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.
American Assets Capital Advisers, LLC (“AACA”) is an investment adviser specializing in publicly traded real estate securities, which include Real Estate Investment Trusts, real estate operating companies, lodging and gaming, housing, land development and real estate services. AACA manages separate accounts and mutual funds for institutions and individuals focusing on global real estate securities.
| Ticker | DNREX |
| Cusip | 265458828 |
| Share Class | N-Shares |
| Fund Code | 103 |
| Dividend Frequency | Annual* |
| Capital Gains Paid | December* |
| Fund Inception | 12/10/2004 |
| FISCAL Year-End | October |
| * If applicable |
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.
| Net Asset Value (NAV): | NAV Change: | NAV Percentage Change: |
|---|---|---|
| $12.32 | $0.11 | 0.90 % |
| Net Asset Value (NAV): | $12.32 |
|---|---|
| NAV Change: | $0.11 |
| NAV Percentage Change: | 0.90 % |
| YTD Return at NAV: |
|---|
| 3.53 % |
| YTD Return at NAV: | 3.53 % |
|---|
|
Most recent month-end (as of 10/31/2023) |
1 Yr | 3 Yr | 5 Yr | 10 Yrs | Since Inception |
|---|---|---|---|---|---|
| Fund Performance | -11.09 % | -9.75 % | -1.82 % | 2.40 % | 4.01 % |
|
Average Annual Total Return (as of 9/30/2023) |
1 Yr | 3 Yr | 5 Yr | 10 Yrs | Since Inception |
|---|---|---|---|---|---|
| Fund Performance | -3.99 % | -9.31 % | -1.28 % | 3.44 % | 4.34 % |
|
Most recent month-end (as of 10/31/2023) |
Fund Performance |
|---|---|
| 1 Yr | -11.09 % |
| 3 Yr | -9.75 % |
| 5 Yr | -1.82 % |
| 10 Yrs | 2.40 % |
| Since Inception | 4.01 % |
|
Average Annual Total Return (as of 9/30/2023) |
Fund Performance |
|---|---|
| 1 Yr | -3.99 % |
| 3 Yr | -9.31 % |
| 5 Yr | -1.28 % |
| 10 Yrs | 3.44 % |
| Since Inception | 4.34 % |
| Per prospectus dated 3/1/2023 | |
|---|---|
| Expense Ratio: | 1.01 % |
| Per prospectus dated 3/1/2023 |
|---|
| Expense Ratio: |
| 1.01 % |
Prices and returns quoted represent past results and are no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.
| Date | $/Share | Type |
|---|---|---|
| 12/28/2022 | $0.08 | Dividend |
| 12/29/2021 | $0.95 | Short-Term Capital Gain |
| 12/29/2021 | $0.35 | Long-Term Capital Gain |
| 12/30/2020 | $1.48 | Long-Term Capital Gain |
| 12/27/2019 | $0.29 | Short-Term Capital Gain |
| 12/27/2019 | $0.71 | Long-Term Capital Gain |
| 12/27/2019 | $0.31 | Dividend |
| 12/27/2018 | $0.29 | Dividend |
| 12/27/2017 | $0.12 | Long-Term Capital Gain |
| 12/27/2017 | $0.12 | Dividend |
| 12/28/2016 | $0.70 | Short-Term Capital Gain |
| 12/28/2016 | $2.12 | Long-Term Capital Gain |
| 12/28/2016 | $0.36 | Dividend |
| 12/29/2015 | $0.68 | Short-Term Capital Gain |
| 12/29/2015 | $1.08 | Long-Term Capital Gain |
| 12/29/2015 | $0.21 | Dividend |
| 12/29/2014 | $0.55 | Short-Term Capital Gain |
| 12/29/2014 | $0.38 | Long-Term Capital Gain |
| 12/29/2014 | $0.11 | Dividend |
| 12/27/2013 | $0.20 | Dividend |
| 12/27/2013 | $0.39 | Long-Term Capital Gain |
| 12/27/2012 | $0.23 | Dividend |
| 12/27/2012 | $0.53 | Long-Term Capital Gain |
| 12/28/2011 | $0.12 | Dividend |
| 12/28/2010 | $0.16 | Dividend |
| 12/29/2009 | $0.11 | Dividend |
| 12/29/2008 | $0.18 | Dividend |
| 12/27/2007 | $0.19 | Short-Term Capital Gain |
| 12/27/2007 | $0.78 | Long-Term Capital Gain |
| 12/27/2007 | $0.19 | Dividend |
Mutual funds typically distribute taxable capital gains to shareholders each December. Click below to view the year-end distribution factors (per share) for the Dunham Funds.
| Security | % of Net Assets |
|---|---|
| American Tower REIT Inc | 8.00 % |
| Prologis Inc. | 6.90 % |
| DigitalBridge Group Inc. | 6.06 % |
| Digital Realty Trust Inc | 5.78 % |
| Equinix Inc. | 5.67 % |
| FTAI Aviation Ltd. | 4.69 % |
| Alexandria Real Estate Equitie | 4.42 % |
| FTAI Infrastructure LLC | 3.82 % |
| Rexford Industrial Realty Inc | 3.69 % |
| Public Storage Inc | 3.65 % |
| Specialized REITs (20.67%) | |
| Industrial REITs (18.13%) | |
| Office REITs (12.72%) | |
| Casinos & Gaming (11.7%) | |
| Residential REITs (7.57%) | |
| Real Estate Operating Companies (6.16%) | |
| Internet Software & Services (5.77%) | |
| Trading Companies & Distributo (4.76%) | |
| Railroads (3.88%) | |
| Research & Consulting Services (2.88%) | |
| Real Estate Services (2.09%) | |
| Retail REITs (1.84%) | |
| Water Utilities (1.83%) |
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 Dunham Funds’ 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.
Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Returns for Class A Shares include the maximum sales charge (5.75% for equity funds and 4.50% for fixed income funds). Net Asset Value (NAV) returns exclude these charges, which would have reduced returns.
Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of less than one year are cumulative total returns.
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