Investments as of May 31, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund Certificates of Deposit 26,500,000 Banco Del Estado de Chile (NY) 2.260 7/19/2018 26,512,519 0.86% 75,000,000 Banco Del Estado de Chile (NY), 1-month LIBOR + 0.350% 2.267 9/4/2018 75,050,625 2.44% 125,000,000 Bank of Nova Scotia (TX), 1-month LIBOR + 0.150% 2.069 6/15/2018 125,014,375 4.06% 75,000,000 BNP Paribas (NY) 2.040 6/5/2018 75,002,626 2.43% 60,000,000 Commonwealth Bank of Australia (NY), 1-month LIBOR + 0.260% 2.169 1/3/2019 60,021,120 1.95% 18,000,000 Credit Agricole Corporate & Investment Bank (NY) 1.850 7/5/2018 18,001,474 0.58% 130,000,000 Credit Industriel et Commercial (NY) 2.250 6/20/2018 130,037,175 4.22% 100,000,000 Dexia Credit Local S.A. (NY), 3-month LIBOR + 0.100% 2.431 5/17/2019 99,990,248 3.24% 25,000,000 DNB Nor Bank ASA (NY) 2.230 7/19/2018 25,011,645 0.81% 100,000,000 DNB Nor Bank ASA (NY) 2.230 8/8/2018 100,041,267 3.25% 100,000,000 DZ Bank (NY) 2.250 8/9/2018 100,021,312 3.24% 50,000,000 Landesbank Hessen (NY) 2.300 7/6/2018 50,021,715 1.62% 50,000,000 Landesbank Hessen (NY) 2.300 7/16/2018 50,025,913 1.62% 50,000,000 Mizuho Bank Ltd. (NY) 1.970 6/4/2018 50,001,055 1.62% 75,000,000 Mizuho Bank Ltd. (NY) 2.030 7/23/2018 75,001,564 2.43% 30,000,000 Nordea Bank AB (NY) 1.840 7/10/2018 29,997,790 0.97% 43,500,000 Nordea Bank AB (NY) 1.850 6/11/2018 43,501,185 1.41% 35,000,000 Norinchukin Bank (NY) 2.300 6/20/2018 35,008,185 1.14% 50,000,000 Oversea-Chinese Banking Corp. Ltd. (NY) 2.120 7/16/2018 50,003,891 1.62% 16,000,000 Oversea-Chinese Banking Corp. Ltd. (NY) 2.220 6/14/2018 16,002,289 0.52% 25,000,000 Royal Bank of Canada (NY), 1-month LIBOR + 0.180% 2.098 6/12/2018 25,002,650 0.81% 50,000,000 Royal Bank of Canada (NY), 1-month LIBOR + 0.180% 2.109 7/10/2018 50,015,550 1.62% 36,000,000 Royal Bank of Canada (NY), 3-month LIBOR + 0.250% 2.542 3/27/2019 36,031,669 1.17% 41,000,000 Skandinaviska Enskilda Banken AB (NY), 1-month LIBOR + 0.300% 2.218 9/14/2018 41,019,434 1.33% 45,000,000 Sumitomo Mitsui Bank (NY), 1-month LIBOR + 0.200% 2.123 6/5/2018 45,002,295 1.46% 100,000,000 Sumitomo Mitsui Bank (NY), 1-month LIBOR + 0.210% 2.158 7/19/2018 100,020,000 3.24% 90,000,000 Sumitomo Mitsui Trust Bank (NY), 1-month LIBOR + 0.200% 2.119 6/15/2018 90,012,240 2.92% 25,000,000 Svenska Handelsbanken (NY), 1-month LIBOR + 0.120% 2.043 6/6/2018 25,001,175 0.81% 100,000,000 Svenska Handelsbanken (NY), 1-month LIBOR + 0.210% 2.158 11/20/2018 100,005,900 3.24% 25,000,000 Swedbank (NY), 1-month LIBOR + 0.110% 2.019 6/4/2018 25,000,750 0.81% 62,100,000 Swedbank (NY), 1-month LIBOR + 0.110% 2.027 6/4/2018 62,102,173 2.02% 40,500,000 Swedbank (NY), 1-month LIBOR + 0.150% 2.079 7/11/2018 40,511,259 1.31% 35,000,000 Toronto-Dominion Bank (NY) 2.240 8/29/2018 34,999,020 1.14% 50,000,000 Wells Fargo Bank NA, 1-month LIBOR + 0.210% 2.119 9/6/2018 50,014,600 1.62% Total 1,959,006,688 63.53% Time Deposits 146,000,000 Canadian Imperial Bank of Commerce 1.680 6/1/2018 146,000,000 4.74% 146,000,000 National Bank of Kuwait 1.700 6/1/2018 146,000,000 4.73% 72,500,000 Skandinaviska Enskilda Banken (NY) 1.670 6/1/2018 72,500,000 2.35% Total 364,500,000 11.82% Commercial Paper 4,600,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.973 ( ) 6/12/2018 4,597,229 0.15% 40,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.983 ( ) 6/14/2018 39,971,658 1.30% 27,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 2.003 ( ) 6/19/2018 26,973,424 0.87% 50,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 2.003 ( ) 6/21/2018 49,945,108 1.62% 100,000,000 ING (U.S.) Funding LLC, (Credit Support: ING Bank NV), 1-month LIBOR + 0.230% 2.195 ( ) 11/26/2018 100,007,600 3.24% 100,000,000 Santander UK PLC 2.335 ( ) 7/18/2018 99,728,000 3.23% Total 321,223,019 10.41% Other Notes 38,500,000 Bank of America NA 2.069 8/2/2018 38,495,674 1.25% 50,000,000 Bank of America NA 2.119 8/16/2018 49,993,910 1.62% Total 88,489,584 2.87%
Investments as of May 31, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund Treasuries 48,000,000 U.S. Treasury Bills 1.615-1.648 ( ) 6/7/2018 47,987,530 1.56% 50,250,000 U.S. Treasury Bills 1.673 ( ) 7/5/2018 50,166,829 1.63% 18,600,000 U.S. Treasury Bills 1.807-1.808 ( ) 8/2/2018 18,540,899 0.60% 18,100,000 U.S. Treasury Bills 1.860 ( ) 9/6/2018 18,007,611 0.58% Total 134,702,869 4.37% Total Investments 2,867,922,160 93.00% Other assets less liabilities 215,731,255 7.00% Net Assets 3,083,653,415 100.00% Forward Foreign Currency Contracts Currency Bought/ Sold (B/S) Units of Currency In Exchange For Appreciation/ Counterparty Delivery UBS AG 06/20/2018 CHF B 168,875,000 169,867,525 $ 171,579,086 $ 1,711,561 