ACAP Strategic Fund NPORTP Monthly portfolio investment report

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited)


Shares			December 31, 2022 Fair Value
		Investments in Securities – 114.01%
		Common Stocks – 109.35%
		Brazil – 0.42%
		Finance - Investment Banker / Broker – 0.42%
	1,716,252	XP Inc, Class A *	$	26,327,306

		Total Brazil (cost $46,223,020)	$	26,327,306


		Canada – 0.37%
		Internet Application Software – 0.37%
	677,186	Shopify Inc, Class A * (a)		23,505,126

		Total Canada (cost $22,646,203)	$	23,505,126


		China – 10.00%
		E-Commerce / Products – 4.20%
	1,103,293	Alibaba Group Holding Ltd ADR *		97,189,080
	2,076,524	JD.com Inc ADR (a)		116,555,292
	635,473	Pinduoduo Inc ADR *		51,822,823

				265,567,195

		Enterprise Software / Services – 0.21%
	15,104,903	Ming Yuan Cloud Group Holdings Ltd		13,585,791

		Entertainment Software – 1.12%
	972,846	NetEase Inc ADR		70,657,805

		Real Estate Management / Services – 0.74%
	3,365,918	KE Holdings Inc ADR *		46,988,215

		Schools – 0.52%
	945,143	New Oriental Education & Technology Group Inc ADR *		32,909,879

		Transport - Services – 0.98%
	7,749,631	Full Truck Alliance Co Ltd ADR *		61,997,048

		Web Portals / ISP – 2.23%
	1,232,793	Baidu Inc ADR * (a)		141,006,863

		Total China (cost $665,965,575)	$	632,712,796


		France – 9.25%
		Aerospace / Defense - Equipment – 7.34%
	2,144,480	Airbus SE		254,091,061
	1,685,900	Safran SA		210,371,441

				464,462,502

		Apparel Manufacturers – 0.54%
	66,922	Kering SA		33,961,401

		Textile - Apparel – 1.37%
	119,258	LVMH Moet Hennessy Louis Vuitton SE		86,536,381

		Total France (cost $557,714,730)	$	584,960,284

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		Germany – 2.04%
		Aerospace / Defense – 1.21%
	354,935	MTU Aero Engines AG	$	76,594,245

		Athletic Footwear – 0.83%
	384,903	adidas AG		52,359,004

		Total Germany (cost $169,087,271)	$	128,953,249


		Hong Kong – 0.80%
		Casino Hotels – 0.80%
	7,679,000	Galaxy Entertainment Group Ltd		50,767,321

		Total Hong Kong (cost $41,527,039)	$	50,767,321


		Israel – 0.17%
		Applications Software – 0.17%
	497,715	JFrog Ltd *		10,616,261

		Total Israel (cost $22,487,895)	$	10,616,261


		Japan – 3.50%
		Audio / Video Products – 3.07%
	2,556,300	Sony Group Corp		194,417,905

		Web Portals / ISP – 0.43%
	10,691,045	Z Holdings Corp		26,900,807

		Total Japan (cost $191,966,493)	$	221,318,712


		Netherlands – 2.07%
		Semiconductor Equipment – 2.07%
	239,192	ASML Holding NV		130,694,509

		Total Netherlands (cost $123,770,668)	$	130,694,509


		Singapore – 0.33%
		E-Commerce / Products – 0.33%
	402,659	Sea Ltd ADR *		20,950,348

		Total Singapore (cost $10,484,475)	$	20,950,348


		Taiwan – 2.68%
		Semiconductor Components - Integrated Circuits – 2.68%
	2,273,535	Taiwan Semiconductor Manufacturing Co Ltd ADR		169,355,622

		Total Taiwan (cost $143,996,682)	$	169,355,622

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States – 75.05%
		Aerospace / Defense – 1.23%
	123,228	TransDigm Group Inc (a)	$	77,590,510


		Applications Software – 4.26%
	412,609	Confluent Inc, Class A *		9,176,424
	457,500	Elastic NV *		23,561,250
	135,777	Five9 Inc *		9,213,827
	655,175	Microsoft Corp (a)		157,124,069
	100,767	Procore Technologies Inc *		4,754,187
	230,475	PTC Inc *		27,666,219
	967,872	Smartsheet Inc, Class A *		38,095,442

				269,591,418

		Athletic Equipment – 0.30%
	2,389,050	Peloton Interactive Inc, Class A *		18,969,057

		Building Products - Cement / Aggregate – 1.70%
	179,925	Martin Marietta Materials Inc (a)		60,809,252
	266,651	Vulcan Materials Co (a)		46,693,257

				107,502,509

		Coatings / Paint – 1.34%
	358,333	Sherwin-Williams Co (a)		85,043,171

		Commercial Services - Finance – 1.71%
	390,221	Global Payments Inc		38,756,750
	163,758	S&P Global Inc		54,849,105
	259,352	TransUnion (a)		14,718,226

				108,324,081

		Commercial Services – 0.28%
	39,768	Cintas Corp (a)		17,960,024


		Communications Software – 2.05%
	1,884,495	RingCentral Inc, Class A * (a)		66,711,123
	931,253	Zoom Video Communications Inc, Class A *		63,083,078

				129,794,201

		Computer Aided Design – 7.49%
	76,704	Altair Engineering Inc, Class A *		3,487,731
	1,318,013	Cadence Design Systems Inc * (a)		211,725,608
	809,667	Synopsys Inc * (a)		258,518,576

				473,731,915

		Computer Software – 1.34%
	483,491	Dynatrace Inc *		18,517,705
	905,924	Twilio Inc, Class A *		44,354,039
	715,787	ZoomInfo Technologies Inc, Class A *		21,552,347

