ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited)
Shares | December 31, 2020 Fair Value | |||||||
Investments in Securities – 114.91% | ||||||||
Common Stocks – 111.08% | ||||||||
Argentina – 2.50% | ||||||||
E-Commerce / Services – 2.50% | ||||||||
166,653 | MercadoLibre Inc * | $ | 279,180,439 | |||||
|
|
| ||||||
Total Argentina (cost $87,630,472) | $ | 279,180,439 | ||||||
|
|
| ||||||
Australia – 0.71% | ||||||||
Enterprise Software / Services – 0.71% | ||||||||
336,403 | Atlassian Corp PLC, Class A * | 78,674,570 | ||||||
|
|
| ||||||
Total Australia (cost $69,179,172) | $ | 78,674,570 | ||||||
|
|
| ||||||
Brazil – 0.65% | ||||||||
Finance - Investment Banker / Broker – 0.65% | ||||||||
1,833,515 | XP Inc, Class A * | 72,735,540 | ||||||
|
|
| ||||||
Total Brazil (cost $51,817,213) | $ | 72,735,540 | ||||||
|
|
| ||||||
Canada – 1.78% | ||||||||
Internet Application Software – 1.51% | ||||||||
148,594 | Shopify Inc, Class A * | 168,200,978 | ||||||
|
|
| ||||||
Retail - Restaurants – 0.27% | ||||||||
503,221 | Restaurant Brands International Inc | 30,751,835 | ||||||
|
|
| ||||||
Total Canada (cost $109,205,583) | $ | 198,952,813 | ||||||
|
|
| ||||||
China – 10.51% | ||||||||
Computer Software – 0.17% | ||||||||
3,043,903 | Ming Yuan Cloud Group Holdings Ltd * | 18,764,686 | ||||||
|
|
| ||||||
E-Commerce / Products – 4.26% | ||||||||
973,022 | Alibaba Group Holding Ltd ADR * (a) | 226,451,410 | ||||||
2,712,867 | JD.com Inc ADR * | 238,461,009 | ||||||
667,351 | Yatsen Holding Ltd ADR * | 11,344,967 | ||||||
|
|
| ||||||
476,257,386 | ||||||||
|
|
| ||||||
E-Commerce / Services – 0.46% | ||||||||
1,521,925 | Trip.com Group Ltd ADR * | 51,334,530 | ||||||
|
|
| ||||||
Entertainment Software – 2.48% | ||||||||
2,724,799 | Bilibili Inc ADR * | 233,569,770 | ||||||
450,105 | NetEase Inc ADR | 43,106,556 | ||||||
|
|
| ||||||
276,676,326 | ||||||||
|
|
| ||||||
Internet Content - Information / Networks – 1.28% | ||||||||
1,972,100 | Tencent Holdings Ltd | 143,446,726 | ||||||
|
|
| ||||||
Medical - Biomedical / Genetics – 0.15% | ||||||||
1,942,340 | Everest Medicines Ltd * | 16,958,855 | ||||||
|
|
| ||||||
Retail - Drug Store – 0.34% | ||||||||
1,934,050 | JD Health International Inc * | 37,414,639 | ||||||
|
|
| ||||||
Schools – 1.37% | ||||||||
826,401 | New Oriental Education & Technology Group Inc ADR * | 153,553,570 | ||||||
|
|
| ||||||
Total China (cost $689,158,651) | $ | 1,174,406,718 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
France – 3.58% | ||||||||
Aerospace / Defense - Equipment – 2.68% | ||||||||
1,322,110 | Airbus SE | $ | 145,234,205 | |||||
1,091,510 | Safran SA | 154,853,203 | ||||||
|
|
| ||||||
300,087,408 | ||||||||
|
|
| ||||||
Apparel Manufacturers – 0.29% | ||||||||
44,646 | Kering | 32,470,059 | ||||||
|
|
| ||||||
Entertainment Software – 0.20% | ||||||||
227,371 | UBISOFT Entertainment SA * | 21,933,271 | ||||||
|
|
| ||||||
Textile - Apparel – 0.41% | ||||||||
72,699 | LVMH Moet Hennessy Louis Vuitton SE | 45,444,995 | ||||||
|
|
| ||||||
Total France (cost $354,790,367) | $ | 399,935,733 | ||||||
|
|
| ||||||
Germany – 1.57% | ||||||||
Aerospace / Defense – 0.62% | ||||||||
266,437 | MTU Aero Engines AG | 69,568,185 | ||||||
|
|
| ||||||
Athletic Footwear – 0.95% | ||||||||
291,093 | adidas AG | 106,102,102 | ||||||
|
|
| ||||||
Total Germany (cost $116,534,372) | $ | 175,670,287 | ||||||
|
|
| ||||||
Hong Kong – 2.13% | ||||||||
E-Commerce / Products – 1.76% | ||||||||
5,164,600 | Meituan, Class B * | 196,223,961 | ||||||
|
|
| ||||||
Retail - Drug Store – 0.37% | ||||||||
14,176,000 | Alibaba Health Information Technology Ltd * | 41,866,995 | ||||||
|
|
| ||||||
Total Hong Kong (cost $100,042,024) | $ | 238,090,956 | ||||||
|
|
| ||||||
Israel – 0.32% | ||||||||
Applications Software – 0.32% | ||||||||
565,558 | JFrog Ltd * | 35,534,009 | ||||||
|
|
| ||||||
Total Israel (cost $32,180,173) | $ | 35,534,009 | ||||||
|
|
| ||||||
Japan – 3.71% | ||||||||
Audio / Video Products – 2.14% | ||||||||
2,392,100 | Sony Corp | 238,294,818 | ||||||
|
|
| ||||||
Finance - Other Services – 0.51% | ||||||||
2,239,938 | Japan Exchange Group Inc | 57,232,374 | ||||||
|
|
| ||||||
Web Portals / ISP – 1.06% | ||||||||
19,593,145 | Z Holdings Corp | 118,494,452 | ||||||
|
|
| ||||||
Total Japan (cost $229,918,203) | $ | 414,021,644 | ||||||
|
|
| ||||||
Netherlands – 0.19% | ||||||||
Semiconductor Components - Integrated Circuits – 0.19% | ||||||||
132,692 | NXP Semiconductors NV | 21,099,355 | ||||||
|
|
| ||||||
Total Netherlands (cost $14,799,781) | $ | 21,099,355 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
Singapore – 1.79% | ||||||||
Entertainment Software – 1.79% | ||||||||
1,006,009 | Sea Ltd ADR * | $ | 200,246,091 | |||||
|
|
| ||||||
Total Singapore (cost $24,299,535) | $ | 200,246,091 | ||||||
|
|
| ||||||
Taiwan – 1.17% | ||||||||
Semiconductor Components - Integrated Circuits – 1.17% | ||||||||
1,200,941 | Taiwan Semiconductor Manufacturing Co Ltd ADR | 130,950,607 | ||||||
|
|
| ||||||
Total Taiwan (cost $70,602,105) | $ | 130,950,607 | ||||||
|
|
| ||||||
United States – 80.47% | ||||||||
Aerospace / Defense – 2.21% | ||||||||
82,937 | Northrop Grumman Corp | 25,272,563 | ||||||
831,900 | Raytheon Technologies Corp | 59,489,169 | ||||||
262,853 | TransDigm Group Inc (a) | 162,666,579 | ||||||
|
|
| ||||||
247,428,311 | ||||||||
|
|
| ||||||
Applications Software – 7.69% | ||||||||
1,281,189 | Five9 Inc * | 223,439,362 | ||||||
1,732,645 | Microsoft Corp (a) | 385,374,901 | ||||||
711,087 | PCT Inc * | 85,053,116 | ||||||
156,866 | ServiceNow Inc * | 86,343,752 | ||||||
1,136,546 | Smartsheet Inc, Class A * | 78,751,272 | ||||||
|
|
| ||||||
858,962,403 | ||||||||
|
|
| ||||||
Building Products - Cement / Aggregate – 0.76% | ||||||||
111,736 | Martin Marietta Materials Inc (a) | 31,729,672 | ||||||
358,514 | Vulcan Materials Co (a) | 53,171,211 | ||||||
|
|
| ||||||
84,900,883 | ||||||||
|
|
| ||||||
Coatings / Paint – 0.39% | ||||||||
59,193 | Sherwin-Williams Co | 43,501,528 | ||||||
|
|
| ||||||
Commercial Services - Finance – 5.07% | ||||||||
1,106,750 | Avalara Inc * | 182,492,008 | ||||||
1,136,331 | Global Payments Inc (a) | 244,788,424 | ||||||
130,223 | PayPal Holdings Inc * | 30,498,227 | ||||||
164,865 | S&P Global Inc | 54,196,071 | ||||||
545,072 | TransUnion (a) | 54,082,044 | ||||||
|
|
| ||||||
566,056,774 | ||||||||
|
|
| ||||||
Commercial Services – 1.90% | ||||||||
170,337 | Cintas Corp (a) | 60,207,316 | ||||||
164,225 | CoStar Group Inc * | 151,789,883 | ||||||
|
|
| ||||||
211,997,199 | ||||||||
|
|
| ||||||
Communications Software – 5.54% | ||||||||
1,633,029 | RingCentral Inc, Class A * (a) | 618,869,000 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Computer Aided Design – 8.04% | ||||||||
361,669 | Altair Engineering Inc, Class A * (a) | $ | 21,041,902 | |||||
207,181 | ANSYS Inc * | 75,372,448 | ||||||
735,708 | Aspen Technology Inc * (a) | 95,825,967 | ||||||
267,414 | Autodesk Inc * | 81,652,191 | ||||||
2,344,453 | Cadence Design Systems Inc * (a) | 319,853,723 | ||||||
1,173,401 | Synopsys Inc * | 304,192,475 | ||||||
|
|
| ||||||
897,938,706 | ||||||||
|
|
| ||||||
Computer Software – 3.12% | ||||||||
571,330 | Cloudflare Inc, Class A * | 43,415,367 | ||||||
67,290 | Datadog Inc, Class A * | 6,624,028 | ||||||
820,705 | Twilio Inc, Class A * | 277,808,643 | ||||||
422,015 | ZoomInfo Technologies Inc, Class A * | 20,353,783 | ||||||
|
|
| ||||||
348,201,821 | ||||||||
|
|
| ||||||
Computers – 2.33% | ||||||||
1,961,906 | Apple Inc (a) | 260,325,307 | ||||||
|
|
| ||||||
E-Commerce / Products – 3.01% | ||||||||
