I think they owe the investors an explanation. It should be fairly simple to add up the gains and losses on the respective longs and shorts if the portfolio is known. Presumably losses on AB stocks and gains on DF stocks. I also have GATEX and HSGFX, which are market neutral at the moment and are not being unduely affected. What does this say about the schwab ABC.. rating system? Or is the fund doing something other than following that system? That last question is the one that really bothers me.