ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited)
Shares | June 30, 2024 Fair Value | |||||||
| Investments in Securities – 110.46% | ||||||||
| Common Stocks – 107.23% | ||||||||
| Brazil – 0.26% | ||||||||
Finance – Investment Banker / Broker – 0.39% | ||||||||
| 1,288,020 | XP Inc, Class A (a) | $ | 22,656,272 | |||||
|
|
| ||||||
| Total Brazil (cost $32,737,363) | $ | 22,656,272 | ||||||
|
|
| ||||||
| China – 4.78% | ||||||||
Auto – Cars / Light Trucks – 0.85% | ||||||||
| 2,511,000 | BYD Co Ltd, Class H | 74,615,365 | ||||||
|
|
| ||||||
B2B / E-Commerce – 1.06% | ||||||||
| 11,475,127 | Full Truck Alliance Co Ltd ADR | 92,260,021 | ||||||
|
|
| ||||||
Enterprise Software / Services – 0.05% | ||||||||
| 16,262,903 | Ming Yuan Cloud Group Holdings Ltd | 4,228,513 | ||||||
|
|
| ||||||
Entertainment Software – 0.42% | ||||||||
| 380,378 | NetEase Inc ADR | 36,356,529 | ||||||
|
|
| ||||||
Real Estate Management / Services – 0.90% | ||||||||
| 5,563,890 | KE Holdings Inc ADR | 78,729,044 | ||||||
|
|
| ||||||
Schools – 0.67% | ||||||||
| 754,856 | New Oriental Education & Technology Group Inc ADR * | 58,674,957 | ||||||
|
|
| ||||||
Web Portals / ISP – 0.83% | ||||||||
| 842,379 | Baidu Inc ADR * (a) | 72,848,936 | ||||||
|
|
| ||||||
| Total China (cost $433,772,233) | $ | 417,713,365 | ||||||
|
|
| ||||||
| France – 7.05% | ||||||||
Aerospace / Defense – Equipment – 7.05% | ||||||||
| 1,588,376 | Airbus SE | 218,342,382 | ||||||
| 1,880,204 | Safran SA | 397,782,445 | ||||||
|
|
| ||||||
| Total France (cost $402,409,313) | $ | 616,124,827 | ||||||
|
|
| ||||||
| Germany – 3.14% | ||||||||
Aerospace / Defense – 1.07% | ||||||||
| 365,494 | MTU Aero Engines AG | 93,542,305 | ||||||
|
|
| ||||||
Athletic Footwear – 1.05% | ||||||||
| 384,275 | adidas AG | 91,841,821 | ||||||
|
|
| ||||||
Machinery – Electric Utility – 1.02% | ||||||||
| 3,431,307 | Siemens Energy AG * | 89,400,105 | ||||||
|
|
| ||||||
| Total Germany (cost $249,781,232) | $ | 274,784,231 | ||||||
|
|
| ||||||
| Hong Kong – 3.22% | ||||||||
Casino Hotels – 0.70% | ||||||||
| 13,151,000 | Galaxy Entertainment Group Ltd | 61,313,164 | ||||||
|
|
| ||||||
E-Commerce / Products – 0.96% | ||||||||
| 3,234,867 | JD.com Inc ADR (a) | 83,588,963 | ||||||
|
|
| ||||||
E-Commerce / Services – 1.56% | ||||||||
| 9,600,900 | Meituan, Class B * | 136,621,665 | ||||||
|
|
| ||||||
| Total Hong Kong (cost $278,278,983) | $ | 281,523,792 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| Japan – 4.11% | ||||||||
Audio / Video Products – 2.66% | ||||||||
| 2,736,300 | Sony Group Corp | $ | 232,022,454 | |||||
|
|
| ||||||
Machinery - Electric Utility – 1.07% | ||||||||
| 4,184,300 | Hitachi Ltd | 93,669,429 | ||||||
|
|
| ||||||
Web Portals / ISP – 0.38% | ||||||||
| 13,704,345 | LY Corp | 33,132,039 | ||||||
|
|
| ||||||
| Total Japan (cost $283,269,104) | $ | 358,823,922 | ||||||
|
|
| ||||||
| Netherlands – 3.76% | ||||||||
Medical - Biomedical / Genetics – 0.73% | ||||||||
| 147,042 | Argenx SE ADR * | 63,233,942 | ||||||
|
|
| ||||||
Semiconductor Equipment – 3.03% | ||||||||
| 259,189 | ASML Holding NV (a) | 265,080,366 | ||||||
|
|
| ||||||
| Total Netherlands (cost $226,246,447) | $ | 328,314,308 | ||||||
|
|
| ||||||
| Taiwan – 7.59% | ||||||||
Semiconductor Components - Integrated Circuits – 7.59% | ||||||||
| 3,814,529 | Taiwan Semiconductor Manufacturing Co Ltd ADR (a) | 663,003,285 | ||||||
|
|
| ||||||
| Total Taiwan (cost $368,823,419) | $ | 663,003,285 | ||||||
|
|
| ||||||
| United States – 71.30% | ||||||||
Aerospace / Defense – 1.35% | ||||||||
| 92,481 | TransDigm Group Inc (a) | 118,154,650 | ||||||
|
|
| ||||||
Aerospace / Defense - Equipment – 0.36% | ||||||||
| 146,897 | General Electric Co | 23,352,216 | ||||||
| 154,662 | Loar Holdings Inc * | 8,260,497 | ||||||
|
|
| ||||||
| 31,612,713 | ||||||||
|
|
| ||||||
Applications Software – 5.13% | ||||||||
| 672,479 | Elastic NV * | 76,602,083 | ||||||
| 790,466 | Microsoft Corp (a) | 353,298,779 | ||||||
| 408,183 | Smartsheet Inc, Class A * | 17,992,707 | ||||||
|
|
| ||||||
| 447,893,569 | ||||||||
|
|
| ||||||
Building Products - Cement / Aggregate – 2.75% | ||||||||
| 256,478 | Martin Marietta Materials Inc (a) | 138,959,780 | ||||||
| 405,458 | Vulcan Materials Co (a) | 100,829,295 | ||||||
|
|
| ||||||
| 239,789,075 | ||||||||
|
|
| ||||||
Coatings / Paint – 0.51% | ||||||||
| 149,809 | Sherwin-Williams Co (a) | 44,707,500 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| United States (continued) | ||||||||
Commercial Services – 0.81% | ||||||||
| 29,845 | Cintas Corp (a) | $ | 20,899,260 | |||||
| 196,054 | Quanta Services Inc | 49,815,361 | ||||||
|
|
| ||||||
| 70,714,621 | ||||||||
|
|
| ||||||
Commercial Services - Finance – 1.16% | ||||||||
| 766,901 | Block Inc * (a) | 49,457,445 | ||||||
| 2,757,644 | Marqeta Inc, Class A * | 15,111,889 | ||||||
| 82,861 | S&P Global Inc (a) | 36,956,006 | ||||||
|
|
| ||||||
| 101,525,340 | ||||||||
|
|
| ||||||
Communications Software – 0.24% | ||||||||
| 748,501 | RingCentral Inc, Class A * | 21,107,728 | ||||||
Computer Aided Design – 4.70% | ||||||||
| 744,002 | Cadence Design Systems Inc * | 228,966,616 | ||||||
| 305,348 | Synopsys Inc * | 181,700,381 | ||||||
|
|
| ||||||
| 410,666,997 | ||||||||
|
|
| ||||||
Computers – 1.31% | ||||||||
| 832,824 | Dell Technologies Inc, Class C (a) | 114,854,758 | ||||||
|
|
| ||||||
E-Commerce / Products – 7.33% | ||||||||
| 3,312,038 | Amazon.com Inc * (a) | 640,051,344 | ||||||
|
|
| ||||||
E-Commerce / Services – 2.40% | ||||||||
| 507,096 | Expedia Group Inc * | 63,889,025 | ||||||
| 2,009,653 | Uber Technologies Inc * | 146,061,580 | ||||||
|
|
| ||||||
| 209,950,605 | ||||||||
|
|
| ||||||
