# EDGAR Filing Document

**Accession Number:** 0001467631
**File Stem:** 0001206774-25-000753
**Filing Date:** 2025-12
**Character Count:** 245228
**Document Hash:** 4452832bb8fdff2ca99dc38fa6ec62be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000753.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001206774-25-000753

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACAP Strategic Fund
- **CENTRAL INDEX KEY:** 0001467631

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22312
- **FILM NUMBER:** 251539863

**BUSINESS ADDRESS:**
- **STREET 1:** 350 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-716-6591

**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

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-22312&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

---

| |
|:---|
| ACAP Strategic Fund |
| (Exact name of registrant as specified in charter) |
| 350 Madison Avenue, 20th Floor |
| New York, New York 10017 |
| (Address of principal executive offices) (Zip code) |
| SilverBay Capital Management LLC |
| 350 Madison Avenue, 20th Floor |
| New York, New York 10017 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>212-716-6840</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>September 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

[**Table of Contents**](#toc)

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

**ACAP STRATEGIC FUND**

**350 Madison Avenue, 20th Floor New York, New York 10017**

November 18, 2025

---

| | |
|:---|:---|
| **Re:&nbsp;&nbsp;&nbsp;&nbsp;** | **<u>ACAP Strategic Fund (the "Fund") — Annual Report to Shareholders</u>** |

---

Dear Investor:

Please find enclosed the Fund's Annual Report to Shareholders. We also enclose copies of the Privacy Policy for the Fund and its investment adviser.

Please note that a copy of the Fund's prospectus may be obtained by contacting your financial advisor.

We appreciate your continued investment and look forward to a long and mutually beneficial relationship.

Very truly yours,

#### ACAP STRATEGIC FUND
[**Table of Contents**](#toc)

**Annual Report of**

**ACAP Strategic Fund**

#### Financial Statements

#### with Report of Independent Registered Public Accounting Firm

#### For the Year Ended September 30, 2025
[**Table of Contents**](#toc)

**ACAP Strategic Fund**

**Financial Statements**

**For the Year Ended September 30, 2025**

#### Contents

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | [1](#a_001) |
| [Statement of Assets and Liabilities](#a_002) | [2](#a_002) |
| [Schedule of Investments](#a_003) | [3](#a_003) |
| [Schedule of Purchased Options](#a_004) | [9](#a_004) |
| [Schedule of Securities Sold, Not Yet Purchased](#a_005) | [12](#a_005) |
| [Schedule of Swap Contracts](#a_006) | [18](#a_006) |
| [Statement of Operations](#a_007) | [24](#a_007) |
| [Statement of Changes in Net Assets](#a_008) | [25](#a_008) |
| [Statement of Cash Flows](#a_009) | [26](#a_009) |
| [Notes to Financial Statements](#a_010) | [28](#a_010) |

---

[**Table of Contents**](#toc)

![](acap4551131-ncsr1x1x1.jpg)

---

| | |
|:---|:---|
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **Grant Thornton LLP**<br>757 Third Avenue, 9<sup>th</sup> Floor <br>New York, NY 10017<br> D +1 212 599 0100<br> F +1 212 370 4520 |

---

Board of Trustees and Shareholders

ACAP Strategic Fund

**Opinion on the financial statements**

We have audited the accompanying statement of assets and liabilities of ACAP Strategic Fund (a Delaware statutory trust) (the "Fund"), including the schedules of investments, purchased options, securities sold, not yet purchased, and swap contracts, as of September 30, 2025, the related statements of operations and cash flows for the year then ended and the statement of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations and its cash flows for the year then ended, and the changes in net assets for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](acap4551131-ncsr1x1x2.jpg)

We have served as the Fund's auditor since 2009.

New York, New York

November 18, 2025

Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
|  | **September 30,<br> 2025** |
| **Assets** |  |
| Investments in securities unaffiliated issuers, at fair value (cost $5,380,631,872) | $11508634907 |
| Deposits at brokers for securities sold, not yet purchased | 2298994416 |
| Purchased options, at fair value (cost $1,087,655,823) | 1095404444 |
| Cash collateral received for total return swap contracts | 946278063 |
| Net unrealized appreciation on total return swap contracts | 825526058 |
| Receivable for investment securities sold | 482340106 |
| Cash and cash equivalents (including restricted cash of $141,438) | 175924860 |
| Interest receivable | 11847944 |
| Dividends receivable | 5325261 |
| Due from brokers (including Japanese Yen of $105,924, with a cost of $105,924) | 105924 |
| Other assets | 136241 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 17350518224 |
| **Liabilities** |  |
| Securities sold, not yet purchased, at fair value (proceeds $4,820,476,713) | 4861209629 |
| Due to brokers (including Hong Kong Dollars of $56,082, with a cost of $56,082) | 825582312 |
| Accrued incentive fees | 518714845 |
| Payable for investment securities purchased | 203140203 |
| Payable for shares repurchased | 137262918 |
| Variation margin payable | 120752005 |
| Management fees payable | 13077876 |
| Stock loan fee payable | 7915121 |
| Distribution and shareholder servicing fees payable | 4908703 |
| Dividends payable on securities sold, not yet purchased | 4230733 |
| Administration fees payable | 1749945 |
| Professional fees payable | 187016 |
| Miscellaneous expenses payable | 1824253 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 6700555559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $10649962665 |
| **Net assets** |  |
| Represented by: |  |
| Shares of beneficial interest at $0.001 par value; unlimited shares authorized | $393350 |
| Additional paid-in-capital | 5018709699 |
| Total distributable earnings | 5630859616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $10649962665 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares issued and outstanding** | **Net Asset Value per share** | **Net Assets** |
| **Class A** | 273345671 | $29.22 | $7986627728 |
| **Class W** | 120003994 | $22.19 | $2663334937 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025 <br>Fair Value** |
|  | **Investments in Securities—108.06%** |  |
|  | **Common Stocks—108.05%** |  |
|  | **Canada—0.69%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Transport - Rail—0.69%** |  |
| 988460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City | $73630384 |
|  | **Total Canada (cost $76,093,927)** | $**73630384** |
|  | **China—2.52%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—0.72%** |  |
| 5394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Co Ltd, Class H | 76399517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**B2B / E - Commerce—0.85%** |  |
| 7000305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full Truck Alliance Co Ltd ADR | 90793956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**E - Commerce / Products—0.40%** |  |
| 1246873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Inc ADR (a) | 43615618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management / Services—0.19%** |  |
| 1059794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KE Holdings Inc ADR | 20136086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Schools—0.36%** |  |
| 714398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group Inc ADR | 37913101 |
|  | **Total China (cost $173,020,308)** | $**268858278** |
|  | **France—10.59%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / Defense - Equipment—10.59%** |  |
| 2449679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | 568190796 |
| 1588373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 560088116 |
|  | **Total France (cost $506,892,026)** | $**1128278912** |
|  | **Germany—6.98%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / Defense—1.21%** |  |
| 280096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 128650194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Athletic Footwear—0.62%** |  |
| 313729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adidas AG | 66132505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery - Electric Utilities—5.15%** |  |
| 4697637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG \* | 548770907 |
|  | **Total Germany (cost $254,117,964)** | $**743553606** |
|  | **Hong Kong—0.56%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Casino Hotels—0.42%** |  |
| 8136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd | 44839813 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**E - Commerce / Services—0.14%** |  |
| 1083300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B \* | 14550004 |
|  | **Total Hong Kong (cost $54,798,877)** | $**59389817** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025**<br> **Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **Japan—3.85%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Audio / Video Products—3.71%** |  |
| 13681500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp | $394552652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Life / Health Insurance—0.14%** |  |
| 13681500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Financial Group Inc | 15192917 |
|  | **Total Japan (cost $152,742,151)** | $**409745569** |
|  | **Netherlands—0.60%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Medical - Biomedical / Genetics—0.60%** |  |
| 86544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx SE ADR \* | 63831393 |
|  | **Total Netherlands (cost $47,151,146)** | $**63831393** |
|  | **Taiwan—6.41%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Components - Integrated Circuits—6.41%** |  |
| 2445695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd ADR (a) | 683058156 |
|  | **Total Taiwan (cost $232,909,700)** | $**683058156** |
|  | **United States—73.34%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / Defense—1.15%** |  |
| 92632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Inc (a) | 122090829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / Defense - Equipment—1.22%** |  |
| 343820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co (a) | 103427932 |
| 964750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standardaero Inc \* | 26328028 |
|  |  | 129755960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Applications Software—4.46%** |  |
| 916402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp (a) | 474650416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products - Air & Heating—0.32%** |  |
| 306614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 33712209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products - Cement / Aggregate—5.08%** |  |
| 834214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 100022259 |
| 356490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc (a) | 224688517 |
| 704353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co | 216673070 |
|  |  | 541383846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Coatings / Paint—0.49%** |  |
| 149809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co | 51872864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services—1.70%** |  |
| 119380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp | 24503939 |
| 883985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIQ Global Intelligence Plc \* | 13878565 |
| 343499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services Inc (a) | 142352856 |
|  |  | 180735360 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025<br> Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services - Finance—0.79%** |  |
| 425454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Inc \* (a) | $30747561 |
| 93994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Inc (a) | 45747820 |
| 197636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Inc \* | 7215690 |
|  |  | 83711071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Computer Aided Design—3.87%** |  |
| 744002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Inc \* (a) | 261338143 |
| 305348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Inc \* | 150655650 |
|  |  | 411993793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Computers—1.03%** |  |
| 773179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies Inc, Class C (a) | 109613587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**E - Commerce / Products—5.39%** |  |
| 2620552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc \* (a) | 575394603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**E - Commerce / Services—3.81%** |  |
| 1176877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group Inc | 251557459 |
| 1578468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies Inc \* | 154642510 |
|  |  | 406199969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric - Generation—1.59%** |  |
| 514872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp | 169428929 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric - Integrated—1.30%** |  |
| 1483433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp | 138241121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Components - Semiconductors—3.11%** |  |
| 1346630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices Inc (a) | 330866991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Connectors—2.30%** |  |
| 1981074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp (a) | 245157908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software / Services—3.57%** |  |
| 1076416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 302731236 |
| 870879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 77299220 |
|  |  | 380030456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Finance - Credit Card—4.25%** |  |
| 372670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Inc, Class A (a) | 211978423 |
| 704669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Inc, Class A (a) | 240559902 |
|  |  | 452538325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Finance - Other Services—1.36%** |  |
| 861654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc | 145171466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Gas - Distribution—0.62%** |  |
| 1533318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource Inc | 66392669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer—1.37%** |  |
| 744036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp | 145771533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Internet Content - Entertainment—5.79%** |  |
| 841178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc, Class A (a) | 617744300 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025<br> Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery - Electric Utilities—1.86%** |  |
| 780405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies Inc | $143883270 |
| 356672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co | 53807538 |
|  |  | 197690808 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Medical - Biomedical / Genetics—0.98%** |  |
| 884572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akero Therapeutics Inc \* | 41999479 |
| 2698091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc \* | 20478511 |
| 247238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed Inc \* | 35604744 |
| 419586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keros Therapeutics Inc \* | 6637851 |
|  |  | 104720585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Medical - Drugs—0.98%** |  |
| 59446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc \* | 27265502 |
| 2226067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals Inc \* | 26712804 |
| 502832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc \* (a) | 50781004 |
|  |  | 104759310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity—0.30%** |  |
| 505300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group Inc | 31682310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**REITS - Diversified—1.23%** |  |
| 209129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp | 40219689 |
| 115405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 90389812 |
|  |  | 130609501 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Retail - Apparel / Shoes—1.12%** |  |
| 259632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores Inc \* | 66076344 |
| 349230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores Inc (a) | 53219160 |
|  |  | 119295504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Retail - Building Products—0.75%** |  |
| 319752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc (a) | 80356875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Retail - Major Department Store—2.19%** |  |
| 1611317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies Inc (a) | 232899759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Retail - Restaurants—0.42%** |  |
| 246637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc \* (a) | 9665704 |
| 227694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands Inc (a) | 34609488 |
|  |  | 44275192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Equipment—8.94%** |  |
| 325541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp (a) | 351128523 |
| 3026028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp (a) | 405185149 |
| 1419617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne Inc | 195396084 |
|  |  | 951709756 |
|  | **Total United States (cost $3,789,110,436)** | $**7810457805** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025<br> Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **Uruguay—2.51%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**E - Commerce / Services—2.51%** |  |
| 114343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre Inc \* (a) | $267212729 |
|  | **Total Uruguay (cost $93,177,079)** | $**267212729** |
|  | **Total Common Stocks (cost $5,380,013,614)** | $**11508016649** |
|  | **Short-Term Securities—0.01%** |  |
|  | **United States—0.01%** |  |
| 618258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management, Institutional Shares, 4.07% (a) (b) | $618258 |
|  | **Total United States (cost $618,258)** | $**618258** |
|  | **Total Short-Term Securities (cost $618,258)** | $**618258** |
|  | **Total Investments in Securities (cost $5,380,631,872)—108.06%** | $**11508634907** |
|  | **Other Liabilities in Excess of Assets—(8.06%)** | **(858672242)** |
|  | **Net Assets—100.00%** | $**10649962665** |

---

---

| | |
|:---|:---|
| (a) | Partially or wholly held in a pledged account at the Custodian as collateral for securities sold, not yet purchased. At September 30, 2025, the total fair value of investments in securities held in pledged accounts at the Custodian for securities sold, not yet purchased was $4,902,868,062. |
| (b) | Money market fund; interest rate reflects seven-day effective yield on September 30, 2025. |
| \* | Non-income producing security. |
| ADR | American Depositary Receipt |
| REITS | Real Estate Investment Trusts |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF INVESTMENTS (concluded)**

---

| | |
|:---|:---|
| **Investments in Securities - By Industry** | **September 30, 2025 <br> Percentage of <br> Net Assets (%)** |
| Aerospace / Defense | 2.36 |
| Aerospace / Defense - Equipment | 11.81 |
| Applications Software | 4.46 |
| Athletic Footwear | 0.62 |
| Audio / Video Products | 3.71 |
| Auto - Cars / Light Trucks | 0.72 |
| B2B / E - Commerce | 0.85 |
| Building Products - Air & Heating | 0.32 |
| Building Products - Cement / Aggregate | 5.08 |
| Casino Hotels | 0.42 |
| Coatings / Paint | 0.49 |
| Commercial Services | 1.70 |
| Commercial Services - Finance | 0.79 |
| Computer Aided Design | 3.87 |
| Computers | 1.03 |
| E - Commerce / Products | 5.79 |
| E - Commerce / Services | 6.46 |
| Electric - Generation | 1.59 |
| Electric - Integrated | 1.30 |
| Electronic Components - Semiconductors | 3.11 |
| Electronic Connectors | 2.30 |
| Enterprise Software / Services | 3.57 |

---

---

| | |
|:---|:---|
| **Investments in Securities - By Industry** | **September 30, 2025<br> Percentage of <br> Net Assets (%)** |
| Finance - Credit Card | 4.25 |
| Finance - Other Services | 1.36 |
| Gas - Distribution | 0.62 |
| Independent Power Producer | 1.37 |
| Internet Content - Entertainment | 5.79 |
| Life / Health Insurance | 0.14 |
| Machinery - Electric Utilities | 7.01 |
| Medical - Biomedical / Genetics | 1.58 |
| Medical - Drugs | 0.98 |
| Private Equity | 0.30 |
| Real Estate Management / Services | 0.19 |
| REITS - Diversified | 1.23 |
| Retail - Apparel / Shoes | 1.12 |
| Retail - Building Products | 0.75 |
| Retail - Major Department Store | 2.19 |
| Retail - Restaurants | 0.42 |
| Schools | 0.36 |
| Semiconductor Components - Integrated Circuits | 6.41 |
| Semiconductor Equipment | 8.94 |
| Short-term Securities | 0.01 |
| Transport - Rail | 0.69 |
| **Total Investments in Securities** | **108.06%** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF PURCHASED OPTIONS**

