# EDGAR Filing Document

**Accession Number:** 0001467631
**File Stem:** 0001145549-23-010073
**Filing Date:** 2023-2
**Character Count:** 205814
**Document Hash:** 6edf6607b1d390064edb2a2b180d2b93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010073.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010073

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACAP Strategic Fund
- **CENTRAL INDEX KEY:** 0001467631
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22312
- **FILM NUMBER:** 23669272

**BUSINESS ADDRESS:**
- **STREET 1:** 350 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-389-8712

**MAIL ADDRESS:**
- **STREET 1:** 350 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ACAP Global Fund
- **DATE OF NAME CHANGE:** 20091002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alkeon Global Fund
- **DATE OF NAME CHANGE:** 20090915

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madison Avenue Global Fund
- **DATE OF NAME CHANGE:** 20090702

## Nport-Ex

**ACAP STRATEGIC FUND** 

**SCHEDULE OF INVESTMENTS (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Investments in Securities – 114.01%** |  |
|  | **Common Stocks – 109.35%** |  |
|  | **Brazil – 0.42%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Investment Banker / Broker – 0.42%** |  |
| 1716252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XP Inc, Class A \* | $26327306 |
|  | **Total Brazil (cost $46,223,020)** | $**26327306** |
|  | **Canada – 0.37%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Application Software – 0.37%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Application Software – 0.37%** |
| 677186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify Inc, Class A \* (a) | 23505126 |
|  | **Total Canada (cost $22,646,203)** | $**23505126** |
|  | **China – 10.00%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 4.20%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 4.20%** |
| 1103293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd ADR \* | 97189080 |
| 2076524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc ADR (a) | 116555292 |
| 635473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinduoduo Inc ADR \* | 51822823 |
|  |  | 265567195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.21%** | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.21%** |
| 15104903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ming Yuan Cloud Group Holdings Ltd | 13585791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment Software – 1.12%** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment Software – 1.12%** |
| 972846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc ADR | 70657805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Management / Services – 0.74%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Management / Services – 0.74%** |
| 3365918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KE Holdings Inc ADR \* | 46988215 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Schools – 0.52%** | &nbsp;&nbsp;&nbsp;&nbsp; **Schools – 0.52%** |
| 945143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group Inc ADR \* | 32909879 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Transport - Services – 0.98%** | &nbsp;&nbsp;&nbsp;&nbsp; **Transport - Services – 0.98%** |
| 7749631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co Ltd ADR \* | 61997048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Web Portals / ISP – 2.23%** | &nbsp;&nbsp;&nbsp;&nbsp; **Web Portals / ISP – 2.23%** |
| 1232793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu Inc ADR \* (a) | 141006863 |
|  | **Total China (cost $665,965,575)** | $**632712796** |
|  | **France – 9.25%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace / Defense - Equipment – 7.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace / Defense - Equipment – 7.34%** |
| 2144480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 254091061 |
| 1685900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 210371441 |
|  |  | 464462502 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel Manufacturers – 0.54%** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel Manufacturers – 0.54%** |
| 66922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 33961401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Textile - Apparel – 1.37%** | &nbsp;&nbsp;&nbsp;&nbsp; **Textile - Apparel – 1.37%** |
| 119258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 86536381 |
|  | **Total France (cost $557,714,730)** | $**584960284** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF INVESTMENTS (Unaudited) (continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **Germany – 2.04%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace / Defense – 1.21%** |  |
| 354935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | $76594245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Athletic Footwear – 0.83%** | &nbsp;&nbsp;&nbsp;&nbsp; **Athletic Footwear – 0.83%** |
| 384903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 52359004 |
|  | **Total Germany (cost $169,087,271)** | $**128953249** |
|  | **Hong Kong – 0.80%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Casino Hotels – 0.80%** | &nbsp;&nbsp;&nbsp;&nbsp; **Casino Hotels – 0.80%** |
| 7679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd | 50767321 |
|  | **Total Hong Kong (cost $41,527,039)** | $**50767321** |
|  | **Israel – 0.17%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 0.17%** | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 0.17%** |
| 497715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd \* | 10616261 |
|  | **Total Israel (cost $22,487,895)** | $**10616261** |
|  | **Japan – 3.50%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Audio / Video Products – 3.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Audio / Video Products – 3.07%** |
| 2556300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp | 194417905 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Web Portals / ISP – 0.43%** | &nbsp;&nbsp;&nbsp;&nbsp; **Web Portals / ISP – 0.43%** |
| 10691045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Z Holdings Corp | 26900807 |
|  | **Total Japan (cost $191,966,493)** | $**221318712** |
|  | **Netherlands – 2.07%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Equipment – 2.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Equipment – 2.07%** |
| 239192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 130694509 |
|  | **Total Netherlands (cost $123,770,668)** | $**130694509** |
|  | **Singapore – 0.33%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.33%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.33%** |
| 402659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd ADR \* | 20950348 |
|  | **Total Singapore (cost $10,484,475)** | $**20950348** |
|  | **Taiwan – 2.68%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 2.68%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 2.68%** |
| 2273535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd ADR | 169355622 |
|  | **Total Taiwan (cost $143,996,682)** | $**169355622** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF INVESTMENTS (Unaudited) (continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States – 75.05%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace / Defense – 1.23%** |  |
| 123228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group Inc (a) | 77590510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 4.26%** | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 4.26%** |
| 412609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluent Inc, Class A \* | 9176424 |
| 457500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elastic NV \* | 23561250 |
| 135777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five9 Inc \* | 9213827 |
| 655175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp (a) | 157124069 |
| 100767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies Inc \* | 4754187 |
| 230475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Inc \* | 27666219 |
| 967872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartsheet Inc, Class A \* | 38095442 |
|  |  | 269591418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Athletic Equipment – 0.30%** | &nbsp;&nbsp;&nbsp;&nbsp; **Athletic Equipment – 0.30%** |
| 2389050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive Inc, Class A \* | 18969057 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Building Products - Cement / Aggregate – 1.70%** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Products - Cement / Aggregate – 1.70%** |
| 179925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials Inc (a) | 60809252 |
| 266651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co (a) | 46693257 |
|  |  | 107502509 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Coatings / Paint – 1.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Coatings / Paint – 1.34%** |
| 358333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co (a) | 85043171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 1.71%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 1.71%** |
| 390221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments Inc | 38756750 |
| 163758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global Inc | 54849105 |
| 259352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransUnion (a) | 14718226 |
|  |  | 108324081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services – 0.28%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services – 0.28%** |
| 39768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp (a) | 17960024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Communications Software – 2.05%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications Software – 2.05%** |
| 1884495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RingCentral Inc, Class A \* (a) | 66711123 |
| 931253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications Inc, Class A \* | 63083078 |
|  |  | 129794201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Aided Design – 7.49%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Aided Design – 7.49%** |
| 76704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altair Engineering Inc, Class A \* | 3487731 |
| 1318013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems Inc \* (a) | 211725608 |
| 809667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys Inc \* (a) | 258518576 |
|  |  | 473731915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Software – 1.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Software – 1.34%** |
| 483491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynatrace Inc \* | 18517705 |
| 905924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio Inc, Class A \* | 44354039 |
| 715787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies Inc, Class A \* | 21552347 |
|  |  | 84424091 |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF INVESTMENTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |  |
|  | **United States (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 2.54%** |  |  |
| 1909932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;$| 160434288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 4.96%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 4.96%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 4.96%** |
| 1385097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group Inc \* (a) |  | 121334497 |
| 2622019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lyft Inc, Class A \* |  | 28894649 |
| 1782750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marqeta Inc, Class A \* |  | 10892603 |
| 6162291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies Inc \* |  | 152393456 |
|  |  |  | 313515205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - Alternate Sources – 0.16%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - Alternate Sources – 0.16%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - Alternate Sources – 0.16%** |
| 1101436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stem Inc \* |  | 9846838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 4.49%** | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 4.49%** | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 4.49%** |
| 963687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings Inc \* |  | 105003336 |
| 2119232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualtrics International Inc, Class A \* |  | 21997628 |
| 1510923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings Inc |  | 78658651 |
| 6159507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UiPath Inc, Class A \* |  | 78287334 |
|  |  |  | 283946949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Credit Card – 6.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Credit Card – 6.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Credit Card – 6.00%** |
| 511930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard Inc, Class A (a) |  | 178013419 |
| 967993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa Inc, Class A (a) |  | 201110226 |
|  |  |  | 379123645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Other Services – 1.79%** | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Other Services – 1.79%** | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Other Services – 1.79%** |
| 1101566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc (a) |  | 113009656 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Human Resources – 0.58%** | &nbsp;&nbsp;&nbsp;&nbsp; **Human Resources – 0.58%** | &nbsp;&nbsp;&nbsp;&nbsp; **Human Resources – 0.58%** |
| 189839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp \* (a) |  | 36878124 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Entertainment – 4.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Entertainment – 4.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Entertainment – 4.42%** |
| 2323626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc, Class A \* (a) |  | 279625153 |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF INVESTMENTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |  |
|  | **United States (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Biomedical / Genetics – 4.79%** |  |  |
| 1549936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics Inc \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;$| 84936493 |
| 2297288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allovir Inc \* |  | 11785087 |
| 733749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals Inc \* |  | 8423439 |
| 212709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines Corp \* |  | 9318781 |
| 525740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences Inc \* |  | 3301647 |
| 529411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerevel Therapeutics Holdings Inc \* |  | 16697623 |
| 732059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certara Inc \* |  | 11764188 |
| 517251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DICE Therapeutics Inc \* |  | 16138231 |
| 408182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGM Biosciences Inc \* |  | 6943176 |
| 626563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics Inc \* |  | 30087555 |
| 336132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics Inc \* (a) |  | 43555985 |
| 1500964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics Inc \* |  | 17756404 |
| 913297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical Inc \* (a) |  | 42313050 |
|  |  |  | 303021659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.72%** | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.72%** | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.72%** |
| 1197125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals Inc \* |  | 7051066 |
| 672115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals Inc \* |  | 5847401 |
| 1116894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals Inc \* |  | 32523953 |
|  |  |  | 45422420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Processors & Fabrication – 0.25%** | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Processors & Fabrication – 0.25%** | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Processors & Fabrication – 0.25%** |
| 487521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xometry Inc, Class A \* |  | 15712802 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.40%** | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.40%** | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.40%** |
| 549161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR & Co Inc |  | 25492054 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Diversified – 3.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Diversified – 3.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Diversified – 3.08%** |
| 418527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp (a) |  | 88669130 |
| 161866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix Inc (a) |  | 106027086 |
|  |  |  | 194696216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Apparel / Shoes – 1.46%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Apparel / Shoes – 1.46%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Apparel / Shoes – 1.46%** |
| 795949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores Inc |  | 92385800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Building Products – 1.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Building Products – 1.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Building Products – 1.82%** |
| 577425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos Inc |  | 115046157 |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF INVESTMENTS (Unaudited) (continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Major Department Store – 3.05%** |  |
| 2424294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX Companies Inc (a) | $192973802 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Restaurants – 2.62%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Restaurants – 2.62%** |
| 84266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill Inc \* (a) | 116918232 |
| 380271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands Inc (a) | 48705110 |
|  |  | 165623342 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 4.98%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 4.98%** |
| 985815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices Inc (a) | 161703234 |
| 1391206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM Inc | 152949188 |
|  |  | 314652422 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Equipment – 5.24%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Equipment – 5.24%** |
| 323192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp (a) | 121853080 |
| 291128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp (a) | 122361098 |
| 997763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradyne Inc | 87154598 |
|  |  | 331368776 |
|  | **Total United States (cost $4,022,590,291)** | $**4745706285** |
|  | **Uruguay – 2.67%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 0.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 0.07%** |
| 298610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dlocal Ltd \* | 4649358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 2.60%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 2.60%** |
| 193793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc \* (a) | 163995389 |
|  | **Total Uruguay (cost $141,986,342)** | $**168644747** |
|  | **Total Common Stock (cost $6,160,446,684)** | $**6914512566** |
|  | **Short-Term Securities – 4.66%** |  |
|  | **United States – 4.66%** | **United States – 4.66%** |
| 295028461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management, Institutional<br>Shares, 3.96% (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;295028461 |
|  | **Total United States (cost $295,028,461)** | $**295028461** |
|  | **Total Short-Term Securities (cost $295,028,461)** | $**295028461** |
|  | **Total Investments in Securities (cost $6,455,475,145) - 114.01%** | $**7209541027** |
|  | **Other Liabilities in Excess of Assets - (14.01%)** | **(886041510)** |
|  | **Net Assets - 100.00%** | $**6323499517** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Partially or wholly held in a pledged account at the Custodian as collateral for securities sold, not yet purchased. |
| &nbsp;&nbsp;&nbsp;&nbsp;(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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 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<br>Percentage of<br>Net Assets (%)** |
| &nbsp;&nbsp; Aerospace / Defense | 2.44 |
| &nbsp;&nbsp; Aerospace / Defense - Equipment | 7.34 |
| &nbsp;&nbsp; Apparel Manufacturers | 0.54 |
| &nbsp;&nbsp; Applications Software | 4.43 |
| &nbsp;&nbsp; Athletic Equipment | 0.30 |
| &nbsp;&nbsp; Athletic Footwear | 0.83 |
| &nbsp;&nbsp; Audio / Video Products | 3.07 |
| &nbsp;&nbsp; Building Products - Cement / Aggregate | 1.70 |
| &nbsp;&nbsp; Casino Hotels | 0.80 |
| &nbsp;&nbsp; Coatings / Paint | 1.34 |
| &nbsp;&nbsp; Commercial Services - Finance | 1.78 |
| &nbsp;&nbsp; Commercial Services | 0.28 |
| &nbsp;&nbsp; Communications Software | 2.05 |
| &nbsp;&nbsp; Computer Aided Design | 7.49 |
| &nbsp;&nbsp; Computer Software | 1.34 |
| &nbsp;&nbsp; E-Commerce / Products | 7.07 |
| &nbsp;&nbsp; E-Commerce / Services | 7.56 |
| &nbsp;&nbsp; Energy - Alternate Sources | 0.16 |
| &nbsp;&nbsp; Enterprise Software / Services | 4.70 |
| &nbsp;&nbsp; Entertainment Software | 1.12 |
| &nbsp;&nbsp; Finance - Credit Card | 6.00 |
| &nbsp;&nbsp; Finance - Investment Banker / Broker | 0.42 |

