Year-End Distributions

Dunham Funds Distribution Dates

Record Date: 12/26/2018
Reinvest Date: 12/27/2018
Ex-Dividend-Date: 12/27/2018

ASSET CLASS LEGEND

Bonds Alternatives
Hybrids US Value
US Growth International Equity

2018 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 $.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 $.2201 $.0000 $.0000
Class - A $.1984 $.0000 $.0000
Class - C $.1265 $.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

International Opportunity Bond Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N Paid Monthly $.0015 $.0123
Class - A Paid Monthly $.0015 $.0123
Class - C Paid Monthly $.0015 $.0123

Large Cap Value Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.1539 $.0611 $.4812
Class - A $.1209 $.0611 $.4812
Class - C $.0123 $.0611 $.4812

Focused Large Cap Growth Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $.0000 $1.7026
Class - A $.0000 $.0000 $1.7026
Class - C $.0000 $.0000 $1.7026

International Stock Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.1753 $.0000 $.8820
Class - A $.1376 $.0000 $.8820
Class - C $.0156 $.0000 $.8820

Real Estate Stock Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.2922 $.0000 $.0000
Class - A $.2564 $.0000 $.0000
Class - C $.1481 $.0000 $.0000

Small Cap Value Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $.6302 $1.0670
Class - A $.0000 $.6302 $1.0670
Class - C $.0000 $.6302 $1.0670

Small Cap Growth Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.0000 $1.6672 $2.1342
Class - A $.0000 $1.6672 $2.1342
Class - C $.0000 $1.6672 $2.1342

Emerging Markets Stock Fund

Share Class Income Short-Term Capital Gains Long-Term Capital Gains
Class - N $.2501 $.0000 $.0000
Class - A $.2185 $.0000 $.0000
Class - C $.1164 $.0000 $.0000

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.