Dunham & Associates When Performance Counts
The Dunham Funds - Tickers and CUSIPS
Class N-SharesTickerCUSIP
Floating Rate Bond Fund DNFRX265458414
Long/Short Credit Fund DNAIX265458885
Corporate/Government Bond Fund DNCGX265458307
Monthly Distribution Fund DNMDX265458620
Dynamic Macro Fund DNAVX265458588
High-Yield Bond Fund DNHYX265458604
International Opportunity Bond Fund DNIOX265458448
Large Cap Value Fund DNLVX265458851
Focused Large Cap Growth Fund DNFGX265458554
International Stock Fund DNINX265458786
Real Estate Stock Fund DNREX265458828
Small Cap Value Fund DNSVX265458752
Small Cap Growth Fund DNDGX265458687
Emerging Markets Stock Fund DNEMX265458653

Class A-SharesTickerCUSIP
Floating Rate Bond Fund DAFRX265458430
Long/Short Credit Fund DAAIX265458703
Corporate/Government Bond Fund DACGX265458109
Monthly Distribution Fund DAMDX265458646
Dynamic Macro Fund DAAVX265458612
High-Yield Bond Fund DAHYX265458406
International Opportunity Bond Fund DAIOX265458463
Large Cap Value Fund DALVX265458877
Focused Large Cap Growth Fund DAFGX265458570
International Stock Fund DAINX265458810
Real Estate Stock Fund DAREX265458844
Small Cap Value Fund DASVX265458778
Small Cap Growth Fund DADGX265458711
Emerging Markets Stock Fund DAEMX265458679

Class C-SharesTickerCUSIP
Floating Rate Bond Fund DCFRX265458422
Long/Short Credit Fund DCAIX265458802
Corporate/Government Bond Fund DCCGX265458208
Monthly Distribution Fund DCMDX265458638
Dynamic Macro Fund DCAVX265458596
High-Yield Bond Fund DCHYX265458505
International Opportunity Bond Fund DCIOX265458455
Large Cap Value Fund DCLVX265458869
Focused Large Cap Growth Fund DCFGX265458562
International Stock Fund DCINX265458794
Real Estate Stock Fund DCREX265458836
Small Cap Value Fund DCSVX265458760
Small Cap Growth Fund DCDGX265458695
Emerging Markets Stock Fund DCEMX265458661

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.

May Lose Value / Not a Deposit / No Bank Guarantee
Not Insured by any Federal Government Agency

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Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer.  Member FINRA / SIPC.