0000910472-08-000109 Sample Contracts

THE DUNHAM FUNDS SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • March 4th, 2008 • Dunham Funds • California

AGREEMENT among DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC., a California corporation (the "Adviser"), DUNHAM FUNDS, a Delaware statutory trust (the “Trust”) on behalf of its series Dunham Corporate/Government Bond Fund (the “Fund”), and SCM ADVISORS LLC, a State of California Limited Liability Corporation (the "Sub-Adviser") (each a “Party,” and together, the “Parties”).

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THE DUNHAM FUNDS SUB-ADVISORY AGREEMENT
Dunham Funds • March 4th, 2008 • Dunham Funds • California

AGREEMENT dated January 15, 2008, and effective March 1, 2008, among DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC., a California corporation (the "Adviser"), DUNHAM FUNDS, a Delaware statutory trust (the “Trust”) and VAN ECK ASSOCIATES CORPORATION, a Delaware corporation (the "Sub-Adviser") (each a “Party,” and together, the “Parties”).

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