103,177 | Amazon.com Inc * (a) | 336,040,267 | ||||||
|
|
| ||||||
E-Commerce / Services – 0.37% | ||||||||
95,600 | Airbnb Inc, Class A * | 14,034,080 | ||||||
194,662 | DoorDash Inc, Class A * | 27,788,001 | ||||||
|
|
| ||||||
41,822,081 | ||||||||
|
|
| ||||||
Electronic Components - Semiconductors – 0.57% | ||||||||
280,483 | Micron Technology Inc * | 21,086,712 | ||||||
299,794 | Xilinx Inc | 42,501,795 | ||||||
|
|
| ||||||
63,588,507 | ||||||||
|
|
| ||||||
Enterprise Software / Services – 5.11% | ||||||||
658,300 | Alteryx Inc, Class A * (a) | 80,174,357 | ||||||
315,969 | Ceridian HCM Holding Inc * | 33,669,657 | ||||||
628,315 | Coupa Software Inc * | 212,942,237 | ||||||
406,728 | salesforce.com Inc * | 90,509,182 | ||||||
2,056,233 | SS&C Technologies Holdings Inc | 149,590,951 | ||||||
137,296 | SVMK Inc * | 3,507,913 | ||||||
|
|
| ||||||
570,394,297 | ||||||||
|
|
| ||||||
Entertainment Software – 1.20% | ||||||||
1,446,537 | Activision Blizzard Inc (a) | 134,310,960 | ||||||
|
|
| ||||||
Finance - Credit Card – 1.87% | ||||||||
305,787 | MasterCard Inc, Class A (a) | 109,147,612 | ||||||
457,916 | Visa Inc, Class A (a) | 100,159,967 | ||||||
|
|
| ||||||
209,307,579 | ||||||||
|
|
| ||||||
Finance - Investment Banker / Broker – 0.37% | ||||||||
658,517 | Tradeweb Markets Inc, Class A | 41,124,387 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Finance - Other Services – 1.98% | ||||||||
282,369 | CME Group Inc (a) | $ | 51,405,276 | |||||
1,473,888 | Intercontinental Exchange Inc (a) | 169,924,548 | ||||||
|
|
| ||||||
221,329,824 | ||||||||
|
|
| ||||||
Human Resources – 0.37% | ||||||||
199,013 | Paylocity Holding Corp * (a) | 40,978,767 | ||||||
|
|
| ||||||
Internet Application Software – 1.28% | ||||||||
564,929 | Okta Inc * (a) | 143,638,848 | ||||||
|
|
| ||||||
Internet Content - Entertainment – 5.82% | ||||||||
1,252,519 | Facebook Inc, Class A * (a) | 342,138,090 | ||||||
4,678,071 | Pinterest Inc, Class A * (a) | 308,284,879 | ||||||
|
|
| ||||||
650,422,969 | ||||||||
|
|
| ||||||
Medical - Biomedical / Genetics – 6.07% | ||||||||
173,018 | 4D Molecular Therapeutics Inc * | 7,171,596 | ||||||
727,167 | Acceleron Pharma Inc * (a) | 93,033,746 | ||||||
982,533 | Akero Therapeutics Inc * | 25,349,351 | ||||||
253,461 | Alnylam Pharmaceuticals Inc * (a) | 32,942,326 | ||||||
310,164 | Applied Therapeutics Inc * | 6,826,710 | ||||||
162,980 | Arcus Biosciences Inc * | 4,230,961 | ||||||
713,275 | Arena Pharmaceuticals Inc * | 54,800,918 | ||||||
382,045 | Avidity Biosciences Inc * | 9,749,788 | ||||||
213,102 | Beam Therapeutics Inc * | 17,397,647 | ||||||
404,664 | Blueprint Medicines Corp * | 45,383,068 | ||||||
766,038 | Cerevel Therapeutics Holdings Inc * | 12,700,910 | ||||||
1,511,807 | Certara Inc * | 50,978,132 | ||||||
289,157 | Deciphera Pharmaceuticals Inc * | 16,502,190 | ||||||
456,144 | IGM Biosciences Inc * | 40,272,954 | ||||||
1,079,035 | Karyopharm Therapeutics Inc * | 16,703,462 | ||||||
207,970 | Keros Therapeutics Inc * | 14,670,204 | ||||||
765,871 | Mersana Therapeutics Inc * | 20,379,827 | ||||||
1,761,017 | TG Therapeutics Inc * | 91,608,104 | ||||||
259,027 | Turning Point Therapeutics Inc * | 31,562,440 | ||||||
621,761 | Ultragenyx Pharmaceutical Inc * (a) | 86,070,375 | ||||||
|
|
| ||||||
678,334,709 | ||||||||
|
|
| ||||||
Medical - Drugs – 0.56% | ||||||||
493,457 | Allovir Inc* | 18,968,487 | ||||||
397,743 | ORIC Pharmaceuticals Inc * | 13,463,601 | ||||||
486,132 | PMV Pharmaceuticals Inc * | 29,901,979 | ||||||
|
|
| ||||||
62,334,067 | ||||||||
|
|
| ||||||
REITS - Diversified – 2.46% | ||||||||
562,025 | American Tower Corp (a) | 126,152,132 | ||||||
208,981 | Equinix Inc (a) | 149,250,051 | ||||||
|
|
| ||||||
275,402,183 | ||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Retail - Apparel / Shoes – 0.76% | ||||||||
696,172 | Ross Stores Inc | $ | 85,496,883 | |||||
|
|
| ||||||
Retail - Building Products – 0.38% | ||||||||
262,089 | Lowe’s Cos Inc | 42,067,905 | ||||||
|
|
| ||||||
Retail - Discount – 0.41% | ||||||||
219,231 | Dollar General Corp | 46,104,279 | ||||||
|
|
| ||||||
Retail - Major Department Stores – 1.82% | ||||||||
2,986,108 | TJX Cos Inc | 203,921,315 | ||||||
|
|
| ||||||
Retail - Restaurants – 2.66% | ||||||||
142,176 | Chipotle Mexican Grill Inc * | 197,156,881 | ||||||
917,429 | Yum! Brands Inc (a) | 99,596,092 | ||||||
|
|
| ||||||
296,752,973 | ||||||||
|
|
| ||||||
Semiconductor Components - Integrated Circuits – 1.31% | ||||||||
994,289 | Analog Devices Inc (a) | 146,886,314 | ||||||
|
|
| ||||||
Semiconductor Equipment – 5.04% | ||||||||
532,488 | Applied Materials Inc (a) | 45,953,714 | ||||||
641,095 | KLA Corp (a) | 165,985,906 | ||||||
380,820 | Lam Research Corp (a) | 179,849,861 | ||||||
1,428,539 | Teradyne Inc (a) | 171,267,541 | ||||||
|
|
| ||||||
563,057,022 | ||||||||
|
|
| ||||||
Total United States (cost $4,955,899,292) | $ | 8,991,498,068 | ||||||
|
|
| ||||||
|
|
| ||||||
Total Common Stock (cost $6,906,056,943) | $ | 12,410,996,830 | ||||||
|
|
| ||||||
Short-Term Securities – 3.83% | ||||||||
United States – 3.83% | ||||||||
427,903,580 | Dreyfus Treasury & Agency Cash Management, Institutional Shares, 0.02% (a) (b) | $ | 427,903,580 | |||||
|
|
| ||||||
Total United States (cost $427,903,580) | $ | 427,903,580 | ||||||
|
|
| ||||||
|
|
| ||||||
Total Short-Term Securities (cost $427,903,580) | $ | 427,903,580 | ||||||
|
|
| ||||||
Total Investments in Securities (cost $7,333,960,523) - 114.91% | $ | 12,838,900,410 | ||||||
|
|
| ||||||
|
|
| ||||||
Other Liabilities in Excess of Assets - (14.91%) | (1,665,681,235 | ) | ||||||
|
|
| ||||||
|
|
| ||||||
Net Assets - 100.00% | $ | 11,173,219,175 | ||||||
|
|
|
(a) | Partially or wholly held in a pledged account at the Custodian as collateral for securities sold, not yet purchased. | |
(b) | Money market fund; interest rate reflects seven-day effective yield on December 31, 2020. $412,991,643 is pledged in a collateral account by the Custodian for Total Return Swap Contracts. | |
* | Non-income producing security. | |
ADR | American Depositary Receipt | |
REITS | Real Estate Investment Trusts |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
Investments in Securities - By Industry | December 31, 2020 Percentage of Net Assets (%) | |
Aerospace / Defense - Equipment | 2.68 | |
Aerospace / Defense | 2.83 | |
Apparel Manufacturers | 0.29 | |
Applications Software | 8.01 | |
Athletic Footwear | 0.95 | |
Audio / Video Products | 2.14 | |
Building Products - Cement / Aggregate | 0.76 | |
Coatings / Paint | 0.39 | |
Commercial Services - Finance | 5.07 | |
Commercial Services | 1.90 | |
Communications Software | 5.54 | |
Computer Aided Design | 8.04 | |
Computer Services | 3.12 | |
Computer Software | 0.17 | |
Computers | 2.33 | |
E-Commerce / Products | 9.03 | |
E-Commerce / Services | 3.33 | |
Electronic Components - Semiconductors | 0.57 | |
Enterprise Software / Services | 5.82 | |
Entertainment Software | 5.67 | |
Finance - Credit Card | 1.87 |
Investments in Securities - By Industry | December 31, 2020 Percentage of Net Assets (%) | |
Finance - Investment Banker / Broker | 1.02 | |
Finance - Other Services | 2.49 | |
Human Resources | 0.37 | |
Internet Application Software | 2.79 | |
Internet Content - Entertainment | 5.82 | |
Internet Content - Information / Networks | 1.28 | |
Medical - Biomedical / Genetics | 6.22 | |
Medical - Drugs | 0.56 | |
REITS - Diversified | 2.46 | |
Retail - Apparel / Shoes | 0.76 | |
Retail - Building Products | 0.38 | |
Retail - Discount | 0.41 | |
Retail - Drug Store | 0.71 | |
Retail - Major Department Stores | 1.82 | |
Retail - Restaurants | 2.93 | |
