Weiss Strategic Interval Fund (WEIB) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number: 811-23298

WEISS STRATEGIC INTERVAL FUND

(Exact name of Registrant as specified in charter)

320 PARK AVENUE, 20^TH FLOOR

NEW YORK, NEW YORK 10022

(Address of Principal Executive Offices)

Jeffrey Dillabough, Esq.

Secretary

Weiss Strategic Interval Fund

320 Park Avenue, 20^th Floor

New York, New York 10022

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (212) 415-4500

Date of fiscal year end: December 31st

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

Weiss Strategic Interval Fund

Annual Report

December 31, 2021

Table of Contents

Letter to Shareholder	1
Management Discussion of Fund Performance	3
Investments Composition	4
Schedule of Investments	6
Statement of Assets and Liabilities	30
Statement of Operations	31
Statements of Changes in Net Assets	32
Statement of Cash Flows	33
Financial Highlights	34
Notes to Financial Statements	35
Report of Independent Registered Public Accounting Firm	43
Other Information	45

Dear Shareholder:

The Weiss Strategic Interval Fund (the “Fund”) investment objective is to provide returns with moderate volatility and reduced correlation to the overall performance of the equity market. The Fund will pursue its investment objective by establishing long and short positions in a diversified portfolio of equity securities. The equity securities in which the Fund will take long and short positions include primarily domestically traded large and mid-capitalization equity securities, including master limited partnerships or other entities that offer economic exposure to master limited partnerships (collectively, “MLPs”) and shares of real estate investment trusts (“REITs”). The Fund may also invest in securities of other investment companies, including exchange-traded funds (“ETFs”), and depositary receipts, including American Depositary Receipts (“ADRs”).

In 2022, we expect inflation to remain stubbornly high. Consequently, the Fed is expected to start a tightening cycle. Bond volatility is likely to remain high and stocks have been driven higher by growth in the M2 money supply from ~$15 trillion pre-COVID-19 to ~$21 trillion at year end 2021. With all of these factors, it is not surprising that many of our investors are searching for solutions to navigate a unique market environment and the pressure on fixed income portfolios is becoming a central theme.

Weiss Strategic Interval Fund finished December up 0.74%. The equity investment style was positive for the month despite dramatic factor shifts. The most important move was seen in growth vs value. Pure Growth vs Pure Value had its second worst month in the last 20 years as the market continued to discount the likelihood that inflation would not be transitory leaving the Fed behind the curve. The extreme shock of this, combined with gridlock in Washington regarding stimulus, made it a challenging month for putting on risk. As things settle in Q1-2022, we believe the long-awaited opportunity for dispersion will surge again after nine months of fears around vaccines and COVID-19. We expect 2022 to be a good year for diversified funds.

One State Street, 20th Floor	WEISS MULTI-STRATEGY ADVISERS LLC	320 Park Avenue, 20th Floor
Hartford, CT 06103	gweiss.com	New York, NY 10022
+1 860 240 8900		+1 212 415 4500

ADVISORY SERVICES ARE OFFERED THROUGH WEISS MULTI-STRATEGY ADVISERS LLC, AN SEC REGISTERED INVESTMENT ADVISER.

SECURITIES ARE OFFERED THROUGH AN AFFILIATED BROKER-DEALER, WEISS MULTI-STRATEGY FUNDS LLC, MEMBER FINRA/SIPC.

WWW.FINRA.ORG     WWW.SIPC.ORG

1

Diversification does not assure a profit nor protect against loss in a declining market.

Mutual fund investing involves risk. Principal loss is possible. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments. The Fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the Fund, and money borrowed will be subject to interest costs. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

Must be preceded or accompanied by a prospectus.

One State Street, 20th Floor	WEISS MULTI-STRATEGY ADVISERS LLC	320 Park Avenue, 20th Floor
Hartford, CT 06103	gweiss.com	New York, NY 10022
+1 860 240 8900		+1 212 415 4500

ADVISORY SERVICES ARE OFFERED THROUGH WEISS MULTI-STRATEGY ADVISERS LLC, AN SEC REGISTERED INVESTMENT ADVISER.

SECURITIES ARE OFFERED THROUGH AN AFFILIATED BROKER-DEALER, WEISS MULTI-STRATEGY FUNDS LLC, MEMBER FINRA/SIPC.

WWW.FINRA.ORG     WWW.SIPC.ORG

2

Management Discussion of Fund Performance

Weiss Strategic Interval Fund

December 31, 2021 (unaudited)

Performance

	1 Year		3 Year		Since             Inception1
Fund NAV Returns2		10.85%		17.46%		16.98%
HFRI RV: Multi-Strategy Index		7.03%		6.33%		4.45%
S & P 500 (Total Return)		28.71%		26.07%		16.40%

¹  Inception date of the Fund was February 1, 2018.

²  Returns represent non-GAAP total returns of the Fund that provides useful information to Somerset and the Board of Trustees. The non-GAAP total returns include amounts loaned to Somerset.

Growth of $10,000 Investment (Since Inception 2/1/2018)

Benchmark Definitions

The S&P 500 Index (Total Return) is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries and includes reinvested dividends.

The HFRI RV Multi-Strategy Index provides performance data with respect to a select universe of relative value multi-strategy hedge fund strategies (for purposes of this report the preliminary HFRI RV Multi-Strategy Index value is utilized). The HFRI RV Multi-Strategy Index is being used under license from Hedge Fund Research, Inc., which does not approve of or endorse any of the products discussed in this presentation. Source for HFRI data: Hedge Fund Research, Inc. www.hedgefundresearch.com.

Neither index reflects the same fees or expenses than those of the Fund, and the Fund may and will invest in different securities and trading strategies than those reflected in the indices. Sector, industry, stock and country exposures, volatility and risk characteristics of the Fund’s portfolio will also differ from the indices. Index data is provided for reference purposes only and is not meant to imply that the Fund will achieve performance similar to or better than that of an index. One cannot invest directly in an index.

Past performance is not indicative of future results. Commodity interest trading involves substantial risk of loss.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

3

Investments Composition

Weiss Strategic Interval Fund

December 31, 2021 (unaudited)

Top Ten Holdings as of December 31, 2021*

Description	% of Net Assets
First Industrial Realty Trust, Inc.		12.5	%
Americold Realty Trust		12.4	%
Equity Residential		11.1	%
NETSTREIT Corp.		9.3	%
Terreno Realty Corp.		8.5	%
Agree Realty Corp.		8.2	%
QUALCOMM, Inc.		8.1	%
Mid-America Apartment Communities, Inc.		7.0	%
Federal Realty Investment Trust		6.8	%
Acadia Realty Trust		6.3	%
TOTAL		90.2	%

* The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.

Country	Securities Held Long % of Net Assets			Securities Sold Short % of Net Assets
United States		445.3	%		(403.1)%
Britain		8.0	%		(2.2)%
Bermuda		7.8	%		(1.7)%
Luxembourg		6.1	%		—%
Canada		5.0	%		(1.8)%
Netherlands		5.1	%		(1.0)%
Israel		4.5	%		(0.4)%
Ireland		3.1	%		(2.9)%
Puerto Rico		2.6	%		—%
British Virgin		1.8	%		—%
France		1.2	%		(0.5)%
Cayman Islands		1.0	%		(0.1)%
India		1.0	%		—%
Switzerland		1.0	%		(0.7)%
Brazil		0.4	%		—%
Panama		0.4	%		(0.3)%
Jersey		0.3	%		(0.2)%
Mauritius		0.2	%		—%
Denmark		0.1	%		—%
Mexico		0.1	%		—%
Liberia		—	%		(0.2)%
Australia		—	%		(0.2)%
Taiwan		—	%		(0.2)%
Belgium		—	%		(0.1)%
TOTAL		495.0	%		(415.6)%
Industry	Securities Held Long % of Net Assets			Securities Sold Short % of Net Assets
Real Estate Investment Trusts		153.6	%		(112.6)%
Software		41.3	%		(5.9)%
Semiconductors & Semiconductor Equipment		33.9	%		(9.9)%
Banks		33.2	%		(34.2)%
Food Products		16.7	%		(12.4)%
Beverages		13.2	%		(9.0)%
IT Services		12.9	%		(5.0)%
Diversified Financial Services		11.0	%		—%
Hotels, Restaurants & Leisure		10.6	%		(6.2)%
Communications Equipment		10.4	%		(0.5)%
Oil, Gas & Consumable Fuels		10.3	%		(8.2)%
Media		7.7	%		(2.6)%
Biotechnology		7.3	%		(1.0)%
Containers & Packaging		7.3	%		(1.1)%
Technology Hardware, Storage & Peripherals		6.8	%		(2.4)%
Interactive Media & Services		6.5	%		(1.3)%
Electrical Equipment		6.4	%		(2.1)%
Exchange-Traded Funds		6.4	%		(123.4)%

4

Investments Composition

Weiss Strategic Interval Fund

December 31, 2021 (unaudited)

Machinery	6.2	%	(7.7)%
Electronic Equipment, Instruments & Components	6.1	%	(1.6)%
Road & Rail	5.9	%	(3.6)%
Chemicals	5.2	%	(2.8)%
Capital Markets	4.6	%	(6.2)%
Thrifts & Mortgage Finance	4.3	%	(1.9)%
Household Products	4.2	%	(3.0)%
Pharmaceuticals	4.2	%	(0.7)%
Life Sciences Tools & Services	4.1	%	(0.8)%
Trading Companies & Distributors	3.9	%	(1.4)%
Professional Services	3.8	%	(1.0)%
Health Care Equipment & Supplies	3.7	%	(1.3)%
Consumer Finance	3.4	%	(5.1)%
Personal Products	3.3	%	(0.4)%
Aerospace & Defense	3.2	%	(1.7)%
Specialty Retail	3.1	%	(1.8)%
Health Care Technology	2.8	%	—%
Building Products	2.8	%	(3.0)%
Airlines	2.5	%	(1.0)%
Household Durables	2.1	%	(2.5)%
Entertainment	1.9	%	(3.0)%
Metals & Mining	2.0	%	(1.5)%
Food & Staples Retailing	1.5	%	(2.7)%
Commercial Services & Supplies	1.3	%	—%
Electric Utilities	1.3	%	(0.3)%
Health Care Providers & Services	1.3	%	(2.0)%
Air Freight & Logistics	1.3	%	(1.3)%
Diversified Consumer Services	1.2	%	(0.1)%
Construction & Engineering	1.2	%	(0.0)%*
Mortgage Real Estate Investment	1.1	%	(3.6)%
Paper & Forest Products	1.0	%	—%
Insurance	0.9	%	—%
Automobiles	0.9	%	(0.8)%
Internet & Direct Marketing Retail	0.8	%	(3.8)%
Auto Components	0.7	%	(1.6)%
Wireless Telecommunication Services	0.4	%	—%
Energy Equipment & Services	0.3	%	(0.4)%
Construction Materials	0.3	%	(0.2)%
Textiles, Apparel & Luxury Goods	0.2	%	(0.4)%
Leisure Products	0.2	%	(0.5)%
Multiline Retail	0.1	%	(0.6)%
Distributors	0.1	%	—%
Industrial Conglomerates	0.1	%	(5.4)%
Marine	0.0	%*	—%
Diversified Telecommunication Services	—	%	(1.7)%
Real Estate Management & Development	—	%	(0.4)%
TOTAL	495.0	%	(415.6)%

* Rounds to 0.0%.

5

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Long Investments 495.0%
Common Stocks 488.2%
Aerospace & Defense 3.2%
Curtiss-Wright Corp.(1),(2)		9,082	$	1,259,401
General Dynamics Corp.(2)		2,461		513,045
Howmet Aerospace, Inc.		36,662		1,166,951
PAE, Inc.(2),(3)		26,220		260,365
Spirit AeroSystems Holdings, Inc., Class A(1),(2)		11,822		509,410
TransDigm Group, Inc.(2),(3)		5,274		3,355,741
Triumph Group, Inc.(2),(3)		13,108		242,891
				7,307,804
Air Freight & Logistics 1.3%
Expeditors International of Washington, Inc.(2)		2,027		272,206
FedEx Corp.(2)		8,944		2,313,276
GXO Logistics, Inc.(2),(3)		3,169		287,840
				2,873,322
Airlines 2.5%
Alaska Air Group, Inc.(2),(3)		57,402		2,990,644
Copa Holdings S.A., Class A(2),(3),(4)		11,896		983,323
Ryanair Holdings PLC, ADR(1),(2),(3),(4)		16,571		1,695,711
				5,669,678
Auto Components 0.7%
Autoliv, Inc.(2)		14,443		1,493,551
Visteon Corp.(2),(3)		1,629		181,047
				1,674,598
Automobiles 0.9%
Ford Motor Co.(1),(2)		1,757		36,493
General Motors Co.(2),(3)		5,382		315,546
Tesla, Inc.(2),(3)		1,537		1,624,271
				1,976,310
Banks 33.2%
Banner Corp.(2)		44,848		2,720,928
BOK Financial Corp.(1),(2)		5,324		561,629
Cadence Bank(1),(2)		176,285		5,251,530
Citizens Financial Group, Inc.(1),(2)		125,609		5,935,025
First BanCorp(2),(4)		128,424		1,769,683
Huntington Bancshares, Inc.(1),(2)		450,854		6,952,169
M&T Bank Corp.(1),(2)		33,961		5,215,730
PacWest Bancorp(2)		98,369		4,443,328
Popular, Inc.(2),(4)		50,237		4,121,444
Signature Bank(1),(2)		8,893		2,876,619
SVB Financial Group(1),(2),(3)		6,716		4,555,060
Synovus Financial Corp.(2)		91,167		4,364,164
Umpqua Holdings Corp.(2)		11,256		216,565
US Bancorp(1),(2)		32,072		1,801,484
Webster Financial Corp.(1),(2)		92,988		5,192,450
Wells Fargo & Co.(2)		288,033		13,819,823
Western Alliance Bancorp(2)		33,611		3,618,224
Wintrust Financial Corp.(2)		10,013		909,381
Zions Bancorp NA(1),(2)		30,837		1,947,665
				76,272,901
Beverages 13.2%
Boston Beer Co., Inc. (The), Class A(2),(3)		1,787		902,614
Celsius Holdings, Inc.(1),(2),(3)		21,864		1,630,398
Coca-Cola Co. (The)(2)		101,411		6,004,545
Coca-Cola Europacific Partners PLC(1),(2),(4)		197,883		11,067,596
Monster Beverage Corp.(2),(3)		59,979		5,760,383

