Dunham & Associates When Performance Counts
 
Floating Rate Bond Fund
Class - N


Objective      Sub-Adviser Background      Tickers & Cusips      Fund Information      Minimum Investments


Fund Objective

The Fund seeks to provide a high level of current income, with capital appreciation as a secondary goal.


Sub-Adviser Background

Newfleet Asset Management LLC (Newfleet) founded in 1989, formerly SCM Advisors LLC, is an independently operated investment management firm located in San Francisco. The firm manages assets for a national and international client base that includes individuals and institutions.


Tickers & Cusips

TickerDNFRX
Cusip265458414
Share ClassN-Shares
Fund Code118



Fund Information

Dividend FrequencyMonthly
Capital Gains PaidDecember*
Fund Inception11/1/2013
FISCAL Year-EndOctober

* If applicable


Minimum Investments

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.


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.

Call or Redemption Risk – 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.

Credit Risk – 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.

Currency Risk – 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.

Derivatives Risk – Financial derivatives, such as futures, swaps, options and currency forward contracts, may not produce the desired investment results because they are not perfect substitutes for the underlying securities, indices or currencies from which they are derived. Derivatives may also create leverage which will amplify the effect on the Fund, which may produce significant losses. Over the counter derivatives, such as swaps, are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Foreign Investing Risk – Investing in foreign companies, or ETFs which invest in foreign companies, may involve more risks than investing in U.S. companies. These risks can increase the potential for losses in the Fund and may include, among others, currency devaluations, currency risks (fluctuations in currency exchange rates), country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Additionally, investments in securities denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by the Fund and denominated in those currencies.

Interest Rate Risk – 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.

Leveraging Risk – 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 or investing in leveraged ETFs, will magnify the Fund's gains or losses.

Liquidity Risk – 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.

Lower-Rated Securities Risk – 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.

Management Risk – 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.

Senior Bank Loan Risk – 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.

Funds Distributed by Dunham & Associates Investment Counsel, Inc., Member FINRA/SIPC.

Dunham Funds direct shareholders (including accounts transferred from the Kelmoore Strategy Funds), please click here: http://www.dunham.com/direct

NOT FDIC INSURED
May Lose Value / Not a Deposit / No Bank Guarantee
Not Insured by any Federal Government Agency

 
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