Consolidated Portfolio of Investments – as of September 30, 2019 (Unaudited)

ASG Managed Futures Strategy Fund

Principal Amount		Description	Value (†)
	Short-Term Investments – 88.2% of Net Assets
		Certificates of Deposit – 68.0%
$	50,000,000	National Bank of Kuwait (NY), 2.180%, 10/03/2019	$	50,000,181
	70,000,000	Bank of Montreal (IL), 3-month LIBOR + 0.110%, 2.399%, 10/04/2019(a)		70,000,384
	50,000,000	Commonwealth Bank of Australia (NY), 1-month LIBOR + 0.320%, 2.402%, 10/04/2019(a)		50,001,244
	60,000,000	State Street Bank & Trust, 1-month LIBOR + 0.100%, 2.142%, 10/07/2019(a)		59,999,641
	16,500,000	Commonwealth Bank of Australia (NY), 1-month LIBOR + 0.110%, 2.152%, 10/08/2019(a)		16,499,928
	40,000,000	National Bank of Canada (NY), 1-month LIBOR + 0.100%, 2.149%, 10/10/2019(a)		39,999,782
	10,000,000	Svenska Handelsbanken (NY), 2.275%, 10/16/2019		10,000,667
	30,000,000	KBC Bank NV (NY), 2.050%, 10/30/2019		30,000,232
	50,000,000	Credit Industriel et Commercial (NY), 2.160%, 11/04/2019		50,001,667
	67,000,000	Landesbank Hessen (NY), 2.150%, 11/08/2019		67,002,413
	40,000,000	Norinchukin Bank (NY), 2.540%, 11/15/2019		40,020,872
	50,000,000	Svenska Handelsbanken (NY), 1-month LIBOR + 0.080%, 2.121%, 11/18/2019(a)		49,991,128
	15,000,000	Oversea-Chinese Banking Corp. Ltd. (NY), 2.080%, 11/22/2019		14,998,022
	51,500,000	DZ Bank (NY), 2.070%, 11/27/2019		51,489,145
	50,000,000	DNB Bank ASA (NY), 2.050%, 12/03/2019		49,996,475
	50,000,000	Banco Del Estado De Chile (NY), 2.430%, 12/06/2019		50,029,225
	60,000,000	Nordea Bank ABP (NY), 2.280%, 12/11/2019		60,023,598
	50,000,000	Oversea-Chinese Banking Corp. Ltd. (NY), 2.250%, 12/13/2019		50,011,104
	60,000,000	Mizuho Bank Ltd. (NY), 2.160%, 12/19/2019		60,003,396
	19,000,000	DZ Bank (NY), 2.090%, 1/24/2020		19,000,199
	50,000,000	Sumitomo Mitsui Trust Bank (NY), 2.020%, 2/14/2020		49,980,849
	50,000,000	MUFG Bank Ltd. (NY), 2.000%, 2/18/2020		49,984,229
	70,000,000	Bank of Nova Scotia (TX), 2.000%, 3/10/2020(b)		69,986,807
	50,000,000	National Australia Bank, 1-month LIBOR + 0.150%, 2.194%, 5/20/2020(a)(b)		49,963,088
	20,000,000	Royal Bank of Canada (NY), 1-month LIBOR + 0.180%, 2.219%, 6/12/2020(a)(b)		19,986,131