---

| | | | |
|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Contracts** |  | **September 30, 2025<br> Fair Value** |
| | | **Purchased Options—10.29%** | |
|  |  | **Equity Options—10.28%** |  |
|  |  | **Equity Call Options—7.46%** |  |
|  |  | **Taiwan—1.17%** |  |
|  |  | &nbsp;&nbsp;&nbsp;**Semiconductor Components - Integrated Circuits—1.17%** |  |
| $678624000 | 28276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd ADR, 11/21/2025, $240.00 | $124555780 |
|  |  | **Total Taiwan (cost $94,244,571)** | $**124555780** |
|  |  | **United States—6.29%** |  |
|  |  | &nbsp;&nbsp;&nbsp;**Applications Software—0.59%** |  |
| 707566500 | 14589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp, 11/21/2025, $485.00 | 62586809 |
|  |  | &nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—0.88%** |  |
| 1127035000 | 24770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc, 11/21/2025, $455.00 | 93940225 |
|  |  | &nbsp;&nbsp;&nbsp;**Casino Hotels—0.58%** |  |
| 99882000 | 22196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp, 01/16/2026, $45.00 | 23361290 |
| 296736000 | 24728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd, 12/19/2025, $120.00 | 37895659 |
|  |  |  | 61256949 |
|  |  | &nbsp;&nbsp;&nbsp;**Computers—0.62%** |  |
| 392370000 | 17835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Inc, 11/21/2025, $220.00 | 66123263 |
|  |  | &nbsp;&nbsp;&nbsp;**Diversified Manufacturing Operations—0.20%** |  |
| 131328000 | 9728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M CO, 11/21/2025, $135.00 | 21498880 |
|  |  | &nbsp;&nbsp;&nbsp;**E - Commerce / Products—0.32%** |  |
| 410676000 | 19556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc, 11/21/2025, $210.00 | 34565230 |
|  |  | &nbsp;&nbsp;&nbsp;**E - Commerce / Services—1.27%** |  |
| 327420000 | 642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings Inc, 12/19/2025, $5,100.00 | 32799780 |
| 603888000 | 25162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doordash Inc, Class A, 11/21/2025, $240.00 | 102975485 |
|  |  |  | 135775265 |
|  |  | &nbsp;&nbsp;&nbsp;**Electronic Components - Semiconductors—0.70%** |  |
| 376002000 | 11394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc, 12/19/2025, $330.00 | 34267455 |
| 445824000 | 24768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp, 11/21/2025, $180.00 | 40309920 |
|  |  |  | 74577375 |
|  |  | &nbsp;&nbsp;&nbsp;**Enterprise Software / Services—0.04%** |  |
| 187218000 | 6934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc, 12/19/2025, $270.00 | 4541770 |
|  |  | &nbsp;&nbsp;&nbsp;**Hotels & Motels—0.44%** |  |
| 177624000 | 7401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc, 01/16/2026, $240.00 | 21647925 |
| 191160000 | 7965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International Inc, Class A, 01/16/2026, $240.00 | 24850800 |
|  |  |  | 46498725 |
|  |  | &nbsp;&nbsp;&nbsp;**Internet Content - Entertainment—0.13%** |  |
| 195984000 | 2722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc, 11/21/2025, $720.00 | 14025105 |
|  |  | &nbsp;&nbsp;&nbsp;**Web Portals / ISP—0.52%** |  |
| 188271000 | 9909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc, 11/21/2025, $190.00 | 54970178 |
|  |  | **Total United States (cost $665,291,288)** | $**670359774** |
|  |  | **Total Equity Call Options (cost $759,535,859)** | $**794915554** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF PURCHASED OPTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Contracts** | | | **September 30, 2025<br> Fair Value** |
|  |  | **Equity Put Options—2.82%** | **Equity Put Options—2.82%** |  |
|  |  | **United States—2.82%** | **United States—2.82%** |  |
|  |  | &nbsp;&nbsp;&nbsp;**Growth & Income - Large Cap—1.32%** | &nbsp;&nbsp;&nbsp;**Growth & Income - Large Cap—1.32%** |  |
| $3733871000 | 61211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust, 03/20/2026, $610.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust, 03/20/2026, $610.00 | $74401971 |
| 3156426000 | 51324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust, 03/20/2026, $615.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust, 03/20/2026, $615.00 | 66233622 |
|  |  |  |  | 140635593 |
|  |  | &nbsp;&nbsp;&nbsp;**Sector Fund - Technology—1.50%** | &nbsp;&nbsp;&nbsp;**Sector Fund - Technology—1.50%** |  |
| 2725218000 | 50004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1, 03/20/2026, $545.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1, 03/20/2026, $545.00 | 69430554 |
| 3141577500 | 56605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1, 03/20/2026, $555.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1, 03/20/2026, $555.00 | 89435900 |
|  |  |  |  | 158866454 |
|  |  | **Total United States (cost $314,427,559)** | **Total United States (cost $314,427,559)** | $**299502047** |
|  |  | **Total Equity Put Options (cost $314,427,559)** | **Total Equity Put Options (cost $314,427,559)** | $**299502047** |
|  |  | **Total Equity Options (cost $1,073,963,418)** | **Total Equity Options (cost $1,073,963,418)** | $**1094417601** |
|  |  | **Currency Call Options—0.01%** | **Currency Call Options—0.01%** |  |
|  |  | **United States—0.01%** | **United States—0.01%** |  |
|  |  | &nbsp;&nbsp;&nbsp;**Currency—0.01%** | &nbsp;&nbsp;&nbsp;**Currency—0.01%** |  |
|  |  |  | **Counterparty** |  |
| 299709997 | 299709997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD / BRL, 12/19/2025, $6.00 | Merrill Lynch Professional Clearing Corp | 974810 |
| 346723414 | 346723414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD / CNH, 12/19/2025, $7.55 | Merrill Lynch Professional Clearing Corp | 12033 |
|  |  | **Total United States (cost $13,692,405)** | **Total United States (cost $13,692,405)** | $**986843** |
|  |  | **Total Currency Call Options (cost $13,692,405)** | **Total Currency Call Options (cost $13,692,405)** | $**986843** |
|  |  | **Total Purchased Options (cost $1,087,655,823)** | **Total Purchased Options (cost $1,087,655,823)** | $**1095404444** |

---

---

| | |
|:---|:---|
| 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 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF PURCHASED OPTIONS (concluded)**

---

| | |
|:---|:---|
| **Purchased Options - By Industry** | **September 30, 2025<br> Percentage of<br> Net Assets (%)** |
| Applications Software | 0.59 |
| Auto - Cars / Light Trucks | 0.88 |
| Casino Hotels | 0.58 |
| Computers | 0.62 |
| Currency | 0.01 |
| Diversified Manufacturing Operations | 0.20 |
| E - Commerce / Products | 0.32 |
| E - Commerce / Services | 1.27 |

---

---

| | |
|:---|:---|
| **Purchased Options - By Industry** | **September 30, 2025<br> Percentage of<br> Net Assets (%)** |
| Electronic Components - Semiconductors | 0.70 |
| Enterprise Software / Services | 0.04 |
| Growth & Income - Large Cap | 1.32 |
| Hotels & Motels | 0.44 |
| Internet Content - Entertainment | 0.13 |
| Sector Fund - Technology | 1.50 |
| Semiconductor Components - Integrated Circuits | 1.17 |
| Web Portals / ISP | 0.52 |
| **Total Purchased Options** | **10.29%** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025**<br> **Fair Value** |
|  | **Securities Sold, Not Yet Purchased—45.65%** |  |
|  | **Common Stocks—45.65%** |  |
|  | **Belgium—0.17%** |  |
|  | &nbsp;&nbsp;&nbsp;**Brewery—0.17%** |  |
| 297226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV | $17717642 |
|  | **Total Belgium (proceeds $17,288,408)** | $**17717642** |
|  | **Canada—0.94%** |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Components - Miscellaneous—0.80%** |  |
| 346762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica Inc | 85435222 |
|  | &nbsp;&nbsp;&nbsp;**Enterprise Software / Services—0.14%** |  |
| 395386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp | 14779529 |
|  | &nbsp;&nbsp;&nbsp;**Medical - Drugs—0.00%** |  |
| 15956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canopy Growth Corp | 23296 |
|  | &nbsp;&nbsp;&nbsp;**Total Canada (proceeds $100,242,174)** | $**100238047** |
|  | **China—1.62%** |  |
|  | &nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—0.54%** |  |
| 2230812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIO Inc ADR | 16998787 |
| 1730669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPeng Inc ADR | 40532268 |
|  |  | 57531055 |
|  | &nbsp;&nbsp;&nbsp;**Internet Content - Information / Networks—0.83%** |  |
| 1435007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bilibili Inc-Sponsored ADR | 40309347 |
| 4465900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology | 48559861 |
|  |  | 88869208 |
|  | &nbsp;&nbsp;&nbsp;**Retail - Drug Store—0.06%** |  |
| 2367827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology Co Ltd | 5572324 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Equipment—0.19%** |  |
| 2967600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp, Class B | 20596679 |
|  | **Total China (proceeds $128,573,143)** | $**172569266** |
|  | **France—0.94%** |  |
|  | &nbsp;&nbsp;&nbsp;**Computer Services—0.44%** |  |
| 323790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capgemini SE | 47004999 |
|  | &nbsp;&nbsp;&nbsp;**Cosmetics & Toiletries—0.50%** |  |
| 123846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 53623770 |
|  | **Total France (proceeds $115,835,786)** | $**100628769** |
|  | **Germany—0.14%** |  |
|  | &nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—0.14%** |  |
| 148361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 14894258 |
|  | **Total Germany (proceeds $13,111,732)** | $**14894258** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025**<br> **Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **Hong Kong—0.11%** |  |
|  | &nbsp;&nbsp;&nbsp;**Electric - Integrated—0.11%** |  |
| 1839300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd | $11649877 |
|  | **Total Hong Kong (proceeds $12,364,223)** | $**11649877** |
|  | **India—0.15%** |  |
|  | &nbsp;&nbsp;&nbsp;**Computer Services—0.15%** |  |
| 990752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd ADR | 16119535 |
|  | **Total India (proceeds $17,248,461)** | $**16119535** |
|  | **Ireland—1.27%** |  |
|  | &nbsp;&nbsp;&nbsp;**Computer Services—0.74%** |  |
| 321490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 79279434 |
|  | &nbsp;&nbsp;&nbsp;**Power Conversion / Supply Equipment—0.53%** |  |
| 148615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp PLC | 55619164 |
|  | **Total Ireland (proceeds $147,597,388)** | $**134898598** |
|  | **Israel—1.09%** |  |
|  | &nbsp;&nbsp;&nbsp;**Applications Software—0.29%** |  |
| 161741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com Ltd | 31327614 |
|  | &nbsp;&nbsp;&nbsp;**Auto / Truck Parts & Equipment - Original—0.13%** |  |
| 947032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobileye Global Inc, Class A | 13372092 |
|  | &nbsp;&nbsp;&nbsp;**Computer Data Security—0.67%** |  |
| 346176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd | 71627276 |
|  | **Total Israel (proceeds $111,663,541)** | $**116326982** |
|  | **Netherlands—1.66%** |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductor Components - Integrated Circuits—0.42%** |  |
| 197814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 45048182 |
|  | &nbsp;&nbsp;&nbsp;**Semiconductor Equipment—1.24%** |  |
| 136466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 132111370 |
|  | **Total Netherlands (proceeds $149,800,222)** | $**177159552** |
|  | **Switzerland—0.66%** |  |
|  | &nbsp;&nbsp;&nbsp;**Medical - Drugs—0.66%** |  |
| 545137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG ADR | 69908369 |
|  | **Total Switzerland (proceeds $54,984,990)** | $**69908369** |
|  | **United Kingdom—1.05%** |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Components - Semiconductors—1.05%** |  |
| 791101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR | 111932879 |
|  | **Total United Kingdom (proceeds $112,754,373)** | $**111932879** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025**<br> **Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States—35.85%** |  |
|  | &nbsp;&nbsp;&nbsp;**Advertising Agencies—0.76%** |  |
| 989095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group Inc | $80640915 |
|  | &nbsp;&nbsp;&nbsp;**Advertising Services—0.53%** |  |
| 2029100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos Inc | 56632181 |
|  | &nbsp;&nbsp;&nbsp;**Apparel Manufacturers—0.08%** |  |
| 1331335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands Inc | 8773498 |
|  | &nbsp;&nbsp;&nbsp;**Appliances—0.36%** |  |
| 494536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corp | 38870530 |
|  | &nbsp;&nbsp;&nbsp;**Applications Software—0.10%** |  |
| 247269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gitlab Inc | 11146887 |
|  | &nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—6.74%** |  |
| 4846748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co | 57967106 |
| 1486129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc | 660911289 |
|  |  | 718878395 |
|  | &nbsp;&nbsp;&nbsp;**Beverages - Non-Alcoholic—0.72%** |  |
| 890632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp | 59948440 |
| 247688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Co | 16426668 |
|  |  | 76375108 |
|  | &nbsp;&nbsp;&nbsp;**Brewery—0.61%** |  |
| 346177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands Inc | 46619657 |
| 396300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co | 17932575 |
|  |  | 64552232 |
|  | &nbsp;&nbsp;&nbsp;**Cable / Satellite TV—0.90%** |  |
| 346824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Inc, Class A | 95413017 |
|  | &nbsp;&nbsp;&nbsp;**Cellular Telecommunications—1.36%** |  |
| 606238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Inc | 145121252 |
|  | &nbsp;&nbsp;&nbsp;**Commercial Banks - Southern US—0.44%** |  |
| 1780341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp | 46947592 |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services - Finance—1.83%** |  |
| 653728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments Inc | 54311722 |
| 1455877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block Inc | 73623700 |
| 990752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings Inc | 66439829 |
|  |  | 194375251 |
|  | &nbsp;&nbsp;&nbsp;**Computer Data Security—1.06%** |  |
| 668757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet Inc | 56229089 |
| 272139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys Inc | 36012154 |
| 300144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7 Inc | 5627700 |
| 498309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenable Holdings Inc | 14530690 |
|  |  | 112399633 |
|  | &nbsp;&nbsp;&nbsp;**Computer Services—1.17%** |  |
| 520199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp, Class A | 34889747 |
| 296541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner Inc | 77951733 |
| 271994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd | 11393829 |
|  |  | 124235309 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025**<br> **Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;**Computer Software—0.32%** |  |
| 939506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox Inc, Class A | $28382476 |
| 273220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradata Corp | 5876962 |
|  |  | 34259438 |
|  | &nbsp;&nbsp;&nbsp;**Corp/Pref - High Yield—0.76%** |  |
| 990752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx$ High Yield Corporate Bond ETF | 80439155 |
|  | &nbsp;&nbsp;&nbsp;**Data Processing / Management—1.38%** |  |
| 85779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp | 128370847 |
| 148611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex Inc | 18837930 |
|  |  | 147208777 |
|  | **E - Commerce / Products—0.25%** |  |
| 396302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy Inc | 26310490 |
|  | **Electric Products - Miscellaneous—0.37%** |  |
| 296725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co | 38924386 |
|  | **Electronic Components - Miscellaneous—0.84%** |  |
| 207720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell Inc | 89383993 |
|  | **Electronic Components - Semiconductors—2.44%** |  |
| 396300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 64117377 |
| 824895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES Inc | 29564237 |
| 941214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology Inc | 79127861 |
| 94208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc | 86731653 |
|  |  | 259541128 |
|  | &nbsp;&nbsp;&nbsp;**Enterprise Software / Services—1.99%** |  |
| 792601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc | 187846437 |
| 99374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday Inc | 23922303 |
|  |  | 211768740 |
|  | &nbsp;&nbsp;&nbsp;**Food - Miscellaneous / Diversified—1.48%** |  |
| 742937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands Inc | 13603176 |
| 988999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills Inc | 49865330 |
| 1970707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co | 51317210 |
| 1340137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Campbell's Company | 42321526 |
|  |  | 157107242 |
|  | &nbsp;&nbsp;&nbsp;**Hotels & Motels—0.70%** |  |
| 694532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International Inc | 74252416 |
|  | &nbsp;&nbsp;&nbsp;**Investment Management / Advisory Services—0.90%** |  |
| 1137440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources Inc | 26308987 |
| 681598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Group Inc | 69959219 |
|  |  | 96268206 |
|  | &nbsp;&nbsp;&nbsp;**Machinery - Electric Utilities—1.00%** |  |
| 173383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova Inc | 106613207 |
|  | &nbsp;&nbsp;&nbsp;**Medical - Biomedical / Genetics—0.52%** |  |
| 196830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen Inc | 55545426 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **September 30, 2025**<br> **Fair Value** |
|  | **Common Stocks (continued)** |  |
|  | **United States (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;**Medical - Drugs—0.61%** |  |
| 350490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | $64987856 |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management / Services—0.59%** |  |
| 487282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anywhere Real Estate Inc | 5160316 |
| 679637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group Inc | 57340974 |
|  |  | 62501290 |
|  | &nbsp;&nbsp;&nbsp;**REITS - Office Property—0.77%** |  |
| 413772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 1725429 |
| 1882663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Emmett Inc | 29313063 |
| 344134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties Inc | 949810 |
| 845732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp | 35732177 |
| 247267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corp | 14789039 |
|  |  | 82509518 |
|  | &nbsp;&nbsp;&nbsp;**REITS - Storage—0.54%** |  |
| 198364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 57297441 |
|  | &nbsp;&nbsp;&nbsp;**Retail - Miscellaneous / Diversified—0.12%** |  |
| 800932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc | 13039173 |
|  | &nbsp;&nbsp;&nbsp;**Retail - Regional Department Store—0.44%** |  |
| 1408686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corp | 21651504 |
| 1430680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Inc | 25652092 |
|  |  | 47303596 |
|  | &nbsp;&nbsp;&nbsp;**Sector Fund - Technology—1.18%** |  |
| 445800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund | 125653187 |
|  | &nbsp;&nbsp;&nbsp;**Semiconductor Equipment—1.45%** |  |
| 755450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc | 154670833 |
|  | &nbsp;&nbsp;&nbsp;**Telephone - Integrated—0.54%** |  |
| 1114595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Inc | 31476163 |
| 585720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Inc | 25742394 |
|  |  | 57218557 |
|  | **Total United States (proceeds $3,839,012,272)** | $**3817165855** |
|  | **Total Common Stocks (proceeds $4,820,476,713)** | $**4861209629** |
|  | **Total Securities Sold, Not Yet Purchased (proceeds $4,820,476,713)** | $**4861209629** |
| ADR | American Depositary Receipt |  |
| REITS | Real Estate Investment Trusts |  |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

