ACAP Strategic Fund NPORTP (Jun 2022 report)

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited)


Shares			June 30, 2022 Fair Value
		Investments in Securities – 128.24%
		Common Stocks – 120.80%
		Argentina – 1.82%
		E-Commerce / Services – 1.82%
	211,997	MercadoLibre Inc * (a)	$	135,014,529

		Total Argentina (cost $156,550,535)	$	135,014,529


		Australia – 1.18%
		Enterprise Software / Services – 1.18%
	466,579	Atlassian Corp PLC, Class A * (a)		87,436,905

		Total Australia (cost $100,858,628)	$	87,436,905


		Brazil – 0.52%
		Finance - Investment Banker / Broker – 0.52%
	2,138,278	XP Inc, Class A *		38,403,473

		Total Brazil (cost $60,545,790)	$	38,403,473


		Canada – 0.95%
		Internet Application Software – 0.95%
	2,241,240	Shopify Inc, Class A * (a)		70,016,338

		Total Canada (cost $105,318,554)	$	70,016,338


		China – 9.41%
		E-Commerce / Products – 2.81%
	333,908	Alibaba Group Holding Ltd ADR *		37,958,661
	2,070,154	JD.com Inc ADR		132,945,290
	597,609	Pinduoduo Inc ADR *		36,932,236

				207,836,187

		Enterprise Software / Services – 0.33%
	15,104,903	Ming Yuan Cloud Group Holdings Ltd		24,177,238

		Entertainment Software – 1.24%
	984,794	NetEase Inc ADR		91,940,368

		Real Estate Management / Services – 1.15%
	4,739,954	KE Holdings Inc ADR *		85,082,174

		Schools – 0.95%
	3,470,342	New Oriental Education & Technology Group Inc ADR *		70,656,163

		Transport - Services – 0.86%
	7,013,581	Full Truck Alliance Co Ltd ADR *		63,543,044

		Web Portals / ISP – 2.07%
	1,032,590	Baidu Inc ADR *		153,577,111

		Total China (cost $670,513,234)	$	696,812,285

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		France – 7.41%
		Aerospace / Defense - Equipment – 5.49%
	2,512,299	Airbus SE	$	242,818,352
	1,663,577	Safran SA		163,848,767

				406,667,119

		Apparel Manufacturers – 0.45%
	64,320	Kering SA		32,955,963

		Entertainment Software – 0.21%
	352,470	Ubisoft Entertainment SA *		15,439,721

		Textile - Apparel – 1.26%
	153,973	LVMH Moet Hennessy Louis Vuitton SE		93,636,873

		Total France (cost $654,885,242)	$	548,699,676


		Germany – 1.99%
		Aerospace / Defense – 0.87%
	355,990	MTU Aero Engines AG		64,645,885

		Athletic Footwear – 1.12%
	467,895	adidas AG		82,550,781

		Total Germany (cost $187,661,898)	$	147,196,666


		Hong Kong – 0.79%
		Casino Hotels – 0.79%
	9,775,000	Galaxy Entertainment Group Ltd		58,299,084

		Total Hong Kong (cost $53,390,449)	$	58,299,084


		Israel – 0.14%
		Applications Software – 0.14%
	489,046	JFrog Ltd *		10,304,199

		Total Israel (cost $24,465,874)	$	10,304,199


		Japan – 4.02%
		Audio / Video Products – 3.17%
	2,874,800	Sony Group Corp		234,779,037

		Finance - Other Services – 0.37%
	1,881,627	Japan Exchange Group Inc		27,118,808

		Web Portals / ISP – 0.48%
	12,212,045	Z Holdings Corp		35,632,510

		Total Japan (cost $273,403,706)	$	297,530,355


		Netherlands – 2.15%
		Semiconductor Equipment – 2.15%
	334,925	ASML Holding NV		159,384,109

		Total Singapore (cost $178,905,863)	$	159,384,109


		Singapore – 0.47%
		E-Commerce / Products – 0.47%
	519,869	Sea Ltd ADR *		34,758,441

		Total Singapore (cost $15,800,728)	$	34,758,441

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares				June 30, 2022 Fair Value
			Common Stocks (continued)
			Taiwan – 2.10%
			Semiconductor Components - Integrated Circuits – 2.10%
	1,902,871		Taiwan Semiconductor Manufacturing Co Ltd ADR	$	155,559,704

			Total Taiwan (cost $145,392,012)	$	155,559,704


			United States – 87.63%
			Aerospace / Defense – 1.45%
	200,602		TransDigm Group Inc * (a)		107,657,075

			Applications Software – 5.17%
	690,538		Confluent Inc, Class A *		16,048,103
	376,324		Elastic NV *		25,465,845
	436,807		Five9 Inc *		39,810,590
	817,086		Microsoft Corp (a)		209,852,197
	130,099		Procore Technologies Inc *		5,905,194
	502,037		PTC Inc *		53,386,615
	1,033,570		Smartsheet Inc, Class A *		32,485,105

					382,953,649

			Athletic Equipment – 0.26%
	2,118,706		Peloton Interactive Inc, Class A *		19,449,721

		��	Building Products - Cement / Aggregate – 1.89%
	232,300		Martin Marietta Materials Inc (a)		69,513,452
	494,178		Vulcan Materials Co (a)		70,222,694

					139,736,146

			Coatings / Paint – 1.32%
	435,936		Sherwin-Williams Co (a)		97,610,430

			Commercial Services - Finance – 2.46%
	446,415		Global Payments Inc		49,391,356
	211,426		S&P Global Inc		71,263,248
	766,776		TransUnion (a)		61,334,412

					181,989,016

			Commercial Services – 0.24%
	47,565		Cintas Corp (a)		17,766,954

			Communications Software – 1.71%
	1,023,227		Avaya Holdings Corp *		2,292,028
	1,740,149		RingCentral Inc, Class A * (a)		90,940,187
	308,597		Zoom Video Communications Inc, Class A *		33,319,218

					126,551,433

			Computer Aided Design – 7.81%
	99,032		Altair Engineering Inc, Class A *		5,199,180
	1,701,672		Cadence Design Systems Inc * (a)		255,301,850
	1,045,351		Synopsys Inc * (a)		317,473,099

					577,974,129

			Computer Software – 1.87%
	726,823		Dynatrace Inc *		28,665,899
	834,525		Twilio Inc, Class A *		69,941,540
	1,192,172		ZoomInfo Technologies Inc, Class A *		39,627,797

					138,235,236

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		E-Commerce / Products – 3.11%
	2,170,180	Amazon.com Inc * (a)	$	230,494,818

		E-Commerce / Services – 4.01%
	795,514	DoorDash Inc, Class A *		51,048,133
	1,019,312	Expedia Group Inc * (a)		96,661,357
	2,765,518	Lyft Inc, Class A *		36,726,079
	2,301,685	Marqeta Inc, Class A *		18,666,665
	3,940,063	Uber Technologies Inc *		80,613,689
	405,355	Zillow Group Inc, Class C *		12,870,021

