Investment adviser · CRD 13162

DUNHAM

Investment adviser filing (IA)

DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC.

SAN DIEGO, CA, United States · Form ADV filed Jul 15, 2026

Regulatory AUM: $5.63B
Client accounts: 13,155
Employees: 43
Advisory professionals: 9

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
High-net-worth individuals	1,954	$3,155,958,769	56.1%
Individuals	10,820	$1,971,840,525	35.0%
Investment companies	15	$335,678,844	6.0%
Corporations & businesses	172	$99,695,238	1.8%
Charities	149	$38,540,927	0.7%
Retirement plans	45	$25,923,959	0.5%
Banks & thrifts	Fewer than 5	$0	0.0%
Government entities	Fewer than 5	$0	0.0%
Other investment advisers	Fewer than 5	$0	0.0%
Insurance companies	Fewer than 5	$0	0.0%
Sovereign wealth & foreign institutions	Fewer than 5	$0	0.0%

Filing source

Form ADV 2120055 · Jul 15, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

5 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

DUNHAM VIP VENTURES L.P.Other Private Fund · Last reported Jul 15, 2026$0Gross asset value

Fund administrator ULTIMUS PRIVATE FUND SOLUTIONS, LLC ELKHORN, Nebraska, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PKF SAN DIEGO, LLP SAN DIEGO, California, United States

Custodian DUNHAM TRUST COMPANY RENO, Nevada, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PKF SAN DIEGO, LLP
PCAOB 27

Fund details & source

Fund ID: 805-7761944740
Reported beneficial owners: 1
Minimum commitment: $1M

Form ADV 2120055 · Jul 15, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

D&A SEMI-ANNUAL MORTGAGE FUND III, L.P.Other Private Fund · Last reported Dec 6, 2013$71MGross asset value

Auditor ARMANINO MCKENNA LLP SAN RAMON, California, United States

Marketer ALLEGHENY INVESTMENTS, LTD. PITTSBURGH, Pennsylvania, United States Related to adviser: No

Marketer AMERICAN INVESTORS CO SAN RAMON, California, United States Related to adviser: No

Marketer BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. MARION, Iowa, United States Related to adviser: No

Marketer CAPITAL FINANCIAL SERVICES, INC. MINOT, North Dakota, United States Related to adviser: No

Marketer CAPITAL GUARDIAN, LLC CHARLOTTE, North Carolina, United States Related to adviser: No

Marketer CENTAURUS FINANCIAL, INC. ANAHEIM, California, United States Related to adviser: No

Marketer CETERA FINANCIAL SPECIALISTS LLC SCHAUMBURG, Illinois, United States Related to adviser: No

Marketer EAGLE ONE INVESTMENTS, LLC WASHINGTON, Iowa, United States Related to adviser: No

Marketer FINANCIAL ADVISERS OF AMERICA, LLC CARLSBAD, California, United States Related to adviser: No

Marketer FIRST ALLIED SECURITIES, INC. SAN DIEGO, California, United States Related to adviser: No

Marketer FIRST ASSET FINANCIAL INC. SALINA, Kansas, United States Related to adviser: No

Marketer FOUNDERS FINANCIAL SECURITIES, LLC TOWSON, Maryland, United States Related to adviser: No

Marketer G. A. REPPLE & COMPANY CASSELBERRY, Florida, United States Related to adviser: No

Marketer GENEOS WEALTH MANAGEMENT, INC. DENVER, Colorado, United States Related to adviser: No

Marketer GIRARD SECURITIES, INC. SAN DIEGO, California, United States Related to adviser: No

Marketer H. BECK, INC. ROCKVILLE, Maryland, United States Related to adviser: No

Marketer INDEPENDENT FINANCIAL GROUP, LLC SAN DIEGO, California, United States Related to adviser: No

Marketer INFINEX INVESTMENTS, INC. MERIDEN, Connecticut, United States Related to adviser: No

Marketer MONEY CONCEPTS ADVISORY SERVICE PALM BEACH GARDENS, Florida, United States Related to adviser: No

Marketer PACIFIC WEST SECURITIES, INC. RENTON, Washington, United States Related to adviser: No

Marketer SAMMONS SECURITIES COMPANY, LLC ANN ARBOR, Michigan, United States Related to adviser: No

Marketer SANDERS MORRIS HARRIS INC. HOUSTON, Texas, United States Related to adviser: No

