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.

With respect to the risk order assigned to the above list of Funds, the annual standard deviation, based upon representative indices of historical asset class index returns over the past 15 and 20 years, rounded to whole numbers, as well as qualitative factors, were considered. Performance tends to be more stable for products with a lower standard deviation. In the case where certain Funds are statistically similar, the subjective judgment of management based on qualitative criteria may be used. Historical standard deviation (risk) is not an indication of future expected risk. The risk order above is subject to change.

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. 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. An investment in The Dunham Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. 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.

Dunham Funds direct shareholders (including accounts transfered from the Kelmoore Strategy Funds), please click here: http://www.dunham.com/direct