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

6

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Beverages
Vintage Wine Estates, Inc.(2),(3)		426,569		5,042,046
				30,407,582
Biotechnology 7.3%
AbbVie, Inc.(1),(2)		10,851		1,469,225
ACADIA Pharmaceuticals, Inc.(2),(3)		9,409		219,606
Albireo Pharma, Inc.(2),(3)		700		16,303
Alder Biopharmaceuticals, Inc.(1),(3)		6,157		10,467
Aldeyra Therapeutics, Inc.(1),(3)		44,485		177,940
Applied Genetic Technologies Corp.(1),(2),(3)		1,337		2,540
Arena Pharmaceuticals, Inc.(2),(3)		3,885		361,072
Argenx SE, ADR(2),(3),(4)		330		115,563
Arrowhead Pharmaceuticals, Inc.(1),(3)		2,151		142,611
Ascendis Pharma A/S, ADR(2),(3),(4)		1,689		227,221
Aurinia Pharmaceuticals, Inc.(2),(3),(4)		11,735		268,380
Autolus Therapeutics PLC(1),(2),(3),(4)		1,872		9,716
AVEO Pharmaceuticals, Inc.(1),(2),(3)		23,375		109,629
BELLUS Health, Inc.(1),(2),(3),(4)		1,657		13,339
Biohaven Pharmaceutical Holding Co., Ltd.(1),(2),(3),(4)		25,639		3,533,311
BioMarin Pharmaceutical, Inc.(2),(3)		729		64,407
Bioxcel Therapeutics, Inc.(1),(2),(3)		8,073		164,124
Dynavax Technologies Corp.(1),(2),(3)		7,252		102,036
Eiger BioPharmaceuticals, Inc.(1),(2),(3)		33,884		175,858
Elevation Oncology, Inc.(2),(3)		5,031		30,287
Epizyme, Inc.(1),(2),(3)		2,176		5,440
Exelixis, Inc.(2),(3)		15,518		283,669
Fate Therapeutics, Inc.(1),(2),(3)		3,098		181,264
FibroGen, Inc.(2),(3)		1,012		14,269
Global Blood Therapeutics, Inc.(1),(2),(3)		8,915		260,942
Heron Therapeutics, Inc.(1),(2),(3)		8,925		81,485
Horizon Therapeutics PLC(2),(3),(4)		8,430		908,417
Incyte Corp.(2),(3)		973		71,418
Insmed, Inc.(1),(2),(3)		14,803		403,234
Ionis Pharmaceuticals, Inc.(1),(2),(3)		1,810		55,078
Iovance Biotherapeutics, Inc.(1),(3)		24,493		467,571
Karyopharm Therapeutics, Inc.(1),(2),(3)		8,124		52,237
Merus N.V.(2),(3),(4)		912		29,002
Mirati Therapeutics, Inc.(1),(2),(3)		7,043		1,033,138
Molecular Templates, Inc.(1),(2),(3)		15,786		61,881
Natera, Inc.(2),(3)		7,707		719,757
Neurocrine Biosciences, Inc.(2),(3)		3,295		280,635
Regeneron Pharmaceuticals, Inc.(2),(3)		1,054		665,622
Rigel Pharmaceuticals, Inc.(1),(2),(3)		26,998		71,545
Rocket Pharmaceuticals, Inc.(1),(3)		5,286		115,393
Sage Therapeutics, Inc.(2),(3)		886		37,690
Seagen, Inc.(2),(3)		2,190		338,574
TG Therapeutics, Inc.(1),(2),(3)		4,443		84,417
Turning Point Therapeutics, Inc.(2),(3)		4,554		217,226
United Therapeutics Corp.(2),(3)		6,336		1,369,083
Vertex Pharmaceuticals, Inc.(2),(3)		8,002		1,757,239
Zymeworks, Inc.(2),(3),(4)		211		3,458
				16,783,319
Building Products 2.8%
Builders FirstSource, Inc.(1),(2),(3)		26,307		2,254,773
Carrier Global Corp.(2)		21,501		1,166,214
Fortune Brands Home & Security, Inc.(2)		2,807		300,069
Johnson Controls International PLC(2),(4)		11,800		959,458

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

7

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Building Products
Masco Corp.(1),(2)		24,401		1,713,438
				6,393,952
Capital Markets 4.6%
Blucora, Inc.(2),(3)		87,258		1,511,309
FactSet Research Systems, Inc.(2)		704		342,151
Goldman Sachs Group, Inc. (The)(1)		6,590		2,521,004
State Street Corp.(2)		65,951		6,133,443
				10,507,907
Chemicals 5.2%
Atotech Ltd.(2),(3),(4)		9,072		231,517
Axalta Coating Systems Ltd.(2),(3),(4)		56,482		1,870,684
CF Industries Holdings, Inc.(2)		3,018		213,614
DuPont de Nemours, Inc.(2)		49,937		4,033,911
GCP Applied Technologies, Inc.(2),(3)		7,498		237,387
Huntsman Corp.(2)		127,419		4,444,375
PPG Industries, Inc.(1)		3,280		565,603
Tronox Holdings PLC, Class A(2),(4)		10,248		246,260
Westlake Chemical Corp.(2)		2,110		204,944
				12,048,295
Commercial Services & Supplies 1.3%
ACV Auctions, Inc., Class A(2),(3)		39,594		745,951
Clean Harbors, Inc.(1),(2),(3)		11,943		1,191,553
Republic Services, Inc.(1),(2)		780		108,771
Waste Connections, Inc.(2),(4)		7,006		954,708
				3,000,983
Communications Equipment 10.4%
ADTRAN, Inc.(1),(2)		175,600		4,008,948
Arista Networks, Inc.(1),(2),(3)		21,126		3,036,863
Ciena Corp.(1),(2),(3)		26,470		2,037,396
CommScope Holding Co., Inc.(1),(2),(3)		1,074,521		11,862,712
F5, Inc.(1),(2),(3)		3,788		926,961
Radware Ltd.(2),(3),(4)		45,786		1,906,529
				23,779,409
Construction & Engineering 1.2%
Ameresco, Inc., Class A(3)		3,207		261,178
WillScot Mobile Mini Holdings Corp.(2),(3)		61,733		2,521,176
				2,782,354
Construction Materials 0.3%
Cemex S.A.B. de C.V., ADR(3),(4)		47,970		325,236
Martin Marietta Materials, Inc.(1),(2)		767		337,879
				663,115
Consumer Finance 3.4%
Ally Financial, Inc.(2)		90,170		4,292,994
Curo Group Holdings Corp.(2)		1,647		26,368
Synchrony Financial(1),(2)		77,323		3,587,014
				7,906,376
Containers & Packaging 7.3%
Ardagh Metal Packaging S.A.(2),(3),(4)		1,538,176		13,889,729
Berry Global Group, Inc.(1),(2),(3)		22,600		1,667,428
Crown Holdings, Inc.(2)		1,731		191,483

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

8

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Containers & Packaging
Sealed Air Corp.(1),(2)		15,676		1,057,660
				16,806,300
Distributors 0.1%
Pool Corp.(2)		478		270,548
Diversified Consumer Services 1.2%
Chegg, Inc.(1),(2),(3)		12,358		379,391
Coursera, Inc.(2),(3)		11,739		286,901
European Wax Center, Inc., Class A(2),(3)		38,225		1,160,129
Nerdy, Inc.(2),(3)		27,638		124,371
Terminix Global Holdings, Inc.(2),(3)		19,457		880,040
				2,830,832
Diversified Financial Services 10.9%
Aequi Acquisition Corp.(2),(3)		55,839		559,507
Aequi Acquisition Corp., Class A(2),(3)		26,623		260,639
Anzu Special Acquisition Corp. I, Class A(2),(3)		11,398		111,017
Apollo Strategic Growth Capital, Class A(2),(3),(4)		28,019		276,548
Apollo Strategic Growth Capital II(2),(3),(4)		1,043		10,388
Argus Capital Corp., Class A(2),(3)		100,333		993,297
Atlas Crest Investment Corp. II(2),(3)		9,270		92,051
Aurora Acquisition Corp., Class A(2),(3),(4)		21,157		209,454
Beard Energy Transition Acquisition Corp.(2),(3)		11,996		121,879
Broadscale Acquisition Corp., Class A(2),(3)		22,768		226,314
Capstar Special Purpose Acquisition Corp., Class A(2),(3)		12,414		123,643
Carney Technology Acquisition Corp. II(2),(3)		9,695		96,950
CENAQ Energy Corp.(2),(3)		13,736		139,832
Churchill Capital Corp. VI(2),(3)		10,205		101,642
Churchill Capital Corp. VII(2),(3)		17,791		178,284
Cohn Robbins Holdings Corp., Class A(2),(3),(4)		10,689		105,073
Conyers Park III Acquisition Corp.(2),(3)		416,606		4,203,555
Direct Selling Acquisition Corp.(2),(3)		8,360		84,938
ECP Environmental Growth Opportunities Corp., Class A(2),(3)		21,700		213,962
Edify Acquisition Corp.(2),(3)		1,794		17,922
Everest Consolidator Acquisition Corp.(2),(3)		16,822		169,061
Financial Strategies Acquisition Corp.(2),(3)		40,406		418,202
Fortress Capital Acquisition Corp.(2),(3),(4)		4,669		46,176
Fortress Value Acquisition Corp. IV(2),(3)		4,666		46,567
Frazier Lifesciences Acquisition Corp.(2),(3),(4)		4,797		47,586
GigCapital5, Inc.(2),(3)		12,536		130,124
Global Partner Acquisition Corp. II(2),(3),(4)		4,148		40,858
GO Acquisition Corp.(2),(3)		4,185		43,545
Golden Falcon Acquisition Corp.(2),(3)		5,530		55,576
Gores Holdings VII, Inc.(2),(3)		7,971		79,232
Gores Technology Partners II, Inc., Class A(2),(3)		15,960		158,004
Gores Technology Partners, Inc.(2),(3)		11,400		114,684
Hudson Executive Investment Corp. II(2),(3)		4,362		43,184
Hudson Executive Investment Corp. III(2),(3)		10,361		101,540
HumanCo Acquisition Corp., Class A(2),(3)		278,581		2,724,522
Lazard Growth Acquisition Corp. I(2),(3),(4)		5,700		56,430
Longview Acquisition Corp. II(2),(3)		11,188		111,992
M3-Brigade Acquisition II Corp., Class A(2),(3)		14,731		145,984
Magnum Opus Acquisition Ltd., Class A(2),(3),(4)		5,407		53,637
MDH Acquisition Corp., Class A(2),(3)		21,005		205,849
North Mountain Merger Corp., Class A(2),(3)		14,010		138,139
Northern Star Investment Corp. III(2),(3)		11,398		113,125
Omnichannel Acquisition Corp., Class A(2),(3)		4,485		44,626
Pine Technology Acquisition Corp., Class A(2),(3)		21,014		206,988