				296,585,944

		Energy - Alternate Sources – 0.04%
	383,646	Stem Inc *		2,746,905
					��
		Enterprise Software / Services – 4.83%
	1,361,963	Alteryx Inc, Class A * (a)		65,946,248
	493,472	Avalara Inc *		34,839,123
	456,141	Coupa Software Inc *		26,045,651
	2,483,320	Qualtrics International Inc, Class A *		31,066,333
	1,872,705	SS&C Technologies Holdings Inc		108,747,979
	4,997,503	UiPath Inc, Class A *		90,904,580

				357,549,914

		Finance - Credit Card – 6.30%
	297,311	American Express Co		41,213,251
	626,034	Mastercard Inc, Class A (a)		197,501,206
	1,158,523	Visa Inc, Class A (a)		228,101,594

				466,816,051

		Finance - Other Services – 1.61%
	1,271,429	Intercontinental Exchange Inc		119,565,183

		Growth & Income - Large Cap – 3.69%
	724,999	SPDR S&P 500 ETF Trust		273,505,873

		Hotels & Motels – 1.10%
	488,522	Hilton Worldwide Holdings Inc		54,440,892
	197,211	Marriott International Inc, Class A		26,822,668

				81,263,560

		Human Resources – 0.58%
	245,099	Paylocity Holding Corp * (a)		42,750,168


		Internet Content - Entertainment – 4.29%
	1,969,297	Meta Platforms Inc, Class A * (a)		317,549,141

		Medical Information Systems – 0.18%
	492,418	Schrodinger Inc *		13,004,759

		Medical Labs & Testing Services – 0.56%
	385,993	Catalent Inc *		41,413,189

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Medical - Biomedical / Genetics – 3.30%
	1,240,160	Akero Therapeutics Inc *	$	11,719,512
	1,367,932	Allovir Inc *		5,334,935
	382,045	Avidity Biosciences Inc *		5,551,114
	592,566	BioCryst Pharmaceuticals Inc *		6,269,348
	573,096	Blueprint Medicines Corp *		28,947,079
	430,931	Caribou Biosciences Inc *		2,339,955
	601,549	Cerevel Therapeutics Holdings Inc *		15,904,956
	1,239,177	Certara Inc *		26,592,738
	505,918	IGM Biosciences Inc *		9,121,702
	494,504	Keros Therapeutics Inc *		13,663,146
	595,294	Sarepta Therapeutics Inc * (a)		44,623,238
	865,458	TG Therapeutics Inc *		3,678,197
	1,179,146	Ultragenyx Pharmaceutical Inc * (a)		70,347,850

				244,093,770

		Medical - Drugs – 0.25%
	1,050,914	ORIC Pharmaceuticals Inc *		4,708,095
	736,968	PMV Pharmaceuticals Inc *		10,501,794
	747,012	Rhythm Pharmaceuticals Inc *		3,100,100

				18,309,989

		Metal Processors & Fabrication – 0.11%
	232,062	Xometry Inc, Class A *		7,873,864

		Private Equity – 0.44%
	709,016	KKR & Co Inc		32,820,351

		REITS - Diversified – 3.85%
	578,946	American Tower Corp (a)		147,972,808
	208,981	Equinix Inc (a)		137,304,697

				285,277,505

		Retail - Apparel / Shoes – 1.40%
	401,825	Burlington Stores Inc * (a)		54,740,620
	696,172	Ross Stores Inc		48,892,160

				103,632,780

		Retail - Building Products – 1.37%
	581,460	Lowe’s Cos Inc (a)		101,563,618

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Retail - Major Department Store – 2.06%
	2,733,463	TJX Companies Inc	$	152,663,909

		Retail - Restaurants – 2.67%
	108,795	Chipotle Mexican Grill Inc * (a)		142,223,352
	490,963	Yum! Brands Inc (a)		55,729,210

				197,952,562

		Sector Fund - Technology – 2.71%
	717,132	Invesco QQQ Trust Series 1		200,997,757

		Semiconductor Components - Integrated Circuits – 6.49%
	1,487,950	Analog Devices Inc (a)		217,374,616
	2,061,774	QUALCOMM Inc (a)		263,371,011

				480,745,627

		Semiconductor Equipment – 8.50%
	834,022	KLA Corp (a)		266,119,740
	549,910	Lam Research Corp (a)		234,344,147
	1,436,669	Teradyne Inc (a)		128,653,709

				629,117,596

		Total United States (cost $6,517,001,874)	$	6,488,218,622


		Uruguay – 0.22%
		Commercial Services - Finance – 0.22%
	626,883	Dlocal Ltd *		16,455,678

		Total Uruguay (cost $17,210,873)	$	16,455,678

		Total Common Stock (cost $9,161,905,260)	$	8,944,090,064


		Short-Term Securities – 7.44%
		United States – 7.44%
	550,554,387	Dreyfus Treasury Obligations Cash Management, Institutional Shares, 1.00% (a) (b)	$	550,554,387

		Total United States (cost $550,554,387)	$	550,554,387



		Total Short-Term Securities (cost $550,554,387)	$	550,554,387



		Total Investments in Securities (cost $9,712,459,647) - 128.24%	$	9,494,644,451



		Other Liabilities in Excess of Assets - (28.24%)		(2,090,874,766	)



		Net Assets - 100.00%	$	7,403,769,685


(a)		Partially or wholly held in a pledged account at the Custodian as collateral for securities sold, not yet purchased.

(b)		Money market fund; interest rate reflects seven-day effective yield on June 30, 2022. $ 547,891,904 is pledged in a collateral account by the Custodian for Total Return Swap Contracts.

*		Non-income producing security.

ADR		American Depositary Receipt

ETF		Exchange Traded Fund

SPDR		Standard & Poor’s Depositary Receipts

REITS		Real Estate Investment Trusts

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (concluded)


Investments in Securities - By Industry		June 30, 2022 Percentage of Net Assets (%)
Aerospace / Defense		2.32
Aerospace / Defense - Equipment		5.49
Apparel Manufacturers		0.45
Applications Software		5.31
Athletic Equipment		0.26
Athletic Footwear		1.12
Audio / Video Products		3.17
Building Products - Cement / Aggregate		1.89
Casino Hotels		0.79
Coatings / Paint		1.32
Commercial Services - Finance		2.68
Commercial Services		0.24
Communications Software		1.71
Computer Aided Design		7.81
Computer Software		1.87
E-Commerce / Products		6.39
E-Commerce / Services		5.83
Energy - Alternate Sources		0.04
Enterprise Software / Services		6.34
Entertainment Software		1.45
Finance - Credit Card		6.30
Finance - Investment Banker / Broker		0.52
Finance - Other Services		1.98
Growth & Income - Large Cap		3.69


Investments in Securities - By Industry		June 30, 2022 Percentage of Net Assets (%)
Hotels & Motels		1.10
Human Resources		0.58
Internet Application Software		0.95
Internet Content - Entertainment		4.29
Medical Information Systems		0.18
Medical Labs & Testing Services		0.56
Medical - Biomedical / Genetics		3.30
Medical - Drugs		0.25
Metal Processors & Fabrication		0.11
Private Equity		0.44
Real Estate Management / Services		1.15
REITS - Diversified		3.85
Retail - Apparel / Shoes		1.40
Retail - Building Products		1.37
Retail - Major Department Store		2.06
Retail - Restaurants		2.67
Schools		0.95
Sector Fund - Technology		2.71
Semiconductor Components - Integrated Circuits		8.59
Semiconductor Equipment		10.65
Short-Term Securities		7.44
Textile - Apparel		1.26
Transport - Services		0.86
Web Portals / ISP		2.55