				84,424,091

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		E-Commerce / Products – 2.54%
	1,909,932	Amazon.com Inc * (a)	$	160,434,288

		E-Commerce / Services – 4.96%
	1,385,097	Expedia Group Inc * (a)		121,334,497
	2,622,019	Lyft Inc, Class A *		28,894,649
	1,782,750	Marqeta Inc, Class A *		10,892,603
	6,162,291	Uber Technologies Inc *		152,393,456

				313,515,205

		Energy - Alternate Sources – 0.16%
	1,101,436	Stem Inc *		9,846,838

		Enterprise Software / Services – 4.49%
	963,687	Bill.com Holdings Inc *		105,003,336
	2,119,232	Qualtrics International Inc, Class A *		21,997,628
	1,510,923	SS&C Technologies Holdings Inc		78,658,651
	6,159,507	UiPath Inc, Class A *		78,287,334

				283,946,949

		Finance - Credit Card – 6.00%
	511,930	Mastercard Inc, Class A (a)		178,013,419
	967,993	Visa Inc, Class A (a)		201,110,226

				379,123,645

		Finance - Other Services – 1.79%
	1,101,566	Intercontinental Exchange Inc (a)		113,009,656

		Human Resources – 0.58%
	189,839	Paylocity Holding Corp * (a)		36,878,124

		Internet Content - Entertainment – 4.42%
	2,323,626	Meta Platforms Inc, Class A * (a)		279,625,153

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Medical - Biomedical / Genetics – 4.79%
	1,549,936	Akero Therapeutics Inc * (a)	$	84,936,493
	2,297,288	Allovir Inc *		11,785,087
	733,749	BioCryst Pharmaceuticals Inc *		8,423,439
	212,709	Blueprint Medicines Corp *		9,318,781
	525,740	Caribou Biosciences Inc *		3,301,647
	529,411	Cerevel Therapeutics Holdings Inc *		16,697,623
	732,059	Certara Inc *		11,764,188
	517,251	DICE Therapeutics Inc *		16,138,231
	408,182	IGM Biosciences Inc *		6,943,176
	626,563	Keros Therapeutics Inc *		30,087,555
	336,132	Sarepta Therapeutics Inc * (a)		43,555,985
	1,500,964	TG Therapeutics Inc *		17,756,404
	913,297	Ultragenyx Pharmaceutical Inc * (a)		42,313,050

				303,021,659

		Medical - Drugs – 0.72%
	1,197,125	ORIC Pharmaceuticals Inc *		7,051,066
	672,115	PMV Pharmaceuticals Inc *		5,847,401
	1,116,894	Rhythm Pharmaceuticals Inc *		32,523,953

				45,422,420

		Metal Processors & Fabrication – 0.25%
	487,521	Xometry Inc, Class A *		15,712,802

		Private Equity – 0.40%
	549,161	KKR & Co Inc		25,492,054

		REITS - Diversified – 3.08%
	418,527	American Tower Corp (a)		88,669,130
	161,866	Equinix Inc (a)		106,027,086

				194,696,216

		Retail - Apparel / Shoes – 1.46%
	795,949	Ross Stores Inc		92,385,800

		Retail - Building Products – 1.82%
	577,425	Lowe’s Cos Inc		115,046,157

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (continued)


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Retail - Major Department Store – 3.05%
	2,424,294	TJX Companies Inc (a)	$	192,973,802

		Retail - Restaurants – 2.62%
	84,266	Chipotle Mexican Grill Inc * (a)		116,918,232
	380,271	Yum! Brands Inc (a)		48,705,110

				165,623,342

		Semiconductor Components - Integrated Circuits – 4.98%
	985,815	Analog Devices Inc (a)		161,703,234
	1,391,206	QUALCOMM Inc		152,949,188

				314,652,422

		Semiconductor Equipment – 5.24%
	323,192	KLA Corp (a)		121,853,080
	291,128	Lam Research Corp (a)		122,361,098
	997,763	Teradyne Inc		87,154,598

				331,368,776

		Total United States (cost $4,022,590,291)	$	4,745,706,285


		Uruguay – 2.67%
		Commercial Services - Finance – 0.07%
	298,610	Dlocal Ltd *		4,649,358

		E-Commerce / Services – 2.60%
	193,793	MercadoLibre Inc * (a)		163,995,389

		Total Uruguay (cost $141,986,342)	$	168,644,747

		Total Common Stock (cost $6,160,446,684)	$	6,914,512,566


		Short-Term Securities – 4.66%
		United States – 4.66%
	295,028,461	Dreyfus Treasury Obligations Cash Management, Institutional Shares, 3.96% (a) (b)		295,028,461

		Total United States (cost $295,028,461)	$	295,028,461

		Total Short-Term Securities (cost $295,028,461)	$	295,028,461

		Total Investments in Securities (cost $6,455,475,145) - 114.01%	$	7,209,541,027

		Other Liabilities in Excess of Assets - (14.01%)		(886,041,510	)

		Net Assets - 100.00%	$	6,323,499,517


(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 December 31, 2022. $289,588,376 is pledged in a collateral account by the Custodian for Total Return Swap Contracts.
*		Non-income producing security.
ADR		American Depositary Receipt
REITS		Real Estate Investment Trusts

ACAP STRATEGIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (concluded)