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

9

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Diversified Financial Services
Pontem Corp.(2),(3),(4)		4,781		48,192
Primavera Capital Acquisition Corp.(2),(3),(4)		2,312		23,212
Priveterra Acquisition Corp.(2),(3)		5,669		56,123
PropTech Investment Corp. II(2),(3)		7,044		70,299
Queen’s Gambit Growth Capital, Class A(2),(3),(4)		13,661		135,244
Revolution Healthcare Acquisition Corp.(2),(3)		5,698		56,410
RMG Acquisition Corp. III(2),(3),(4)		4,165		41,442
Schultze Special Purpose Acquisition Corp. II(2),(3)		22,559		229,876
ScION Tech Growth I(2),(3),(4)		6,940		68,845
ScION Tech Growth II(2),(3),(4)		7,587		75,111
Senior Connect Acquisition Corp. I, Class A(2),(3)		7,744		75,427
Simon Property Group Acquisition Holdings, Inc.(2),(3)		641,299		6,345,654
Simon Property Group Acquisition Holdings, Inc., Class A(2),(3)		218,580		2,128,969
SVF Investment Corp. 3, Class A(2),(3),(4)		2,280		22,800
Tishman Speyer Innovation Corp. II(2),(3)		118,319		1,165,442
Tishman Speyer Innovation Corp. II, Class A(2),(3)		29,639		288,980
TLG Acquisition One Corp.(2),(3)		4,852		48,035
Turmeric Acquisition Corp.(2),(3),(4)		6,073		60,730
Vector Acquisition Corp. II, Class A(2),(3),(4)		10,946		106,942
Velocity Acquisition Corp., Class A(2),(3)		14,633		142,306
Virgin Group Acquisition Corp. II, Class A(2),(3),(4)		28,019		276,548
Warburg Pincus Capital Corp. I-A(2),(3),(4)		11,400		114,000
Williams Rowland Acquisition Corp.(2),(3)		13,602		137,516
				25,140,629
Electric Utilities 1.3%
NextEra Energy, Inc.(1)		12,777		1,192,861
PNM Resources, Inc.(2)		38,236		1,743,944
				2,936,805
Electrical Equipment 6.4%
AMETEK, Inc.(2)		24,937		3,666,736
Generac Holdings, Inc.(2),(3)		1,718		604,599
nVent Electric PLC(2),(4)		37,111		1,410,218
Regal Rexnord Corp.(1),(2)		39,833		6,778,780
Sensata Technologies Holding PLC(2),(3),(4)		14,397		888,151
Vicor Corp.(2),(3)		10,576		1,342,940
				14,691,424
Electronic Equipment, Instruments & Components 6.1%
908 Devices, Inc.(1),(2),(3)		6,392		165,361
Coherent, Inc.(2),(3)		10,258		2,734,167
II-VI, Inc.(1),(3)		78,985		5,397,045
Mirion Technologies, Inc.(2),(3)		82,356		862,267
Rogers Corp.(2),(3)		7,993		2,182,089
TE Connectivity Ltd.(2),(4)		13,649		2,202,130
Zebra Technologies Corp., Class A(2),(3)		853		507,706
				14,050,765
Energy Equipment & Services 0.3%
Halliburton Co.(1),(2)		33,285		761,228
Entertainment 1.9%
Activision Blizzard, Inc.(2)		7,399		492,255
Netflix, Inc.(2),(3)		1,751		1,054,872
ROBLOX Corp., Class A(1),(2),(3)		3,343		344,864
Sciplay Corp., Class A(2),(3)		79,875		1,100,678
Spotify Technology S.A.(2),(3),(4)		762		178,331
Take-Two Interactive Software, Inc.(2),(3)		1,760		312,787

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

10

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Entertainment
Zynga, Inc., Class A(2),(3)		135,355		866,272
				4,350,059
Food & Staples Retailing 1.5%
Performance Food Group Co.(2),(3)		70,317		3,226,847
Walmart, Inc.		855		123,710
				3,350,557
Food Products 16.7%
Bunge Ltd.(2),(4)		39,667		3,703,311
Conagra Brands, Inc.(1),(2)		52,710		1,800,046
Darling Ingredients, Inc.(2),(3)		19,876		1,377,208
Hershey Co. (The)(1),(2)		35,532		6,874,376
Hostess Brands, Inc.(2),(3)		268,283		5,478,339
JM Smucker Co. (The)(2)		19,027		2,584,247
Kraft Heinz Co. (The)(1),(2)		96,554		3,466,289
Pilgrim’s Pride Corp.(2),(3)		173,703		4,898,425
Simply Good Foods Co. (The)(2),(3)		121,628		5,056,076
Sovos Brands, Inc.(2),(3)		210,046		3,161,192
				38,399,509
Health Care Equipment & Supplies 3.7%
Abbott Laboratories(1),(2)		3,624		510,042
ABIOMED, Inc.(1),(2),(3)		1,450		520,796
Boston Scientific Corp.(2),(3)		10,850		460,908
Cardiovascular Systems, Inc.(2),(3)		330		6,197
CVRX, Inc.(2),(3)		18,168		222,195
DexCom, Inc.(1),(2),(3)		3,414		1,833,147
Edwards Lifesciences Corp.(1),(2),(3)		12,076		1,564,446
Haemonetics Corp.(1),(2),(3)		6,290		333,622
Inari Medical, Inc.(2),(3)		4,469		407,886
Intersect ENT, Inc.(2),(3)		15,830		432,317
NeuroPace, Inc.(2),(3)		1,077		10,856
Outset Medical, Inc.(2),(3)		3,494		161,038
Penumbra, Inc.(1),(2),(3)		697		200,262
Pulmonx Corp.(2),(3)		341		10,936
Quidel Corp.(2),(3)		878		118,521
Silk Road Medical, Inc.(1),(2),(3)		3,018		128,597
STAAR Surgical Co.(1),(3)		2,826		258,014
Stryker Corp.(1),(2)		2,472		661,062
Tandem Diabetes Care, Inc.(1),(2),(3)		2,709		407,759
Teleflex, Inc.(2)		910		298,917
Zimmer Biomet Holdings, Inc.(2)		370		47,005
				8,594,523
Health Care Providers & Services 1.3%
Centene Corp.(2),(3)		5,957		490,857
CVS Health Corp.(2)		3,003		309,789
Guardant Health, Inc.(1),(2),(3)		548		54,811
Humana, Inc.(2)		3,515		1,630,468
Oak Street Health, Inc.(1),(3)		1,761		58,360
Option Care Health, Inc.(1),(2),(3)		11,671		331,923
Pennant Group, Inc. (The)(1),(2),(3)		1,748		40,344
				2,916,552
Health Care Technology 2.7%
Cerner Corp.(2)		35,430		3,290,384
Change Healthcare, Inc.(2),(3)		6,769		144,721
Convey Health Solutions Holdings, Inc.(2),(3)		16,128		134,830
Inspire Medical Systems, Inc.(2),(3)		1,768		406,746

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

11

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Health Care Technology
Sema4 Holdings Corp.(2),(3)		482,626		2,152,512
				6,129,193
Hotels, Restaurants & Leisure 10.6%
Bloomin’ Brands, Inc.(1),(2),(3)		35,210		738,706
Booking Holdings, Inc.(2),(3)		635		1,523,511
Boyd Gaming Corp.(2),(3)		56,712		3,718,606
Caesars Entertainment, Inc.(2),(3)		2,342		219,047
Chipotle Mexican Grill, Inc.(2),(3)		669		1,169,579
Darden Restaurants, Inc.(1),(2)		7,707		1,160,983
Expedia Group, Inc.(1),(3)		9,744		1,760,936
Hilton Worldwide Holdings, Inc.(1),(2),(3)		7,755		1,209,702
MakeMyTrip Ltd.(2),(3),(4)		12,980		359,676
Marriott International, Inc., Class A(2),(3)		11,005		1,818,466
Marriott Vacations Worldwide Corp.(2)		5,359		905,564
MGM Resorts International(2)		60,905		2,733,416
Penn National Gaming, Inc.		7,098		368,011
Sweetgreen, Inc., Class A(2),(3)		4,258		136,256
Texas Roadhouse, Inc., Class A(2)		15,507		1,384,465
Vail Resorts, Inc.(1),(2)		6,457		2,117,250
Wendy’s Co. (The)(2)		125,100		2,983,635
				24,307,809
Household Durables 2.1%
DR Horton, Inc.(2)		6,351		688,766
KB Home(2)		3,070		137,321
Lennar Corp., Class A(1),(2)		5,732		665,829
Meritage Homes Corp.(2),(3)		7,217		880,907
TopBuild Corp.(1),(2),(3)		3,592		991,069
Tri Pointe Homes, Inc.(2),(3)		5,620		156,742
Vizio Holding Corp., Class A(2),(3)		29,160		566,579
Whirlpool Corp.(2)		3,002		704,449
				4,791,662
Household Products 4.2%
Colgate-Palmolive Co.(2)		41,289		3,523,603
Procter & Gamble Co. (The)(1),(2)		20,184		3,301,699
Spectrum Brands Holdings, Inc.(1),(2)		28,843		2,933,910
				9,759,212
Industrial Conglomerates 0.1%
Roper Technologies, Inc.(2)		384		188,874
Insurance 0.9%
American National Group, Inc.(2)		2,489		470,023
Arthur J Gallagher & Co.(1),(2)		1,144		194,102
Athene Holding Ltd., Class A(2),(3),(4)		17,598		1,466,441
Syncora Holdings Ltd.(2),(3),(4)		56,504		9,606
				2,140,172
Interactive Media & Services 6.5%
Alphabet, Inc., Class C(2),(3)		1		2,893
Alphabet, Inc., Class A(2),(3)		2,698		7,816,214
Meta Platforms, Inc., Class A(2),(3)		16,380		5,509,413
QuinStreet, Inc.(1),(2),(3)		59,568		1,083,542
Vimeo, Inc.(1),(2),(3)		17,645		316,904
ZoomInfo Technologies, Inc., Class A(2),(3)		3,994		256,415
				14,985,381
Internet & Direct Marketing Retail 0.8%
Altaba, Inc.(3)		148,076		878,091
Global-e Online Ltd.(2),(3),(4)		8,788		557,071

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

12

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Internet & Direct Marketing Retail
MercadoLibre, Inc.(2),(3)		369		497,560
				1,932,722
IT Services 12.9%
Accenture PLC, Class A(2),(4)		5,252		2,177,217
Akamai Technologies, Inc.(1),(3)		7,936		928,829
Concentrix Corp.(2)		41,348		7,385,580
DXC Technology Co.(1),(2),(3)		132,059		4,250,979
Fastly, Inc., Class A(2),(3)		5,284		187,318
Fidelity National Information Services, Inc.(2)		3,504		382,462
GoDaddy, Inc., Class A(3)		2,109		178,970
I3 Verticals, Inc., Class A(1),(2),(3)		77,567		1,767,752
Infosys Ltd., ADR(1),(2),(4)		92,846		2,349,932
Kyndryl Holdings, Inc.(1),(2),(3)		50,644		916,664
LiveRamp Holdings, Inc.(1),(2),(3)		70,460		3,378,557
Marqeta, Inc., Class A(2),(3)		52,196		896,205
MongoDB, Inc.(1),(3)		1,766		934,832
Nuvei Corp.(2),(3),(4)		3,521		228,795
Okta, Inc.(1),(3)		4,854		1,088,121
Sabre Corp.(1),(2),(3)		38,262		328,670
Shopify, Inc., Class A(2),(3),(4)		529		728,639
Snowflake, Inc., Class A(1),(3)		2,996		1,014,895
Twilio, Inc., Class A(1),(2),(3)		1,194		314,428
Wix.com Ltd.(2),(3),(4)		525		82,840
				29,521,685
Leisure Products 0.2%
Hayward Holdings, Inc.(2),(3)		16,082		421,831
Life Sciences Tools & Services 3.9%
Avantor, Inc.(2),(3)		14,292		602,265
Berkeley Lights, Inc.(1),(2),(3)		8,035		146,076
Danaher Corp.(2)		1,813		596,495
Fluidigm Corp.(1),(2),(3)		400		1,568
NanoString Technologies, Inc.(1),(2),(3)		5,550		234,377
Pacific Biosciences of California, Inc.(1),(2),(3)		9,112		186,432
Repligen Corp.(1),(3)		4,904		1,298,775
SomaLogic, Inc.(2),(3)		501,097		5,832,769
				8,898,757
Machinery 6.2%
CNH Industrial N.V.(2),(4)		110,239		2,141,944
Deere & Co.(2)		4,403		1,509,745
Dover Corp.(2)		6,433		1,168,233
Evoqua Water Technologies Corp.(1),(2),(3)		12,598		588,956
Ingersoll Rand, Inc.(1),(2)		27,673		1,712,128
Middleby Corp. (The)(1),(2),(3)		2,643		520,037
Otis Worldwide Corp.(2)		26,385		2,297,342
PACCAR, Inc.(2)		10,430		920,552
Parker-Hannifin Corp.(1),(2)		3,643		1,158,911
SPX FLOW, Inc.(2)		4,118		356,125
Welbilt, Inc.(2),(3)		76,102		1,808,944
				14,182,917
Marine 0.0%
Kirby Corp.(2),(3)		1,056		62,748
Media 7.7%
Altice USA, Inc., Class A(1),(2),(3)		24,976		404,112
comScore, Inc.(1),(2),(3)		2,247,335		7,506,099
Criteo S.A., ADR(2),(3),(4)		71,857		2,793,082

