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The Fund seeks to maximize capital appreciation.
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Marvin & Palmer Associates, Inc. (Marvin & Palmer)
believes that equity returns are driven by a combination of market and fundamental factors.
Its investment process addresses both factors through proprietary relative price strength screen
and focused fundamental research. Marvin & Palmer combines a top-down approach with bottom-up fundamental
research in the construction of its portfolios and invests primarily in high quality, large-capitalization,
growth stocks. Marvin & Palmer is the Sub-Adviser for the Dunham
Emerging Markets Stock Fund.
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| DCEMX |
| 265458661 |
| C-Shares |
| 209 |
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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.
Investing in emerging markets can involve risks in addition to and greater than those generally
associated with investing in more developed foreign markets. The extent of economic development, political
stability, market depth, infrastructure, capitalization, and regulatory oversight can be less than in more
developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and
political uncertainties. All of these factors can make emerging market securities more volatile and
potentially less liquid than securities issued in more developed markets. 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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