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

---

| | |
|:---|:---|
| **Securities Sold, Not Yet Purchased - By Industry** | **September 30, <br> 2025<br> Percentage of <br> Net Assets (%)** |
| Advertising Agencies | 0.76 |
| Advertising Services | 0.53 |
| Apparel Manufacturers | 0.08 |
| Appliances | 0.36 |
| Applications Software | 0.39 |
| Auto - Cars / Light Trucks | 7.42 |
| Auto / Truck Parts & Equipment - Original | 0.13 |
| Beverages - Non-Alcoholic | 0.72 |
| Brewery | 0.78 |
| Cable / Satellite TV | 0.90 |
| Cellular Telecommunications | 1.36 |
| Commercial Banks - Southern US | 0.44 |
| Commercial Services - Finance | 1.83 |
| Computer Data Security | 1.73 |
| Computer Services | 2.50 |
| Computer Software | 0.32 |
| Corp/Pref - High Yield | 0.76 |
| Cosmetics & Toiletries | 0.50 |
| Data Processing / Management | 1.38 |
| E - Commerce / Products | 0.25 |
| Electric - Integrated | 0.11 |
| Electric Products - Miscellaneous | 0.37 |
| Electronic Components - Miscellaneous | 1.64 |
| Electronic Components - Semiconductors | 3.49 |

---

---

| | |
|:---|:---|
| **Securities Sold, Not Yet Purchased - By Industry** | **September 30, <br> 2025<br> Percentage of <br> Net Assets (%)** |
| Enterprise Software / Services | 2.13 |
| Food - Miscellaneous / Diversified | 1.48 |
| Hotels & Motels | 0.70 |
| Internet Content - Information / Networks | 0.83 |
| Investment Management / Advisory Services | 0.90 |
| Machinery - Electric Utilities | 1.00 |
| Medical - Biomedical / Genetics | 0.52 |
| Medical - Drugs | 1.27 |
| Power Conversion / Supply Equipment | 0.53 |
| Real Estate Management / Services | 0.59 |
| REITS - Office Property | 0.77 |
| REITS - Storage | 0.54 |
| Retail - Drug Store | 0.06 |
| Retail - Miscellaneous / Diversified | 0.12 |
| Retail - Regional Department Store | 0.44 |
| Sector Fund - Technology | 1.18 |
| Semiconductor Components - Integrated Circuits | 0.42 |
| Semiconductor Equipment | 2.69 |
| Telephone - Integrated | 0.54 |
| Wireless Equipment | 0.19 |
| **Total Securities Sold, Not Yet Purchased** | **45.65%** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SWAP CONTRACTS**

---

| | | | |
|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Maturity<br> Date\*** |  | **September 30, 2025<br> Unrealized<br> Appreciation /<br> Depreciation\*\*\*** |
|  | **Swap Contracts—7.75%** | **Swap Contracts—7.75%** |  |
|  | **Total Return Swap Contracts - Appreciation—8.27%** | **Total Return Swap Contracts - Appreciation—8.27%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Japan—0.24%** | &nbsp;&nbsp;&nbsp;&nbsp;**Japan—0.24%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Audio / Video Products—0.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Audio / Video Products—0.16%** |  |
| $(34392870) | 3/4/2026 | Sharp Corp | $17773281 |
|  |  | Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Sharp Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment—0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment—0.01%** |  |
| (25389458) | 3/4/2026 | Ricoh Company Ltd | 722907 |
|  |  | Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Ricoh Company Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Equipment—0.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Equipment—0.07%** |  |
| (198228783) | 3/4/2026 | Tokyo Electron Ltd | 6940047 |
|  |  | Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Tokyo Electron Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Japan** | $**25436235** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Spain—0.06%** | &nbsp;&nbsp;&nbsp;&nbsp;**Spain—0.06%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building - Heavy Construction—0.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building - Heavy Construction—0.06%** |  |
| 29369227 | 2/26/2027 | Cellnex Telecom SA | 6686573 |
|  |  | Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Cellnex Telecom SA in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.65%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Spain** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Spain** | $**6686573** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Sweden—0.03%** | &nbsp;&nbsp;&nbsp;&nbsp;**Sweden—0.03%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—0.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto - Cars / Light Trucks—0.03%** |  |
| (7998922) | 12/11/2026 | Volvo Car AB, Class B | 3473014 |
|  |  | 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 3.25%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Sweden** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Sweden** | $**3473014** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SWAP CONTRACTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Maturity<br> Date\*** |  | **September 30, 2025<br> Unrealized<br> Appreciation /<br> Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Appreciation (continued)** | **Total Return Swap Contracts - Appreciation (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Taiwan—0.61%** | &nbsp;&nbsp;&nbsp;&nbsp;**Taiwan—0.61%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Components - Miscellaneous—0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Components - Miscellaneous—0.01%** |  |
| $(6488194) | 3/4/2026 | AUO Corp | $981280 |
|  |  | 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 0.63%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Power Conversion / Supply Equipment—0.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Power Conversion / Supply Equipment—0.58%** |  |
| 40056189 | 3/4/2026 | Delta Electronics Inc | 61657185 |
|  |  | Agreement with Morgan Stanley, dated 03/01/2010 to receive the total return of the shares of Delta Electronics Inc in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.25%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Components - Integrated Circuits—0.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Components - Integrated Circuits—0.02%** |  |
| (52034058) | 3/4/2026 | United Microelectronics Corp | 2517173 |
|  |  | Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of United Microelectronics Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 3.63%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;&nbsp;**Total Taiwan** | $**65155638** |
|  | &nbsp;&nbsp;&nbsp;**United Kingdom—1.79%** | &nbsp;&nbsp;&nbsp;**United Kingdom—1.79%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / Defense—1.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / Defense—1.78%** |  |
| 144516781 | 12/11/2026 | Rolls-Royce Holdings PLC | 189699723 |
|  |  | Agreement with Morgan Stanley, dated 12/07/2012 to receive the total return of the shares of Rolls-Royce Holdings PLC in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.65%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food - Retail—0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food - Retail—0.01%** |  |
| (15192763) | 12/11/2026 | Marks & Spencer Group PLC | 720358 |
|  |  | 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%\*\*. |  |
|  | **Total United Kingdom** | **Total United Kingdom** | $**190420081** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SWAP CONTRACTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Maturity<br> Date\*** |  | **September 30, 2025<br> Unrealized<br> Appreciation /<br> Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Appreciation (continued)** | **Total Return Swap Contracts - Appreciation (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**United States—5.54%** | &nbsp;&nbsp;&nbsp;&nbsp;**United States—5.54%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity—0.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity—0.98%** |  |
| $49301209 | 3/4/2026 | Carlyle Group Inc | $104133776 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Web Portals / ISP—4.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Web Portals / ISP—4.56%** |  |
| 153780816 | 3/4/2026 | Alphabet Inc, Class A | 485665025 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** | $**589798801** |
|  | **Total Return Swap Contracts - Appreciation \*\*\*\*** | **Total Return Swap Contracts - Appreciation \*\*\*\*** | $**880970342** |
|  | **Total Return Swap Contracts - Depreciation—0.52%** | **Total Return Swap Contracts - Depreciation—0.52%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Australia—0.05%** | &nbsp;&nbsp;&nbsp;&nbsp;**Australia—0.05%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Banks Non-US—0.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Banks Non-US—0.05%** |  |
| (49974440) | 12/23/2026 | Commonwealth Bank of Australia | 4963921 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Australia** | $**4963921** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Brazil—0.03%** | &nbsp;&nbsp;&nbsp;&nbsp;**Brazil—0.03%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance - Other Services—0.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance - Other Services—0.03%** |  |
| 65511223 | 1/30/2026 | B3 SA - Brasil Bolsa Balcao | 3517032 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Brazil** | $**3517032** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SWAP CONTRACTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Maturity<br> Date\*** |  | **September 30, 2025<br> Unrealized<br> Appreciation /<br> Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Depreciation (continued)** | **Total Return Swap Contracts - Depreciation (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Japan—0.40%** | &nbsp;&nbsp;&nbsp;&nbsp;**Japan—0.40%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment—0.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment—0.07%** |  |
| $(88869047) | 3/4/2026 | Canon Inc | $7405757 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Photo Equipment & Supplies—0.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Photo Equipment & Supplies—0.02%** |  |
| (10574330) | 3/4/2026 | Nikon Corp | 1722681 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Equipment—0.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Equipment—0.31%** |  |
| (13600027) | 3/4/2026 | Advantest Corp | 23161626 |
|  |  | 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%\*\*. |  |
| (80852146) | 3/4/2026 | Lasertec Corp | 10824856 |
|  |  | Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Lasertec Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%\*\*. |  |
|  |  |  | 33986482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Japan** | $**43114920** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SWAP CONTRACTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Notional<br> Amount (USD)** | **Maturity<br> Date\*** |  | **September 30, 2025<br> Unrealized<br> Appreciation /<br> Depreciation\*\*\*** |
|  | **Total Return Swap Contracts - Depreciation (continued)** | **Total Return Swap Contracts - Depreciation (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**United Kingdom—0.04%** | &nbsp;&nbsp;&nbsp;&nbsp;**United Kingdom—0.04%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cosmetics & Toiletries—0.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cosmetics & Toiletries—0.04%** |  |
| $(46257026) | 2/26/2027 | Unilever PLC | $3848411 |
|  |  | 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%\*\*. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom** | $**3848411** |
|  | **Total Return Swap Contracts - Depreciation \*\*\*\*\*** | **Total Return Swap Contracts - Depreciation \*\*\*\*\*** | $**55444284** |
|  | **Total Swap Contracts, net** | **Total Swap Contracts, net** | $**825526058** |

---

\* 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 September 30, 2025.

\*\*\* 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 Net 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 Net unrealized appreciation on total return swap contracts in the Statement of Assets and Liabilities. |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**SCHEDULE OF SWAP CONTRACTS (concluded)**

---

| | |
|:---|:---|
| **Swap Contracts - By Industry** | **September 30, 2025 <br> Percentage of <br> Net Assets (%)** |
| Aerospace / Defense | 1.78 |
| Audio / Video Products | 0.16 |
| Auto - Cars / Light Trucks | 0.03 |
| Building - Heavy Construction | 0.06 |
| Commercial Banks Non-US | (0.05) |
| Cosmetics & Toiletries | (0.04) |
| Electronic Components - Miscellaneous | 0.01 |
| Finance - Other Services | (0.03) |

---

---

| | |
|:---|:---|
| **Swap Contracts - By Industry** | **September 30, 2025 <br> Percentage of <br> Net Assets (%)** |
| Food - Retail | 0.01 |
| Office Automation & Equipment | (0.06) |
| Photo Equipment & Supplies | (0.02) |
| Power Conversion / Supply Equipment | 0.58 |
| Private Equity | 0.98 |
| Semiconductor Components - Integrated Circuits | 0.02 |
| Semiconductor Equipment | (0.24) |
| Web Portals / ISP | 4.56 |
| **Total Swap Contracts** | **7.75%** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the <br> Year Ended<br> September 30, 2025** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $121818376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding tax of $5,049,458) | 93678264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 29506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 215526146 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 525269738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 139332244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock loan fees | 87748066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on securities sold, not yet purchased | 74390566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees - Class A Shares | 52257886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 4685829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 3904562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 1785940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1334397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 697513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 196384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 94019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expense | 3583270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 895415414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment loss** | (679889268) |
| **Net realized gain/(loss) and net change in unrealized appreciation/depreciation from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts** |  |
| **Net realized gain/(loss) from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities of unaffiliated issuers | 835149638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options | 546386249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold, not yet purchased | (775045875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swap contracts | (31483188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2980307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain/(loss) from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts** | 572026517 |
| **Net change in unrealized appreciation/depreciation from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities of unaffiliated issuers | 2043679237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options | (178280814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold, not yet purchased | 229860169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swap contracts | 510968221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation/depreciation from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts** | 2606225101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain/(loss) and net change in unrealized appreciation/depreciation from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts** | 3178251618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $2498362350 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended<br> September 30, 2025** | **For the <br> Year Ended<br> September 30, 2024** |
| **From operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(679889268) | $(135392965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts | 572026517 | 585027250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation from investment activities, foreign currency transactions, written options, purchased options and total return swap contracts | 2606225101 | 2132749495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase/(decrease) in net assets resulting from operations** | 2498362350 | 2582383780 |
| **From transactions in shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 245204933 | 164268815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 92248141 | 57127575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total proceeds from sale of shares | 337453074 | 221396390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for shares repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (565614617) | (767904151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | (212658272) | (236401165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total payment for shares repurchased | (778272889) | (1004305316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (14608811) | (588719344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 14608811 | 588719344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total exchange of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase/(decrease) in net assets from transactions in shares** | (440819815) | (782908926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase/(decrease) in net assets** | 2057542535 | 1799474854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets at beginning of period** | 8592420130 | 6792945276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets at end of period** | $10649962665 | $8592420130 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
|  | **For the <br> Year Ended<br> September 30, 2025** |
| **Cash Flows From Operating Activities:** |  |
| Net increase in net assets resulting from operations | $2498362350 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of long-term investment securities | 15210923003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of long-term investment securities | (14344336557) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term securities sold short, not yet purchased | 18671897154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cover of long-term securities sold short, not yet purchased | (18565254941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of short-term investment securities | 1040165729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investment securities | (902976510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of short-term purchased options | 7797259385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term purchased options | (7522178001) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from swap contracts | (31483188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss from investment activities, foreign currency transactions, written options, purchased options and total return swaps | (572026517) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation from investment activities, foreign currency transactions, written options, purchased options and total return swaps | (2606225101) |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in deposits at brokers for securities sold, not yet purchased | (875151446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash collateral received for total return swap contracts | (633210031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in receivable for investment securities sold | 492360084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in interest receivable | (3237616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends receivable | (1023699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in due from brokers | (105924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in variation margin receivable | 1489805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (1097) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in due to brokers | 511024475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued incentive fees payable | 518714845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for investment securities purchased | (330762675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in variation margin payable | 120752005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in management fees payable | 2766376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in stock loan fee payable | 763945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in distribution and shareholder servicing fees payable | 1033753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends payable on securities sold, not yet purchased | 795021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in administration fees payable | 819481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in professional fees payable | (65361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to custodian | (3156920) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in miscellaneous expenses payable | 653732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 478585559 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**STATEMENT OF CASH FLOWS (concluded)**

---

| | |
|:---|:---|
|  | **For the <br> Year Ended<br> September 30, 2025** |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from sale of shares | $337453074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for shares repurchased, including the change in payable for shares repurchased | (853482066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (516028992) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (2982019) |
| **Net change in cash and cash equivalents and restricted cash** | (40425452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and restricted cash at beginning of period | 216350312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and restricted cash at end of period | $175924860 |
| **Supplemental Disclosure of Cash Flow Information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $4161222 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—SEPTEMBER 30, 2025**

**1. Organization**

ACAP Strategic Fund (the "Fund") was organized as a Delaware statutory trust in June 2009. The Fund commenced operations on March 1, 2010. The Fund is registered under the Investment Company Act of 1940 (the "1940 Act") as a closed-end management investment company and operates as a diversified company. The Fund operates as an interval fund under Rule 23c-3 of the 1940 Act and, as such, offers to repurchase between 5% – 25% of its outstanding shares at their net asset value as of or prior to the end of each fiscal quarter. SilverBay Capital Management LLC serves as the investment adviser of the Fund (the "Adviser"). The Adviser is controlled by its sole member, Alkeon Capital Management, LLC ("Alkeon"). Each of the Adviser and Alkeon are registered with the SEC as an investment adviser. The Adviser also serves as the Fund's "valuation designee" pursuant to

Rule 2a-5 under the 1940 Act.