Principal Amount		Description	Value (†)
		Certificates of Deposit – continued
$	30,000,000	Royal Bank of Canada (NY), 1-month LIBOR + 0.210%, 2.259%, 7/10/2020(a)(b)	$	29,981,607
	20,000,000	Toronto-Dominion Bank (NY), FEDL01 + 0.360%, 2.210%, 9/04/2020(a)(b)		19,999,932
	30,000,000	Toronto-Dominion Bank (NY), 1-month LIBOR + 0.310%, 2.356%, 10/20/2020(a)(b)		29,990,531
				1,208,942,477
		Commercial Paper – 7.5%
	16,040,000	Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.), 2.154%, 10/23/2019(c)		16,018,736
	32,970,000	Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.), 2.174%, 10/02/2019(c)		32,966,428
	15,000,000	Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.), 2.204%, 10/16/2019(c)		14,986,140
	33,000,000	Santander UK PLC, 2.071%, 12/04/2019(c)		32,878,271
	36,900,000	Santander UK PLC, 2.123%, 11/25/2019(c)		36,783,076
				133,632,651
		Time Deposits – 7.2%
	45,400,000	Skandinaviska Enskilda Banken (NY), 1.760%, 10/01/2019(d)		45,400,000
	83,000,000	Canadian Imperial Bank of Commerce, 1.800%, 10/01/2019		83,000,000
				128,400,000
		Other Notes – 3.4%
	10,000,000	Bank of America NA, 2.350%, 12/13/2019(d)		10,008,989
	50,000,000	Bank of America NA, 2.020%, 1/09/2020(d)		50,009,604
				60,018,593
		Treasuries – 2.1%
	18,600,000	U.S. Treasury Bills, 1.966%, 11/07/2019(c)(e)		18,567,119
	18,000,000	U.S. Treasury Bills, 1.946%, 10/03/2019(c)(e)		17,998,363
				36,565,482
		Total Short-Term Investments (Identified Cost $1,567,598,183)		1,567,559,203
		Total Investments – 88.2% (Identified Cost $1,567,598,183)		1,567,559,203
		Other assets less liabilities – 11.8%		209,484,395
		Net Assets – 100.0%	$	1,777,043,598

Consolidation

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. As of September 30, 2019, the value of the Fund’s investment in the Subsidiary was $48,186,395, representing 2.71% of the Fund’s net assets.

(†) Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Broker-dealer bid prices may be used to value debt securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

Futures contracts are valued at the most recent settlement price on the exchange on which the adviser or subadviser believes that, over time, they are traded most extensively.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of September 30, 2019, futures contracts were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the contracts, as follows:

Notional Value	Unrealized Appreciation/ Depreciation*		Unrealized as a Percentage of Net Assets
$605,442,137	$	4,491,140		0.25	%

* Amounts represent gross unrealized appreciation/(depreciation) at absolute value.

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)	Variable rate security. Rate as of September 30, 2019 is disclosed.
(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(c)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(d)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates. Rate as of September 30, 2019 is disclosed.
(e)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
FEDL01	Federal Funds Rate
LIBOR	London Interbank Offered Rate
CNH	Chinese Yuan Renminbi Offshore
CHF	Swiss Franc
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SGD	Singapore Dollar
SEK	Swedish Krona
TRY	Turkish Lira
ZAR	South African Rand

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. When the Fund enters into a forward foreign currency contract, it is required to pledge cash or high-quality securities equal to a percentage of the notional amount of the contract to the counterparty as an independent amount of collateral. The Fund may pledge additional collateral to the counterparty to the extent of mark-to-market losses on open contracts. At September 30, 2019, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date	Currency Bought/ Sold (B/S)	Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
UBS AG	12/18/2019	CHF		S	101,500,000	$	103,081,221	$	102,390,800	$	690,421
UBS AG	12/18/2019	CNH		S	451,000,000		63,333,678		63,050,028		283,650
UBS AG	12/18/2019	MXN		B	564,500,000		28,568,319		28,256,889		(311,430	)
UBS AG	12/18/2019	NOK		S	1,812,000,000		201,506,620		199,416,399		2,090,221
UBS AG	12/18/2019	NZD		S	541,800,000		345,349,449		339,868,370		5,481,079
UBS AG	12/18/2019	PLN		S	532,000,000		135,559,889		132,814,435		2,745,454
UBS AG	12/18/2019	SEK		B	38,000,000		3,954,322		3,880,593		(73,729	)
UBS AG	12/18/2019	SEK		S	1,366,000,000		141,467,740		139,497,094		1,970,646
UBS AG	12/18/2019	SGD		B	21,750,000		15,783,573		15,750,579		(32,994	)
UBS AG	12/18/2019	SGD		S	355,375,000		257,980,341		257,349,978		630,363
UBS AG	12/18/2019	TRY		B	123,900,000		20,728,499		21,401,259		672,760
UBS AG	12/18/2019	ZAR		B	36,000,000		2,428,007		2,353,476		(74,531	)
UBS AG	12/18/2019	ZAR		S	586,000,000		39,411,490		38,309,368		1,102,122
UBS AG	12/18/2019	ZAR		S	55,500,000		3,617,192		3,628,276		(11,084	)
Total										$	15,162,948