Investments in Securities - By Industry		December 31, 2022 Percentage of Net Assets (%)
Aerospace / Defense		2.44
Aerospace / Defense - Equipment		7.34
Apparel Manufacturers		0.54
Applications Software		4.43
Athletic Equipment		0.30
Athletic Footwear		0.83
Audio / Video Products		3.07
Building Products - Cement / Aggregate		1.70
Casino Hotels		0.80
Coatings / Paint		1.34
Commercial Services - Finance		1.78
Commercial Services		0.28
Communications Software		2.05
Computer Aided Design		7.49
Computer Software		1.34
E-Commerce / Products		7.07
E-Commerce / Services		7.56
Energy - Alternate Sources		0.16
Enterprise Software / Services		4.70
Entertainment Software		1.12
Finance - Credit Card		6.00
Finance - Investment Banker / Broker		0.42


Investments in Securities - By Industry		December 31, 2022 Percentage of Net Assets (%)
Finance - Other Services		1.79
Human Resources		0.58
Internet Application Software		0.37
Internet Content - Entertainment		4.42
Medical - Biomedical / Genetics		4.79
Medical - Drugs		0.72
Metal Processors & Fabrication		0.25
Private Equity		0.40
Real Estate Management / Services		0.74
REITS - Diversified		3.08
Retail - Apparel / Shoes		1.46
Retail - Building Products		1.82
Retail - Major Department Store		3.05
Retail - Restaurants		2.62
Schools		0.52
Semiconductor Components - Integrated Circuits		7.66
Semiconductor Equipment		7.31
Short-Term Securities		4.66
Textile - Apparel		1.37
Transport - Services		0.98
Web Portals / ISP		2.66

Total Investments in Securities		114.01%

ACAP STRATEGIC FUND

SCHEDULE OF PURCHASED OPTIONS (Unaudited)


Notional Amount (USD)		Contracts			December 31, 2022 Fair Value
				Purchased Options – 10.81%
				Equity Options – 10.61%
				Equity Call Options – 6.83%
				Australia – 0.11%
				Enterprise Software / Services – 0.11%
	$ 43,836,000		3,653	Atlassian Corp, Class A, 2/17/2023, $120.00	$	7,050,290

				Total Australia (cost $7,097,844)	$	7,050,290


				Canada – 0.30%
				Internet Application Software – 0.30%
	48,160,000		19,264	Shopify Inc, Class A, 1/20/2023, $25.00		18,975,040

				Total Canada (cost $20,598,594)	$	18,975,040


				China – 0.21%
				E-Commerce / Products – 0.21%
	44,352,000		9,856	JD.com Inc ADR, 3/17/2023, $45.00		13,059,200

				Total China (cost $11,314,867)	$	13,059,200


				Taiwan – 0.33%
				Semiconductor Components - Integrated Circuits – 0.33%
	86,640,000		14,440	Taiwan Semiconductor Manufacturing Co Ltd ADR, 1/20/2023, $60.00		21,082,400

				Total Taiwan (cost $22,757,594)	$	21,082,400


				United States – 5.88%
				Applications Software – 0.33%
	130,578,000		6,218	Microsoft Corp, 2/17/2023, $210.00		20,674,850

				Auto - Cars / Light Trucks – 0.01%
	243,936,000		11,088	Tesla Inc, 2/17/2023, $220.00		632,016

				Beverages - Non-alcoholic – 0.03%
	64,727,000		9,958	Coca-Cola Co, 3/17/2023, $65.00		1,672,944

				Commercial Services - Finance – 0.24%
	33,606,000		7,468	Block Inc, 3/17/2023, $45.00		15,010,680

				Communications Software – 0.06%
	14,820,000		4,940	RingCentral Inc, Class A, 4/21/2023, $30.00		4,199,000

				E-Commerce / Products – 0.15%
	223,578,000		24,842	Amazon.com Inc, 2/17/2023, $90.00		9,315,750

				E-Commerce / Services – 1.05%
	245,310,000		1,443	Booking Holdings Inc, 3/17/2023, $1,700.00		53,015,820
	77,697,000		17,266	DoorDash Inc, Class A, 2/17/2023, $45.00		13,381,150

						66,396,970

				Electronic Components - Semiconductors – 0.20%
	54,219,000		9,858	Advanced Micro Devices Inc, 3/17/2023, $55.00		12,470,370

				Enterprise Software / Services – 0.25%
	53,892,000		13,473	Alteryx Inc, Class A, 2/17/2023, $40.00		16,032,870

				Finance - Credit Card – 0.70%
	135,421,000		12,311	American Express Co, 1/20/2023, $110.00		44,504,265

				Hotels & Motels – 0.89%
	136,810,000		13,681	Hilton Worldwide Holdings Inc, 1/20/2023, $100.00		35,433,790
	70,702,000		6,148	Marriott International Inc, Class A, 1/20/2023, $115.00		20,718,760

						56,152,550

ACAP STRATEGIC FUND

SCHEDULE OF PURCHASED OPTIONS (Unaudited) (continued)


Notional Amount (USD)		Contracts				December 31, 2022 Fair Value
				Equity Call Options (continued)
				United States (continued)
				Internet Content - Entertainment – 1.79%
	$ 168,793,000		19,858	Meta Platforms Inc, Class A, 2/17/2023, $85.00		$	72,978,150
	207,228,000		19,736	Meta Platforms Inc, Class A, 2/17/2023, $105.00			40,261,440

							113,239,590


				Multimedia – 0.10%
	84,209,500		9,907	Walt Disney Co, 2/17/2023, $85.00			6,538,620

				Semiconductor Components - Integrated Circuits – 0.08%
	22,122,000		2,458	QUALCOMM Inc, 1/20/2023, $90.00			4,952,870