UBS AG 06/20/2018 CHF B 153,125,000 162,565,953 155,576,892 (6,989,061) UBS AG 06/20/2018 CHF S 592,375,000 613,877,609 601,860,319 12,017,290 UBS AG 06/20/2018 CHF S 96,250,000 97,350,452 97,791,189 (440,737) UBS AG 06/20/2018 MXN B 6,697,500,000 357,389,941 334,860,873 (22,529,068) UBS AG 06/20/2018 MXN S 7,791,000,000 409,121,213 389,533,566 19,587,647 UBS AG 06/20/2018 MXN S 274,500,000 13,677,477 13,724,421 (46,944) UBS AG 06/20/2018 NOK B 2,084,000,000 268,436,253 254,840,159 (13,596,094) UBS AG 06/20/2018 NOK S 2,224,000,000 281,177,435 271,959,939 9,217,496 UBS AG 06/20/2018 NOK S 366,000,000 44,361,944 44,755,997 (394,053) UBS AG 06/20/2018 NZD B 432,900,000 314,790,419 302,939,217 (11,851,202) UBS AG 06/20/2018 NZD S 511,600,000 364,794,368 358,012,713 6,781,655 UBS AG 06/20/2018 NZD S 254,500,000 176,088,547 178,096,629 (2,008,082) UBS AG 06/20/2018 PLN B 849,000,000 249,290,468 229,844,138 (19,446,330) UBS AG 06/20/2018 PLN S 896,500,000 254,992,688 242,703,498 12,289,190 UBS AG 06/20/2018 PLN S 188,000,000 50,511,427 50,895,993 (384,566) UBS AG 06/20/2018 SEK B 188,000,000 21,333,970 21,343,636 9,666 UBS AG 06/20/2018 SEK B 2,964,000,000 353,246,174 336,502,854 (16,743,320) UBS AG 06/20/2018 SEK S 4,850,000,000 572,467,453 550,620,392 21,847,061 UBS AG 06/20/2018 SEK S 774,000,000 87,216,268 87,872,203 (655,935) UBS AG 06/20/2018 SGD B 703,125,000 535,685,427 525,310,634 (10,374,793) UBS AG 06/20/2018 SGD S 674,125,000 509,968,124 503,644,488 6,323,636 UBS AG 06/20/2018 SGD S 43,000,000 32,012,058 32,125,664 (113,606) UBS AG 06/20/2018 TRY B 603,000,000 148,996,443 132,190,025 (16,806,418) UBS AG 06/20/2018 TRY S 996,900,000 243,628,756 218,541,021 25,087,735 UBS AG 06/20/2018 ZAR B 2,916,000,000 244,253,292 228,581,216 (15,672,076) UBS AG 06/20/2018 ZAR S 2,576,000,000 208,583,931 201,929,085 6,654,846 Total $ (16,524,502) Financial Futures Description Expiration Contracts Amount Appreciation Long Position Contracts: AEX-Index 6/15/2018 989 $ 130,112,264 $ 127,689,734 $ (2,422,530) ASX SPI 200 6/21/2018 1,369 154,819,298 155,710,066 890,768 CAC 40 6/15/2018 2,097 134,865,982 131,841,617 (3,024,365) DAX 6/15/2018 237 89,410,200 87,358,589 (2,051,611) E-mini Dow 6/15/2018 749 92,856,695 91,441,665 (1,415,030) E-mini NASDAQ 100 6/15/2018 771 108,408,054 107,585,340 (822,714) E-mini S&P 500 6/15/2018 663 90,206,175 89,687,325 (518,850) E-mini S&P MidCap 400 6/15/2018 733 141,792,305 142,715,100 922,795 Euribor 9/17/2018 3,635 1,065,660,689 1,065,189,985 (470,704) Euro-Buxl 30 Year Bond 6/7/2018 1,067 208,872,369 213,002,087 4,129,718 Euro Schatz 6/7/2018 7,444 973,418,514 976,280,128 2,861,614 Euro-OAT 6/7/2018 3,233 584,005,272 588,474,447 4,469,175 EURO STOXX 50 6/15/2018 2,383 97,403,456 94,913,823 (2,489,633) FTSE 100 Index 6/15/2018 1,461 148,256,882 148,965,300 708,418 FTSE MIB 6/15/2018 249 33,753,441 31,694,270 (2,059,171) FTSE/JSE Top 40 Index 6/21/2018 481 19,551,466 18,880,289 (671,177) German Euro BOBL 6/7/2018 3,435 527,255,782 532,199,218 4,943,436 German Euro Bund 6/7/2018 2,675 503,563,325 507,045,868 3,482,543 Hang Seng China Enterprises Index 6/28/2018 706 53,988,684 53,693,518 (295,166)
Investments as of May 31, 2018 (Unaudited) Hang Seng Index 6/28/2018 428 83,287,498 83,210,399 (77,099) Mini-Russell 2000 6/15/2018 1,968 157,421,585 160,805,280 3,383,695 MSCI EAFE Index 6/15/2018 1,041 105,335,660 103,423,350 (1,912,310) MSCI Emerging Markets Index 6/15/2018 954 57,542,015 53,505,090 (4,036,925) MSCI Singapore 6/28/2018 1,317 39,571,010 38,511,073 (1,059,937) MSCI Taiwan Index 6/28/2018 1,248 49,746,605 49,283,520 (463,085) Nikkei 225 6/7/2018 481 97,022,981 98,114,538 1,091,557 OMXS30 6/15/2018 6,340 114,829,734 110,961,323 (3,868,411) Sterling 9/19/2018 6,318 1,042,205,951 1,042,295,682 89,731 S&P/TSX 60 Index 6/14/2018 1,341 190,948,527 196,361,453 5,412,926 Short-Term Euro-BTP 6/7/2018 623 82,004,699 79,823,707 (2,180,992) TOPIX 6/7/2018 642 103,436,641 102,952,521 (484,120) UK Long Gilt 9/26/2018 410 67,129,932 67,289,866 159,934 Total Long Position Contracts $ 2,222,480 Short Position Contracts: Australian Dollar 6/18/2018 (1,187) $ (88,719,130) $ (89,820,290) $ (1,101,160) British Pound 6/18/2018 (2,544) (212,496,156) (211,454,100) 1,042,056 Canadian Dollar 6/19/2018 (1,376) (106,353,265) (106,247,840) 105,425 Euro 6/18/2018 (2,468) (359,985,212) (360,960,425) (975,213) Euro-BTP 6/7/2018 (509) (75,005,792) (75,100,848) (95,056) Eurodollar 12/17/2018 (10,808) (2,630,937,400) (2,632,828,800) (1,891,400) IBEX 35 6/15/2018 (81) (9,049,772) (8,945,751) 104,021 Japanese Yen 6/18/2018 (1,382) (156,743,825) (159,189,125) (2,445,300) Ultra Long U.S. Treasury Bond 9/19/2018 (278) (42,947,469) (44,341,000) (1,393,531) 2 Year U.S. Treasury Note 9/28/2018 (3,099) (655,074,389) (657,714,331) (2,639,942) 5 Year U.S. Treasury Note 9/28/2018 (2,091) (235,818,257) (238,145,297) (2,327,040) 10 Year U.S. Treasury Note 9/19/2018 (1,179) (139,766,766) (141,995,813) (2,229,047) 30 Year U.S. Treasury Bond 9/19/2018 (538) (76,055,867) (78,077,250) (2,021,383) 10 Year Australia Government Bond 6/15/2018 (179) (17,111,044) (17,463,296) (352,252) 10 Year Canada Government Bond 9/19/2018 (1,259) (129,104,882) (131,997,887) (2,893,005) 3 Year Australia Government Bond 6/15/2018 (2,468) (206,672,172) (207,526,385) (854,213) Total Short Position Contracts $ (19,967,040) Total Futures Contracts $ (17,744,560) Commodity Futures Description Expiration Contracts Amount Appreciation Long Position Contracts: Aluminum LME 6/20/2018 4,303 $ 245,412,073 $ 247,234,244 $ 1,822,171 Aluminum LME 9/19/2018 693 39,603,504 39,717,563 114,059 Brent Crude Oil 6/29/2018 1,115 86,896,950 86,479,400 (417,550) Cocoa 7/16/2018 683 17,858,320 16,760,820 (1,097,500) Copper 7/27/2018 600 46,811,062 45,975,000 (836,062) Copper LME 6/20/2018 955 166,132,074 163,484,062 (2,648,012) Copper LME 9/19/2018 368 63,040,700 63,098,200 57,500 Cotton 12/6/2018 1,316 59,749,410 60,299,120 549,710 Gasoline 6/29/2018 807 72,415,888 73,227,987 812,099 Gold 8/29/2018 183 23,678,320 23,876,010 197,690 Low Sulfur Gasoil 7/12/2018 1,257 84,389,875 85,695,975 1,306,100 New York Harbor ULSD 6/29/2018 915 83,375,872 84,722,778 1,346,906 Nickel LME 6/20/2018 469 39,232,923 42,675,717 3,442,794 Nickel LME 9/19/2018 384 35,331,840 35,110,656 (221,184) Soybean 7/13/2018 836 44,190,125 42,573,300 (1,616,825) Soybean Meal 7/13/2018 1,248 48,781,600 46,837,440 (1,944,160) Wheat 12/14/2018 4 111,500 112,550 1,050 WTI Crude Oil 6/20/2018 823 58,474,150 55,173,920 (3,300,230) Zinc LME 6/20/2018 562 46,646,000 43,632,275 (3,013,725) Zinc LME 9/19/2018 306 23,791,500 23,715,000 (76,500) Total Long Position Contracts $ (5,521,669) Short Position Contracts: Aluminum LME 6/20/2018 (4,303) $ (226,571,110) $ (247,234,243) $ (20,663,133) Coffee 7/19/2018 (1,212) (54,839,550) (56,221,650) (1,382,100) Copper LME 6/20/2018 (955) (162,521,128) (163,484,063) (962,935) Corn 12/14/2018 (804) (17,125,200) (16,632,750) 492,450 Live Cattle 8/31/2018 (1,669) (69,461,110) (69,397,020) 64,090 Natural Gas 6/27/2018 (274) (7,562,400) (8,088,480) (526,080) Nickel LME 6/20/2018 (469) (42,138,450) (42,675,717) (537,267) Silver 7/27/2018 (485) (40,329,440) (39,910,650) 418,790 Soybean Oil 7/13/2018 (1,961) (37,150,272) (36,615,792) 534,480 Sugar 6/29/2018 (3,151) (42,621,835) (45,137,445) (2,515,610)
Investments as of May 31, 2018 (Unaudited) Zinc LME 6/20/2018 (562) (43,933,870) (43,632,275) 301,595 Total Short Position Contracts $ (24,775,720) Total Futures Contracts $ (30,297,389) ( ) Interest rate represents discount rate at time of purchase; not a coupon rate. The Fund invests in commodity-related derivatives through its investment in the ASG Managed Futures Strategy Cayman Fund Ltd., a wholly owned subsidiary (the "Subsidiary"). Investments of the Subsidiary have been consolidated with those of the Fund for reporting purposes. The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.
Investments as of April 30, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund Certificates of Deposit 40,000,000 Abbey National Treasury Services PLC 2.000 5/1/2018 40,000,322 1.26% 75,000,000 Banco Del Estado de Chile (NY), 1-month LIBOR + 0.350% 2.233 9/4/2018 75,010,875 2.36% 26,500,000 Banco Del Estado de Chile (NY) 2.260 7/19/2018 26,507,526 0.83% 120,000,000 Bank of Montreal (IL), 1-month LIBOR + 0.280% 2.175 5/8/2018 120,011,160 3.78% 125,000,000 Bank of Nova Scotia (TX), 1-month LIBOR + 0.150% 2.047 6/15/2018 125,023,250 3.94% 75,000,000 BNP Paribas (NY) 2.040 6/5/2018 75,013,706 2.36% 60,000,000 Commonwealth Bank of Australia (NY), 1-month LIBOR + 0.260% 2.147 1/3/2019 59,968,680 1.89% 50,000,000 Credit Agricole Corporate & Investment Bank (NY) 1.730 5/17/2018 50,002,750 1.58% 130,000,000 Credit Industriel et Commercial (NY) 2.250 6/20/2018 130,095,270 4.10% 25,000,000 DNB Nor Bank ASA (NY) 2.230 7/19/2018 25,005,615 0.79% 100,000,000 DZ Bank (NY) 1.700 5/2/2018 99,999,700 3.15% 57,000,000 KBC Bank NV (NY) 1.720 5/4/2018 56,999,886 1.80% 50,000,000 Landesbank Hessen (NY) 2.300 7/6/2018 50,026,450 1.58% 50,000,000 Landesbank Hessen (NY) 2.300 7/16/2018 50,021,400 1.58% 90,000,000 Mitsubishi UFJ Trust & Banking Corp. (NY), 1-month LIBOR + 0.200% 2.087 5/1/2018 90,000,900 2.83% 80,000,000 Mizuho Bank Ltd. (NY) 1.860 5/24/2018 80,001,466 2.52% 50,000,000 Mizuho Bank Ltd. (NY) 