Futures Contracts

The Fund and the Subsidiary may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular commodity, instrument or index for a specified price on a specified future date.

When the Fund or the Subsidiary enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by the Fund or the Subsidiary, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund or the Subsidiary enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s or the Subsidiary’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities, commodities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund and the Subsidiary are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

At September 30, 2019, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year Australia Government Bond		12/16/2019		2,633	$	259,472,293	$	261,860,869	$	2,388,576
10 Year Canada Government Bond		12/18/2019		2,390		258,835,966		257,247,235		(1,588,731	)
10 Year U.S. Treasury Note		12/19/2019		2,795		365,252,359		364,223,437		(1,028,922	)
2 Year U.S. Treasury Note		12/31/2019		5,686		1,227,119,910		1,225,333,000		(1,786,910	)
3 Year Australia Government Bond		12/16/2019		7,000		545,053,547		546,598,906		1,545,359
30 Year U.S. Treasury Bond		12/19/2019		1,114		182,218,718		180,816,125		(1,402,593	)
5 Year U.S. Treasury Note		12/31/2019		4,575		545,791,148		545,104,104		(687,044	)
AEX-Index®		10/18/2019		399		49,966,833		50,460,308		493,475
ASX SPI 200™		12/19/2019		608		68,485,619		68,552,252		66,633
CAC 40®		10/18/2019		502		30,694,871		31,056,522		361,651
DAX		12/20/2019		91		30,570,668		30,774,775		204,107
E-mini Dow		12/20/2019		548		74,334,315		73,708,740		(625,575	)
E-mini NASDAQ 100		12/20/2019		325		51,459,588		50,508,250		(951,338	)
E-mini Russell 2000		12/20/2019		203		15,963,065		15,478,750		(484,315	)
E-mini S&P 500®		12/20/2019		437		65,664,268		65,080,225		(584,043	)
E-mini S&P MidCap 400®		12/20/2019		164		32,124,220		31,783,200		(341,020	)
Euro Schatz		12/06/2019		3,095		380,105,856		378,933,604		(1,172,252	)
EURO STOXX 50®		12/20/2019		1,333		51,274,566		51,650,730		376,164
Euro-BTP		12/06/2019		994		156,793,944		158,004,606		1,210,662
Euro-Buxl® 30 Year Bond		12/06/2019		508		120,897,552		120,428,612		(468,940	)
Euro-OAT		12/06/2019		1,620		302,198,876		300,719,694		(1,479,182	)
Eurodollar		3/16/2020		7,885		1,936,941,712		1,938,330,125		1,388,413
FTSE 100 Index		12/20/2019		239		21,395,341		21,697,325		301,984
FTSE China A50 Index		10/30/2019		2,803		38,705,641		38,092,770		(612,871	)
FTSE MIB		12/20/2019		196		23,213,299		23,569,827		356,528
FTSE/JSE Top 40 Index		12/19/2019		1		34,011		32,566		(1,445	)
German Euro BOBL		12/06/2019		2,619		390,577,892		387,223,766		(3,354,126	)
German Euro Bund		12/06/2019		1,623		311,694,284		308,246,401		(3,447,883	)
Hang Seng China Enterprises Index		10/30/2019		39		2,576,298		2,540,222		(36,076	)
Hang Seng Index®		10/30/2019		28		4,704,371		4,651,722		(52,649	)