The Fund's investment objective is to achieve maximum capital appreciation. The Fund pursues this objective by investing its assets primarily in publicly-traded equity securities of U.S. and foreign companies that the Adviser believes are well positioned to benefit from demand for their products or services, including companies that can innovate or grow rapidly relative to their peers in their markets. The Fund also pursues its objective by effecting short sales of securities when the Adviser believes that the market price of a security is above its estimated intrinsic or fundamental value. The Fund may also borrow money for investment purposes (leverage). The use of short sales and leverage are speculative investment practices and involve a high degree of risk.

The Fund is authorized to issue an unlimited number of shares of beneficial interest ("Shares"), $0.001 par value. The minimum initial investment in the Fund by an investor is $50,000. Minimum subsequent investments must be at least $5,000 (including a sales load, if applicable). Investors may be charged a sales load up to a maximum of 3% on the amount they invest in Class A Shares. The specific amount of the sales load is not fixed and will be determined by the investor and its broker, dealer or other financial intermediary. Shares may only be purchased through, and with funds drawn on, an investor's brokerage account with brokers or dealers retained by Breakwater Group Distribution Services, LLC (the "Underwriter") to act as selling agents to assist in the distribution of Shares ("Selling Agents"). Class A Shares are subject to distribution and shareholder servicing fees and Selling Agents who do not charge a front end load may charge their clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower, in the aggregate, than a front end load). Unlike Class A Shares, Class W Shares are not subject to any sales load or distribution and shareholder servicing fees. Class W Shares may be purchased through, and with funds drawn on, an investor's "wrap-fee" account with a registered broker dealer or registered investment adviser retained by the Underwriter or the Adviser, as applicable, and whose financial advisor recommends their investment in the Fund. Shares of the Fund may be purchased only by investors who certify to the Fund or its agents that they have a net worth of more than $2,200,000 (excluding the value of the primary residence of such person and any debt secured by such property up to its current market value) or otherwise satisfy the definition of a "qualified client" under the Investment Advisers Act of 1940. Under certain circumstances (including where a Class A shareholder may be eligible to invest in Class W Shares), and only as authorized by the Underwriter or the Fund, Class A Shares may be exchanged for Class W Shares. Any such exchange would generally not be a taxable event for U.S. federal income tax purposes. If shares are exchanged, such transactions shall not be considered a repurchase from the Fund triggering a Fiscal Period (as defined below) end for purpose of calculation of the Incentive Fee (as defined below). As an interval fund, the Fund has adopted a fundamental policy to offer to repurchase at least 5% of its outstanding Shares at their net asset value at regular intervals. Currently, the Fund intends to offer to repurchase 25% of its outstanding Shares as of or prior to the end of each fiscal quarter. However, repurchase offers in excess of 5% of the Fund's outstanding Shares for any particular fiscal quarter are entirely within the discretion of the Board of Trustees of the Fund (the "Board") and, as a result, there can be no assurance that the Fund will make repurchase offers for amounts in excess of 5% of the outstanding Shares for any particular fiscal quarter.

Shares of the Fund are offered for purchase on a monthly basis in a continuous offering at their net asset value per share. Shares will be issued at the net asset value per share next computed after acceptance of an order to purchase shares. Purchase orders for shares sold in connection with a monthly offering must be received prior to the close of business on the day of the month specified by the Underwriter (typically the last business day of the month).

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**1. Organization (continued)**

Purchase orders received in proper form will be accepted by the Fund and deposited monies will be invested in the Fund (net of the sales load, if applicable) as of the first business day of the next month following submission of an investor's purchase order. The Fund reserves the right to suspend or terminate the offering of Shares at any time.

The Board has overall responsibility for the management and supervision of the operations of the Fund. The Board has delegated responsibility for management of the Fund's day-to-day operations to the Adviser. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company organized as a corporation. The persons comprising the Board (the "Trustees") are not required to invest in the Fund or to own Shares. A majority of the Trustees are persons who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees"). The Independent Trustees perform the same functions for the Fund as are customarily exercised by the non-interested directors of a registered investment company organized as a corporation.

**2. Significant Accounting Policies**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (hereafter referred to as "Authoritative Guidance") requires the Adviser to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Adviser believes that the estimates utilized in preparing the Fund's financial statements are reasonable and prudent; however, actual results could differ from these estimates.

Net increase in net assets resulting from operations, as presented in the Statement of Operations, with the exception of the distribution and shareholder servicing fee, is allocated pro rata between Class A and Class W Shares based on the net asset value of each share class as compared to the Fund's net asset value overall on a monthly basis. The distribution and shareholder servicing fee is allocated only to Class A Shares.

The Fund qualifies as an investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 *Financial Services—Investment Companies* and, therefore, is applying the specialized accounting and reporting guidance therein.

The following is a summary of the significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;*a. Revenue Recognition*

Securities transactions, including related revenue and expenses, are recorded on a trade date basis. The Fund employs the specific identification method of inventory accounting for realized gains and losses on investment transactions. Dividends are recorded on the ex-dividend date, net of foreign withholding tax, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income and expense are recorded on the accrual basis. Dividends on securities sold, not yet purchased are an expense to the Fund. Such amounts are recorded on the ex-dividend date as Dividends on securities sold, not yet purchased on the Statement of Operations. The Fund amortizes premium and accretes discount on bonds using the effective yield method.

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

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**2. Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*b. Portfolio Valuation (continued)*

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 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 mid 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. 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 year ended September 30, 2025, no portfolio securities or liabilities were subject to Fair Value Determination.

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

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**2. Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*b. Portfolio Valuation (continued)*

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

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

The following table summarizes the fair value of assets and liabilities by the ASC Topic 820 fair value hierarchy levels as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Balance <br> September 30, 2025** |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $11508016649 | $— | $— | $11508016649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Securities | 618258 |  |  | 618258 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 1094417601 | 986843 |  | 1095404444 |
| &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation on Total Return Swap Contracts |  | 825526058 |  | 825526058 |
| Total Assets | $12603052508 | $826512901 | $— | $13429565409 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Sold, Not Yet Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $4861209629 | $— | $— | $4861209629 |
| Total Liabilities | $4861209629 | $— | $— | $4861209629 |

---

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**2. Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*c. Cash and Cash Equivalents*

The Fund considers all financial instruments that mature within three months of the date of purchase as cash equivalents. At September 30, 2025 the Fund held $175,782,319 in cash equivalents in a BNY Mellon overnight interest-bearing account, $1,103 in U.S. Dollars and $141,438 in U.S. Dollars restricted cash. These amounts are presented in the Statement of Assets and Liabilities as cash and cash equivalents. Money market accounts are not subject to federally insured bank deposit limits.

The Fund maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.

As further discussed in Note 2.f., as of September 30, 2025 the Fund has additional cash and cash equivalents on deposit with brokers primarily to satisfy margin and short sale requirements.

&nbsp;&nbsp;&nbsp;&nbsp;*d. Dividends and Distributions*

Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with Authoritative Guidance. To the extent these differences are permanent, such amounts are reclassified within the capital account based on their federal tax basis treatment; temporary differences do not require such reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;*e. Income Taxes*

Each year the Fund intends to operate in a manner to qualify as, and has elected to be treated as, a regulated investment company under subchapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. Also, the Fund intends to distribute each year substantially all of its net investment company taxable income and net realized capital gains, if any, to shareholders and therefore not be required to pay federal income taxes. Accordingly, no provision for federal income or excise tax is required.

Foreign securities held by the Fund may be subject to foreign taxation on dividend income received.

&nbsp;&nbsp;&nbsp;&nbsp;*f. Due to/from Brokers and Custodian*

Due to/from brokers consists of U.S. dollar and foreign currency cash balances held at the Fund's prime brokers (Morgan Stanley & Co., Inc., Merrill Lynch Professional Clearing Corp. and Goldman Sachs & Co. LLC). The Fund is charged interest on cash it borrows at agreed upon rates with its prime brokers. The amount due from brokers primarily represents receivables for funds held by the broker which result from cash proceeds from the unwinding of swap positions and other trades. It is the Fund's policy to monitor the credit standing of the broker and other financial institutions with which it conducts business. Due to custodian consists of debit cash balances generated through trading activities held at the Fund's custodian, The Bank of New York Mellon (the "Custodian"). All amounts due to brokers and custodians will be paid within one year.

Due to brokers also includes the obligation to return cash collateral received from a counterparty due to the appreciation in the fair market value of the fund's swap instruments, as further discussed in Note 2.g.

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**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**2. Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*g. Cash Collateral Received for Total Return Swap Contracts and Variation Margin Receivable/Payable*

Cash is paid/received periodically (subject to certain thresholds) to/from the counterparty due to the appreciation or depreciation in the fair market values of the Fund's swap instruments. Settled payments are recorded as Cash Collateral Received for total return swap contracts in the Statement of Assets and Liabilities. Variation Margin Receivable/Payable represents the amount of such payments due from/to counterparty which have not been settled in the Statement of Assets and Liabilities. As of September 30, 2025, the amount of such cash collateral received was $946,278,063 and the amount of Variation Margin Payable was $120,752,005 as presented in the Statement of Assets and Liabilities. See also Note 12 below.

&nbsp;&nbsp;&nbsp;&nbsp;*h. Receivable for Investment Securities Sold and Payable for Investment Securities Purchased*

Receivable for investment securities sold and Payable for investment securities purchased represents trades that occurred prior to the end of the Fiscal Period but have not settled as of the end of the Fiscal Period (as defined below). These amounts are presented in the Statement of Assets and Liabilities.

It's the Fund's policy to monitor the credit risk of the brokers with which it conducts business.

**3. Management Fee**

In consideration of management services provided by the Adviser and for services provided by the Adviser or an affiliate for certain administrative services, the Fund pays the Adviser a monthly management fee computed at the annual rate of 1.50% of the Fund's average daily net assets (the "Management Fee"), which is due and payable in arrears within five business days after the end of each month. This fee is accrued daily as an expense to be paid out of the Fund's assets and has the effect of reducing the net asset value of the Fund. For the year ended September 30, 2025, Management Fees totaled $139,332,244, included in the Statement of Operations, of which $13,077,876 remained payable to the Adviser at the end of the reporting period and is included on the Statement of Assets and Liabilities.

**4. Incentive Fee**

Also in consideration for the management services provided by the Adviser, the Fund pays the Adviser a performance-based incentive fee (the "Incentive Fee"). The Incentive Fee is determined as of the end of the fiscal year in an amount equal to 20% of the amount by which the Fund's net profits for all Fiscal Periods (defined below) exceed the balance of the loss carryforward account (described below), without duplication for any Incentive Fees paid during such fiscal year. The Fund also pays the Adviser the Incentive Fee in the event a Fiscal Period is triggered in connection with a Share repurchase offer by the Fund.

For purposes of calculating the Incentive Fee, net profits means the amount by which: (a) the net assets of the Fund as of the end of a Fiscal Period, increased by the dollar amount of Shares repurchased during the Fiscal Period (excluding Shares to be repurchased as of the last day of the Fiscal Period after determination of the Incentive Fee) and by the amount of dividends and other distributions paid to shareholders during the Fiscal Period and not reinvested in additional Shares (excluding any dividends and other distributions to be paid as of the last day of the Fiscal Period), exceeds (b) the net assets of the Fund as of the beginning of the Fiscal Period, increased by the dollar amount of Shares issued during the Fiscal Period (excluding any Shares issued in connection with the reinvestment of dividends and other distributions paid by the Fund).

Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund, determined in accordance with the valuation and accounting policies and procedures of the Fund.

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**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**4. Incentive Fee (continued)**

"Fiscal Period" means each period ending on the Fund's fiscal year-end (or such other period ending on the Fund's fiscal year-end in the event the Fund's fiscal year is changed), provided that whenever the Fund conducts a Share repurchase offer, the period of time from the last Fiscal Period-end through the effective date of the repurchase offer also constitutes a Fiscal Period for purposes of calculating the Incentive Fee due (if any) on Shares being tendered for repurchase.

The Incentive Fee is payable for a Fiscal Period only if there is no positive balance in the Fund's loss carryforward account. The loss carryforward account is an account that is credited as of the end of each Fiscal Period with the amount of any net loss of the Fund for that Fiscal Period and will be debited (but not below zero) with the amount of any net profits of the Fund for that Fiscal Period. This is sometimes known as a "high water mark." The loss carryforward account is also reduced by: (i) the payment by the Fund of any dividend or other distribution to Shareholders (unless the full amount thereof is reinvested in Shares of the Fund); and (ii) any repurchase by the Fund of its Shares.

For the year ended September 30, 2025, Incentive Fees earned by the Adviser amounted to $525,269,738, which is presented in the Statement of Operations, of which $518,714,845 remained payable at the end of the reporting period as presented in the Statement of Assets and Liabilities.

**5. Distribution and Shareholder Servicing Fees**

The Board has approved, and the Fund has adopted, a distribution and service plan that allows the Fund to pay distribution and service fees for the sale and distribution of its shares, and the related servicing of shareholders. Under the plan, Class A Shares of the Fund are subject to ongoing distribution and shareholder servicing fees to compensate Selling Agents for selling Shares of the Fund, marketing the Fund and providing, or arranging for the provision of, ongoing investor services and account maintenance services to investors in the Fund. These fees are accrued daily and paid monthly in an amount not to exceed, in the aggregate, 0.75% (on an annualized basis) of the net asset value of the Class A Shares of the Fund (the "Distribution and Shareholder Servicing Fees"). Distribution and Shareholder Servicing Fees are accrued daily as an expense of the Fund. Class W Shares of the Fund are not subject to the Distribution and Shareholder Servicing Fees. In addition to Distribution and Shareholder Servicing Fees paid by the Fund, the Adviser (or its affiliates), in its discretion and from its own resources, generally pays Selling Agents additional compensation that, in general, does not exceed 0.25% (on an annual basis) of the aggregate value of shares of the Fund held by customers of such Selling Agents. In return for the additional compensation, the Fund may receive certain services and/or advantages such as access to a Selling Agent's financial advisors, placement on a list of investment options offered by a Selling Agent, or the ability to assist in training and educating the Selling Agent's financial advisors. The additional compensation and the services and/or advantages received (if any) may differ among Selling Agents in amount. The receipt of additional compensation by a Selling Agent may create potential conflicts of interest between an investor and its Selling Agent who is recommending the Fund over other potential investments.

For the year ended September 30, 2025, Distribution and Shareholder Servicing Fees amounted to $52,257,886 and is included in the Statement of Operations. At September 30, 2025, $4,908,703 remained payable as distribution and shareholder servicing fees as presented in the Statement of Assets and Liabilities.

**6. Administration Fee, Related Party Transactions and Other**

BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon") serves as the Fund's administrator and provides various administration, fund accounting, investor accounting and taxation services to the Fund. BNY Mellon also provides transfer agency services to the Fund and is paid a minimum of $20,000 per annum for such services. In consideration of the administration and accounting services, the Fund pays BNY Mellon a monthly asset-based fee that includes the regulatory administration fee, which is not anticipated to exceed .08% of the Fund's average net assets. The Fund also reimburses BNY Mellon for certain out-of-pocket expenses. For the year ended September 30, 2025, administration fees amounted to $3,904,562, as presented in the Statement of Operations. At September 30, 2025, $1,749,945 of administration fees remained payable, as presented in the Statement of Assets

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**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**6. Administration Fee, Related Party Transactions and Other (continued)**

and Liabilities, representing five months' worth of such fees. Morgan Stanley Fund Services USA LLC ("MSFS") also provides certain additional reporting (non-distribution) services to the Fund. In consideration for such services, the Fund pays MSFS an amount not anticipated to exceed .01% of the Fund's average net assets per year.

The Custodian serves as the primary custodian of the Fund's assets, and may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board in accordance with the requirements set forth in Section 17(f) of the 1940 Act and the rules adopted thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account of a custodian.

The Fund's distributor is Breakwater Group Distribution Services LLC ("Breakwater"). Alkeon, the sole member of the Adviser, is the non-managing member of Breakwater, a broker-dealer that employs certain of Alkeon's employees. Breakwater, an underwriter under the federal securities laws, serves as Underwriter of the Fund's Shares on a best efforts basis. Pursuant to the terms of the Underwriter's distribution agreement with the Fund, the Underwriter may retain Selling Agents to assist in the distribution of Shares. As described in Note 5 above and in the Fund's prospectus, Distribution and Shareholder Servicing Fees are used to compensate Selling Agents and are generally not retained by Breakwater.

Each Independent Trustee receives an annual retainer of $67,500 plus reimbursement of reasonable out of pocket expenses. Trustees who are "interested persons" do not receive any annual or other fee from the Fund. Trustees who are "interested persons" are reimbursed by the Fund for all reasonable out-of-pocket expenses incurred in performing their duties. The Officers of the Fund serve without compensation.

**7. Indemnifications and Financial Guarantees**

The Fund has entered into several contracts that contain routine indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund has had no claims or payments pursuant to these or prior agreements, and the Fund believes the likelihood of a claim being made is remote. Other than the foregoing, the Fund has no other commitments or contingencies.