Total Investments in Securities		128.24%

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF PURCHASED OPTIONS (Unaudited)


Notional Amount (USD)		Contracts				June 30, 2022 Fair Value
					Purchased Options – 14.80%
					Equity Options – 14.47%
					Equity Call Options – 6.14%
					China – 1.62%
					E-Commerce / Products – 1.62%
	$ 69,139,000		9,877		Alibaba Group Holding Ltd ADR, 9/16/2022, $70.00	$	44,298,345
	45,505,962		9,837		JD.com Inc ADR, 9/16/2022, $46.26		19,132,965
	69,545,000		19,870		Pinduoduo Inc ADR, 10/21/2022, $35.00		56,132,750

					Total China (cost $59,527,016)	$	119,564,060


					Taiwan – 0.03%
					Semiconductor Components - Integrated Circuits – 0.03%
	65,340,000		7,260		Taiwan Semiconductor Manufacturing Co Ltd ADR, 8/19/2022, $90.00		1,059,960
	15,904,000		1,988		Taiwan Semiconductor Manufacturing Co Ltd ADR, 10/21/2022, $80.00		1,510,880

					Total Taiwan (cost $12,623,034)	$	2,570,840


					United States – 4.49%
					Athletic Footwear – 0.00%
	64,636,000		4,972		NIKE Inc, Class B, 9/16/2022, $130.00		253,572

					Auto - Cars / Light Trucks – 0.39%
	258,090,000		3,687		Tesla Inc, 9/16/2022, $700.00		28,777,035

					Beverages - Non-alcoholic – 0.07%
	59,610,000		9,935		Coca-Cola Co, 11/18/2022, $60.00		5,265,550

					Commercial Services - Finance – 0.05%
	45,482,250		4,917		PayPal Holdings Inc, 9/16/2022, $92.50		821,139
	36,018,000		4,968	��	Block Inc, 9/16/2022, $72.50		2,633,040

							3,454,179

					Communications Software – 0.71%
	29,568,000		4,928		RingCentral Inc, Class A, 9/16/2022, $60.00		2,119,040
	147,781,000		17,386		Zoom Video Communications Inc, Class A, 9/16/2022, $85.00		50,419,400

							52,538,440

					Data Processing / Management – 0.10%
	59,604,000		9,934		DocuSign Inc, 9/16/2022, $60.00		7,549,840

					E-Commerce / Products – 0.37%
	210,330,000		22,140		Amazon.com Inc, 9/16/2022, $95.00		27,785,700

					E-Commerce / Services – 0.24%
	163,370,000		961		Booking Holdings Inc, 9/16/2022, $1,700.00		17,826,550

					Electronic Components - Semiconductors – 0.14%
	68,845,000		9,835		Advanced Micro Devices Inc, 8/19/2022, $70.00		10,523,450

					Electronic Forms – 0.12%
	191,763,000		4,917		Adobe Inc, 9/16/2022, $390.00		9,219,375

					Enterprise Software / Services – 0.08%
	79,513,500		4,819		Salesforce Inc, 8/19/2022, $165.00		5,276,805
	198,700,000		9,935		Workday Inc, Class A, 9/16/2022, $200.00		596,100

							5,872,905

					Finance - Credit Card – 0.16%
	172,074,000		12,291		American Express Co, 9/16/2022, $140.00		11,922,270

					Finance - Other Services – 0.06%
	10,600,000		2,650		Coinbase Global Inc, 12/16/2022, $40.00		4,478,500

					Hotels & Motels – 0.01%
	154,375,000		12,350		Hilton Worldwide Holdings Inc, 7/15/2022, $125.00		432,250
	73,760,000		4,610		Marriott International Inc, Class A, 7/15/2022, $160.00		23,050

							455,300

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF PURCHASED OPTIONS (Unaudited) (continued)


Notional Amount (USD)		Contracts				June 30, 2022 Fair Value
				Equity Call Options (continued)
				United States (continued)
				Internet Content – Entertainment – 0.19%
	$ 177,048,000		9,836	Meta Platforms Inc, Class A, 8/19/2022, $180.00		$	7,229,460
	211,474,000		9,836	Meta Platforms Inc, Class A, 8/19/2022, $215.00			1,593,432
	99,100,000		4,955	Meta Platforms Inc, Class A, 11/18/2022, $200.00			4,335,625
	127,842,000		4,917	Netflix Inc, 9/16/2022, $260.00			973,566

							14,132,083

				REITS - Warehouse / Industrial – 0.00%
	69,538,000		4,967	Prologis Inc, 8/19/2022, $140.00			198,680

				Sector Fund - Technology – 1.35%
	1,217,832,000		43,494	Invesco QQQ Trust Series 1, 12/16/2022, $280.00			99,688,248

				Semiconductor Components - Integrated Circuits – 0.22%
	176,358,000		13,566	QUALCOMM Inc, 10/21/2022, $130.00			15,940,050

				Web Portals / ISP – 0.23%
	154,560,000		736	Alphabet Inc, Class A, 8/19/2022, $2,100.00			12,953,600
	113,160,000		492	Alphabet Inc, Class A, 8/19/2022, $2,300.00			3,936,000

							16,889,600

				Total United States (cost $713,772,069)		$	332,771,327

				Total Equity Call Options (cost $785,922,119)		$	454,906,227


				Equity Put Options – 8.33%
				United States – 8.33%
				Growth & Income - Large Cap – 2.66%
	1,558,750,000		36,250	SPDR S&P 500 ETF Trust, 9/16/2022, $430.00			197,018,750

							197,018,750

				Sector Fund - Technology – 5.67%
	1,867,035,000		65,510	Invesco QQQ Trust Series 1, 12/16/2022, $285.00			164,954,180
	1,426,530,000		47,551	Invesco QQQ Trust Series 1, 9/16/2022, $300.00			128,577,904
	879,157,500		27,051	Invesco QQQ Trust Series 1, 9/16/2022, $325.00			126,084,711

							419,616,795

				Total United States (cost $263,004,522)		$	616,635,545

				Total Equity Put Options (cost $263,004,522)		$	616,635,545

				Total Equity Options (cost $1,048,926,641)		$	1,071,541,772


				Currency Put Options – 0.33%
				United States – 0.33%
				Currency – 0.33%	Counterparty
	339,773,556		339,773,556	USD /BRL, 12/16/2022, $5.35	Morgan Stanley & Co., Inc.		21,996,465
	614,970,266		614,970,266	USD /CNH, 12/16/2022, $7.00	Merrill Lynch Professional Clearing Corp		2,454,098

				Total United States (cost $20,055,408)		$	24,450,563

				Total Currency Put Options (cost $20,055,408)		$	24,450,563

				Total Purchased Options (cost $1,068,982,049)		$	1,095,992,335


			ADR	American Depositary Receipt
			BRL	Brazilian Real
			CNH	Chinese Renminbi Yuan
			ETF	Exchange Traded Fund
			SPDR	Standard & Poor’s Depositary Receipts
			USD	United States Dollar

