January 1, 2009
Dunham Trust Company
RENO, NV - Dunham Trust Company(DTC), a subsidiary of Dunham & Associates Holdings, Inc.
(Dunham & Associates), today announced that it has entered into a definitive agreement, subject to
regulatory approval, to acquire the Adagio Trust Company (ATC), a multi-family multi-disciplined trust
company offering integrated financial management, fiduciary administration and lifestyle concierge services
to its clients. Combined, the newly merged company will have over $1 billion of assets under administration.
"The combination of Adagio Trust Company with Dunham Trust Company will achieve exactly what we wanted to
provide our customers; financial strength and added investment and trust capabilities," said David Holmes,
President and Chief Investment Officer of ATC. "I've known Jeffrey Dunham for the past six years,
and have had the pleasure of getting to know his business model quite well. I truly believe this is a perfect
fit for Adagio clients, and we are excited to join the Dunham family."
The acquisition of ATC, which will merge into and operate under the Dunham Trust Company name, marks the second
transaction in 2008 for Dunham Trust Company's parent, Dunham & Associates. Last September Dunham &
Associates, through its subsidiary, Dunham & Associates Investment Counsel, Inc., completed the merger of
the Kelmoore Funds into the Dunham Funds mutual fund family.
"We strongly believe this acquisition will create more opportunities for growth and further strengthen what we
provide our clients," said Dunham Trust Company's Chairman, Jeffrey A. Dunham. "Combining our two firms
strengthens our position in the trust and asset management areas. I feel we'll be even better equipped to
meet the needs of our valued clients through a complete and highly competitive suite of trust and asset
management investments and services."
About Dunham Trust Company
Dunham Trust Company is a privately held trust company founded in August, 1999. It is licensed and regulated
by the State of Nevada, Department of Business and Industry, Financial Institutions Division. Dunham Trust
Company and Dunham & Associates Investment Counsel, Inc. are affiliated entities. Dunham
Trust Company offers its clients state-of-the-art systems, administration and quality investment management by
senior trust officers committed to helping clients develop wealth accumulation, protection and distribution
strategies designed to meet their current and future needs. DTC currently has approximately $900 million of
assets under administration. For more information about DTC and its products and services, visit
www.dunhamtrust.com or call (888) 438-6426.
About Adagio Trust Company
Adagio Trust Company is a multi-family office trust company designed to provide exceptional services for its
clients by offering both institutional quality systems and individualized boutique service. For more information
about Adagio Trust Company, visit www.adagiotrust.com or
call (775) 828-2110.
Carefully consider the funds' investment objectives, risk factors, charges, and expenses before investing. This and
other information can be found in the Fund prospectus, which may be obtained by calling us at (800) 442-4358. Read
the prospectus carefully before investing. Investing involves risk, including possible loss of principal.
Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer.