Dunham U.S. Enhanced Market Fund Class A DASPX Strategy

The investment seeks to maximize long-term capital appreciation. The fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investments that provide exposure to equity securities of U.S. companies and debt securities of the U.S. government through investments in options, futures, and U.S. Treasuries. The fund seeks to provide upside participation in the U.S. stock market when the U.S. stock market advances and seeks to reduce declines in the fund’s value when the stock market declines. The fund is non-diversified.