---

---

| | |
|:---|:---|
| **Investments in Securities - By Industry** | **December 31, 2022<br>Percentage of<br>Net Assets (%)** |
| &nbsp;&nbsp; Finance - Other Services | 1.79 |
| &nbsp;&nbsp; Human Resources | 0.58 |
| &nbsp;&nbsp; Internet Application Software | 0.37 |
| &nbsp;&nbsp; Internet Content - Entertainment | 4.42 |
| &nbsp;&nbsp; Medical - Biomedical / Genetics | 4.79 |
| &nbsp;&nbsp; Medical - Drugs | 0.72 |
| &nbsp;&nbsp; Metal Processors & Fabrication | 0.25 |
| &nbsp;&nbsp; Private Equity | 0.40 |
| &nbsp;&nbsp; Real Estate Management / Services | 0.74 |
| &nbsp;&nbsp; REITS - Diversified | 3.08 |
| &nbsp;&nbsp; Retail - Apparel / Shoes | 1.46 |
| &nbsp;&nbsp; Retail - Building Products | 1.82 |
| &nbsp;&nbsp; Retail - Major Department Store | 3.05 |
| &nbsp;&nbsp; Retail - Restaurants | 2.62 |
| &nbsp;&nbsp; Schools | 0.52 |
| &nbsp;&nbsp; Semiconductor Components - Integrated Circuits | 7.66 |
| &nbsp;&nbsp; Semiconductor Equipment | 7.31 |
| &nbsp;&nbsp; Short-Term Securities | 4.66 |
| &nbsp;&nbsp; Textile - Apparel | 1.37 |
| &nbsp;&nbsp; Transport - Services | 0.98 |
| &nbsp;&nbsp; Web Portals / ISP | 2.66 |
|  **Total Investments in Securities** | **114.01%** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF PURCHASED OPTIONS (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> **Amount (USD)** | **Contracts** |  | **December 31, 2022** <br>**Fair Value** |
|  |  | **Purchased Options – 10.81%** |  |
|  |  | **Equity Options – 10.61%** |  |
|  |  | **Equity Call Options – 6.83%** |  |
|  |  | **Australia – 0.11%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.11%** |  |
| $43836000 | 3653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp, Class A, 2/17/2023, $120.00 | $7050290 |
|  |  | **Total Australia (cost $7,097,844)** | $**7050290** |
|  |  | **Canada – 0.30%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Application Software – 0.30%** |  |
| 48160000 | 19264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify Inc, Class A, 1/20/2023, $25.00 | 18975040 |
|  |  | **Total Canada (cost $20,598,594)** | $**18975040** |
|  |  | **China – 0.21%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.21%** |  |
| 44352000 | 9856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc ADR, 3/17/2023, $45.00 | 13059200 |
|  |  | **Total China (cost $11,314,867)** | $**13059200** |
|  |  | **Taiwan – 0.33%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 0.33%** |  |
| 86640000 | 14440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd ADR, 1/20/2023, $60.00 | 21082400 |
|  |  | **Total Taiwan (cost $22,757,594)** | $**21082400** |
|  |  | **United States – 5.88%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 0.33%** |  |
| 130578000 | 6218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp, 2/17/2023, $210.00 | 20674850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Auto - Cars / Light Trucks – 0.01%** |  |
| 243936000 | 11088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Inc, 2/17/2023, $220.00 | 632016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages - Non-alcoholic – 0.03%** |  |
| 64727000 | 9958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co, 3/17/2023, $65.00 | 1672944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 0.24%** |  |
| 33606000 | 7468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block Inc, 3/17/2023, $45.00 | 15010680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Communications Software – 0.06%** |  |
| 14820000 | 4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RingCentral Inc, Class A, 4/21/2023, $30.00 | 4199000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.15%** |  |
| 223578000 | 24842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc, 2/17/2023, $90.00 | 9315750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 1.05%** |  |
| 245310000 | 1443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings Inc, 3/17/2023, $1,700.00 | 53015820 |
| 77697000 | 17266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DoorDash Inc, Class A, 2/17/2023, $45.00 | 13381150 |
|  |  |  | 66396970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Electronic Components - Semiconductors – 0.20%** |  |
| 54219000 | 9858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc, 3/17/2023, $55.00 | 12470370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.25%** |  |
| 53892000 | 13473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alteryx Inc, Class A, 2/17/2023, $40.00 | 16032870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Credit Card – 0.70%** |  |
| 135421000 | 12311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co, 1/20/2023, $110.00 | 44504265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Hotels & Motels – 0.89%** |  |
| 136810000 | 13681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings Inc, 1/20/2023, $100.00 | 35433790 |
| 70702000 | 6148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International Inc, Class A, 1/20/2023, $115.00 | 20718760 |
|  |  |  | 56152550 |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF PURCHASED OPTIONS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> **Amount (USD)** | **Contracts** | | **December 31, 2022** <br>**Fair Value** |
|  |  | **Equity Call Options (continued)** |  |
|  |  | **United States (continued)** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Entertainment – 1.79%** |  |
| $168793000 | 19858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc, Class A, 2/17/2023, $85.00 | $72978150 |
| 207228000 | 19736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc, Class A, 2/17/2023, $105.00 | 40261440 |
|  |  |  | 113239590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Multimedia – 0.10%** |  |
| 84209500 | 9907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co, 2/17/2023, $85.00 | 6538620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 0.08%** |  |
| 22122000 | 2458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM Inc, 1/20/2023, $90.00 | 4952870 |
|  |  | **Total United States (cost $407,578,733)** | $**371793345** |
|  |  | **Total Equity Call Options (cost $469,347,632)** | $**431960275** |
|  |  | **Equity Put Options – 3.78%** |  |
|  |  | **China – 0.36%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.36%** |  |
| 99290000 | 9929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinduoduo Inc ADR, 4/21/2023, $100.00 | 22886345 |
|  |  | **Total China (cost $22,717,732)** | $**22886345** |
|  |  | **United States – 3.42%** |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Communications Software – 0.28%** |  |
| 117735000 | 15698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications Inc, Class A, 3/17/2023, $75.00 | 18052700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Computers – 0.13%** |  |
| 48220500 | 3111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Inc, 3/17/2023, $155.00 | 7901940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.30%** |  |
| 116760000 | 9730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings Inc, 2/17/2023, $120.00 | 19168100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Growth & Income - Large Cap – 0.56%** |  |
| 1261251000 | 36558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, 6/16/2023, $345.00 | 35132238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Sector Fund - Technology – 2.15%** |  |
| 3504816000 | 146034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, 6/16/2023, $240.00 | 136103688 |
|  |  | **Total United States (cost $228,581,316)** | $**216358666** |
|  |  | **Total Equity Put Options (cost $251,299,048)** | $**239245011** |
|  |  | **Total Equity Options (cost $720,646,680)** | $**671205286** |
|  |  | **Currency Put Options – 0.20%** |  |
|  |  | **United States – 0.20%** |  |
|  |  | **<u>Counterparty</u>** |  |
| 340712947 | 340712947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co., Inc. | 10765526 |
| 611713752 | 611713752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Professional Clearing Corp | 1640876 |
|  |  | **Total United States (cost $22,562,899)** | $**12406402** |
|  |  | **Total Currency Put Options (cost $22,562,899)** | $**12406402** |
|  |  | **Total Purchased Options (cost $743,209,579)** | $**683611688** |
|  | 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<br>Percentage of**<br> **Net Assets (%)** |
| &nbsp;&nbsp; Applications Software | 0.33 |
| &nbsp;&nbsp; Auto - Cars / Light Trucks | 0.01 |
| &nbsp;&nbsp; Beverages - Non-alcoholic | 0.03 |
| &nbsp;&nbsp; Commercial Services - Finance | 0.24 |
| &nbsp;&nbsp; Communications Software | 0.34 |
| &nbsp;&nbsp; Computers | 0.13 |
| &nbsp;&nbsp; Currency | 0.20 |
| &nbsp;&nbsp; E-Commerce / Products | 0.72 |
| &nbsp;&nbsp; E-Commerce / Services | 1.05 |
| &nbsp;&nbsp; Electronic Components - Semiconductors | 0.20 |

