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The investment objective of the Fund is to maximize total return under varying market
conditions through both current income and capital appreciation.
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Calamos Advisors, LLC
provides professional money management services focused on equity,
global/international, balanced, high yield, convertible and alternative investment strategies
for major corporations, public and private institutions, pension funds, insurance companies
and individuals. Calamos is the Sub-Adviser for the Dunham Appreciation and Income Fund.
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| DCAIX |
| 265458802 |
| C-Shares |
| 204 |
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| Annual* |
| December* |
| 12/10/2004 |
| October |
* If applicable
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For Class C shares, the initial minimum investment amount for regular accounts is $5,000, and for taxdeferred
and certain tax efficient accounts (such as Roth IRAs) is $2,000. The minimum subsequent
investment is $100. An account fee of $15 annually will be charged for all non-retirement accounts with a
balance below $2,500. The account fee will not be charged if the balance falls below $2,500 due solely to
depreciation of the investment. The fee is waived if your total investment amount in all Funds combined is
$50,000 or more. There is no minimum initial investment for employee benefit plans, mutual fund
platform platforms, supermarket programs, associations, and individual retirement accounts. The
minimum subsequent investment in the Trust is $100 and there is no minimum subsequent investment for
any Fund. The Trust reserves the right at any time to vary the initial and subsequent investment
minimums.
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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.
The N share class is offered either through brokerage platforms under contractual
agreement with the registered investment adviser or through registered investment advisers as part
of an advisory program, which includes advisory fees in addition to those presented in the
prospectus. Dunham Class C shares have no initial sales charge or contingent deferred sales
charge (CDSC). Class C shares are subject to a distribution and service fee of up to 1.00%
annually. Dunham Class A shares are offered at their public offering price, which is net asset
value per share plus the applicable sales charge. The sales charge varies, depending on how much you invest.
There are no sales charges on reinvested dividends. See the A shares prospectus for descriptions of
each Fund's front-end sales charge ("FESC") and purchase amount breakpoints, as well as ways to
reduce your sales charge. Class A shares are subject to a service fee of 0.25% annually.
Convertible structured notes have the attributes of a convertible security; however, the
investment bank that issued the convertible note assumes the credit risk associated with the
investment bank, rather than the issuer of the underlying common stock into which the note is
convertible. Also, the Fund may invest up to 25% of its net assets in securities of foreign issuers. The
Fund will only invest in foreign securities represented by American Depositary Receipts (ADRs) or
securities guaranteed by a U.S. person. Foreign securities and securities issued by U.S. entities with
substantial foreign operations, and securities for which an entity located in a foreign country provides
credit support or a maturity-shortening structure can involve additional risks relating to political,
economic or regulatory conditions in foreign countries. In addition, foreign markets can perform differently
from the U.S. market. The Fund may use investment techniques involving margins and short-sales which
involve higher risks, as well as higher potential rewards.
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Funds Distributed by Dunham & Associates Investment Counsel, Inc., Member FINRA/SIPC.
Dunham Funds direct shareholders (including accounts transfered from the Kelmoore Strategy Funds), please click here:
http://www.dunham.com/direct
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