0000910472-11-000161 Sample Contracts

THE DUNHAM FUNDS SUB-ADVISORY AGREEMENT
Dunham Funds Sub-Advisory Agreement • February 14th, 2011 • Dunham Funds • California

This AGREEMENT is dated May 26, 2010, and effective on or about July 1, 2010, among DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC., a California corporation (the “Adviser”), DUNHAM FUNDS, a Delaware statutory trust (the “Trust”) and MAR VISTA INVESTMENT PARTNERS, LLC, a State of California limited liability corporation (the “Sub-Adviser”) (each a “Party,” and together, the “Parties”).

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