Schools | 1.37 | |
Semiconductor Components - Integrated Circuits | 2.67 | |
Semiconductor Equipment | 5.04 | |
Short-Term Securities | 3.83 | |
Textile - Apparel | 0.41 | |
Web Portals / ISP | 1.06 | |
| ||
Total Investments in Securities | 114.91% | |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited)
Notional | Contracts | December 31, 2020 Fair Value | ||||||||||
Purchased Options – 6.85% | ||||||||||||
Equity Options – 6.71% | ||||||||||||
Equity Call Options – 3.89% | ||||||||||||
Australia – 0.23% | ||||||||||||
Enterprise Software / Services – 0.23% | ||||||||||||
$ 69,411,000 | 4,083 | Atlassian Corp PLC, Class A, 3/19/2021, $170.00 | $ | 26,294,520 | ||||||||
|
|
| ||||||||||
Total Australia (cost $17,214,711) | $ | 26,294,520 | ||||||||||
|
|
| ||||||||||
Canada – 0.30% | ||||||||||||
Internet Application Software – 0.30% | ||||||||||||
18,040,000 | 220 | Shopify Inc, Class A, 2/19/2021, $820.00 | 6,958,600 | |||||||||
89,640,000 | 996 | Shopify Inc, Class A, 4/16/2021, $900.00 | 26,662,920 | |||||||||
|
|
| ||||||||||
Total Canada (cost $28,935,749) | $ | 33,621,520 | ||||||||||
|
|
| ||||||||||
United States – 3.36% | ||||||||||||
Airlines – 0.06% | ||||||||||||
26,349,000 | 17,566 | American Airlines Group Inc, 2/19/2021, $15.00 | 3,478,068 | |||||||||
16,441,500 | 10,961 | American Airlines Group Inc, 5/21/2021, $15.00 | 3,452,715 | |||||||||
|
|
| ||||||||||
6,930,783 | ||||||||||||
|
|
| ||||||||||
Automobile - Cars / Light Trucks – 0.52% | ||||||||||||
32,884,000 | 32,884 | Ford Motor Co, 6/18/2021, $10.00 | 1,841,504 | |||||||||
65,872,000 | 65,872 | Ford Motor Co, 1/21/2022, $10.00 | 7,114,176 | |||||||||
110,700,000 | 2,214 | Tesla Inc, 3/19/2021, $500.00 | 48,940,470 | |||||||||
|
|
| ||||||||||
57,896,150 | ||||||||||||
|
|
| ||||||||||
Commercial Services - Finance – 0.12% | ||||||||||||
35,072,000 | 2,192 | Square Inc, Class A, 3/19/2021, $160.00 | 13,272,560 | |||||||||
|
|
| ||||||||||
Computers – 0.36% | ||||||||||||
140,591,000 | 12,781 | Apple Inc, 2/19/2021, $110.00 | 29,907,540 | |||||||||
47,278,000 | 4,298 | Apple Inc, 3/19/2021, $110.00 | 10,379,670 | |||||||||
|
|
| ||||||||||
40,287,210 | ||||||||||||
|
|
| ||||||||||
Cruise Lines – 0.07% | ||||||||||||
21,958,000 | 10,979 | Carnival Corp, 4/16/2021, $20.00 | 4,611,180 | |||||||||
9,765,000 | 4,340 | Carnival Corp, 7/16/2021, $22.50 | 1,822,800 | |||||||||
10,977,500 | 4,391 | Carnival Corp, 7/16/2021, $25.00 | 1,470,985 | |||||||||
|
|
| ||||||||||
7,904,965 | ||||||||||||
|
|
| ||||||||||
Diversified Banking Institutions – 0.18% | ||||||||||||
62,581,250 | 13,175 | Citigroup Inc, 6/18/2021, $47.50 | 19,762,500 | |||||||||
|
|
| ||||||||||
Diversified Manufacturing Operations – 0.07% | ||||||||||||
43,477,000 | 43,477 | General Electric Co, 6/18/2021, $10.00 | 7,521,521 | |||||||||
|
|
| ||||||||||
E-Commerce / Products – 0.10% | ||||||||||||
104,100,000 | 347 | Amazon.com Inc, 2/19/2021, $3,000.00 | 11,121,350 | |||||||||
|
|
| ||||||||||
E-Commerce / Services – 0.35% | ||||||||||||
156,060,000 | 867 | Booking Holdings Inc, 3/19/2021, $1,800.00 | 38,858,940 | |||||||||
|
|
| ||||||||||
Electronic Components - Semiconductors – 0.01% | ||||||||||||
23,016,000 | 4,384 | Intel Corp, 3/19/2021, $52.50 | 920,640 | |||||||||
|
|
| ||||||||||
Electronic Forms – 0.16% | ||||||||||||
92,064,000 | 2,192 | Adobe Inc, 3/19/2021, $420.00 | 18,412,800 | |||||||||
|
|
| ||||||||||
Growth & Income - Large Cap – 0.36% | ||||||||||||
1,705,126,500 | 44,289 | SPDR S&P 500 ETF Trust, 4/16/2021, $385.00 | 40,657,302 | |||||||||
|
|
| ||||||||||
Hotels & Motels – 0.32% | ||||||||||||
88,584,000 | 11,073 | Hilton Worldwide Holdings Inc, 4/16/2021, $80.00 | 35,655,060 | |||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited) (continued)
Notional | Contracts | December 31, 2020 Fair Value | ||||||||||
Equity Call Options (continued) | ||||||||||||
United States (continued) | ||||||||||||
Internet Content - Entertainment – 0.03% | ||||||||||||
$ 40,730,500 | 1,537 | Facebook Inc, Class A, 2/19/2021, $265.00 | $ | 3,050,945 | ||||||||
|
|
| ||||||||||
Multimedia – 0.10% | ||||||||||||
70,144,000 | 4,384 | Walt Disney Co, 4/16/2021, $160.00 | 11,508,000 | |||||||||
|
|
| ||||||||||
Oil Companies - Integrated – 0.08% | ||||||||||||
65,876,250 | 17,567 | Exxon Mobil Corp, 4/16/2021, $37.50 | 9,222,675 | |||||||||
|
|
| ||||||||||
Web Portals / ISP – 0.47% | ||||||||||||
241,500,000 | 1,610 | Alphabet Inc, Class A, 2/19/2021, $1,500.00 | 42,504,000 | |||||||||
33,480,000 | 216 | Alphabet Inc, Class A, 2/19/2021, $1,550.00 | 4,762,800 | |||||||||
34,080,000 | 213 | Alphabet Inc, Class A, 6/18/2021, $1,600.00 | 4,984,200 | |||||||||
|
|
| ||||||||||
52,251,000 | ||||||||||||
|
|
| ||||||||||
Total United States (cost $279,423,138) | $ | 375,234,401 | ||||||||||
|
|
| ||||||||||
Total Equity Call Options (cost $325,573,598) | $ | 435,150,441 | ||||||||||
|
|
| ||||||||||
Equity Put Options – 2.82% | ||||||||||||
China – 0.01% | ||||||||||||
Internet Content - Entertainment – 0.01% | ||||||||||||
8,772,000 | 2,193 | Weibo Corp ADR, 4/16/2021, $40.00 | 833,340 | |||||||||
|
|
| ||||||||||
Total China (cost $1,103,157) | $ | 833,340 | ||||||||||
|
|
| ||||||||||
United States – 2.81% | ||||||||||||
Electronic Components - Semiconductors – 0.05% | ||||||||||||
168,531,500 | 10,873 | Texas Instruments Inc, 3/19/2021, $155.00 | 5,762,690 | |||||||||
|
|
| ||||||||||
Growth & Income - Large Cap – 1.04% | ||||||||||||
813,424,500 | 25,823 | SPDR S&P 500 ETF Trust, 4/16/2021, $315.00 | 11,155,536 | |||||||||
2,183,798,400 | 64,994 | SPDR S&P 500 ETF Trust, 4/16/2021, $336.00 | 45,105,836 | |||||||||
2,250,276,400 | 69,668 | SPDR S&P 500 ETF Trust, 6/18/2021, $323.00 | 60,402,156 | |||||||||
|
|
| ||||||||||
116,663,528 | ||||||||||||
|
|
| ||||||||||
Health & Biotechnology – 0.11% | ||||||||||||
149,472,000 | 11,072 | SPDR S&P Biotech ETF, 6/18/2021, $135.00 | 11,847,040 | |||||||||
|
|
| ||||||||||
Sector Fund - Technology – 1.61% | ||||||||||||
1,960,708,900 | 69,283 | Invesco QQQ Trust Series 1, 4/16/2021, $283.00 | 56,534,928 | |||||||||
2,748,947,400 | 98,883 | Invesco QQQ Trust Series 1, 6/18/2021, $278.00 | 107,288,055 | |||||||||
131,740,000 | 6,587 | Vaneck Semiconductor, 2/19/2021, $200.00 | 2,239,580 | |||||||||
131,740,000 | 6,587 | Vaneck Semiconductor, 5/21/2021, $200.00 | 6,125,910 | |||||||||
96,448,000 | 4,384 | Vaneck Semiconductor, 5/21/2021, $220.00 | 7,584,320 | |||||||||
|
|
| ||||||||||
179,772,793 | ||||||||||||
|
|
| ||||||||||
Total United States (cost $433,959,536) | $ | 314,046,051 | ||||||||||
|
|
| ||||||||||
Total Equity Put Options (cost $435,062,693) | $ | 314,879,391 | ||||||||||
|
|
| ||||||||||
Total Equity Options (cost $760,636,291) | $ | 750,029,832 | ||||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited) (continued)
Notional | Contracts | December 31, 2020 Fair Value | ||||||||||||
Currency Put Options – 0.14% | ||||||||||||||
United States – 0.14% | ||||||||||||||
Currency – 0.14% | Counterparty | |||||||||||||
$ 534,923,493 | 534,923,493 | USD / BRL, 6/18/2021, | Morgan Stanley & Co., | $ | 12,494,396 | |||||||||
108,033,410 | 108,033,410 | USD / BRL, 5/14/2021, | Morgan Stanley & Co., | 1,612,146 | ||||||||||
172,150,800 | 172,150,800 | USD / CNH, 6/18/2021, | Merrill Lynch Professional Clearing Corp | 299,146 | ||||||||||
301,263,902 | 301,263,902 | USD / CNH, 6/18/2021, | Morgan Stanley & Co., | 523,506 | ||||||||||
107,594,251 | 107,594,251 | USD / CNH, 8/20/2021, | Morgan Stanley & Co., | 349,123 | ||||||||||
|
|
| ||||||||||||
Total United States (cost $29,248,682) | $ | 15,278,317 | ||||||||||||
|
|
