THE DUNHAM FUNDS SUB-ADVISORY AGREEMENTSub-Advisory Agreement • November 12th, 2014 • Dunham Funds • California
This AGREEMENT is dated September 23, 2014, and effective on or about October 1, 2014 among DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC., a California corporation (the “Adviser”), DUNHAM FUNDS, a Delaware statutory trust (the “Trust”) and PENN CAPITAL MANAGEMENT COMPANY, INC., a State of Delaware corporation (the “Sub-Adviser”) (each a “Party,” and together, the “Parties”).