Electric - Generation – 2.76% | ||||||||
| 1,204,533 | Constellation Energy Corp | 241,231,824 | ||||||
|
|
| ||||||
Electronic Components - Semiconductors – 2.86% | ||||||||
| 1,095,896 | Analog Devices Inc (a) | 250,149,221 | ||||||
|
|
| ||||||
Electronic Connectors – 0.79% | ||||||||
| 1,019,485 | Amphenol Corp, Class A | 68,682,704 | ||||||
|
|
| ||||||
Enterprise Software / Services – 0.74% | ||||||||
| 1,034,084 | SS&C Technologies Holdings Inc | 64,806,044 | ||||||
|
|
| ||||||
Finance - Credit Card – 4.00% | ||||||||
| 372,670 | Mastercard Inc, Class A (a) | 164,407,097 | ||||||
| 704,669 | Visa Inc, Class A (a) | 184,954,472 | ||||||
|
|
| ||||||
| 349,361,569 | ||||||||
|
|
| ||||||
Finance - Other Services – 1.35% | ||||||||
| 861,654 | Intercontinental Exchange Inc | 117,951,816 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| United States (continued) | ||||||||
Independent Power Producer – 2.13% | ||||||||
| 2,163,955 | Vistra Corp | $ | 186,056,851 | |||||
|
|
| ||||||
Internet Content - Entertainment – 8.75% | ||||||||
| 1,515,823 | Meta Platforms Inc, Class A (a) | 764,308,273 | ||||||
|
|
| ||||||
Machinery - Electric Utility – 0.19% | ||||||||
| 98,027 | GE Vernova Inc * | 16,812,611 | ||||||
|
|
| ||||||
Medical - Biomedical / Genetics – 2.73% | ||||||||
| 1,586,819 | Akero Therapeutics Inc * (a) | 37,226,774 | ||||||
| 3,463,712 | BioCryst Pharmaceuticals Inc * | 21,405,740 | ||||||
| 437,689 | Blueprint Medicines Corp * (a) | 47,174,120 | ||||||
| 1,127,315 | Cabaletta Bio Inc * | 8,432,316 | ||||||
| 784,099 | Keros Therapeutics Inc * (a) | 35,833,324 | ||||||
| 273,910 | Sarepta Therapeutics Inc * (a) | 43,277,780 | ||||||
| 1,092,706 | Ultragenyx Pharmaceutical Inc * (a) | 44,910,217 | ||||||
|
|
| ||||||
| 238,260,271 | ||||||||
|
|
| ||||||
Medical - Drugs – 0.40% | ||||||||
| 1,864,510 | ORIC Pharmaceuticals Inc * | 13,182,086 | ||||||
| 1,147,095 | PMV Pharmaceuticals Inc * | 1,858,294 | ||||||
| 490,138 | Rhythm Pharmaceuticals Inc * | 20,125,066 | ||||||
|
|
| ||||||
| 35,165,446 | ||||||||
|
|
| ||||||
REITS - Diversified – 2.21% | ||||||||
| 209,129 | American Tower Corp (a) | 40,650,495 | ||||||
| 201,601 | Equinix Inc | 152,531,317 | ||||||
|
|
| ||||||
| 193,181,812 | ||||||||
|
|
| ||||||
Retail - Apparel / Shoes – 1.31% | ||||||||
| 787,826 | Ross Stores Inc (a) | 114,486,874 | ||||||
|
|
| ||||||
Retail - Building Products – 0.55% | ||||||||
| 219,698 | Lowe’s Cos Inc | 48,434,621 | ||||||
|
|
| ||||||
Retail - Major Department Store – 2.87% | ||||||||
| 2,279,338 | TJX Companies Inc (a) | 250,955,114 | ||||||
|
|
| ||||||
Retail - Restaurants – 1.35% | ||||||||
| 1,405,450 | Chipotle Mexican Grill Inc * (a) | 88,051,443 | ||||||
| 227,694 | Yum! Brands Inc | 30,160,347 | ||||||
|
|
| ||||||
| 118,211,790 | ||||||||
|
|
| ||||||
Semiconductor Equipment – 8.26% | ||||||||
| 490,137 | Applied Materials Inc | 115,667,431 | ||||||
| 411,193 | KLA Corp | 339,032,740 | ||||||
| 176,166 | Lam Research Corp (a) | 187,590,365 | ||||||
| 534,445 | Teradyne Inc (a) | 79,252,849 | ||||||
|
|
| ||||||
| 721,543,385 | ||||||||
|
|
| ||||||
| Total United States (cost $3,361,485,758) | $ | 6,230,629,126 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| Uruguay – 2.02% | ||||||||
Commercial Services - Finance – 0.17% | ||||||||
| 1,812,344 | Dlocal Ltd * | $ | 14,661,863 | |||||
|
|
| ||||||
E-Commerce / Services – 1.85% | ||||||||
| 98,592 | MercadoLibre Inc * | 162,026,094 | ||||||
|
|
| ||||||
| Total Uruguay (cost $77,248,724) | $ | 176,687,957 | ||||||
|
|
| ||||||
| Total Common Stock (cost $5,714,052,576) | $ | 9,370,261,085 | ||||||
|
|
| ||||||
| Short-Term Securities – 3.22% | ||||||||
| United States – 3.22% | ||||||||
| 281,647,916 | Dreyfus Treasury Obligations Cash Management, Institutional Shares, 5.18% (a) (b) | $ | 281,647,916 | |||||
|
|
| ||||||
| Total United States (cost $281,647,916) | $ | 281,647,916 | ||||||
|
|
| ||||||
| Total Short-Term Securities (cost $281,647,916) | $ | 281,647,916 | ||||||
|
|
| ||||||
| Total Investments in Securities (cost $5,995,700,492) - 110.46% | $ | 9,651,909,001 | ||||||
|
|
| ||||||
| Other Liabilities in Excess of Assets - (10.46%) | (913,832,004 | ) | ||||||
|
|
| ||||||
| Net Assets - 100.00% | $ | 8,738,076,997 | ||||||
|
|
| ||||||
| (a) | Partially or wholly held in a pledged account at the Custodian as collateral for securities sold, not yet purchased. |
| ||||||
| (b) | Money market fund; interest rate reflects seven-day effective yield on June 30, 2024. $281,168,597 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 | June 30, 2024 Percentage of Net Assets (%) | |
Aerospace / Defense | 2.42 | |
Aerospace / Defense - Equipment | 7.41 | |
Applications Software | 5.13 | |
Athletic Footwear | 1.05 | |
Audio / Video Products | 2.66 | |
Auto - Cars / Light Trucks | 0.85 | |
B2B / E-Commerce | 1.06 | |
Building Products - Cement / Aggregate | 2.75 | |
Casino Hotels | 0.70 | |
Coatings / Paint | 0.51 | |
Commercial Services - Finance | 0.81 | |
Commercial Services | 1.33 | |
Communications Software | 0.24 | |
Computer Aided Design | 4.70 | |
Computers | 1.31 | |
E-Commerce / Products | 8.29 | |
E-Commerce / Services | 5.81 | |
Electric - Generation | 2.76 | |
Electronic Components - Semiconductors | 2.86 | |
Electronic Connectors | 0.79 | |
Enterprise Software / Services | 0.79 |
Investments in Securities -By Industry | June 30, 2024 Net Assets (%) | |
Entertainment Software | 0.42 | |
Finance - Credit Card | 4.00 | |
Finance - Investment Banker / Broker | 0.26 | |
Finance - Other Services | 1.35 | |
Independent Power Producer | 2.13 | |
Internet Content - Entertainment | 8.75 | |
Machinery - Electric Utility | 2.29 | |
Medical - Biomedical / Genetics | 3.46 | |