**8. Securities Transactions**

Aggregate purchases and sales of investment securities, excluding short-term investment securities, for the year ended September 30, 2025 amounted to $14,344,336,557 and $15,210,923,003, respectively. Aggregate proceeds of sales and purchases for securities sold, not yet purchased for the year ended September 30, 2025 amounted to $18,671,897,154 and $18,565,254,941, respectively. For the year ended September 30, 2025, there were no transactions of government securities.

**9. Borrowings**

The Fund is authorized to borrow money for investment purposes, to meet repurchase requests and for liquidity purposes. Borrowings by the Fund (which do not include securities sold, not yet purchased and derivative transactions), subject to limitations of the 1940 Act, will not exceed 33⅓ percent of the Fund's total assets. Purchasing equity securities on margin involves an initial cash requirement representing at least 50% of the underlying security's value with respect to transactions in U.S. markets and varying (typically lower) percentages with respect to transactions in foreign markets. Borrowing for investment purposes (a practice known as "leverage") is a speculative investment practice and involves certain risks.

Although leverage can increase investment returns if the Fund earns a greater return on the investments purchased with borrowed funds than it pays for the use of those funds, the use of leverage will decrease investment returns if the Fund fails to earn as much on investments purchased with borrowed funds as it pays for the use of those funds.

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The use of leverage will therefore magnify the impact of changes in the value of investments held by the Fund on the Fund's net asset value and thus can increase the volatility of the Fund's net asset value per Share. The Fund's investment program makes frequent use of leverage.

For the year ended September 30, 2025, the average daily amount of such borrowings was $134,375,714 and the daily weighted average annualized interest rate was 2.06%. At September 30, 2025, the total amount of such borrowings was $56,254, presented as part of due to brokers in the Statement of Assets and Liabilities.

**10. Transactions in Shares**

Transactions in Shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025 Shares** | **For the Year Ended<br> September 30, 2025 Shares** | **For the Year Ended<br> September 30, 2024 Shares** | **For the Year Ended<br> September 30, 2024 Shares** |
|  | **Class A** | **Class W** | **Class A** | **Class W** |
| Shares at the beginning of the year | 286918171 | 125838180 | 342089425 | 102705668 |
| Shares sold | 9866643 | 4896011 | 8247110 | 3811052 |
| Shares reinvested |  |  |  |  |
| Shares repurchased | (22873811) | (11475926) | (37267231) | (15428090) |
| Shares exchanged\* | (565332) | 745729 | (26151133) | 34749550 |
| Net increase (decrease) | (13572500) | (5834186) | (55171254) | 23132512 |
| Shares at the end of the year | 273345671 | 120003994 | 286918171 | 125838180 |

---

\* For the year ended September 30, 2025 and year ended September 30, 2024, $14,608,811 and $588,719,344, respectively, represent the value of Class A and W Shares exchanged, in the aggregate. Different Share amounts are due to different net asset values between the Share classes.

As of September 30, 2025, the Adviser and its affiliates owned 12,487.735 Class A Shares of the Fund.

**11. Principal and Non-Principal Fund Investment Practices and Their Risks**

Although the Fund's principal investment strategy is to invest primarily in publicly traded equity securities of U.S. and foreign companies, the Fund may invest its assets in other types of securities and in other asset classes when, in the judgment of the Adviser (subject to any policies established by the Board), such investments present opportunities for the Fund to achieve maximum capital appreciation, taking into account the availability of equity investment opportunities, market conditions, the relative risk/reward analysis of other investments compared to equity securities, and such other considerations as the Adviser deems appropriate.

The Fund may effect short sales of securities when the Adviser believes that the market price of a security is above its estimated intrinsic or fundamental value. For example, the Fund may "short" a security of a company if the Adviser believes the security is over-valued in relation to the issuer's prospects for earnings growth. In addition, the Fund may attempt to limit exposure to a possible market decline in the value of its portfolio securities through short sales of securities that the Adviser believes possess volatility characteristics similar to those being hedged. At times, the Fund may be exposed significantly to short positions and, as a result, the dollar value of short positions in the portfolio could exceed the dollar value of long positions.

To effect a short sale, the Fund will borrow a security from a brokerage firm to make delivery to the buyer. The Fund is then obligated to replace the borrowed security by purchasing it at the market price at the time of replacement. Thus, short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Positions in stocks sold short are more risky than long positions (purchases) in stocks because the maximum loss on a stock purchased is limited to the amount paid for the stock plus the transaction costs, where in the case of a short sale, there is no limit on the loss that may be incurred. The Fund is required to

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**11. Principal and Non-Principal Fund Investment Practices and Their Risks (continued)**

pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as Dividends on securities sold, not yet purchased on the Statement of Operations. In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The fees are presented as Stock loan fees on the Statement of Operations. There is a risk that the borrowed securities would need to be returned to the brokerage firm on short notice. If a request for return of securities occurs at a time when other short sellers of the subject security are receiving similar requests, a "short squeeze" can occur, and the Fund might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short with purchases on the open market, possibly at prices significantly in excess of the price at which the securities were sold short. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. Short selling may exaggerate the volatility of the Fund's investment portfolio. Short selling may also produce higher than normal portfolio turnover and may result in increased transaction costs to the Fund. In addition, the Fund, as a result of certain short sale transactions, may recognize short term capital gain.

The Fund's short sales have the effect of leveraging the Fund's assets. The Fund may also generate leverage through engaging in securities lending. The Fund's use of total return swaps can also expose the Fund to leveraged investment exposure. During periods of volatility, regulators may impose certain restrictions or disclosure requirements on short sales. The levels of restriction and disclosure may vary across different jurisdictions. Such restrictions and disclosure requirements may make it difficult for the Adviser to express its negative views in relation to certain securities, companies or sectors, which may have an adverse effect on the Fund's ability to implement its investment strategy.

Authoritative guidance on disclosures about derivative instruments and hedging activities requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The realized gain/(loss) on swap contracts and foreign currency transactions is reflected on the Statement of Operations within these financial statements. The net change in unrealized appreciation/ depreciation on swap contracts is reflected on the Statement of Operations within these financial statements. The net change in unrealized appreciation/depreciation on foreign currency transactions is reflected on the Statement of Operations within these financial statements as a component of the net change in unrealized appreciation/ depreciation from investment activities and foreign currency transactions. Option contracts serve as components of the Fund's investment strategies and are utilized to structure investments to enhance the performance of the Fund.

Foreign (Non-U.S.) Risk – Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors, including as a result of wars such as in the Ukraine and the Middle East.

&nbsp;&nbsp;&nbsp;&nbsp;*a. Bonds and Other Fixed-Income Securities*

The Fund may invest without limit in high quality fixed-income securities for temporary defensive purposes and to maintain liquidity. For these purposes, "fixed-income securities" are bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities ("U.S. Government Securities") or by a foreign government; municipal securities; and mortgage-backed and asset-backed securities. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the credit worthiness of the issuer and general market liquidity (i.e., market risk). The Fund may also invest in both investment grade and non-investment grade debt securities. Investment grade debt securities are securities that have

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**11. Principal and Non-Principal Fund Investment Practices and Their Risks (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*a. Bonds and Other Fixed-Income Securities (continued)*

received a rating from at least one nationally recognized statistical rating organization ("NRSRO") in one of the four highest rating categories or, if not rated by any NRSRO, have been determined by the Adviser to be of comparable quality.

The Fund may also invest in convertible bonds.

Non-investment grade debt securities (typically called "junk bonds") are securities that have received a rating from an NRSRO of below investment grade or have been given no rating, and are considered by the NRSRO to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Non-investment grade debt securities in the lowest rating categories may involve a substantial risk of default or may be in default. Adverse changes in economic conditions or developments regarding the individual issuer are more likely to cause price volatility and weaken the capacity of the issuers of non-investment grade debt securities to make principal and interest payments than is the case for higher grade debt securities. An economic downturn affecting an issuer of non-investment grade debt securities may result in an increased incidence of default. In addition, the market for lower grade debt securities may be thinner and less active than for higher grade debt securities. The Fund does not expect to invest more than 15% of its net assets in non-convertible debt securities. The Fund's investments in non-investment grade debt securities, if any, are not expected to exceed 5% of its net assets.

At September 30, 2025, the Fund held no positions of the above-mentioned investments.

&nbsp;&nbsp;&nbsp;&nbsp;*b. Exchange Traded Funds and Other Similar Instruments*

The Fund may purchase retail shares of exchange-traded funds ("ETFs") that are registered under the 1940 Act and retail shares of similar investment vehicles that are not registered under the 1940 Act (together with the ETFs, "Traded Funds") and effect short sales of these shares. Transactions in Traded Funds may be used in seeking maximum capital appreciation or for hedging purposes. Typically, a Traded Fund holds a portfolio of common stocks designed to track the performance of a particular index or a "basket" of stocks of companies within a particular industry sector or group. Traded Funds sell and redeem their shares at net asset value in large blocks (typically 50,000 shares) called "creation units." Shares representing fractional interests in these creation units are listed for trading on national securities exchanges and can be purchased and sold in the secondary market in lots of any size at any time during the trading day (i.e., retail shares).

Investments in Traded Funds involve certain inherent risks generally associated with investments in a broadly-based portfolio of stocks including risks that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the Traded Funds. In addition, a Traded Fund may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the Traded Fund and the index with respect to the weighting of securities or number of stocks held.

Because Traded Funds bear various fees and expenses, the Fund's investment in these instruments will involve certain indirect costs, as well as transaction costs, such as brokerage commissions. The Adviser considers the expenses associated with an investment in determining whether to invest in a Traded Fund.

At September 30, 2025, the Fund held no positions of the above-mentioned investments.

&nbsp;&nbsp;&nbsp;&nbsp;*c. Temporary Investments; U.S. Government Securities Risk*

During periods of adverse market conditions in the equity securities markets, the Fund may deviate from its investment objective and invest all or a portion of its assets in high quality debt securities, money market instruments, or hold its assets in cash. Securities will be deemed to be of high quality if they are rated in the top four categories by an NRSRO or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high quality, short-term debt obligations (which generally have remaining

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**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**11. Principal and Non-Principal Fund Investment Practices and Their Risks (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*c. Temporary Investments; U.S. Government Securities Risk (continued)*

maturities of one year or less), and may include: U.S. Government Securities; commercial paper; certificates of deposit and banker's acceptances issued by domestic branches of United States banks that are members of the Federal Deposit Insurance Corporation ("FDIC"); and repurchase agreements for U.S. Government Securities. In lieu of purchasing money market instruments, the Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act.

The Fund may also invest in money market instruments or purchase shares of money market mutual funds pending investment of its assets in equity securities or non-money market debt securities, or to maintain such liquidity as may be necessary to effect repurchases of shares from shareholders or for other purposes.

It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it were not required to do so by law. If a U.S. Government agency or instrumentality in which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund's Share price or yield could fall. The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government Securities owned by the Fund does not imply that the Fund's Shares are guaranteed by the FDIC or any other government agency, or that the price of the Fund's Shares will not continue to fluctuate.

At September 30, 2025, the fair value of the above-mentioned investments was $618,258 and is presented as part of investments in securities on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;*d. 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.

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,

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**11. Principal and Non-Principal Fund Investment Practices and Their Risks (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*d. Total Return Swaps (continued)*

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 September 30, 2025, the net amount of the fair value of the above-mentioned investments was $825,526,058 and is presented as net unrealized appreciation on total return swap contracts on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;*e. 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 September 30, 2025, the fair value of the above-mentioned investments was $1,094,417,601 and is presented as part of purchased options on the Statement of Assets and Liabilities.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**11. Principal and Non-Principal Fund Investment Practices and Their Risks (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*f. 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 and 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. Such changes are included in the net change in unrealized appreciation/depreciation from investment activities and foreign currency transactions and in net realized gain/(loss) from investment activities on the Statement of Operations.

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 U.S. 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 September 30, 2025, 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 September 30, 2025, the fair value of the currency options was $986,843 and is presented as part of purchased options on the Statement of Assets and Liabilities.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**12. Balance Sheet Offsetting**

In the normal course of business, the Fund enters into derivative transactions subject to enforceable master netting agreements. International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions and related collateral entered into by the Fund and its counterparties. The Fund has entered into ISDA Master Agreements with all of its counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of termination or default.

Events of termination include conditions that may entitle the Fund/counterparty to elect to terminate an agreement early and cause the settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate a contract early could be material to the financial statements.

In an event of default (i.e. the Fund/counterparty (a) fails to post collateral, (b) fails to comply with any restrictions or provisions, or (c) fails to comply with or perform any agreement or obligation), the counterparty/Fund has the right to set-off any amounts payable by the Fund/counterparty with respect to any obligations against any posted collateral or the cash equivalent of any posted collateral. Further, the counterparty/Fund has the right to liquidate, sell, pledge, re-hypothecate, or dispose of such posted collateral to satisfy any outstanding obligations.

Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g. foreign exchange contracts, options, and certain swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund/counterparty. Generally, the amount of collateral due to/from a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from the counterparty's non-performance.

The Fund has elected to offset eligible financial instruments in the Statement of Assets and Liabilities pursuant to the ISDA Master Agreements.

The Fund's derivative agreements contain credit-risk related contingent features which include, but are not limited to, a percentage decline in the Fund's NAV over a specified time period. If an event occurred at September 30, 2025 that triggered a contingent feature, the counterparty to the agreement may require the Fund to post additional collateral or terminate the derivative positions and demand payment. Any collateral already posted with respect to the derivative positions would be used to offset or reduce the payment. The maximum exposure to derivative agreements with credit-risk related contingent features would be the total value of derivative instruments in a net liability position for the Fund as of September 30, 2025, as disclosed in the table below. At September 30, 2025, no cash or securities were posted as collateral. If the credit-risk-related contingent features were triggered at the end of the reporting period, no additional collateral would be required to be posted.

At September 30, 2025, no event occurred that triggered a credit-risk-related contingent feature.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**12. Balance Sheet Offsetting (continued)**

**Offsetting of Financial Assets and Derivative Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** | |
|  |<br>**Gross Amount of<br> Recognized Assets** | **Gross<br> Amounts Offset<br> in the**<br>**Statement of<br> Assets<br> and Liabilities** | **Net Amounts<br> of Assets<br> Presented in the**<br>**Statement of<br> Assets<br> and Liabilities** | **Financial<br> Instruments** | **Cash or Securities<br> Collateral\<br> Received (a)** |<br>**Net <br> Amount** |
| Total return swap contracts | $880970342 | $(55444284) | $825526058 | $— | $825526058 | $— |
| Purchased options | $1095404444 | $— | $1095404444 | $— | $— | $1095404444 |

---

**Offsetting of Financial Liabilities and Derivative Liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** | |
|  |<br>**Gross Amount of<br> Recognized Liabilities** | **Gross<br> Amounts Offset<br> in the**<br>**Statement of<br> Assets<br> and Liabilities** | **Net Amounts<br> of Liabilities<br> Presented in the**<br>**Statement of<br> Assets<br> and Liabilities** | **Financial<br> Instruments** | **Cash or Securities<br> Collateral<br> Pledged (a)** |<br>**Net<br> Amount** |
| Total return swap contracts | $55444284 | $(55444284) | $— | $— | $— | $— |

---

(a) As of September 30, 2025, the total amount of cash or securities collateral received/pledged is more than
the amount reported due to over-collateralization. As of September 30, 2025 the amount of cash or securities collateral received from
the counterparty is $946,278,063 and is included as part of cash collateral received for total return swap contracts in the Statement
of Assets and Liabilities.

The fair value of derivative instruments as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **Fair Value on the<br> Statement of Assets and Liabilities** | **Fair Value on the<br> Statement of Assets and Liabilities** |
| <br>**Asset derivatives not accounted for as hedging instruments** | **Equity Risk** | **Foreign<br> Exchange Risk** |
| Total return swap contracts (a) | $880970342 | $— |
| Purchased options (b) | 1094417601 | 986843 |
| Total | $1975387943 | $986843 |

---

---

| | | |
|:---|:---|:---|
| | **Fair Value on the<br> Statement of Assets and Liabilities** | **Fair Value on the<br> Statement of Assets and Liabilities** |
| <br>**Liability derivatives not accounted for as hedging instruments** | **Equity Risk** | **Foreign**<br> **Exchange Risk** |
| Total return swap contracts (a) | $55444284 | $— |
| Total | $55444284 | $— |

---

(a) Presented as part of net unrealized appreciation on total return swap contracts in the Statement of Assets
and Liabilities.

(b) Presented as part of purchased options, at fair value in the Statement of Assets and Liabilities.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**12. Balance Sheet Offsetting (continued)**

Effect of derivative instruments trading activities for the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Realized gain/(loss) recognized on<br> the Statement of Operations** | **Realized gain/(loss) recognized on<br> the Statement of Operations** |
| <br>**Derivatives not accounted for as hedging instruments** | **Equity Risk** | **Foreign<br> Exchange Risk** |
| Total return swap contracts (a) | $(31483188) | $— |
| Purchased options (b) | 540281397 | 6104852 |
| Total | 508798209 | 6104852 |

---

(a) Presented as part of net realized gain/(loss) from total return swap contracts in the Statement
 of Operations.