| ||||||||||||
Total Currency Put Options (cost $29,248,682) | $ | 15,278,317 | ||||||||||||
|
|
| ||||||||||||
Total Purchased Options (cost $789,884,973) | $ | 765,308,149 | ||||||||||||
|
|
| ||||||||||||
ADR | American Depositary Receipt | |||||||||||||
BRL | Brazilian Real | |||||||||||||
CNH | Chinese Renminbi Yuan | |||||||||||||
ETF | Exchange Traded Fund | |||||||||||||
SPDR | Standard & Poor’s Depositary Receipts | |||||||||||||
USD | United States Dollar |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited) (concluded)
Purchased Options - By Industry | December 31, 2020 Percentage of Net Assets (%) | Purchased Options - By Industry | December 31, 2020 Percentage of Net Assets (%) | |||
Airlines | 0.06 | Electronic Forms | 0.16 | |||
Automobile - Cars / Light Trucks | 0.52 | Enterprise Software / Services | 0.23 | |||
Commercial Services - Finance | 0.12 | Growth & Income - Large Cap | 1.40 | |||
Computers | 0.36 | Health & Biotechnology | 0.11 | |||
Cruise Lines | 0.07 | Hotels & Motels | 0.32 | |||
Currency | 0.14 | Internet Application Software | 0.30 | |||
Diversified Banking Institutions | 0.18 | Internet Content - Entertainment | 0.04 | |||
Diversified Manufacturing Operations | 0.07 | Multimedia | 0.10 | |||
E-Commerce / Products | 0.10 | Oil Companies - Integrated | 0.08 | |||
E-Commerce / Services | 0.35 | Sector Fund - Technology | 1.61 | |||
Electronic Components - Semiconductors | 0.06 | Web Portals / ISP | 0.47 | |||
| ||||||
Total Purchased Options | 6.85% | |||||
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited)
Shares | December 31, 2020 Fair Value | |||||||
Securities Sold, Not Yet Purchased – 23.68% | ||||||||
Common Stocks – 23.68% | ||||||||
Brazil – 0.41% | ||||||||
Finance - Credit Card – 0.41% | ||||||||
809,081 | Pagseguro Digital Ltd, Class A | $ | 46,020,527 | |||||
|
|
| ||||||
Total Brazil (proceeds $26,775,033) | $ | 46,020,527 | ||||||
|
|
| ||||||
Canada – 0.66% | ||||||||
Commercial Banks Non-US – 0.33% | ||||||||
432,500 | Canadian Imperial Bank of Commerce | 36,908,477 | ||||||
|
|
| ||||||
Medical - Drugs – 0.20% | ||||||||
923,657 | Canopy Growth Corp | 22,737,817 | ||||||
|
|
| ||||||
Private Equity – 0.13% | ||||||||
348,869 | Brookfield Asset Management Inc, Class A | 14,397,824 | ||||||
|
|
| ||||||
Total Canada (proceeds $76,441,099) | $ | 74,044,118 | ||||||
|
|
| ||||||
China – 1.07% | ||||||||
E-Commerce / Products – 0.03% | ||||||||
451,000 | China Literature Ltd | 3,539,319 | ||||||
|
|
| ||||||
Educational Software – 0.27% | ||||||||
574,386 | GSX Techedu Inc ADR | 29,701,500 | ||||||
|
|
| ||||||
Entertainment Software – 0.08% | ||||||||
454,723 | HUYA Inc ADR | 9,062,629 | ||||||
|
|
| ||||||
Internet Content - Information / Networks – 0.54% | ||||||||
2,975,387 | Tencent Music Entertainment Group ADR | 57,246,446 | ||||||
89,088 | Weibo Corp ADR | 3,651,717 | ||||||
|
|
| ||||||
60,898,163 | ||||||||
|
|
| ||||||
Metal - Aluminum – 0.01% | ||||||||
6,610,800 | China Zhongwang Holdings Ltd | 1,244,771 | ||||||
|
|
| ||||||
Web Hosting / Design – 0.14% | ||||||||
445,429 | Baozun Inc ADR | 15,300,486 | ||||||
|
|
| ||||||
Total China (proceeds $116,399,084) | $ | 119,746,868 | ||||||
|
|
| ||||||
France – 0.26% | ||||||||
Advertising Services – 0.20% | ||||||||
439,476 | Publicis Groupe SA | 21,917,502 | ||||||
|
|
| ||||||
REITS - Diversified – 0.06% | ||||||||
315,744 | Klepierre SA | 7,104,582 | ||||||
|
|
| ||||||
Total France (proceeds $31,253,469) | $ | 29,022,084 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
Germany – 1.46% | ||||||||
Automobile - Cars / Light Trucks – 0.79% | ||||||||
357,784 | Bayerische Motoren Werke AG | $ | 31,619,882 | |||||
800,112 | Daimler AG | 56,575,083 | ||||||
|
|
| ||||||
88,194,965 | ||||||||
|
|
| ||||||
Enterprise Software / Services – 0.67% | ||||||||
570,905 | SAP SE | 74,896,474 | ||||||
|
|
| ||||||
Total Germany (proceeds $138,364,998) | $ | 163,091,439 | ||||||
|
|
| ||||||
Hong Kong – 0.87% | ||||||||
Commercial Banks Non-US – 0.41% | ||||||||
2,690,900 | Hang Seng Bank Ltd | 46,399,315 | ||||||
|
|
| ||||||
Electric - Integrated – 0.23% | ||||||||
546,000 | CLP Holdings Ltd | 5,048,872 | ||||||
3,715,100 | Power Assets Holdings Ltd | 20,123,448 | ||||||
|
|
| ||||||
25,172,320 | ||||||||
|
|
| ||||||
Gas - Distribution – 0.17% | ||||||||
12,586,557 | Hong Kong & China Gas Co Ltd | 18,797,414 | ||||||
|
|
| ||||||
Real Estate Operations / Development – 0.06% | ||||||||
475,500 | Sun Hung Kai Properties Ltd | 6,132,437 | ||||||
|
|
| ||||||
Total Hong Kong (proceeds $109,691,509) | $ | 96,501,486 | ||||||
|
|
| ||||||
Israel – 0.58% | ||||||||
Computer Data Security – 0.58% | ||||||||
489,404 | Check Point Software Technologies Ltd | 65,046,686 | ||||||
|
|
| ||||||
Total Israel (proceeds $58,154,432) | $ | 65,046,686 | ||||||
|
|
| ||||||
Japan – 0.49% | ||||||||
Advertising Services – 0.07% | ||||||||
251,000 | Dentsu Group Inc | 7,451,354 | ||||||
|
|
| ||||||
E-Commerce / Products – 0.09% | ||||||||
1,097,300 | Rakuten Inc | 10,564,349 | ||||||
|
|
| ||||||
Electric - Integrated – 0.01% | ||||||||
97,500 | Chubu Electric Power Co Inc | 1,173,834 | ||||||
|
|
| ||||||
Gas - Distribution – 0.04% | ||||||||
175,800 | Tokyo Gas Co Ltd | 4,059,346 | ||||||
|
|
| ||||||
Office Automation & Equipment – 0.02% | ||||||||
118,900 | Seiko Epson Corp | 1,763,145 | ||||||
|
|
| ||||||
Semiconductor Equipment – 0.26% | ||||||||
390,200 | Advantest Corp | 29,214,451 | ||||||
|
|
| ||||||
Total Japan (proceeds $52,494,438) | $ | 54,226,479 | ||||||
|
|
| ||||||
Switzerland – 0.16% | ||||||||
Electronic Components - Semiconductors – 0.16% | ||||||||
487,180 | STMicroelectronics NV | 18,084,122 | ||||||
|
|
| ||||||
Total Switzerland (proceeds $17,324,212) | $ | 18,084,122 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United Kingdom – 0.06% | ||||||||
Diversified Banking Institutions – 0.06% | ||||||||
1,289,729 | HSBC Holdings PLC | $ | 6,778,111 | |||||
|
|
| ||||||
Total United Kingdom (proceeds $9,269,284) | $ | 6,778,111 | ||||||
|
|
| ||||||
United States – 17.66% | ||||||||
Advertising Agencies – 0.32% | ||||||||
443,256 | Interpublic Group of Cos Inc | 10,425,381 | ||||||
403,125 | Omnicom Group Inc | 25,142,906 | ||||||
|
|
| ||||||
35,568,287 | ||||||||
|
|
| ||||||
Airlines – 0.40% | ||||||||
2,819,310 | American Airlines Group Inc | 44,460,519 | ||||||
|
|
| ||||||
Apparel Manufacturers – 0.38% | ||||||||
2,290,345 | Hanesbrands Inc | 33,393,230 | ||||||
303,548 | Tapestry Inc | 9,434,272 | ||||||
|
|
| ||||||
42,827,502 | ||||||||
|
|
| ||||||
Applications Software – 0.28% | ||||||||
295,563 | BigCommerce Holdings Inc | 18,960,366 | ||||||
369,814 | Medallia Inc | 12,285,221 | ||||||
|
|
| ||||||
31,245,587 | ||||||||
|
|
| ||||||
Automobile - Cars / Light Trucks – 1.52% | ||||||||
4,543,559 | Ford Motor Co | 39,937,884 | ||||||
183,798 | Tesla Inc | 129,700,735 | ||||||
|
|
| ||||||
169,638,619 | ||||||||
|
|
| ||||||
Cable / Satellite TV – 0.03% | ||||||||
439,160 | Sirius XM Holdings Inc | 2,797,449 | ||||||
|
|
| ||||||
Commercial Services - Finance – 0.45% | ||||||||
564,620 | H&R Block Inc | 8,954,873 | ||||||
190,730 | Square Inc, Class A | 41,510,477 | ||||||
|
|
| ||||||
50,465,350 | ||||||||
|
|
| ||||||
Computer Data Security – 0.65% | ||||||||
221,897 | Fortinet Inc | 32,958,361 | ||||||
322,964 | Qualys Inc | 39,359,623 | ||||||
|
|
| ||||||
72,317,984 | ||||||||
|
|
| ||||||
Computer Software – 1.00% | ||||||||
288,508 | Bandwidth Inc, Class A | 44,335,024 | ||||||
666,899 | Fastly Inc, Class A | 58,266,966 | ||||||
427,658 | Teradata Corp | 9,609,475 | ||||||
|
|
| ||||||
112,211,465 | ||||||||