Medical - Drugs | 0.40 | |
Real Estate Management / Services | 0.90 | |
REITS - Diversified | 2.21 | |
Retail - Apparel / Shoes | 1.31 | |
Retail - Building Products | 0.55 | |
Retail - Major Department Store | 2.87 | |
Retail - Restaurants | 1.35 | |
Schools | 0.67 | |
Semiconductor Components - Integrated Circuits | 7.59 | |
Semiconductor Equipment | 11.29 | |
Short-Term Securities | 3.22 | |
Web Portals / ISP | 1.21 | |
| ||
Total Investments in Securities | 110.46% | |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited)
Notional Amount (USD) | Contracts | June 30, 2024 Fair Value | ||||||||||
Purchased Options – 9.91% | ||||||||||||
Equity Options – 9.70% | ||||||||||||
Equity Call Options – 7.90% | ||||||||||||
Taiwan – 0.58% | ||||||||||||
Semiconductor Components - Integrated Circuits – 0.58% | ||||||||||||
| $ 514,635,000 | 31,190 | Taiwan Semiconductor Manufacturing Co Ltd ADR, 8/16/2024, $165.00 | $ | 50,683,750 | ||||||||
|
|
| ||||||||||
Total Taiwan (cost $75,418,257) | $ | 50,683,750 | ||||||||||
|
|
| ||||||||||
United States – 7.32% | ||||||||||||
Applications Software – 0.93% | ||||||||||||
| 1,380,192,000 | 31,368 | Microsoft Corp, 8/16/2024, $440.00 | 61,794,960 | |||||||||
| 136,570,000 | 1,951 | ServiceNow Inc, 8/16/2024, $700.00 | 19,041,760 | |||||||||
|
|
| ||||||||||
| 80,836,720 | ||||||||||||
|
|
| ||||||||||
Auto - Cars / Light Trucks – 0.54% | ||||||||||||
| 386,428,000 | 20,888 | Tesla Inc, 8/16/2024, $185.00 | 47,415,760 | |||||||||
|
|
| ||||||||||
Casino Hotels – 0.26% | ||||||||||||
| 84,993,000 | 20,730 | Las Vegas Sands Corp, 9/20/2024, $41.00 | 9,535,800 | |||||||||
| 116,721,000 | 14,148 | Wynn Resorts Ltd, 9/20/2024, $82.50 | 13,369,860 | |||||||||
|
|
| ||||||||||
| 22,905,660 | ||||||||||||
|
|
| ||||||||||
E-Commerce / Products – 1.05% | ||||||||||||
| 1,160,843,000 | 61,097 | Amazon.com Inc, 9/20/2024, $190.00 | 91,645,500 | |||||||||
|
|
| ||||||||||
E-Commerce / Services – 0.46% | ||||||||||||
| 250,800,000 | 660 | Booking Holdings Inc, 9/20/2024, $3,800.00 | 19,800,000 | |||||||||
| 121,930,000 | 12,193 | DoorDash Inc, Class A, 11/15/2024, $100.00 | 20,606,170 | |||||||||
|
|
| ||||||||||
| 40,406,170 | ||||||||||||
|
|
| ||||||||||
Electronic Components - Semiconductors – 2.81% | ||||||||||||
| 1,080,754,500 | 102,929 | NVIDIA Corp, 9/20/2024, $105.00 | 245,485,665 | |||||||||
|
|
| ||||||||||
Hotels & Motels – 0.41% | ||||||||||||
| 151,052,500 | 8,165 | Hilton Worldwide Holdings Inc, 10/18/2024, $185.00 | 29,067,400 | |||||||||
| 134,784,000 | 5,616 | Marriott International Inc, Class A, 9/20/2024, $240.00 | 6,739,200 | |||||||||
|
|
| ||||||||||
| 35,806,600 | ||||||||||||
|
|
| ||||||||||
Internet Content - Entertainment – 0.86% | ||||||||||||
| 528,891,000 | 11,253 | Meta Platforms Inc, Class A, 8/16/2024, $470.00 | 57,165,240 | |||||||||
| 112,140,000 | 1,869 | Netflix Inc, 9/20/2024, $600.00 | 17,746,155 | |||||||||
|
|
| ||||||||||
| 74,911,395 | ||||||||||||
|
|
| ||||||||||
Total United States (cost $607,244,823) | $ | 639,413,470 | ||||||||||
|
|
| ||||||||||
Total Equity Call Options (cost $682,663,080) | $ | 690,097,220 | ||||||||||
|
|
| ||||||||||
Equity Put Options – 1.80% | ||||||||||||
United States – 1.80% | ||||||||||||
Growth & Income - Large Cap – 0.31% | ||||||||||||
| 2,596,976,000 | 56,456 | SPDR S&P 500 ETF Trust, 12/20/2024, $460.00 | 18,235,288 | |||||||||
| 1,114,511,000 | 23,713 | SPDR S&P 500 ETF Trust, 12/20/2024, $470.00 | 8,987,227 | |||||||||
|
|
| ||||||||||
| 27,222,515 | ||||||||||||
|
|
| ||||||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited) (continued)
Notional Amount (USD) | Contracts | June 30, 2024 Fair Value | ||||||||||||
Equity Put Options (continued) | ||||||||||||||
United States (continued) | ||||||||||||||
| Sector Fund - Technology – 1.45% | ||||||||||||||
| $ 3,797,278,332 | 89,394 | Invesco QQQ Trust Series 1, 12/20/2024, $424.78 | $ | 57,837,918 | ||||||||||
|
|
| ||||||||||||
| 3,440,052,000 | 78,183 | Invesco QQQ Trust Series 1, 12/20/2024, $440.00 | 69,270,138 | |||||||||||
|
|
| ||||||||||||
| 127,108,056 | ||||||||||||||
|
|
| ||||||||||||
Semiconductor Equipment – 0.04% | ||||||||||||||
| 55,080,000 | 3,672 | Teradyne Inc, 8/16/2024, $150.00 | 3,304,800 | |||||||||||
|
|
| ||||||||||||
Total United States (cost $248,264,027) | $ | 157,635,371 | ||||||||||||
|
|
| ||||||||||||
Total Equity Put Options (cost $248,264,027) | $ | 157,635,371 | ||||||||||||
|
|
| ||||||||||||
Total Equity Options (cost $930,927,107) | $ | 847,732,591 | ||||||||||||
|
|
| ||||||||||||
Currency Put Options – 0.21% | ||||||||||||||
United States – 0.21% | ||||||||||||||
Currency – 0.21% | Counterparty | |||||||||||||
| 271,319,753 | 271,319,753 | USD / BRL, 12/20/2024, $5.40 | Merrill Lynch Professional Clearing Corp | 16,715,821 | ||||||||||
| 645,376,225 | 645,376,225 | USD / CNH, 12/20/2024, $7.60 | Merrill Lynch Professional Clearing Corp | 1,234,477 | ||||||||||
|
|
| ||||||||||||
Total United States (cost $8,602,910) | $ | 17,950,298 | ||||||||||||
|
|
| ||||||||||||
Total Currency Put Options (cost $8,602,910) | $ | 17,950,298 | ||||||||||||
|
|
| ||||||||||||
Total Purchased Options (cost $939,530,017) | $ | 865,682,889 | ||||||||||||
|
|
| ||||||||||||
| ADR | American Depositary Receipt | |
| BRL | Brazilian Real | |
| CNH | Chinese Renminbi Yuan | |
| ETF | Exchange Traded Fund | |
| SPDR | Standard & Poor’s Depositary Receipts | |
| USD | United States Dollar |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF PURCHASED OPTIONS (Unaudited) (concluded)
Purchased Options - By Industry | June 30, 2024 Percentage of Net Assets (%) | |
Applications Software | 0.93 | |
Auto - Cars / Light Trucks | 0.54 | |
Casino Hotels | 0.26 | |
Currency | 0.21 | |
