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.
|Capital Gains Paid||December*|
|* If applicable|
For Class C shares, the initial minimum investment amount for regular accounts is $5,000, and for taxdeferred and certain tax efficient accounts (such as Roth IRAs) is $2,000. The minimum subsequent investment is $100. An account fee of $15 annually will be charged for all non-retirement accounts with a balance below $2,500. The account fee will not be charged if the balance falls below $2,500 due solely to depreciation of the investment. The fee is waived if your total investment amount in all Funds combined is $50,000 or more. There is no minimum initial investment for employee benefit plans, mutual fund platform platforms, supermarket programs, associations, and individual retirement accounts. The minimum subsequent investment in the Trust is $100 and there is no minimum subsequent investment for any Fund. The Trust reserves the right at any time to vary the initial and subsequent investment minimums.
|Net Asset Value (NAV):||NAV Change:||NAV Percentage Change:|
|Net Asset Value (NAV):||$10.81|
|NAV Percentage Change:||1.60 %|
|YTD Return at NAV:|
|YTD Return at NAV:||-0.92 %|
month-end (as of 4/30/2023)
|1 Yr||3 Yr||5 Yr||10 Yrs||Since
|Fund Performance||-25.62 %||-4.42 %||0.25 %||1.87 %||3.75 %|
Total Return (as of 3/31/2023)
|1 Yr||3 Yr||5 Yr||10 Yrs||Since
|Fund Performance||-29.37 %||-1.39 %||0.42 %||2.54 %||3.81 %|
month-end (as of 4/30/2023)
|1 Yr||-25.62 %|
|3 Yr||-4.42 %|
|5 Yr||0.25 %|
|10 Yrs||1.87 %|
|Since Inception||3.75 %|
Average Annual Total Return
(as of 3/31/2023)
|1 Yr||-29.37 %|
|3 Yr||-1.39 %|
|5 Yr||0.42 %|
|10 Yrs||2.54 %|
|Since Inception||3.81 %|
|Per prospectus dated 3/1/2023|
|Expense Ratio:||2.01 %|
|Per prospectus dated 3/1/2023|
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.
|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|
|12/27/2017||$0.12||Long-Term Capital Gain|
|12/28/2016||$0.70||Short-Term Capital Gain|
|12/28/2016||$2.12||Long-Term Capital Gain|
|12/29/2015||$0.68||Short-Term Capital Gain|
|12/29/2015||$1.08||Long-Term Capital Gain|
|12/29/2014||$0.55||Short-Term Capital Gain|
|12/29/2014||$0.38||Long-Term Capital Gain|
|12/27/2013||$0.39||Long-Term Capital Gain|
|12/27/2012||$0.53||Long-Term Capital Gain|
|12/27/2007||$0.19||Short-Term Capital Gain|
|12/27/2007||$0.78||Long-Term Capital Gain|
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|
|Prologis Inc.||9.63 %|
|American Tower REIT Inc||7.87 %|
|Equinix Inc.||5.46 %|
|Rexford Industrial Realty Inc||4.78 %|
|Crown Castle International Corp||4.51 %|
|DigitalBridge Group Inc.||3.97 %|
|Public Storage Inc||3.79 %|
|Alexandria Real Estate Equitie||3.74 %|
|Wynn Resorts, Limited||3.68 %|
|Vici Properties Inc.||3.64 %|
|Specialized REITs (28.91%)|
|Industrial REITs (19.34%)|
|Casinos & Gaming (12.51%)|
|Residential REITs (7.42%)|
|Office REITs (6%)|
|Internet Software & Services (5.47%)|
|Real Estate Operating Companies (4.75%)|
|Trading Companies & Distributo (3.39%)|
|Research & Consulting Services (2.62%)|
|Hotels, Resorts & Cruise Lines (2.49%)|
|Real Estate Services (2.02%)|
|Water Utilities (1.94%)|
|Health Care REITs (0.98%)|
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.
Real Estate Industry Concentration Risk - By concentrating in a single sector, the Fund carries much greater risk of adverse developments in that sector than a fund that invests in a wide variety of industries. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. When economic growth is slow, demand for property decreases and prices may decline. Property values may decrease because of overbuilding, increases in property taxes and operating expenses, changes in zoning laws, environmental regulations or hazards, uninsured casualty or condemnation losses, or a general decline in neighborhood values.
Real Estate Investment Trust Risk (REIT) - Equity REITs may be affected by any changes in the value of the properties owned and other factors, and their prices tend to go up and down. A REIT’s performance depends on the types and locations of the properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants’ failure to pay rent or poor management. A REIT’s performance also depends on the company’s ability to finance property purchases and renovations and manage its cash flows. Because REITs typically are invested in a limited number of projects or in a particular market segment, they are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments.
Stock Market Risk - Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will underperform either the securities markets generally or particular segments of the securities markets.
Non-Diversification Risk - A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
Management Risk - The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.
Small and Medium Capitalization Risk - The Fund’s investments in smaller and medium-sized companies carry more risks than investments in larger companies. Companies with small and medium size market capitalization often have narrower markets, fewer products or services to offer and more limited managerial and financial resources than do larger, more established companies. Investing in lesser-known, small and medium capitalization companies involves greater risk of volatility of the Fund’s net asset value than is customarily associated with larger, more established companies. Often smaller and medium capitalization companies and the industries in which they are 81 focused are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more sensitive to changing market conditions. Small cap companies may have returns that can vary, occasionally significantly, from the market in general.
Liquidity Risk - Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for the Fund to dispose of a security position at all or at a price which represents current or fair market value.
Portfolio Turnover Risk - The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.
Securities Lending Risk - The risk of securities lending is that the financial institution that borrows securities from the Fund could go bankrupt or otherwise default on its commitment under the securities lending agreement and the Fund might not be able to recover the loaned securities or their value.