DCSPX — Dunham US Enhanced Market Fund

DCSPX Fund Overview

DCSPX — Dunham US Enhanced Market Fund is a US mutual fund managed by Dunham Funds, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Dunham Funds
• Category: Alternative
• Assets under management: $136.30M
• 1-year return: 18.5%
• Ticker: DCSPX
• SEC CIK: 0001420040
• SEC series ID: S000080196
• Share class ID: C000241912

DCSPX Investment Objective and Strategy

Dunham US Enhanced Market Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Dunham Funds.

Investment objective

The Fund seeks to maximize long-term capital appreciation.

Principal investment strategy

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investments that provide exposure to equity securities of U.S. companies and debt securities of the U.S. government through investments in options, futures, and U.S. Treasuries. The Fund seeks to provide upside participation in the U.S. stock market when the U.S. stock market advances and seeks to reduce declines in the Fund?s value when the stock market declines. The Fund gains equity exposure through investments in S&P 500 Index options (including FLEX Options) and futures, but does not invest directly in equity securities. The Fund also invests in U.S. Treasuries and U.S. Treasury futures to help reduce downside risk. The Sub-Adviser periodically rebalances the asset mix between U.S.

Treasuries, U.S. Treasury futures, and equity index options and futures to respond to changing market conditions and to achieve what it believes to be the optimal balance between risk and reward. When determining the allocation and when to rebalance, the Sub-Adviser takes into account, among other factors: interest rates, the Fund?s equity exposure, the percentage of the Fund invested in options, the current level of the S&P 500 Index, the implied volatility of S&P 500 Index options, bond and dividend yields, the delta of the Fund?s options positions (which is a measure of the sensitivity of the Fund?s option prices to changes in the price of the S&P 500 Index), and time to maturity of the options. Typically, approximately up to 45% of the Fund?s assets are used to purchase long-term (typically tenors of 5 years or more) ?FLEX?

call options on the S&P 500 Index and S&P 500 Index futures, targeting baseline equity exposure of approximately 100% at reset. The Sub-Adviser may also purchase and write call and put options, and may hold futures both long and short, to make incremental adjustments to the Fund?s equity exposure. The remaining assets will typically be used to purchase U.S. Treasury securities and U.S. Treasury futures (representing approximately up to 150% notional exposure), targeting a net interest rate exposure (long duration from Treasuries offset by short duration from options) to potentially balance downside protection while generating positive fixed income returns, with a targeted duration range based on the Sub-Adviser?s interest rate views. The Sub-Adviser may use U.S. Treasury futures to leverage interest rate exposure to potentially limit downside risk, and notional fixed income exposure could represent up to 150% of the Fund?s assets.

U.S. Treasury futures, used to provide leverage for the fixed income portfolio, may not be fully collateralized, and may be held long or short to manage interest rate exposure. Although the Fund uses derivative instruments based on the S&P 500 index and attempts to reduce downside risk through the use of U.S. Treasuries and U.S. Treasury futures, it is possible that these strategies may underperform the S&P 500 index in up and down markets. This means that losses for the shareholders can be worse than performance declines in the S&P 500 index. The Fund is non-diversified. The Fund may also engage in securities lending.

DCSPX Holdings

Top 4 holdings of Dunham US Enhanced Market Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all DCSPX holdings

DCSPX Portfolio Allocation

Asset-class allocation of Dunham US Enhanced Market Fund by percentage of net assets, from the latest SEC N-PORT filing.

DCSPX Performance

Total returns for DCSPX (as of 2026-10-01), from SEC filings.

DCSPX Risk Information

Risk metrics for DCSPX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 15.6%

DCSPX Costs and Fees

DCSPX costs about $230 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.30%
• Gross expense ratio: 2.30%
• Portfolio turnover: 39%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

DCSPX Cashflows

Over the 12 months to 2026-07, Dunham US Enhanced Market Fund had net inflows of $19.29M, from monthly SEC N-PORT filings.

DCSPX Debt Constituents

Largest debt holdings of Dunham US Enhanced Market Fund by percentage of net assets, from the latest SEC N-PORT filing.

DCSPX Prospectus and SEC Filings

Official Dunham US Enhanced Market Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus (485BPOS) — filed 2025-02-28
• Prospectus (485BPOS) — filed 2024-02-28
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-25
• Portfolio holdings (N-PORT) — filed 2026-03-31
• Annual census (N-CEN) — filed 2026-01-14
• Annual census (N-CEN) — filed 2025-01-14

Related Funds

Other Alternative funds tracked on ABC INVEST:

• iShares 0-3 Month Treasury Bond ETF (SGOV)
• Vanguard Short-Term Inflation-Protected Securities Index Fund (VTAPX)
• SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
• Vanguard Inflation-Protected Securities Fund (VIPSX)
• iShares 0-1 Year Treasury Bond ETF (SHV)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.