Marketer SICOR SECURITIES INC DAYTON, Ohio, United States Related to adviser: No

Marketer SIGMA FINANCIAL CORPORATION ANN ARBOR, Michigan, United States Related to adviser: No

Marketer SPIRE SECURITIES, LLC RESTON, Virginia, United States Related to adviser: No

Marketer STERNE, AGEE & LEACH, INC. BIRMINGHAM, Alabama, United States Related to adviser: No

Marketer SYNERGY INVESTMENT GROUP, LLC CHARLOTTE, North Carolina, United States Related to adviser: No

Marketer TRANSAM SECURITIES, INC. ALTAMONTE SPRINGS, Florida, United States Related to adviser: No

Marketer TRIAD ADVISORS, INC. NORCROSS, Georgia, United States Related to adviser: No

Marketer UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER SCOTTSDALE, Arizona, United States Related to adviser: No

Marketer USA FINANCIAL SECURITIES CORPORATION ADA, Michigan, United States Related to adviser: No

Marketer VANDERBILT SECURITIES, LLC MELVILLIE, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: No
Administrator other than the adviser: No
External marketing: Yes

ALLEGHENY INVESTMENTS, LTD.
CRD 7597 · SEC 801-57662

AMERICAN INVESTORS CO
CRD 38 · SEC 801-57838

BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC.
CRD 13609 · SEC 801-62277

CAPITAL FINANCIAL SERVICES, INC.
CRD 8408 · SEC 801-24253

CAPITAL GUARDIAN, LLC
CRD 137919 · SEC 8-67133

CENTAURUS FINANCIAL, INC.
CRD 30833 · SEC 801-56882

CETERA FINANCIAL SPECIALISTS LLC
CRD 10358 · SEC 8-27082

EAGLE ONE INVESTMENTS, LLC
CRD 45254

FINANCIAL ADVISERS OF AMERICA, LLC
CRD 142170 · SEC 801-69221

FIRST ALLIED SECURITIES, INC.
CRD 32444 · SEC 801-47805

FIRST ASSET FINANCIAL INC.
CRD 139107 · SEC 8-67191

FOUNDERS FINANCIAL SECURITIES, LLC
CRD 137945 · SEC 801-66892

G. A. REPPLE & COMPANY
CRD 17486 · SEC 801-63426

GENEOS WEALTH MANAGEMENT, INC.
CRD 120894 · SEC 801-62331

GIRARD SECURITIES, INC.
CRD 18697 · SEC 801-61470

H. BECK, INC.
CRD 1763 · SEC 801-56879

INDEPENDENT FINANCIAL GROUP, LLC
CRD 7717 · SEC 801-62667

INFINEX INVESTMENTS, INC.
CRD 35371 · SEC 801-67242

MONEY CONCEPTS ADVISORY SERVICE
CRD 12963 · SEC 801-39736

PACIFIC WEST SECURITIES, INC.
CRD 6390 · SEC 8-17377

SAMMONS SECURITIES COMPANY, LLC
CRD 115368 · SEC 8-53482

SANDERS MORRIS HARRIS INC.
CRD 20580 · SEC 801-66300

SICOR SECURITIES INC
CRD 16195

SIGMA FINANCIAL CORPORATION
CRD 14303 · SEC 8-30466

SPIRE SECURITIES, LLC
CRD 144131 · SEC 8-67635

STERNE, AGEE & LEACH, INC.
CRD 791 · SEC 8-11754

SYNERGY INVESTMENT GROUP, LLC
CRD 46035 · SEC 801-68315

TRANSAM SECURITIES, INC.
CRD 18923 · SEC 8-37065

TRIAD ADVISORS, INC.
CRD 25803 · SEC 801-55518

UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER
CRD 20804 · SEC 801-57198

USA FINANCIAL SECURITIES CORPORATION
CRD 103857 · SEC 801-68276

VANDERBILT SECURITIES, LLC
CRD 5953 · SEC 8-16712

Fund details & source

Fund ID: 805-7001639873
Reported beneficial owners: 326
Minimum commitment: $250K

Form ADV 771045 · Dec 6, 2013 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

D&A INTERMEDIATE-TERM MORTGAGE FUND III, L.P.Other Private Fund · Last reported Dec 6, 2013$20.4MGross asset value