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF PURCHASED OPTIONS (Unaudited) (concluded)


Purchased Options - By Industry		June 30, 2022 Percentage of Net Assets (%)
Auto - Cars / Light Trucks		0.39
Beverages - Non-alcoholic		0.07
Commercial Services - Finance		0.05
Communications Software		0.71
Currency		0.33
Data Processing / Management		0.10
E-Commerce / Products		1.99
E-Commerce / Services		0.24
Electronic Components - Semiconductors		0.14
Electronic Forms		0.12


Purchased Options - By Industry		June 30, 2022 Percentage of Net Assets (%)
Enterprise Software / Services		0.08
Finance - Credit Card		0.16
Finance - Other Services		0.06
Growth & Income - Large Cap		2.66
Hotels & Motels		0.01
Internet Content - Entertainment		0.19
Sector Fund - Technology		7.02
Semiconductor Components - Integrated Circuits		0.25
Web Portals / ISP		0.23

Total Purchased Options		14.80%

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited)


Shares			June 30, 2022 Fair Value
		Securities Sold, Not Yet Purchased – 47.11%
		Common Stocks – 47.11%
		Brazil – 0.01%
		Commercial Services - Finance – 0.01%
	67,214	StoneCo Ltd, Class A	$	517,548

		Total Brazil (proceeds $3,973,725)	$	517,548


		Canada – 0.40%
		Medical - Drugs – 0.01%
	347,208	Canopy Growth Corp		988,621

		Private Equity – 0.39%
	654,021	Brookfield Asset Management Inc, Class A		29,084,314

		Total Canada (proceeds $47,437,147)	$	30,072,935


		China – 1.82%
		Computer Software – 0.01%
	392,563	Tuya Inc		1,028,515

		Computers – 0.06%
	5,128,000	Lenovo Group Ltd		4,790,172

		Internet Content - Entertainment – 0.02%
	48,284	Weibo Corp ADR		1,116,809

		Internet Content - Information / Networks – 1.58%
	4,031,200	Kuaishou Technology		44,899,850
	1,593,100	Tencent Holdings Ltd		71,950,840

				116,850,690

		Metal - Aluminum – 0.02%
	6,610,800	China Zhongwang Holdings Ltd		1,415,345

		Retail - Drug Store – 0.13%
	3,158,200	Ping An Healthcare and Technology Co Ltd		9,357,540

		Total China (proceeds $145,307,206)	$	134,559,071


		France – 0.36%
		Advertising Services – 0.24%
	361,079	Publicis Groupe SA		17,613,685

		REITS - Regional Malls – 0.12%
	473,888	Klepierre SA		9,096,025

		Total France (proceeds $29,419,220)	$	26,709,710


		Germany – 0.93%
		Enterprise Software / Services – 0.93%
	755,718	SAP SE		68,680,384

		Total Germany (proceeds $100,979,358)	$	68,680,384

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		Hong Kong – 0.66%
		Electric - Integrated – 0.32%
	3,715,100	Power Assets Holdings Ltd	$	23,364,515

		Wireless Equipment – 0.34%
	14,299,400	Xiaomi Corp, Class B		24,856,003

		Total Hong Kong (proceeds $73,003,907)	$	48,220,518


		Israel – 0.39%
		Applications Software – 0.29%
	210,464	Monday.com Ltd		21,711,466

		Internet Application Software – 0.10%
	112,050	Wix.com Ltd		7,344,878

		Total Israel (proceeds $33,889,081)	$	29,056,344


		Japan – 0.01%
		Gas - Distribution – 0.01%
	47,400	Tokyo Gas Co Ltd		979,366

		Total Japan (proceeds $1,124,357)	$	979,366


		Netherlands – 0.15%
		Semiconductor Components - Integrated Circuits – 0.15%
	77,261	NXP Semiconductors NV		11,436,946

		Total Netherlands (proceeds $14,721,515)	$	11,436,946


		Switzerland – 0.74%
		Computers - Peripheral Equipment – 0.24%
	338,596	Logitech International SA		17,627,308

		Medical - Drugs – 0.50%
	438,279	Novartis AG ADR		37,047,724

		Total Switzerland (proceeds $61,548,995)	$	54,675,032


		Taiwan – 0.31%
		Semiconductor Components - Integrated Circuits – 0.31%
	3,427,395	United Microelectronics Corp ADR		23,203,464

		Total Taiwan (proceeds $36,550,089)	$	23,203,464

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States – 41.33%
		Advertising Agencies – 1.00%
	1,131,778	Interpublic Group of Cos Inc	$	31,157,848
	675,459	Omnicom Group Inc		42,965,947

				74,123,795

		Apparel Manufacturers – 0.32%
	2,290,345	Hanesbrands Inc		23,567,650

		Appliances – 0.32%
	154,382	Whirlpool Corp		23,909,140

		Applications Software – 1.17%
	412,569	Asana Inc, Class A		7,252,963
	498,274	C3.ai Inc, Class A		9,098,483
	147,534	ServiceNow Inc		70,155,368

				86,506,814

		Athletic Footwear – 0.19%
	140,472	NIKE Inc, Class B		14,356,238

		Auto - Cars / Light Trucks – 1.77%
	194,214	Tesla Inc		130,787,592

		Beverages - Non-alcoholic – 0.64%
	755,320	Coca-Cola Co		47,517,181

		Commercial Services - Finance – 0.77%
	1,047,415	H&R Block Inc		36,994,698
	241,513	PayPal Holdings Inc		16,867,268
	98,140	Shift4 Payments Inc, Class A		3,244,508

				57,106,474

		Computer Data Security – 0.60%
	246,711	Qualys Inc		31,120,126
	198,698	Rapid7 Inc		13,273,026

				44,393,152

		Computer Software – 1.35%
	293,876	Akamai Technologies Inc		26,839,695
	22,619	Bandwidth Inc, Class A		425,690
	166,034	Cloudflare Inc, Class A		7,263,988
	136,736	Fastly Inc, Class A		1,587,505
	247,132	HashiCorp Inc, Class A		7,275,566
	206,807	Snowflake Inc, Class A		28,758,581
	525,971	SolarWinds Corp		5,391,203
	99,349	Splunk Inc		8,788,413
	365,754	Teradata Corp		13,536,556

				99,867,197

		Computers – 0.90%
	297,311	Apple Inc		40,648,360
	797,887	HP Inc		26,154,736

				66,803,096

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Computers - Memory Devices – 0.37%
	383,466	Seagate Technology Holdings PLC	$	27,394,811

		Consulting Services – 0.47%
	201,136	Verisk Analytics Inc		34,814,630

		Consumer Products - Miscellaneous – 1.59%
	871,666	Kimberly-Clark Corp		117,805,660

		Cosmetics & Toiletries – 1.11%
	724,339	Colgate-Palmolive Co		58,048,527
	165,964	Procter & Gamble Co		23,863,964

				81,912,491

		Data Processing / Management – 0.55%
	713,689	DocuSign Inc		40,951,475

		E-Commerce / Products – 0.50%
	590,461	Poshmark Inc, Class A		5,969,561
	707,861	Wayfair Inc, Class A		30,834,425

