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The Fund seeks to maximize total return from capital appreciation and dividends. A secondary investment
objective of the Fund is to exceed, over the long-term, the total return available from direct
ownership of real estate with less risk than direct ownership.
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Ten Asset Management, Inc.
Founded in December 2004, Ten Asset Management, Inc. (Ten) is an active
investment manager focusing on investing using a systematic controlled process that is
based upon sound economic principles. The firm manages assets in the long equity area and
the long/short equity space. Additionally,Ten’s founding members have experience
working with one another, as the three executives who founded the firm previously
served as principals at a prior company. As of August 30, 2006 Ten managed $369 million
for institutional clients.
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| DNREX |
| 265458828 |
| N-Shares |
| 103 |
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| Annual* |
| December* |
| 12/10/2004 |
| October |
* If applicable
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There is no minimum initial investment on a per Fund basis for Class N shares. However, the
minimum initial investment in Class N shares of the Dunham Funds, on an aggregate basis, is
$100,000 for taxable accounts and $50,000 for tax-deferred accounts (“MIN”). The MIN can be
waived if the investor has, in the opinion of the Adviser, adequate intent and availability of assets
to reach a future level of investment among the Funds that is equal to or greater than the MIN.
The MIN can also be waived by the Adviser for shareholders investing through a wrap program
or similar arrangement. There is no minimum subsequent investment amount for Class N shares.
If a Class N shareholder's investment in the Dunham Funds falls below the MIN for reasons
other than depreciation of the investment, the investor may receive a notice from the Adviser and
will be given a reasonable amount of time to cure the deficiency. If the deficiency is not cured
within such time, the Adviser reserves the right to convert the account to Class A shares (on a
load waived basis) or take other appropriate measures.
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Investors should consider the investment objectives, risk factors, charges, and expenses of
the Dunham Funds carefully before investing. This and other important information is contained
in the Fund's summary prospectus and/or prospectus, which may be obtained by contacting your
financial advisor, or by calling toll free (800) 442-4358. Please read prospectus materials
carefully before investing or sending money. Investing involves risk, including possible
loss of principal.
The N share class is offered either through brokerage platforms under contractual
agreement with the registered investment adviser or through registered investment advisers as part
of an advisory program, which includes advisory fees in addition to those presented in the
prospectus. Dunham Class C shares have no initial sales charge or contingent deferred sales
charge (CDSC). Class C shares are subject to a distribution and service fee of up to 1.00%
annually. Dunham Class A shares are offered at their public offering price, which is net asset
value per share plus the applicable sales charge. The sales charge varies, depending on how much you invest.
There are no sales charges on reinvested dividends. See the A shares prospectus for descriptions of
each Fund's front-end sales charge ("FESC") and purchase amount breakpoints, as well as ways to
reduce your sales charge. Class A shares are subject to a service fee of 0.25% annually.
REITs pool investors' funds for investments primarily in commercial real estate properties.
Like the Funds, REITs have expenses, including advisory and administration expenses, which are paid
by their shareholders. As a result, investors in the Real Estate Stock Fund will absorb duplicate levels
of fees when the Fund invests in REITs. The performance of any Fund REIT holdings ultimately depends on
the types of real property in which the REITs invest and how well the property is managed. A general
downturn in real estate values also can hurt REIT performance. The Fund may use investment techniques
involving margins and short-sales which involve higher risks, as well as higher potential rewards.
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Funds Distributed by Dunham & Associates Investment Counsel, Inc., Member FINRA/SIPC.
Dunham Funds direct shareholders (including accounts transfered from the Kelmoore Strategy Funds), please click here:
http://www.dunham.com/direct
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