that are less expensive or growing more slowly than other small-cap stocks. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum fee of 35 bps (0.35%) and can range from 0.20% to 0.50% based on the Fund’s performance relative to the Russell 1000® Growth Index, the Fund’s benchmark. The Fund has added this additional benchmark. The Morningstar Large Cap Growth Category Index is generally representative of mutual funds that primarily invest in big (large capitalization) U.S. companies that are projected to grow faster than other large-cap stocks. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 50 bps (0.50%) and can range from 0.00% to 1.00% based on the Fund’s performance relative to the Russell 2000® Growth Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Fund has added this additional benchmark. The Morningstar Small Cap Growth Category is generally representative of mutual funds that primarily invest in small (small capitalization) U.S. companies that are projected to grow faster than other small-cap stocks. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.05% to 0.85% based on the Fund’s performance relative to the MSCI Emerging Markets Index (Net), the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Morningstar Diversified Emerging Markets Category is generally representative of mutual funds that primarily invest among 20 or more developing nations, with a general focus on the emerging markets of Asia and Latin America rather than on the emerging markets countries in the Middle East, Africa, or Europe. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 65 bps (0.65%) and can range from 0.30% to 1.00% based on the Fund’s performance relative to the MSCI All Country World Index ex-U.S. (net), the Fund’s benchmark. The Morningstar Foreign Large Cap Value Category is generally representative of mutual funds that primarily invest in non-U.S. stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Foreign large value portfolios invest mainly in big international stocks that are less expensive or growing more slowly than other large-cap stocks. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 60 bps (0.60%) and can range from 0.25% to 0.95% based on the Fund’s performance relative to the Dow Jones Moderately Aggressive Portfolio Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. On each of October 1, 2014, and February 1, 2023, the Fund’s principal investment strategies were substantially changed. Therefore, the performance prior to each date may have been different had the current principal investment strategies been in place. The Morningstar Tactical Allocation Category is generally representative of mutual funds that primarily actively shift allocations across investments. These include material shifts across equity regions and bond sectors on a frequent basis. To qualify for the Morningstar Tactical Allocation category, a fund must have minimum exposure of 10% in bonds and 20% in equity and the fund must historically demonstrate material shifts in sector or regional allocations, either through a gradual shift during three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically, the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single-equity region or bond sector exceeds 50%. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 60 bps (0.60%) and can range from 0.05% to 1.15%, based on the Fund’s performance relative to the BofA Merrill Lynch 3-month Treasury Bill Index PLUS 300 bps, the Fund’s benchmark. On July 1, 2018, the Fund’s principal investment strategy was materially changed. Therefore, the Fund’s performance prior to that date may have been different had the current principal investment strategy been in place. The Morningstar Nontraditional Bond Category is generally representative of mutual funds that deploy absolute return strategies, strategies that are low-correlated to the overall bond market, and strategies that take long and short market and security-level positions. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 60 bps (0.60%) and can range from 0.22% to 0.98%, based on the Fund’s performance relative to the S&P Merger Arbitrage Total Return Local Currency Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. On April 1, 2021, the Fund’s principal investment strategy was materially changed. Therefore, the Fund’s performance prior to that date may have been different had the current principal investment strategy been in place. In prior prospectuses, the Fund compared its performance against the Credit Suisse Merger Arbitrage Liquid Index. The Fund’s Adviser believes the S&P Merger Arbitrage Total Return Local Currency Index is a more appropriate and accurate index against which to compare the Fund’s investment strategies and, therefore, the S&P Merger Arbitrage Total Return Local Currency Index replaces the Credit Suisse Merger Arbitrage Liquid Index as the Fund’s primary benchmark. The Morningstar Event Driven Category is generally representative of mutual funds that primarily employ strategies that seek to profit from corporate actions, such as mergers and acquisitions. Mutual funds in this category typically focus on equity securities but can invest across the capital structure. However, they typically have low to moderate equity market sensitivity since company-specific developments tend to drive security prices. Management Fees have been restated to reflect a new Sub-Advisory agreement that is effective October 1, 2025. The Management fees assume the Sub-Adviser’s base fee. Actual Sub-Advisory fees may be higher or lower depending on Fund performance. The new Sub-Advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.05% to 0.85%, based on the Fund’s performance relative to the Dow Jones Global Select REIT Total Return Net Index. In prior prospectuses, the Fund compared its performance against the Dow Jones U.S. Real Estate Total Return Index. The Fund’s Adviser believes the Dow Jones Global Select REIT Total Return Net Index is a more appropriate and accurate index against which to compare the Fund’s investment strategies and, therefore, the Dow Jones Global Select REIT Total Return Net Index replaces the Dow Jones U.S. Real Estate Total Return Index as the Fund’s primary benchmark. The Morningstar Real Estate Category is generally representative of mutual funds that primarily invest in REITs of various types. REITs are companies that develop and manage real estate properties. The Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 50 bps (0.50%) and can range from 0.30% to 0.70% based on the Fund’s performance relative to the S&P 500 Total Return Index, the Fund’s benchmark. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Dunham U.S. Enhanced Market Fund commenced operations on May 1, 2023 The Morningstar Global Moderately Conservative Allocation Category is generally comprised of funds and ETFs that invest in stocks, bonds, and cash to provide growth and income. These funds typically have 30–50% of their assets in equities.