(b) Presented as part of net realized gain/(loss) from purchased options in the Statement of
 Operations.

---

| | | |
|:---|:---|:---|
| | **Net change in unrealized gain/(loss)<br> recognized on the<br> Statement of Operations** | **Net change in unrealized gain/(loss)<br> recognized on the<br> Statement of Operations** |
| <br>**Derivatives not accounted for as hedging instruments** | **Equity Risk** | **Foreign<br> Exchange Risk** |
| Total return swap contracts (a) | $510968221 | $— |
| Purchased options (b) | (164336648) | (13944166) |
| Total | 346631573 | (13944166) |

---

(a) Presented as part of net change in unrealized appreciation/depreciation
from total return swap contracts in the Statement of Operations.

(b) Presented as part of net change in unrealized appreciation/depreciation
from purchased options in the Statement of Operations.

The average volume of derivative activities for the year ended September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Derivative<br> Volume** |
| Total return swap contracts (a) | $(114409502) |
| Purchased options (b) | 858059135 |

---

(a) Average notional cost basis of the underlying securities within each total return swap contract at the
end of each month of the Fiscal Period.

(b) Average cost basis of the purchased options at the end of each month of the Fiscal Period.

**13. Federal Tax Information**

During the year ended September 30, 2025, 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, 2025, the Fund had $252,714,005 of capital loss carryovers available to offset possible future capital gains. Under federal tax law, capital loss realized after October 31, 2024

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**13. Federal Tax Information (continued)**

and certain ordinary losses realized after December 31, 2024 may be deferred and treated as having arisen on the first day of the following fiscal year. For the year ended September 30, 2025, the Fund incurred and elected to defer qualified late-year ordinary loss of $647,520,887.

As of September 30, 2025, 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: | (900234892) |
| Net unrealized appreciation/depreciation: | 6682659401 |
| Other temporary differences: | (30614594) |
| &nbsp;&nbsp;&nbsp;Total | $5751809915 |

---

As of September 30, 2025, 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 | $6148457217 |
| Excess of tax cost over value gross depreciation | (250580566) |
| Net unrealized appreciation | $5897876651 |
| Cost of total investments for income tax purposes | $6647614521 |

---

The authoritative guidance requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV. The permanent differences are primarily attributable to the write-off of net investment loss. For the year ended September 30, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital, undistributed net investment income (loss) and accumulated realized gain (loss) as follows:

---

| | | |
|:---|:---|:---|
| **Decrease<br> Paid-in-Capital** | **Increase<br> Undistributed<br> Net Investment<br> Income/(Loss)** | **Decrease<br> Accumulated<br> Realized<br> Gain/(Loss)** |
| $(120950299) | $126025269 | $(5074970) |

---

During the year ended September 30, 2025 and year ended September 30, 2024, the Fund did not pay any distributions.

ASC Topic 740 *Accounting for Uncertainty in Income Taxes* ("ASC Topic 740") provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the Fund's financial statements. ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management's determinations regarding ASC Topic 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. In accordance with authoritative guidance, management has analyzed the Fund's tax positions for the open tax years from 2021 through 2024, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the Fund did not record any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**13. Federal Tax Information (continued)**

The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date. At September 30, 2025, the Fund had no deferred tax liability.

**14. Financial Highlights**

The following table includes selected data for a share outstanding throughout the periods shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the <br> Year <br> Ended <br> September 30,<br> 2025** | **For the <br> Year <br> Ended<br> September 30,<br> 2024** | **For the<br> Year<br> Ended<br> September 30,<br> 2023** | **For the<br> Year<br> Ended<br> September 30,<br> 2022** | **For the<br> Year<br> Ended<br> September 30,<br> 2021** |
| Net asset value per Share, beginning of period | $22.51 | $16.21 | $14.22 | $24.72 | $25.49 |
| Income from investment operations (a): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (1.86) | (0.36) | (0.42) | (0.58) | (0.78) |
| &nbsp;&nbsp;&nbsp;Net realized and net change in unrealized gain/(loss) from investment activities, foreign currency transactions, forward contracts, purchased options and total return swaps | 8.57 | 6.66 | 2.41 | (9.52) | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 6 .71 | 6.30 | 1.99 | (10.10) | 0.29 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders |  |  |  | (0.40) | (1.06) |
| Net asset value per Share, end of period | $29.22 | $22.51 | $16.21 | $14.22 | $24.72 |
| Total return—gross (b) (c) | 36.12% | 38.86% | 13.99% | (41.51)% | 0.95% |
| Total return—net (b) (c) | 29.81% | 38.86% | 13.99% | (41.51)% | 0.92% |
| Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets (dollars in thousands), end of period | $7986628 | $6457218 | $5546690 | $5356661 | $9471744 |
| &nbsp;&nbsp;&nbsp;Average net assets (dollars in thousands), end of period | $6985419 | $6500598 | $5707615 | $7538699 | $9152450 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (c) | 9.82% | 4.40% | 4.49% | 4.08% | 3.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets (c) | (7.50)% | (1.81)% | (2.63)% | (3.06)% | (2.98)% |
| &nbsp;&nbsp;&nbsp;Ratio of incentive fee to average net assets (c) | 5.65% | —% | —% | —% | 0.04% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses without incentive fee to average net assets (c) | 4.17% | 4.40% | 4.49% | 4.08% | 3.44% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses without incentive fee, dividend & interest expense and security trading related expenses to average net assets (c) | 2.37% | 2.38% | 2.39% | 2.38% | 2.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) without incentive fee to average net assets (c) | (1.85)% | (1.81)% | (2.63)% | (3.06)% | (2.94)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover on investments in securities | 143% | 149% | 119% | 159% | 107% |
| Average debt ratio | 1.44% | 1.10% | 0.04% | 0.20% | 0.45% |
| Average commission rate paid | $0.08 | $0.06 | $0.04 | $0.05 | $0.05 |

---

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**14. Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
|  | **For the <br> Year <br> Ended <br> September 30,<br> 2025** | **For the <br> Year <br> Ended <br> September 30,<br> 2024** | **For the <br> Year<br> Ended<br> September 30,<br> 2023** | **For the<br> Year<br> Ended<br> September 30,<br> 2022** | **For the<br> Year<br> Ended<br> September 30,<br> 2021** |
| Net asset value per Share, beginning of period | $16.97 | $12.13 | $10.56 | $18.33 | $19.02 |
| Income from investment operations (a): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | (1.26) | (0.17) | (0.22) | (0.33) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and net change in unrealized gain/(loss) from investment activities, foreign currency transactions, forward contracts, purchased options and total return swaps | 6.48 | 5.01 | 1.79 | (7.04) | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 5.22 | 4.84 | 1.57 | (7.37) | 0.37 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders |  |  |  | (0.40) | (1.06) |
| Net asset value per Share, end of period | $22.19 | $16.97 | $12.13 | $10.56 | $18.33 |
| Total return—gross (b) (c) | 37.12% | 39.90% | 14.87% | (41.09)% | 1.65% |
| Total return—net (b) (c) | 30.76% | 39.90% | 14.87% | (41.09)% | 1.69% |
| Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets (dollars in thousands), end of period | $2663335 | $2135202 | $1246255 | $1467291 | $2745394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average net assets (dollars in thousands), end of period | $2308970 | $1613656 | $1442790 | $2170161 | $2603130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (c) | 9.07% | 3.65% | 3.74% | 3.32% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets (c) | (6.76)% | (1.10)% | (1.87)% | (2.31)% | (2.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of incentive fee to average net assets (c) | 5.66% | —% | —% | —% | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses without incentive fee to average net assets (c) | 3.42% | 3.65% | 3.74% | 3.32% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses without incentive fee, dividend & interest expense and security trading related expenses to average net assets (c) | 1.62% | 1.63% | 1.64% | 1.64% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) without incentive fee to average net assets (c) | (1.10)% | (1.10)% | (1.87)% | (2.31)% | (2.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover on investments in securities | 143% | 149% | 119% | 159% | 107% |
| Average debt ratio | 1.44% | 1.10% | 0.04% | 0.20% | 0.45% |
| Average commission rate paid | $0.08 | $0.06 | $0.04 | $0.05 | $0.05 |

---

(a) Per Share amounts presented are based on the average monthly Shares outstanding throughout the period
indicated.

(b) Total return gross/net of incentive fee is calculated assuming an investment on the first day of each
period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net
asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if
they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption
of Fund Shares.

(c) The computation of such ratios for an individual shareholder may vary from these ratios due to timing
of capital activity.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**NOTES TO FINANCIAL STATEMENTS—September 30, 2025 (continued)**

**15. Subsequent Events**

Subsequent to September 30, 2025, and through November 18, 2025, the Fund had proceeds from sales of shares of $72,687,736 and $25,212,924 in Class A shares and Class W shares, respectively.

[**Table of Contents**](#toc)

**ACAP STRATEGIC FUND**

**Supplemental Information (Unaudited)**

*Disclosure of Portfolio Holdings:* The Fund files a Form N-PORT with the Securities and Exchange Commission (the "SEC") no more than sixty days after the Fund's first and third fiscal quarters of each fiscal year. For the Fund, this would be for the fiscal quarters ending December 31 and June 30. Form N-PORT includes a complete schedule of the Fund's portfolio holdings as of the end of those fiscal quarters. The Fund's N-PORT filings can be found free of charge on the SEC's website at <u>http://www.sec.gov</u>, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (call 800-SEC-0330 for information on the operation of the Public Reference Room).

*Voting Proxies on Fund Portfolio Securities:* A description of the policies and procedures that the Adviser uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling your financial advisor, or calling collect (212) 716-6840, or on the SEC's website at <u>http://www.sec.gov</u>.

*Supplemental Tax Information:* If during the year you would like information on estimated capital gains, please contact the Fund at (212) 716-6840.

**Management's Discussion of Fund Performance**

The Fund's performance for the fiscal year ended September 30, 2025 was positive and outperformed the Fund's benchmarks (see table and chart on page 51). The Fund's positive performance and outperformance versus its benchmarks were driven by the portfolio's long positions. Short and hedge positions detracted from performance during the period.

2023 marked the end of the most aggressive global tightening cycle in decades, which particularly hurt high growth stocks over this period. This dynamic sharply changed in 2024 and 2025. Specifically, June 2024 was the first month since October 2020 in which no central bank globally raised rates. By September 2025, we reached 168 global central bank rate cuts over twelve months, the fastest pace of rate cuts since the COVID-19 crisis.

This favorable monetary backdrop helped equity markets in 2024 and 2025. Yet, despite positive returns in the last couple of years, the cumulative correction in high growth stocks over the last four years has been severe. As a result, this severe correction in high-growth stocks since their 2021 peak continues to present potential significant opportunities to buy high quality, classic growth compounders at attractive relative multiples, in our current view.

In this connection, we consider technology to be not only a growth investment but also a defensive one, in the long run. In our view, this is due, in general, to the sector's cost-cutting (high ROI) and productivity-enhancing proposition to the end customer, solid balance sheets, strong cash flow conversion, low labor cost to sales, ongoing industry consolidation, and, lastly, strong underlying secular innovation trends. To this last point, companies that innovate tend to be less correlated to the economic cycle. This is consistent with our own desire to identify secular growth stories with company-specific product cycles that are less dependent on the economic cycle.

Emphatically, we also believe these opportunities are select. To state it upfront, we are concerned about the level of valuations in the broad equity market, especially in the US, where the forward P/E ratio stands 43% above its historical median (as of October 2025). Yet, and in contrast to prior cycles of innovation, such as the internet wave in the late 1990's, valuations for a large portion of innovators remain reasonable, in our current view. And we expect this trend to continue, as technology, media and communications companies are among the biggest adopters of artificial intelligence ("AI"), which should lead to increased productivity efficiencies and therefore expanding margins.

Given high market valuations and the widening gap between winners and losers (due in part to the impact of AI), we believe stock picking and the ability to short stocks and to use market hedges to mitigate risk have become increasingly important in the current market environment, and our active efforts to short stocks and to hedge the portfolio have now, in our view, become imperative, given the increased potential for tail risk events and elevated macroeconomic and geopolitical uncertainty.

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**ACAP STRATEGIC FUND**

**Supplemental Information (Unaudited)**

Moreover, and in addition to what we currently see as high aggregate market valuations, particularly in the US, structurally the economy in the US remains especially vulnerable, as the three D's, Debt, Demographics and technological Disruption remain in full force and are highly disinflationary. Of particular concern, the spike in US government debt over the last two decades is increasing bearish risk scenarios for asset prices and systemic instability, such as default, currency debasement and inflation. In this connection, the picture for consumers has continued to deteriorate, with credit and auto loan delinquencies at or near the highest levels since the Global Financial Crisis while consumer confidence has dropped to close to the lowest level since the pandemic.

While the US faces structural economic challenges, there are a number of positive offsets which are worth highlighting. First is of course AI, and its potential effect on productivity, as increases in productivity have accounted for the majority of GDP growth in recent decades. Second, the recently passed budget bill, the One Big Beautiful Bill Act, is estimated to boost S&P 500 cash flow by 6.7% in 2025 and 9.5% in 2026. Third, the Fed is on a path to lower rates, which should be a positive tailwind for economic activity, stocks and growth stocks, in particular, as the latter have historically been among the biggest beneficiaries of lower rates. Fourth, the weakening U.S. dollar should help year-over-year earnings comparisons for exporters, including large technology companies. And fifth, and finally, there is the potential for a positive change in market narrative, as we currently expect that we will eventually pass the tariff cycle, and the market focus will shift to the pro-growth elements of the government's agenda.

As we continue to face macroeconomic uncertainty, significant geopolitical and social risks and an expensive equity market, one of our strategies for long investments is to seek to identify and overweight investments in businesses that have company-specific growth product cycles that can be somewhat decoupled from the economic cycle. This can help them reasonably withstand any prolonged economic weakness. We believe this combination of a broadly unattractive market and select areas of strong secular growth driven by innovation can create a dynamic that elevates the attractiveness and scarcity value of secular growth assets with product cycles that are largely independent of the economic cycle.

In this connection, and so far this year, we have seen AI adoption dramatically increase. For example, Google processed 480 trillion tokens (units of data processed by AI models) in May, up 50 times year-over-year and that number doubled again in July. ChatGPT grew users eight times in seventeen months, reaching 800 million average weekly users, and AI coding tool Cursor reached $500 million in revenues in twenty-four months. Overall, we currently believe there is a long runway of growth for AI as demand accelerates and levels of penetration increase reasonably.

In summary, even as the market remains expensive and vulnerable, we currently view a strong environment for fundamental stock picking for long-term investors, one that is attractive for both long and short investments. We emphasize the need to be selective –more so now than ever before in recent years–, particularly given the elevated social, geopolitical and macroeconomic risks, which we currently believe are high. As a result, we believe it is imperative to balance our high conviction long investments in quality secular growth companies with alpha-seeking short investments as well as structured use of market hedges, and also to stay globally diversified, seeking to reduce concentration or total dependency on any single country, currency or regional economy.

During the annual period, the Fund continued to utilize total return equity swaps to replicate exposures to an issuer or group of issuers. Overall, the use of the swaps performed as expected and in line with the performance of the long and short book sought to be replicated.

During the annual period, the Fund continued to utilize options, both on individual issuers as well as broader sector and market ETF options, to seek to generate alpha and hedge market risks. Overall, the use of options performed as expected.

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**ACAP STRATEGIC FUND**

**Supplemental Information**

**(Unaudited)**

**Performance Overview**

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| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) |  |  |  |
| (as of September 30, 2025) | 1 Year | 5 Year | 10 Year |
| ACAP Strategic Fund - Class A | 29.81% | 3.94% | 10.73% |
| MSCI World Index | 15.68% | 12.71% | 10.53% |
| MSCI ACWI | 15.61% | 11.75% | 9.94% |

---

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| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%)<br> (as of September 30, 2025) | 1 Year | 5 Year | 10 Year |
| ACAP Strategic Fund - Class W | 30.76% | 4.71% | 11.56% |
| MSCI World Index | 15.68% | 12.71% | 10.53% |
| MSCI ACWI | 15.61% | 11.75% | 9.94% |

---

**Performance of a Hypothetical $50,000 Investment (October 1, 2015—September 30, 2025)**

![](acap4551131-ncsr1x55x1.jpg)

The chart above shows the change in value of a hypothetical $50,000 investment in Class A shares of ACAP Strategic Fund (the Fund's oldest and largest share class) during the stated period and assumes the reinvestment of dividends and distributions, including, with respect to the indices' performance shown above, the reinvestment of dividends on securities in the indices. The above chart and table do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

**The performance data quoted represents past performance and past performance does not guarantee future results. Investment return and principal value will fluctuate, so that an investor's shares, when repurchased, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is subject to numerous risks set forth in the Fund's prospectus.**

The MSCI World Index captures large and mid cap representation across 23 developed markets countries. With 1,320 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

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**ACAP STRATEGIC FUND**

**Supplemental Information**

**(Unaudited)**

The MSCI ACWI captures large and mid cap representation across 23 developed markets and 24 emerging markets countries. With 2,509 constituents, the index covers approximately 85% of the global investable equity opportunity set.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

The views expressed above reflect the current views of the Fund's management team. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the contributing parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of the Fund.