				Total United States (cost $407,578,733)		$	371,793,345

				Total Equity Call Options (cost $469,347,632)		$	431,960,275


				Equity Put Options – 3.78%
				China – 0.36%
				E-Commerce / Products – 0.36%
	99,290,000		9,929	Pinduoduo Inc ADR, 4/21/2023, $100.00			22,886,345

				Total China (cost $22,717,732)		$	22,886,345


				United States – 3.42%
				Communications Software – 0.28%
	117,735,000		15,698	Zoom Video Communications Inc, Class A, 3/17/2023, $75.00			18,052,700

				Computers – 0.13%
	48,220,500		3,111	Apple Inc, 3/17/2023, $155.00			7,901,940

				Enterprise Software / Services – 0.30%
	116,760,000		9,730	Bill.com Holdings Inc, 2/17/2023, $120.00			19,168,100

				Growth & Income - Large Cap – 0.56%
	1,261,251,000		36,558	SPDR S&P 500 ETF Trust, 6/16/2023, $345.00			35,132,238

				Sector Fund - Technology – 2.15%
	3,504,816,000		146,034	Invesco QQQ Trust Series 1, 6/16/2023, $240.00			136,103,688

				Total United States (cost $228,581,316)		$	216,358,666

				Total Equity Put Options (cost $251,299,048)		$	239,245,011

				Total Equity Options (cost $720,646,680)		$	671,205,286


				Currency Put Options – 0.20%
				United States – 0.20%
				Currency – 0.20%	Counterparty
	340,712,947		340,712,947	USD / BRL, 6/16/2023, $5.75	Morgan Stanley & Co., Inc.		10,765,526
	611,713,752		611,713,752	USD / CNH, 6/16/2023, $7.45	Merrill Lynch Professional Clearing Corp		1,640,876

				Total United States (cost $22,562,899)		$	12,406,402

				Total Currency Put Options (cost $22,562,899)		$	12,406,402

				Total Purchased Options (cost $743,209,579)		$	683,611,688


			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

ACAP STRATEGIC FUND

SCHEDULE OF PURCHASED OPTIONS (Unaudited) (concluded)


Purchased Options - By Industry		December 31, 2022 Percentage of Net Assets (%)
Applications Software		0.33
Auto - Cars / Light Trucks		0.01
Beverages - Non-alcoholic		0.03
Commercial Services - Finance		0.24
Communications Software		0.34
Computers		0.13
Currency		0.20
E-Commerce / Products		0.72
E-Commerce / Services		1.05
Electronic Components - Semiconductors		0.20


Purchased Options - By Industry		December 31, 2022 Percentage of Net Assets (%)
Enterprise Software / Services		0.66
Finance - Credit Card		0.70
Growth & Income - Large Cap		0.56
Hotels & Motels		0.89
Internet Application Software		0.30
Internet Content - Entertainment		1.79
Multimedia		0.10
Sector Fund - Technology		2.15
Semiconductor Components - Integrated Circuits		0.41

Total Purchased Options		10.81%

ACAP STRATEGIC FUND

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited)


Shares			December 31, 2022 Fair Value
		Securities Sold, Not Yet Purchased – 44.35%
		Common Stocks – 44.35%
		Canada – 0.38%
		Investment Management / Advisory Services – 0.07%
	151,475	Brookfield Asset Management Inc, Class A	$	4,342,788

		Medical - Drugs – 0.01%
	273,717	Canopy Growth Corp		632,740

		Private Equity – 0.30%
	605,899	Brookfield Corp		19,061,583

		Total Canada (proceeds $40,820,444)	$	24,037,111


		China – 1.55%
		Auto - Cars / Light Trucks – 0.85%
	1,821,148	Li Auto Inc ADR		37,151,419
	1,725,495	NIO Inc ADR		16,823,576

				53,974,995

		Computer Software – 0.01%
	265,369	Tuya Inc		506,855

		Internet Content - Information / Networks – 0.59%
	862,600	Tencent Holdings Ltd		36,913,548

		Metal - Aluminum – 0.02%
	6,610,800	China Zhongwang Holdings Ltd		1,422,962

		Retail - Drug Store – 0.08%
	1,949,300	Ping An Healthcare and Technology Co Ltd		5,319,712

		Total China (proceeds $115,786,410)	$	98,138,072


		France – 0.25%
		Advertising Services – 0.11%
	113,039	Publicis Groupe SA		7,168,481

		REITS - Regional Malls – 0.14%
	398,259	Klepierre SA		9,151,152

		Total France (proceeds $13,423,268)	$	16,319,633


		Germany – 1.23%
		Enterprise Software / Services – 1.23%
	754,922	SAP SE		77,660,508

		Total Germany (proceeds $97,518,652)	$	77,660,508

ACAP STRATEGIC FUND

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


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		Hong Kong – 0.84%
		Auto - Cars / Light Trucks – 0.29%
	12,752,000	Geely Automobile Holdings Ltd	$	18,625,718

		Electric - Integrated – 0.24%
	2,737,800	Power Assets Holdings Ltd		14,995,733

		Wireless Equipment – 0.31%
	14,142,200	Xiaomi Corp, Class B		19,822,762

		Total Hong Kong (proceeds $78,160,088)	$	53,444,213


		Israel – 0.57%
		Auto / Truck Parts & Equipment - Original – 0.24%
	431,299	Mobileye Global Inc, Class A		15,121,343

		Computer Data Security – 0.23%
	112,767	Check Point Software Technologies Ltd		14,226,685

		Internet Application Software – 0.10%
	84,184	Wix.com Ltd		6,467,857

		Total Israel (proceeds $29,447,288)	$	35,815,885


		Japan – 0.67%
		Semiconductor Equipment – 0.67%
	142,750	Tokyo Electron Ltd		42,063,890

