Small Cap Value Fund

Class - C

OVERVIEW

Fund Objective


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

Sub-Adviser Background


Boston Partners Global Investors, Inc. (“Boston Partners”), located at One Beacon Street - 30th Floor, Boston, MA, 02108, serves as Sub-Adviser to the Dunham Small Cap Value Fund. Boston Partners offers investment advisory and sub-advisory services to pension and profit-sharing plans, mutual funds, and other institutional investor.

Tickers & Cusips


Ticker DCSVX
Cusip 265458760
Share Class C-Shares
Fund Code 207

Fund Information


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

Minimum Investments


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.

PRICE/PERFORMANCE

Price & YTD Total Return (6/20/2024)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$12.31 $0.01 0.08 %
Net Asset Value (NAV): $12.31
NAV Change: $0.01
NAV Percentage Change: 0.08 %
YTD Return at NAV:
-1.36 %
YTD Return at NAV: -1.36 %

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


Most recent
month-end (as of 5/31/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 23.81 % 1.66 % 7.59 % 5.99 % 5.25 %
Average Annual
Total Return (as of 3/31/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 20.06 % 4.29 % 7.14 % 5.97 % 5.42 %
Most recent
month-end (as of 5/31/2024)
Fund
Performance
1 Yr 23.81 %
3 Yr 1.66 %
5 Yr 7.59 %
10 Yrs 5.99 %
Since Inception 5.25 %
Average Annual Total Return
(as of 3/31/2024)
Fund
Performance
1 Yr 20.06 %
3 Yr 4.29 %
5 Yr 7.14 %
10 Yrs 5.97 %
Since Inception 5.42 %
Per prospectus dated 3/1/2024
Expense Ratio: 2.63 %
Per prospectus dated 3/1/2024
Expense Ratio:
2.63 %

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.

Distribution


Date $/Share Type
12/27/2023 $0.00 Short-Term Capital Gain
12/27/2023 $0.37 Long-Term Capital Gain
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
12/30/2020 $0.02 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
12/28/2016 $0.41 Short-Term Capital Gain
12/28/2016 $0.07 Long-Term Capital Gain
12/29/2015 $0.04 Short-Term Capital Gain
12/29/2015 $0.43 Long-Term Capital Gain
12/29/2014 $0.75 Short-Term Capital Gain
12/29/2014 $0.20 Long-Term Capital Gain
12/27/2013 $0.67 Long-Term Capital Gain
12/29/2009 $0.01 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.

HOLDINGS

Top 10 Holdings (As of 5/31/2024)


Security % of Net Assets
Star Bulk Carriers Corporation 1.49 %
Gildan Activewear Inc 1.28 %
Tenet Healthcare Corp 1.27 %
Orion Marine Group, Inc. 1.23 %
Arcosa Inc. 1.18 %
Unitrin Inc 1.14 %
Brixmor Property Group Inc 1.05 %
Tronox Holdings plc 1.00 %
Nomad Foods Ltd 0.99 %
BGC Group Inc. 0.98 %

Fund Sector Allocation (As of 5/31/2024)


Industrials (21.32%)
Financials (18.44%)
Energy (9.12%)
Materials (8.78%)
Information Technology (8.12%)
Consumer Discretionary (7.87%)
Health Care (7.63%)
Real Estate (5.96%)
Cash (4.66%)
Telecommunication Services (3.31%)
Utilities (3%)
Consumer Staples (1.84%)
Currency Contracts (-0.05%)

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.

Micro Capitalization Risk - The purchase or sale of more than a limited number of shares of the securities of a micro-cap company may affect its market price. Micro-cap companies are generally followed by few, if any, securities analysts, and there tends to be less publicly available information about them. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than small and mid-capitalization companies. Such companies may also have limited markets, financial resources, or product lines, may lack management depth and may be more vulnerable to adverse business or market developments.

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.

Financial Services Sector Risk - The profitability of many types of financial services companies may be adversely affected in certain market cycles. For example, periods of rising interest rates may restrict the availability and increase the cost of capital for these companies. Moreover, when interest rates rise, the value of securities issued by many types of financial services companies generally falls. Declining economic conditions may cause credit losses due to financial difficulties of borrowers. In addition, financial services companies often are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in increased competition and reduced profitability.

Real Estate Investment Trust Risk (REIT) - A REIT’s performance depends on the types and locations of the rental 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.

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.

Natural Disaster / Endemic Risk - Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

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.