This post was authored by the Dunham Marketing Team. If you have questions concerning today's topic, please call us at (858) 964 - 0500. Hold us to higher standards.

At Dunham, we believe excellence is earned and not assumed.

That is why we are proud to announce that two of our mutual funds have been honored with the LSEG Lipper Fund Awards United States 2025 Winner¹:

• Dunham International Opportunity Bond Fund (DNIOX) — Best International Income Fund (3-Year)
  
  
• Dunham International Stock Fund (DNINX) — Best International Multi-Cap Core Fund (5-Year)

These awards reflect more than just the strong performance of our institutional money managers' abilities – they also spotlight the power of disciplined manager selection and the strategic foresight of our Dunham analyst team.

Analyst-Driven, Performance-Focused

From the very beginning, our analyst team plays a pivotal role in our investment approach.

Rather than managing funds in-house, we rigorously vet and select institutional-level sub-advisors with expertise in their specific asset classes.

This multi-manager approach provides financial advisors with access to institutional money managers.

Why it Matters for You and Your Clients

As market conditions change, access to global diversification and asset class purity is critical.

For example:

• Dunham International Opportunity Bond Fund (DNIOX) - managed by Virtus Fixed Income Advisers, LLC, Stone Harbor Investment Partners division - is one of only seven U.S. funds offering pure international bond exposure. That focus helps advisors manage risk and maintain consistent allocations within diversified fixed-income portfolios.
  
  
• Dunham International Stock Fund (DNINX) - managed by Arrowstreet Capital, LP - applies an unconstrained approach to international equities. This flexibility allows the fund to identify compelling opportunities across global markets.

Aligning Performance With Purpose: The Fulcrum Fee Advantage

We are also one of the only asset managers we are aware of that uses a fulcrum fee structure, which compensates sub-advisers based on performance.

Simply put - when they outperform, they can earn more. And when they don’t, they give up a substantial portion of their fee, one down to zero.

This model fosters accountability and aligns everyone’s interests - from portfolio managers to clients.

Why Financial Advisors Choose Dunham

For 40 years, we’ve helped financial advisors grow their practice by offering:

• Institutional-caliber strategies without institutional-level barriers.
  
  
• Some Award-winning funds backed by what we consider a rigorous sub-adviser selection process.
  
  
• A transparent, client-first fee model.
  
  
• A true partnership grounded in service.

Awards like LSEG Lipper's affirm what some of our advisors already know – that our process is geared towards fairness and accountability.

But recognition is only part of the story. . .

The real impact is in how our funds are designed to help advisors construct portfolios that aim to align with client objectives across varying market conditions while maintaining a focus on disciplined investment strategies.

Want to see how our analyst team can help elevate your client portfolios? Contact us via email or call our Business Development Team at (858) 964-0500.

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About Virtus Fixed Income Advisers, LLC

Virtus Fixed Income Advisers, LLC (“VFIA”), “Stone Harbor Investment Partners division”, 31 West 52nd Street, 16th Fl., New York, New York 10019, serves as the Sub-Adviser to the Dunham International Opportunity Bond Fund. Virtus Investment Partners, Inc. owns 100% of VFIA. As of December 31, 2024, the Stone Harbor Investment Partners division of VFIA had approximately $6.8 billion in assets under management.

About Arrowstreet Capital, Limited Partnership

Arrowstreet Capital, Limited Partnership (Arrowstreet) was founded in June 1999 as an independent private partnership that serves as a discretionary institutional global asset manager. Headquartered in Boston, MA, the firm is structured as a limited partnership that is wholly-owned and controlled by members of the firm’s senior management team and non-executive directors. Arrowstreet has been a registered investment adviser with the SEC under the U.S. Investment Advisers Act of 1940, as amended, since July 1999. It had approximately $205.15 billion in assets under management as of December 31, 2024.

About LSEG Lipper Fund Award:

For more than 30 years and in over 17 countries worldwide, these highly-respected awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers.

Fund Classification Awards

The currency for the calculation corresponds to the currency of the country for which the awards are calculated and relies on monthly data. Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or 10 years. For a detailed explanation, please review the Lipper Leader Methodology Document at https://www.lipperfundawards.com/Methodology

Disclosure:

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see www.lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper.

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 Dunham Funds’ 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.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment in a Fund will fluctuate so that investor’s shares, when redeemed, may be worth more less than their original cost. All investing involves risk.

The Sub-Adviser receives a fulcrum fee, which will vary based on the Sub-Adviser’s performance against the benchmark. The Sub-Adviser is rewarded when performance exceeds the benchmark and is penalized when performance is short of the benchmark.

Some Sub-Advisers receive minimum compensation regardless of whether or not an established performance benchmark is met or exceeded.

Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/ Dealer. Member FINRA/ SIPC.