E-Commerce / Products | 1.05 | |
E-Commerce / Services | 0.46 | |
Electronic Components - Semiconductors | 2.81 |
Purchased Options - By Industry | June 30, 2024 Percentage of Net Assets (%) | |
Growth & Income - Large Cap | 0.31 | |
Hotels & Motels | 0.41 | |
Internet Content - Entertainment | 0.86 | |
Sector Fund - Technology | 1.45 | |
Semiconductor Components - Integrated Circuits | 0.58 | |
Semiconductor Equipment | 0.04 | |
| ||
Total Purchased Options | 9.91% | |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited)
Shares | June 30, 2024 Fair Value | |||||||
| Securities Sold, Not Yet Purchased – 49.34% | ||||||||
| Common Stocks – 49.34% | ||||||||
| Canada – 0.35% | ||||||||
Medical - Drugs – 0.00% | ||||||||
| 15,956 | Canopy Growth Corp | $ | 102,916 | |||||
|
|
| ||||||
Private Equity – 0.35% | ||||||||
| 738,966 | Brookfield Corp | 30,696,648 | ||||||
|
|
| ||||||
| Total Canada (proceeds $32,927,220) | $ | 30,799,564 | ||||||
|
|
| ||||||
| China – 1.73% | ||||||||
Auto - Cars / Light Trucks – 0.36% | ||||||||
| 3,233,973 | NIO Inc ADR | 13,453,328 | ||||||
| 2,450,687 | XPeng Inc ADR | 17,963,536 | ||||||
|
|
| ||||||
| 31,416,864 | ||||||||
|
|
| ||||||
Internet Content - Information / Networks – 1.11% | ||||||||
| 8,577,400 | Kuaishou Technology | 50,701,515 | ||||||
| 965,300 | Tencent Holdings Ltd | 46,043,205 | ||||||
|
|
| ||||||
| 96,744,720 | ||||||||
|
|
| ||||||
Metal Processors & Fabrication – 0.00% | ||||||||
| 2,507,041 | China Zhongwang Holdings Ltd | 539,466 | ||||||
|
|
| ||||||
Retail - Drug Store – 0.02% | ||||||||
| 1,088,000 | Ping An Healthcare and Technology Co Ltd | 1,594,221 | ||||||
|
|
| ||||||
Wireless Equipment – 0.24% | ||||||||
| 9,926,800 | Xiaomi Corp, Class B | 20,953,668 | ||||||
|
|
| ||||||
| Total China (proceeds $185,270,593) | $ | 151,248,939 | ||||||
|
|
| ||||||
| France – 0.73% | ||||||||
Computer Services – 0.34% | ||||||||
| 149,490 | Capgemini SE | 29,752,094 | ||||||
|
|
| ||||||
REITS - Regional Malls – 0.09% | ||||||||
| 298,887 | Klepierre SA | 8,001,897 | ||||||
|
|
| ||||||
REITS - Shopping Centers – 0.30% | ||||||||
| 334,133 | Unibail-Rodamco-Westfield | 26,328,030 | ||||||
|
|
| ||||||
| Total France (proceeds $49,928,259) | $ | 64,082,021 | ||||||
|
|
| ||||||
| Germany – 0.31% | ||||||||
Electronic Components - Semiconductors – 0.31% | ||||||||
| 734,486 | Infineon Technologies AG | 27,004,394 | ||||||
|
|
| ||||||
| Total Germany (proceeds $27,428,585) | $ | 27,004,394 | ||||||
|
|
| ||||||
| Hong Kong – 0.51% | ||||||||
Airlines – 0.38% | ||||||||
| 2,940,823 | American Airlines Group Inc | 33,319,525 | ||||||
|
|
| ||||||
Electric - Integrated – 0.13% | ||||||||
| 2,054,300 | Power Assets Holdings Ltd | 11,116,912 | ||||||
|
|
| ||||||
| Total Hong Kong (proceeds $47,674,715) | $ | 44,436,437 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| Ireland – 1.06% | ||||||||
Computer Services – 1.06% | ||||||||
| 305,415 | Accenture PLC, Class A | $ | 92,665,965 | |||||
|
|
| ||||||
| Total Ireland (proceeds $102,044,850) | $ | 92,665,965 | ||||||
|
|
| ||||||
| Israel – 0.17% | ||||||||
Auto / Truck Parts & Equipment - Original – 0.17% | ||||||||
| 536,539 | Mobileye Global Inc, Class A | 15,068,698 | ||||||
|
|
| ||||||
| Total Israel (proceeds $17,851,165) | $ | 15,068,698 | ||||||
|
|
| ||||||
| Japan – 0.29% | ||||||||
Auto - Cars / Light Trucks – 0.29% | ||||||||
| 1,240,900 | Toyota Motor Corp | 25,379,591 | ||||||
|
|
| ||||||
| Total Japan (proceeds $20,307,941) | $ | 25,379,591 | ||||||
|
|
| ||||||
| Switzerland – 0.89% | ||||||||
Computers - Peripheral Equipment – 0.25% | ||||||||
| 220,561 | Logitech International SA | 21,367,950 | ||||||
|
|
| ||||||
Electronic Components - Semiconductors – 0.34% | ||||||||
| 759,357 | STMicroelectronics NV | 29,827,543 | ||||||
|
|
| ||||||
Medical - Drugs – 0.30% | ||||||||
| 247,120 | Novartis AG ADR | 26,308,395 | ||||||
|
|
| ||||||
| Total Switzerland (proceeds $72,313,275) | $ | 77,503,888 | ||||||
|
|
| ||||||
| Taiwan – 0.15% | ||||||||
Semiconductor Components - Integrated Circuits – 0.15% | ||||||||
| 1,473,501 | United Microelectronics Corp ADR | 12,907,869 | ||||||
|
|
| ||||||
| Total Taiwan (proceeds $15,066,838) | $ | 12,907,869 | ||||||
|
|
| ||||||
| Thailand – 0.24% | ||||||||
Diversified Manufacturers Operations – 0.24% | ||||||||
| 85,775 | Fabrinet | 20,996,862 | ||||||
|
|
| ||||||
| Total Thailand (proceeds $20,634,853) | $ | 20,996,862 | ||||||
|
|
| ||||||
| United States – 42.91% | ||||||||
Advertising Agencies – 0.44% | ||||||||
| 433,103 | Omnicom Group Inc | 38,849,339 | ||||||
|
|
| ||||||
Advertising Services – 0.31% | ||||||||
| 921,037 | Interpublic Group of Cos Inc | 26,792,966 | ||||||
|
|
| ||||||
Aerospace / Defense – 0.62% | ||||||||
| 296,130 | Boeing Co | 53,898,621 | ||||||
|
|
| ||||||
Apparel Manufacturers – 0.07% | ||||||||
| 1,331,335 | Hanesbrands Inc | 6,563,482 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| United States (continued) | ||||||||
Applications Software – 0.13% | ||||||||
| 831,847 | Asana Inc, Class A | $ | 11,637,540 | |||||
|
|
| ||||||
Auto - Cars / Light Trucks – 5.74% | ||||||||
| 4,330,423 | Ford Motor Co | 54,303,504 | ||||||
| 2,260,624 | Tesla Inc | 447,332,277 | ||||||
|
|
| ||||||
| 501,635,781 | ||||||||
|
|
| ||||||
Broadcasting Services / Programming – 0.12% | ||||||||
| 1,364,078 | Warner Bros Discovery Inc | 10,148,740 | ||||||
|
|
| ||||||
Cable / Satellite TV – 0.88% | ||||||||
| 256,119 | Charter Communications Inc, Class A | 76,569,336 | ||||||
|
|
| ||||||
Cellular Telecommunications – 1.76% | ||||||||
| 874,933 | T-Mobile US Inc | 154,145,696 | ||||||
|
|
| ||||||
Commercial Banks Non-US – 0.31% | ||||||||
