Dunham Alternative Strategy Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 46.84 0.0 46.84
Stocks 51.84 0.0 51.84
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 1.32 0.0 1.32
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

% Net Assets
Industrial Select Sector SPDR® 10.3
Consumer Discret Select Sector SPDR® 10.02
Technology Select Sector SPDR® 9.69
iShares Russell 2000 9.47
PowerShares QQQ 9.0
SPDR S&P Homebuilders ETF 4.73