# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001580642-26-001458
**Filing Date:** 2026-3
**Character Count:** 20395
**Document Hash:** 1c042281f8f23a08b6de065caa6cd08c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001458.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001580642-26-001458

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-147999
- **FILM NUMBER:** 26722729

**BUSINESS ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

## Series and Classes Contracts Data

### Dunham Real Estate Stock Fund (Series ID: S000020971)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000059508 | Dunham Real Estate Stock Fund Class A | DAREX           |
| C000059509 | Dunham Real Estate Stock Fund Class C | DCREX           |
| C000059510 | Dunham Real Estate Stock Fund Class N | DNREX           |

&nbsp;&nbsp;![](image_001.gif)

**SUMMARY PROSPECTUS**

**March 1, 2026**

**Dunham Real Estate Stock Fund**

**Class A (DAREX)**

**Class C (DCREX)**

**Class N (DNREX)**

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information, both dated March 1, 2026, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.dunham.com/prospectus/RealEstateStock. You can also obtain these documents at no cost by completing a document request form on our web-site, www.dunham.com or by calling (toll free) (888) 338-6426 or by sending an email request to fundinfo@dunham.com, or ask any financial advisor, bank or broker-dealer that offers shares of the Fund.*

**Investment Objective:** The Fund seeks to maximize total return from capital appreciation and dividends. A secondary investment objective of the Fund is to exceed, over the long-term, the total return available from direct ownership of real estate with less risk than direct ownership.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in **How to Purchase Shares** on page 117 of the Fund's Prospectus and in **How to Buy and Sell Shares** on page 89 of the Fund's Statement of Additional Information.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees**<br> **(fees paid directly from your investment)** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class N** |
| &nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) | &nbsp;&nbsp;5.75% |  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load)<br> (as a % of the of the original purchase price for purchases of $1 million or more) | &nbsp;&nbsp;0.75% |  |  |
| &nbsp;&nbsp; Maximum Sales Charge (Load) Imposed<br> on Reinvested Dividends and other Distributions |  |  |  |
| &nbsp;&nbsp;Redemption Fee |  |  |  |
| &nbsp;&nbsp;Exchange Fee |  |  |  |
| &nbsp;&nbsp; **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)** |  |  |  |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup> | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;<u>0.38%</u> | &nbsp;&nbsp;<u>0.38%</u> | &nbsp;&nbsp;<u>0.38%</u> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.73% | &nbsp;&nbsp;2.48% | &nbsp;&nbsp;1.48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Management
Fees have been restated to reflect a new Sub-Advisory agreement that is effective October 1, 2025. The Management fees assume the Sub-Adviser's
base fee. Actual Sub-Advisory fees may be higher or lower depending on Fund performance. The new Sub-Advisory fee is a fulcrum fee with
a base or fulcrum of 45 bps (0.45%) and can range from 0.05% to 0.85%, based on the Fund's performance relative to the Dow Jones
Global Select REIT Total Return Net Index.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Class</u>** | &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$741 | &nbsp;&nbsp;$1089 | &nbsp;&nbsp;$1460 | &nbsp;&nbsp;$2499 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$251 | &nbsp;&nbsp;$773 | &nbsp;&nbsp;$1321 | &nbsp;&nbsp;$2816 |
| &nbsp;&nbsp;Class N | &nbsp;&nbsp;$151 | &nbsp;&nbsp;$468 | &nbsp;&nbsp;$808 | &nbsp;&nbsp;$1768 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 165% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund's Sub-Adviser seeks to achieve the Fund's investment objectives by investing primarily in income-producing equity securities (including real estate investment trusts ("REITs")) of real estate companies. The Fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in equity securities of companies principally engaged in the real estate industry that are economically tied to different countries throughout the world, including the United States. The Fund defines a company as principally engaged in the real estate industry if at least 50% of the company's revenues or 50% of the market value of the company's assets are related to the ownership, operation, construction, development, financing, leasing, management or sale of real estate. The Fund may also invest in real estate companies or issuers that are economically tied to emerging markets. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Fund's Sub-Adviser may engage in active and frequent trading of the Fund's portfolio securities to achieve the Fund's investment objectives.

The sub-adviser's approach to real estate investing is value-oriented, based upon real estate fundamentals and assessments of management teams. The sub-adviser emphasizes both quantitative and qualitative investment analysis, and focuses on valuation relative to a company's underlying real estate assets as well as a company's on-going concern valuation. Through detailed company research that includes regular management visits, property tours and financial analysis, the sub-adviser analyzes the quality of real estate asset cash flows, sustainability and growth of company dividends. The sub-adviser also evaluates the company's strategy, management's track record, incentives and ability to create long term shareholder value. Only about 10% of institutional quality commercial real estate is publicly traded, and the sub-adviser believes that public real estate securities managers need a firm understanding of the other 90%—the private real estate markets—to successfully add value.

Decisions to sell portfolio securities are based on relative analysis which entails examination of a variety of factors, including the sub-adviser's assessment of relative risk adjusted return for the securities.

The Fund may also engage in securities lending.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund's net asset value and performance.***

*Real Estate Industry Concentration Risk* – By concentrating in a single sector, the Fund carries much greater risk of adverse developments in that sector than a fund that invests in a wide variety of industries. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.

*Real Estate Investment Trust Risk* – A REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent or poor management.

*Stock Market Risk* – Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund's investments may decline in value if the stock markets perform poorly.