| 374,432 | East West Bancorp Inc | 27,419,655 | ||||||
|
|
| ||||||
Commercial Banks - Eastern US – 0.17% | ||||||||
| 2,123,866 | Valley National Bancorp | 14,824,585 | ||||||
|
|
| ||||||
Commercial Banks - Western US – 0.30% | ||||||||
| 374,061 | Cathay General Bancorp | 14,109,581 | ||||||
| 717,599 | CVB Financial Corp | 12,371,407 | ||||||
|
|
| ||||||
| 26,480,988 | ||||||||
|
|
| ||||||
Commercial Services - Finance – 0.88% | ||||||||
| 176,450 | Global Payments Inc | 17,062,715 | ||||||
| 577,807 | H&R Block Inc | 31,334,474 | ||||||
| 487,501 | PayPal Holdings Inc | 28,289,683 | ||||||
|
|
| ||||||
| 76,686,872 | ||||||||
|
|
| ||||||
Computers – 0.59% | ||||||||
| 244,334 | Apple Inc | 51,461,627 | ||||||
|
|
| ||||||
Computer Data Security – 1.34% | ||||||||
| 539,562 | Fortinet Inc | 32,519,402 | ||||||
| 316,095 | Qualys Inc | 45,075,147 | ||||||
| 300,144 | Rapid7 Inc | 12,975,225 | ||||||
| 225,921 | Tenable Holdings Inc | 9,845,637 | ||||||
| 85,776 | Zscaler Inc | 16,485,289 | ||||||
|
|
| ||||||
| 116,900,700 | ||||||||
|
|
| ||||||
Computer Services – 1.00% | ||||||||
| 1,078,303 | Cognizant Technology Solutions Corp, Class A | 73,324,604 | ||||||
| 73,473 | EPAM Systems Inc | 13,821,006 | ||||||
|
|
| ||||||
| 87,145,610 | ||||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| United States (continued) | ||||||||
Computer Software – 0.52% | ||||||||
| 805,299 | C3.ai Inc, Class A | $ | 23,321,459 | |||||
| 573,560 | Dropbox Inc, Class A | 12,887,893 | ||||||
| 273,220 | Teradata Corp | 9,442,483 | ||||||
|
|
| ||||||
| 45,651,835 | ||||||||
|
|
| ||||||
Consulting Services – 0.55% | ||||||||
| 176,942 | Verisk Analytics Inc | 47,694,716 | ||||||
|
|
| ||||||
Consumer Products - Miscellaneous – 0.40% | ||||||||
| 257,062 | Kimberly-Clark Corp | 35,525,968 | ||||||
|
|
| ||||||
Cruise Lines – 0.37% | ||||||||
| 1,715,480 | Carnival Corp | 32,113,786 | ||||||
|
|
| ||||||
E-Commerce / Products – 0.43% | ||||||||
| 720,129 | Wayfair Inc, Class A | 37,972,402 | ||||||
|
|
| ||||||
Electronic Components - Semiconductors – 10.41% | ||||||||
| 671,141 | GLOBALFOUNDRIES Inc | 33,932,889 | ||||||
| 343,096 | Marvell Technology Inc | 23,982,410 | ||||||
| 1,251,742 | Microchip Technology Inc | 114,534,393 | ||||||
| 63,718 | Monolithic Power Systems Inc | 52,355,806 | ||||||
| 4,514,380 | NVIDIA Corp | 557,706,505 | ||||||
| 654,015 | Texas Instruments Inc | 127,225,538 | ||||||
|
|
| ||||||
| 909,737,541 | ||||||||
|
|
| ||||||
Enterprise Software / Services – 0.72% | ||||||||
| 132,209 | BlackLine Inc | 6,405,526 | ||||||
| 309,570 | Veeva Systems Inc, Class A | 56,654,406 | ||||||
|
|
| ||||||
| 63,059,932 | ||||||||
|
|
| ||||||
Finance - Credit Card – 0.12% | ||||||||
| 824,354 | Western Union Co | 10,073,606 | ||||||
|
|
| ||||||
Food - Miscellaneous / Diversified – 2.63% | ||||||||
| 1,214,699 | Campbell Soup Co | 54,892,248 | ||||||
| 599,529 | Conagra Brands Inc | 17,038,614 | ||||||
| 1,295,387 | General Mills Inc | 81,946,182 | ||||||
| 374,060 | Kellanova | 21,575,781 | ||||||
| 1,683,413 | Kraft Heinz Co | 54,239,567 | ||||||
|
|
| ||||||
| 229,692,392 | ||||||||
|
|
| ||||||
Hotels & Motels – 0.83% | ||||||||
| 609,496 | Choice Hotels International Inc | 72,530,024 | ||||||
|
|
| ||||||
Internet Content - Entertainment – 0.17% | ||||||||
| 244,486 | Roku Inc | 14,652,046 | ||||||
|
|
| ||||||
Internet Security – 0.57% | ||||||||
| 146,457 | Palo Alto Networks Inc | 49,650,388 | ||||||
|
|
| ||||||
Investment Management / Advisory Services – 1.04% | ||||||||
| 789,334 | T Rowe Price Group Inc | 91,018,104 | ||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| United States (continued) | ||||||||
Machinery - Farm – 0.21% | ||||||||
| 199,877 | Toro Co | 18,690,498 | ||||||
|
|
| ||||||
Medical - Biomedical / Genetics – 0.56% | ||||||||
| 156,954 | Amgen Inc | $ | 49,040,277 | |||||
|
|
| ||||||
Medical - Drugs – 0.83% | ||||||||
| 513,427 | Bristol-Myers Squibb Co | 21,322,623 | ||||||
| 349,380 | Johnson & Johnson | 51,065,381 | ||||||
|
|
| ||||||
| 72,388,004 | ||||||||
|
|
| ||||||
Private Equity – 0.79% | ||||||||
| 559,513 | Blackstone Inc | 69,267,709 | ||||||
|
|
| ||||||
Real Estate Management / Services – 0.93% | ||||||||
| 487,282 | Anywhere Real Estate Inc | 1,612,903 | ||||||
| 432,954 | CBRE Group Inc, Class A | 38,580,531 | ||||||
| 399,774 | CoStar Group Inc | 29,639,244 | ||||||
| 1,057,442 | Cushman & Wakefield PLC | 10,997,397 | ||||||
|
|
| ||||||
| 80,830,075 | ||||||||
|
|
| ||||||
REITS - Health Care – 0.23% | ||||||||
| 398,365 | Ventas Inc | 20,420,190 | ||||||
|
|
| ||||||
REITS - Office Property – 2.09% | ||||||||
| 413,772 | Brandywine Realty Trust | 1,853,699 | ||||||
| 868,063 | BXP Inc | 53,437,958 | ||||||
| 1,622,128 | Douglas Emmett Inc | 21,590,524 | ||||||
| 344,134 | Hudson Pacific Properties Inc | 1,655,285 | ||||||
| 557,717 | Kilroy Realty Corp | 17,384,039 | ||||||
| 922,043 | SL Green Realty Corp | 52,224,516 | ||||||
| 1,295,910 | Vornado Realty Trust | 34,069,474 | ||||||
|
|
| ||||||
| 182,215,495 | ||||||||
|
|
| ||||||
REITS - Shopping Centers – 0.06% | ||||||||
| 284,439 | Kimco Realty Corp | 5,535,183 | ||||||
|
|
| ||||||
REITS - Storage – 0.73% | ||||||||
| 220,839 | Public Storage | 63,524,338 | ||||||
|
|
| ||||||
Retail - Major Department Store – 0.43% | ||||||||
| 1,774,269 | Nordstrom Inc | 37,649,988 | ||||||
|
|
| ||||||
Retail - Miscellaneous / Diversified – 0.10% | ||||||||
| 800,932 | Sally Beauty Holdings Inc | 8,594,000 | ||||||
|
|
| ||||||
Retail - Regional Department Store – 0.68% | ||||||||
| 1,408,686 | Kohl’s Corp | 32,385,691 | ||||||
| 1,430,680 | Macy’s Inc | 27,469,056 | ||||||
|
|
| ||||||
| 59,854,747 | ||||||||
|
|
| ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (continued)