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

13

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Media
Fox Corp., Class A(2)		8,237		303,945
Gray Television, Inc.(2)		44,175		890,568
iHeartMedia, Inc., Class A(2),(3)		29,843		627,897
Liberty Broadband Corp., Class C(2),(3)		3,791		610,730
Liberty Media Corp-Liberty SiriusXM, Class A(1),(2),(3)		5,585		283,997
Nexstar Media Group, Inc., Class A(1),(2)		7,062		1,066,221
Shaw Communications, Inc., Class B(2),(4)		8,812		267,356
Sinclair Broadcast Group, Inc., Class A(1),(2)		25,614		676,978
TEGNA, Inc.(2)		13,034		241,911
ViacomCBS, Inc., Class B(2)		65,456		1,975,462
				17,648,358
Metals & Mining 2.0%
Alpha Metallurgical Resources, Inc.(3)		3,521		214,957
BHP Group PLC, ADR(2),(4)		40,201		2,402,814
Freeport-McMoRan, Inc.(2)		13,515		563,981
Hudbay Minerals, Inc.(2),(4)		71,161		515,917
Vale S.A., ADR(2),(4)		61,617		863,870
Warrior Met Coal, Inc.		5,281		135,775
				4,697,314
Mortgage Real Estate Investment 1.1%
AFC Gamma, Inc.(2)		106,251		2,418,273
Multiline Retail 0.1%
Ollie’s Bargain Outlet Holdings, Inc.(1),(3)		5,458		279,395
Oil, Gas & Consumable Fuels 10.3%
Antero Resources Corp.(2),(3)		97,751		1,710,643
Arch Resources, Inc.(2)		8,071		737,044
ConocoPhillips(2)		26,634		1,922,442
Coterra Energy, Inc.(1),(2)		98,521		1,871,899
Devon Energy Corp.(1),(2)		51,919		2,287,032
Diamondback Energy, Inc.(1),(2)		15,851		1,709,530
Marathon Oil Corp.(1)		112,030		1,839,533
Marathon Petroleum Corp.(1)		12,572		804,482
Matador Resources Co.(1),(2)		40,830		1,507,444
Northern Oil and Gas, Inc.(2)		87,585		1,802,499
Ovintiv, Inc.(2)		54,171		1,825,563
PDC Energy, Inc.(1)		35,387		1,726,178
Pioneer Natural Resources Co.(2)		10,996		1,999,952
Range Resources Corp.(1),(2),(3)		74,868		1,334,896
Royal Dutch Shell PLC, Class A, ADR(2),(4)		13,439		583,253
				23,662,390
Paper & Forest Products 1.0%
Louisiana-Pacific Corp.(2)		13,535		1,060,467
West Fraser Timber Co., Ltd.(2),(4)		11,831		1,128,204
				2,188,671
Personal Products 3.3%
BellRing Brands, Inc., Class A(1),(3)		15,253		435,168
Coty, Inc., Class A(1),(2),(3)		207,443		2,178,151
elf Beauty, Inc.(1),(2),(3)		150,280		4,990,799
				7,604,118
Pharmaceuticals 4.2%
Aerie Pharmaceuticals, Inc.(2),(3)		297		2,085
AstraZeneca PLC, ADR(1),(2),(4)		29,515		1,719,249
Axsome Therapeutics, Inc.(1),(2),(3)		4,978		188,069
Bausch Health Cos., Inc.(2),(3),(4)		7,859		216,987

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

14

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Pharmaceuticals
Bristol-Myers Squibb Co.(1),(2)		36,904		2,300,964
Catalent, Inc.(2),(3)		3,439		440,295
Eli Lilly & Co.(2)		11,381		3,143,660
Green Thumb Industries, Inc.(2),(3),(4)		58,039		1,286,173
Intra-Cellular Therapies, Inc.(1),(2),(3)		901		47,158
Merck & Co., Inc.(2)		3,870		296,597
Relmada Therapeutics, Inc.(2),(3)		1,768		39,833
TherapeuticsMD, Inc.(2),(3)		15,551		5,528
Zogenix, Inc.(1),(2),(3)		1,595		25,919
				9,712,517
Professional Services 3.8%
IHS Markit Ltd.(2),(4)		62,747		8,340,331
KBR, Inc.(1)		8,314		395,913
				8,736,244
Real Estate Investment Trusts 153.6%
Acadia Realty Trust(2)		663,133		14,476,193
Agree Realty Corp.(2)		264,810		18,896,842
Alexandria Real Estate Equities, Inc.(2)		42,405		9,454,619
American Campus Communities, Inc.(1),(2)		159,106		9,115,183
American Homes 4 Rent, Class A(1),(2)		63,932		2,788,075
Americold Realty Trust(1),(2)		871,090		28,563,041
AvalonBay Communities, Inc.(1),(2)		21,773		5,499,642
CareTrust REIT, Inc.(2)		31,425		717,433
CyrusOne, Inc.(2)		85,128		7,637,684
Duke Realty Corp.		1,096		71,941
Equity Residential(1),(2)		281,953		25,516,747
Federal Realty Investment Trust(1),(2)		115,291		15,716,469
First Industrial Realty Trust, Inc.(2)		433,292		28,683,930
Healthcare Trust of America, Inc., Class A(2)		292,355		9,761,733
Highwoods Properties, Inc.(1),(2)		101,049		4,505,775
Host Hotels & Resorts, Inc.(1),(3)		14,084		244,921
Hudson Pacific Properties, Inc.(1),(2)		72,207		1,784,235
InvenTrust Properties Corp.(2)		12,471		339,959
Kilroy Realty Corp.(2)		61,115		4,061,703
Kimco Realty Corp.(1),(2)		157,035		3,870,913
Kite Realty Group Trust(2)		435,933		9,494,621
Medical Properties Trust, Inc.(1),(2)		176,279		4,165,473
MGM Growth Properties LLC, Class A(2)		12,919		527,741
Mid-America Apartment Communities, Inc.(1),(2)		69,650		15,980,496
Monmouth Real Estate Investment Corp.(2)		11,629		244,325
National Storage Affiliates Trust(2)		188,287		13,029,460
NETSTREIT Corp.(2)		930,423		21,306,687
Newlake Capital Partners, Inc.(2)		32,894		943,400
Omega Healthcare Investors, Inc.(2)		82,382		2,437,683
Paramount Group, Inc.(2)		894,295		7,458,420
Piedmont Office Realty Trust, Inc., Class A(2)		786,790		14,461,200
Plymouth Industrial REIT, Inc.(2)		219,170		7,013,440
Postal Realty Trust, Inc., Class A(2)		102,330		2,026,134
Sabra Health Care REIT, Inc.(1),(2)		79,310		1,073,857
Simon Property Group, Inc.(1),(2)		2,676		427,545
Spirit Realty Capital, Inc.(2)		84,162		4,055,767
Sun Communities, Inc.(2)		44,179		9,276,265
Terreno Realty Corp.(2)		227,840		19,432,474
Ventas, Inc.(1),(2)		276,179		14,118,270
VICI Properties, Inc.(1),(2)		69,518		2,093,187

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

15

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Real Estate Investment Trusts
WP Carey, Inc.(1),(2)		142,809		11,717,478
				352,990,961
Road & Rail 5.9%
ArcBest Corp.(2)		704		84,374
Avis Budget Group, Inc.(3)		415		86,059
Canadian Pacific Railway Ltd.(2),(4)		79,266		5,702,396
CSX Corp.(1),(2)		73,847		2,776,647
Heartland Express, Inc.		1,714		28,830
Hertz Global Holdings, Inc.(2),(3)		4,106		102,609
Norfolk Southern Corp.(2)		1,515		451,031
Saia, Inc.(2),(3)		4,214		1,420,244
Uber Technologies, Inc.(2),(3)		47,437		1,989,033
XPO Logistics, Inc.(2),(3)		12,342		955,641
				13,596,864
Semiconductors & Semiconductor Equipment 33.9%
Ambarella, Inc.(2),(3),(4)		2,081		422,214
Applied Materials, Inc.(1),(2)		30,330		4,772,729
ASML Holding N.V.(2),(4)		8,636		6,875,465
Azenta, Inc.(1),(2)		22,660		2,336,473
Broadcom, Inc.(1),(2)		2,955		1,966,287
CMC Materials, Inc.(2)		2,283		437,628
KLA Corp.(2)		1,748		751,832
Kulicke & Soffa Industries, Inc.(1)		8,823		534,144
Lam Research Corp.(1),(2)		2,297		1,651,888
Marvell Technology, Inc.(1),(2)		145,329		12,714,834
Micron Technology, Inc.(2)		97,722		9,102,804
MKS Instruments, Inc.(1),(2)		8,617		1,500,823
NeoPhotonics Corp.(2),(3)		8,394		129,016
NVIDIA Corp.(1),(2)		12,597		3,704,904
NXP Semiconductors N.V.(2),(4)		4,230		963,509
ON Semiconductor Corp.(2),(3)		24,531		1,666,145
QUALCOMM, Inc.(2)		101,303		18,525,280
Ultra Clean Holdings, Inc.(2),(3)		19,254		1,104,409
Wolfspeed, Inc.(1),(3)		1,765		197,274
Xilinx, Inc.(2)		39,867		8,453,000
				77,810,658
Software 41.3%
Adobe, Inc.(1),(2),(3)		3,337		1,892,279
Alteryx, Inc., Class A(1),(2),(3)		15,578		942,469
Anaplan, Inc.(2),(3)		11,251		515,858
Asana, Inc., Class A(1),(3)		7,004		522,148
Atlassian Corp. PLC, Class A(2),(3),(4)		3,877		1,478,261
Autodesk, Inc.(2),(3)		1,275		358,517
Avalara, Inc.(1),(3)		1,406		181,529
Avaya Holdings Corp.(2),(3)		9,263		183,407
Bill.com Holdings, Inc.(1),(3)		3,502		872,523
Bottomline Technologies DE, Inc.(2),(3)		22,224		1,254,989
Braze, Inc., Class A(2),(3)		9,507		733,560
Cadence Design Systems, Inc.(2),(3)		7,032		1,310,413
Cipher Mining, Inc.(2),(3)		315,500		1,460,765
Cognyte Software Ltd.(2),(3),(4)		75,720		1,186,532
CommVault Systems, Inc.(2),(3)		6,982		481,199
Confluent, Inc., Class A(1),(2),(3)		16,190		1,234,326
Crowdstrike Holdings, Inc., Class A(2),(3)		2,294		469,697
CyberArk Software Ltd.(1),(2),(3),(4)		8,472		1,468,028
Datadog, Inc., Class A(1),(2),(3)		7,566		1,347,580

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

16

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Software
Descartes Systems Group, Inc. (The)(2),(3),(4)		2,817		232,910
DocuSign, Inc.(2),(3)		881		134,185
Domo, Inc., Class B(1),(2),(3)		79,513		3,943,845
Dynatrace, Inc.(2),(3)		17,575		1,060,651
Elastic N.V.(2),(3),(4)		7,419		913,205
EngageSmart, Inc.(2),(3)		95,908		2,313,301
Everbridge, Inc.(1),(2),(3)		4,696		316,182
Five9, Inc.(1),(2),(3)		6,268		860,722
Fortinet, Inc.(1),(3)		6,162		2,214,623
HubSpot, Inc.(2),(3)		1,164		767,251
Intuit, Inc.(2)		8,075		5,194,001
ironSource Ltd., Class A(2),(3),(4)		263,591		2,040,194
Mandiant, Inc.(1),(3)		20,946		367,393
Manhattan Associates, Inc.(2),(3)		23,044		3,583,112
McAfee Corp., Class A(2)		57,616		1,485,917
Microsoft Corp.(2)		35,715		12,011,669
Mimecast Ltd.(2),(3),(4)		5,626		447,661
Momentive Global, Inc.(2),(3)		92,710		1,960,817
Nice Ltd., ADR(1),(2),(3),(4)		1,054		319,994
Nuance Communications, Inc.(2),(3)		89,873		4,971,774
Nutanix, Inc., Class A(2),(3)		31,756		1,011,746
Palo Alto Networks, Inc.(1),(2),(3)		7,050		3,925,158
RingCentral, Inc., Class A(1),(2),(3)		3,183		596,335
Riskified Ltd., Class A(2),(3),(4)		84,456		663,824
Sailpoint Technologies Holdings, Inc.(1),(2),(3)		16,884		816,173
Samsara, Inc., Class A(2),(3)		6,942		195,140
SentinelOne, Inc., Class A(2),(3)		10,453		527,772
ServiceNow, Inc.(1),(2),(3)		4,015		2,606,177
Smartsheet, Inc., Class A(1),(2),(3)		19,925		1,543,191
Splunk, Inc.(1),(2),(3)		10,575		1,223,739
Sumo Logic, Inc.(2),(3)		56,336		763,916
Synchronoss Technologies, Inc.(1),(2),(3)		77,136		188,212
Synopsys, Inc.(2),(3)		5,386		1,984,741
Tenable Holdings, Inc.(2),(3)		64,806		3,568,866
Tufin Software Technologies Ltd.(2),(3),(4)		191,881		2,024,345
Unity Software, Inc.(3)		2,455		351,040
Varonis Systems, Inc.(1),(2),(3)		17,591		858,089
Verint Systems, Inc.(1),(2),(3)		38,332		2,012,813
Vonage Holdings Corp.(2),(3)		83,617		1,738,397
Workday, Inc., Class A(2),(3)		6,592		1,800,803
Zendesk, Inc.(1),(2),(3)		4,747		495,065
Zeta Global Holdings Corp., Class A(2),(3)		65,425		550,879
Zscaler, Inc.(1),(2),(3)		7,785		2,501,554
				94,981,462
Specialty Retail 3.1%
Bath & Body Works, Inc.(2)		2,197		153,329
Brilliant Earth Group, Inc., Class A(2),(3)		47,564		859,006
Citi Trends, Inc.(2),(3)		16,197		1,534,666
Five Below, Inc.(2),(3)		5,300		1,096,517
Home Depot, Inc. (The)(2)		772		320,388
Lithia Motors, Inc., Class A(2)		3,191		947,567
Lowe’s Cos., Inc.(2)		5,824		1,505,387
Tractor Supply Co.(2)		3,169		756,123
				7,172,983
Technology Hardware, Storage & Peripherals 6.8%
Apple, Inc.(2)		41,829		7,427,575