**Risk Disclosures**

*The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. In particular, the Fund's use of leverage, active trading, short sales and derivative instruments can be considered speculative and, thus, could result in significant losses to investors who purchase shares. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the substantial risks involved, including the risk of loss of their entire investment. The Fund is not a mutual fund and is not subject to the same regulatory requirements as mutual funds. The Fund is subject to high fees, including management fees and expenses, all of which will reduce profits. Interests in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency.*

*The Fund primarily invests in "equity securities," which, for these purposes, means common and preferred stocks (including initial public offerings or "IPOs" and shares of exchange traded funds that are registered under the 1940 Act), convertible securities, stock options (call and put options), warrants and rights. Thus, the value of the Fund's portfolio will be affected by daily movements in the prices of equity securities. These price movements may result from factors affecting individual companies, industries or the securities markets as a whole. Individual companies may report poor results or be negatively affected by industry, regulatory and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, stock markets can be volatile at times, and stock prices can change drastically. This market risk will affect the Fund's share price, which will fluctuate as the values of the Fund's investment securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time.*

*The Fund may invest a significant portion of its assets in the securities of foreign issuers or U.S. issuers that derive a substantial portion of their revenue or profits from foreign businesses, investments or sales, or that have a substantial portion of their operations or assets abroad. Investments in foreign securities are affected by risk factors generally not thought to be present in the U.S., including, among other things, increased political, regulatory, contractual and economic risk and exposure to currency fluctuations. The Fund may also invest in companies located in, or doing business in, emerging or less developed countries. These investments are typically subject to the foregoing risks to a much greater degree than investments in developed countries and thus, investments in less developed countries could potentially increase volatility in the Fund's net asset value.*

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**ACAP STRATEGIC FUND**

**Supplemental Information**

**(Unaudited)**

**Consideration and Renewal of Investment Advisory Agreement**

At a meeting held on September 16, 2025 at the offices of Alkeon Capital Management LLC, located at 350 Madison Avenue, New York, NY 10017, the Board of Trustees of ACAP Strategic Fund (the "Board") approved renewing the investment advisory agreement between ACAP Strategic Fund, a Delaware statutory trust (the "Fund"), and SilverBay Capital Management, LLC, a Delaware limited liability company (the "Adviser") (the "Advisory Agreement"), for an additional one-year period. Also, by a unanimous vote, the members of the Board (the "Trustees") who are not "interested persons," as defined by the Investment Company Act of 1940 (the "1940 Act"), of the Fund (the "Independent Trustees") separately voted to renew the Advisory Agreement.

In considering whether to renew the Advisory Agreement, the Board reviewed various materials from the Adviser, which included: (i) information concerning the services rendered to the Fund by the Adviser over the past year; (ii) the investment performance of the Fund and of other accounts managed by the Adviser, including comparative performance information, (iii) the fees and expenses of the Fund, and comparative expense information, including fees charged by the Adviser to other accounts, (iv) information on the profitability of the Adviser and its affiliates, taking into account their cost of providing services, and (v) other benefits to the Adviser from its relationship with the Fund. The Independent Trustees were represented in their review by experienced counsel they reasonably believed satisfied the SEC's standards as "independent legal counsel." In particular, the Board considered the following:

*The Nature, Extent and Quality of Services Provided by the Adviser*

The Trustees had reviewed various presentations the Adviser had provided to the Board regarding its services to the Fund. In connection with the broad scope of investment advisory services provided to the Fund, the Board discussed, in detail, with representatives of the Adviser, the performance of the Fund's investments in relation to the Fund's stated investment objective and policies. In this regard, the Board also considered the experience of the individuals responsible for the day-to-day management and operation of the Fund's assets, including personnel of the Adviser and Alkeon Capital Management, LLC ("Alkeon"), the Adviser's managing member, in managing funds and accounts with the same strategy (and similar strategies) as that of the Fund. The Board noted that the Adviser, or Alkeon, provides, at its own expense, facilities necessary for the operation of the Fund, and it makes certain of its personnel available to serve as the senior officers of the Fund, including the Chief Compliance Officer, the Principal Executive Officer and the Principal Financial Officer. The Trustees considered the Adviser's performance of its obligations to provide oversight of third-party service providers and to monitor compliance with applicable Fund policies and procedures and adherence to its investment restrictions. The Board also considered the Adviser's representations regarding the adequacy of its financial condition and its financial wherewithal to provide quality services to the Fund, and the representations, in this regard, by Alkeon, in its capacity as sole member of the Adviser, including its commitment to providing or making available to the Adviser, on an ongoing basis, adequate resources (including capital and personnel) so as to provide meaningful and appropriate support for the operations of the Adviser, including enabling it to perform its obligations, and provide quality services, to the Fund. The Board found it was reasonable to expect that the Fund would continue to receive the services required from the Adviser under the Advisory Agreement and expressed satisfaction with the nature, extent and quality of services theretofore provided.

*Investment Performance of the Fund and the Adviser*

In connection with the evaluation of the services provided by the Adviser, the Trustees reviewed the historical investment performance generated by the Adviser for those investment vehicles, such as the Fund, managed by Mr. Sparaggis, the principal portfolio manager of the Fund and the lead member of the Adviser's investment team. With respect to the Fund, the Trustees observed that the Fund's investment performance overall has met expectations.

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**ACAP STRATEGIC FUND**

**Supplemental Information**

**(Unaudited)**

*Cost of the Services Provided and Profits Realized by the Adviser from its Relationship with the Fund.*

The Trustees reviewed the cost of services provided by the Adviser and the fees paid under the Advisory Agreement. The Board noted that under the Advisory Agreement the Fund pays the Adviser a fixed management fee of 1.50% and a performance-based incentive fee in an amount equal to 20% of the amount by which the Fund's net profits exceed the balance of a loss carry-forward account. The Board reviewed the mechanics of the incentive fee, noting the amount of incentive fees accrued to date for the fiscal year. The Trustees also considered information showing a comparison of the advisory fees and expense ratio of the Fund compared with other funds and accounts advised or sub-advised by Alkeon. The Board noted that the Fund's current fee structure was within the range of fees charged to other similar funds, including other funds and accounts managed by Alkeon. The Board also noted that a 1.75%/20% or 2%/20% management fee/incentive fee combination was a fee structure commonly charged by alternative fund managers, noting the lower 1.50% management fee charged by the Adviser to the Fund. Based on its review, the Board concluded that the proposed level of the management fee and the incentive fee were fair and reasonable in light of the extent and quality of services that the Fund receives.

The Trustees then considered the expenses incurred and profits realized by the Adviser and its affiliates from the relationship with the Fund. Based on the data provided, the Trustees concluded that the Adviser's profitability level was not excessive.

*The Extent to Which Economies of Scale Would be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.*

The Trustees noted that economies of scale may be realized when a fund's assets increase significantly. The Trustees noted that Fund assets continue to remain within the range of asset levels achieved in prior years. The Trustees determined that they would revisit economies of scale as appropriate.

*Other Benefits.*

The Trustees then considered the potential direct and indirect benefits to the Adviser and its affiliates from its relationship with the Fund.

*Conclusion.*

Based on all of the foregoing, and such other matters as were deemed relevant, the Board found the fee structure under the Advisory Agreement to be fair and reasonable in light of the services provided by the Adviser. No one single factor was dispositive to the decision of the Board. Based on this determination, all of the Trustees, including all of the Independent Trustees, approved renewal of the Advisory Agreement for an additional one-year period.

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**ACAP STRATEGIC FUND**

**Supplemental Information**

**(Unaudited)**

**Trustees and Officers**

The identity of the Trustees, and brief biographical information regarding each Trustee, is set forth below. For more information on the Fund's Trustees and Officers, please see the Statement of Additional Information (SAI), which is available without charge, upon request, by calling collect (212) 716-6840.

**Independent Trustees**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)<br> with the<br> Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal<br> Occupation(s)<br> During Past<br> 5 Years** | **Number of<br> Portfolios<br> in Fund<br> Complex\*<br> Overseen by<br> Trustee** | **Other<br> Trusteeships/<br> Directorships<br> Held by<br> Trustee** |
| William F. Murphy, 67 | Trustee | Indefinite/Since Inception | Previously, Mr. Murphy was a senior executive in the derivatives trading group of an international investment bank. | One |  |
| Jorge Orvananos, 56 | Trustee | Indefinite/Since Inception | President, GFR Signals, LLC (financial advisory firm, 2011 to Present). Previously, Mr. Orvananos was an investment analyst at a financial advisory firm. | One |  |

---

The address of each independent Trustee is 350 Madison Avenue, 20th Floor, New York, New York 10017.

\* "Fund Complex" means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, or that have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies.

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**ACAP STRATEGIC FUND**

**Fund Management (Unaudited)**

**Interested Trustees\***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)<br> with the<br> Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal<br> Occupation(s)<br> During Past<br> 5 Years** | **Number of<br> Portfolios<br> in Fund<br> Complex\*\*<br> Overseen by<br> Trustee** | **Other<br> Trusteeships/<br> Directorships<br> Held by<br> Trustee** |
| Gregory D. Jakubowsky, 53 | Trustee, President and Principal Executive Officer | Indefinite/Since Inception | Chief Operating Officer, Alkeon Capital Management, LLC (investment management firm, 2002 to Present); Chief Executive Officer, Breakwater Group Distribution Services, LLC (broker-dealer, 2015 to Present). | One |  |

---

\* "Interested person" of the Fund or the Adviser, as defined by the 1940 Act. Mr. Jakubowsky is an interested person of the Fund due to, among other things, his position as an officer of the Fund.

\*\* "Fund Complex" means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, or that have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies.

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**ACAP STRATEGIC FUND**

**Fund Management (Unaudited)**

In accordance with the Fund's agreement and declaration of trust (the "Declaration of Trust"), the Board has selected the following persons to serve as officers of the Fund:

**Officers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)<br> with the<br> Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal<br> Occupation(s)<br> During Past<br> 5 Years** | **Number of<br> Portfolios<br> in Fund<br> Complex<br> Overseen** |
| Gregory D. Jakubowsky, 53 | Trustee, President and<br> Principal Executive Officer | Indefinite/Since Inception | Chief Operating Officer, Alkeon Capital Management, LLC (investment management firm, 2002 to Present); Chief Executive Officer, Breakwater Group Distribution Services, LLC (broker-dealer, 2015 to Present). | One |
| George Mykoniatis, 55 | Treasurer and Principal<br> Financial Officer | Indefinite/Since Inception | Chief Financial Officer, Alkeon Capital Management, LLC (investment management firm, 2002 to Present); Principal, Breakwater Group Distribution Services, LLC (broker-dealer, 2015 to Present). | One |
| Jennifer Shufro, 50 | Chief Compliance Officer, Chief Legal Officer, Vice President and Secretary | Indefinite/Since March 2015 | Managing Director, Alkeon Capital Management, LLC (investment management firm, 2012 to Present); Chief Compliance Officer, SilverBay Capital Management LLC (investment management firm, 2015 to Present). | One |

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The address of each Officer is 350 Madison Avenue, 20th Floor, New York, New York 10017.

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**ACAP STRATEGIC FUND**

**PRIVACY NOTICE**

An important part of our commitment to you is our respect to your right to privacy. Protecting all of the information we are either required to gather or which accumulates in the course of doing business with you is a cornerstone of our relationship with you. This Privacy Notice sets forth the policies of ACAP Strategic Fund (the "Fund") with respect to the collection, sharing and protection of non-public personal information of the Fund's investors, prospective investors and former investors. These policies may be changed at any time, provided that a notice of such change is given to you. Please read this Privacy Notice carefully to understand what we do.

We collect personal information about you (such as your name, address, social security or tax identification number, assets and income) in the course of doing business with you or from documents that you may deliver to us or to an agent of the Fund. We may use this information to effectively administer our customer relationship with you. It also permits us to provide efficient, accurate and responsive service, to help protect you from unauthorized use of your information and to comply with regulatory and other legal requirements. These include those related to institutional risk control and the resolution of disputes or inquiries.

We do not disclose any nonpublic, personal information about the Fund's investors, prospective investors or former investors to third parties, except as permitted or required by law. We maintain physical, electronic and procedural safeguards to protect such information, and limit access to such information to those employees who require it in order to provide services to you.

To service your account and effect transactions, we may provide your personal information to our affiliates and to non-affiliate firms (i.e., companies not related by common ownership or control) that assist us in servicing your account and have a need for such information, such as a broker or administrator. We may also disclose such information to service providers and financial institutions with whom we have marketing arrangements. We require third party service providers and financial institutions with which we have marketing arrangements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. We do not otherwise provide information about you to outside firms, organizations or individuals except to our attorneys, accountants and auditors and as permitted by law.

It may be necessary, under anti-money laundering or other laws, to disclose information about you in order to accept your purchase order. Information about you may also be released if you so direct, or if we, or an affiliate, are compelled to do so by law, or in connection with any government or self-regulatory organization request or investigation.

We are committed to upholding these privacy policies. We will notify you on an annual basis of our policies and practices in this regard and at any time that there is a material change thereto.

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**SILVERBAY CAPITAL MANAGEMENT LLC**

**("SilverBay")**

**PRIVACY NOTICE**

SilverBay, the investment adviser to ACAP Strategic Fund, does not disclose nonpublic personal information about its clients, former clients, prospective clients, clients' investors, prospective clients' investors or former clients' investors to third parties other than as described below. This Privacy Policy sets forth the policies of SilverBay with respect to the collection, sharing and protection of non-public personal information of SilverBay's clients, former clients, client's investors, prospective clients' investors and former clients' investors. These policies may be changed at any time, provided that a notice of such change is given to you. Please read this Privacy Policy carefully to understand what SilverBay does.

SilverBay collects personal information about its clients (such as names, addresses, social security or tax identification numbers, assets and income) in the course of doing business with its clients, from documents that its clients may deliver to it or its agent. SilverBay may use this information to provide advisory services to its clients, to open an account for its clients, to process a transaction for a clients' account or otherwise in furtherance of its business. To service its clients' accounts and effect transactions, SilverBay may provide its clients' personal information to its affiliates and to non-affiliate firms (i.e., companies not related by common ownership or control) that assist it in servicing its clients' accounts and have a need for such information, such as a broker or fund administrator. SilverBay may also disclose such information to service providers and financial institutions with which it has marketing arrangements.

SilverBay requires third party service providers and financial institutions with which it has marketing arrangements to protect the confidentiality of its clients' information and to use the information only for the purposes for which SilverBay discloses the information to them. SilverBay does not otherwise provide information about its clients to outside firms, organizations or individuals except to its attorneys, accountants and auditors and as permitted by law.

SilverBay does not disclose any nonpublic, personal information about its clients, former clients, prospective clients, clients' investors, prospective clients' investors or former clients' investors to third parties, except as permitted or required by law. SilverBay maintains physical, electronic and procedural safeguards to protect such information, and limits access to such information to those employees who require it in order to provide products or services to its clients.

If you have any questions regarding SilverBay's privacy policy, please contact Jennifer Shufro at (212) 716-6575.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of
ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and
that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code
of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that
relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees (the "Board") has determined that Jorge Orvananos is qualified to serve as an audit committee financial expert serving on the Audit Committee of the Board (the "Audit Committee") and that he is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the Registrant's annual financial statements or services

that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $212,795 for 2025 and $194,245 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not
reported under paragraph (a) of this Item are $27,030 for 2025 and $24,910 for 2024. These services related to the review of the Registrant's
semi-annual, unaudited financial statements and registration statement.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $13,992 for 2025 and $12,720 for 2024. This represents tax work
related to annual audited financial statements, the fund's tax filings as required by the Internal Revenue Service, and tax planning
advice.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | The Registrant's Audit Committee Charter provides that the Audit Committee shall pre-approve, to the extent required by applicable law, (i) all audit and non–audit services that the Registrant's independent auditors provide to the Registrant and (ii) all non-audit services that the Registrant's independent auditors provide to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant; provided that the Audit Committee may implement policies and procedures by which such services are approved other than by the full Audit Committee prior to their ratification by the Audit Committee. |

---

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time,
permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the

adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $13,992 for 2025 and $12,720 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;**(**a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

At a meeting held on September 16, 2025 at the offices of Alkeon Capital Management, LLC, located at 350 Madison Avenue, New York, NY 10017, the Board of Trustees of ACAP Strategic Fund (the "Board") approved renewing the investment advisory agreement between ACAP Strategic Fund, a Delaware statutory trust (the "Fund"), and SilverBay Capital Management, LLC, a Delaware limited liability company (the "Adviser") (the "Advisory Agreement"), for an additional one-year period. Also, by a unanimous vote, the Trustees who are not "interested persons," as defined by the Investment Company Act of 1940 (the "1940 Act"), of the Fund (the "Independent Trustees") separately voted to renew the Advisory Agreement.