Shares | June 30, 2024 Fair Value | |||||||
| Common Stocks (continued) | ||||||||
| United States (continued) | ||||||||
Telephone - Integrated – 0.98% | ||||||||
| 2,316,919 | AT&T Inc | $ | 44,276,322 | |||||
| 994,854 | Verizon Communications Inc | 41,027,779 | ||||||
|
|
| ||||||
| 85,304,101 | ||||||||
|
|
| ||||||
Transport - Services – 0.87% | ||||||||
| 858,390 | C.H. Robinson Worldwide Inc | 75,641,326 | ||||||
|
|
| ||||||
| Total United States (proceeds $3,777,378,051) | $ | 3,749,490,209 | ||||||
|
|
| ||||||
| Total Common Stocks (proceeds $4,368,826,345) | $ | 4,311,584,437 | ||||||
|
|
| ||||||
| Total Securities Sold, Not Yet Purchased (proceeds $4,368,826,345) | $ | 4,311,584,437 | ||||||
|
|
| ||||||
| ADR | American Depositary Receipt | |
| REITS | Real Estate Investment Trusts |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (Unaudited) (concluded)
Securities Sold, Not Yet Purchased - By Industry | June 30, 2024 Percentage of Net Assets (%) | |
Advertising Agencies | 0.44 | |
Advertising Services | 0.31 | |
Aerospace / Defense | 0.62 | |
Airlines | 0.38 | |
Apparel Manufacturers | 0.07 | |
Applications Software | 0.13 | |
Auto - Cars / Light Trucks | 6.39 | |
Auto / Truck Parts & Equipment - Original | 0.17 | |
Broadcasting Services / Programming | 0.12 | |
Cable / Satellite TV | 0.88 | |
Cellular Telecommunications | 1.76 | |
Commercial Banks Non-US | 0.31 | |
Commercial Banks - Eastern US | 0.17 | |
Commercial Banks - Western US | 0.30 | |
Commercial Services - Finance | 0.88 | |
Computers | 0.59 | |
Computer Data Security | 1.34 | |
Computer Services | 2.40 | |
Computer Software | 0.52 | |
Computers - Peripheral Equipment | 0.25 | |
Consulting Services | 0.55 | |
Consumer Products - Miscellaneous | 0.40 | |
Cruise Lines | 0.37 | |
Diversified Manufacturers Operations | 0.24 | |
E-Commerce / Products | 0.43 | |
Electric - Integrated | 0.13 | |
Electronic Components - Semiconductors | 11.06 |
Securities Sold, Not Yet Purchased - By Industry | June 30, 2024 Percentage of Net Assets (%) | |
Enterprise Software / Services | 0.72 | |
Finance - Credit Card | 0.12 | |
Food - Miscellaneous / Diversified | 2.63 | |
Hotels & Motels | 0.83 | |
Internet Content - Entertainment | 0.17 | |
Internet Content - Information / Networks | 1.11 | |
Internet Security | 0.57 | |
Investment Management / Advisory Services | 1.04 | |
Machinery - Farm | 0.21 | |
Medical - Biomedical / Genetics | 0.56 | |
Medical - Drugs | 1.13 | |
Metal Processors & Fabrication | 0.00 | |
Private Equity | 1.14 | |
Real Estate Management / Services | 0.93 | |
REITS - Health Care | 0.23 | |
REITS - Office Property | 2.09 | |
REITS - Regional Malls | 0.09 | |
REITS - Shopping Centers | 0.36 | |
REITS - Storage | 0.73 | |
Retail - Drug Store | 0.02 | |
Retail - Major Department Store | 0.43 | |
Retail - Miscellaneous / Diversified | 0.10 | |
Retail - Regional Department Store | 0.68 | |
Semiconductor Components - Integrated Circuits | 0.15 | |
Telephone - Integrated | 0.98 | |
Transport - Services | 0.87 | |
Wireless Equipment | 0.24 | |
| ||
| Total Securities Sold, Not Yet Purchased | 49.34% | |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited)
Notional | Maturity | June 30, 2024 Unrealized Appreciation / Depreciation*** | ||||||||
Swap Contracts – 4.94% | ||||||||||
| Total Return Swap Contracts - Appreciation – 5.93% | ||||||||||
Japan – 0.18% | ||||||||||
Audio / Video Products – 0.18% | ||||||||||
| $ | (34,392,870 | ) | 3/4/2026 | Sharp Corp | $ | 15,286,392 | ||||
|
| |||||||||
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%**. | ||||||||||
|
| |||||||||
Total Japan | $ | 15,286,392 | ||||||||
|
| |||||||||
Spain – 0.07% | ||||||||||
Building - Heavy Construction – 0.07% | ||||||||||
| 25,141,362 | 2/26/2027 | Cellnex Telecom SA | 6,549,022 | |||||||
|
| |||||||||
Agreement with Morgan Stanley, dated 03/03/2014 to receive the total return of the shares of Cellnex Telecom SA in exchange for an amount to be paid equal to the Daily Fed Funds Effective Rate plus 0.65%**. | ||||||||||
|
| |||||||||
Total Spain | $ | 6,549,022 | ||||||||
|
| |||||||||
Sweden – 0.01% | ||||||||||
Auto - Cars / Light Trucks – 0.01% | ||||||||||
| (7,447,913 | ) | 12/11/2026 | Volvo Car AB, Class B | 941,900 | ||||||
|
| |||||||||
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 0.40%**. | ||||||||||
|
| |||||||||
Total Sweden | $ | 941,900 | ||||||||
|
| |||||||||
Taiwan – 0.04% | ||||||||||
Electronic Components - Miscellaneous – 0.00% | ||||||||||
| (7,550,957 | ) | 3/4/2026 | AUO Corp | 110,486 | ||||||
|
| |||||||||
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 0.75%**. | ||||||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | June 30, 2024 Unrealized Appreciation / Depreciation*** | ||||||||
| Total Return Swap Contracts - Appreciation (continued) | ||||||||||
Taiwan (continued) | ||||||||||
Power Conversion / Supply Equipment – 0.04% | ||||||||||
| $ | 76,413,607 | 3/4/2026 | Delta Electronics Inc | $ | 3,440,378 | |||||
|
|
| ||||||||
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%**. | ||||||||||
Semiconductor Components - Integrated Circuits – 0.00% |
| |||||||||
| (41,718,838 | ) | 3/4/2026 | United Microelectronics Corp | 48,863 | ||||||
|
|
| ||||||||
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 1.88%**. | ||||||||||
|
|
| ||||||||
Total Taiwan | $ | 3,599,727 | ||||||||
|
|
| ||||||||
United Kingdom – 0.04% | ||||||||||
Food - Retail – 0.04% | ||||||||||
| (9,994,353 | ) | 12/11/2026 | Marks & Spencer Group PLC | 3,283,926 | ||||||
|
|
| ||||||||
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 | $ | 3,283,926 | ||||||||
|
|
| ||||||||
United States – 5.59% | ||||||||||
Private Equity – 0.63% | ||||||||||