1.970 6/4/2018 50,003,852 1.58% 40,000,000 MUFG Bank Ltd. (NY) 1.870 5/24/2018 40,000,466 1.26% 30,000,000 Nordea Bank AB (NY) 1.840 7/10/2018 29,987,965 0.94% 50,000,000 Norinchukin Bank (NY) 1.850 5/24/2018 50,000,550 1.57% 35,000,000 Norinchukin Bank (NY) 2.300 6/20/2018 35,016,657 1.10% 16,000,000 Oversea-Chinese Banking Corp. Ltd. (NY) 2.220 6/14/2018 16,003,773 0.50% 25,000,000 Royal Bank of Canada (NY), 1-month LIBOR + 0.180% 2.074 6/12/2018 25,005,600 0.79% 50,000,000 Royal Bank of Canada (NY), 1-month LIBOR + 0.180% 2.077 7/10/2018 50,007,500 1.58% 36,000,000 Royal Bank of Canada (NY), 3-month LIBOR + 0.250% 2.542 3/27/2019 36,022,293 1.13% 41,000,000 Skandinaviska Enskilda Banken AB (NY), 1-month LIBOR + 0.300% 2.197 9/14/2018 41,001,230 1.29% 45,000,000 Sumitomo Mitsui Bank (NY), 1-month LIBOR + 0.200% 2.078 6/5/2018 45,002,430 1.42% 100,000,000 Sumitomo Mitsui Bank (NY), 1-month LIBOR + 0.210% 2.106 7/19/2018 99,990,400 3.15% 50,000,000 Sumitomo Mitsui Trust Bank (NY) 2.000 5/21/2018 50,004,427 1.58% 90,000,000 Sumitomo Mitsui Trust Bank (NY), 1-month LIBOR + 0.200% 2.097 6/15/2018 89,999,730 2.83% 75,000,000 Svenska Handelsbanken (NY), 1-month LIBOR + 0.110% 2.008 5/21/2018 75,008,775 2.36% 25,000,000 Svenska Handelsbanken (NY), 1-month LIBOR + 0.120% 2.011 6/6/2018 25,003,950 0.79% 62,100,000 Swedbank (NY), 1-month LIBOR + 0.110% 1.993 6/4/2018 62,111,551 1.96% 25,000,000 Swedbank (NY), 1-month LIBOR + 0.110% 1.997 6/4/2018 25,003,725 0.79% 40,500,000 Swedbank (NY), 1-month LIBOR + 0.150% 2.047 7/11/2018 40,503,402 1.28% 15,600,000 Toronto-Dominion Bank (NY) 1.950 5/22/2018 15,601,165 0.49% 50,000,000 Wells Fargo Bank NA, 1-month LIBOR + 0.210% 2.097 9/6/2018 49,982,150 1.57% Total 2,104,950,547 66.31% Time Deposits 50,000,000 Canadian Imperial Bank of Commerce 1.660 5/1/2018 50,000,000 1.58% 30,000,000 DNB Nor Bank ASA (NY) 1.670 5/1/2018 30,000,000 0.94% 150,150,000 National Bank of Kuwait 1.700 5/1/2018 150,150,000 4.73% 100,000,000 Skandinaviska Enskilda Banken (NY) 1.670 5/1/2018 100,000,000 3.15% Total 330,150,000 10.40% Commercial Paper 4,600,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.953( ) 5/15/2018 4,596,473 0.14% 40,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.953( ) 5/17/2018 39,964,999 1.26% 27,100,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.953( ) 5/22/2018 27,068,749 0.85% 49,900,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.953( ) 5/24/2018 49,836,793 1.57% 100,000,000 ING (U.S.) Funding LLC, 1-month LIBOR + 0.130% 2.026( ) 5/17/2018 100,011,000 3.15% 100,000,000 Santander UK PLC 2.335( ) 7/18/2018 99,524,464 3.14% Total 321,002,478 10.11% Other Notes 38,500,000 Bank of America NA 2.043 8/2/2018 38,484,485 1.21%
Investments as of April 30, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund 50,000,000 Bank of America NA 2.076 8/16/2018 49,978,403 1.58% Total 88,462,888 2.79% Treasuries 29,400,000 U.S. Treasury Bills 1.383-1.550( ) 5/3/2018 29,397,450 0.92% 48,000,000 U.S. Treasury Bills 1.615-1.648( ) 6/7/2018 47,919,155 1.51% 50,250,000 U.S. Treasury Bills 1.673( ) 7/5/2018 50,091,359 1.58% Total 127,407,964 4.01% Total Investments 2,971,973,877 93.62% Other assets less liabilities 202,643,728 6.38% Net Assets 3,174,617,605 100.00% Foreign Currency Exchange Contracts Currency Bought/ Sold (B/S) Units of Currency In Exchange For Appreciation/ Counterparty Delivery UBS AG 06/20/2018 MXN B 3,028,000,000 159,796,388 $ 160,693,207 $ 896,819 UBS AG 06/20/2018 MXN B 3,669,500,000 197,593,554 194,737,028 (2,856,526) UBS AG 06/20/2018 MXN S 2,537,500,000 137,855,947 134,662,818 3,193,129 UBS AG 06/20/2018 MXN S 1,882,500,000 99,185,148 99,902,563 (717,415) UBS AG 06/20/2018 NZD B 403,800,000 294,361,317 284,079,597 (10,281,720) UBS AG 06/20/2018 NZD S 403,800,000 289,134,752 284,079,597 5,055,155 UBS AG 06/20/2018 NOK B 1,850,000,000 239,404,007 231,002,131 (8,401,876) UBS AG 06/20/2018 NOK S 1,850,000,000 234,725,359 231,002,131 3,723,228 UBS AG 06/20/2018 PLN B 849,000,000 249,290,468 242,054,748 (7,235,720) UBS AG 06/20/2018 PLN S 467,000,000 135,727,872 133,144,366 2,583,506 UBS AG 06/20/2018 SGD B 661,125,000 504,154,094 499,104,364 (5,049,730) UBS AG 06/20/2018 SGD S 311,375,000 236,627,434 235,066,926 1,560,508 UBS AG 06/20/2018 SGD S 268,250,000 202,363,475 202,510,487 (147,012) UBS AG 06/20/2018 ZAR B 2,859,500,000 239,692,105 227,950,358 (11,741,747) UBS AG 06/20/2018 ZAR S 2,130,000,000 173,414,266 169,796,909 3,617,357 UBS AG 06/20/2018 SEK B 1,878,000,000 227,484,944 215,259,351 (12,225,593) UBS AG 06/20/2018 SEK S 4,392,000,000 520,366,225 503,418,036 16,948,189 UBS AG 06/20/2018 CHF B 153,125,000 162,565,953 155,160,980 (7,404,973) UBS AG 06/20/2018 CHF S 592,375,000 613,877,609 600,251,332 13,626,277 UBS AG 06/20/2018 CHF S 39,875,000 40,386,773 40,405,186 (18,413) UBS AG 06/20/2018 TRY B 66,900,000 16,041,510 16,223,626 182,116 UBS AG 06/20/2018 TRY B 451,800,000 113,760,812 109,564,041 (4,196,771) UBS AG 06/20/2018 TRY S 678,600,000 167,010,341 164,564,316 2,446,025 UBS AG 06/20/2018 TRY S 253,500,000 61,083,861 61,475,176 (391,315) Total $ (16,836,502) Financial Futures Description Expiration Contracts Amount Appreciation Long Position Contracts: AEX-Index 5/18/2018 891 $ 117,546,138 $ 118,991,666 $ 1,445,528 ASX SPI 200 6/21/2018 892 99,161,193 100,160,508 999,314 Australian Dollar 6/18/2018 278 21,613,810 20,933,400 (680,410) British Pound 6/18/2018 753 67,730,500 64,833,300 (2,897,200) CAC 40 5/18/2018 1,707 110,461,545 112,818,924 2,357,379 DAX 6/15/2018 45 17,111,159 17,132,669 21,510 E-mini Dow 6/15/2018 616 76,397,615 74,323,480 (2,074,135) E-mini NASDAQ 100 6/15/2018 541 76,472,714 71,552,660 (4,920,054) E-mini S&P 500 6/15/2018 478 65,072,800 63,263,300 (1,809,500) E-mini S&P MidCap 400 6/15/2018 496 95,582,655 92,856,160 (2,726,495) Euro 6/18/2018 1,726 268,525,269 261,553,725 (6,971,544) Euribor 9/17/2018 3,838 1,162,283,825 1,162,399,694 115,869 Euro-Buxl 30 Year Bond 6/7/2018 697 138,958,639 137,651,122 (1,307,516) Euro Schatz 6/7/2018 7,740 1,045,348,519 1,046,049,519 701,000 Euro-BTP 6/7/2018 3,013 503,907,937 505,787,578 1,879,641 Euro-OAT 6/7/2018 2,796 520,359,164 519,331,570 (1,027,595) EURO STOXX 50 6/15/2018 639 26,526,605 26,807,336 280,731 FTSE 100 Index 6/15/2018 733 74,388,856 75,280,399 891,544 FTSE MIB 6/15/2018 444 60,967,209 63,263,200 2,295,991 FTSE/JSE Top 40 Index 6/21/2018 319 13,161,003 13,263,388 102,385 German Euro BOBL 6/7/2018 2,591 409,173,652 409,884,686 711,035
Investments as of April 30, 2018 (Unaudited) German Euro Bund 6/7/2018 1,320 253,996,237 253,036,570 (959,667) Hang Seng China Enterprises Index 5/30/2018 730 55,882,795 57,038,153 1,155,358 Hang Seng Index 5/30/2018 346 66,364,859 67,591,815 1,226,956 Mini-Russell 2000 6/15/2018 1,314 104,371,720 101,427,660 (2,944,060) MSCI EAFE Index 6/15/2018 1,081 109,321,260 109,532,325 211,065 MSCI Emerging Markets Index 6/15/2018 893 54,080,090 51,445,730 (2,634,360) MSCI Singapore 5/30/2018 1,270 38,793,518 39,397,775 604,257 MSCI Taiwan Index 5/30/2018 895 34,878,720 35,218,250 339,530 Nikkei 225 6/7/2018 318 62,281,959 65,479,144 3,197,185 OMXS30 5/18/2018 1,950 35,058,644 34,850,656 (207,988) S&P CNX Nifty Futures Index 5/31/2018 2,857 60,670,076 61,625,490 955,414 S&P/TSX 60 Index 6/14/2018 747 106,085,844 107,039,262 953,417 Short-Term Euro-BTP 6/7/2018 4,013 544,260,303 546,445,950 2,185,647 TOPIX 6/7/2018 475 74,545,051 77,320,024 2,774,973 Total Long Position Contracts $ (5,754,795) Short Position Contracts: Canadian Dollar 6/19/2018 (644) $ (50,130,220) $ (50,193,360) $ (63,140) Eurodollar 9/17/2018 (17,972) (4,385,528,475) (4,381,124,300) 4,404,175 IBEX 35 5/18/2018 (234) (27,666,277) (28,182,666) (516,389) Japanese Yen 6/18/2018 (2,463) (286,134,506) (282,567,675) 3,566,831 Sterling 9/19/2018 (8,733) (1,487,811,048) (1,490,065,307) (2,254,259) UK Long Gilt 6/27/2018 (1,565) (261,652,838) (263,413,388) (1,760,551) Ultra Long U.S. Treasury Bond 6/20/2018 (582) (90,477,750) (91,446,750) (969,000) 2 Year U.S. Treasury Note 6/29/2018 (8,188) (1,739,421,604) (1,736,239,821) 3,181,784 3 Year Australia Government Bond 6/15/2018 (6,966) (581,037,324) (581,662,463) (625,140) 5 Year U.S. Treasury Note 6/29/2018 (7,975) (905,861,045) (905,224,809) 636,236 10 Year Australia Government Bond 6/15/2018 (1,492) (142,636,809) (143,656,403) (1,019,594) 10 Year Canada Government Bond 6/20/2018 (2,793) (284,958,612) (285,945,598) (986,985) 10 Year U.S. Treasury Note 6/20/2018 (4,151) (496,783,438) (496,563,375) 220,063 30 Year U.S. Treasury Bond 6/20/2018 (1,182) (169,819,969) (170,023,313) (203,344) Total Short Position Contracts $ 3,610,687 Total Futures Contracts $ (2,144,108) Commodity Futures Description Expiration Contracts Amount Appreciation Long Position Contracts: Aluminum LME 6/20/2018 4,303 $ 245,412,072 $ 243,657,375 $ (1,754,698) Brent Crude Oil 5/31/2018 1,234 87,379,540 92,167,460 4,787,920 Cocoa 7/16/2018 715 18,172,890 20,198,750 2,025,860 Copper 7/27/2018 809 63,001,863 62,171,650 (830,212) Copper LME 6/20/2018 927 161,346,385 157,427,775 (3,918,610) Cotton 7/9/2018 1,006 41,694,520 42,171,520 477,000 Gasoline 5/31/2018 872 72,371,246 78,038,419 5,667,173 Gold 6/27/2018 698 93,201,910 92,080,160 (1,121,750) Low Sulfur Gasoil 6/12/2018 1,462 92,434,275 95,103,100 2,668,825 New York Harbor ULSD 5/31/2018 811 68,796,962 