Forward Commodity L/S Strategy Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 4.7 0.0 4.7
Stocks 0.0 0.0 0.0
Bonds 73.06 0.0 73.06
Other 22.62 2.0 20.62
Foreign Bonds 1.62 0.0 1.62
Foreign Stocks 0.0 0.0 0.0
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 05.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 05.31.2014

% Net Assets
Forward Commodity Long/Short Strategy (Cayman) Fund, Ltd. 22.62
US Treasury Note 0.875% 6.27
US Treasury Note 0.75% 4.64
US Treasury Note 0.75% 4.64
FNMA 1.375% 3.3
FHLMC 0.875% 3.27
US Treasury Note 0.5% 3.25
FHLMC 4.5% 2.11
FNMA 1.35% 1.85
Natl City Bk Cleve Sub Mtn Be FRN 1.43