---

---

| | |
|:---|:---|
| **Purchased Options - By Industry** | **December 31, 2022<br>Percentage of**<br> **Net Assets (%)** |
| &nbsp;&nbsp; Enterprise Software / Services | 0.66 |
| &nbsp;&nbsp; Finance - Credit Card | 0.70 |
| &nbsp;&nbsp; Growth & Income - Large Cap | 0.56 |
| &nbsp;&nbsp; Hotels & Motels | 0.89 |
| &nbsp;&nbsp; Internet Application Software | 0.30 |
| &nbsp;&nbsp; Internet Content - Entertainment | 1.79 |
| &nbsp;&nbsp; Multimedia | 0.10 |
| &nbsp;&nbsp; Sector Fund - Technology | 2.15 |
| &nbsp;&nbsp; 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** <br>**Fair Value** |
|  | **Securities Sold, Not Yet Purchased – 44.35%** |  |
|  | **Common Stocks – 44.35%** |  |
|  | **Canada – 0.38%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Management / Advisory Services – 0.07%** |  |
| 151475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Inc, Class A | $4342788 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.01%** |
| 273717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canopy Growth Corp | 632740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.30%** | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.30%** |
| 605899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp | 19061583 |
|  | **Total Canada (proceeds $40,820,444)** | $**24037111** |
|  | **China – 1.55%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Auto - Cars / Light Trucks – 0.85%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto - Cars / Light Trucks – 0.85%** |
| 1821148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Li Auto Inc ADR | 37151419 |
| 1725495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIO Inc ADR | 16823576 |
|  |  | 53974995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Software – 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Software – 0.01%** |
| 265369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tuya Inc | 506855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Information / Networks – 0.59%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Information / Networks – 0.59%** |
| 862600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd | 36913548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Metal - Aluminum – 0.02%** | &nbsp;&nbsp;&nbsp;&nbsp; **Metal - Aluminum – 0.02%** |
| 6610800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Zhongwang Holdings Ltd | 1422962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Drug Store – 0.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Drug Store – 0.08%** |
| 1949300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Healthcare and Technology Co Ltd | 5319712 |
|  | **Total China (proceeds $115,786,410)** | $**98138072** |
|  | **France – 0.25%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising Services – 0.11%** | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising Services – 0.11%** |
| 113039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 7168481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Regional Malls – 0.14%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Regional Malls – 0.14%** |
| 398259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA | 9151152 |
|  | **Total France (proceeds $13,423,268)** | $**16319633** |
|  | **Germany – 1.23%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 1.23%** | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 1.23%** |
| 754922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 77660508 |
|  | **Total Germany (proceeds $97,518,652)** | $**77660508** |

---

**ACAP STRATEGIC FUND** 

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **Hong Kong – 0.84%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Auto - Cars / Light Trucks – 0.29%** |  |
| 12752000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd | $18625718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Electric - Integrated – 0.24%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric - Integrated – 0.24%** |
| 2737800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd | 14995733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Wireless Equipment – 0.31%** | &nbsp;&nbsp;&nbsp;&nbsp; **Wireless Equipment – 0.31%** |
| 14142200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp, Class B | 19822762 |
|  | **Total Hong Kong (proceeds $78,160,088)** | $**53444213** |
|  | **Israel – 0.57%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Auto / Truck Parts & Equipment - Original – 0.24%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto / Truck Parts & Equipment - Original – 0.24%** |
| 431299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global Inc, Class A | 15121343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Data Security – 0.23%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Data Security – 0.23%** |
| 112767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd | 14226685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Application Software – 0.10%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Application Software – 0.10%** |
| 84184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd | 6467857 |
|  | **Total Israel (proceeds $29,447,288)** | $**35815885** |
|  | **Japan – 0.67%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Equipment – 0.67%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Equipment – 0.67%** |
| 142750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd | 42063890 |
|  | **Total Japan (proceeds $45,727,077)** | $**42063890** |
|  | **Switzerland – 0.48%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computers - Peripheral Equipment – 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers - Peripheral Equipment – 0.01%** |
| 11399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA | 709588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.47%** | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Drugs – 0.47%** |
| 329281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis AG ADR | 29872372 |
|  | **Total Switzerland (proceeds $29,044,358)** | $**30581960** |
|  | **Taiwan – 0.36%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 0.36%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductor Components - Integrated Circuits – 0.36%** |
| 3457071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp ADR | 22574674 |
|  | **Total Taiwan (proceeds $32,765,528)** | $**22574674** |
|  | **United States – 38.02%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising Agencies – 0.97%** | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising Agencies – 0.97%** |
| 594791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos Inc | 19812488 |
| 507476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group Inc | 41394817 |
|  |  | 61207305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising Services – 0.13%** | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising Services – 0.13%** |
| 188268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade Desk Inc, Class A | 8440054 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel Manufacturers – 0.18%** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel Manufacturers – 0.18%** |
| 1773966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands Inc | 11282424 |

---

**ACAP STRATEGIC FUND** 

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Appliances – 0.29%** |  |
| 130832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp | 18507495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 0.71%** | &nbsp;&nbsp;&nbsp;&nbsp; **Applications Software – 0.71%** |
| 1427782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai Inc, Class A | 15976881 |
| 75041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow Inc | 29136169 |
|  |  | 45113050 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Auto - Cars / Light Trucks – 0.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto - Cars / Light Trucks – 0.82%** |
| 419164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Inc | 51632622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages - Non-alcoholic – 0.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages - Non-alcoholic – 0.42%** |
| 415169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co | 26408900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Cable / Satellite TV – 0.27%** | &nbsp;&nbsp;&nbsp;&nbsp; **Cable / Satellite TV – 0.27%** |
| 50311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Inc | 17060460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 0.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services - Finance – 0.34%** |
| 587988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block Inc | 21467442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Data Security – 0.84%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Data Security – 0.84%** |
| 226266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys Inc | 25393833 |
| 251121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7 Inc | 8533092 |
| 175026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zscaler Inc | 19585409 |
|  |  | 53512334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Software – 2.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computer Software – 2.00%** |
| 389189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies Inc | 32808633 |
| 17610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth Inc, Class A | 404150 |
| 253294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braze Inc, Class A | 6909860 |
| 790464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudflare Inc, Class A | 35736877 |
| 192212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly Inc, Class A | 1574216 |
| 395164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SolarWinds Corp | 3698735 |
| 397094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Splunk Inc | 34185822 |
| 340020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp | 11445073 |
|  |  | 126763366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computers – 0.09%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers – 0.09%** |
| 204851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP Inc | 5504346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Computers - Memory Devices – 0.04%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers - Memory Devices – 0.04%** |
| 47022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 2473827 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Consulting Services – 0.49%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consulting Services – 0.49%** |
| 177432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics Inc | 31302553 |

---

**ACAP STRATEGIC FUND** 

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Products - Miscellaneous – 1.41%** |  |
| 654886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp | 88900775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics & Toiletries – 0.61%** | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics & Toiletries – 0.61%** |
| 252581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co | 19900857 |
| 124690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co | 18898016 |
|  |  | 38798873 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Manufacturing Operations – 0.27%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Manufacturing Operations – 0.27%** |
| 302199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A O Smith Corp | 17297871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.37%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Products – 0.37%** |
| 704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair Inc, Class A | 23154560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 0.06%** | &nbsp;&nbsp;&nbsp;&nbsp; **E-Commerce / Services – 0.06%** |
| 231222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor Inc | 4157372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Electric - Distribution – 0.55%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric - Distribution – 0.55%** |
| 364757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Inc | 34764990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Electric - Integrated – 1.06%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric - Integrated – 1.06%** |
| 187898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp | 19351615 |
| 484883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp | 14168281 |
| 472475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co | 33739440 |
|  |  | 67259336 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Electronic Components - Semiconductors – 6.98%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electronic Components - Semiconductors – 6.98%** |
| 544319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES Inc | 29333351 |
| 339666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology Inc | 12581229 |
| 1313990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp | 192026499 |
| 1254996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments Inc | 207350439 |
|  |  | 441291518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Electronic Forms – 1.13%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electronic Forms – 1.13%** |
| 212922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe Inc | 71654641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 1.99%** | &nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 1.99%** |
| 69047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HubSpot Inc | 19963559 |
| 2145493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies Inc, Class A | 13774065 |
| 475934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce Inc | 63104089 |
| 177874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems Inc, Class A | 28705306 |
|  |  | 125547019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Credit Card – 0.24%** | &nbsp;&nbsp;&nbsp;&nbsp; **Finance - Credit Card – 0.24%** |
| 1098430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union Co | 15125381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Food - Confectionery – 0.33%** | &nbsp;&nbsp;&nbsp;&nbsp; **Food - Confectionery – 0.33%** |
| 134300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co | 21281178 |