73,209,457 4,412,495 Nickel LME 6/20/2018 366 29,968,701 29,911,716 (56,985) Soybean 7/13/2018 1,355 71,259,263 71,035,875 (223,387) Soybean Meal 7/13/2018 1,536 59,942,820 60,487,680 544,860 WTI Crude Oil 5/22/2018 1,037 65,776,910 71,107,090 5,330,180 Zinc LME 6/20/2018 562 46,646,000 43,962,450 (2,683,550) Total Long Position Contracts $ 15,325,121 Short Position Contracts: Aluminum LME 6/20/2018 (3,491) $ (180,148,165) $ (197,677,875) $ (17,529,710) Coffee 7/19/2018 (1,286) (58,183,256) (59,220,300) (1,037,044) Copper LME 6/20/2018 (401) (68,012,601) (68,099,825) (87,224) Corn 7/13/2018 (1,869) (35,842,838) (37,450,088) (1,607,250) Live Cattle 6/29/2018 (1,739) (73,057,150) (73,803,160) (746,010) Natural Gas 5/29/2018 (672) (18,260,870) (18,567,360) (306,490) Nickel LME 6/20/2018 (85) (6,979,410) (6,946,710) 32,700 Silver 7/27/2018 (217) (18,519,790) (17,795,085) 724,705 Soybean Oil 7/13/2018 (2,129) (40,524,648) (39,113,988) 1,410,660 Sugar 6/29/2018 (7,629) (104,956,242) (100,397,640) 4,558,602 Wheat 7/13/2018 (866) (20,231,738) (22,104,650) (1,872,913) Zinc LME 6/20/2018 (160) (12,871,794) (12,516,000) 355,794 Total Short Position Contracts $ (16,104,180) Total Futures Contracts $ (779,059)
Investments as of April 30, 2018 (Unaudited) ( ) Interest rate represents discount rate at time of purchase; not a coupon rate. The Fund invests in commodity-related derivatives through its investment in the ASG Managed Futures Strategy Cayman Fund Ltd., a wholly owned subsidiary (the "Subsidiary"). Investments of the Subsidiary have been consolidated with those of the Fund for reporting purposes. The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.
Investments as of March 31, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund Certificates of Deposit 100,000,000 Abbey National Treasury Services PLC 1.770 4/25/2018 99,994,379 3.02% 40,000,000 Abbey National Treasury Services PLC 2.000 5/1/2018 40,005,014 1.21% 21,500,000 Banco Del Estado de Chile (NY) 1.690 4/5/2018 21,500,000 0.65% 75,000,000 Banco Del Estado de Chile (NY), 1-month LIBOR + 0.350% 2.014 9/4/2018 74,986,425 2.26% 120,000,000 Bank of Montreal (IL), 1-month LIBOR + 0.280% 1.991 5/8/2018 120,036,480 3.62% 125,000,000 Bank of Nova Scotia (TX), 1-month LIBOR + 0.150% 1.927 6/15/2018 125,003,625 3.77% 40,000,000 Bank of Tokyo-Mitsubishi UFJ (NY) 1.740 4/25/2018 39,995,506 1.21% 75,000,000 BNP Paribas (NY) 2.040 6/5/2018 75,005,101 2.26% 60,000,000 Commonwealth Bank of Australia (NY), 1-month LIBOR + 0.260% 1.946 1/3/2019 59,933,040 1.81% 50,000,000 Cooperatieve Rabobank U.A. (NY), 1-month LIBOR + 0.100% 1.791 4/6/2018 50,000,700 1.51% 75,000,000 Credit Agricole Corporate & Investment Bank (NY) 1.570 4/2/2018 74,999,653 2.26% 130,000,000 Credit Industriel et Commercial (NY) 2.250 6/20/2018 130,012,453 3.92% 55,000,000 DNB Nor Bank ASA (NY) 1.720 4/24/2018 55,000,223 1.66% 90,000,000 DZ Bank (NY) 1.710 4/24/2018 89,992,228 2.72% 10,000,000 KBC Bank NV (NY) 1.950 4/27/2018 10,000,000 0.30% 100,000,000 Landesbank Hessen (NY) 1.800 4/3/2018 100,001,245 3.02% 40,000,000 Landesbank Hessen (NY) 1.960 4/16/2018 40,002,448 1.21% 90,000,000 Mitsubishi UFJ Trust & Banking Corp. (NY), 1-month LIBOR + 0.200% 1.864 5/1/2018 90,020,250 2.72% 23,000,000 Mizuho Bank Ltd. (NY) 1.700 4/3/2018 22,999,896 0.69% 50,000,000 Mizuho Bank Ltd. (NY) 1.970 6/4/2018 49,989,732 1.51% 80,000,000 Mizuho Bank Ltd. (NY), 1-month LIBOR + 0.190% 2.062 4/25/2018 80,001,680 2.42% 30,000,000 Nordea Bank AB (NY) 1.840 7/10/2018 29,965,400 0.90% 50,000,000 Norinchukin Bank (NY) 1.720 4/24/2018 49,994,559 1.51% 35,000,000 Norinchukin Bank (NY) 2.300 6/20/2018 35,007,124 1.06% 50,000,000 Oversea-Chinese Banking Corp. Ltd. (NY) 1.710 4/4/2018 50,000,027 1.51% 16,000,000 Oversea-Chinese Banking Corp. Ltd. (NY) 2.220 6/14/2018 16,000,373 0.48% 25,000,000 Royal Bank of Canada (NY), 1-month LIBOR + 0.180% 1.920 6/12/2018 25,002,700 0.76% 50,000,000 Royal Bank of Canada (NY), 1-month LIBOR + 0.180% 1.920 7/10/2018 49,993,150 1.51% 36,000,000 Royal Bank of Canada (NY), 3-month LIBOR + 0.250% 2.542 3/27/2019 35,996,436 1.09% 41,000,000 Skandinaviska Enskilda Banken AB (NY), 1-month LIBOR + 0.300% 2.086 9/14/2018 40,992,497 1.24% 45,000,000 Sumitomo Mitsui Bank (NY), 1-month LIBOR + 0.200% 1.886 6/5/2018 44,992,845 1.36% 100,000,000 Sumitomo Mitsui Bank (NY), 1-month LIBOR + 0.210% 2.018 7/19/2018 99,972,700 3.02% 90,000,000 Sumitomo Mitsui Trust Bank (NY), 1-month LIBOR + 0.200% 1.977 6/15/2018 89,982,000 2.72% 50,000,000 Sumitomo Mitsui Trust Bank (NY) 2.000 5/21/2018 50,000,433 1.51% 25,000,000 Svenska Handelsbanken (NY), 1-month LIBOR + 0.120% 1.811 6/6/2018 25,000,925 0.75% 75,000,000 