		Total Japan (proceeds $45,727,077)	$	42,063,890


		Switzerland – 0.48%
		Computers - Peripheral Equipment – 0.01%
	11,399	Logitech International SA		709,588

		Medical - Drugs – 0.47%
	329,281	Novartis AG ADR		29,872,372

		Total Switzerland (proceeds $29,044,358)	$	30,581,960


		Taiwan – 0.36%
		Semiconductor Components - Integrated Circuits – 0.36%
	3,457,071	United Microelectronics Corp ADR		22,574,674

		Total Taiwan (proceeds $32,765,528)	$	22,574,674


		United States – 38.02%
		Advertising Agencies – 0.97%
	594,791	Interpublic Group of Cos Inc		19,812,488
	507,476	Omnicom Group Inc		41,394,817

				61,207,305

		Advertising Services – 0.13%
	188,268	Trade Desk Inc, Class A		8,440,054

		Apparel Manufacturers – 0.18%
	1,773,966	Hanesbrands Inc		11,282,424

ACAP STRATEGIC FUND

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


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Appliances – 0.29%
	130,832	Whirlpool Corp	$	18,507,495

		Applications Software – 0.71%
	1,427,782	C3.ai Inc, Class A		15,976,881
	75,041	ServiceNow Inc		29,136,169

				45,113,050

		Auto - Cars / Light Trucks – 0.82%
	419,164	Tesla Inc		51,632,622

		Beverages - Non-alcoholic – 0.42%
	415,169	Coca-Cola Co		26,408,900

		Cable / Satellite TV – 0.27%
	50,311	Charter Communications Inc		17,060,460

		Commercial Services - Finance – 0.34%
	587,988	H&R Block Inc		21,467,442

		Computer Data Security – 0.84%
	226,266	Qualys Inc		25,393,833
	251,121	Rapid7 Inc		8,533,092
	175,026	Zscaler Inc		19,585,409

				53,512,334

		Computer Software – 2.00%
	389,189	Akamai Technologies Inc		32,808,633
	17,610	Bandwidth Inc, Class A		404,150
	253,294	Braze Inc, Class A		6,909,860
	790,464	Cloudflare Inc, Class A		35,736,877
	192,212	Fastly Inc, Class A		1,574,216
	395,164	SolarWinds Corp		3,698,735
	397,094	Splunk Inc		34,185,822
	340,020	Teradata Corp		11,445,073

				126,763,366

		Computers – 0.09%
	204,851	HP Inc		5,504,346

		Computers - Memory Devices – 0.04%
	47,022	Seagate Technology Holdings PLC		2,473,827

		Consulting Services – 0.49%
	177,432	Verisk Analytics Inc		31,302,553

ACAP STRATEGIC FUND

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


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Consumer Products - Miscellaneous – 1.41%
	654,886	Kimberly-Clark Corp	$	88,900,775

		Cosmetics & Toiletries – 0.61%
	252,581	Colgate-Palmolive Co		19,900,857
	124,690	Procter & Gamble Co		18,898,016

				38,798,873

		Diversified Manufacturing Operations – 0.27%
	302,199	A O Smith Corp		17,297,871

		E-Commerce / Products – 0.37%
	704,000	Wayfair Inc, Class A		23,154,560

		E-Commerce / Services – 0.06%
	231,222	TripAdvisor Inc		4,157,372

		Electric - Distribution – 0.55%
	364,757	Consolidated Edison Inc		34,764,990

		Electric - Integrated – 1.06%
	187,898	Duke Energy Corp		19,351,615
	484,883	PPL Corp		14,168,281
	472,475	Southern Co		33,739,440

				67,259,336

		Electronic Components - Semiconductors – 6.98%
	544,319	GLOBALFOUNDRIES Inc		29,333,351
	339,666	Marvell Technology Inc		12,581,229
	1,313,990	NVIDIA Corp		192,026,499
	1,254,996	Texas Instruments Inc		207,350,439

				441,291,518

		Electronic Forms – 1.13%
	212,922	Adobe Inc		71,654,641

		Enterprise Software / Services – 1.99%
	69,047	HubSpot Inc		19,963,559
	2,145,493	Palantir Technologies Inc, Class A		13,774,065
	475,934	Salesforce Inc		63,104,089
	177,874	Veeva Systems Inc, Class A		28,705,306

				125,547,019

		Finance - Credit Card – 0.24%
	1,098,430	Western Union Co		15,125,381

		Food - Confectionery – 0.33%
	134,300	J M Smucker Co		21,281,178

ACAP STRATEGIC FUND

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


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		Food - Miscellaneous / Diversified – 3.81%
	1,084,463	Campbell Soup Co	$	61,543,275
	1,159,351	Conagra Brands Inc		44,866,884
	881,559	General Mills Inc		73,918,722
	850,832	Kellogg Co		60,613,272

				240,942,153

		Internet Content - Entertainment – 0.24%
	1,676,498	Snap Inc, Class A		15,004,657

		Internet Infrastructure Software – 0.56%
	244,749	F5 Inc		35,123,929

		Investment Management / Advisory Services – 2.43%
	1,029,343	Franklin Resources Inc		27,154,068
	741,965	Invesco Ltd		13,347,950
	1,035,481	T Rowe Price Group Inc		112,929,558