				36,803,986

		E-Commerce / Services – 0.56%
	20,706	Booking Holdings Inc		36,214,587
	298,528	TripAdvisor Inc		5,313,798

				41,528,385

		Electric - Distribution – 0.85%
	663,446	Consolidated Edison Inc		63,093,715

		Electric - Integrated – 1.97%
	500,688	Duke Energy Corp		53,678,760
	1,106,425	PPL Corp		30,017,310
	871,839	Southern Co		62,170,839

				145,866,909

		Electronic Components - Semiconductors – 4.84%
	423,306	GLOBALFOUNDRIES Inc		17,076,164
	335,403	Marvell Technology Inc		14,600,093
	891,703	NVIDIA Corp		135,173,258
	1,248,154	Texas Instruments Inc		191,778,862

				358,628,377

		Electronic Forms – 1.72%
	348,180	Adobe Inc		127,454,771

		Enterprise Software / Services – 2.34%
	59,010	Blackline Inc		3,930,066
	322,351	Salesforce Inc		53,200,809
	236,753	Veeva Systems Inc, Class A		46,886,564
	497,029	Workday Inc, Class A		69,375,308

				173,392,747

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Finance - Credit Card – 0.33%
	1,462,030	Western Union Co	$	24,079,634

		Food - Confectionery – 0.42%
	244,245	J M Smucker Co		31,265,802

		Food - Miscellaneous / Diversified – 3.74%
	1,413,939	Campbell Soup Co		67,939,769
	1,488,903	Conagra Brands Inc		50,980,039
	1,021,491	General Mills Inc		77,071,496
	1,132,471	Kellogg Co		80,790,481

				276,781,785

		Internet Application Software – 0.30%
	244,023	Okta Inc		22,059,679

		Internet Content - Entertainment – 0.33%
	140,006	Netflix Inc		24,482,849

		Investment Management / Advisory Services – 2.22%
	677,581	Apollo Global Management Inc		32,849,127
	923,467	Franklin Resources Inc		21,526,016
	967,975	T Rowe Price Group Inc		109,971,640

				164,346,783

		Medical - Biomedical / Genetics – 0.97%
	295,451	Amgen Inc		71,883,228

		Motorcycle / Motor Scooter – 0.07%
	164,236	Harley-Davidson Inc		5,199,712

		Networking Products – 0.44%
	759,589	Cisco Systems Inc		32,388,875

		Private Equity – 0.13%
	174,304	Ares Management Corp, Class A		9,910,925

		Real Estate Management / Services – 0.12%
	890,946	Anywhere Real Estate Inc		8,757,999

		REITS - Health Care – 0.48%
	439,399	Ventas Inc		22,598,291
	159,202	Welltower Inc		13,110,285

				35,708,576

		REITS - Office Property – 1.74%
	282,940	Boston Properties Inc		25,176,001
	733,845	Brandywine Realty Trust		7,074,266
	1,030,579	Douglas Emmett Inc		23,064,358
	585,921	Hudson Pacific Properties Inc		8,695,068
	181,395	Kilroy Realty Corp		9,492,400
	591,909	SL Green Realty Corp		27,316,600
	974,910	Vornado Realty Trust		27,872,677

				128,691,370

		REITS - Regional Malls – 0.26%
	199,400	Simon Property Group Inc		18,927,048

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)


Shares			June 30, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		REITS - Shopping Centers – 1.32%
	517,231	Brixmor Property Group Inc	$	10,453,239
	236,502	Federal Realty Investment Trust		22,642,701
	1,249,593	Kimco Realty Corp		24,704,454
	567,324	Regency Centers Corp		33,647,986
	421,722	Urban Edge Properties		6,414,392

				97,862,772

		REITS - Warehouse / Industrial – 0.80%
	505,780	Prologis Inc		59,505,017

		Retail - Apparel / Shoes – 0.02%
	354,437	Chico’s FAS Inc		1,761,552

		Retail - Bedding – 0.01%
	125,211	Bed Bath & Beyond Inc		622,299

		Retail - Major Department Store – 0.33%
	1,142,353	Nordstrom Inc		24,137,919

		Retail - Miscellaneous / Diversified – 0.20%
	1,250,946	Sally Beauty Holdings Inc		14,911,276

		Retail - Regional Department Store – 0.51%
	847,217	Kohl’s Corp		30,237,175
	399,562	Macy’s Inc		7,319,976

				37,557,151

		Retail - Restaurants – 0.07%
	196,075	Cheesecake Factory Inc		5,180,302

		Telecommunication Equipment – 0.27%
	693,724	Juniper Networks Inc		19,771,134

		Telephone - Integrated – 0.35%
	975,153	AT&T Inc		20,439,205
	101,582	Verizon Communications Inc		5,155,287

				25,594,492

		Total United States (proceeds $3,695,529,872)	$	3,059,974,465

		Total Common Stocks (proceeds $4,243,484,472)	$	3,488,085,783

		Total Securities Sold, Not Yet Purchased (proceeds $4,243,484,472)	$	3,488,085,783


	ADR	American Depositary Receipt
	REITS	Real Estate Investment Trusts

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (concluded)


Securities Sold, Not Yet Purchased - By Industry		June 30, 2022 Percentage of Net Assets (%)
Advertising Agencies		1.00
Advertising Services		0.24
Apparel Manufacturers		0.32
Appliances		0.32
Applications Software		1.46
Athletic Footwear		0.19
Auto - Cars / Light Trucks		1.77
Beverages - Non-alcoholic		0.64
Commercial Services - Finance		0.78
Computer Data Security		0.60
Computer Software		1.36
Computers		0.96
Computers - Memory Devices		0.37
Computers - Peripheral Equipment		0.24
Consulting Services		0.47
Consumer Products - Miscellaneous		1.59
Cosmetics & Toiletries		1.11
Data Processing / Management		0.55
E-Commerce / Products		0.50
E-Commerce / Services		0.56
Electric - Distribution		0.85
Electric - Integrated		2.29
Electronic Components - Semiconductors		4.84
Electronic Forms		1.72
Enterprise Software / Services		3.27
Finance - Credit Card		0.33
Food - Confectionery		0.42
Food - Miscellaneous / Diversified		3.74


Securities Sold, Not Yet Purchased - By Industry		June 30, 2022 Percentage of Net Assets (%)
Gas - Distribution		0.01
Internet Application Software		0.40
Internet Content - Entertainment		0.35
Internet Content - Information / Networks		1.58
Investment Management / Advisory Services		2.22
Medical - Biomedical / Genetics		0.97
Medical - Drugs		0.51
Metal - Aluminum		0.02
Motorcycle / Motor Scooter		0.07
Networking Products		0.44
Private Equity		0.52
Real Estate Management / Services		0.12
REITS - Health Care		0.48
REITS - Office Property		1.74
REITS - Regional Malls		0.38
REITS - Shopping Centers		1.32
REITS - Warehouse / Industrial		0.80
Retail - Apparel / Shoes		0.02
Retail - Bedding		0.01
Retail - Drug Store		0.13
Retail - Major Department Store		0.33
Retail - Miscellaneous / Diversified		0.20
Retail - Regional Department Store		0.51
Retail - Restaurants		0.07
Semiconductor Components - Integrated Circuits		0.46
Telecommunication Equipment		0.27
Telephone - Integrated		0.35
Wireless Equipment		0.34

