|
|
|
|
The Fund seeks to provide a high level of current income, with capital appreciation as a secondary goal.
|
PENN Capital Management
is an independent investment management firm specializing in high yield fixed
income and equity strategies. Penn manages more than $3.35 billion in high yield and equity portfolios
and is the Sub-Adviser for the Dunham High-Yield Bond Fund.
|
| DNHYX |
| 265458604 |
| N-Shares |
| 102 |
|
| Monthly |
| December* |
| 7/1/2005 |
| 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.
|
|
|
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.
High yield bonds are subject to call or redemption risk as issuers may exercise redemption or call provisions,
which may force the Fund to redeem higher yielding securities and reinvest the proceeds at potentially lower
yields. The Fund will potentially have a higher exposure to lower quality issuers in the fixed income market,
therefore bearing a greater risk of loss of principal and interest. The Fund is subject to interest rate risk;
when rates rise, the value of fixed income instruments fall. The Fund is subject to Lower-Rated Securities risk
which states securities that are rated below investment grade bonds are more prone to credit risk and default
risk. Additionally, high yield bonds are often lightly traded which may lead to liquidity risk in terms of
unfavorable execution of trades. The Fund is neither insured nor guaranteed by the FDIC. The fund invests
in synthetic instruments, the value of which may not correlate perfectly with the overall securities
markets. Some synthetic instruments are more sensitive to interest rate changes and market price fluctuations
than others.
|
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
|
|
|
|
|
|