|
|
| ||||||
Cruise Lines – 0.40% | ||||||||
1,928,104 | Carnival Corp | 41,762,733 | ||||||
43,916 | Royal Caribbean Cruises Ltd | 3,280,086 | ||||||
|
|
| ||||||
45,042,819 | ||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Diversified Banking Institutions – 0.58% | ||||||||
1,054,082 | Citigroup Inc | $ | 64,994,696 | |||||
|
|
| ||||||
Diversified Manufacturing Operations – 0.20% | ||||||||
2,087,238 | General Electric Co | 22,542,170 | ||||||
|
|
| ||||||
E-Commerce / Products – 0.16% | ||||||||
79,474 | Wayfair Inc, Class A | 17,946,024 | ||||||
|
|
| ||||||
E-Commerce / Services – 0.09% | ||||||||
233,436 | Cargurus Inc | 7,406,924 | ||||||
74,702 | TripAdvisor Inc | 2,149,924 | ||||||
|
|
| ||||||
9,556,848 | ||||||||
|
|
| ||||||
Electric - Distribution – 0.12% | ||||||||
177,156 | Consolidated Edison Inc | 12,803,064 | ||||||
|
|
| ||||||
Electronic Components - Semiconductors – 0.74% | ||||||||
1,655,413 | Intel Corp | 82,472,676 | ||||||
|
|
| ||||||
Enterprise Software / Services – 0.84% | ||||||||
138,290 | Everbridge Inc | 20,614,890 | ||||||
534,978 | New Relic Inc | 34,987,561 | ||||||
43,916 | Pegasystems Inc | 5,852,246 | ||||||
752,916 | SolarWinds Corp | 11,256,094 | ||||||
87,695 | Workday Inc, Class A | 21,012,599 | ||||||
|
|
| ||||||
93,723,390 | ||||||||
|
|
| ||||||
Finance - Credit Card – 0.29% | ||||||||
1,462,030 | Western Union Co | 32,076,938 | ||||||
|
|
| ||||||
Footwear & Related Apparel – 0.04% | ||||||||
142,256 | Wolverine World Wide Inc | 4,445,500 | ||||||
|
|
| ||||||
Health & Biotechnology – 1.19% | ||||||||
548,079 | iShares Nasdaq Biotechnology ETF | 83,028,488 | ||||||
354,314 | SPDR S&P Biotech ETF | 49,880,325 | ||||||
|
|
| ||||||
132,908,813 | ||||||||
|
|
| ||||||
Human Resources – 0.16% | ||||||||
289,390 | Robert Half International Inc | 18,081,087 | ||||||
|
|
| ||||||
Internet Application Software – 0.19% | ||||||||
150,500 | Zendesk Inc | 21,539,560 | ||||||
|
|
| ||||||
Internet Content - Entertainment – 0.11% | ||||||||
219,231 | Twitter Inc | 11,871,359 | ||||||
|
|
| ||||||
Internet Security – 0.35% | ||||||||
110,196 | Palo Alto Networks Inc | 39,162,556 | ||||||
|
|
| ||||||
Investment Management / Advisory Services – 0.61% | ||||||||
1,196,189 | Franklin Resources Inc | 29,892,763 | ||||||
471,624 | Invesco Ltd | 8,220,406 | ||||||
147,975 | T Rowe Price Group Inc | 22,401,935 | ||||||
306,862 | Waddell & Reed Financial Inc, Class A | 7,815,775 | ||||||
|
|
| ||||||
68,330,879 | ||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Medical - Biomedical / Genetics – 0.37% | ||||||||
178,344 | Amgen Inc | $ | 41,004,852 | |||||
|
| |||||||
Motorcycle / Motor Scooter – 0.20% | ||||||||
595,131 | Harley-Davidson Inc | 21,841,308 | ||||||
|
| |||||||
Oil Companies - Integrated – 0.30% | ||||||||
815,541 | Exxon Mobil Corp | 33,616,600 | ||||||
|
| |||||||
Pharmacy Services – 0.08% | ||||||||
131,538 | CVS Health Corp | 8,984,045 | ||||||
|
| |||||||
Real Estate Management / Services – 0.10% | ||||||||
890,946 | Realogy Holdings Corp | 11,689,212 | ||||||
|
| |||||||
Real Estate Operations / Development – 0.01% | ||||||||
87,832 | Brookfield Property Partners LP | 1,270,929 | ||||||
|
| |||||||
REITS - Apartments – 0.57% | ||||||||
209,041 | AvalonBay Communities Inc | 33,536,448 | ||||||
513,817 | Equity Residential | 30,459,072 | ||||||
|
| |||||||
63,995,520 | ||||||||
|
| |||||||
REITS - Health Care – 0.68% | ||||||||
482,212 | Omega Healthcare Investors Inc | 17,513,940 | ||||||
557,647 | Ventas Inc | 27,347,009 | ||||||
475,731 | Welltower Inc | 30,741,737 | ||||||
|
| |||||||
75,602,686 | ||||||||
|
| |||||||
REITS - Office Property – 1.36% | ||||||||
356,965 | Boston Properties Inc | 33,743,901 | ||||||
564,213 | Brandywine Realty Trust | 6,719,777 | ||||||
640,938 | Douglas Emmett Inc | 18,702,571 | ||||||
363,850 | Hudson Pacific Properties Inc | 8,739,677 | ||||||
477,717 | Kilroy Realty Corp | 27,420,956 | ||||||
356,398 | Mack-Cali Realty Corp | 4,440,719 | ||||||
340,743 | SL Green Realty Corp | 20,301,468 | ||||||
850,313 | Vornado Realty Trust | 31,750,687 | ||||||
|
| |||||||
151,819,756 | ||||||||
|
| |||||||
REITS - Regional Malls – 0.24% | ||||||||
314,294 | Simon Property Group Inc | 26,802,992 | ||||||
|
| |||||||
REITS - Shopping Centers – 0.38% | ||||||||
219,187 | Brixmor Property Group Inc | 3,627,545 | ||||||
188,193 | Federal Realty Investment Trust | 16,018,988 | ||||||
917,213 | Kimco Realty Corp | 13,767,367 | ||||||
148,814 | Regency Centers Corp | 6,784,430 | ||||||
184,446 | Urban Edge Properties | 2,386,731 | ||||||
|
| |||||||
42,585,061 | ||||||||
|
| |||||||
REITS - Single Tenant – 0.07% | ||||||||
131,538 | Realty Income Corp | 8,177,717 | ||||||
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | December 31, 2020 Fair Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Rental Auto / Equipment – 0.05% | ||||||||
153,431 | Avis Budget Group Inc | $ | 5,722,976 | |||||
|
|
| ||||||
Retail - Apparel / Shoes – 0.24% | ||||||||
36,468 | Ascena Retail Group Inc | 2,188 | ||||||
354,437 | Chico’s FAS Inc | 563,555 | ||||||
97,671 | Children’s Place Inc | 4,893,317 | ||||||
1,076,737 | Gap Inc | 21,739,320 | ||||||
|
|
| ||||||
27,198,380 | ||||||||
|
|
| ||||||
Retail - Arts & Crafts – 0.08% | ||||||||
700,556 | Michaels Cos Inc | 9,114,234 | ||||||
|
|
| ||||||
Retail - Bedding – 0.03% | ||||||||
188,245 | Bed Bath & Beyond Inc | 3,343,231 | ||||||
|
|
| ||||||
Retail - Home Furnishings – 0.04% | ||||||||
120,211 | La-Z-Boy Inc | 4,789,206 | ||||||
|
|
| ||||||
Retail - Major Department Stores – 0.42% | ||||||||
1,496,135 | Nordstrom Inc | 46,694,373 | ||||||
|
|
| ||||||
Retail - Miscellaneous / Diversified – 0.13% | ||||||||
1,103,420 | Sally Beauty Holdings Inc | 14,388,597 | ||||||
|
|
| ||||||
Retail - Regional Department Stores – 0.84% | ||||||||
211,359 | Dillard’s Inc, Class A | 13,326,185 | ||||||
1,490,676 | Kohl’s Corp | 60,655,606 | ||||||
1,790,877 | Macy’s Inc | 20,147,366 | ||||||
|
|
| ||||||
94,129,157 | ||||||||
|
|
| ||||||
Sector Fund - Energy – 0.02% | ||||||||
44,423 | Energy Select Sector SPDR Fund | 1,683,632 | ||||||
|
|
| ||||||
Telephone - Integrated – 0.30% | ||||||||
1,183,938 | AT&T Inc | 34,050,057 | ||||||
|
|
| ||||||
Transport - Services – 0.05% | ||||||||
58,137 | C.H. Robinson Worldwide Inc | 5,457,327 | ||||||
|
|
| ||||||
Total United States (proceeds $1,875,412,655) | $ | 1,972,992,989 | ||||||
|
|
| ||||||
|
|
| ||||||
Total Common Stocks (proceeds $2,511,580,213) | $ | 2,645,554,909 | ||||||
|
|
| ||||||
|
|
| ||||||
Total Securities Sold, Not Yet Purchased (proceeds $2,511,580,213) | $ | 2,645,554,909 | ||||||
|
|
| ||||||
ADR | American Depositary Receipt | |||||||
ETF | Exchange Traded Funds | |||||||
REITS | Real Estate Investment Trusts | |||||||
SPDR | Standard & Poor’s Depositary Receipts |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (concluded)
Securities Sold, Not Yet Purchased - By Industry | December 31, 2020 Percentage of Net Assets (%) | |
Advertising Agencies | 0.32 | |
Advertising Services | 0.27 | |
Airlines | 0.40 | |
Apparel Manufacturers | 0.38 | |
Applications Software | 0.28 | |
Automobile - Cars / Light Trucks | 2.31 | |
Cable / Satellite TV | 0.03 | |
Commercial Banks Non-US | 0.74 | |
Commercial Services - Finance | 0.45 | |
Computer Data Security | 1.23 | |
Computer Software | 1.00 | |
Cruise Lines | 0.40 | |
Diversified Banking Institutions | 0.64 | |
Diversified Manufacturing Operations | 0.20 | |
E-Commerce / Products | 0.28 | |
E-Commerce / Services | 0.09 | |
Educational Software | 0.27 | |
Electric - Distribution | 0.12 | |
Electric - Integrated | 0.24 | |