In considering whether to renew the Advisory Agreement, the Board reviewed various materials from the Adviser, which included: (i) information concerning the services rendered to the Fund by the Adviser over the past year; (ii) the investment performance of the Fund and of other accounts managed by the Adviser, including comparative performance information, (iii) the fees and expenses of the Fund, and comparative expense information, including fees charged by the Adviser to other accounts, (iv) information on the profitability of the Adviser and its affiliates, taking into account their cost of providing services, and (v) other benefits to the Adviser from its relationship with the Fund. The Independent Trustees were represented in their review by experienced counsel they reasonably believed satisfied the SEC's standards as "independent legal counsel." In particular, the Board considered the following:

*The Nature, Extent and Quality of Services Provided by the Adviser*

The Trustees had reviewed various presentations the Adviser had provided to the Board regarding its services to the Fund. In connection with the broad scope of investment advisory services provided to the Fund, the Board discussed, in detail, with representatives of the Adviser, the performance of the Fund's investments in relation to the Fund's stated investment objective and policies. In this regard, the Board also considered the experience of the individuals responsible for the day-to-day management and operation of the Fund's assets, including personnel of the Adviser and Alkeon Capital Management, LLC ("Alkeon"), the Adviser's managing member, in managing funds and accounts with the same strategy (and similar strategies) as that of the Fund. The Board noted that the Adviser, or Alkeon, provides, at its own expense, facilities necessary for the operation of the Fund, and it makes certain of its personnel available to serve as the senior officers of the Fund, including the Chief Compliance Officer, the Principal Executive Officer and the Principal Financial Officer. The Trustees considered the Adviser's performance of its obligations to provide oversight of third-party service providers and to monitor compliance with applicable Fund policies and procedures and adherence to its investment restrictions. The Board also considered the Adviser's representations regarding the adequacy of its financial condition and its financial wherewithal to provide quality services to the Fund, and the representations, in this regard, by Alkeon, in its capacity as sole member of the Adviser, including its commitment to providing or making available to the Adviser, on an ongoing basis, adequate resources (including capital and personnel) so as to provide meaningful and appropriate support for the operations of the Adviser, including enabling it to perform its obligations, and provide quality services, to the Fund. The Board found it was reasonable to expect that the Fund would continue to receive the services required from the Adviser under the Advisory Agreement and expressed satisfaction with the nature, extent and quality of services theretofore provided.

*Investment Performance of the Fund and the Adviser*

In connection with the evaluation of the services provided by the Adviser, the Trustees reviewed the historical investment performance generated by the Adviser for those investment vehicles, such as the Fund, managed by Mr. Sparaggis, the principal portfolio manager of the Fund and the lead member of the Adviser's investment team. With respect to the Fund, the Trustees observed that the Fund's investment performance overall has met expectations.

*Cost of the Services Provided and Profits Realized by the Adviser from its Relationship with the Fund.*

The Trustees reviewed the cost of services provided by the Adviser and the fees paid under the Advisory Agreement. The Board noted that under the Advisory Agreement the Fund pays the Adviser a fixed management fee of 1.50% and a performance-based incentive fee in an amount equal to 20% of the amount by which the Fund's net profits exceed the balance of a loss carry-forward account. The Board reviewed the mechanics of the incentive fee, noting the amount of incentive fees accrued to date for the fiscal year. The Trustees also considered information showing a comparison of the advisory fees and expense ratio of the Fund compared with other funds and accounts advised or sub-advised by Alkeon. The Board noted that the Fund's current fee structure was within the range of fees charged to other similar funds, including other funds and accounts managed by Alkeon. The Board also noted that a 1.75%/20% or 2%/20% management fee/incentive fee combination was a fee structure commonly charged by alternative fund managers, noting the lower 1.50% management fee charged by the Adviser to the Fund. Based on its review, the Board concluded that the proposed level of the management fee and the incentive fee were fair and reasonable in light of the extent and quality of services that the Fund receives.

The Trustees then considered the expenses incurred and profits realized by the Adviser and its affiliates from the relationship with the Fund. Based on the data provided, the Trustees concluded that the Adviser's profitability level was not excessive.

*The Extent to Which Economies of Scale Would be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.*

The Trustees noted that economies of scale may be realized when a fund's assets increase significantly. The Trustees noted that Fund assets continue to remain within the range of asset levels achieved in prior years. The Trustees determined that they would revisit economies of scale as appropriate.

*Other Benefits.*

The Trustees then considered the potential direct and indirect benefits to the Adviser and its affiliates from its relationship with the Fund.

*Conclusion*.

Based on all of the foregoing, and such other matters as were deemed relevant, the Board found the fee structure under the Advisory Agreement to be fair and reasonable in light of the services provided by the Adviser. No one single factor was dispositive to the decision of the Board. Based on this determination, all of the Trustees, including all of the Independent Trustees, approved renewal of the Advisory Agreement for an additional one-year period.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The Board has delegated the responsibility for voting proxies relating to portfolio securities held by the Registrant to SilverBay Capital Management LLC (the "Adviser") as part of the Adviser's management of the Fund pursuant to the advisory agreement between the Registrant and the Adviser. The Adviser has adopted proxy voting policies and procedures to ensure that it votes proxies in a manner that serves the best interests of its clients, including the Registrant. The following is a summary of the Adviser's proxy voting policies and procedures.

The Adviser has entered into an agreement with Institutional Shareholder Services Inc. ("ISS"), an independent third party, for ISS to provide the Adviser with its research and recommendations on proxies and to facilitate the electronic voting of proxies. The Adviser has adopted ISS's proxy voting policies and procedures (the "ISS Policies") in order to ensure that it votes proxies in the best interests of its clients. The Adviser has instructed ISS to vote all proxies in accordance with the ISS Policies, unless instructed by the Adviser to vote otherwise.

The Adviser instructs each custodian for its client accounts (including the Registrant) to deliver to ISS all proxy solicitation materials that the custodian receives for that client account. The Adviser (or its designee, which may include an administrator to a client account) provides to ISS a listing of securities held "long" in each client account as of the 15th and last day of each month to enable ISS to use reasonable efforts to confirm that ISS has received all proxy solicitation materials concerning such securities.

The Adviser, through ISS, will vote proxies on behalf of client accounts. ISS evaluates all proxy solicitation material and other facts it deems relevant and may seek additional information from the party soliciting the proxy and independent corroboration of such information when ISS considers it appropriate and when it is reasonably available. The Adviser has instructed ISS to make voting decisions on behalf of each client account based on the proxy voting guidelines that ISS provides to the Adviser, subject to certain exceptions in the event of conflicts of interests. The Adviser may override ISS's voting decisions if the Adviser deems it in the best interests of the client account. The Adviser has instructed ISS to use reasonable efforts to respond to each proxy solicitation by the deadline for such response.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 will be reported on Form N-PX and be made available no later than August 31 of each year. Such information can be obtained (i) without charge, upon request, by calling the Fund at (212) 716-6840 and (ii) at the SECs website at http://www.sec.gov.

Due to the size and nature of the Adviser's operations and the Adviser's limited affiliations in the securities industry, the Adviser does not expect that material conflicts of interest will arise between the Adviser and a client account over proxy voting. The Adviser recognizes, however, that such conflicts may arise from time to time, such as, for example, when the Adviser or one of its affiliates has a business arrangement that could be affected by the outcome of a proxy vote or has a personal or business relationship with a person seeking appointment or re-appointment as a director of a company. Notwithstanding the possibility of such a material conflict arising, the Adviser believes that it places the interests of client accounts ahead of the Adviser's own interest by following ISS's recommendations in such circumstances (unless directed otherwise by a client).

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

---

| | |
|:---|:---|
| **(a)(1)** | **Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members** |

---

As of the date of this filing, Mr. Panayotis ("Takis") Sparaggis serves as the Fund's principal Portfolio Manager and the lead member of the Adviser's Investment Team, and has served as the Fund's principal Portfolio Manager since the Fund's inception. Mr. Sparaggis is the controlling person and Chief Investment Officer of Alkeon Capital Management, LLC ("Alkeon"), which is the sole member of the Adviser. From May 1995 until he established Alkeon in January 2002, Mr. Sparaggis was associated with CIBC World Markets Corp. ("CIBC WM") and its predecessor, Oppenheimer & Co., Inc., where he was a Managing Director. From January 1996 to December 2001, Mr. Sparaggis also was a Senior Portfolio Manager for Oppenheimer Investment Advisers ("OIA"), an investment management program offered by CIBC WM, and was then responsible for OIA's MidCap Managed Account Portfolios. From 1993 until joining Oppenheimer & Co., Inc. in 1995, Mr. Sparaggis was with Credit Suisse First Boston Investment Management and was responsible for security analysis and portfolio management for domestic investments, including proprietary trading on long-short equities and convertible arbitrage.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

As of September 30, 2025, Mr. Sparaggis managed or was a member of the management team for the following client accounts other than the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type of <u>Accounts</u> | Total<br> No. of <br> Accounts<br> <u>Managed</u> | <u>Total Assets</u> | No. of<br> Accounts<br> where<br> Advisory Fee<br> is Based on <br> <u>Performance</u> | Total Assets in<br> Accounts where<br> Advisory Fee is<br> Based on <br> <u>Performance</u> |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $3153339474 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;$3153339474 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $12822892547 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;$12822892547 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |

---

**Potential Conflicts of Interests**

The investment activities of the Adviser and its affiliates for their own accounts and for other accounts they manage (collectively, "Other Accounts") give rise to conflicts of interest that may disadvantage the Registrant. The Registrant has no interest in these other activities of the Adviser and its affiliates. As a result of the foregoing, the persons that manage the Registrant's investments and their associated investment firms and their affiliates: (i) will be engaged in substantial activities other than on behalf of the Adviser and the Registrant, (ii) will have differing economic

interests in respect of such activities, (iii) may have conflicts of interest in allocating their time and activity between the Registrant and Other Accounts, and (iv) will have conflicts of interest in allocating investment opportunities between the Registrant and Other Accounts. The Adviser has adopted policies and procedures to attempt to mitigate these conflicts.

The persons that manage the Registrant's investments and their associated investment firms and their affiliates will devote only so much of their time to the management of the Registrant's investments as in their judgment is necessary and appropriate.

There may be circumstances under which the Adviser or its associated firms will cause one or more of their Other Accounts to commit a different percentage of their respective assets to an investment opportunity than to which the Adviser will commit the Registrant's assets. There also may be circumstances under which the Adviser or its associated firms will consider participation by their Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Registrant, or vice versa. It is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the Registrant and the Other Accounts fairly and equitably over time. The Adviser will not purchase securities or other property from, or sell securities or other property to, the Registrant.

---

| | |
|:---|:---|
| **(a)(3)** | **Compensation Structure of Portfolio Manager(s) or Management Team Members** |

---

Mr. Sparaggis' compensation consists of periodic draws and the income from the profits of Alkeon, the sole member of the Adviser, derived by him as its controlling principal. The level of Alkeon's profitability in turn is dependent on the advisory fees and performance fees and allocations received from the Registrant and other advisory clients.

(a)(4) Disclosure of Securities Ownership

As of September 30, 2025, Mr. Sparaggis did not own directly any shares of the Fund. (This does not take into account Mr. Sparaggis' position as controlling principal of the Adviser's sole member.)

**(b)** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

(a) Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial
officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a) Not applicable.

(b) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](acap4551131-ex99codeeth.htm) [The registrant's Code of Ethics is attached hereto.](acap4551131-ex99codeeth.htm)

(a)(2) Not applicable.

[(a)(3)](acap4551131-ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](acap4551131-ex99cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](acap4551131-ex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](acap4551131-ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ACAP Strategic Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregory D. Jakubowsky |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gregory D. Jakubowsky, President and Principal Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date: <u>December 1, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregory D. Jakubowsky |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gregory D. Jakubowsky, President and Principal Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date: <u>December 1, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Mykoniatis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Mykoniatis, Treasurer and Principal Financial Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

Date: <u>December 1, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH**

Effective September 26, 2016

**ACAP STRATEGIC FUND**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> SENIOR FINANCIAL OFFICERS ADOPTED PURSUANT TO RULES <br> PROMULGATED UNDER SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002**

I. Covered Officers/Purpose of the Code

This code of ethics (the "Code") of ACAP Strategic Fund (the "Fund"), applies to the Fund's principal executive officer and principal financial officer (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and its investment adviser are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or

replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser or a third party service provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for its investment adviser or a third party service provider, or for one or more of them), be involved in establishing policies and implementing decisions that will have different effects on the adviser, third party service provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and its adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The overarching principle with respect to all conflicts of interest covered by the Code is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund or its shareholders.

Each Covered Officer of the Fund must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to
the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to
take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually his or her affiliations
or other relationships that could potentially present a conflict of interest with the Fund or its shareholders.

III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer of the Fund shall become
familiar with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer of the Fund shall not knowingly
misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's
management and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer of the Fund may, to the
extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the
Covered Officer, consult with other officers and employees of the Fund and its investment adviser with the goal of promoting full, fair,
accurate, timely and

understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should seek to promote compliance
by the Fund with applicable standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer of the Fund (the "CCO") that the Covered
Officer has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the CCO that the
Covered Officer has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer
or any employee of the Fund or its affiliated persons for reports of potential violations of the Code that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the CCO promptly if the Covered Officer
knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO is authorized to consult, as appropriate, with counsel to the Fund and counsel to the Trustees of the Fund who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Fund (the "Independent Trustees") (if the Independent Trustees engage separate counsel), and is encouraged to do so. However, any approvals or waivers<sup>1</sup> must be considered by the Independent Trustees.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the CCO will take all appropriate action to investigate
any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the CCO believes
that no violation has occurred, the CCO is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the CCO believes is a violation
will be reported to the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Independent Trustees concur that a violation
has occurred, the CCO will inform and make a recommendation to the Board of Trustees of the Fund (the "Board"), which will

<sup>1</sup> For this purpose, the term "waiver" includes the approval of a material departure from a provision of this Code or the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to management of the Fund.

consider appropriate action, which may include a review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Fund's investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will,
to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's investment adviser, principal underwriter(s), or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics, under Rule 17j-1 under the Investment Company Act, of the Fund, its investment adviser (and managing member) and principal underwriter(s), as they may apply to the Covered Officers and others, constitute separate requirements and are not part of this Code.

VI. Amendments

Amendments to this Code may be made from time to time, as deemed appropriate by the CCO. The Board shall be informed of any such amendment to the extent deemed material by the Fund's CCO.

VII. Confidentiality

All reports and records relating to the Fund prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund's investment adviser or Board, counsel to the Fund and counsel to the Independent Trustees.

VIII. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

Persons Covered by this Code of Ethics

Greg Jakubowsky

President and Principal Executive Officer

George Mykoniatis

Treasurer and Principal Financial Officer

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE**

**AND PRINCIPAL FINANCIAL OFFICER**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Principal Executive and Principal Financial Officers of ACAP Strategic Fund (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

---

| |
|:---|
| Signature |
| Gregory Jakubowsky, Principal Executive Officer |
| Name |
| Date |

---

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE**

**AND PRINCIPAL FINANCIAL OFFICER**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Principal Executive and Principal Financial Officers of ACAP Strategic Fund (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

---

| |
|:---|
| Signature |
| George Mykoniatis, Principal Financial Officer |
| Name |
| Date |

---

## Ex-99.Cert

**EX-99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the <br> Sarbanes-Oxley Act**

I, Gregory D. Jakubowsky, certify that:

1. I have reviewed this report on Form N-CSR of ACAP Strategic Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 1, 2025 | /s/ Gregory D. Jakubowsky |
|  |  | Gregory D. Jakubowsky, President and Principal<br> Executive Officer |
|  |  | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the <br> Sarbanes-Oxley Act**

I, George Mykoniatis, certify that:

1. I have reviewed this report on Form N-CSR of ACAP Strategic Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 1, 2025 | /s/ George Mykoniatis |
|  |  | George Mykoniatis, Treasurer and Principal<br> Financial Officer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the <br> Sarbanes-Oxley Act**

I, Gregory D. Jakubowsky, President and Principal Executive Officer of ACAP Strategic Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | December 1, 2025 | /s/ Gregory D. Jakubowsky |
|  |  | Gregory D. Jakubowsky, President and Principal <br> Executive Officer |
|  |  | (principal executive officer) |

---

I, George D. Mykoniatis, Treasurer and Principal Financial Officer of ACAP Strategic Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | December 1, 2025 | /s/ George Mykoniatis |
|  |  | George Mykoniatis, Treasurer and Principal<br> Financial Officer |
|  |  | (principal financial officer) |

---