Graham Capital Management, L.P. Buys NXP Semiconductors NV, PowerShares QQQ Trust Series 1, SPDR Select Sector Fund - Consumer Discretionary, Sells Caesars Entertainment Corp, SPDR S&P Metals & Mining, Alerian MLP

• New Purchases: IBB, CRC, AKRX, BKNG, NOW, COL, MA, AGN, LSXMK, QCOM,
• Added Positions: NXPI, QQQ, XLY, AAPL, MON, XLE, XLF, DVMT, ADSK, ADNT,
• Reduced Positions: CZR, AMLP, EEM, TWX, EWZ, GDX, NFLX, GDDY, AMZN, XPO,
• Sold Out: XME, OIH, IP, KIM, MMM, NOV, ACN, ROP, SYK, T,

For the details of Graham Capital Management, L.P.'s stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Graham+Capital+Management%2C+L.P.

1. SPDR Gold Trust (GLD) - 5,000,000 shares, 55.09% of the total portfolio.
2. Time Warner Inc (TWX) - 616,166 shares, 5.1% of the total portfolio. Shares reduced by 3.9%
3. SPDR Select Sector Fund - Energy Select Sector (XLE) - 759,283 shares, 4.48% of the total portfolio. Shares added by 8.21%
4. NXP Semiconductors NV (NXPI) - 388,190 shares, 3.98% of the total portfolio. Shares added by 363.94%
5. PowerShares QQQ Trust Series 1 (QQQ) - 254,964 shares, 3.58% of the total portfolio. Shares added by 182.07%

Graham Capital Management, L.P. initiated holding in iShares Nasdaq Biotechnology Index Fund. The purchase prices were between $104.86 and $118.5, with an estimated average price of $110.79. The stock is now traded at around $107.68. The impact to a portfolio due to this purchase was 0.47%. The holding were 50,000 shares as of 2018-03-31.

Graham Capital Management, L.P. initiated holding in California Resources Corp. The purchase prices were between $13.97 and $24.37, with an estimated average price of $18.77. The stock is now traded at around $35.57. The impact to a portfolio due to this purchase was 0.45%. The holding were 5,000,000 shares as of 2018-03-31.

Graham Capital Management, L.P. initiated holding in Akorn Inc. The purchase prices were between $16.94 and $33.56, with an estimated average price of $27.12. The stock is now traded at around $14.25. The impact to a portfolio due to this purchase was 0.11%. The holding were 67,000 shares as of 2018-03-31.

Graham Capital Management, L.P. initiated holding in Booking Holdings Inc. The purchase prices were between $1765 and $2206.09, with an estimated average price of $1965.22. The stock is now traded at around $2072.02. The impact to a portfolio due to this purchase was 0.1%. The holding were 524 shares as of 2018-03-31.

Graham Capital Management, L.P. initiated holding in ServiceNow Inc. The purchase prices were between $131.73 and $175.34, with an estimated average price of $154.33. The stock is now traded at around $173.73. The impact to a portfolio due to this purchase was 0.09%. The holding were 6,234 shares as of 2018-03-31.

Graham Capital Management, L.P. initiated holding in Allergan PLC. The purchase prices were between $144.02 and $188.15, with an estimated average price of $167.73. The stock is now traded at around $154.36. The impact to a portfolio due to this purchase was 0.09%. The holding were 6,169 shares as of 2018-03-31.

Graham Capital Management, L.P. added to a holding in NXP Semiconductors NV by 363.94%. The purchase prices were between $114.88 and $125.71, with an estimated average price of $120.68. The stock is now traded at around $110.74. The impact to a portfolio due to this purchase was 3.12%. The holding were 388,190 shares as of 2018-03-31.

Graham Capital Management, L.P. added to a holding in PowerShares QQQ Trust Series 1 by 182.07%. The purchase prices were between $153.45 and $174.08, with an estimated average price of $165.12. The stock is now traded at around $169.75. The impact to a portfolio due to this purchase was 2.31%. The holding were 254,964 shares as of 2018-03-31.

Graham Capital Management, L.P. added to a holding in SPDR Select Sector Fund - Consumer Discretionary by 175.66%. The purchase prices were between $99.89 and $109, with an estimated average price of $104.24. The stock is now traded at around $105.09. The impact to a portfolio due to this purchase was 2.28%. The holding were 403,546 shares as of 2018-03-31.

Graham Capital Management, L.P. added to a holding in Apple Inc by 1227.49%. The purchase prices were between $155.15 and $181.72, with an estimated average price of $172.19. The stock is now traded at around $188.15. The impact to a portfolio due to this purchase was 1.04%. The holding were 76,676 shares as of 2018-03-31.

Graham Capital Management, L.P. added to a holding in Monsanto Co by 831.75%. The purchase prices were between $116.69 and $123.59, with an estimated average price of $120.33. The stock is now traded at around $124.95. The impact to a portfolio due to this purchase was 0.71%. The holding were 78,640 shares as of 2018-03-31.

Graham Capital Management, L.P. added to a holding in Adient PLC by 23.00%. The purchase prices were between $57.58 and $83.87, with an estimated average price of $66.7. The stock is now traded at around $55.75. The impact to a portfolio due to this purchase was 0.01%. The holding were 15,798 shares as of 2018-03-31.

Graham Capital Management, L.P. sold out a holding in SPDR S&P Metals & Mining. The sale prices were between $33.06 and $39.17, with an estimated average price of $36.84.

Graham Capital Management, L.P. sold out a holding in VanEck Vectors Oil Services. The sale prices were between $23.35 and $29.37, with an estimated average price of $25.86.

Graham Capital Management, L.P. sold out a holding in National Oilwell Varco Inc. The sale prices were between $32.64 and $39.14, with an estimated average price of $36.67.

Graham Capital Management, L.P. sold out a holding in AT&T Inc. The sale prices were between $34.69 and $39.16, with an estimated average price of $36.85.

Graham Capital Management, L.P. sold out a holding in Exxon Mobil Corp. The sale prices were between $72.81 and $89.07, with an estimated average price of $80.06.

Graham Capital Management, L.P. sold out a holding in Cincinnati Financial Corp. The sale prices were between $70.34 and $77.51, with an estimated average price of $74.79.