---

**ACAP STRATEGIC FUND** 

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Food - Miscellaneous / Diversified – 3.81%** |  |
| 1084463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co | 61543275 |
| 1159351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands Inc | 44866884 |
| 881559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills Inc | 73918722 |
| 850832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co | 60613272 |
|  |  | 240942153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Entertainment – 0.24%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Content - Entertainment – 0.24%** |
| 1676498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap Inc, Class A | 15004657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Infrastructure Software – 0.56%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet Infrastructure Software – 0.56%** |
| 244749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5 Inc | 35123929 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Management / Advisory Services – 2.43%** | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Management / Advisory Services – 2.43%** |
| 1029343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources Inc | 27154068 |
| 741965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd | 13347950 |
| 1035481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group Inc | 112929558 |
|  |  | 153431576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Biomedical / Genetics – 0.92%** | &nbsp;&nbsp;&nbsp;&nbsp; **Medical - Biomedical / Genetics – 0.92%** |
| 221973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen Inc | 58298989 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Networking Products – 0.56%** | &nbsp;&nbsp;&nbsp;&nbsp; **Networking Products – 0.56%** |
| 739333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems Inc | 35221824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity – 0.07%** |
| 64657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp, Class A | 4425125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Management / Services – 0.26%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Management / Services – 0.26%** |
| 669372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate Inc | 4277287 |
| 957998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC | 11936655 |
|  |  | 16213942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Health Care – 0.35%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Health Care – 0.35%** |
| 491608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Inc | 22146940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Office Property – 0.98%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Office Property – 0.98%** |
| 333549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties Inc | 22541241 |
| 551340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 3390741 |
| 460415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett Inc | 7219307 |
| 458547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties Inc | 4461662 |
| 444703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp | 14995385 |
| 442356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 9205428 |
|  |  | 61813764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Shopping Centers – 1.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Shopping Centers – 1.08%** |
| 208088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 21025212 |
| 938824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp | 19884292 |
| 438403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp | 27400188 |
|  |  | 68309692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Storage – 0.73%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Storage – 0.73%** |
| 122580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage Inc | 18041324 |
| 100688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 28211771 |
|  |  | 46253095 |

---

**ACAP STRATEGIC FUND** 

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **December 31, 2022** <br>**Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **REITS - Warehouse / Industrial – 0.68%** |  |
| 379994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Inc | $42836724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Apparel / Shoes – 0.02%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Apparel / Shoes – 0.02%** |
| 266291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chico's FAS Inc | 1310152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Bedding – 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Bedding – 0.00%** |
| 96981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond Inc | 243422 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Major Department Store – 0.32%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Major Department Store – 0.32%** |
| 1236506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordstrom Inc | 19957207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Miscellaneous / Diversified – 0.21%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Miscellaneous / Diversified – 0.21%** |
| 1035202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings Inc | 12960729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Regional Department Store – 0.48%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Regional Department Store – 0.48%** |
| 954053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp | 24089838 |
| 300193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Inc | 6198985 |
|  |  | 30288823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Restaurants – 0.10%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail - Restaurants – 0.10%** |
| 201804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory Inc | 6399205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunication Equipment – 0.30%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunication Equipment – 0.30%** |
| 595315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks Inc | 19026267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Telephone - Integrated – 0.37%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telephone - Integrated – 0.37%** |
| 1268124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T Inc | 23346163 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Transport - Services – 0.96%** | &nbsp;&nbsp;&nbsp;&nbsp; **Transport - Services – 0.96%** |
| 660904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide Inc | 60512374 |
|  | **Total United States (proceeds $2,853,420,438)** | $**2403976444** |
|  | **Total Common Stocks (proceeds $3,336,113,551)** | $**2804612390** |
|  | **Total Securities Sold, Not Yet Purchased (proceeds $3,336,113,551)** | $**2804612390** |
| &nbsp;&nbsp;&nbsp;&nbsp;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 -<br>By Industry** | **December 31, 2022<br>Percentage of<br>Net Assets (%)** |
| &nbsp;&nbsp; Advertising Agencies | 0.97 |
| &nbsp;&nbsp; Advertising Services | 0.24 |
| &nbsp;&nbsp; Apparel Manufacturers | 0.18 |
| &nbsp;&nbsp; Appliances | 0.29 |
| &nbsp;&nbsp; Applications Software | 0.71 |
| &nbsp;&nbsp; Auto - Cars / Light Trucks | 1.96 |
| &nbsp;&nbsp; Auto / Truck Parts & Equipment - Original | 0.24 |
| &nbsp;&nbsp; Beverages - Non-alcoholic | 0.42 |
| &nbsp;&nbsp; Cable / Satellite TV | 0.27 |
| &nbsp;&nbsp; Commercial Services - Finance | 0.34 |
| &nbsp;&nbsp; Computer Data Security | 1.07 |
| &nbsp;&nbsp; Computer Software | 2.01 |
| &nbsp;&nbsp; Computers | 0.09 |
| &nbsp;&nbsp; Computers - Memory Devices | 0.04 |
| &nbsp;&nbsp; Computers - Peripheral Equipment | 0.01 |
| &nbsp;&nbsp; Consulting Services | 0.49 |
| &nbsp;&nbsp; Consumer Products - Miscellaneous | 1.41 |
| &nbsp;&nbsp; Cosmetics & Toiletries | 0.61 |
| &nbsp;&nbsp; Diversified Manufacturing Operations | 0.27 |
| &nbsp;&nbsp; E-Commerce / Products | 0.37 |
| &nbsp;&nbsp; E-Commerce / Services | 0.06 |
| &nbsp;&nbsp; Electric - Distribution | 0.55 |
| &nbsp;&nbsp; Electric - Integrated | 1.30 |
| &nbsp;&nbsp; Electronic Components - Semiconductors | 6.98 |
| &nbsp;&nbsp; Electronic Forms | 1.13 |
| &nbsp;&nbsp; Enterprise Software / Services | 3.22 |
| &nbsp;&nbsp; Finance - Credit Card | 0.24 |
| &nbsp;&nbsp; Food - Confectionery | 0.33 |
| &nbsp;&nbsp; Food - Miscellaneous / Diversified | 3.81 |
| &nbsp;&nbsp; Internet Application Software | 0.10 |

---

---

| | |
|:---|:---|
| **Securities Sold, Not Yet Purchased -<br>By Industry** | **December 31, 2022<br>Percentage of<br>Net Assets (%)** |
| &nbsp;&nbsp; Internet Content - Entertainment | 0.24 |
| &nbsp;&nbsp; Internet Content - Information / Networks | 0.59 |
| &nbsp;&nbsp; Internet Infrastructure Software | 0.56 |
| &nbsp;&nbsp; Investment Management / Advisory Services | 2.50 |
| &nbsp;&nbsp; Medical - Biomedical / Genetics | 0.92 |
| &nbsp;&nbsp; Medical - Drugs | 0.48 |
| &nbsp;&nbsp; Metal - Aluminum | 0.02 |
| &nbsp;&nbsp; Networking Products | 0.56 |
| &nbsp;&nbsp; Private Equity | 0.37 |
| &nbsp;&nbsp; Real Estate Management / Services | 0.26 |
| &nbsp;&nbsp; REITS - Health Care | 0.35 |
| &nbsp;&nbsp; REITS - Office Property | 0.98 |
| &nbsp;&nbsp; REITS - Regional Malls | 0.14 |
| &nbsp;&nbsp; REITS - Shopping Centers | 1.08 |
| &nbsp;&nbsp; REITS - Storage | 0.73 |
| &nbsp;&nbsp; REITS - Warehouse / Industrial | 0.68 |
| &nbsp;&nbsp; Retail - Apparel / Shoes | 0.02 |
| &nbsp;&nbsp; Retail - Bedding | 0.00 |
| &nbsp;&nbsp; Retail - Drug Store | 0.08 |
| &nbsp;&nbsp; Retail - Major Department Store | 0.32 |
| &nbsp;&nbsp; Retail - Miscellaneous / Diversified | 0.21 |
| &nbsp;&nbsp; Retail - Regional Department Store | 0.48 |
| &nbsp;&nbsp; Retail - Restaurants | 0.10 |
| &nbsp;&nbsp; Semiconductor Components - Integrated Circuits | 0.36 |
| &nbsp;&nbsp; Semiconductor Equipment | 0.67 |
| &nbsp;&nbsp; Telecommunication Equipment | 0.30 |
| &nbsp;&nbsp; Telephone - Integrated | 0.37 |
| &nbsp;&nbsp; Transport - Services | 0.96 |
| &nbsp;&nbsp; Wireless Equipment | 0.31 |
|  **Total Securities Sold, Not Yet Purchased** | **44.35%** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF WRITTEN OPTIONS (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> **Amount (USD)** | **Contracts** |  | **December 31, 2022** <br>**Fair Value** |
|  |  | **Written Options – 0.08%** | **Written Options – 0.08%** |
|  |  | **Equity Options – 0.08%** | **Equity Options – 0.08%** |
|  |  | **Equity Put Options – 0.08%** | **Equity Put Options – 0.08%** |
|  |  | **Australia – 0.06%** | **Australia – 0.06%** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.06%** |
| $43836000 | 3653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp, Class A, 2/17/2023, $120.00 | $3689530 |
|  |  | **Total Australia (premiums received $4,920,412)** | $**3689530** |
|  |  | **United States – 0.02%** | **United States – 0.02%** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Enterprise Software / Services – 0.02%** |
| 53892000 | 13473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alteryx Inc, Class A, 2/17/2023, $40.00 | 1414665 |
|  |  | **Total United States (premiums received $5,375,359)** | $**1414665** |
|  |  | **Total Equity Put Options (premiums received $10,295,771)** | $**5104195** |
|  |  | **Total Equity Options (premiums received $10,295,771)** | $**5104195** |
|  |  | **Total Written Options (premiums received $10,295,771)** | $**5104195** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF WRITTEN OPTIONS (Unaudited) (concluded)** 