Svenska Handelsbanken (NY), 1-month LIBOR + 0.110% 1.951 5/21/2018 75,008,325 2.26% 25,000,000 Swedbank (NY), 1-month LIBOR + 0.110% 1.796 6/4/2018 25,001,250 0.75% 62,100,000 Swedbank (NY), 1-month LIBOR + 0.110% 1.796 6/4/2018 62,107,204 1.88% 40,500,000 Swedbank (NY), 1-month LIBOR + 0.150% 1.890 7/11/2018 40,490,320 1.22% 15,600,000 Toronto-Dominion Bank (NY) 1.950 5/22/2018 15,601,408 0.47% 50,000,000 Wells Fargo Bank NA, 1-month LIBOR + 0.210% 1.880 9/6/2018 49,950,350 1.51% Total 2,360,540,104 71.26% Time Deposits 128,000,000 Canadian Imperial Bank of Commerce 1.640 4/2/2018 128,000,000 3.86% 129,350,000 National Bank of Kuwait 1.690 4/2/2018 129,350,000 3.91% Total 257,350,000 7.77% Commercial Paper 9,500,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.903( ) 4/17/2018 9,490,729 0.29% 40,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.903( ) 4/19/2018 39,956,507 1.20% 27,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.933( ) 4/24/2018 26,966,708 0.81% 50,000,000 Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.) 1.933( ) 4/26/2018 49,934,028 1.51% 100,000,000 ING (U.S.) Funding LLC, 1-month LIBOR + 0.130% 1.938( ) 5/17/2018 100,013,700 3.02% Total 226,361,672 6.83%
Investments as of March 31, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund Other Notes 38,500,000 Bank of America NA 1.740 8/2/2018 38,498,731 1.16% 50,000,000 Bank of America NA 1.788 8/16/2018 49,998,141 1.51% Total 88,496,872 2.67% Treasuries 61,000,000 U.S. Treasury Bills 1.305-1.378( ) 4/5/2018 60,991,735 1.84% 29,400,000 U.S. Treasury Bills 1.383-1.550( ) 5/3/2018 29,358,842 0.89% 16,000,000 U.S. Treasury Bills 1.648( ) 6/7/2018 15,951,255 0.48% Total 106,301,832 3.21% Total Investments 3,039,050,480 91.74% Other assets less liabilities 273,682,374 8.26% Net Assets 3,312,732,854 100.00% Forward Foreign Currency Contracts Currency Bought/ Sold (B/S) Units of Currency In Exchange For Appreciation/ Counterparty Delivery UBS AG 06/20/2018 MXN B 5,444,000,000 289,318,413 $ 295,847,388 $ 6,528,975 UBS AG 06/20/2018 NZD B 373,600,000 272,271,444 269,931,607 (2,339,837) UBS AG 06/20/2018 NZD S 54,000,000 38,899,910 39,015,810 (115,900) UBS AG 06/20/2018 NOK B 1,738,000,000 224,975,792 222,254,389 (2,721,403) UBS AG 06/20/2018 NOK S 246,000,000 31,363,321 31,458,331 (95,010) UBS AG 06/20/2018 PLN B 802,500,000 235,681,424 234,768,788 (912,636) UBS AG 06/20/2018 PLN S 30,500,000 8,884,047 8,922,677 (38,629) UBS AG 06/20/2018 SGD B 599,875,000 457,332,995 458,341,391 1,008,396 UBS AG 06/20/2018 SGD B 25,625,000 19,615,888 19,579,076 (36,812) UBS AG 06/20/2018 SGD S 33,750,000 25,626,171 25,787,076 (160,905) UBS AG 06/20/2018 ZAR B 1,619,000,000 134,844,323 135,342,165 497,842 UBS AG 06/20/2018 ZAR B 946,000,000 80,195,649 79,081,957 (1,113,692) UBS AG 06/20/2018 ZAR S 192,500,000 15,827,992 16,092,259 (264,267) UBS AG 06/20/2018 SEK B 772,000,000 94,509,540 92,986,722 (1,522,818) UBS AG 06/20/2018 SEK S 126,000,000 15,383,792 15,176,589 207,203 UBS AG 06/20/2018 SEK S 354,000,000 42,587,339 42,638,989 (51,650) UBS AG 06/20/2018 CHF B 132,875,000 141,317,109 139,894,975 (1,422,134) UBS AG 06/20/2018 CHF S 54,375,000 57,434,473 57,247,709 186,764 UBS AG 06/20/2018 CHF S 17,250,000 18,129,254 18,161,342 (32,088) UBS AG 06/20/2018 TRY B 386,700,000 97,874,823 95,773,667 (2,101,156) UBS AG 06/20/2018 TRY S 150,900,000 37,605,893 37,373,277 232,616 UBS AG 06/20/2018 TRY S 327,300,000 80,322,115 81,062,119 (740,004) Total $ (5,007,145) Financial Futures Description Expiration Contracts Amount Appreciation Long Position Contracts: AEX-Index 4/20/2018 229 $ 30,164,592 $ 29,803,725 $ (360,867) ASX SPI 200 6/21/2018 648 74,437,173 72,004,166 (2,433,007) Australian Dollar 6/18/2018 1,778 139,470,820 136,479,280 (2,991,540) British Pound 6/18/2018 3,777 332,727,400 331,856,662 (870,738) CAC 40 4/20/2018 82 5,296,188 5,211,752 (84,436) E-mini Dow 6/15/2018 620 77,324,510 74,855,700 (2,468,810) E-mini NASDAQ 100 6/15/2018 659 93,856,691 86,908,920 (6,947,771) E-mini S&P 500 6/15/2018 491 67,241,485 64,885,650 (2,355,835) E-mini S&P MidCap 400 6/15/2018 429 82,844,855 80,784,990 (2,059,865) Euro 6/18/2018 4,152 644,939,131 641,406,150 (3,532,981) Euribor 6/18/2018 3,288 1,014,655,856 1,014,666,222 10,367 Euro-Buxl 30 Year Bond 6/7/2018 1,483 298,966,595 301,778,295 2,811,700 Euro Schatz 6/7/2018 6,980 960,440,618 961,701,638 1,261,020 Euro-BTP 6/7/2018 3,615 606,691,616 617,348,418 10,656,802 Euro-OAT 6/7/2018 5,728 1,079,831,182 1,089,552,768 9,721,586 FTSE MIB 6/15/2018 154 21,168,257 20,822,417 (345,840) German Euro BOBL 6/7/2018 3,411 548,490,423 550,864,637 2,374,214 German Euro Bund 6/7/2018 2,833 552,708,897 555,751,294 3,042,398 Hang Seng China Enterprises Index 4/27/2018 837 64,451,081 65,105,793 654,712 Hang Seng Index 4/27/2018 399 76,571,925 76,928,825 356,900
