Year-End Distributions

Dunham Funds Distribution Dates

Record Date: 12/27/2022
Reinvest Date: 12/28/2022
Ex-Dividend-Date: 12/28/2022

ASSET CLASS LEGEND

Bonds Alternatives
Hybrids US Value
US Growth International Equity

Distribution Information

Mutual funds typically distribute taxable capital gains to shareholders each December. Below are the year-end distribution factors (per share) for the Dunham Funds.

To estimate your distributions for a fund on this list, multiply the fund's total per-share estimates by the number of shares you own.

Estimates are subject to change.

Please note that these estimates were prepared using the latest income estimates and capital gain amounts. However, because these distributions are estimated and will be based in part on the number of shares outstanding at the time the distributions are declared, these estimates will likely change.

Final distribution amounts will be added to our fund distribution table and every fund's profile page after the fund's declaration date in December.

Final year-end distributions will be payable to shareholders of record as of December 27, 2022. Distributions will be paid to all Fund shareholders who own shares on the record date, regardless of how long they have held the shares.

2022 Dunham Funds Year-End Distribution

Floating Rate Bond Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0000 $.0000
Class - A Paid Monthly $.0000 $.0000
Class - C Paid Monthly $.0000 $.0000

Long/Short Credit Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0000 $.0658
Class - A Paid Monthly $.0000 $.0658
Class - C Paid Monthly $.0000 $.0658

International Opportunity Bond Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0000 $.0000
Class - A Paid Monthly $.0000 $.0000
Class - C Paid Monthly $.0000 $.0000

Corporate/Government Bond Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0000 $.0000
Class - A Paid Monthly $.0000 $.0000
Class - C Paid Monthly $.0000 $.0000

Monthly Distribution Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0000 $.0000
Class - A Paid Monthly $.0000 $.0000
Class - C Paid Monthly $.0000 $.0000

Dynamic Macro Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $.0000 $.0000
Class - A $.0000 $.0000 $.0000
Class - C $.0000 $.0000 $.0000

High-Yield Bond Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0000 $.0000
Class - A Paid Monthly $.0000 $.0000
Class - C Paid Monthly $.0000 $.0000

Large Cap Value Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.1053 $.0401 $.1558
Class - A $.0621 $.0401 $.1558
Class - C $.0000 $.0401 $.1558

Focused Large Cap Growth Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $.0000 $.0000
Class - A $.0000 $.0000 $.0000
Class - C $.0000 $.0000 $.0000

International Stock Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.4581 $.0000 $.0000
Class - A $.4140 $.0000 $.0000
Class - C $.3363 $.0000 $.0000

Real Estate Stock Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0467 $.0000 $.0000
Class - A $.0072 $.0000 $.0000
Class - C $.0000 $.0000 $.0000

Small Cap Value Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $.0000 $.8690
Class - A $.0000 $.0000 $.8690
Class - C $.0000 $.0000 $.8690

U.S. Enhanced Market Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains

Small Cap Growth Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.1117 $.0000 $.0000
Class - A $.0727 $.0000 $.0000
Class - C $.0308 $.0000 $.0000

Emerging Markets Stock Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $.0000 $.0002
Class - A $.0000 $.0000 $.0002
Class - C $.0000 $.0000 $.0002

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.

Past performance is not indicative of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance may vary for other share classes. The Fund’s performance is subject to change since quarter’s end and may be lower or higher than the performance data shown. Please call (800) 442-4358 or log on to www.dunham.com to obtain changes to the Fund, if any, as well as performance data current to the most recent month end.