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The Fund seeks to maximize capital appreciation.
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Marvin & Palmer Associates, Inc. (Marvin & Palmer)
believes that equity returns are driven by a combination of market and fundamental factors.
Its investment process addresses both factors through proprietary relative price strength screen
and focused fundamental research. Marvin & Palmer combines a top-down approach with bottom-up fundamental
research in the construction of its portfolios and invests primarily in high quality, large-capitalization,
growth stocks. Marvin & Palmer is the Sub-Adviser for the Dunham
Emerging Markets Stock Fund.
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| DNEMX |
| 265458653 |
| N-Shares |
| 109 |
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| Annual* |
| December* |
| 12/10/2004 |
| October |
* If applicable
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There is no minimum initial investment on a per Fund basis for Class N shares. However, the
minimum initial investment in Class N shares of the Dunham Funds, on an aggregate basis, is
$100,000 for taxable accounts and $50,000 for tax-deferred accounts (“MIN”). The MIN can be
waived if the investor has, in the opinion of the Adviser, adequate intent and availability of assets
to reach a future level of investment among the Funds that is equal to or greater than the MIN.
The MIN can also be waived by the Adviser for shareholders investing through a wrap program
or similar arrangement. There is no minimum subsequent investment amount for Class N shares.
If a Class N shareholder's investment in the Dunham Funds falls below the MIN for reasons
other than depreciation of the investment, the investor may receive a notice from the Adviser and
will be given a reasonable amount of time to cure the deficiency. If the deficiency is not cured
within such time, the Adviser reserves the right to convert the account to Class A shares (on a
load waived basis) or take other appropriate measures.
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Investors should consider the investment objectives, risk factors, charges, and expenses of
the Dunham Funds carefully before investing. This and other important information is contained
in the Fund's summary prospectus and/or prospectus, which may be obtained by contacting your
financial advisor, or by calling toll free (800) 442-4358. Please read prospectus materials
carefully before investing or sending money. Investing involves risk, including possible
loss of principal.
The N share class is offered either through brokerage platforms under contractual
agreement with the registered investment adviser or through registered investment advisers as part
of an advisory program, which includes advisory fees in addition to those presented in the
prospectus. Dunham Class C shares have no initial sales charge or contingent deferred sales
charge (CDSC). Class C shares are subject to a distribution and service fee of up to 1.00%
annually. Dunham Class A shares are offered at their public offering price, which is net asset
value per share plus the applicable sales charge. The sales charge varies, depending on how much you invest.
There are no sales charges on reinvested dividends. See the A shares prospectus for descriptions of
each Fund's front-end sales charge ("FESC") and purchase amount breakpoints, as well as ways to
reduce your sales charge. Class A shares are subject to a service fee of 0.25% annually.
Investing in emerging markets can involve risks in addition to and greater than those generally
associated with investing in more developed foreign markets. The extent of economic development, political
stability, market depth, infrastructure, capitalization, and regulatory oversight can be less than in more
developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and
political uncertainties. All of these factors can make emerging market securities more volatile and
potentially less liquid than securities issued in more developed markets. The Fund may use investment
techniques involving margins and short-sales which involve higher risks, as well as higher potential rewards.
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Funds Distributed by Dunham & Associates Investment Counsel, Inc., Member FINRA/SIPC.
Dunham Funds direct shareholders (including accounts transfered from the Kelmoore Strategy Funds), please click here:
http://www.dunham.com/direct
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