				153,431,576

		Medical - Biomedical / Genetics – 0.92%
	221,973	Amgen Inc		58,298,989

		Networking Products – 0.56%
	739,333	Cisco Systems Inc		35,221,824

		Private Equity – 0.07%
	64,657	Ares Management Corp, Class A		4,425,125

		Real Estate Management / Services – 0.26%
	669,372	Anywhere Real Estate Inc		4,277,287
	957,998	Cushman & Wakefield PLC		11,936,655

				16,213,942

		REITS - Health Care – 0.35%
	491,608	Ventas Inc		22,146,940

		REITS - Office Property – 0.98%
	333,549	Boston Properties Inc		22,541,241
	551,340	Brandywine Realty Trust		3,390,741
	460,415	Douglas Emmett Inc		7,219,307
	458,547	Hudson Pacific Properties Inc		4,461,662
	444,703	SL Green Realty Corp		14,995,385
	442,356	Vornado Realty Trust		9,205,428

				61,813,764

		REITS - Shopping Centers – 1.08%
	208,088	Federal Realty Investment Trust		21,025,212
	938,824	Kimco Realty Corp		19,884,292
	438,403	Regency Centers Corp		27,400,188

				68,309,692

		REITS - Storage – 0.73%
	122,580	Extra Space Storage Inc		18,041,324
	100,688	Public Storage		28,211,771

				46,253,095

ACAP STRATEGIC FUND

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


Shares			December 31, 2022 Fair Value
		Common Stocks (continued)
		United States (continued)
		REITS - Warehouse / Industrial – 0.68%
	379,994	Prologis Inc	$	42,836,724

		Retail - Apparel / Shoes – 0.02%
	266,291	Chico’s FAS Inc		1,310,152

		Retail - Bedding – 0.00%
	96,981	Bed Bath & Beyond Inc		243,422

		Retail - Major Department Store – 0.32%
	1,236,506	Nordstrom Inc		19,957,207

		Retail - Miscellaneous / Diversified – 0.21%
	1,035,202	Sally Beauty Holdings Inc		12,960,729

		Retail - Regional Department Store – 0.48%
	954,053	Kohl’s Corp		24,089,838
	300,193	Macy’s Inc		6,198,985

				30,288,823

		Retail - Restaurants – 0.10%
	201,804	Cheesecake Factory Inc		6,399,205

		Telecommunication Equipment – 0.30%
	595,315	Juniper Networks Inc		19,026,267

		Telephone - Integrated – 0.37%
	1,268,124	AT&T Inc		23,346,163

		Transport - Services – 0.96%
	660,904	C.H. Robinson Worldwide Inc		60,512,374

		Total United States (proceeds $2,853,420,438)	$	2,403,976,444

		Total Common Stocks (proceeds $3,336,113,551)	$	2,804,612,390

		Total Securities Sold, Not Yet Purchased (proceeds $3,336,113,551)	$	2,804,612,390


	ADR	American Depositary Receipt
	REITS	Real Estate Investment Trusts

ACAP STRATEGIC FUND

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


Securities Sold, Not Yet Purchased - By Industry		December 31, 2022 Percentage of Net Assets (%)
Advertising Agencies		0.97
Advertising Services		0.24
Apparel Manufacturers		0.18
Appliances		0.29
Applications Software		0.71
Auto - Cars / Light Trucks		1.96
Auto / Truck Parts & Equipment - Original		0.24
Beverages - Non-alcoholic		0.42
Cable / Satellite TV		0.27
Commercial Services - Finance		0.34
Computer Data Security		1.07
Computer Software		2.01
Computers		0.09
Computers - Memory Devices		0.04
Computers - Peripheral Equipment		0.01
Consulting Services		0.49
Consumer Products - Miscellaneous		1.41
Cosmetics & Toiletries		0.61
Diversified Manufacturing Operations		0.27
E-Commerce / Products		0.37
E-Commerce / Services		0.06
Electric - Distribution		0.55
Electric - Integrated		1.30
Electronic Components - Semiconductors		6.98
Electronic Forms		1.13
Enterprise Software / Services		3.22
Finance - Credit Card		0.24
Food - Confectionery		0.33
Food - Miscellaneous / Diversified		3.81
Internet Application Software		0.10


Securities Sold, Not Yet Purchased - By Industry		December 31, 2022 Percentage of Net Assets (%)
Internet Content - Entertainment		0.24
Internet Content - Information / Networks		0.59
Internet Infrastructure Software		0.56
Investment Management / Advisory Services		2.50
Medical - Biomedical / Genetics		0.92
Medical - Drugs		0.48
Metal - Aluminum		0.02
Networking Products		0.56
Private Equity		0.37
Real Estate Management / Services		0.26
REITS - Health Care		0.35
REITS - Office Property		0.98
REITS - Regional Malls		0.14
REITS - Shopping Centers		1.08
REITS - Storage		0.73
REITS - Warehouse / Industrial		0.68
Retail - Apparel / Shoes		0.02
Retail - Bedding		0.00
Retail - Drug Store		0.08
Retail - Major Department Store		0.32
Retail - Miscellaneous / Diversified		0.21
Retail - Regional Department Store		0.48
Retail - Restaurants		0.10
Semiconductor Components - Integrated Circuits		0.36
Semiconductor Equipment		0.67
Telecommunication Equipment		0.30
Telephone - Integrated		0.37
Transport - Services		0.96
Wireless Equipment		0.31

Total Securities Sold, Not Yet Purchased		44.35%

ACAP STRATEGIC FUND

SCHEDULE OF WRITTEN OPTIONS (Unaudited)

Notional

Amount (USD)

Contracts

December 31, 2022
Fair Value

Written Options – 0.08%

Equity Options – 0.08%

Equity Put Options – 0.08%

Australia – 0.06%

Enterprise Software / Services – 0.06%

$ 43,836,000

3,653

Atlassian Corp, Class A, 2/17/2023, $120.00

3,689,530

Total Australia (premiums received $4,920,412)