Electronic Components - Semiconductors | 0.90 | |
Enterprise Software / Services | 1.51 | |
Entertainment Software | 0.08 | |
Finance - Credit Card | 0.70 | |
Footwear & Related Apparel | 0.04 | |
Gas - Distribution | 0.21 | |
Health & Biotechnology | 1.19 | |
Human Resources | 0.16 | |
Internet Application Software | 0.19 | |
Internet Content - Entertainment | 0.11 | |
Internet Content - Information / Networks | 0.54 | |
Internet Security | 0.35 |
Securities Sold, Not Yet Purchased - By Industry | December 31, 2020 Percentage of Net Assets (%) | |||
Investment Management / Advisory Services | 0.61 | |||
Medical - Biomedical / Genetics | 0.37 | |||
Medical - Drugs | 0.20 | |||
Metal - Aluminum | 0.01 | |||
Motorcycle / Motor Scooter | 0.20 | |||
Office Automation & Equipment | 0.02 | |||
Private Equity | 0.13 | |||
Oil Companies - Integrated | 0.30 | |||
Pharmacy Services | 0.08 | |||
Real Estate Management / Services | 0.10 | |||
Real Estate Operations / Development | 0.07 | |||
REITS - Apartments | 0.57 | |||
REITS - Diversified | 0.06 | |||
REITS - Health Care | 0.68 | |||
REITS - Office Property | 1.36 | |||
REITS - Regional Malls | 0.24 | |||
REITS - Shopping Centers | 0.38 | |||
REITS - Single Tenant | 0.07 | |||
Rental Auto / Equipment | 0.05 | |||
Retail - Apparel / Shoes | 0.24 | |||
Retail - Arts & Crafts | 0.08 | |||
Retail - Bedding | 0.03 | |||
Retail - Home Furnishings | 0.04 | |||
Retail - Major Department Stores | 0.42 | |||
Retail - Miscellaneous / Diversified | 0.13 | |||
Retail - Regional Department Stores | 0.84 | |||
Sector Fund - Energy | 0.02 | |||
Semiconductor Equipment | 0.26 | |||
Telephone - Integrated | 0.30 | |||
Transport - Services | 0.05 | |||
Web Hosting Design | 0.14 | |||
|
| |||
Total Securities Sold, Not Yet Purchased | 23.68% | |||
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF WRITTEN OPTIONS (Unaudited)
Notional | Contracts | December 31, 2020 Fair Value | ||||||||||
Written Options – 0.95% | ||||||||||||
Equity Options – 0.95% | ||||||||||||
Equity Call Options – 0.95% | ||||||||||||
United States – 0.95% | ||||||||||||
Sector Fund - Technology – 0.95% | ||||||||||||
$ 263,490,000 | 8,783 | iShares Expanded Tech-Software Sector ETF, 2/19/2021, $300.00 | $ | 48,921,310 | ||||||||
67,952,000 | 2,192 | iShares Expanded Tech-Software Sector ETF, 2/19/2021, $310.00 | 10,280,480 | |||||||||
143,975,000 | 4,430 | iShares Expanded Tech-Software Sector ETF, 3/19/2021, $325.00 | 16,789,700 | |||||||||
81,104,000 | 4,384 | VanEck Vectors Semiconductor ETF, 2/19/2021, $185.00 | 15,059,040 | |||||||||
84,170,000 | 4,430 | VanEck Vectors Semiconductor ETF, 5/21/2021, $190.00 | 15,327,800 | |||||||||
|
|
| ||||||||||
Total United States (premiums received $70,781,770) | $ | 106,378,330 | ||||||||||
|
|
| ||||||||||
Total Equity Call Options (premiums received $70,781,770) | $ | 106,378,330 | ||||||||||
|
|
| ||||||||||
Total Equity Options (premiums received $70,781,770) | $ | 106,378,330 | ||||||||||
|
|
| ||||||||||
Total Written Options (premiums received $70,781,770) | $ | 106,378,330 | ||||||||||
|
|
| ||||||||||
ETF | Exchange Traded Fund |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF WRITTEN OPTIONS (Unaudited) (concluded)
Written Options - By Industry | December 31, 2020 Percentage of Net Assets (%) | |||
Sector Fund - Technology | 0.95 | |||
|
| |||
Total Written Options | 0.95% | |||
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited)
Notional | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||
Swap Contracts – 2.90% | ||||||||
Total Return Swap Contracts – Appreciation – 3.50% | ||||||||
Australia – 0.03% | ||||||||
Commercial Banks Non-US – 0.03% | ||||||||
$ (18,326,514) | 12/23/2024 | Bank of Queensland Ltd | $ | 1,873,150 | ||||
Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Bank of Queensland Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.75%**.
| ||||||||
(35,695,517) | 12/23/2024 | Westpac Banking Corp | 1,259,326 | |||||
Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Westpac Banking Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
| ||||||||
|
|
| ||||||
Total Australia | $ | 3,132,476 | ||||||
|
|
| ||||||
Brazil – 1.21% | ||||||||
Commercial Services – Finance – 0.06% | ||||||||
(10,058,748) | 1/29/2021 | Cielo SA | 6,312,083 | |||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 01/30/2019 to deliver the total return of the shares of Cielo SA in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 9.38%**.
| ||||||||
Finance – Other Services – 0.19% | ||||||||
100,316,892 | 1/29/2021 | B3 SA - Brasil Bolsa Balcao | 21,776,418 | |||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 01/30/2019 to receive the total return of the shares of B3 SA - Brasil Bolsa Balcao in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.00%**.
| ||||||||
Retail – Discount – 0.96% | ||||||||
101,214,910 | 1/29/2021 | Magazine Luiza SA | 107,342,841 | |||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 01/30/2019 to receive the total return of the shares of Magazine Luiza SA in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.00%**.
| ||||||||
|
|
| ||||||
Total Brazil | $ | 135,431,342 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||
Total Return Swap Contracts - Appreciation (continued) | ||||||||
China – 0.11% | ||||||||
Applications Software – 0.11% | ||||||||
$ 84,741,663 | 7/11/2022 | Glodon Co Ltd, Class A | $ | 12,134,670 | ||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 07/10/2020 to receive the total return of the shares of Glodon Co Ltd, Class A in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 1.25%**.
| ||||||||
|
|
| ||||||
Total China | $ | 12,134,670 | ||||||
|
|
| ||||||
Denmark – 0.00% | ||||||||
Medical - Drugs – 0.00% | ||||||||
1,717,845 | 2/26/2024 | Genmab A/S | 74,774 | |||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Genmab A/S in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.65%**.
| ||||||||
|
|
| ||||||
Total Denmark | $ | 74,774 | ||||||
|
|
| ||||||
Japan – 0.06% | ||||||||
Electric - Integrated – 0.01% | ||||||||
(1,153,521) | 3/4/2024 | Tokyo Electric Power Co Holdings Inc | 700,058 | |||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Tokyo Electric Power Co Holdings Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
| ||||||||
Office Automation & Equipment – 0.04% | ||||||||
(16,527,590) | 3/4/2024 | Canon Inc | 1,705,204 | |||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Canon Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
| ||||||||
(3,176,525) | 3/4/2024 | Konica Minolta Inc | 1,208,564 | |||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Konica Minolta Inc in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**. |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||||
Total Return Swap Contracts - Appreciation (continued) | ||||||||||
Japan (continued) | ||||||||||
Office Automation & Equipment (continued) | ||||||||||
$ (4,711,190) | 3/4/2024 | Ricoh Co Ltd | $ | 1,926,026 | ||||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Ricoh Co Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
| ||||||||||
|
| |||||||||
4,839,794 | ||||||||||
|
| |||||||||
Photo Equipment & Supplies – 0.01% | ||||||||||
(3,232,932) | 3/4/2024 | Nikon Corp | 1,378,497 | |||||||
|
| |||||||||
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%**.
| ||||||||||
|
| |||||||||
Total Japan | $ | 6,918,349 | ||||||||
|
| |||||||||
Spain – 0.37% | ||||||||||
Building - Heavy Construction – 0.37% | ||||||||||
41,906,872 | 2/26/2024 | Cellnex Telecom SA | 41,566,107 | |||||||
|
| |||||||||
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%**.