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
IBEX 35		10/18/2019		163		16,179,746	$	16,402,635	$	222,889
MSCI EAFE Index		12/20/2019		356		34,000,235		33,791,520		(208,715	)
MSCI Emerging Markets Index		12/20/2019		185		9,456,495		9,267,575		(188,920	)
MSCI Singapore		10/30/2019		293		7,684,390		7,615,689		(68,701	)
MSCI Taiwan Index		10/30/2019		1,910		77,103,040		77,756,100		653,060
Nikkei 225™		12/12/2019		360		72,702,243		72,449,480		(252,763	)
OMXS30®		10/18/2019		2,203		36,956,980		36,874,998		(81,982	)
S&P/TSX 60 Index		12/19/2019		586		88,614,088		88,117,840		(496,248	)
Short-Term Euro-BTP		12/06/2019		3,109		381,213,507		381,867,597		654,090
Sterling		12/18/2019		5,789		883,295,224		883,237,720		(57,504	)
TOPIX		12/12/2019		496		73,194,220		72,846,058		(348,162	)
UK Long Gilt		12/27/2019		1,871		305,398,915		308,817,395		3,418,480
Ultra Long U.S. Treasury Bond		12/19/2019		571		109,816,992		109,578,469		(238,523	)
Total									$	(8,405,362	)
Commodity Futures1	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Aluminum LME		12/18/2019		379	$	17,066,595	$	16,372,800	$	(693,795	)
Cocoa		12/13/2019		81		2,007,800		1,978,020		(29,780	)
Copper LME		12/18/2019		45		6,556,881		6,439,219		(117,662	)
Gold		12/27/2019		713		105,915,440		105,017,770		(897,670	)
Nickel LME		12/18/2019		319		31,856,214		32,662,410		806,196
Platinum		1/29/2020		397		19,204,515		17,650,620		(1,553,895	)
Silver		12/27/2019		673		60,520,110		57,198,270		(3,321,840	)
Zinc LME		12/18/2019		61		3,585,099		3,647,038		61,939
Total									$	(5,746,507	)

At September 30, 2019, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Australian Dollar		12/16/2019		2,526	$	173,051,520	$	170,959,680	$	2,091,840
Brazilian Real		10/31/2019		257		6,142,420		6,179,565		(37,145	)
British Pound		12/16/2019		1,770		137,394,259		136,422,750		971,509
Canadian Dollar		12/17/2019		1,703		129,017,745		128,797,890		219,855
Euribor		3/16/2020		2,102		575,571,461		575,661,382		(89,921	)
Euro		12/16/2019		3,260		453,465,669		446,721,875		6,743,794
Indian Rupee		10/29/2019		144		4,004,108		4,050,432		(46,324	)
Japanese Yen		12/16/2019		361		41,900,200		41,957,225		(57,025	)
Total									$	9,796,583
Commodity Futures1	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Aluminum LME		12/18/2019		1,299	$	57,679,967	$	56,116,800	$	1,563,167
Brent Crude Oil		10/31/2019		77		4,786,110		4,562,250		223,860
Coffee		12/18/2019		265		9,972,488		10,051,781		(79,293	)
Copper		12/27/2019		406		26,356,138		26,171,775		184,363

Commodity Futures1	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Copper LME		12/18/2019		115	$	16,497,469	$	16,455,781	$	41,688
Corn		12/13/2019		2,144		38,439,637		41,593,600		(3,153,963	)
Cotton		12/06/2019		392		12,768,320		11,922,680		845,640
Lean Hog		12/13/2019		264		6,932,450		7,666,560		(734,110	)
Live Cattle		12/31/2019		736		30,863,550		32,472,320		(1,608,770	)
Low Sulfur Gasoil		11/12/2019		132		7,236,900		7,741,800		(504,900	)
Natural Gas		10/29/2019		171		4,005,640		3,984,300		21,340
New York Harbor ULSD		10/31/2019		158		12,149,243		12,589,819		(440,576	)
Nickel LME		12/18/2019		40		4,127,088		4,095,600		31,488
Soybean		11/14/2019		484		21,348,862		21,925,200		(576,338	)
Soybean Meal		12/13/2019		791		23,935,100		23,809,100		126,000
Soybean Oil		12/13/2019		391		6,535,962		6,822,168		(286,206	)
Sugar		2/28/2020		2,641		35,145,701		37,417,688		(2,271,987	)
Wheat		12/13/2019		856		20,814,412		21,218,100		(403,688	)
WTI Crude Oil		10/22/2019		223		12,128,160		12,057,610		70,550
Zinc LME		12/18/2019		155		8,664,500		9,267,063		(602,563	)
Total									$	(7,554,298	)