Total Securities Sold, Not Yet Purchased		47.11%

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited)


Notional Amount (USD)	Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

	Swap Contracts – 0.61%
	Total Return Swap Contracts – Appreciation – 3.63%
	Australia – 0.16%
	Commercial Banks Non-US – 0.16%
$ (22,723,547)	12/23/2024	Bank of Queensland Ltd	$	4,775,687

		Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Bank of Queensland Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.41%**.
(74,499,064)	12/23/2024	Westpac Banking Corp		7,268,045

		Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Westpac Banking Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

	Total Australia		$	12,043,732


	Brazil – 0.09%
	Commercial Services – Finance – 0.09%
(10,058,748)	1/31/2023	Cielo SA		6,325,565


		Agreement with Morgan Stanley, dated 01/30/2019 to deliver the total return of the shares of Cielo SA in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 1.75%**.

	Total Brazil		$	6,325,565


	Japan – 0.39%
	Audio / Video Products – 0.07%
(36,410,054)	3/4/2024	Sharp Corp		5,155,637


		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Sharp Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)	Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

	Total Return Swap Contracts - Appreciation (continued)
	Japan (continued)
	Bicycle Manufacturing – 0.00%
$ (27,088,264)	3/4/2024	Shimano Inc	$	338,319


		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Shimano Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
	E-Commerce / Products – 0.07%
(10,155,139)	3/4/2024	Rakuten Group Inc		5,348,840


		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Rakuten Group Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
	Electric Products – Miscellaneous – 0.01%
(1,816,661)	3/4/2024	Casio Computer Co Ltd		715,274


		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Casio Computer Co Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
	Electric – Integrated – 0.02%
(17,104,677)	3/4/2024	Chubu Electric Power Co Inc		1,147,895


		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Chubu Electric Power Co Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
	Office Automation & Equipment – 0.03%
(12,529,160)	3/4/2024	Canon Inc		772,712

		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Canon Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
(1,957,689)	3/4/2024	Konica Minolta Inc		857,757

		Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Konica Minolta Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Appreciation (continued)
		Japan (continued)
		Office Automation & Equipment (continued)
	$ (4,139,036)	3/4/2024	Ricoh Co Ltd	$	913,737

			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Ricoh Co Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

					2,544,206

		Photo Equipment & Supplies – 0.01%
	(7,831,994)	3/4/2024	Nikon Corp		472,765


			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Nikon Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
		Semiconductor Equipment – 0.18%
	(60,456,461)	3/4/2024	Advantest Corp		13,327,671


			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Advantest Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

		Total Japan		$	29,050,607


		South Korea – 0.02%
		Electronic Components – Miscellaneous – 0.02%
	(5,347,924)	8/9/2023	LG Display Co Ltd		1,379,212


			Agreement with Morgan Stanley, dated 08/09/2021 to deliver the total return of the shares of LG Display Co Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 2.00%**.

		Total South Korea		$	1,379,212

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Appreciation (continued)
		Spain – 0.12%
		Building – Heavy Construction – 0.12%
	$ 55,991,532	2/26/2024	Cellnex Telecom SA	$	8,676,339


			Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Cellnex Telecom SA in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.65%**.

		Total Spain		$	8,676,339


		Taiwan – 0.07%
		Semiconductor Components – Integrated Circuits – 0.07%
	(11,174,144)	3/4/2024	Novatek Microelectronics Corp		4,387,520

			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Novatek Microelectronics Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 4.75%**.
	(5,141,903)	3/4/2024	United Microelectronics Corp		892,987

			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of United Microelectronics Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 7.75%**.

		Total Taiwan		$	5,280,507


		United Kingdom – 0.26%
		Cosmetics & Toiletries – 0.10%
	(53,416,030)	2/26/2024	Unilever PLC		7,601,475


			Agreement with Morgan Stanley, dated 03/03/2014 to deliver the total return of the shares of Unilever PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.35%**.

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Appreciation (continued)
		United Kingdom (continued)
		Food - Retail – 0.11%
	$ (13,605,337)	12/11/2023	Marks & Spencer Group PLC	$	7,997,425


			Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of Marks & Spencer Group PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.30%**.
		Retail - Apparel / Shoes – 0.05%
	(16,651,751)	12/11/2023	Next PLC		3,480,974


			Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of Next PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.30%**.

		Total United Kingdom		$	19,079,874


		United States – 2.52%
		Web Portals / ISP – 2.52%
	237,315,067	3/4/2024	Alphabet Inc, Class A		186,939,770


			Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Alphabet Inc, Class A in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.45%**.

		Total United States		$	186,939,770



		Total Return Swap Contracts - Appreciation ****		$	268,775,606


		Total Return Swap Contracts - Depreciation – 3.02%
		Brazil – 1.73%
		Finance - Other Services – 0.41%
	125,161,582	1/31/2023	B3 SA - Brasil Bolsa Balcao		30,636,500


			Agreement with Morgan Stanley, dated 01/30/2019 to receive the total return of the shares of B3 SA - Brasil Bolsa Balcao in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.00%**.

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Depreciation (continued)
		Brazil (continued)
		Retail - Discount – 1.32%
	$ 119,131,520	1/31/2023	Magazine Luiza SA	$	97,374,700


			Agreement with Morgan Stanley, dated 01/30/2019 to receive the total return of the shares of Magazine Luiza SA in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.00%**.

		Total Brazil		$	128,011,200


		China – 0.33%
		Applications Software – 0.33%
	104,996,334	7/11/2024	Glodon Co Ltd, Class A		24,473,561


			Agreement with Morgan Stanley, dated 07/10/2020 to receive the total return of the shares of Glodon Co Ltd, Class A in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.25%**.

		Total China		$	24,473,561


		Ireland – 0.12%
		Commercial Services - Finance – 0.12%
	25,299,204	12/11/2023	Experian PLC		9,014,903


			Agreement with Morgan Stanley, dated 12/07/2012 to receive the total return of the shares of Experian PLC in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.65%**.

		Total Ireland		$	9,014,903


		Japan – 0.14%
		Building Products - Air & Heating – 0.01%
	(51,154,887)	3/4/2024	Daikin Industries Ltd		494,904


			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Daikin Industries Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Depreciation (continued)
		Japan (continued)
		Electric - Integrated – 0.13%
	$ (30,109,667)	3/4/2024	Tokyo Electric Power Co Holdings Inc	$	9,697,810


			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Tokyo Electric Power Co Holdings Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.

		Total Japan		$	10,192,714


		South Korea – 0.27%
		Petrochemicals – 0.27%
	67,561,339	8/9/2023	LG Chem Ltd		20,093,415


			Agreement with Morgan Stanley, dated 08/09/2021 to receive the total return of the shares of LG Chem Ltd in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.90%**.

		Total South Korea		$	20,093,415


		Taiwan – 0.08%
		Computers - Peripheral Equipment – 0.02%
	(7,512,923)	3/4/2024	Innolux Display Corp		1,357,148


			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Innolux Display Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 9.75%**.