| ||||||||||
Food - Retail – 0.00% | ||||||||||
(419,840) | 2/26/2024 | Distribuidora Internacional de Alimentacion SA | 280,782 | |||||||
|
| |||||||||
Agreement with Morgan Stanley, dated 03/03/2014 to deliver the total return of the shares of Distribuidora Internacional de Alimentacion SA in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 16.56%**.
| ||||||||||
|
| |||||||||
Total Spain | $ | 41,846,889 | ||||||||
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||||
Total Return Swap Contracts - Appreciation (continued) | ||||||||||
Switzerland – 0.01% | ||||||||||
Enterprise Software / Services – 0.01% | ||||||||||
$ (20,712,220) | 12/11/2023 | Temenos AG | $ | 536,664 | ||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of Temenos AG in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.35%**.
| ||||||||||
|
|
| ||||||||
Total Switzerland | $ | 536,664 | ||||||||
|
|
| ||||||||
United Kingdom – 0.06% | ||||||||||
Diversified Banking Institutions – 0.00% | ||||||||||
(30,005,480) | 12/11/2023 | HSBC Holdings PLC | 337,748 | |||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of HSBC Holdings PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.30%**.
| ||||||||||
Retail - Major Department Store – 0.06% | ||||||||||
(12,200,475) | 12/11/2023 | Marks & Spencer Group PLC | 6,834,411 | |||||||
|
|
| ||||||||
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 | $ | 7,172,159 | ||||||||
|
|
| ||||||||
United States – 1.65% | ||||||||||
Private Equity – 0.50% | ||||||||||
54,702,212 | 3/4/2024 | Carlyle Group Inc | 27,420,232 | |||||||
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%**.
| ||||||||||
49,334,904 | 3/4/2024 | KKR & Co Inc | 28,349,404 | |||||||
Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of KKR & Co Inc in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.45%**.
| ||||||||||
|
|
| ||||||||
55,769,636 | ||||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||
Total Return Swap Contracts - Appreciation (continued) | ||||||||
United States (continued) | ||||||||
Web Portals / ISP – 1.15% | ||||||||
$ 113,291,281 | 3/4/2024 | Alphabet Inc, Class A | $ | 128,312,846 | ||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Alphabet Inc, Class A in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.45%**.
| ||||||||
|
|
| ||||||
Total United States | $ | 184,082,482 | ||||||
|
|
| ||||||
|
|
| ||||||
Total Return Swap Contracts - Appreciation **** | $ | 391,329,805 | ||||||
|
|
| ||||||
Total Return Swap Contracts - Depreciation – 0.60% | ||||||||
Australia – 0.23% | ||||||||
Commercial Banks Non-US – 0.23% | ||||||||
(30,668,260) | 12/23/2024 | Australia & New Zealand Banking Group Ltd | 631,089 | |||||
Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Australia & New Zealand Banking Group Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
| ||||||||
(52,032,570) | 12/23/2024 | Commonwealth Bank of Australia | 25,279,945 | |||||
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%**.
| ||||||||
|
|
| ||||||
Total Australia | $ | 25,911,034 | ||||||
|
|
| ||||||
Denmark – 0.01% | ||||||||
Medical - Drugs – 0.01% | ||||||||
(21,898,207) | 2/26/2024 | Novo Nordisk A/S, Class B | 1,266,426 | |||||
|
|
| ||||||
Agreement with Morgan Stanley, dated 03/03/2014 to deliver the total return of the shares of Novo Nordisk A/S, Class B in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**.
| ||||||||
|
|
| ||||||
Total Denmark | $ | 1,266,426 | ||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||||
Total Return Swap Contracts - Depreciation (continued) | ||||||||||
Japan – 0.24% | ||||||||||
Electric Products - Miscellaneous – 0.00% | ||||||||||
$(1,767,511) | 3/4/2024 | Casio Computer Co Ltd | $ | 273,590 | ||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Casio Computer Co Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.40%**. | ||||||||||
Gas - Distribution – 0.01% | ||||||||||
(11,595,444) | 3/4/2024 | Osaka Gas Co Ltd | 732,833 | |||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Osaka Gas Co Ltd in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.56%**. | ||||||||||
Semiconductor Equipment – 0.23% | ||||||||||
(113,505,811) | 3/4/2024 | Tokyo Electron Ltd | 25,355,315 | |||||||
|
|
| ||||||||
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%**.
| ||||||||||
|
|
| ||||||||
Total Japan | $ | 26,361,738 | ||||||||
|
|
| ||||||||
Netherlands – 0.03% | ||||||||||
Commercial Services - Finance – 0.03% | ||||||||||
(12,103,767) | 2/26/2024 | Adyen NV | 3,254,365 | |||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 03/03/2014 to deliver the total return of the shares of Adyen NV in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.35%**.
| ||||||||||
|
|
| ||||||||
Total Netherlands | $ | 3,254,365 | ||||||||
|
|
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional Amount (USD) | Maturity | December 31, 2020 Unrealized Appreciation / Depreciation*** | ||||||||
Total Return Swap Contracts - Depreciation (continued) | ||||||||||
Taiwan – 0.07% | ||||||||||
Computers - Peripheral Equipment – 0.02% | ||||||||||
$(13,280,563) | 3/4/2024 | Innolux Display Corp | $ | 2,707,946 | ||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of Innolux Display Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 3.50%**. | ||||||||||
Electronic Components - Miscellaneous – 0.05% | ||||||||||
(14,274,420) | 3/4/2024 | AU Optronics Corp | 5,599,456 | |||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 03/01/2010 to deliver the total return of the shares of AU Optronics Corp in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 3.50%**.
| ||||||||||
|
|
| ||||||||
Total Taiwan | $ | 8,307,402 | ||||||||
|
|
| ||||||||
United Kingdom – 0.02% | ||||||||||
Commercial Banks Non-US – 0.01% | ||||||||||
(2,453,180) | 12/11/2023 | Standard Chartered PLC | 565,322 | |||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of Standard Chartered PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.30%**. | ||||||||||
Retail - Apparel / Shoes – 0.01% | ||||||||||
(4,646,914) | 12/11/2023 | Next PLC | 1,394,281 | |||||||
|
|
| ||||||||
Agreement with Morgan Stanley, dated 12/07/2012 to deliver the total return of the shares of Next PLC in exchange for an amount to be received equal to the Daily Fed Funds Effective Rate less 0.30%**.
| ||||||||||
|
|
| ||||||||
Total United Kingdom | $ | 1,959,603 | ||||||||
|
|
| ||||||||
|
|
| ||||||||
Total Return Swap Contracts - Depreciation ***** | $ | 67,060,568 | ||||||||
|
|
| ||||||||
|
|
| ||||||||
Total Swap Contracts, net | $ | 324,269,237 | ||||||||
|
|
| ||||||||
* | Per the terms of the executed swap agreement, no periodic payments are made. A single payment is made upon the maturity of the Total Return Swap Contracts. |
| ||||||||
** | The financing rate is made up of the Daily Fed Funds Effective Rate plus a variable rate. The Daily Fed Funds Effective Rate is the weighted average interest rate at which depository institutions (banks and credit unions) trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The variable rate indicated is as of December 31, 2020. |
| ||||||||
*** | The value of the Total Return Swap Contracts is the same as the unrealized appreciation/depreciation. For this reason the value has not been broken out separately. Additionally, there were no upfront payments or receipts related to any of the Total Return Swap Contracts transactions. |
| ||||||||
**** | Includes all Total Return Swap Contracts in an appreciated position. The unrealized appreciation of these contracts is included as part of Unrealized appreciation on total return swap contracts in the Statement of Assets and Liabilities. |
| ||||||||
***** | Includes all Total Return Swap Contracts in a depreciated position. The unrealized depreciation amounts of these contracts is included as part of Unrealized depreciation on total return swap contracts in the Statement of Assets and Liabilities. |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (concluded)
Swap Contracts - By Industry | December 31, 2020 Net Assets (%) | |
Applications Software | 0.11 | |
Building - Heavy Construction | 0.37 | |
Commercial Banks Non-U.S. | (0.21) | |
Commercial Services - Finance | 0.03 | |
Computers - Peripheral Equipment | (0.02) | |
Diversified Banking Institutions | 0.00 | |
Electric Products - Miscellaneous | 0.00 | |
Electric - Integrated | 0.01 | |
Electronic Components - Miscellaneous | (0.05) | |
Enterprise Software / Services | 0.01 | |
Finance - Other Services | 0.19 |
Swap Contracts - By Industry | December 31, 2020 Net Assets (%) | |
Food - Retail | 0.00 | |
Gas - Distribution | (0.01) | |
Medical - Drugs | (0.01) | |
Office Automation & Equipment | 0.04 | |
Photo Equipment & Supplies | 0.01 | |
Private Equity | 0.50 | |
Retail - Apparel / Shoes | (0.01) | |
Retail - Discount | 0.96 | |
Retail - Major Department Store | 0.06 | |
Semiconductor Equipment | (0.23) | |
Web Portals / ISP | 1.15 | |
| ||
Total Swap Contracts | 2.90% | |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS—DECEMBER 31, 2020 (Unaudited)
1. | Fair Value Measurement |
ACAP Strategic Fund (the “Fund”) follows ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) for fair value measurement. ASC Topic 820 establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
Over-the-counter financial derivative instruments, such as forward contracts and total return swaps, derive their values from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These derivative contracts, which use valuation techniques and observable inputs as described above and in further detail below and have an appropriate level of market activity, are categorized within Level 2 of the fair value hierarchy.
The Fund recognizes transfers into and out of levels indicated above at the end of the reporting period. There were no such transfers during the three months ended December 31, 2020.
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, the Schedule of Written Options and the Schedule of Swap Contracts.
The following table summarizes the fair value of assets and liabilities by the ASC 820 fair value hierarchy levels as of December 31, 2020.
