Dunham Long/Short Credit Fund Class N DNAIX Strategy

The investment seeks to maximize total return under varying market conditions through both current income and capital appreciation. The fund's sub-adviser seeks to achieve the investment objective by investing normally at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in various credit-related instruments. It may invest in credit-related instruments rated below investment grade, which are commonly referred to as "junk bonds." The fund may invest up to 20% of its total assets in equity instruments, including common stock and other instruments whose price is linked to the value of common stock.