| 108,486,033 | 3/4/2025 | Carlyle Group Inc | 54,985,995 | |||||||
|
|
| ||||||||
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%**. | ||||||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional | Maturity | June 30, 2024 Unrealized Appreciation / Depreciation*** | ||||||||
| Total Return Swap Contracts - Appreciation (continued) | ||||||||||
United States (continued) | ||||||||||
Web Portals / ISP – 4.96% | ||||||||||
| $ | 227,672,298 | 3/4/2025 | Alphabet Inc, Class A | $ | 433,482,790 | |||||
|
|
| ||||||||
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 | $ | 488,468,785 | ||||||||
|
|
| ||||||||
| Total Return Swap Contracts - Appreciation **** | $ | 518,129,752 | ||||||||
|
|
| ||||||||
| Total Return Swap Contracts - Depreciation – 0.99% | ||||||||||
Australia – 0.09% | ||||||||||
Commercial Banks Non-US – 0.09% | ||||||||||
| (27,541,389 | ) | 12/23/2024 | Commonwealth Bank of Australia | 7,490,145 | ||||||
|
|
| ||||||||
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 | $ | 7,490,145 | ||||||||
|
|
| ||||||||
Brazil – 0.20% | ||||||||||
Finance - Other Services – 0.20% | ||||||||||
| 65,511,223 | 1/30/2026 | B3 SA - Brasil Bolsa Balcao | 17,868,271 | |||||||
|
|
| ||||||||
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%**. | ||||||||||
|
|
| ||||||||
Total Brazil | $ | 17,868,271 | ||||||||
|
|
| ||||||||
Japan – 0.66% | ||||||||||
Office Automation & Equipment – 0.06% | ||||||||||
| (61,948,652 | ) | 3/4/2026 | Canon Inc | 5,073,958 | ||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional Amount (USD) | Maturity Date* | June 30, 2024 Unrealized Appreciation / Depreciation*** | ||||||||
| Total Return Swap Contracts - Depreciation (continued) | ||||||||||
| Japan (continued) | ||||||||||
| Office Automation & Equipment (continued) | ||||||||||
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%**. | ||||||||||
| $ (27,510,298) | 3/4/2026 | Ricoh Company Ltd | $ | 375,383 | ||||||
| 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%**. | ||||||||||
|
|
| ||||||||
| 5,449,341 | ||||||||||
|
|
| ||||||||
| Semiconductor Equipment – 0.60% | ||||||||||
| (148,766,198) | 3/4/2026 | Advantest Corp | 26,098,277 | |||||||
| 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%**. | ||||||||||
| (65,300,995) | 3/4/2026 | Tokyo Electron Ltd | 26,464,376 | |||||||
| 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%**. | ||||||||||
|
|
| ||||||||
| 52,562,653 | ||||||||||
|
|
| ||||||||
|
|
| ||||||||
| Total Japan | $ | 58,011,994 | ||||||||
|
|
| ||||||||
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
Notional Amount (USD) | Maturity Date* | June 30, 2024 Unrealized Appreciation / Depreciation*** | ||||||||
| Total Return Swap Contracts - Depreciation (continued) | ||||||||||
| United Kingdom – 0.04% | ||||||||||
| Aerospace / Defense – 0.01% | ||||||||||
| 51,961,795 | 12/11/2026 | Rolls-Royce Holdings PLC | 1,199,114 | |||||||
|
|
| ||||||||
| 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%**. | ||||||||||
| Cosmetics & Toiletries – 0.02% | ||||||||||
| $ | (48,704,495 | ) | 2/26/2027 | Unilever PLC | $ | 1,455,987 | ||||
|
|
| ||||||||
| 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%**. | ||||||||||
| Retail - Apparel / Shoes – 0.01% | ||||||||||
| (11,019,566 | ) | 12/11/2026 | Next PLC | 848,027 | ||||||
|
|
| ||||||||
| 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 | $ | 3,503,128 | ||||||||
|
|
| ||||||||
|
|
| ||||||||
| Total Return Swap Contracts - Depreciation ***** | $ | 86,873,538 | ||||||||
|
|
| ||||||||
|
|
| ||||||||
| Total Swap Contracts, net | $ | 431,256,214 | ||||||||
|
|
| ||||||||
| * | 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. |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (continued)
| ** | The financing rate is made up of the Daily Fed Funds Effective Rate plus a variable rate. The Daily Fed Funds Effective Rate is the weighted average interest rate at which depository institutions (banks and credit unions) trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The variable rate indicated is as of June 30, 2024. | |
| *** | 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. |
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
SCHEDULE OF SWAP CONTRACTS (Unaudited) (concluded)
Swap Contracts - By Industry | June 30, 2024 Percentage of Net Assets (%) | |
Aerospace / Defense | (0.01) | |
Audio / Video Products | 0.18 | |
Auto - Cars / Light Trucks | 0.01 | |
Building - Heavy Construction | 0.07 | |
Commercial Banks Non-US | (0.09) | |
Cosmetics & Toiletries | (0.02) | |
Electronic Components - Miscellaneous | 0.00 | |
Finance - Other Services | (0.20) | |
Food - Retail | 0.04 |
Swap Contracts - By Industry | June 30, 2024 Percentage of Net Assets (%) | |
Office Automation & Equipment | (0.06) | |
Power Conversion / Supply Equipment | 0.04 | |
Private Equity | 0.63 | |
Retail - Apparel / Shoes | (0.01) | |
Semiconductor Components - Integrated Circuits | 0.00 | |
Semiconductor Equipment | (0.60) | |
Web Portals / ISP | 4.96 | |
| ||
Total Swap Contracts | 4.94% | |
|
See accompanying notes to Schedule of Investments
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS—JUNE 30, 2024 (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 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 Fund recognizes transfers into and out of levels indicated above at the end of the reporting period. There were no such transfers during the nine months ended June 30, 2024.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.
Additional information on the investments can be found in the Schedule of Investments, the Schedule of Purchased Options, the Schedule of Securities Sold, Not Yet Purchased and the Schedule of Swap Contracts.
