# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001580642-25-004684
**Filing Date:** 2025-8
**Character Count:** 19845
**Document Hash:** afb030260629adac224b8243cb762520
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004684.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001580642-25-004684

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250801

**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:** 251173070

**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 International Stock Fund (Series ID: S000020979)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000059532 | Dunham International Stock Fund Class A | DAINX           |
| C000059533 | Dunham International Stock Fund Class C | DCINX           |
| C000059534 | Dunham International Stock Fund Class N | DNINX           |

 **DUNHAM**<br> **FUNDS** **<sup>SM</sup>**<br>When Performance Counts<br>

**SUMMARY PROSPECTUS**

**March 1, 2025 (as amended July 31, 2025)**

**Dunham International Stock Fund**

**Class A (DAINX)**

**Class C (DCINX)**

**Class N (DNINX)**

*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, 2025 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/InternationalStock. 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.

**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 113 of the Fund's Prospectus and in **How to Buy and Sell Shares** on page 86 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;1.55% | &nbsp;&nbsp;1.55% | &nbsp;&nbsp;1.55% |
| &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; Interest Expense | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp; Remaining Other Expenses | &nbsp;&nbsp;<u>0.35%</u> | &nbsp;&nbsp;<u>0.35%</u> | &nbsp;&nbsp;<u>0.35%</u> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;2.16% | &nbsp;&nbsp;2.91% | &nbsp;&nbsp;1.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Sub-Advisory
Fee is a fulcrum fee with a base or fulcrum of 65 bps (0.65%) and can range from 0.30% to 1.00% based on the Fund's performance
relative to the MSCI All Country World Index ex-U.S. (net), the Fund's benchmark.

 ****

***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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &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;$781 | &nbsp;&nbsp;$1212 | &nbsp;&nbsp;$1668 | &nbsp;&nbsp;$2925 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$294 | &nbsp;&nbsp;$901 | &nbsp;&nbsp;$1533 | &nbsp;&nbsp;$3233 |
| &nbsp;&nbsp;Class N | &nbsp;&nbsp;$194 | &nbsp;&nbsp;$600 | &nbsp;&nbsp;$1032 | &nbsp;&nbsp;$2233 |

---

**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 134% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund's Sub-Adviser seeks to achieve the Fund's investment objective by investing in equities (common and preferred stock and depositary receipts for common and preferred stock) of international corporations traded on stock exchanges around the world, including those in emerging markets, alternative trading venues or in the over-the-counter market. The Fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in stock of non-U.S. companies in at least three foreign countries, which may include companies located or operating in established or emerging market countries. The Fund defines a non-U.S. company as one that is domiciled, has its principal place of business, derives at least 50% of its revenue or profits, or has at least 50% of its assets outside the U.S. The primary regions of investment are Western Europe, the United Kingdom, Japan, Canada, Australia and Asia.

The Sub-Adviser generally constructs its portfolios by using proprietary econometric models and a proprietary optimization process that balances the trade-off between a stock's expected return, its contribution to portfolio level risk, portfolio specific restrictions, and its opportunity costs relative to trading costs. Buys and sells occur when opportunities arise that improve the portfolio's risk adjusted benchmark relative expected returns, net of amortized transaction costs. The Fund's Sub-Adviser may engage in active and frequent trading of the Fund's portfolio securities to achieve the Fund's investment objective.

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.***

*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.

*Emerging Markets Risks –* 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.

*China Risk –* The Fund's investments in companies or issuers economically tied to China are subject to the country/regional, emerging markets, currency, cybersecurity, and geopolitical risks, in addition to unique risks. They are associated with considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty which could have negative impacts on the Fund. They may be (or become in the future) restricted or sanctioned by the U.S. government or another government. 

 

*China Related Variable Interest Entity Risk –* The Fund could seek to gain economic exposure to certain operating companies in China through legal structures known as variable interest entities ("VIEs"). In a VIE structure, a series of contractual arrangements are entered into between a holding company domiciled outside of China and a Chinese operating company or companies. VIE structures and these contractual arrangements are not equivalent to equity ownership in the operating company, which presents additional risks. The market value and liquidity of the associated investments could fall, causing substantial or total investment losses for investors with no recourse available.

Risk of Investing in Japan – The Fund may invest a significant portion of its assets in securities issued by Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan's economic growth rate has remained relatively low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.

*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.

*Currency Risk –* Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments denominated in a foreign currency or may widen existing losses. Exchange rate movements are volatile and it may not be possible to effectively hedge the currency risks of many countries.

*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.

*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_001.gif)

During the periods shown in the bar chart, the highest return for a quarter was 22.07% (quarter ended December 31, 2020) and the lowest return for a quarter was -23.27% (quarter ended March 31, 2020).

Dunham International Stock Fund

AVERAGE ANNUAL TOTAL RETURN

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**For the periods ended December 31, 2024** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class N Shares** |  |  |  |
| &nbsp;&nbsp;return before taxes | &nbsp;&nbsp;8.80% | &nbsp;&nbsp;7.79% | &nbsp;&nbsp;6.39% |
| &nbsp;&nbsp;return after taxes on distributions | &nbsp;&nbsp;5.63% | &nbsp;&nbsp;5.83% | &nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;7.28% | &nbsp;&nbsp;5.80% | &nbsp;&nbsp;4.91% |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |
| &nbsp;&nbsp;return before taxes | &nbsp;&nbsp;7.67% | &nbsp;&nbsp;6.71% | &nbsp;&nbsp;5.32% |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |
| &nbsp;&nbsp;return before taxes | &nbsp;&nbsp;2.23% | &nbsp;&nbsp;6.24% | &nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;**MSCI All Country World ex U.S. Index Net** (reflects no deduction for fees, expenses, or taxes) | &nbsp;&nbsp;5.54% | &nbsp;&nbsp;4.10% | &nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;**Morningstar Foreign Large Cap Value Category** (return before taxes)\* | &nbsp;&nbsp;4.39% | &nbsp;&nbsp;4.71% | &nbsp;&nbsp;4.48% |

---

\* The Morningstar Foreign Large Cap Value Category is generally representative of mutual funds that primarily invest in non-U.S. stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Foreign large value portfolios invest mainly in big international stocks that are less expensive or growing more slowly than other large-cap stocks. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

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:** Arrowstreet Capital, Limited Partnership ("Arrowstreet" or the "Sub-Adviser").

**Sub-Adviser Portfolio Managers**: The following team of investment professionals share responsibility for day-to-day management of the Fund. Derek Vance, CFA, Partner and Chief Investment Officer, has worked for the Sub-Adviser since 2008. Christopher Malloy, Ph.D., Partner and Head of Research, has worked for the Sub-Adviser since 2019. Julia Yuan, CFA, Partner and Head of Alpha Development, has worked for the Sub-Adviser since 2012. Brandon Berger, Partner and Head of Portfolio Management, has worked for the Sub-Adviser since 2013. Peter Rathjens, Ph.D., Partner and Member of Investment Team, has worked for the Sub-Adviser since 1999. Mr. Vance has served as a portfolio manager for the Fund since 2018. Mr. Malloy has served as a portfolio manager for the Fund since 2019. Ms. Yuan has served as a portfolio manager for the Fund since 2024. Mr. Berger has served as a portfolio manager for the Fund since 2024. Mr. Rathjens has served as a portfolio manager for the Fund since 2008.

**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.

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

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**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.