*Non-Diversification Risk* – As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

*Management Risk* – The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.

*Small and Medium Capitalization Risk* – The Fund's investments in smaller and medium-sized companies carry more risks than investments in larger companies. Companies with small and medium size market capitalization often have narrower markets, fewer products or services to offer and more limited managerial and financial resources than do larger, more established companies.

*Emerging Markets Risk* – Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

*Foreign Investing Risk* – Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability, and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

*Natural Disaster/Epidemic Risk* – Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

*Liquidity Risk* – Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for a Fund to dispose of a security position at all or at a price which represents current or fair market value.

*Securities Lending Risk* – The risk of securities lending is that the financial institution that borrows securities from the Fund could go bankrupt or otherwise default on its commitment under the securities lending agreement and the Fund might not be able to recover the loaned securities or their value.

**Performance:** The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund's Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. The Class A sales charge is reflected in the average annual total return table. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. Updated performance information is available at no cost by visiting *www.dunham.com* or by calling toll free (888) 3DUNHAM (338-6426).

**Class N Shares Annual Total Return for Years Ended December 31**

![](image_002.gif)

During the periods shown in the bar chart, the highest return for a quarter was 16.78% (quarter ended June 30, 2020) and the lowest return for a quarter was -19.20% (quarter ended June 30, 2022).

Dunham Real Estate Stock Fund

AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**For the periods ended December 31, 2025** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class N Shares** |  |  |  |
| &nbsp;&nbsp;return before taxes | &nbsp;&nbsp;-5.93% | &nbsp;&nbsp;-5.28% | &nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;return after taxes on distributions | &nbsp;&nbsp;-6.41% | &nbsp;&nbsp;-5.92% | &nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;-3.51% | &nbsp;&nbsp;-3.96% | &nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |
| &nbsp;&nbsp;return before taxes | &nbsp;&nbsp;-6.83% | &nbsp;&nbsp;-6.22% | &nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |
| &nbsp;&nbsp;return before taxes | &nbsp;&nbsp;-11.52% | &nbsp;&nbsp;-6.63% | &nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;**S&P 500 Total Return Index** (reflects no deduction for fees, expenses, or taxes) | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |
| &nbsp;&nbsp;**Dow Jones Global Select REIT Total Return Net Index** (reflects no deduction for fees, expenses, or taxes)\* | &nbsp;&nbsp;7.39% | &nbsp;&nbsp;3.85% | &nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;**Dow Jones U.S. Real Estate Total Return Index** (reflects no deduction for fees, expenses, or taxes)\* | &nbsp;&nbsp;3.78% | &nbsp;&nbsp;4.91% | &nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;**Morningstar Real Estate Category** (return before taxes)\*\* | &nbsp;&nbsp;2.14% | &nbsp;&nbsp;5.28% | &nbsp;&nbsp;5.73% |

---

\* In prior prospectuses, the Fund compared its performance against the Dow Jones U.S. Real Estate Total Return Index. The Fund's Adviser believes the Dow Jones Global Select REIT Total Return Net Index is a more appropriate and accurate index against which to compare the Fund's investment strategies and, therefore, the Dow Jones Global Select REIT Total Return Net Index replaces the Dow Jones U.S. Real Estate Total Return Index as the Fund's primary benchmark.

\*\* The Morningstar Real Estate Category is generally representative of mutual funds that primarily invest in REITs of various types. REITs are companies that develop and manage real estate properties.

After-tax returns are estimated and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.

**Investment Adviser:** Dunham & Associates Investment Counsel, Inc. (the "Adviser").

**Sub-Adviser:** PGIM, Inc. ("PGIM" or "Sub-Adviser").

**Sub-Adviser Portfolio Manager:** The portfolio managers on the team who are jointly and primarily responsible for the day-to-day management of the Fund are Rick Romano, CFA, Daniel Cooney, CFA, Michael Gallagher, and Alvin Chan, CFA. Mr. Romano is a Managing Director and joined PGIM in 1998. Mr. Cooney is a Managing Director and joined PGIM in 2013. Mr. Gallagher is an Executive Director and joined PGIM in 2013. Mr. Chan is an Executive Director and Portfolio Manager and joined PGIM in 2016. Messrs. Romano, Cooney, Gallagher, and Chan began managing the Fund in October 2025.

**Purchase and Sale of Fund Shares**

You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange is open for trading. For Class A shares and Class C shares, the initial minimum investment amount in a Fund for regular accounts is $5,000, and for tax-deferred accounts and certain tax efficient accounts is $2,000. The minimum subsequent investment is $100. For Class N shares, the minimum initial investment per Fund is $100,000 for taxable accounts and $50,000 for tax-deferred accounts. There is no minimum subsequent investment amount for Class N shares.

Purchases and redemptions may be made by mailing an application or redemption request to the addresses indicated below, by calling toll free (888) 3DUNHAM (338-6426) or by visiting the Fund's website *www.dunham.com*. You also may purchase and redeem shares through a financial intermediary.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**via Regular Mail** | **via Overnight Mail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dunham Funds | Dunham Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Gemini Fund Services, LLC | c/o Gemini Fund Services, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 46707 | 225 Pictoria Dr, Suite 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, OH 45246 | Cincinnati, OH 45246 |

---

**Tax Information**

Dividends and capital gain distributions you receive from a Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**Financial Intermediary Compensation**

If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.