The following table summarizes the fair value of assets and liabilities by the ASC 820 fair value hierarchy levels as of June 30, 2024.
| Level 1 | Level 2 | Level 3 | Balance June 30, 2024 | |||||||||||||
Assets | ||||||||||||||||
Investment Securities | ||||||||||||||||
Common Stocks | $ | 9,370,261,085 | $ | - | $ | - | $ | 9,370,261,085 | ||||||||
Short-Term Securities | 281,647,916 | - | - | 281,647,916 | ||||||||||||
Purchased Options | 847,732,591 | 17,950,298 | - | 865,682,889 | ||||||||||||
Net Unrealized Appreciation on | ||||||||||||||||
Total Return Swap Contracts | - | 431,256,214 | - | 431,256,214 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 10,499,641,592 | $ | 449,206,512 | $ | - | $ | 10,948,848,104 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Securities Sold, Not Yet Purchased Common Stocks | $ | 4,311,584,437 | $ | - | $ | - | $ | 4,311,584,437 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | 4,311,584,437 | $ | - | $ | - | $ | 4,311,584,437 | ||||||||
|
|
|
|
|
|
|
| |||||||||
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS— JUNE 30, 2024 (Unaudited) (continued)
| 2. | Portfolio Valuation |
The value of the net assets of the Fund is determined on each business day as of the close of regular business of the New York Stock Exchange in accordance with the procedures set forth below or as may be determined from time to time pursuant to policies established by the Fund’s Board of Trustees (the “Board”).
Domestic and foreign exchange-traded equity securities (including listed warrants) traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their official closing price as reported on their primary exchange.
Domestic non-exchange traded equity securities are valued at their last reported price.
Total return swaps on equity securities are generally valued based upon the price for the reference asset, as determined in the manner specified above, as well as dividends on the reference equity security and accrued swap interest since the day of opening the position.
Fixed income, including convertible bonds, is generally valued using an evaluated bid price provided by an independent pricing agent. Evaluated bid prices provided by the pricing agent may be determined without exclusive reliance on quoted bid prices and may reflect factors such as relative credit information, observed market movements, sector news, maturity, reported trade frequencies and other market data. Money market instruments with a remaining maturity of 60 days or less may be valued at amortized cost (purchase price or last valuation, as applicable, adjusted for accretion of discount or amortization of premium) unless SilverBay Capital Management, LLC, investment adviser of the Fund (the “Adviser”) believes another valuation is more appropriate.
Options traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their last reported bid price as reported on such exchange(s). Non-exchange traded options and currency options are valued using a combination of observable inputs and models.
Forward contracts are traded on the over-the-counter market. Forward contracts are valued using observable inputs, such as currency exchange rates or commodity prices, applied to notional amounts stated in the applicable contracts.
When market quotations are not readily available, if a market quotation is “stale”, or when the valuation methods mentioned above are not reflective of the fair value of an asset or a liability, fair value will be determined in good faith based on observable and unobservable inputs relevant to the valuation of the asset under the oversight of the Board (“Fair Value Determination”).
The Adviser monitors the continuing appropriateness of the valuation methodology being used for each security and other investment.
All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars using foreign exchange rates provided by a pricing service compiled as of 4:00 p.m. London time. Trading in foreign securities generally is completed, and the values of foreign securities are determined prior to the close of securities markets in the U.S. Foreign exchange rates are also determined prior to such close. On occasion, the values of foreign securities and exchange rates may be materially affected by events occurring before the Fund calculates its net asset value but after the close of the primary markets or exchanges on which foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest-rate change), issuer-specific (e.g., earnings report, merger announcement), or U.S. market specific (e.g., a significant movement in the U.S. markets that is deemed to affect the value of foreign securities). When such an event materially affects the values of securities held by the Fund or its liabilities (including foreign securities for which there is a readily available market price), such securities and liabilities may be subject to Fair Value Determination taking into account the aforementioned factors, in good faith pursuant to procedures adopted by the Board. For the nine months ended June 30, 2024, no portfolio securities or liabilities were subject to Fair Value Determination.
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS— JUNE 30, 2024 (Unaudited) (continued)
| 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.
Most swap agreements entered into by the Fund require the calculation of the obligations of the parties to the agreements on a “net basis.” Consequently, current obligations (or rights) under a swap agreement generally will be equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). The Fund’s current obligations under a swap agreement will be accrued daily (offset against amounts owed to the Fund), and any accrued but unpaid net amounts owed to a swap counterparty will be covered in accordance with applicable regulatory requirements. Obligations under swap agreements so covered will not be construed to be “senior securities” for purposes of the Fund’s investment restriction concerning senior securities.
The Fund is subject to the market risk associated with changes in the value of the underlying investment or instrument, as well as exposure to credit risk associated with counterparty non-performance on swap contracts. The risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to a swap defaults, the Fund’s risk of loss generally consists of the net amount of payments that the Fund contractually is entitled to receive and/or the termination value at the end of the contract, which may be different than the amounts recorded on the Statement of Assets and Liabilities. Total return swaps are non-income producing instruments.
The Fund’s total return swap contract counterparty is Morgan Stanley & Co., Inc.
At June 30, 2024, the net amount of the fair value of the above-mentioned investments was $431,256,214.
| 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.
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS— JUNE 30, 2024 (Unaudited) (continued)
| 3. | Derivatives-Related Principal and Non-Principal Fund Investment Practices and Their Risks (continued) |
| b. | Call and Put Options on Individual Securities (continued) |
Options transactions may be effected on securities exchanges or in the over-the-counter market. Over-the-counter options purchased and sold by the Fund may also include options on baskets of specific securities. The use of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The Fund may buy and sell call and put options, including options on currencies. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund’s losses are potentially unlimited. Options may be traded over-the-counter or on a securities exchange. These transactions involve risks consisting of counterparty credit risk and leverage risk.
At June 30, 2024, the fair value of the above-mentioned investments was $847,732,591.
| 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.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.
The Fund may enter into forward contracts for hedging and non-hedging purposes to pursue its investment objective. These contracts represent obligations to purchase or to sell a specified amount of currency at a future date and at a specified price agreed to by the parties at the time they enter into the contracts and allow the Fund to “lock in” the US dollar prices of securities. However, there may be an imperfect correlation between the securities being purchased or sold and the forward contracts entered into, and there is a risk that a counterparty will be unable or unwilling to fulfill its obligations under the forward contract.
At June 30, 2024, the Fund held no positions of the above-mentioned investments.
The Fund may also seek to hedge against the decline in the value of a currency or, to the extent applicable, to enhance returns, through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may engage in transactions in options on currencies either on exchanges or over-the-counter markets. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk.
At June 30, 2024, the fair value of the currency options was $17,950,298.
ACAP STRATEGIC FUND
NOTES TO SCHEDULE OF INVESTMENTS— JUNE 30, 2024 (Unaudited) (continued)
| 4. | Federal Income Tax Information |
During the year ended September 30, 2023, 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, 2023, the Fund had $681,459,427 of capital loss carryovers available to offset possible future capital gains. Under federal tax law, capital loss realized after October 31, 2022 and certain ordinary losses realized after December 31, 2022 may be deferred and treated as having arisen on the first day of the following fiscal year. For the year ended September 30, 2023, the Fund incurred and elected to defer qualified late-year ordinary loss of $178,533,421 and post-October capital losses of $430,360,853.
As of September 30, 2023, 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: | (1,290,353,701) | |||||||
Net unrealized appreciation/depreciation: | 1,612,263,169 | |||||||
|
| |||||||
Total | $ | 321,909,468 | ||||||
|
|
As of June 30, 2024, 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 | $ | 3,656,208,509 | ||||||
Excess of tax cost over value gross depreciation | (659,428,072) | |||||||
|
| |||||||
Net unrealized appreciation | $ | 2,996,780,437 | ||||||
|
|
| 5. | Subsequent Events |
In July 2024, the Fund’s Valuation Procedures were amended to value exchange-traded options based on the mid-point between the bid and ask prices on the exchanges where such options are traded.
The Fund has determined that no other material events or transactions occurred subsequent to June 30, 2024 that would require recognition or disclosure in the Fund’s “Schedule of Investments.”
