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.
Prices and returns quoted represent past results and are no guarantee of future results.
Current performance may be higher or lower than the performance shown. Investment return
and principal value of an investment will fluctuate so that an investor’s shares,
when redeemed, may be worth more or less than original cost.
Average annual total return is the annual compound return for the indicated period.
It reflects the change in share price and the reinvestment of all dividends and capital gains.
Returns for periods of less than one year are cumulative total returns.
Investing in the securities of small- and mid-sized companies involves risks such as relatively
low trading volumes, more price volatility, and less liquidity than securities from larger, more
established companies. International investing involves special risks such as currency fluctuation,
differences in accounting standards and less public disclosure, as well as economic and political
risks. Some of the funds invest in securities guaranteed by the U.S. government as to the timely
payment of principal and interest; however, shares of the funds are not insured nor guaranteed.
Income from the funds may be subject to state and local taxes and the alternative minimum tax,
if applicable. High yielding fixed-income securities generally are subject to greater market
fluctuations and risk of loss of income and principal than are investments in lower yielding
fixed-income securities. Investing in REITs involves certain risks such as refinancing, changes
in the value of properties REITs own, dependency on management skills, economic impact on
the industry and risks similar to those linked to small company investing.
The Funds’ investment adviser, Dunham & Associates Investment Counsel, Inc. (the Adviser) under the
supervision of the Board of Trustees, is responsible for constructing and monitoring the investment
objective and principle investment strategies of each fund. The Adviser believes that it is possible
to enhance shareholder value by using one or more sub-advisory firms to manage various portions of the
assets of the fund, rather than simply employing a single firm to manage the assets of all Funds. This
approach is designed to help reduce the management risk inherent in individual security selection and to
achieve lower volatility by combining the skills of Sub-Advisers with complimentary investment approaches.
In addition to serving as Adviser to the Funds, Dunham & Associates Investment Counsel, Inc. serves
as distributor of the shares of the Funds. Shares of the Funds are offered on a continuous basis.
The N share class is only offered by registered investment advisers as part of an advisory program
which includes advisory fees in addition to those presented in the prospectus. Funds distributed by
Dunham & Associates Investment Counsel, Inc., member FINRA/SIPC. With respect to the risk scale
assigned to the above list of securities, the standard deviation of historical asset class index
returns used to measure risk (or volatility) indicates the variability of returns from the average
return for that asset class. Performance tends to be more stable for products with a lower standard
deviation. Historical standard deviation (risk) is not an indication of future expected risk.