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

17

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Technology Hardware, Storage & Peripherals
NetApp, Inc.(1),(2)		33,626		3,093,256
Pure Storage, Inc., Class A(2),(3)		154,683		5,034,932
				15,555,763
Textiles, Apparel & Luxury Goods 0.2%
Capri Holdings Ltd.(1),(2),(3),(4)		8,392		544,725
Thrifts & Mortgage Finance 4.3%
Mr. Cooper Group, Inc.(2),(3)		66,762		2,777,967
New York Community Bancorp, Inc.(1),(2)		379,710		4,636,259
PennyMac Financial Services, Inc.(1),(2)		23,447		1,636,131
UWM Holdings Corp.(1),(2)		136,491		808,027
				9,858,384
Trading Companies & Distributors 3.9%
AerCap Holdings N.V.(2),(3),(4)		10,723		701,499
Air Lease Corp.(1),(2)		3,509		155,203
Fortress Transportation and Infrastructure Investors LLC(2)		11,755		339,955
Triton International Ltd.(2),(4)		43,788		2,637,351
United Rentals, Inc.(2),(3)		4,940		1,641,512
Watsco, Inc.(2)		2,121		663,618
WESCO International, Inc.(1),(2),(3)		17,647		2,322,169
WW Grainger, Inc.(1),(2)		899		465,898
				8,927,205
Wireless Telecommunication Services 0.4%
NII Holdings, Inc.(3)		174,048		60,917
T-Mobile U.S., Inc.(1),(2),(3)		8,134		943,381
				1,004,298
Total Common Stocks (Cost $1,075,112,805)				1,121,861,182
Exchange-Traded Funds 6.4%
ARK Innovation ETF		11,271		1,066,124
Energy Select Sector SPDR Fund(2)		355		19,703
Financial Select Sector SPDR Fund		16,967		662,561
Invesco S&P 500 Equal Weight ETF(2)		38,792		6,313,398
Invesco S&P 500 Low Volatility ETF(2)		38,403		2,635,598
iShares Russell 2000 ETF		5,333		1,186,326
ProShares UltraShort 20+ Year Treasury ETF		7,136		120,527
ProShares VIX Short-Term Futures ETF(2),(3)		77,263		1,172,080
SPDR S&P 500 ETF Trust		765		363,344
SPDR S&P Oil & Gas Exploration & Production ETF(1),(2)		8,886		851,901
United States Oil Fund L.P.(2),(3)		5,001		271,854
Total Exchange-Traded Funds (Cost $14,574,022)				14,663,416
Warrants 0.4%
Biotechnology 0.0%
EQRx, Inc.(2),(3)		33,681		35,877
Diversified Financial Services 0.1%
Aequi Acquisition Corp., Class A(2),(3)		8,874		4,855
Argus Capital Corp., Class A(2),(3)		50,166		27,090
Gores Technology Partners II, Inc.(2),(3)		3,126		4,330
HumanCo Acquisition Corp., Class A(2),(3)		150,043		108,038
				144,313
Health Care Technology 0.1%
Multiplan Corp.(2),(3)		4,362		5,561

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

18

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Warrants
Health Care Technology
Sema4 Holdings Corp.(2),(3)		304,201		296,596
				302,157
Life Sciences Tools & Services 0.2%
SomaLogic, Inc.(2),(3)		120,844		412,078
Total Warrants (Cost $1,386,517)				894,425
Total Long Investments (Cost $1,091,073,344)				1,137,419,023
Securities Sold Short (5)(415.6)%
Common Stocks (292.2)%
Aerospace & Defense (1.7)%
Aerojet Rocketdyne Holdings, Inc.		51,372		(2,402,155	)
Boeing Co. (The)		5,647		(1,136,854	)
Northrop Grumman Corp.		744		(287,980	)
Virgin Galactic Holdings, Inc.		8,718		(116,647	)
				(3,943,636	)
Air Freight & Logistics (1.3)%
United Parcel Service, Inc., Class B		13,456		(2,884,159	)
Airlines (1.0)%
American Airlines Group, Inc.		33,434		(600,475	)
United Airlines Holdings, Inc.		38,723		(1,695,293	)
				(2,295,768	)
Auto Components (1.6)%
American Axle & Manufacturing Holdings, Inc.		21,062		(196,509	)
Lear Corp.		4,559		(834,069	)
Veoneer, Inc.		71,440		(2,534,691	)
				(3,565,269	)
Automobiles (0.8)%
Fisker, Inc.		17,530		(275,747	)
Stellantis N.V.(4)		77,466		(1,453,262	)
				(1,729,009	)
Banks (34.2)%
Ameris Bancorp		43,851		(2,178,518	)
Associated Banc-Corp		41,791		(944,059	)
Bank of America Corp.		284,535		(12,658,962	)
BankUnited, Inc.		61,192		(2,589,033	)
Citigroup, Inc.		42,045		(2,539,098	)
Columbia Banking System, Inc.		6,657		(217,817	)
Cullen/Frost Bankers, Inc.		30,514		(3,846,900	)
East West Bancorp, Inc.		54,739		(4,306,864	)
Fifth Third Bancorp		202,556		(8,821,314	)
First Horizon Corp.		317,088		(5,178,047	)
First Republic Bank		13,820		(2,853,968	)
FNB Corp.		186,626		(2,263,773	)
Great Western Bancorp, Inc.		26,890		(913,184	)
Hancock Whitney Corp.		47,459		(2,373,899	)
Hilltop Holdings, Inc.		49,243		(1,730,399	)
PNC Financial Services Group, Inc. (The)		34,871		(6,992,333	)
Regions Financial Corp.		321,551		(7,009,812	)
Renasant Corp.		45,727		(1,735,340	)
Simmons First National Corp., Class A		49,638		(1,468,292	)
Texas Capital Bancshares, Inc.		43,592		(2,626,418	)
Truist Financial Corp.		90,512		(5,299,478	)
				(78,547,508	)
Beverages (9.0)%
Anheuser-Busch InBev S.A., ADR(4)		2,096		(126,913	)

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

19

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Beverages
Keurig Dr Pepper, Inc.		116,905		(4,309,118)
Molson Coors Beverage Co., Class B		68,043		(3,153,793)
National Beverage Corp.		67,083		(3,040,873)
PepsiCo, Inc.		57,562		(9,999,095)
				(20,629,792)
Biotechnology (1.0)%
Cerevel Therapeutics Holdings, Inc.		355		(11,509)
Exact Sciences Corp.		3,378		(262,910)
Invitae Corp.		38,651		(590,201)
Kodiak Sciences, Inc.		1,091		(92,495)
Moderna, Inc.		1,382		(351,000)
Novavax, Inc.		883		(126,331)
Twist Bioscience Corp.		12,171		(941,913)
				(2,376,359)
Building Products (3.0)%
Allegion PLC(4)		11,842		(1,568,354)
American Woodmark Corp.		6,947		(452,944)
AO Smith Corp.		11,846		(1,016,979)
Armstrong World Industries, Inc.		2,733		(317,356)
AZEK Co., Inc. (The)		2,119		(97,983)
Lennox International, Inc.		4,928		(1,598,446)
Owens Corning		1,887		(170,774)
Trane Technologies PLC(4)		7,459		(1,506,942)
Zurn Water Solutions Corp.		3,515		(127,946)
				(6,857,724)
Capital Markets (6.2)%
Apollo Global Management, Inc.		20,573		(1,490,102)
Bank of New York Mellon Corp. (The)		62,275		(3,616,932)
Charles Schwab Corp. (The)		13,834		(1,163,440)
S&P Global, Inc.		16,880		(7,966,178)
				(14,236,652)
Chemicals (2.8)%
Ashland Global Holdings, Inc.		1,757		(189,159)
Celanese Corp.		1,054		(177,135)
Danimer Scientific, Inc.		13,866		(118,138)
Dow, Inc.		18,961		(1,075,468)
Ecolab, Inc.		1,216		(285,261)
International Flavors & Fragrances, Inc.		4,929		(742,554)
LyondellBasell Industries N.V., Class A(4)		8,672		(799,819)
Olin Corp.		11,279		(648,768)
PureCycle Technologies, Inc.		17,757		(169,935)
RPM International, Inc.		3,758		(379,558)
Sherwin-Williams Co. (The)		5,140		(1,810,102)
				(6,395,897)
Communications Equipment (0.5)%
Cisco Systems, Inc.		3,034		(192,265)

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

20

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Communications Equipment
Viasat, Inc.		20,514		(913,693)
				(1,105,958)
Construction & Engineering (0.0)%
Quanta Services, Inc.		175		(20,066)
Construction Materials (0.2)%
Vulcan Materials Co.		1,985		(412,046)
Consumer Finance (5.1)%
American Express Co.		26,246		(4,293,846)
Capital One Financial Corp.		12,323		(1,787,944)
Credit Acceptance Corp.		176		(121,032)
Discover Financial Services		45,409		(5,247,464)
SoFi Technologies, Inc.		15,960		(252,327)
				(11,702,613)
Containers & Packaging (1.1)%
Amcor PLC(4)		42,180		(506,582)
Ball Corp.		21,981		(2,116,111)
				(2,622,693)
Diversified Consumer Services (0.1)%
Udemy, Inc.		15,867		(310,041)
Diversified Telecommunication Services (1.7)%
Verizon Communications, Inc.		75,091		(3,901,728)
Electric Utilities (0.3)%
Avangrid, Inc.		15,226		(759,473)
Electrical Equipment (2.1)%
Bloom Energy Corp., Class A		17,560		(385,091)
Eaton Corp. PLC(4)		4,830		(834,721)
Emerson Electric Co.		10,726		(997,196)
Hubbell, Inc.		3,697		(769,974)
Rockwell Automation, Inc.		3,744		(1,306,095)
Shoals Technologies Group, Inc., Class A		9,891		(240,351)
Vertiv Holdings Co.		14,295		(356,946)
				(4,890,374)
Electronic Equipment, Instruments & Components (1.6)%
Amphenol Corp., Class A		13,999		(1,224,352)
TD SYNNEX Corp.		21,121		(2,415,398)
				(3,639,750)
Energy Equipment & Services (0.4)%
Baker Hughes Co.		41,581		(1,000,439)
ProPetro Holding Corp.		3,600		(29,160)
				(1,029,599)
Entertainment (3.0)%
Electronic Arts, Inc.		21,246		(2,802,347)
Endeavor Group Holdings, Inc., Class A		41,029		(1,431,502)
Roku, Inc.		4,283		(977,380)
Walt Disney Co. (The)		10,267		(1,590,256)
				(6,801,485)
Food & Staples Retailing (2.7)%
Costco Wholesale Corp.		3,954		(2,244,686)
Sysco Corp.		50,321		(3,952,715)

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

21

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Food & Staples Retailing
Walmart, Inc.		305		(44,130)
				(6,241,531)
Food Products (12.4)%
Archer-Daniels-Midland Co.		60,776		(4,107,850)
B&G Foods, Inc.		70,870		(2,177,835)
Campbell Soup Co.		59,211		(2,573,310)
Flowers Foods, Inc.		182,195		(5,004,897)
General Mills, Inc.		4,919		(331,442)
Kellogg Co.		45,877		(2,955,396)
Mondelez International, Inc., Class A		91,757		(6,084,407)
Post Holdings, Inc.		7,044		(794,070)
Sanderson Farms, Inc.		17,337		(3,312,754)
Utz Brands, Inc.		74,326		(1,185,500)
				(28,527,461)
Health Care Equipment & Supplies (1.3)%
Baxter International, Inc.		8,626		(740,456)
Becton Dickinson and Co.		3,362		(845,476)
BioLife Solutions, Inc.		3,078		(114,717)
CryoPort, Inc.		2,050		(121,298)
Medtronic PLC(4)		3,852		(398,489)
Pulse Biosciences, Inc.		1,595		(23,622)
STERIS PLC(4)		3,494		(850,475)
				(3,094,533)
Health Care Providers & Services (2.0)%
HCA Healthcare, Inc.		9,491		(2,438,428)
Quest Diagnostics, Inc.		2,821		(488,061)
UnitedHealth Group, Inc.		3,164		(1,588,771)
				(4,515,260)
Hotels, Restaurants & Leisure (6.2)%
Airbnb, Inc., Class A		4,626		(770,183)
Aramark		31,527		(1,161,770)
Bally’s Corp.		25,886		(985,221)
Brinker International, Inc.		12,257		(448,484)
Carnival Corp.(4)		31,597		(635,732)
Choice Hotels International, Inc.		4,913		(766,379)
Cracker Barrel Old Country Store, Inc.		5,253		(675,746)
DraftKings, Inc., Class A		47,955		(1,317,324)
Hilton Grand Vacations, Inc.		12,268		(639,285)
Hyatt Hotels Corp., Class A		4,558		(437,112)
Krispy Kreme, Inc.		39,495		(747,245)
Penn National Gaming, Inc.		39,266		(2,035,942)
Restaurant Brands International, Inc.(4)		6,305		(382,587)
Royal Caribbean Cruises Ltd.(4)		6,968		(535,839)
Scientific Games Corp., Class A		13,772		(920,383)
Starbucks Corp.		11,856		(1,386,796)
Wynn Resorts Ltd.		4,216		(358,529)
				(14,204,557)
Household Durables (2.5)%
Helen of Troy Ltd.(4)		16,301		(3,985,106)
Installed Building Products, Inc.		4,145		(579,139)
Leggett & Platt, Inc.		6,576		(270,668)
LGI Homes, Inc.		3,941		(608,806)
MDC Holdings, Inc.		1,388		(77,492)
Mohawk Industries, Inc.		550		(100,199)