3,689,530

United States – 0.02%

Enterprise Software / Services – 0.02%

53,892,000

13,473

Alteryx Inc, Class A, 2/17/2023, $40.00

1,414,665

Total United States (premiums received $5,375,359)

1,414,665

Total Equity Put Options (premiums received $10,295,771)

5,104,195

Total Equity Options (premiums received $10,295,771)

5,104,195

Total Written Options (premiums received $10,295,771)

5,104,195

ACAP STRATEGIC FUND

SCHEDULE OF WRITTEN OPTIONS (Unaudited) (concluded)


Written Options - By Industry		December 31, 2022 Percentage of Net Assets (%)
Enterprise Software / Services		0.08

Total Written Options		0.08%

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited)


Notional Amount (USD)	Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

	Swap Contracts – 0.98%
	Total Return Swap Contracts - Appreciation – 2.80%
	Australia – 0.08%
	Commercial Banks Non-US – 0.07%
$ (18,867,670)	12/23/2024	Bank of Queensland Ltd	$	4,372,333


		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 0.40%**.

	Retail - Building Products – 0.01%
(21,237,110)	12/23/2024	Wesfarmers Ltd		745,705


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

	Total Australia		$	5,118,038


	Brazil – 0.07%
	Commercial Services - Finance – 0.07%
(8,836,589)	1/31/2023	Cielo SA		4,702,045


		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 1.00%**.

	Total Brazil		$	4,702,045


	Japan – 0.39%
	Audio / Video Products – 0.13%
(35,590,163)	3/4/2024	Sharp Corp		7,946,407


		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 1.25%**.

	Bicycle Manufacturing – 0.04%
(32,255,482)	3/4/2024	Shimano Inc		2,581,296


		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%**.

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Appreciation (continued)
		Japan (continued)
		Building Products - Air & Heating – 0.02%
	$ (21,510,068)	3/4/2024	Daikin Industries Ltd	$	966,057


			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%**.

		E-Commerce / Products – 0.07%
	(8,095,838)	3/4/2024	Rakuten Group Inc		4,552,219


			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 - Integrated – 0.02%
	(11,171,988)	3/4/2024	Chubu Electric Power Co Inc		986,230

			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%**.

	(6,759,286)	3/4/2024	Tokyo Electric Power Co Holdings Inc		252,039

			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%**.

					1,238,269


		Office Automation & Equipment – 0.03%
	(40,768,570)	3/4/2024	Canon Inc		1,201,873

			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%**.

	(3,356,722)	3/4/2024	Ricoh Co Ltd		793,772

			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%**.

					1,995,645

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Appreciation (continued)
		Japan (continued)
		Photo Equipment & Supplies – 0.02%
	$ (7,921,224)	3/4/2024	Nikon Corp	$	961,446


			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 – 0.06%
	(39,255,234)	3/4/2024	Advantest Corp		3,676,980


			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		$	23,918,319


		Spain – 0.07%
		Building - Heavy Construction – 0.07%
	42,121,056	2/26/2024	Cellnex Telecom SA		4,418,567


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

		Total Spain		$	4,418,567


		Taiwan – 0.05%
		Semiconductor Components - Integrated Circuits – 0.05%
	(9,100,508)	3/4/2024	Novatek Microelectronics Corp		2,671,374

			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 4.63%**.

	(4,049,604)	3/4/2024	United Microelectronics Corp		709,078

			Agreement with Morgan Stanley, dated 03/01/2014 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 5.13%**.

		Total Taiwan		$	3,380,452

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Appreciation (continued)
		United Kingdom – 0.22%
		Cosmetics & Toiletries – 0.04%
	$ (40,648,707)	2/26/2024	Unilever PLC	$	2,549,016


			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%**.

		Food - Retail – 0.12%
	(12,289,487)	12/11/2023	Marks & Spencer Group PLC		7,883,120


			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 – 0.06%
	(14,424,455)	12/11/2023	Next PLC		3,594,560


			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		$	14,026,696


		United States – 1.92%
		Web Portals / ISP – 1.92%
	132,723,801	3/4/2024	Alphabet Inc, Class A		121,232,408


			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		$	121,232,408



		Total Return Swap Contracts - Appreciation ****		$	176,796,525


		Total Return Swap Contracts - Depreciation – 1.82%
		Australia – 0.04%
		Commercial Banks Non-US – 0.04%
	(27,075,961)	12/23/2024	Commonwealth Bank of Australia		2,639,798

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

	(73,870,100)	12/23/2024	Westpac Banking Corp		158,476

			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		$	2,798,274

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)			Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

			Total Return Swap Contracts - Depreciation (continued)
			Brazil – 0.52%
			Finance - Other Services – 0.08%
	$ 89,421,887		1/31/2023	B3 SA - Brasil Bolsa Balcao	$	5,283,106


				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%**.

			Retail - Discount – 0.44%
	45,969,040		1/31/2023	Magazine Luiza SA		27,625,420


				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		$	32,908,526


			China – 0.34%
			Applications Software – 0.34%
	104,996,334		7/11/2024	Glodon Co Ltd, Class A		21,507,289


				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		$	21,507,289


			Ireland – 0.08%
			Commercial Services - Finance – 0.08%
	21,485,978		12/11/2023	Experian PLC		5,071,010


				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		$	5,071,010


			Japan – 0.01%
			Office Automation & Equipment – 0.01%
	(5,089,024	)	3/4/2024	Konica Minolta Inc		283,866


				Agreement with Morgan Stanley, dated 03/01/2010 to receive the total return of the shares of Konica Minolta Inc in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.75%**.