Investments as of March 31, 2018 (Unaudited) Japanese Yen 6/18/2018 280 33,574,781 33,052,250 (522,531) Mini-Russell 2000 6/15/2018 857 68,309,298 65,611,920 (2,697,378) MSCI EAFE Index 6/15/2018 826 83,335,660 82,624,780 (710,880) MSCI Emerging Markets Index 6/15/2018 895 54,297,870 53,154,050 (1,143,820) MSCI Singapore 4/27/2018 514 15,252,731 15,453,518 200,787 MSCI Taiwan Index 4/27/2018 1,242 50,071,230 50,636,340 565,110 Nikkei 225 6/7/2018 173 33,945,997 34,891,030 945,033 S&P CNX Nifty Futures Index 4/26/2018 567 11,375,851 11,614,995 239,144 S&P/TSX 60 Index 6/14/2018 170 24,479,062 23,909,652 (569,410) Short-Term Euro-BTP 6/7/2018 4,049 559,322,108 561,880,201 2,558,093 TOPIX 6/7/2018 214 33,828,110 34,521,968 693,858 Ultra Long U.S. Treasury Bond 6/20/2018 174 27,753,500 27,921,562 168,062 3 Year Australia Government Bond 6/15/2018 895 76,426,606 76,421,393 (5,212) 10 Year Australia Government Bond 6/15/2018 3,479 344,941,601 346,342,198 1,400,597 Total Contracts $ 7,559,462 Short Position Contracts: 5 Year U.S. Treasury Note 6/29/2018 (3,628) $ (413,330,009) $ (415,264,283) $ (1,934,274) Canadian Dollar 6/19/2018 (694) (53,479,755) (53,871,750) (391,995) DAX 6/15/2018 (120) (44,090,335) (44,817,170) (726,835) Eurodollar 6/18/2018 (19,486) (4,770,282,188) (4,759,455,500) 10,826,688 EURO STOXX 50 6/15/2018 (1,091) (43,295,218) (44,139,433) (844,215) FTSE 100 Index 6/15/2018 (1,183) (113,937,080) (116,203,682) (2,266,603) FTSE/JSE Top 40 Index 6/21/2018 (183) (7,600,904) (7,641,321) (40,417) IBEX 35 4/20/2018 (1,078) (126,337,013) (127,245,935) (908,922) OMXS30 4/20/2018 (1,889) (33,969,412) (34,596,859) (627,447) Sterling 6/20/2018 (8,457) (1,470,812,841) (1,469,650,516) 1,162,325 UK Long Gilt 6/27/2018 (398) (67,554,542) (68,581,987) (1,027,446) 2 Year U.S. Treasury Note 6/29/2018 (5,563) (1,181,746,214) (1,182,745,959) (999,745) 10 Year Canada Government Bond 6/20/2018 (992) (100,759,204) (102,614,848) (1,855,645) 10 Year U.S. Treasury Note 6/20/2018 (1,867) (224,067,188) (226,169,547) (2,102,359) 30 Year U.S. Treasury Bond 6/20/2018 (528) (75,180,625) (77,418,000) (2,237,375) Total Contracts $ (3,974,265) Total Futures Contracts $ 3,585,197 Commodity Futures Description Expiration Contracts Amount Appreciation Long Position Contracts: Aluminum LME 6/20/2018 1,203 $ 64,601,100 $ 60,247,744 $ (4,353,356) Brent Crude Oil 4/30/2018 1,472 97,971,130 102,068,480 4,097,350 Cocoa 5/15/2018 537 12,736,840 13,725,720 988,880 Copper 5/29/2018 374 29,779,725 28,288,425 (1,491,300) Copper LME 6/20/2018 500 87,708,125 83,915,625 (3,792,500) Cotton 5/8/2018 1,100 43,530,650 44,803,000 1,272,350 Gasoline 4/30/2018 970 80,070,984 82,319,244 2,248,260 Gold 6/27/2018 1,041 138,399,020 138,171,930 (227,090) Low Sulfur Gasoil 5/10/2018 1,451 85,822,150 89,671,800 3,849,650 New York Harbor ULSD 4/30/2018 783 63,520,321 66,462,606 2,942,285 Nickel LME 6/20/2018 252 20,616,120 20,103,552 (512,568) Soybean 5/14/2018 1,540 81,225,750 80,445,750 (780,000) Soybean Meal 5/14/2018 1,715 63,644,930 65,856,000 2,211,070 WTI Crude Oil 4/20/2018 1,318 83,276,800 85,590,920 2,314,120 Zinc LME 6/20/2018 562 46,646,000 46,041,850 (604,150) Total Long Position Contracts $ 8,163,001 Short Position Contracts: Aluminum LME 6/20/2018 (2,147) $ (110,535,059) $ (107,524,444) $ 3,010,615 Coffee 5/18/2018 (1,661) (76,570,481) (73,592,681) 2,977,800 Copper LME 6/20/2018 (371) (62,918,001) (62,265,394) 652,608 Corn 7/13/2018 (3,028) (57,966,475) (59,992,250) (2,025,775) Live Cattle 6/29/2018 (1,572) (67,095,860) (64,499,160) 2,596,700 Natural Gas 4/26/2018 (1,507) (42,012,320) (41,186,310) 826,010 Nickel LME 6/20/2018 (85) (6,979,410) (6,780,960) 198,450 Silver 5/29/2018 (712) (59,251,030) (57,914,080) 1,336,950 Soybean Oil 5/14/2018 (2,308) (43,993,200) (44,133,576) (140,376) Sugar 4/30/2018 (5,881) (84,812,101) (81,345,992) 3,466,109 Wheat 7/13/2018 (1,683) (39,389,388) (39,424,275) (34,888) Zinc LME 6/20/2018 (123) (9,980,891) (10,076,775) (95,884) Total Short Position Contracts $ 12,768,319 Total Futures Contracts $ 20,931,320
Investments as of March 31, 2018 (Unaudited) ( ) Interest rate represents discount rate at time of purchase; not a coupon rate. The Fund invests in commodity-related derivatives through its investment in the ASG Managed Futures Strategy Cayman Fund Ltd., a wholly owned subsidiary (the "Subsidiary"). Investments of the Subsidiary have been consolidated with those of the Fund for reporting purposes. The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.