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

22

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Household Durables
PulteGroup, Inc.		2,406		(137,527)
				(5,758,937)
Household Products (3.0)%
Church & Dwight Co., Inc.		54,121		(5,547,402)
Reynolds Consumer Products, Inc.		44,859		(1,408,573)
				(6,955,975)
Industrial Conglomerates (5.4)%
3M Co.		54,054		(9,601,612)
General Electric Co.		15,199		(1,435,850)
Honeywell International, Inc.		6,895		(1,437,676)
				(12,475,138)
Interactive Media & Services (1.3)%
fuboTV, Inc.		44,351		(688,328)
Snap, Inc., Class A		17,335		(815,265)
Taboola.com Ltd.(4)		40,711		(316,732)
Twitter, Inc.		12,338		(533,248)
ZipRecruiter, Inc., Class A		26,383		(657,992)
				(3,011,565)
Internet & Direct Marketing Retail (3.8)%
Amazon.com, Inc.		1,790		(5,968,469)
DoorDash, Inc., Class A		7,116		(1,059,572)
eBay, Inc.		9,340		(621,110)
Etsy, Inc.		1,512		(331,037)
Farfetch Ltd., Class A(4)		7,028		(234,946)
Fiverr International Ltd.(4)		2,272		(258,326)
Rent the Runway, Inc., Class A		26,290		(214,264)
Wayfair, Inc., Class A		352		(66,870)
				(8,754,594)
IT Services (5.0)%
Affirm Holdings, Inc.		6,474		(651,025)
BigCommerce Holdings, Inc., Series 1		3,491		(123,477)
Block, Inc., Class A		13,971		(2,256,456)
Global Payments, Inc.		1,760		(237,917)
International Business Machines Corp.		21,430		(2,864,334)
Kyndryl Holdings, Inc.		101		(2,848)
Paymentus Holdings, Inc., Class A		109,421		(3,827,547)
PayPal Holdings, Inc.		566		(106,736)
Shift4 Payments, Inc., Class A		12,629		(731,598)
Squarespace, Inc., Class A		7,323		(216,028)
Toast, Inc., Class A		10,924		(379,172)
				(11,397,138)
Leisure Products (0.5)%
Peloton Interactive, Inc., Class A		12,261		(438,453)
YETI Holdings, Inc.		7,735		(640,690)
				(1,079,143)
Life Sciences Tools & Services (0.8)%
Illumina, Inc.		2,832		(1,077,406)
Thermo Fisher Scientific, Inc.		1,060		(707,274)
				(1,784,680)
Machinery (7.7)%
AGCO Corp.		5,018		(582,188)
Allison Transmission Holdings, Inc.		7,469		(271,498)
Caterpillar, Inc.		5,253		(1,086,005)
Colfax Corp.		4,243		(195,051)

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

23

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Machinery
Cummins, Inc.		1,626		(354,696)
Donaldson Co., Inc.		660		(39,112)
Flowserve Corp.		14,072		(430,603)
Fortive Corp.		11,450		(873,521)
Gates Industrial Corp. PLC(4)		34,090		(542,372)
Hydrofarm Holdings Group, Inc.		3,208		(90,754)
IDEX Corp.		2,888		(682,492)
Illinois Tool Works, Inc.		17,436		(4,303,205)
Kennametal, Inc.		36,996		(1,328,526)
Lincoln Electric Holdings, Inc.		701		(97,769)
Manitowoc Co., Inc. (The)		7,062		(131,283)
Oshkosh Corp.		3,028		(341,286)
Pentair PLC(4)		21,479		(1,568,611)
Proto Labs, Inc.		5,244		(269,279)
Stanley Black & Decker, Inc.		2,405		(453,631)
Terex Corp.		5,272		(231,705)
Timken Co. (The)		8,611		(596,656)
Toro Co. (The)		755		(75,432)
Westinghouse Air Brake Technologies Corp.		34,067		(3,137,911)
				(17,683,586)
Media (2.6)%
Charter Communications, Inc., Class A		2,300		(1,499,531)
Comcast Corp., Class A		916		(46,102)
Discovery, Inc., Class A		26,418		(621,880)
Interpublic Group of Cos., Inc. (The)		13,221		(495,126)
Magnite, Inc.		14,749		(258,107)
New York Times Co. (The), Class A		19,065		(920,840)
Omnicom Group, Inc.		22,691		(1,662,570)
PubMatic, Inc., Class A		15,517		(528,354)
				(6,032,510)
Metals & Mining (1.5)%
BHP Group Ltd., ADR(4)		7,319		(441,702)
Carpenter Technology Corp.		3,024		(88,271)
Cleveland-Cliffs, Inc.		26,272		(571,941)
Nucor Corp.		8,567		(977,923)
Reliance Steel & Aluminum Co.		702		(113,878)
Rio Tinto PLC, ADR(4)		17,567		(1,175,935)
				(3,369,650)
Mortgage Real Estate Investment (3.6)%
AGNC Investment Corp.		308,224		(4,635,689)
Annaly Capital Management, Inc.		457,844		(3,580,340)
				(8,216,029)
Multiline Retail (0.6)%
Dillard’s, Inc., Class A		317		(77,671)
Dollar General Corp.		3,533		(833,187)
Target Corp.		2,192		(507,317)
				(1,418,175)
Oil, Gas & Consumable Fuels (8.2)%
BP PLC, ADR(4)		33,840		(901,159)
Canadian Natural Resources Ltd.(4)		33,978		(1,435,571)
Chevron Corp.		9,512		(1,116,233)
CNX Resources Corp.		135,103		(1,857,666)
Comstock Resources, Inc.		175,327		(1,418,396)
Delek US Holdings, Inc.		4,681		(70,168)
EOG Resources, Inc.		19,262		(1,711,044)

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

24

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Oil, Gas & Consumable Fuels
EQT Corp.		25,032		(545,948)
Exxon Mobil Corp.		4,539		(277,741)
Green Plains, Inc.		43,078		(1,497,391)
Hess Corp.		24,464		(1,811,070)
Laredo Petroleum, Inc.		5,313		(319,471)
Murphy Oil Corp.		46,832		(1,222,784)
Occidental Petroleum Corp.		57,898		(1,678,463)
Southwestern Energy Co.		358,814		(1,672,073)
TotalEnergies S.E., ADR(4)		24,031		(1,188,573)
				(18,723,751)
Personal Products (0.4)%
Estee Lauder Cos., Inc. (The), Class A		2,452		(907,730)
Pharmaceuticals (0.7)%
GlaxoSmithKline PLC, ADR(4)		3,621		(159,686)
Novartis AG, ADR(4)		8,059		(704,921)
Pfizer, Inc.		12,261		(724,012)
PLx Pharma, Inc.		530		(4,245)
				(1,592,864)
Professional Services (1.0)%
Nielsen Holdings PLC(4)		116,376		(2,386,872)
Real Estate Investment Trusts (112.6)%
Brandywine Realty Trust		1,457,778		(19,563,381)
Brixmor Property Group, Inc.		476,492		(12,107,662)
Broadstone Net Lease, Inc.		732,372		(18,177,473)
Camden Property Trust		101,226		(18,087,062)
Douglas Emmett, Inc.		273,563		(9,164,360)
EastGroup Properties, Inc.		70,808		(16,133,603)
Essential Properties Realty Trust, Inc.		541,835		(15,621,103)
Extra Space Storage, Inc.		67,884		(15,391,339)
Four Corners Property Trust, Inc.		14,339		(421,710)
Healthcare Realty Trust, Inc.		275,567		(8,718,940)
National Retail Properties, Inc.		62,232		(2,991,492)
Park Hotels & Resorts, Inc.		27,768		(524,260)
Pebblebrook Hotel Trust		7,042		(157,529)
Physicians Realty Trust		97,257		(1,831,349)
Prologis, Inc.		114,439		(19,266,950)
Realty Income Corp.		81,154		(5,809,815)
Regency Centers Corp.		293,738		(22,133,158)
Rexford Industrial Realty, Inc.		266,573		(21,621,736)
SL Green Realty Corp.		138,924		(9,960,851)
STORE Capital Corp.		164,435		(5,656,564)
UDR, Inc.		286,624		(17,194,574)
Washington Real Estate Investment Trust		385,476		(9,964,555)
Welltower, Inc.		92,970		(7,974,037)
Weyerhaeuser Co.		4,488		(184,816)
				(258,658,319)
Real Estate Management & Development (0.4)%
Opendoor Technologies, Inc.		27,234		(397,889)
Zillow Group, Inc., Class C		8,833		(563,987)
				(961,876)
Road & Rail (3.6)%
Canadian National Railway Co.(4)		13,038		(1,601,849)
Covenant Logistics Group, Inc.		5,982		(158,104)
Knight-Swift Transportation Holdings, Inc.		13,893		(846,639)
Lyft, Inc., Class A		37,115		(1,585,924)

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

25

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Road & Rail
Old Dominion Freight Line, Inc.		4,372		(1,566,837)
Ryder System, Inc.		934		(76,990)
TFI International, Inc.(4)		4,927		(552,366)
Union Pacific Corp.		3,521		(887,046)
Werner Enterprises, Inc.		18,562		(884,665)
Yellow Corp.		6,482		(81,608)
				(8,242,028)
Semiconductors & Semiconductor Equipment (9.9)%
Advanced Micro Devices, Inc.		48,871		(7,032,537)
Entegris, Inc.		1,025		(142,045)
Intel Corp.		153,296		(7,894,744)
Lattice Semiconductor Corp.		3,522		(271,405)
Microchip Technology, Inc.		2,983		(259,700)
Skyworks Solutions, Inc.		9,006		(1,397,191)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR(4)		3,520		(423,491)
Texas Instruments, Inc.		28,503		(5,371,960)
				(22,793,073)
Software (5.9)%
Coupa Software, Inc.		4,939		(780,609)
DoubleVerify Holdings, Inc.		10,870		(361,754)
JFrog Ltd.(4)		7,855		(233,293)
Lightspeed Commerce, Inc.(4)		1,648		(66,629)
nCino, Inc.		5,238		(287,357)
NortonLifeLock, Inc.		20,904		(543,086)
Oracle Corp.		8,892		(775,471)
Palantir Technologies, Inc., Class A		124,927		(2,274,921)
Paycom Software, Inc.		352		(146,147)
PTC, Inc.		14,048		(1,701,915)
Qualys, Inc.		34		(4,665)
salesforce.com, Inc.		10,094		(2,565,188)
Trade Desk, Inc. (The), Class A		10,675		(978,257)
UiPath, Inc., Class A		28,626		(1,234,639)
VMware, Inc., Class A		3,535		(409,636)
Zoom Video Communications, Inc., Class A		7,016		(1,290,313)
				(13,653,880)
Specialty Retail (1.8)%
CarMax, Inc.		511		(66,548)
Carvana Co.		2,113		(489,772)
RH		2,129		(1,141,016)
Sonic Automotive, Inc., Class A		5,289		(261,541)
TJX Cos., Inc. (The)		1,115		(84,651)
Williams-Sonoma, Inc.		12,261		(2,073,703)
				(4,117,231)
Technology Hardware, Storage & Peripherals (2.4)%
Corsair Gaming, Inc.		3,512		(73,787)
Hewlett Packard Enterprise Co.		22,971		(362,253)
HP, Inc.		110,445		(4,160,463)
Logitech International S.A.(4)		10,549		(870,081)
				(5,466,584)
Textiles, Apparel & Luxury Goods (0.4)%
Allbirds, Inc., Class A		8,249		(124,395)

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

26

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

Investments	Shares		Value
Common Stocks
Textiles, Apparel & Luxury Goods
Skechers USA, Inc., Class A		19,236		(834,842)
				(959,237)
Thrifts & Mortgage Finance (1.9)%
MGIC Investment Corp.		124,458		(1,794,684)
Rocket Cos., Inc., Class A		184,349		(2,580,886)
				(4,375,570)
Trading Companies & Distributors (1.4)%
Beacon Roofing Supply, Inc.		6,362		(364,861)
Fastenal Co.		37,415		(2,396,805)
MSC Industrial Direct Co., Inc., Class A		6,655		(559,419)
				(3,321,085)
Total Common Stocks (Proceeds $642,569,454)				(671,338,161)
Exchange-Traded Funds (123.4)%
AdvisorShares Pure U.S. Cannabis ETF		224		(5,732)
ARK Genomic Revolution ETF		28,353		(1,736,338)
Communication Services Select Sector SPDR Fund		106,651		(8,284,650)
Consumer Discretionary Select Sector SPDR Fund		4,390		(897,492)
Consumer Staples Select Sector SPDR Fund		146,999		(11,335,093)
Health Care Select Sector SPDR Fund		37,854		(5,333,250)
Industrial Select Sector SPDR Fund		57,075		(6,039,106)
Invesco QQQ Trust, Series 1		141,976		(56,485,152)
iShares Biotechnology ETF		15,946		(2,433,678)
iShares Cohen & Steers REIT ETF		116,488		(8,862,407)
iShares Expanded Tech-Software Sector ETF		31,774		(12,634,931)
iShares iBoxx High Yield Corporate Bond ETF		19,562		(1,702,090)
iShares MSCI Emerging Markets ETF		25,245		(1,233,218)
iShares MSCI Eurozone ETF		44,091		(2,160,900)
iShares MSCI France ETF		17,759		(690,470)
iShares MSCI Germany ETF		17,550		(575,289)
iShares Russell 2000 ETF		111,640		(24,834,318)
iShares U.S. Home Construction ETF		20,720		(1,718,102)
iShares U.S. Medical Devices ETF		10,057		(662,253)
iShares U.S. Real Estate ETF		54,847		(6,369,931)
iShares U.S. Technology ETF		140,269		(16,105,687)
iShares U.S. Transportation ETF		1,157		(319,881)
Materials Select Sector SPDR Fund		27,119		(2,457,253)
SPDR S&P 500 ETF Trust		96,088		(45,637,956)
SPDR S&P Biotech ETF		11,771		(1,317,881)
SPDR S&P Metals & Mining ETF		33,118		(1,483,024)
SPDR S&P Regional Banking ETF		1,729		(122,500)
SPDR S&P Retail ETF		6,570		(593,205)
U.S. Global Jets ETF		436		(9,195)
Utilities Select Sector SPDR Fund		24,251		(1,735,887)
VanEck Oil Services ETF		714		(131,976)
VanEck Semiconductor ETF		81,522		(25,173,178)
Vanguard Real Estate ETF		297,415		(34,503,114)
Total Exchange-Traded Funds (Proceeds $274,699,327)				(283,585,137)
Total Securities Sold Short (Proceeds $917,268,781)				(954,923,298)
Total Investments, net of securities sold short (Cost $173,804,563) 79.4%				182,495,725
Other assets, less liabilities 20.6%				47,292,735
Net Assets 100.0%			$	229,788,460

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s.