			Total Japan		$	283,866

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)				Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

				Total Return Swap Contracts - Depreciation (continued)
				Netherlands – 0.10%
				Music – 0.10%
	$ (24,807,919	)		2/26/2024	Universal Music Group NV	$	6,400,730


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

				Total Netherlands		$	6,400,730


				South Korea – 0.20%
				Petrochemicals – 0.20%
	133,010,605			8/9/2023	LG Chem Ltd		12,613,732


					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		$	12,613,732


				Sweden – 0.00%
				Auto - Cars / Light Trucks – 0.00%
	(701,023	)		12/11/2023	Volvo Car AB, Class B		83,421


					Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of Volvo Car AB, Class B in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 3.00%**.

				Total Sweden		$	83,421


				Taiwan – 0.01%
				Electronic Components - Miscellaneous – 0.01%
	(5,556,563	)		3/4/2024	AUO Corp		368,333


					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 5.13%**.

				Total Taiwan		$	368,333

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)


Notional Amount (USD)		Maturity Date*		December 31, 2022 Unrealized Appreciation / Depreciation***

		Total Return Swap Contracts - Depreciation (continued)
		United States – 0.52%
		Private Equity – 0.52%
	$ 223,030,136	3/4/2024	Carlyle Group Inc	$	33,062,240


			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		$	33,062,240



		Total Return Swap Contracts - Depreciation *****		$	115,097,421



		Total Swap Contracts, net		$	61,699,104


	*	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 December 31, 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.

ACAP STRATEGIC FUND

SCHEDULE OF SWAP CONTRACTS (Unaudited) (concluded)


Swap Contracts - By Industry		December 31, 2022 Percentage of Net Assets (%)
Applications Software		(0.34)
Audio / Video Products		0.13
Auto - Cars / Light Trucks		0.00
Bicycle Manufacturing		0.04
Building Products - Air & Heating		0.02
Building - Heavy Construction		0.07
Commercial Banks Non-US		0.03
Commercial Services - Finance		(0.01)
Cosmetics & Toiletries		0.04
E-Commerce / Products		0.07
Electric - Integrated		0.02
Electronic Components - Miscellaneous		(0.01)
Finance - Other Services		(0.08)


Swap Contracts - By Industry		December 31, 2022 Percentage of Net Assets (%)
Food - Retail		0.12
Music		(0.10)
Office Automation & Equipment		0.02
Petrochemicals		(0.20)
Photo Equipment & Supplies		0.02
Private Equity		(0.52)
Retail - Apparel / Shoes		0.06
Retail - Building Products		0.01
Retail - Discount		(0.44)
Semiconductor Components - Integrated Circuits		0.05
Semiconductor Equipment		0.06
Web Portals / ISP		1.92

Total Swap Contracts		0.98%

ACAP STRATEGIC FUND

NOTES TO SCHEDULE OF INVESTMENTS—DECEMBER 31, 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 three months ended December 31, 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, Schedule of Written Options 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

December 31, 2022.


	Level 1		Level 2		Level 3		Balance December 31, 2022
Assets
Investment Securities
Common Stocks	$	6,914,512,566	$	-	$	-	$	6,914,512,566
Short-Term Securities		295,028,461		-		-		295,028,461
Purchased Options		671,205,286		12,406,402		-		683,611,688
Total Return Swap Contracts		-		176,796,525		-		176,796,525

Total Assets	$	7,880,746,313	$	189,202,927	$	-	$	8,069,949,240


Liabilities
Securities Sold, Not Yet Purchased
Common Stocks	$	2,803,189,428	$	1,422,962	$	-	$	2,804,612,390
Written Options		5,104,195		-		-		5,104,195
Total Return Swap Contracts		-		115,097,421		-		115,097,421

Total Liabilities	$	2,808,293,623	$	116,520,383	$	-	$	2,924,814,006

ACAP STRATEGIC FUND

NOTES TO SCHEDULE OF INVESTMENTS—DECEMBER 31, 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 three months ended December 31, 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—DECEMBER 31, 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 December 31, 2022, the net amount of the fair value of the above-mentioned investments was $61,699,104.

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 December 31, 2022, the fair value of the above-mentioned investments was $666,101,091.

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—DECEMBER 31, 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 December 31, 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 December 31, 2022, the fair value of the currency options was $12,406,402.

4.	Federal Income Tax Information

During the year ended September 30, 2022, 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, 2022, the Fund had $176,196,385 of capital loss carryovers available to offset possible future capital gains. Under federal tax law, capital loss realized after October 31, 2022 and certain ordinary losses realized after December 31, 2022 may be deferred and treated as having arisen on the first day of the following fiscal year. For the year ended September 30, 2022, the Fund incurred and elected to defer qualified late-year ordinary loss of $212,106,068 and post-October capital losses of $412,578,858.

As of September 30, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income:	$	—
Undistributed long-term capital gains:		—
Accumulated realized capital and other losses:		(800,881,311)
Net unrealized appreciation/depreciation:		(38,819,336)

Total	$	(839,700,647)

As of December 31, 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	$	754,065,882
Excess of tax cost over value gross depreciation		(690,291,515)

Net unrealized appreciation	$	63,774,367

5.	Subsequent Events

The Fund has determined that no material events or transactions occurred subsequent to December 31, 2022 that would require recognition or disclosure in the Fund’s “Schedule of Investments.”

ACAP Strategic Fund (XCAPX) NPORT-PMonthly portfolio investment report