---

| | |
|:---|:---|
| **Written Options - By Industry** | **December 31, 2022** <br>**Percentage of<br>Net Assets (%)** |
| &nbsp;&nbsp; Enterprise Software / Services | 0.08 |
|  **Total Written Options** | **0.08%** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF SWAP CONTRACTS (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Swap Contracts – 0.98%** | **Swap Contracts – 0.98%** |  |
|  | **Total Return Swap Contracts - Appreciation – 2.80%** | **Total Return Swap Contracts - Appreciation – 2.80%** |  |
|  | **Australia – 0.08%** | **Australia – 0.08%** |  |
|  | **Commercial Banks Non-US – 0.07%** | **Commercial Banks Non-US – 0.07%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(18867670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/23/2024 | Bank of Queensland Ltd | $4372333 |
|  |  | 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%** | **Retail - Building Products – 0.01%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21237110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/23/2024 | Wesfarmers Ltd | 745705 |
|  |  | 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** | **Total Australia** | $**5118038** |
|  | **Brazil – 0.07%** |  |  |
|  | **Commercial Services - Finance – 0.07%** | **Commercial Services - Finance – 0.07%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8836589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/2023 | Cielo SA | 4702045 |
|  |  | 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** | **Total Brazil** | $**4702045** |
|  | **Japan – 0.39%** |  |  |
|  | **Audio / Video Products – 0.13%** | **Audio / Video Products – 0.13%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35590163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Sharp Corp | 7946407 |
|  |  | 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%** | **Bicycle Manufacturing – 0.04%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32255482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Shimano Inc | 2581296 |
|  |  | 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**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Appreciation (continued)** | **Total Return Swap Contracts - Appreciation (continued)** |  |
|  | **Japan (continued)** | **Japan (continued)** |  |
|  | **Building Products - Air & Heating – 0.02%** | **Building Products - Air & Heating – 0.02%** |  |
| $(21510068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Daikin Industries Ltd | $966057 |
|  |  | 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%** | **E-Commerce / Products – 0.07%** |  |
| (8095838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Rakuten Group Inc | 4552219 |
|  |  | 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%** | **Electric - Integrated – 0.02%** |  |
| (11171988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Chubu Electric Power Co Inc | 986230 |
|  |  | 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%\*\*. |  |
| (6759286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Tokyo Electric Power Co Holdings Inc | 252039 |
|  |  | 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%\*\*. |  |
|  |  |  | 1238269 |
|  | **Office Automation & Equipment – 0.03%** | **Office Automation & Equipment – 0.03%** |  |
| (40768570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Canon Inc | 1201873 |
|  |  | 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%\*\*. |  |
| (3356722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Ricoh Co Ltd | 793772 |
|  |  | 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%\*\*. |  |
|  |  |  | 1995645 |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Appreciation (continued)** | **Total Return Swap Contracts - Appreciation (continued)** |  |
|  | **Japan (continued)** | **Japan (continued)** |  |
|  | **Photo Equipment & Supplies – 0.02%** | **Photo Equipment & Supplies – 0.02%** |  |
| $(7921224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Nikon Corp | $961446 |
|  |  | 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%** | **Semiconductor Equipment – 0.06%** |  |
| (39255234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Advantest Corp | 3676980 |
|  |  | 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** | **Total Japan** | $**23918319** |
|  | **Spain – 0.07%** | **Spain – 0.07%** |  |
|  | **Building - Heavy Construction – 0.07%** | **Building - Heavy Construction – 0.07%** |  |
| 42121056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/26/2024 | Cellnex Telecom SA | 4418567 |
|  |  | 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** | **Total Spain** | $**4418567** |
|  | **Taiwan – 0.05%** | **Taiwan – 0.05%** |  |
|  | **Semiconductor Components - Integrated Circuits – 0.05%** | **Semiconductor Components - Integrated Circuits – 0.05%** |  |
| (9100508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Novatek Microelectronics Corp | 2671374 |
|  |  | 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%\*\*. |  |
| (4049604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | United Microelectronics Corp | 709078 |
|  |  | 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** | **Total Taiwan** | $**3380452** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Appreciation (continued)** | **Total Return Swap Contracts - Appreciation (continued)** |  |
|  | **United Kingdom – 0.22%** | **United Kingdom – 0.22%** |  |
|  | **Cosmetics & Toiletries – 0.04%** | **Cosmetics & Toiletries – 0.04%** |  |
| $(40648707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/26/2024 | Unilever PLC | $2549016 |
|  |  | 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%** | **Food - Retail – 0.12%** |  |
| (12289487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2023 | Marks & Spencer Group PLC | 7883120 |
|  |  | 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%** | **Retail - Apparel / Shoes – 0.06%** |  |
| (14424455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2023 | Next PLC | 3594560 |
|  |  | 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** | **Total United Kingdom** | $**14026696** |
|  | **United States – 1.92%** | **United States – 1.92%** |  |
|  | **Web Portals / ISP – 1.92%** | **Web Portals / ISP – 1.92%** |  |
| 132723801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Alphabet Inc, Class A | 121232408 |
|  |  | 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** | **Total United States** | $**121232408** |
|  | **Total Return Swap Contracts - Appreciation \*\*\*\*** | **Total Return Swap Contracts - Appreciation \*\*\*\*** | $**176796525** |
|  | **Total Return Swap Contracts - Depreciation – 1.82%** | **Total Return Swap Contracts - Depreciation – 1.82%** |  |
|  | **Australia – 0.04%** | **Australia – 0.04%** |  |
|  | **Commercial Banks Non-US – 0.04%** | **Commercial Banks Non-US – 0.04%** |  |
| (27075961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/23/2024 | Commonwealth Bank of Australia | 2639798 |
|  |  | 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%\*\*. |  |
| (73870100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/23/2024 | Westpac Banking Corp | 158476 |
|  |  | 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** | **Total Australia** | $**2798274** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Depreciation (continued)** | **Total Return Swap Contracts - Depreciation (continued)** |  |
|  | **Brazil – 0.52%** | **Brazil – 0.52%** |  |
|  | **Finance - Other Services – 0.08%** | **Finance - Other Services – 0.08%** |  |
| $89421887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/2023 | B3 SA - Brasil Bolsa Balcao | $5283106 |
|  |  | 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%** | **Retail - Discount – 0.44%** |  |
| 45969040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/2023 | Magazine Luiza SA | 27625420 |
|  |  | 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** | **Total Brazil** | $**32908526** |
|  | **China – 0.34%** | **China – 0.34%** |  |
|  | **Applications Software – 0.34%** | **Applications Software – 0.34%** |  |
| 104996334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | Glodon Co Ltd, Class A | 21507289 |
|  |  | 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** | **Total China** | $**21507289** |
|  | **Ireland – 0.08%** | **Ireland – 0.08%** |  |
|  | **Commercial Services - Finance – 0.08%** | **Commercial Services - Finance – 0.08%** |  |
| 21485978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2023 | Experian PLC | 5071010 |
|  |  | 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** | **Total Ireland** | $**5071010** |
|  | **Japan – 0.01%** | **Japan – 0.01%** |  |
|  | **Office Automation & Equipment – 0.01%** | **Office Automation & Equipment – 0.01%** |  |
| (5089024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Konica Minolta Inc | 283866 |
|  |  | 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** | **Total Japan** | $**283866** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Depreciation (continued)** | **Total Return Swap Contracts - Depreciation (continued)** |  |
|  | **Netherlands – 0.10%** | **Netherlands – 0.10%** |  |
|  | **Music – 0.10%** | **Music – 0.10%** |  |
| $(24807919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/26/2024 | Universal Music Group NV | $6400730 |
|  |  | 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** | **Total Netherlands** | $**6400730** |
|  | **South Korea – 0.20%** | **South Korea – 0.20%** |  |
|  | **Petrochemicals – 0.20%** | **Petrochemicals – 0.20%** |  |
| 133010605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/9/2023 | LG Chem Ltd | 12613732 |
|  |  | 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** | **Total South Korea** | $**12613732** |
|  | **Sweden – 0.00%** | **Sweden – 0.00%** |  |
|  | **Auto - Cars / Light Trucks – 0.00%** | **Auto - Cars / Light Trucks – 0.00%** |  |
| (701023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2023 | Volvo Car AB, Class B | 83421 |
|  |  | 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** | **Total Sweden** | $**83421** |
|  | **Taiwan – 0.01%** | **Taiwan – 0.01%** |  |
|  | **Electronic Components - Miscellaneous – 0.01%** | **Electronic Components - Miscellaneous – 0.01%** |  |
| (5556563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | AUO Corp | 368333 |
|  |  | 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** | **Total Taiwan** | $**368333** |

---

**ACAP STRATEGIC FUND** 

**SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Notional**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)**  | **Maturity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date\***  |  | **December 31, 2022**<br>**Unrealized**<br>**Appreciation /**<br> **Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Depreciation (continued)** | **Total Return Swap Contracts - Depreciation (continued)** |  |
|  | **United States – 0.52%** | **United States – 0.52%** |  |
|  | **Private Equity – 0.52%** | **Private Equity – 0.52%** |  |
| $223030136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2024 | Carlyle Group Inc | $33062240 |
|  |  | 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** | **Total United States** | $**33062240** |
|  | **Total Return Swap Contracts - Depreciation \*\*\*\*\*** | **Total Return Swap Contracts - Depreciation \*\*\*\*\*** | $**115097421** |
|  | **Total Swap Contracts, net** | **Total Swap Contracts, net** | $**61699104** |
| \* | 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.  | 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.  | 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 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 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.  | 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.  | 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 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 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.  | 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.  | 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<br>Percentage of<br>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<br>Percentage of<br>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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 | Balance<br> December 31, 2022 |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6914512566 | $- | $- | $6914512566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities | 295028461 |  |  | 295028461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 671205286 | 12406402 |  | 683611688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swap Contracts |  | 176796525 |  | 176796525 |
|  Total Assets | $7880746313 | $189202927 | $- | $8069949240 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold, Not Yet Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2803189428 | $1422962 | $- | $2804612390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | 5104195 |  |  | 5104195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swap Contracts |  | 115097421 |  | 115097421 |
|  Total Liabilities | $2808293623 | $116520383 | $- | $2924814006 |

---

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* *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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b.* *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* *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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* *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: | (800881311) |
|  Net unrealized appreciation/depreciation: | (38819336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(839700647) |

---

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 | $754065882 |
|  Excess of tax cost over value gross depreciation | (690291515) |
|  Net unrealized appreciation | $63774367 |

---

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."