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

27

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

⁽¹⁾ All or a portion of this security is on loan.

⁽²⁾ All or a portion of this security has been committed as collateral for open securities sold short. The total value of assets committed as collateral as of December 31, 2021, is $887,079,023.

⁽³⁾ Non-income producing.

⁽⁴⁾ Foreign security.

⁽⁵⁾ Securities sold short are not owned by the Fund and cannot produce income.

ADR	American Depository Receipt
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust

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

28

Schedule of Investments

Weiss Strategic Interval Fund

December 31, 2021

At December 31, 2021, the Fund had the following forward currency exchange contracts outstanding:

Forward Currency Exchange Contracts

Currency	Counterpartya	Type	Quantity		Contract Amount		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Buy: CHF / Sell: USD	State Street Bank & Trust Co.	Buy		600,000		655,340		1/31/22	$	3,044	$	—
Buy: USD / Sell: ILS	State Street Bank & Trust Co.	Sell		1,012,000		326,651		1/31/22		1,145		—
Buy: USD / Sell: GBP	State Street Bank & Trust Co.	Sell		1,151,000		1,546,874		1/31/22		—		(11,895	)
Buy: USD / Sell: EUR	State Street Bank & Trust Co.	Sell		5,421,000		6,139,731		1/31/22		—		(31,878	)
Total Forward Currency Exchange Contracts									$	4,189	$	(43,773	)

^aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.

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

29

Statement of Assets and Liabilities

December 31, 2021

	Weiss Strategic   Interval Fund
ASSETS:
Investments, at value (cost $1,091,073,344)	$	1,137,419,023
Cash		48,382,425
Foreign currency, at value (Cost $68)		68
Receivable for forward currency exchange contracts		4,189
Receivable for investments sold		85,080,776
Dividends receivable (Net of foreign withholding taxes of $8,108)		2,198,425
Receivable for excise tax		3,452,677
Prepaid expenses		5,324
Total assets		1,276,542,907
LIABILITIES:
Securities sold short, at value (proceeds of $917,268,781)		954,923,298
Payable for investments purchased		87,580,426
Dividends on securities sold short payable		2,084,173
Payable for management fees (see Note 4)		1,081,533
Payable for borrowing fees on securities sold short		706,214
Payable for incentive fees (see Note 4)		144,287
Payable for audit fees		127,000
Payable for forward currency exchange contracts		43,773
Payable for fund administration and fund accounting fees		30,059
Payable for custody fees		15,298
Payable for legal fees		4,892
Payable for compliance fees		4,167
Payable for transfer agent fees and expenses		4,144
Accrued expenses and other liabilities		5,183
Total liabilities		1,046,754,447
NET ASSETS	$	229,788,460
NET ASSETS CONSISTS OF:
Paid-in capital	$	883,641,911
Total Distributable Earnings (Loss)		(241,337,942	)
Loans receivable from sole shareholder		(412,339,134	)
Accrued interest on loans receivable from sole shareholder		(176,375	)
Total net assets	$	229,788,460
Shares issued and outstanding (unlimited shares authorized)		82,393,676
Net asset value and offering price per share	$	2.79

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

30

Statement of Operations

For the Year Ended December 31, 2021

	Weiss   Strategic   Interval Fund
INVESTMENT INCOME:
Dividend income on long positions (net of foreign withholding taxes of $79,819)	$	20,783,048
Other income		92,894
Total investment income		20,875,942
EXPENSES:
Incentive fee (see Note 4)		15,873,836
Dividends on securities sold short		25,349,267
Management fees (see Note 4)		12,672,941
Borrowing expenses on securities sold short		11,114,463
Audit fees		158,250
Administration and fund accounting fees		181,416
Custodian fees		97,161
Trustees’ fees		113,750
Insurance fees		60,301
Compliance fees		50,000
Transfer agent fees		24,977
Reports to shareholders		8,641
Miscellaneous fees		5,163
Total expenses		65,710,166
Net investment loss		(44,834,224	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions		462,374,922
Securities sold short		(318,761,317	)
Forward currency contracts		(169,525	)
Foreign currency related transactions		173,231
Net realized gain (loss)		143,617,311
Net change in unrealized appreciation/depreciation:
Investment transactions		(52,956,552	)
Securities sold short		15,954,414
Forward currency contracts		(136,690	)
Translation of assets and liabilities denominated in foreign currencies		(18	)
Net change in unrealized appreciation/depreciation		(37,138,846	)
Net realized gain (loss) and change in unrealized appreciation/depreciation on investments		106,478,465
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,644,241

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

31

Statements of Changes in Net Assets

	Weiss Strategic Interval Fund
	For the Year Ended December 31, 2021			For the Year   Ended December 31,   2020
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment loss	$	(44,834,224	)	$	(45,946,223	)
Net realized gain (loss) on investment transactions, securities sold short, forward currency contracts and foreign currency related transactions		143,617,311			121,610,787
Net change in unrealized appreciation/depreciation on investment transactions, securities sold short, forward currency contracts and translation of assets and liabilities denominated in foreign currencies		(37,138,846	)		34,096,317
Net increase in net assets resulting from operations		61,644,241			109,760,881
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(215,931,030	)		(113,181,475	)
Total distributions to shareholders		(215,931,030	)		(113,181,475	)
CAPITAL SHARE TRANSACTIONS AND LOANS TO SOLE SHAREHOLDER:
Net proceeds from sale of shares		80,000,000			75,000,000
Reinvestment of distributions		215,931,030			113,181,475
Cost of shares redeemed		(50,000,000	)		—
Issuance of loans to sole shareholder		(114,000,000	)		(147,000,000	)
Principal payment of loans by sole shareholder		50,000,000			—
Interest payments from loans to sole shareholder		2,228,428			3,953,158
Net increase in net assets resulting from capital share transactions and loans to sole shareholder		184,159,458			45,134,633
Net Increase in Net Assets		29,872,669			41,714,039
NET ASSETS:
Beginning of year	$	199,915,791		$	158,201,752
End of year	$	229,788,460		$	199,915,791
SHARES ISSUED AND REDEEMED:
Shares outstanding, beginning of year		51,497,763			34,595,474
Shares sold		7,214,554			6,102,530
Shares issued from reinvestment of distributions		28,006,619			10,799,759
Shares redeemed		(4,325,260	)		—
Shares outstanding, end of year		82,393,676			51,497,763

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

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Statement of Cash Flows

For the Year Ended December 31, 2021

	Weiss Strategic Interval Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	61,644,241
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments		(14,630,884,192	)
Proceeds from sales of investments		15,326,987,609
Proceeds from securities sold short		15,688,881,866
Purchases to cover securities sold short		(16,284,682,789	)
Net change in unrealized appreciation/depreciation on investments		52,956,552
Net change in unrealized appreciation/depreciation on securities sold short		(15,954,414	)
Net change in unrealized appreciation/depreciation on forward currency exchange contracts		136,690
Net realized gain on investments		(462,374,922	)
Net realized loss on securities sold short		318,761,317
(Increases) Decreases in operating assets
Increase in receivable for excise tax		(92,894	)
Decrease in receivable for investments sold		88,353,287
Decrease in dividends receivable		83,561
Increase in prepaid expenses		(594	)
Increases (Decreases) in operating liabilities
Decrease in payable for investments purchased		(78,030,155	)
Increase in dividends payable		47,023
Increase in payable for management fees		178,765
Decrease in payable for borrowing fees on securities sold short		(82,235	)
Decrease in payable for audit fees		(30,000	)
Increase in payable for fund administration and fund accounting fees		3,825
Decrease in payable for legal fees		(108	)
Decrease in payable for transfer agent fees and expenses		(23	)
Decrease in payable for incentive fees		(13,194,889	)
Increase in payable for custody fees		5,291
Decrease in accrued expenses and other liabilities		(1,298	)
Net cash provided by operating activities	$	52,711,514
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold	$	80,000,000
Issuance of loans to sole shareholder		(114,000,000	)
Proceeds from interest on loans to sole shareholder		2,228,428
Net cash used in financing activities	$	(31,771,572	)
Net change in cash	$	20,939,942
CASH:
Beginning Balance, Cash	$	27,442,551
Ending Balance, Cash	$	48,382,493

At December 31, 2021 and 2020 the below amounts are included in cash:
	2021		2020
Cash	$	48,382,425	$	27,442,483
Foreign currency, at value	$	68	$	68
	$	48,382,493	$	27,442,551
Supplemental Disclosure of Cash Flow Information:
Non-cash financing activities not included herein consist of reinvestment of distributions	$	215,931,030

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

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Financial Highlights

Weiss Strategic Interval Fund

	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Year Ended December 31, 2019		For the Period Ended December 31, 2018(1)
PER SHARE DATA(2)
Net asset value, beginning of period		$3.88		$4.57		$6.75		$10.00
INVESTMENT OPERATIONS:
Net investment loss(3)		(0.80)		(1.28)		(0.50)		(0.96)
Net realized and unrealized gain on investments		1.84		5.11		1.94		2.72
Total from investment operations		1.04		3.83		1.44		1.76
LESS DISTRIBUTIONS FROM:
Net investment income(4)		(3.97)		(2.78)		(0.61)		(1.66)
LESS TRANSACTIONS FROM:
Loans to sole shareholder		1.84		(1.74)		(3.01)		(3.35)
Net asset value, end of period		$2.79		$3.88		$4.57		$6.75
TOTAL RETURN BEFORE INCENTIVE FEES(5)		33.19%		113.68%		27.39%		23.59%	(6)
TOTAL RETURN AFTER INCENTIVE FEES(5)		26.76%		83.80%		21.38%		17.59%	(6)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)		$229,788		$199,916		$158,202		$127,987
Ratio of gross expenses to average net assets(7)		21.08%		39.39%		29.91%		25.44%	(8)
Ratio of dividends and borrowing expense on securities sold short to average net assets		11.70%		16.77%		20.89%		15.13%	(8)
Ratio of operating expenses to average net assets excluding dividends and borrowing expense on securities sold short(7)		4.29%		5.02%		3.71%		5.03%	(8)
Ratio of incentive fees to average net assets(7)		5.09%		17.60%		5.32%		5.28%	(8)
Ratio of net investment loss to average net assets(7)		(14.39)%		(28.34)%		(10.38)%		(12.51)%	(8)
Portfolio turnover rate(9)		1,048%		1,298%		887%		938%	(6)

⁽¹⁾  Inception date of the Fund was February 1, 2018.

⁽²⁾  For a share outstanding for the entire period.

⁽³⁾  Calculated based on average shares outstanding during the period.

⁽⁴⁾  Includes short-term capital gains, if any.

⁽⁵⁾  Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemptions on the last day of the period and is not annualized.

⁽⁶⁾  Not annualized for periods less than one year.

⁽⁷⁾  These ratios exclude the impact of expenses of the underlying exchange-traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange-traded funds in which the Fund invests.

⁽⁸⁾  Annualized for periods less than one year.

⁽⁹⁾  The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short positions and short-term securities with maturities less than or equal to 365 days). The denominator includes the average fair value of long positions throughout the periods.

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

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Notes to Financial Statements

December 31, 2021

1. Organization

Weiss Strategic Interval Fund (the “Fund”) was organized as a Delaware statutory trust on September 5, 2017 pursuant to an Agreement and Declaration of Trust (“Declaration of Trust”). The Fund is registered with the Securities and Exchange Commission as a closed-end, diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Weiss Multi-Strategy Advisers LLC (the “Adviser”) serves as the Fund’s investment adviser.

The Fund’s investment objective is to provide returns with moderate volatility and reduced correlation to the overall performance of the equity market. The Fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. The equity securities in which the Fund takes long and short positions include domestically traded large and mid-capitalization equity securities, including master limited partnerships or other entities that offer economic exposure to master limited partnerships and shares of real estate investment trusts. The Fund operates as an interval fund under Rule 23c-3 of the 1940 Act.

2. Significant Accounting Policies

The accompanying financial statements of the Fund are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Fund maintains its financial records in U.S. dollars and follows the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Organization and Offering Costs

Under an agreement with the Fund’s sole shareholder, Somerset Reinsurance Ltd. (“Somerset”), a Bermuda-based reinsurance company, Somerset will pay all expenses incurred by the Fund in connection with the organization and offering of shares of the Fund. The sole shareholder is not entitled to the reimbursement of these costs from the Fund. During the fiscal year ended December 31, 2021, the Fund did not incur any organization or offering costs.