¹ Commodity futures are held by ASG Managed Futures Strategy Cayman Fund Ltd., a wholly-owned subsidiary.

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical assets or liabilities;

• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2019, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Short-Term Investments*	$	—	$	1,567,559,203	$	—	$	1,567,559,203
Forward Foreign Currency Contracts (unrealized appreciation)		—		15,666,716		—		15,666,716
Futures Contracts (unrealized appreciation)		24,608,809		3,036,491		—		27,645,300
Total	$	24,608,809	$	1,586,262,410	$	—	$	1,610,871,219

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(503,768	)	$	—	$	(503,768	)
Futures Contracts (unrealized depreciation)		(38,100,235	)		(1,454,649	)		—		(39,554,884	)
Total	$	(38,100,235	)	$	(1,958,417	)	$	—	$	(40,058,652	)

* Details of the major categories of the Fund’s investments are reflected within the Consolidated Portfolio of Investments.

For the period ended September 30, 2019, there were no transfers among Levels 1, 2 and 3.

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include forward foreign currency contracts and futures contracts.

The Fund seeks to generate positive absolute returns over time. The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures and forward contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the period ended September 30, 2019, the Fund used long and short contracts on foreign currencies, short-term interest rates, and commodities (through investments in the Subsidiary) and long contracts on U.S. and foreign government bonds and U.S. and foreign equity market indices to capture the exposures suggested by the quantitative investment models.

The following is a summary of derivative instruments for the Fund, as of September 30, 2019:

Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	15,666,716		$	—
Exchange-traded asset derivatives
Interest rate contracts	$	—		$	10,605,580
Foreign exchange contracts		—			10,026,998
Commodity contracts		—			3,976,231
Equity contracts		—			3,036,491
Total exchange-traded asset derivatives	$	—		$	27,645,300
Total asset derivatives	$	15,666,716		$	27,645,300
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(503,768	)	$	—
Exchange-traded liability derivatives
Interest rate contracts	$	—		$	(16,802,531	)
Foreign exchange contracts		—			(140,494	)
Commodity contracts		—			(17,277,036	)
Equity contracts		—			(5,334,823	)
Total exchange-traded liability derivatives	$	—		$	(39,554,884	)
Total liability derivatives	$	(503,768	)	$	(39,554,884	)

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Over-the-counter (“OTC”) derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Fund and its counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of the Fund declines beyond a certain threshold. As of September 30, 2019, the Fund did not hold any derivative positions subject to these provisions that are in a net liability position by counterparty.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2019:

	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Over-the-counter counterparty credit risk
Forward foreign currency contracts	$	15,666,716	$	15,162,948
Collateral pledged to UBS AG		71,939,426		71,939,426
Total over-the-counter counterparty credit risk		87,606,142		87,102,374
Exchange-traded counterparty credit risk
Futures contracts		27,645,300		27,645,300
Margin with brokers		163,403,207		163,403,207
Total exchange-traded counterparty credit risk		191,048,507		191,048,507
Total counterparty credit risk	$	278,654,649	$	278,150,881

Investment Summary at September 30, 2019 (Unaudited)

Certificates of Deposit	68.0	%
Commercial Paper	7.5
Time Deposits	7.2
Other Notes	3.4
Treasuries	2.1
Total Investments	88.2
Other assets less liabilities (including forward foreign currency and futures contracts)	11.8
Net Assets	100.0	%