		Electronic Components - Miscellaneous – 0.06%
	(10,566,210)	3/4/2024	AUO Corp		4,224,480


			Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of AUO Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 9.25%**.

		Total Taiwan		$	5,581,628

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		June 30, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Depreciation (continued)
		United Kingdom – 0.02%
		Diversified Banking Institutions – 0.02%
	$ (5,832,331)	12/11/2023	HSBC Holdings PLC	$	1,316,401


			Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of HSBC Holdings PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.30%**.

		Total United Kingdom		$	1,316,401


		United States – 0.33%
		Private Equity – 0.33%
	228,915,689	3/4/2024	Carlyle Group Inc		24,807,001


			Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Carlyle Group Inc in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.45%**.

		Total United States		$	24,807,001



		Total Return Swap Contracts - Depreciation *****		$	223,490,823

		Total Swap Contracts, net		$	45,284,783

	*	Per the terms of the executed swap agreement, no periodic payments are made. A single payment is made upon the maturity of the Total Return Swap Contracts.
	**	The financing rate is made up of the Daily Fed Funds Effective Rate plus a variable rate. The Daily Fed Funds Effective Rate is the weighted average interest rate at which depository institutions (banks and credit unions) trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The variable rate indicated is as of June 30, 2022.
	***	The value of the Total Return Swap Contracts is the same as the unrealized appreciation/depreciation. For this reason the value has not been broken out separately. Additionally, there were no upfront payments or receipts related to any of the Total Return Swap Contracts transactions.
	****	Includes all Total Return Swap Contracts in an appreciated position. The unrealized appreciation of these contracts is included as part of Unrealized appreciation on total return swap contracts in the Statement of Assets and Liabilities.
	*****	Includes all Total Return Swap Contracts in a depreciated position. The unrealized depreciation amounts of these contracts is included as part of Unrealized depreciation on total return swap contracts in the Statement of Assets and Liabilities.

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (concluded)


Swap Contracts - By Industry		June 30, 2022 Percentage of Net Assets (%)
Applications Software		(0.33)
Audio / Video Products		0.07
Building Products - Air & Heating		(0.01)
Building - Heavy Construction		0.12
Commercial Banks Non-US		0.16
Commercial Services - Finance		(0.03)
Computers - Peripheral Equipment		(0.02)
Cosmetics & Toiletries		0.10
Diversified Banking Institutions		(0.02)
E-Commerce / Products		0.07
Electric Products - Miscellaneous		0.01
Electric - Integrated		(0.11)


Swap Contracts - By Industry		June 30, 2022 Percentage of Net Assets (%)
Electronic Components - Miscellaneous		(0.04)
Finance - Other Services		(0.41)
Food - Retail		0.11
Office Automation & Equipment		0.03
Petrochemicals		(0.27)
Photo Equipment & Supplies		0.01
Private Equity		(0.33)
Retail - Apparel / Shoes		0.05
Retail - Discount		(1.32)
Semiconductor Components - Integrated Circuits		0.07
Semiconductor Equipment		0.18
Web Portals / ISP		2.52

Total Swap Contracts.		0.61%

See accompanying notes to Schedule of Investments

ACAP STRATEGIC FUND

NOTES TO SCHEDULE OF INVESTMENTS—JUNE 30, 2022 (Unaudited)

1.	Fair Value Measurement

ACAP Strategic Fund (the “Fund”) follows ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) for fair value measurement. ASC Topic 820 establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Over-the-counter financial derivative instruments, such as forward contracts and total return swaps, derive their values from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These derivative contracts, which use valuation techniques and observable inputs as described above and in further detail below and have an appropriate level of market activity, are categorized within Level 2 of the fair value hierarchy.

The Fund recognizes transfers into and out of levels indicated above at the end of the reporting period. There were no such transfers during the nine months ended June 30, 2022.

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

Additional information on the investments can be found in the Schedule of Investments, the Schedule of Purchased Options, the Schedule of Securities Sold, Not Yet Purchased and the Schedule of Swap Contracts.

The following table summarizes the fair value of assets and liabilities by the ASC 820 fair value hierarchy levels as of June 30, 2022.


	Level 1		Level 2		Level 3		Balance June 30, 2022
Assets
Investment Securities
Common Stocks	$	8,944,090,064	$	-	$	-	$	8,944,090,064
Short-Term Securities		550,554,387		-		-		550,554,387
Purchased Options		1,071,541,772		24,450,563		-		1,095,992,335
Unrealized Appreciation on
Total Return Swap Contracts		-		268,775,606		-		268,775,606

Total Assets	$	10,566,186,223	$	293,226,169	$	-	$	10,859,412,392


Liabilities
Securities Sold, Not Yet Purchased
Common Stocks	$	3,486,670,438	$	1,415,345.00	$	-	$	3,488,085,783
Unrealized Depreciation on
Total Return Swap Contracts		-		223,490,823		-		223,490,823

Total Liabilities	$	3,486,670,438	$	224,906,168	$	-	$	3,711,576,606

ACAP STRATEGIC FUND

NOTES TO SCHEDULE OF INVESTMENTS—JUNE 30, 2022 (Unaudited) (continued)

2.	Portfolio Valuation

The value of the net assets of the Fund is determined on each business day as of the close of regular business of the New York Stock Exchange in accordance with the procedures set forth below or as may be determined from time to time pursuant to policies established by the Fund’s Board of Trustees (the “Board”).

Domestic and foreign exchange-traded equity securities (including listed warrants) traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their official closing price as reported on their primary exchange.

Domestic non-exchange traded equity securities are valued at their last reported price.

Total return swaps on equity securities are generally valued based upon the price for the reference asset, as determined in the manner specified above, as well as dividends on the reference equity security and accrued swap interest since the day of opening the position.

Fixed income, including convertible bonds, is generally valued using an evaluated bid price provided by an independent pricing agent. Evaluated bid prices provided by the pricing agent may be determined without exclusive reliance on quoted bid prices and may reflect factors such as relative credit information, observed market movements, sector news, maturity, reported trade frequencies and other market data. Money market instruments with a remaining maturity of 60 days or less may be valued at amortized cost (purchase price or last valuation, as applicable, adjusted for accretion of discount or amortization of premium) unless SilverBay Capital Management, LLC, investment adviser of the Fund (the “Adviser”) believes another valuation is more appropriate.

Options traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their last reported bid price as reported on such exchange(s). Non-exchange traded options and currency options are valued using a combination of observable inputs and models.

Forward contracts are traded on the over-the-counter market. Forward contracts are valued using observable inputs, such as currency exchange rates or commodity prices, applied to notional amounts stated in the applicable contracts.

When market quotations are not readily available, if a market quotation is “stale”, or when the valuation methods mentioned above are not reflective of the fair value of an asset or a liability, fair value will be determined in good faith based on observable and unobservable inputs relevant to the valuation of the asset under the oversight of the Board (“Fair Value Determination”).

The Adviser monitors the continuing appropriateness of the valuation methodology being used for each security and other investment.

