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The Fund seeks to provide capital appreciation, with capital preservation during
market downturns as a secondary goal.
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PVG Asset Management Corporation is an employee-owned firm
founded in 1987. PVG specializes in loss averse growth investment strategies and manages assets for
institutions, individuals, endowments, and foundations. PVG believes that its risk management and
investment process set it apart from other asset managers, since it is employed on both a macro and
micro level. PVG is the Sub-Adviser to the Dunham Loss Averse Growth Fund.
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| DAAVX |
| 265458612 |
| A-Shares |
| 313 |
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| Annual* |
| December* |
| 4/29/2010 |
| October |
* If applicable
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For Class A shares, the initial minimum investment amount for regular accounts is $5,000, and for
tax-deferred accounts 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 will be waived if you have multiple accounts and your total investment
amount is $50,000 or more.
The minimum can also be waived by the Adviser for shareholders investing through a wrap
program or similar arrangement.
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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 invest in Small market cap stocks which generally have a lighter trading volume than
larger market cap securities, and therefore there is potential for liquidity issues when closing
large positions. "Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth" stocks tend to be more
expensive relative to their earnings or assets compared to other types of stocks. As a result,
"growth" stocks tend to be sensitive to changes in their earnings and more volatile than other
types of stocks. The Fund may use investment techniques involving margins and short-sales which
involve higher risks, as well as higher potential rewards. 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. 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. The Fund may
also invest in ETFs which can be subject to investment advisory and other expenses that will be
indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than
the cost of investing directly in ETFs and may be higher than other mutual funds that invest
directly in common stocks. The ETFs in which the Fund invests will not be able to replicate
exactly the performance of the indices they track and the market value of ETF shares may
differ from their net asset value. When the value of ETFs held by the Fund declines, the value
of your investment in the Fund declines.
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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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