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The Fund seeks to provide positive returns in rising and falling market environments.
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Westchester Capital Management, Inc. is an independent investment
management firm specializing in equity strategies that include investing in companies involved in mergers
and acquisitions. It is estimated that westchester has participated in more than 2,000 mergers and is the Sub-Adviser for
the Dunham Monthly Distribution Fund.
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| DNMDX |
| 265458620 |
| N-Shares |
| 111 |
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| Monthly |
| December* |
| 9/29/2008 |
| October |
* If applicable
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There is no minimum initial investment on a per Fund basis for Class N shares. However, the
minimum initial investment in Class N shares of the Dunham Funds, on an aggregate basis, is
$100,000 for taxable accounts and $50,000 for tax-deferred accounts (“MIN”). The MIN can be
waived if the investor has, in the opinion of the Adviser, adequate intent and availability of assets
to reach a future level of investment among the Funds that is equal to or greater than the MIN.
The MIN can also be waived by the Adviser for shareholders investing through a wrap program
or similar arrangement. There is no minimum subsequent investment amount for Class N shares.
If a Class N shareholder's investment in the Dunham Funds falls below the MIN for reasons
other than depreciation of the investment, the investor may receive a notice from the Adviser and
will be given a reasonable amount of time to cure the deficiency. If the deficiency is not cured
within such time, the Adviser reserves the right to convert the account to Class A shares (on a
load waived basis) or take other appropriate measures.
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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.
The Fund may be exposed to Derivatives Risk. When the Sub-Adviser uses leverage, short sales and other
forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile
than investments in other mutual funds. Although the intention is to use such derivatives to minimize risk
to the Fund, as well as for speculative purposes, there is the possibility that derivative strategies will
not be used or that ineffective implementation of derivative strategies or unusual market conditions could
result in significant losses to the Fund. Furthermore, the Fund may be exposed to short selling risk. If
the price of the security sold short increases between the time of the short sale and the time the Fund
covers its short position, the Fund will incur a loss. Also, the Fund is required to deposit collateral in
connection with such short sales and may have to pay a fee to borrow particular securities and will often
be obligated to pay over any dividends and accrued interest on borrowed securities. These aspects of short
selling increase the costs to the Fund and will reduce its rate of return. Additionally, the successful use
of short selling may be adversely affected by imperfect correlation between movements in the price of the
security sold short and the securities being hedged. Options are not suitable for all investors.
Options are not suitable for all investors.
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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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