DNREX Fees and Costs — Dunham Real Estate Stock Fund, Class N
Data updated: 2026-09-28
The net expense ratio is 1.48%: a 1.10% management fee plus 0.38% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $180K in broker commissions, 0.3704% of average net assets, and portfolio turnover was 165%.
DNREX Fees and Expenses
Annual operating expenses and sales charges of DNREX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.38% |
| Gross expense ratio | 1.48% |
| Fee waiver | — |
| Net expense ratio | 1.48% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DNREX Costs Over Time
On $10,000 invested in DNREX, assuming 5% a year before costs, total costs come to $1,138 over 5 years, cutting the return by 1.94% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.48%) | $155 | $481 | $826 |
| Trading costs (broker commissions) | $39 | $120 | $207 |
| Lost growth on money paid in costs | $0 | $30 | $105 |
| Total costs | $194 | $631 | $1,138 |
| Value after costs | $10,306 | $10,945 | $11,625 |
| Impact on return, per year | 1.94% | 1.94% | 1.94% |
DNREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.3704%
- Total broker commissions: $180K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 165%
- Securities on loan, average value: $7.6M
- Net income from securities lending: $27K (0.055% of average net assets)
DNREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $55K | 32.14% |
| JPMORGAN CHASE | $37K | 22.04% |
| JEFFERIES GROUP | $34K | 20.05% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $22K | 12.75% |
| BANK OF AMERICA MERRILL LYNCH | $6K | 3.35% |
| 22V ASSET MANAGEMENT LLC | $4K | 2.65% |
| VAN LANSCHOT KEMPEN INC. | $4K | 2.65% |
| KeyBank National Association | $3K | 1.86% |
| WESTMINSTER FINANCIAL | $3K | 1.68% |
| TULLETT PREBON FINANCIAL SERVICES LLC | $1K | 0.85% |
Dunham Real Estate Stock Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DNREX | Class N | 1.48% | none |
| DAREX | Class A | 1.73% | 5.75% |
| DCREX | Class C | 2.48% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.