All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars using foreign exchange rates provided by a pricing service compiled as of 4:00 p.m. London time. Trading in foreign securities generally is completed, and the values of foreign securities are determined prior to the close of securities markets in the U.S. Foreign exchange rates are also determined prior to such close. On occasion, the values of foreign securities and exchange rates may be materially affected by events occurring before the Fund calculates its net asset value but after the close of the primary markets or exchanges on which foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest-rate change), issuer-specific (e.g., earnings report, merger announcement), or U.S. market specific (e.g., a significant movement in the U.S. markets that is deemed to affect the value of foreign securities). When such an event materially affects the values of securities held by the Fund or its liabilities (including foreign securities for which there is a readily available market price), such securities and liabilities may be subject to Fair Value Determination taking into account the aforementioned factors, in good faith pursuant to procedures adopted by the Board. For the nine months ended June 30, 2022, no portfolio securities or liabilities were subject to Fair Value Determination.

3.	Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks

Total Return Swaps

The Adviser may use total return swaps to pursue the Fund’s investment objective of maximum capital appreciation. The Adviser may also use these swaps for hedging purposes. A swap is a contract under which two parties agree to make periodic payments to each other based on specified interest rates, an index or the value of some other instrument, applied to a stated notional amount. Swaps generally can be classified as interest rate swaps, currency swaps, commodity swaps, total return swaps or equity swaps, depending on the type of index or instrument used to calculate the payments. Such swaps would increase or decrease the Fund’s investment exposure to the particular interest rate, currency, commodity or equity involved.

Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return of other underlying assets or indices. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security index or market.

ACAP STRATEGIC FUND

NOTES TO SCHEDULE OF INVESTMENTS—JUNE 30, 2022 (Unaudited) (continued)

3.	Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks (continued)

Total Return Swaps (continued)

Most swap agreements entered into by the Fund require the calculation of the obligations of the parties to the agreements on a “net basis.” Consequently, current obligations (or rights) under a swap agreement generally will be equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). The Fund’s current obligations under a swap agreement will be accrued daily (offset against amounts owed to the Fund), and any accrued but unpaid net amounts owed to a swap counterparty will be covered in accordance with applicable regulatory requirements. Obligations under swap agreements so covered will not be construed to be “senior securities” for purposes of the Fund’s investment restriction concerning senior securities.

The Fund is subject to the market risk associated with changes in the value of the underlying investment or instrument, as well as exposure to credit risk associated with counterparty non-performance on swap contracts. The risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to a swap defaults, the Fund’s risk of loss generally consists of the net amount of payments that the Fund contractually is entitled to receive and/or the termination value at the end of the contract, which may be different than the amounts recorded on the Statement of Assets and Liabilities. Total return swaps are non-income producing instruments.

The Fund’s total return swap contract counterparty is Morgan Stanley & Co., Inc.

At June 30, 2022, the net amount of the fair value of the above-mentioned investments was $45,284,783.

Call and Put Options on Individual Securities

The Fund may purchase call and put options in respect of specific securities, and may write and sell covered or uncovered call and put options for hedging purposes and non-hedging purposes to pursue its investment objective. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price at any time prior to the expiration of the option. Similarly, a call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price at any time prior to the expiration of the option. A covered call option written by the Fund is a call option with respect to which the Fund owns the underlying security. A covered put option written by the Fund is a put option with respect to which cash or liquid securities have been placed in a segregated account on the Fund’s books or with the Fund’s custodian to fulfill the obligation undertaken.

The Fund may close out a position when writing options by purchasing an option on the same security with the same exercise price and expiration date as the option that it has previously written on the security. The Fund will realize a profit or loss if the amount paid to purchase an option is less or more, as the case may be, than the amount received from the sale thereof. To close out a position as a purchaser of an option, the Fund would ordinarily make a similar “closing sale transaction,” which involves liquidating the Fund’s position by selling the option previously purchased, although the Fund would be entitled to exercise the option should it deem it advantageous to do so. The Fund may also invest in so-called “synthetic” options or other derivative instruments written by broker-dealers.

Options transactions may be effected on securities exchanges or in the over-the-counter market. Over-the-counter options purchased and sold by the Fund may also include options on baskets of specific securities. The use of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The Fund may buy and sell call and put options, including options on currencies. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund’s losses are potentially unlimited. Options may be traded over-the-counter or on a securities exchange. These transactions involve risks consisting of counterparty credit risk and leverage risk.

At June 30, 2022, the fair value of the above-mentioned investments was $1,071,541,772.

Foreign Currency Transactions

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held.

ACAP STRATEGIC FUND

NOTES TO SCHEDULE OF INVESTMENTS—JUNE 30, 2022 (Unaudited) (continued)

3.	Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks (continued)

Foreign Currency Transactions (continued)

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

The Fund may enter into forward contracts for hedging and non-hedging purposes to pursue its investment objective. These contracts represent obligations to purchase or to sell a specified amount of currency at a future date and at a specified price agreed to by the parties at the time they enter into the contracts and allow the Fund to “lock in” the US dollar prices of securities. However, there may be an imperfect correlation between the securities being purchased or sold and the forward contracts entered into, and there is a risk that a counterparty will be unable or unwilling to fulfill its obligations under the forward contract.

At June 30, 2022, the Fund held no positions of the above-mentioned investments.

The Fund may also seek to hedge against the decline in the value of a currency or, to the extent applicable, to enhance returns, through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may engage in transactions in options on currencies either on exchanges or over-the-counter markets. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk.

At June 30, 2022, the fair value of the currency options was $24,450,563.

4.	Federal Income Tax Information

During the year ended September 30, 2021, taxable gain differs from net increase in net assets resulting from operations primarily due to: (1) unrealized gain/(loss) from investment activities and foreign currency transactions, as investment gains and losses are not included in taxable income until they are realized; (2) deferred wash sales losses and loss deferrals on unsettled short positions; (3) net deferral of qualified late year losses; (4) deferred straddle losses; and (5) net operating losses.

Net capital losses recognized by the Fund may be carried forward indefinitely, and retain their character as short- term and/or long-term losses. As of September 30, 2021, the Fund had no capital loss carryovers available to offset possible future capital gains. Under federal tax law, capital loss realized after October 31, 2021 and certain ordinary losses realized after December 31, 2021 may be deferred and treated as having arisen on the first day of the following fiscal year. For the year ended September 30, 2021, the Fund incurred and elected to defer qualified late-year ordinary loss of $55,124,094.

As of September 30, 2021, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income:	$	—
Undistributed long-term capital gains:		216,844,801
Accumulated realized capital and other losses:		(55,124,094)
Net unrealized appreciation/depreciation:		4,233,276,640

Total	$	4,394,997,347

As of June 30, 2022, the aggregate unrealized appreciation/depreciation and the aggregate cost of investment securities for tax purposes, including purchased options were as follows:


Excess of value over tax cost gross appreciation	$	27,010,286
Excess of tax cost over value gross depreciation		(391,297,650)

Net unrealized appreciation	$	(364,287,364)

5.	Subsequent Events

The Fund has determined that no material events or transactions occurred subsequent to June 30, 2022 that would require recognition or disclosure in the Fund’s “Schedule of Investments.”

ACAP Strategic Fund (XCAPX) NPORT-PACAP Strategic Fund (Jun 2022 report)