Small Cap Value Fund

Class - N


Fund Objective

The Fund seeks to maximize total return from capital appreciation and income.

Sub-Adviser Background

Ziegler Capital Management, LLC (Ziegler) founded in 1991, is a wholly-owned subsidiary of Stifel Corporation. Ziegler provides asset management services for institutional investors, including: Public, Corporate and Taft-Hartley Pension Funds, Endowments, Foundations and Insurance Companies.

Tickers & Cusips

Ticker DNSVX
Cusip 265458752
Share Class N-Shares
Fund Code 107

Fund Information

Dividend Frequency Annual*
Capital Gains Paid December*
Fund Inception 12/10/2004
FISCAL Year-End October
* If applicable

Minimum Investments

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.


Price & YTD Total Return (5/26/2023)

Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$13.47 $0.14 1.05 %
Net Asset Value (NAV): $13.47
NAV Change: $0.14
NAV Percentage Change: 1.05 %
YTD Return at NAV:
-3.72 %
YTD Return at NAV: -3.72 %

Performance Inception Date (As of 12/10/2004)

Most recent
month-end (as of 4/30/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Fund Performance -5.83 % 14.52 % 3.99 % 6.95 % 5.57 %
Average Annual
Total Return (as of 3/31/2023)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Fund Performance -10.40 % 20.38 % 4.54 % 7.23 % 5.72 %
Most recent
month-end (as of 4/30/2023)
1 Yr -5.83 %
3 Yr 14.52 %
5 Yr 3.99 %
10 Yrs 6.95 %
Since Inception 5.57 %
Average Annual Total Return
(as of 3/31/2023)
1 Yr -10.40 %
3 Yr 20.38 %
5 Yr 4.54 %
10 Yrs 7.23 %
Since Inception 5.72 %
Per prospectus dated 3/1/2023
Expense Ratio: 1.61 %
Per prospectus dated 3/1/2023
Expense Ratio:
1.61 %

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 $0.01 Dividend
12/28/2022 $0.07 Short-Term Capital Gain
12/28/2022 $1.09 Long-Term Capital Gain
12/29/2021 $1.69 Short-Term Capital Gain
12/29/2021 $0.29 Long-Term Capital Gain
12/29/2021 $0.09 Dividend
12/30/2020 $0.14 Dividend
12/30/2020 $0.01 Short-Term Capital Gain
12/27/2018 $0.63 Short-Term Capital Gain
12/27/2018 $1.07 Long-Term Capital Gain
12/27/2017 $0.90 Short-Term Capital Gain
12/27/2017 $0.92 Long-Term Capital Gain
12/27/2017 $0.04 Dividend
12/28/2016 $0.41 Short-Term Capital Gain
12/28/2016 $0.07 Long-Term Capital Gain
12/28/2016 $0.10 Dividend
12/29/2015 $0.04 Short-Term Capital Gain
12/29/2015 $0.43 Long-Term Capital Gain
12/29/2015 $0.01 Dividend
12/29/2014 $0.75 Short-Term Capital Gain
12/29/2014 $0.20 Long-Term Capital Gain
12/29/2014 $0.04 Dividend
12/27/2013 $0.67 Long-Term Capital Gain
12/27/2013 $0.02 Dividend
12/27/2012 $0.03 Dividend
12/28/2010 $0.02 Dividend
12/29/2009 $0.09 Dividend
12/29/2008 $0.10 Dividend
12/27/2007 $0.30 Short-Term Capital Gain
12/27/2007 $0.04 Long-Term Capital Gain

Year-End Distribution

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.


Top 10 Holdings (As of 4/28/2023)

Security % of Net Assets
Meritage Homes Corp 2.04 %
Meta Financial Group Inc 1.86 %
Essential Properties Realty Trust Inc. 1.81 %
Mueller Industries Inc 1.69 %
SkyWest Inc 1.68 %
Huron Consulting Group 1.64 %
Avista Corp 1.63 %
DiamondRock Hospitality 1.62 %
Liveramp Holdings Inc 1.57 %
Ingles Markets Inc 1.56 %

Fund Sector Allocation (As of 4/28/2023)

Financials (25.5%)
Consumer Discretionary (15.68%)
Industrials (12.19%)
Real Estate (11.28%)
Health Care (9.22%)
Information Technology (5.96%)
Energy (5.47%)
Utilities (5.4%)
Materials (5.25%)
Consumer Staples (2.98%)
Cash (1.07%)

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.

Small Capitalization Risk - The Fund's investments in small cap companies carry more risks than investments in larger companies. Small cap companies often have narrower markets, fewer products, or services to offer and more limited managerial and financial resources than do larger, more established companies.

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.

Financials Sector Risk - Companies in the financials sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. Recently enacted legislation in the U.S. has relaxed capital requirements and other regulatory burdens on certain U.S. banks. While the effect of the legislation may benefit certain companies in the financials sector, increased risk taking by affected banks may also result in greater overall risk in the financials sector. The impact of changes in capital requirements, or recent or future regulation in various countries, on any individual financial company or on the financials sector as a whole cannot be predicted. Certain risks may impact the value of investments in the financials sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. The financials sector is particularly sensitive to fluctuations in interest rates. The financials sector is also a target for cyber-attacks, and may experience technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact the Fund.

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.

Foreign Investing Risk - Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability, and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

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.

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.

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.