DNSVX Fees and Costs — Dunham Small Cap Value Fund, Class N
Data updated: 2026-09-28
The net expense ratio is 1.17%: a 0.89% management fee plus 0.27% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $329K in broker commissions, 0.1899% of average net assets, and portfolio turnover was 106%.
DNSVX Fees and Expenses
Annual operating expenses and sales charges of DNSVX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.17% |
| Fee waiver | — |
| Net expense ratio | 1.17% |
| 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 |
DNSVX Costs Over Time
On $10,000 invested in DNSVX, assuming 5% a year before costs, total costs come to $845 over 5 years, cutting the return by 1.43% 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 1.17%) | $123 | $382 | $660 |
| Trading costs (broker commissions) | $20 | $62 | $107 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $143 | $466 | $845 |
| Value after costs | $10,357 | $11,110 | $11,918 |
| Impact on return, per year | 1.43% | 1.43% | 1.43% |
DNSVX 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): 0.1899%
- Total broker commissions: $329K
- Bought from dealers (principal trades, not a cost): $3.7M
- Portfolio turnover (prospectus): 106%
- Securities on loan, average value: $12.5M
- Net income from securities lending: $48K (0.027% of average net assets)
DNSVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROYAL BANK OF CANADA CAPITAL MARKETS | $190K | 61.83% |
| FIDELITY CAPITAL MARKETS | $32K | 10.58% |
| JPMORGAN CHASE | $31K | 9.98% |
| OPPENHEIMER & CO | $11K | 3.70% |
| MORGAN STANLEY SMITH BARNEY | $11K | 3.57% |
| UBS | $11K | 3.43% |
| BANK OF AMERICA MERRILL LYNCH | $7K | 2.40% |
| EVERCORE PARTNERS | $5K | 1.65% |
| GOLDMAN SACHS | $4K | 1.46% |
| JONES TRADING | $4K | 1.41% |
DNSVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STIFEL NICOLAUS | $673K | 18.40% |
| GOLDMAN SACHS | $536K | 14.63% |
| SBC CAPITAL MARKETS | $521K | 14.25% |
| BANK OF AMERICA MERRILL LYNCH | $482K | 13.16% |
| JPMORGAN CHASE | $434K | 11.86% |
| MORGAN STANLEY SMITH BARNEY | $269K | 7.34% |
| CRAIG-HALLUM CAPITAL GROUP | $224K | 6.13% |
| ROYAL BANK OF CANADA CAPITAL MARKETS | $214K | 5.85% |
| LUMINEX TRADING & ANALYTICS | $186K | 5.08% |
| WINTERFLOOD SECURITIES | $121K | 3.29% |
Dunham Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DNSVX | Class N | 1.17% | none |
| DASVX | Class A | 1.42% | 5.75% |
| DCSVX | Class C | 2.17% | 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.