Level 1 | Level 2 | Level 3 | Balance December 31, 2020 | |||||||||||||
Assets | ||||||||||||||||
Investment Securities | ||||||||||||||||
Common Stocks | $ | 12,410,996,830 | $ | - | $ | - | $ | 12,410,996,830 | ||||||||
Short-Term Securities | 427,903,580 | - | - | 427,903,580 | ||||||||||||
Purchased Options | 750,029,832 | 15,278,317 | - | 765,308,149 | ||||||||||||
Unrealized Appreciation on | ||||||||||||||||
Total Return Swap Contracts | - | 391,329,805 | - | 391,329,805 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 13,588,930,242 | $ | 406,608,122 | $ | - | $ | 13,995,538,364 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Securities Sold, Not Yet Purchased | ||||||||||||||||
Common Stocks | $ | 2,645,554,909 | $ | - | $ | - | $ | 2,645,554,909 | ||||||||
Written Options | 106,378,330 | - | - | 106,378,330 | ||||||||||||
Unrealized Depreciation on | ||||||||||||||||
Total Return Swap Contracts | - | 67,060,568 | - | 67,060,568 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | 2,751,933,239 | $ | 67,060,568 | $ | - | $ | 2,818,993,807 | ||||||||
|
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|
|
|
|
|
|
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS—DECEMBER 31, 2020 (Unaudited) (continued)
2. | Portfolio Valuation |
The value of the net assets of the Fund is determined on each business day as of the close of regular business of the New York Stock Exchange in accordance with the procedures set forth below or as may be determined from time to time pursuant to policies established by the Fund’s Board of Trustees (the “Board”).
Domestic and foreign exchange-traded equity securities (including listed warrants) traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their official closing price as reported on their primary exchange.
Domestic non-exchange traded equity securities are valued at their last reported price.
Total return swaps on equity securities are generally valued based upon the price for the reference asset, as determined in the manner specified above, as well as dividends on the reference equity security and accrued swap interest since the day of opening the position.
Fixed income, including convertible bonds, is generally valued using an evaluated bid price provided by an independent pricing agent. Evaluated bid prices provided by the pricing agent may be determined without exclusive reliance on quoted bid prices and may reflect factors such as relative credit information, observed market movements, sector news, maturity, reported trade frequencies and other market data. Money market instruments with a remaining maturity of 60 days or less may be valued at amortized cost (purchase price or last valuation, as applicable, adjusted for accretion of discount or amortization of premium) unless SilverBay Capital Management, LLC, investment adviser of the Fund (the “Adviser”) believes another valuation is more appropriate.
Options traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their last reported bid price as reported on such exchange(s). Non-exchange traded options and currency options are valued using a combination of observable inputs and models.
Forward contracts are traded on the over-the-counter market. Forward contracts are valued using observable inputs, such as currency exchange rates or commodity prices, applied to notional amounts stated in the applicable contracts.
When market quotations are not readily available, if a market quotation is “stale”, or when the valuation methods mentioned above are not reflective of the fair value of an asset or a liability, fair value will be determined in good faith based on observable and unobservable inputs relevant to the valuation of the asset under the oversight of the Board (“Fair Value Determination”).
The Adviser monitors the continuing appropriateness of the valuation methodology being used for each security and other investment.
All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars using foreign exchange rates provided by a pricing service compiled as of 4:00 p.m. London time. Trading in foreign securities generally is completed, and the values of foreign securities are determined prior to the close of securities markets in the U.S. Foreign exchange rates are also determined prior to such close. On occasion, the values of foreign securities and exchange rates may be materially affected by events occurring before the Fund calculates its net asset value but after the close of the primary markets or exchanges on which foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest-rate change), issuer-specific (e.g., earnings report, merger announcement), or U.S. market specific (e.g., a significant movement in the U.S. markets that is deemed to affect the value of foreign securities). When such an event materially affects the values of securities held by the Fund or its liabilities (including foreign securities for which there is a readily available market price), such securities and liabilities may be subject to Fair Value Determination taking into account the aforementioned factors, in good faith pursuant to procedures adopted by the Board. For the three months ended December 31, 2020, no portfolio securities or liabilities were subject to Fair Value Determination.
3. | Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks |
a. | Total Return Swaps |
The Adviser may use total return swaps to pursue the Fund’s investment objective of maximum capital appreciation. The Adviser may also use these swaps for hedging purposes. A swap is a contract under which two parties agree to make periodic payments to each other based on specified interest rates, an index or the value of some other instrument, applied to a stated notional amount. Swaps generally can be classified as interest rate swaps, currency swaps, commodity swaps, total return swaps or equity swaps, depending on the type of index or instrument used to calculate the payments. Such swaps would increase or decrease the Fund’s investment exposure to the particular interest rate, currency, commodity or equity involved.
Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return of other underlying assets or indices. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security index or market.
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS—DECEMBER 31, 2020 (Unaudited) (continued)
3. | Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks (continued) |
a. | Total Return Swaps (continued) |
Most swap agreements entered into by the Fund require the calculation of the obligations of the parties to the agreements on a “net basis.” Consequently, current obligations (or rights) under a swap agreement generally will be equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). The Fund’s current obligations under a swap agreement will be accrued daily (offset against amounts owed to the Fund), and any accrued but unpaid net amounts owed to a swap counterparty will be covered in accordance with applicable regulatory requirements. Obligations under swap agreements so covered will not be construed to be “senior securities” for purposes of the Fund’s investment restriction concerning senior securities.
The Fund is subject to the market risk associated with changes in the value of the underlying investment or instrument, as well as exposure to credit risk associated with counterparty non-performance on swap contracts. The risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to a swap defaults, the Fund’s risk of loss generally consists of the net amount of payments that the Fund contractually is entitled to receive and/or the termination value at the end of the contract, which may be different than the amounts recorded on the Statement of Assets and Liabilities. Total return swaps are non-income producing instruments.
The Fund’s total return swap contract counterparty is Morgan Stanley & Co., Inc.
At December 31, 2020, the net amount of the fair value of the above-mentioned investments was $324,269,237.
b. | Call and Put Options on Individual Securities |
The Fund may purchase call and put options in respect of specific securities, and may write and sell covered or uncovered call and put options for hedging purposes and non-hedging purposes to pursue its investment objective. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price at any time prior to the expiration of the option. Similarly, a call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price at any time prior to the expiration of the option. A covered call option written by the Fund is a call option with respect to which the Fund owns the underlying security. A covered put option written by the Fund is a put option with respect to which cash or liquid securities have been placed in a segregated account on the Fund’s books or with the Fund’s custodian to fulfill the obligation undertaken.
The Fund may close out a position when writing options by purchasing an option on the same security with the same exercise price and expiration date as the option that it has previously written on the security. The Fund will realize a profit or loss if the amount paid to purchase an option is less or more, as the case may be, than the amount received from the sale thereof. To close out a position as a purchaser of an option, the Fund would ordinarily make a similar “closing sale transaction,” which involves liquidating the Fund’s position by selling the option previously purchased, although the Fund would be entitled to exercise the option should it deem it advantageous to do so. The Fund may also invest in so-called “synthetic” options or other derivative instruments written by broker-dealers.
Options transactions may be effected on securities exchanges or in the over-the-counter market. Over-the-counter options purchased and sold by the Fund may also include options on baskets of specific securities. The use of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The Fund may buy and sell call and put options, including options on currencies. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund’s losses are potentially unlimited. Options may be traded over-the-counter or on a securities exchange. These transactions involve risks consisting of counterparty credit risk and leverage risk.
At December 31, 2020, the fair value of the above-mentioned investments was $643,651,502.
c. | Foreign Currency Transactions |
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.
The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held.
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS—DECEMBER 31, 2020 (Unaudited) (continued)
3. | Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks (continued) |
c. | Foreign Currency Transactions (continued) |
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.
The Fund may enter into forward contracts for hedging and non-hedging purposes to pursue its investment objective. These contracts represent obligations to purchase or to sell a specified amount of currency at a future date and at a specified price agreed to by the parties at the time they enter into the contracts and allow the Fund to “lock in” the US dollar prices of securities. However, there may be an imperfect correlation between the securities being purchased or sold and the forward contracts entered into, and there is a risk that a counterparty will be unable or unwilling to fulfill its obligations under the forward contract.
At December 31, 2020, the Fund held no positions of the above-mentioned investments.
The Fund may also seek to hedge against the decline in the value of a currency or, to the extent applicable, to enhance returns, through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may engage in transactions in options on currencies either on exchanges or over-the-counter markets. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk.
At December 31, 2020, the fair value of the currency options was $15,278,317.
4. | Federal Income Tax Information |
During the year ended September 30, 2020, 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, 2020, the Fund had no capital loss carryovers available to offset possible future capital gains. Under federal tax law, capital loss realized after October 31, 2019 and certain ordinary losses realized after December 31, 2019 may be deferred and treated as having arisen on the first day of the following fiscal year. For the year ended September 30, 2020, the Fund incurred and elected to defer qualified late-year ordinary loss of $660,953,593.
As of September 30, 2020, the components of accumulated earnings (deficit) on a tax basis were as follows:
| Undistributed ordinary income: | $ | — | |||||||
Undistributed long-term capital gains: | 431,161,723 | |||||||||
Accumulated realized capital and other losses: | (660,953,593) | |||||||||
Net unrealized appreciation/depreciation: | 4,107,025,350 | |||||||||
|
| |||||||||
Total | $ | 3,877,233,480 | ||||||||
|
|
As of December 31, 2020, the estimated aggregate unrealized appreciation and the aggregate cost of investment securities for tax purposes, including securities sold, not yet purchased, options, forward contracts and swap contracts were as follows:
| Excess of value over tax cost (gross appreciation) | $ | 5,504,939,887 | |||||||
Excess of tax cost over value (gross depreciation) | (168,711,247) | |||||||||
|
| |||||||||
Net unrealized appreciation | $ | 5,336,228,640 | ||||||||
|
|
5. | Subsequent Events |
The Fund has determined that no material events or transactions occurred subsequent to December 31, 2020 that would require recognition or disclosure in the Fund’s “Schedule of Investments.”