Dunham Alternative Strategy Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 27.17 4.27 22.89
Stocks 45.22 0.0 45.22
Bonds 7.87 0.0 7.87
Other 5.35 0.0 5.35
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 18.63 0.0 18.63
Convertible 0.0 0.0 0.0
Preferred 0.03 0.0 0.03

Updated 02.28.2014

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 02.28.2014

% Net Assets
iShares 20+ Year Treasury Bond 7.99
PowerShares QQQ 5.92
Industrial Select Sector SPDR® 5.32
Health Care Select Sector SPDR® 5.17
iShares US Real Estate 5.16
Technology Select Sector SPDR® 5.16
Utilities Select Sector SPDR® 5.0
iShares MSCI Europe Financials 4.93
SPDR S&P Metals & Mining ETF 4.91
Market Vectors Junior Gold Miners ETF 4.71

Bond Ratings (%)

Updated 02.28.2014

Sector DCASX
AAA 0.0
AA 98.07
A 0.0
BBB 0.0
BB 0.0
B 0.0
Below B 0.0
Other 1.93