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ACAP Strategic Fund

- **b. Investment Company Act file number:** 811-22312

- **c. CIK number of Registrant:** 0001467631

- **d. LEI of Registrant:** 5493007EPPSEZQ0DLH75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 350 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 212-716-6840

**Item A.2. Information about the Series.**

- **a. Name of Series:** ACAP Strategic Fund

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9985275874.21

**Total Liabilities:** $3661776357.52

**Net Assets:** $6323499516.69

**Cash Not Reported:** $506586816.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000843102 | -5.13%               | 8.08%                | -3.22%               |
| Class ID C000843201 | -5.02%               | 8.08%                | -3.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21879316.01             | $-140527556.79                             |
| Month 2  | $-281187728.01           | $842722860.22                              |
| Month 3  | $131389013.10            | $-192924218.63                             |

**Designated Index Information**

- **Index Name:** MSCI World Index

- **Index Identifier:** MXWO Index

### Schedule of Portfolio Investments

| Name                                                     | Title                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Treasury & Agency Cash Management, Institutional | Short-Term Investment            | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             |  | US        | 295028461 | NS      | $295028461.12  | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| USD / CNH, 06/16/2023, $5.75                             | Counterparty-Issued Option on FX | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        | 340712947 | NC      | $10765525.79   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| USD / CNH, 06/16/2023, $7.45                             | Counterparty-Issued Option on FX | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        | 611713752 | NC      | $1640875.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                | Common Stock                     | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |   1103293 | NS      | $97189080.37   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                                | Common Stock                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   1232793 | NS      | $141006863.34  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Full Truck Alliance-Spn ADR                              | Common Stock                     | CUSIP: 35969L108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   7749631 | NS      | $61997048.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                               | Common Stock                     | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |   2076524 | NS      | $116555292.12  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc.                                         | Common Stock                     | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |   3365918 | NS      | $46988215.28   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase, Inc.                                            | Common Stock                     | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    972846 | NS      | $70657804.98   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| New Oriental Education & Technology Group Inc.           | Common Stock                     | CUSIP: 647581206<br>LEI: 529900NHZVBZQZ8EKN29 | Long             | EC               | CORP              | CN        |    945143 | NS      | $32909879.26   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinduoduo Inc                                            | Common Stock                     | CUSIP: 722304102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    635473 | NS      | $51822823.15   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                  | Common Stock                     | CUSIP: 81141R100<br>LEI: 5493003MC15DO7RKL097 | Long             | EC               | CORP              | SG        |    402659 | NS      | $20950347.77   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited       | Common Stock                     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   2273535 | NS      | $169355622.15  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc.                                             | Common Stock                     | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Short            | EC               | CORP              | CN        |  -1821148 | NS      | $-37151419.20  | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| NIO INC.                                                 | Common Stock                     | CUSIP: 62914V106<br>LEI: 549300JBU4TV5OCKJV96 | Short            | EC               | CORP              | CN        |  -1725495 | NS      | $-16823576.25  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                              | Common Stock                     | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Short            | EC               | CORP              | CH        |   -329281 | NS      | $-29872372.32  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Tuya Inc                                                 | Common Stock                     | CUSIP: 90114C107<br>LEI: N/A                  | Short            | EC               | CORP              | CN        |   -265369 | NS      | $-506854.79    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United Microelectronics Corporation                      | Common Stock                     | CUSIP: 910873405<br>LEI: 391200YJCAGH9LF96P73 | Short            | EC               | CORP              | TW        |  -3457071 | NS      | $-22574673.63  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Adidas AG                                                | Common Stock                     | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    384903 | NS      | $52359003.63   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                | Common Stock                     | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |   2144480 | NS      | $254091060.99  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics, Inc.                                 | Common Stock                     | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |   1549936 | NS      | $84936492.80   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Allovir Inc                                              | Common Stock                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2297288 | NS      | $11785087.44   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Altair Engineering Inc.                                  | Common Stock                     | CUSIP: N/A<br>LEI: 549300FJ89HZ6GU9S994       | Long             | EC               | CORP              | US        |     76704 | NS      | $3487730.88    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                           | Common Stock                     | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               | CORP              | US        |   1909932 | NS      | $160434288.00  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                       | Common Stock                     | CUSIP: N/A<br>LEI: GYVOE5EZ4GDAVTU4CQ61       | Long             | EC               | CORP              | US        |    985815 | NS      | $161703234.45  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                        | Common Stock                     | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    239192 | NS      | $130694508.80  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bill.Com Holdings, Inc.                                  | Common Stock                     | CUSIP: N/A<br>LEI: 549300IBF9VZZIGOZW63       | Long             | EC               | CORP              | US        |    963687 | NS      | $105003335.52  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc                             | Common Stock                     | CUSIP: 09058V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    733749 | NS      | $8423438.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                                 | Common Stock                     | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |    212709 | NS      | $9318781.29    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                               | Common Stock                     | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |   1318013 | NS      | $211725608.32  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Caribou Biosciences Inc                                  | Common Stock                     | CUSIP: 142038108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    525740 | NS      | $3301647.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerevel Therapeutics Holdings Inc                        | Common Stock                     | CUSIP: 15678U128<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    529411 | NS      | $16697622.94   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Certara Inc.                                             | Common Stock                     | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    732059 | NS      | $11764188.13   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                               | Common Stock                     | CUSIP: 169656105<br>LEI: 5493007DZOMUBASCBX97 | Long             | EC               | CORP              | US        |     84266 | NS      | $116918232.34  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                              | Common Stock                     | CUSIP: 172908105<br>LEI: 549300QVUQTTKMTE0G41 | Long             | EC               | CORP              | US        |     39768 | NS      | $17960024.16   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent, Inc.                                          | Common Stock                     | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    412609 | NS      | $9176424.16    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DICE THERAPEUTICS, INC.                                  | Common Stock                     | CUSIP: 23345J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    517251 | NS      | $16138231.20   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dlocal Ltd.                                              | Common Stock                     | CUSIP: G29018101<br>LEI: N/A                  | Long             | EC               | CORP              | UY        |    298610 | NS      | $4649357.70    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                            | Common Stock                     | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    483491 | NS      | $18517705.30   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                                             | Common Stock                     | CUSIP: N14506104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    457500 | NS      | $23561250.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia, Inc.                                            | Common Stock                     | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |   1385097 | NS      | $121334497.20  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                                                | Common Stock                     | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |    135777 | NS      | $9213827.22    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Limited                       | Common Stock                     | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   7679000 | NS      | $50767320.73   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                                      | Common Stock                     | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    390221 | NS      | $38756749.72   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM Biosciences, Inc.                                    | Common Stock                     | CUSIP: 449585108<br>LEI: 5493008XCQES2N0VY969 | Long             | EC               | CORP              | US        |    408182 | NS      | $6943175.82    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                            | Common Stock                     | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |   1101566 | NS      | $113009655.94  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Jfrog Ltd.                                               | Common Stock                     | CUSIP: M6191J100<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    497715 | NS      | $10616260.95   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kering                                                   | Common Stock                     | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |     66922 | NS      | $33961400.91   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Keros Therapeutics Inc                                   | Common Stock                     | CUSIP: 492327101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    626563 | NS      | $30087555.26   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                             | Common Stock                     | CUSIP: 48251W104<br>LEI: 549300JOHU21WRN2Z451 | Long             | EC               | CORP              | US        |    549161 | NS      | $25492053.62   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                                 | Common Stock                     | CUSIP: 482480100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    323192 | NS      | $121853079.76  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                        | Common Stock                     | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    291128 | NS      | $122361098.40  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe`s Companies, Inc.                                   | Common Stock                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    577425 | NS      | $115046157.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton                         | Common Stock                     | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |    119258 | NS      | $86536380.53   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                                 | Common Stock                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   2622019 | NS      | $28894649.38   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Marqeta  Inc                                             | Common Stock                     | CUSIP: 57142B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1782750 | NS      | $10892602.50   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                            | Common Stock                     | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |    179925 | NS      | $60809252.25   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                           | Common Stock                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    511930 | NS      | $178013418.90  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                         | Common Stock                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | AR        |    193793 | NS      | $163995388.32  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                     | Common Stock                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |   2323626 | NS      | $279625152.84  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                           | Common Stock                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    655175 | NS      | $157124068.50  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ming Yuan Cloud Group Holding                            | Common Stock                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |  15104903 | NS      | $13585790.97   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MTU Aero Engines AG                                      | Common Stock                     | CUSIP: N/A<br>LEI: 529900807L67JY81RD65       | Long             | EC               | CORP              | DE        |    354935 | NS      | $76594245.37   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Oric Pharmaceuticals, Inc.                               | Common Stock                     | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               | CORP              | US        |   1197125 | NS      | $7051066.25    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation                            | Common Stock                     | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |    189839 | NS      | $36878124.14   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Peloton Interactive, Inc.                                | Common Stock                     | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |   2389050 | NS      | $18969057.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PMV Pharmaceuticals Inc                                  | Common Stock                     | CUSIP: 69353Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    672115 | NS      | $5847400.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                                 | Common Stock                     | CUSIP: 74275K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100767 | NS      | $4754187.06    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc.                                                 | Common Stock                     | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    230475 | NS      | $27666219.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualcomm Incorporated                                    | Common Stock                     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   1391206 | NS      | $152949187.64  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualtrics International Inc.                             | Common Stock                     | CUSIP: 747601201<br>LEI: 549300NW34K5PVZGTN68 | Long             | EC               | CORP              | US        |   2119232 | NS      | $21997628.16   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.                             | Common Stock                     | CUSIP: 76243J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1116894 | NS      | $32523953.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Corp                                                | Common Stock                     | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   2556300 | NS      | $194417905.18  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                                          | Common Stock                     | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |   1884495 | NS      | $66711123.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc.                                          | Common Stock                     | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    163758 | NS      | $54849104.52   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                                | Common Stock                     | CUSIP: N/A<br>LEI: 213800B23SEQ8MCV2T21       | Long             | EC               | CORP              | FR        |   1685900 | NS      | $210371440.55  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics, Inc.                               | Common Stock                     | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |    336132 | NS      | $43555984.56   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co                                      | Common Stock                     | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    358333 | NS      | $85043170.89   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc.                                             | Common Stock                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    677186 | NS      | $23505126.06   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores, Inc.                                        | Common Stock                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    795949 | NS      | $92385800.43   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, Inc.                                                 | Common Stock                     | CUSIP: 315616102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -244749 | NS      | $-35123928.99  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc                           | Common Stock                     | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |   1510923 | NS      | $78658651.38   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                             | Common Stock                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    809667 | NS      | $258518576.43  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                             | Common Stock                     | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    997763 | NS      | $87154598.05   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics, Inc.                                    | Common Stock                     | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |   1500964 | NS      | $17756404.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Ccompanies, Inc.                                 | Common Stock                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |   2424294 | NS      | $192973802.40  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Inc.                                           | Common Stock                     | CUSIP: 893641100<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | EC               | CORP              | US        |    123228 | NS      | $77590510.20   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                               | Common Stock                     | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    259352 | NS      | $14718226.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc.                                              | Common Stock                     | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    905924 | NS      | $44354039.04   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies, Inc.                                  | Common Stock                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |   6162291 | NS      | $152393456.43  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Uipath, Inc., Class A                                    | Common Stock                     | CUSIP: 90364P105<br>LEI: 5493000YP61KBELDHT53 | Long             | EC               | CORP              | US        |   6159507 | NS      | $78287333.97   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                            | Common Stock                     | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    913297 | NS      | $42313050.01   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                 | Common Stock                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    967993 | NS      | $201110225.68  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                                      | Common Stock                     | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    266651 | NS      | $46693256.61   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc-A                                            | Common Stock                     | CUSIP: 98423F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    487521 | NS      | $15712801.83   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                  | Common Stock                     | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |   1716252 | NS      | $26327305.68   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartsheet Inc                                           | Common Stock                     | CUSIP: 83200N103<br>LEI: 549300N9WF42OK9VL589 | Long             | EC               | CORP              | US        |    967872 | NS      | $38095441.92   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands, Inc.                                        | Common Stock                     | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |    380271 | NS      | $48705109.68   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Z Holdings Corporation                                   | Common Stock                     | CUSIP: N/A<br>LEI: 52990078MD2OL792YM35       | Long             | EC               | CORP              | JP        |  10691045 | NS      | $26900806.72   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications, Inc.                          | Common Stock                     | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    931253 | NS      | $63083078.22   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corporation                              | Common Stock                     | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               | CORP              | US        |    -64657 | NS      | $-4425125.08   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                | Common Stock                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Short            | EC               | CORP              | US        |   -212922 | NS      | $-71654640.66  | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                                | Common Stock                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Short            | EC               | CORP              | US        |   -389189 | NS      | $-32808632.70  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                | Common Stock                     | CUSIP: N/A<br>LEI: 62QBXGPJ34PQ72Z12S66       | Short            | EC               | CORP              | US        |   -221973 | NS      | $-58298988.72  | -0.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Realogy Holdings Corp                                    | Common Stock                     | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Short            | EC               | CORP              | US        |   -669372 | NS      | $-4277287.08   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| A.O. Smith Corporation                                   | Common Stock                     | CUSIP: 831865209<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -302199 | NS      | $-17297870.76  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc.                                                | Common Stock                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Short            | EC               | CORP              | US        |  -1268124 | NS      | $-23346162.84  | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| C3.AI, Inc.                                              | Common Stock                     | CUSIP: 12468P104<br>LEI: 549300YDLK0YQO5B1V80 | Short            | EC               | CORP              | US        |  -1427782 | NS      | $-15976880.58  | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Bandwidth Inc.                                           | Common Stock                     | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Short            | EC               | CORP              | US        |    -17610 | NS      | $-404149.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bed Bath & Beyond Inc                                    | Common Stock                     | CUSIP: N/A<br>LEI: 529900ZBUWWUV7BKGX39       | Short            | EC               | CORP              | US        |    -96981 | NS      | $-243422.31    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Braze, Inc.                                              | Common Stock                     | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Short            | EC               | CORP              | US        |   -253294 | NS      | $-6909860.32   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Inc.                         | Common Stock                     | CUSIP: 113004105<br>LEI: C6J3FGIWG6MBDGTE8F80 | Short            | EC               | CORP              | CA        |   -151475 | NS      | $-4342788.25   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Inc.                         | Common Stock                     | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Short            | EC               | CORP              | CA        |   -605899 | NS      | $-19061582.54  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Soup Company                                    | Common Stock                     | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Short            | EC               | CORP              | US        |  -1084463 | NS      | $-61543275.25  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corporation                                  | Common Stock                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Short            | EC               | CORP              | US        |   -187898 | NS      | $-19351615.02  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Canopy Growth Corporation                                | Common Stock                     | CUSIP: N/A<br>LEI: 529900CSD7NH1UBC9X07       | Short            | EC               | CORP              | CA        |    -61100 | NS      | $-141594.89    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield                                      | Common Stock                     | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | US        |   -957998 | NS      | $-11936655.08  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc-A                              | Common Stock                     | CUSIP: 98980F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    715787 | NS      | $21552346.57   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. Robinson Worldwide, Inc.                            | Common Stock                     | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Short            | EC               | CORP              | US        |   -660904 | NS      | $-60512370.24  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                             | Common Stock                     | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Short            | EC               | CORP              | US        |    -50311 | NS      | $-17060460.10  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.                   | Common Stock                     | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Short            | EC               | CORP              | IL        |   -112767 | NS      | $-14226684.72  | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc                                   | Common Stock                     | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Short            | EC               | CORP              | US        |   -201804 | NS      | $-6399204.84   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Chico's FAS Inc                                          | Common Stock                     | CUSIP: 168615102<br>LEI: 5299003ESGN5T1MFXY13 | Short            | EC               | CORP              | US        |   -266291 | NS      | $-1310151.72   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| China Zhongwang Holdings Ltd                             | Common Stock                     | CUSIP: N/A<br>LEI: 529900J21TD2P9K4YC63       | Short            | EC               | CORP              | CN        |  -6610800 | NS      | $-1422961.58   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                      | Common Stock                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Short            | EC               | CORP              | US        |   -739333 | NS      | $-35221824.12  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| CloudFlare, Inc.                                         | Common Stock                     | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |   -790464 | NS      | $-35736877.44  | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co                                             | Common Stock                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Short            | EC               | CORP              | US        |   -415169 | NS      | $-26408900.09  | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                                     | Common Stock                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Short            | EC               | CORP              | US        |   -252581 | NS      | $-19900856.99  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| ConAgra Brands, Inc.                                     | Common Stock                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Short            | EC               | CORP              | US        |  -1159351 | NS      | $-44866883.70  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                                  | Common Stock                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Short            | EC               | CORP              | US        |   -364757 | NS      | $-34764989.67  | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Canopy Growth Corporation                                | Common Stock                     | CUSIP: 138035100<br>LEI: 529900CSD7NH1UBC9X07 | Short            | EC               | CORP              | CA        |   -212617 | NS      | $-491145.27    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Stem, Inc                                                | Common Stock                     | CUSIP: 85859N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1101436 | NS      | $9846837.84    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastly, Inc.                                             | Common Stock                     | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Short            | EC               | CORP              | US        |   -192212 | NS      | $-1574216.28   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Volvo Car AB                                             | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |   -701023 | OU      | $-83420.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Franklin Resources Inc                                   | Common Stock                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Short            | EC               | CORP              | US        |  -1029343 | NS      | $-27154068.34  | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| GEELY AUTOMOBILE HOLDINGS LIMITED                        | Common Stock                     | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | CN        | -12752000 | NS      | $-18625718.28  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                                        | Common Stock                     | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Short            | EC               | CORP              | US        |   -881559 | NS      | $-73918722.15  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES Inc.                                     | Common Stock                     | CUSIP: G39387108<br>LEI: 549300BA76VK784VMX48 | Short            | EC               | CORP              | US        |   -544319 | NS      | $-29333350.91  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                                            | Common Stock                     | CUSIP: N/A<br>LEI: 549300CE3KUCWLZBG404       | Short            | EC               | CORP              | US        |   -587988 | NS      | $-21467441.88  | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc                                          | Common Stock                     | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Short            | EC               | CORP              | US        |  -1773966 | NS      | $-11282423.76  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                                   | Common Stock                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Short            | EC               | CORP              | US        |   -204851 | NS      | $-5504346.37   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                              | Common Stock                     | CUSIP: 443573100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -69047 | NS      | $-19963559.11  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc                             | Common Stock                     | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Short            | EC               | CORP              | US        |   -594791 | NS      | $-19812488.21  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                              | Common Stock                     | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Short            | EC               | CORP              | US        |   -741965 | NS      | $-13347950.35  | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| The J. M. Smucker Company                                | Common Stock                     | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Short            | EC               | CORP              | US        |   -134300 | NS      | $-21281178.00  | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks, Inc.                                   | Common Stock                     | CUSIP: 48203R104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -595315 | NS      | $-19026267.40  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                               | Common Stock                     | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Short            | EC               | CORP              | US        |   -850832 | NS      | $-60613271.68  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                                      | Common Stock                     | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |   -654886 | NS      | $-88900774.50  | -1.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                                              | Common Stock                     | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Short            | EC               | CORP              | US        |   -954053 | NS      | $-24089838.25  | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Logitech international S.A.                              | Common Stock                     | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Short            | EC               | CORP              | CH        |    -11399 | NS      | $-709587.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Macy's, Inc.                                             | Common Stock                     | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Short            | EC               | CORP              | US        |   -300193 | NS      | $-6198985.45   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc.                                  | Common Stock                     | CUSIP: 573874104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -339666 | NS      | $-12581228.64  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| MOBILEYE VISION TECHNOLOGIES LTD                         | Common Stock                     | CUSIP: 60741F104<br>LEI: N/A                  | Short            | EC               | CORP              | IL        |   -431299 | NS      | $-15121342.94  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Nordstrom Inc                                            | Common Stock                     | CUSIP: 655664100<br>LEI: 549300S3IZB5P35KNV16 | Short            | EC               | CORP              | US        |  -1236506 | NS      | $-19957206.84  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corporation                                       | Common Stock                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Short            | EC               | CORP              | US        |  -1313990 | NS      | $-192026498.60 | -3.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc.                                       | Common Stock                     | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |   -507476 | NS      | $-41394817.32  | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc.                               | Common Stock                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Short            | EC               | CORP              | US        |  -2145493 | NS      | $-13774065.06  | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Healthcare and Technology Company Limited        | Common Stock                     | CUSIP: N/A<br>LEI: 2549009NW1LO017CP285       | Short            | EC               | CORP              | CN        |  -1949300 | NS      | $-5319712.49   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd                                | Common Stock                     | CUSIP: N/A<br>LEI: 254900JOWYUW1ZX4DF47       | Short            | EC               | CORP              | HK        |  -2737800 | NS      | $-14995733.48  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                          | Common Stock                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Short            | EC               | CORP              | US        |   -484883 | NS      | $-14168281.26  | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company                             | Common Stock                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Short            | EC               | CORP              | US        |   -124690 | NS      | $-18898016.40  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                                       | Common Stock                     | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Short            | EC               | CORP              | FR        |   -113039 | NS      | $-7168480.66   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Qualys, Inc.                                             | Common Stock                     | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Short            | EC               | CORP              | US        |   -226266 | NS      | $-25393833.18  | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                                               | Common Stock                     | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Short            | EC               | CORP              | US        |   -251121 | NS      | $-8533091.58   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| salesforce.com Inc                                       | Common Stock                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Short            | EC               | CORP              | US        |   -475934 | NS      | $-63104089.06  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc                                | Common Stock                     | CUSIP: N/A<br>LEI: 549300XN447ZTLOFR213       | Short            | EC               | CORP              | US        |  -1035202 | NS      | $-12960729.04  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Sap SE                                                   | Common Stock                     | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Short            | EC               | CORP              | DE        |   -754922 | NS      | $-77660507.74  | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings                              | Common Stock                     | CUSIP: G7997R103<br>LEI: N/A                  | Short            | EC               | CORP              | IE        |    -47022 | NS      | $-2473827.42   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                           | Common Stock                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Short            | EC               | CORP              | US        |    -75041 | NS      | $-29136169.07  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp.                                    | Common Stock                     | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Short            | EC               | CORP              | US        |   -444703 | NS      | $-14995385.15  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| SNAP INC.                                                | Common Stock                     | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Short            | EC               | CORP              | US        |  -1676498 | NS      | $-15004657.10  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| SolarWinds Corporation                                   | Common Stock                     | CUSIP: 83417Q204<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -395164 | NS      | $-3698735.04   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co                                              | Common Stock                     | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Short            | EC               | CORP              | US        |   -472475 | NS      | $-33739439.75  | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc.                                              | Common Stock                     | CUSIP: 848637104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -397094 | NS      | $-34185822.46  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                                   | Common Stock                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Short            | EC               | CORP              | US        |  -1035481 | NS      | $-112929557.86 | -1.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                     | Common Stock                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Short            | EC               | CORP              | CN        |   -862600 | NS      | $-36913548.45  | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                                            | Common Stock                     | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Short            | EC               | CORP              | US        |   -340020 | NS      | $-11445073.20  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                              | Common Stock                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               | CORP              | US        |   -419164 | NS      | $-51632621.52  | -0.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                                    | Common Stock                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               | CORP              | US        |  -1254996 | NS      | $-207350439.12 | -3.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd                                       | Common Stock                     | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Short            | EC               | CORP              | JP        |   -142750 | NS      | $-42063890.26  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| The Trade Desk, Inc.                                     | Common Stock                     | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Short            | EC               | CORP              | US        |   -188268 | NS      | $-8440054.44   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| TripAdvisor Inc                                          | Common Stock                     | CUSIP: 896945201<br>LEI: 549300QB8O3XV4AYBY08 | Short            | EC               | CORP              | US        |   -231222 | NS      | $-4157371.56   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc.                                       | Common Stock                     | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Short            | EC               | CORP              | US        |   -177874 | NS      | $-28705306.12  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                                     | Common Stock                     | CUSIP: 92345Y106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -177432 | NS      | $-31302553.44  | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair, Inc.                                            | Common Stock                     | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Short            | EC               | CORP              | US        |   -704000 | NS      | $-23154560.00  | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                                | Common Stock                     | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Short            | EC               | CORP              | US        |  -1098430 | NS      | $-15125381.10  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corporation                                    | Common Stock                     | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Short            | EC               | CORP              | US        |   -130832 | NS      | $-18507494.72  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                              | Common Stock                     | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Short            | EC               | CORP              | IL        |    -84184 | NS      | $-6467856.72   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                                          | Common Stock                     | CUSIP: N/A<br>LEI: 549300JE8XHZZ7OHN517       | Short            | EC               | CORP              | HK        | -14142200 | NS      | $-19822762.23  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler, Inc.                                            | Common Stock                     | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Short            | EC               | CORP              | US        |   -175026 | NS      | $-19585409.40  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc, Class A                                    | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        | 132723801 | OU      | $121232408.40  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                              | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BR        |  89421887 | OU      | $-5283106.35   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Group Inc                                        | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        | 223030136 | OU      | $-33062238.69  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                                       | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |  42121056 | OU      | $4418567.35    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian plc                                             | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |  21485978 | OU      | $-5071010.24   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Glodon Co Ltd, Class A                                   | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        | 104996334 | OU      | $-21507289.02  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| LG Chem, Ltd.                                            | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        | 133010605 | OU      | $-12613732.10  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Magazine Luiza SA                                        | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BR        |  45969040 | OU      | $-27625420.41  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| AU Optronics Corporation                                 | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |  -5556563 | OU      | $-368333.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Queensland Ltd                                   | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        | -18867670 | OU      | $4372332.68    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Inc                                                | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        | -40768570 | OU      | $1201873.07    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sharp Corporation                                        | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        | -35590163 | OU      | $7946407.17    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc                              | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        | -11171988 | OU      | $986229.67     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cielo SA                                                 | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BR        |  -8836589 | OU      | $4702044.94    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Austarlia                           | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        | -27075961 | OU      | $-2639797.81   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                                   | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        | -21510068 | OU      | $966057.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United Microelectronics Corporation                      | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |  -4049604 | OU      | $709078.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Marks & Spencer Group PLC                                | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        | -12289487 | OU      | $7883120.18    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Nikon Corp                                               | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  -7921224 | OU      | $961445.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novatek Microelectronics Corp.                           | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |  -9100508 | OU      | $2671373.91    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                                             | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        | -32255482 | OU      | $2581295.77    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electric Power Co Holdings Inc                     | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  -6759286 | OU      | $252039.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                 | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        | -14424455 | OU      | $3594559.67    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust                          | Common Stock                     | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Short            | EC               | CORP              | US        |   -208088 | NS      | $-21025211.52  | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V.                               | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        | -24807919 | OU      | $-6400730.19   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Limited                                       | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        | -21237110 | OU      | $745704.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                                     | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        | -73870100 | OU      | $-158476.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                           | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        | -39255234 | OU      | $3676980.26    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Konica Minolta Inc                                       | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  -5089024 | OU      | $-283865.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                      | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  -8095838 | OU      | $4552219.02    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                                             | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  -3356722 | OU      | $793771.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| RINGCENTRAL, INC.                                        | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4940 | NC      | $4199000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinduoduo Inc.                                           | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |      9929 | NC      | $22886345.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                           | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     24842 | NC      | $9315750.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTERYX, INC.                                            | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     13473 | NC      | $16032870.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash, Inc.                                           | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     17266 | NC      | $13381150.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| The Walt Disney Company                                  | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      9907 | NC      | $6538620.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                     | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     19736 | NC      | $40261440.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                     | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     19858 | NC      | $72978150.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                             | Counterparty-issue swap on CORP  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        | -40648707 | OU      | $2549015.75    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                                           | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6218 | NC      | $20674850.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation PLC                                | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3653 | NC      | $7050290.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                              | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     11088 | NC      | $632016.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited       | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |     14440 | NC      | $21082400.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                                 | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12311 | NC      | $44504265.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc.                           | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     13681 | NC      | $35433790.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc.                              | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6148 | NC      | $20718760.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualcomm Incorporated                                    | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2458 | NC      | $4952870.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc.                                             | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |     19264 | NC      | $18975040.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1                               | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    146034 | NC      | $136103688.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co                                             | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7468 | NC      | $15010680.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                                   | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     36558 | NC      | $35132238.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                             | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      9858 | NC      | $12470370.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc.                                    | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1443 | NC      | $53015820.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com, Inc.                                             | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |      9856 | NC      | $13059200.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co                                             | OCC-issued option on CORP Call   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      9958 | NC      | $1672944.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3111 | NC      | $7901940.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                               | Common Stock                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Short            | EC               | CORP              | US        |   -491608 | NS      | $-22146940.40  | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications, Inc.                          | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     15698 | NC      | $18052700.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                                     | Common Stock                     | CUSIP: 758849103<br>LEI: 5493008PTR2GAOYBXW28 | Short            | EC               | CORP              | US        |   -438403 | NS      | $-27400187.50  | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| BILL.COM HOLDINGS, INC.                                  | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      9730 | NC      | $19168100.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation PLC                                | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3653 | NC      | $-3689530.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                      | Common Stock                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    418527 | NS      | $88669130.22   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                              | Common Stock                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |    161866 | NS      | $106027085.98  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc                                    | Common Stock                     | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Short            | EC               | CORP              | US        |   -333549 | NS      | $-22541241.42  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                                  | Common Stock                     | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Short            | EC               | CORP              | US        |   -551340 | NS      | $-3390741.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                       | Common Stock                     | CUSIP: 25960P109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -460415 | NS      | $-7219307.20   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage                                      | Common Stock                     | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Short            | EC               | CORP              | US        |   -122580 | NS      | $-18041324.40  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                            | Common Stock                     | CUSIP: 444097109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -458547 | NS      | $-4461662.31   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                                 | Common Stock                     | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Short            | EC               | CORP              | US        |   -938824 | NS      | $-19884292.32  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre                                                | Common Stock                     | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Short            | EC               | CORP              | FR        |   -398259 | NS      | $-9151152.48   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| ProLogis Inc.                                            | Common Stock                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Short            | EC               | CORP              | US        |   -379994 | NS      | $-42836723.62  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                           | Common Stock                     | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Short            | EC               | CORP              | US        |   -100688 | NS      | $-28211770.72  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| ALTERYX, INC.                                            | OCC-issued option on CORP Put    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -13473 | NC      | $-1414665.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                     | Common Stock                     | CUSIP: 929042109<br>LEI: 549300BMOJ05INE4YK86 | Short            | EC               | CORP              | US        |   -442356 | NS      | $-9205428.36   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** ACAP Strategic Fund

**Signature:** Jennifer Shufro

**Name of Signer:** Jennifer Shufro

**Title:** Chief Compliance Officer