Federal Income Taxes

It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required.

Guarantees and Indemnifications

In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, management expects the risk of loss to be remote.

Security Transactions, Investment Income and Expenses

The Fund records security transactions on the trade date. Realized gains and losses on sales of securities are determined using cost calculated on the basis of specific identification. Dividend income and expense are recorded on the ex-dividend date, or when the Fund first learns of the ex-date dividend notification, and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations. The Fund invests in real estate investment trusts (REITs) which report information on the source of their distributions annually. The Fund’s policy is to record all REIT distributions initially as dividend income on the ex-dividend date and then re-designate them as return of capital and/or capital gain distributions at the end of the reporting period based on information provided annually by each REIT, and management estimates such re-designations when actual information has not yet been reported.

Offsetting of Amounts Related to Certain Contracts

Amounts due from and to brokers are presented on a gross basis, by counterparty, even if the Fund has the legal right to offset. The Fund presents on a gross basis the fair value amounts recognized for OTC derivatives executed with the same counterparty under the same master netting agreement, even though such positions may qualify for net presentation. Fair value amounts recognized for exchange traded future contracts executed with the same broker are presented on a gross basis even if the Fund has the legal right to offset. The Fund has elected not to offset fair value amounts recognized for cash collateral receivables and payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement.

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Transactions with Brokers

The Fund’s receivables from brokers for proceeds on securities sold short and deposits at brokers for securities sold short are with one securities dealer. The Fund does not require the brokers to maintain collateral in support of the receivables from the brokers for proceeds on securities sold short. The Fund is required by the brokers to maintain collateral at the brokers or in a segregated account at the Fund’s custodian for securities sold short. Certain securities held at December 31, 2021 are pledged as collateral for securities sold short. The Fund may maintain cash deposits at brokers beyond the receivables for securities sold short.

Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used. The Fund considers deposits at broker for shorts to be restricted cash.

The Fund’s foreign currency exchange contracts’ cash deposits are monitored daily by the Adviser and counterparty. Cash deposits beyond the short sale proceeds by the Fund would be presented as deposits at brokers on the Statement of Assets and Liabilities. These transactions may involve market risk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities.

Share Valuation

The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on days which the New York Stock Exchange is closed for trading.

Distributions

The Fund intends to declare income dividends and distribute them to the sole shareholder monthly at rates that reflect the past and projected net income of the Fund. Subject to applicable law, the Fund may fund a portion of its distributions with gains from the sale of portfolio securities and other sources. The Fund will pay the sole shareholder at least annually all or substantially all of its net investment income after the payment of interest, fees or dividends, if any, owed with respect to any forms of leverage utilized by the Fund. The Fund intends to pay any capital gains distributions at least annually. Distributions received from real estate investment trusts may be classified as dividends, capital gains, and/or return of capital.

Fair Value – Definition and Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Fund uses various valuation approaches. A fair value hierarchy for inputs is 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 are to be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Valuations based on inputs, other than quoted prices included in Level 1 that are observable either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

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3. Fair Value Measurements

The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. The following is a summary of the fair valuations according to the inputs used as of December 31, 2021, for valuing the Fund’s assets and liabilities.

	Level 1			Level 2			Level 3		Total
Assets:
Investments in Securities:
Common Stocks(1)	$	1,120,911,707		$	878,091		$	71,384	$	1,121,861,182
Exchange-Traded Funds		14,663,416			—			—		14,663,416
Warrants		894,425			—			—		894,425
Total Investments in Securities	$	1,136,469,548		$	878,091		$	71,384	$	1,137,419,023
Derivative Contracts:
Forward Exchange Contracts(2)	$	—		$	4,189		$	—	$	4,189
Total	$	1,136,469,548		$	882,280		$	71,384	$	1,137,423,212
Liabilities:
Securities Sold Short:
Common Stocks(1)	$	(671,338,161	)	$	—		$	—	$	(671,338,161	)
Exchange-Traded Funds		(283,585,137	)		—			—		(283,585,137	)
Total Securities Sold Short	$	(954,923,298	)	$	—		$	—	$	(954,923,298	)
Derivative Contracts:
Forward Exchange Contracts(2)	$	—		$	(43,773	)	$	—	$	(43,773	)
Total	$	(954,923,298	)	$	(43,773	)	$	—	$	(954,967,071	)

⁽¹⁾ Please refer to the Schedules of Investments to view long and short common stocks segregated by industry type.

⁽²⁾ Forward currency exchange contracts are valued at the net unrealized appreciation (depreciation) on the instrument.

Equity Securities

Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued using indicative broker quotations and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.

Exchange-Traded Funds

Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (such as money market funds and mutual funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Securities Sold Short

The Fund sells securities or currencies short for investment purposes. For financial statement purposes, an amount equal to the settlement amount is initially included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently priced to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities or currencies sold, but not yet purchased, may require purchasing the securities or currencies at prices which may differ from the fair value reflected on the Statement of Assets and Liabilities. Short sale transactions result in off balance sheet risk because the ultimate obligation may exceed the related amounts shown in the Statement of Assets and Liabilities. The Fund will incur losses if the price of the security increases between the date of the short sale and the date on which the Fund purchases the securities to replace the borrowed securities. The Fund’s losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.

The Fund is liable for any dividends payable on securities while those securities are sold short. Until the security is replaced, the Fund is required to pay to the lender any income earned, which is recorded as an expense by the Fund. The Fund’s policy is to segregate liquid assets in an amount equal to the fair value of securities sold short (not including proceeds received), which is reflected in the Schedule of Investments. These assets are required to be adjusted daily to reflect changes in the value of the securities or currencies sold short.

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Foreign Securities and Currency Translation

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Reported net 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 amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Fund’s investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Fund’s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

Derivatives

The Fund may utilize derivative instruments such as options, swaps, futures, forward contracts and other instruments with similar characteristics to the extent that they are consistent with the Fund’s respective investment objectives and limitations. The use of these instruments may involve additional investment risks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities. Derivatives also may create leverage which will amplify the effect of their performance on the Fund and may produce significant losses.

Forward Currency Exchange Contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may enter into forward contracts for foreign currency hedging purposes, volatility management purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may enter into forward currency exchange contracts obligating the Fund to deliver and receive a currency at a specified future date. Forward contracts are valued daily, and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time the forward contract expires. Credit risk may arise as a result of the failure of the counterparty to comply with the terms of the contract.

The use of forward currency exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s investment securities. The use of forward currency exchange contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward currency exchange contract would limit the risk of loss due to a decline in the value of a particular currency; however, it would also limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities.

The Fund values forward contracts based on the terms of the contract (including the notional amount and contract duration) and using observable inputs, such as currency exchange rates or commodity prices. The Fund also considers counterparty credit risk in its valuation of forward contracts. Forward contracts are generally categorized in Level 2 of the fair value hierarchy.

4. Fund Fees and Expenses

Under the terms of the Investment Advisory Agreement between the Fund and the Adviser amended effective July 1, 2020, the Fund pays the Adviser a monthly management fee at the annual rate of 2.00%. The management fee will be applied to the Fund’s net asset value (before the deduction of any incentive fee and the repurchase of any shares pursuant to a periodic repurchase offer). The management fee will be accrued at least weekly and paid monthly in arrears. The Fund also pays to the Adviser a performance-based incentive fee, quarterly in arrears, generally accrued as of the end of each business day, equal to 20.00% of the investment profits, as defined in the Investment Advisory Agreement, attributable to each share for such calendar quarter; provided, however, that an incentive fee with respect to a share will be paid only with respect to investment profits for the applicable calendar quarter in excess of unrecouped investment losses as defined in the Investment Advisory Agreement as of the end of the previous calendar quarter.

Previously, in the Investment Advisory Agreement effective September 1, 2019, the Fund paid the Adviser a monthly management fee at the annual rate of 1.50%. The management fee was applied to the Fund’s net asset value (before the deduction of any incentive fee and the repurchase of any shares pursuant to a periodic repurchase offer). In addition, the Fund paid the Adviser a performance-based incentive fee, quarterly in arrears, generally accrued as of the end of each business day, equal to 20.00% of the investment profits, as defined in the Investment Advisory Agreement effective September 1, 2019, attributable to each share for such calendar quarter; provided, however, that an incentive fee with respect to a share was paid only with respect to investment profits for the applicable calendar quarter in excess of unrecouped investment losses as defined in the Investment Advisory Agreement as of the end of the previous calendar quarter.

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The Adviser in addition agreed that it would attempt to manage the Fund’s aggregate leverage to be 1.5x per side of that of Weiss Multi-Strategy Partners LLC (the “Flagship Fund”) as measured by the Adviser’s risk metrics, unless otherwise agreed with Somerset in writing. In the event that Somerset, in its sole discretion, wanted to increase the Fund’s aggregate leverage by an additional 0.5x per side that of the Flagship Fund, it could have done so (subject to the US $1.2 billion in aggregate AUM capacity); provided, however, that the management fee associated with the incremental leverage applicable to Somerset for any quarter (or portion thereof) would have been 0.4375% (i.e., 1.75% per annum) and the incentive fee associated with the incremental leverage applicable to Somerset for any such quarter (or portion thereof) would have been an amount equal to an annual rate of 25% of the profits derived from the incremental leverage (including net unrealized gains and losses on investments).

In addition to the fees paid to the Adviser, the Fund pays all other costs and expenses of its operations, including compensation of its trustees (other than those affiliated with the Adviser), custodian, leveraging expenses, transfer and dividend disbursing agent expenses, legal fees, rating agency fees, listing fees and expenses, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any.

For purposes of determining the fee calculations of the Fund, the value of the loans outstanding are included in the NAV of the Fund. See Note 5 below.

5. Loans Receivable from Sole Shareholder

The Fund provides financial support to its sole shareholder in the normal course of executing its investment strategies. The loans have a stated maturity date of May 2, 2022, with the interest accrued at the Secured Overnight Financing Rate (“SOFR”) plus 0.50% reset every 90 days and payable quarterly. The following table summarizes financial support provided to the Fund’s sole shareholder during the period from January 1, 2021 through December 31, 2021.

As of December 31, 2021, the loans receivable and related interest are recorded as deductions to net assets on the Statement of Assets and Liabilities.

Type	Amount	Reasons for providing support
The Fund agrees to make revolving loans to Somerset in an aggregate amount at any one time outstanding not to exceed the Maximum Revolver Amount equal to the lesser of (i) U.S. $1,500,000,000, (ii) that amount which would cause the net asset value per share of the Lender to become less than $1 per share on a GAAP basis and (iii) the amount that the Borrower is permitted to borrow in accordance with its organizational documents.	$412,339,134 (principal) and $176,375 (accrued interest)	The proceeds of the loans shall be used by Somerset to provide cash collateral in support of its reinsurance obligations under reinsurance arrangements entered into by Somerset.

For the fiscal year ended December 31, 2021, the Fund made additional loans with a principal balance of $114,000,000 to the sole shareholder. During the fiscal year ended December 31, 2021, the Fund earned interest of $1,851,103 on the outstanding loans, that interest earned on loans is considered a capital contribution. The Fund’s sole shareholder redeemed shares in the amount of $50,000,000 on March 9, 2021. The U.S. dollar value of equity interests redeemed were used to setoff outstanding loan principal in the amount of $50,000,000.

On July 27, 2017, the Financial Conduct Authority (“FCA”) announced that it would phase out the London Interbank Offered Rate (“LIBOR”) as a benchmark by the end of 2021 and the FCA has indicated that market participants should not rely on LIBOR being available after 2021. As an alternative to LIBOR, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is replacing U.S.-dollar LIBOR with the SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. The Fund has amended its existing loan agreements with the Fund’s sole shareholder to reference SOFR as its reference rate.

6. Administration Agreement

The Fund has entered into an Administration and Operating Services Agreement with the State Street Bank & Trust Company (“SSB&T”). Under the terms of this agreement, the Fund pays SSB&T a fee, to provide administrative services to the Fund, including custody, accounting, fund administration and transfer agency services for the Fund.

7. Related Party Transactions

The managing member and chief executive officer of the Adviser is also an investor and director of the Fund’s sole shareholder. A decision by the sole shareholder to withdraw capital from the Fund could have a material negative impact on the Fund.

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8. Investment Transactions

The aggregate purchases and sales, excluding short-term investments, by the Fund for the fiscal year ended December 31, 2021, were as follows:

Purchases of investments	$	14,584,117,262
Proceeds from sales of investments	$	15,255,532,971
Proceeds from securities sold short	$	15,662,780,399
Purchases to cover securities sold short	$	16,258,523,973

9. Securities Lending

The Fund participates in State Street’s enhanced custody program. Through this program, State Street is capable of facilitating the Fund’s short selling activity and reducing its cost of such activity. The Fund participates in the enhanced custody program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions. The Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities when due. At December 31, 2021, the Fund had securities on loan with a total value of $223,550,242.

10. Taxes

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of and during the fiscal year ended December 31, 2021, the Fund did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Fund is subject to examination by taxing authorities for the tax periods since the commencement of operations.

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020, were as follows:

Distributions from:	December 31, 2021		December 31, 2020
Ordinary income*	$	215,931,030	$	124,830,786	^

^* Includes short-term capital gains, if any.

^{^} Amount has been restated to include a consent dividend in the amount of $11,649,311.

At December 31, 2021, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	5,229,675
Net Unrealized Gains (Losses)		(246,567,617	)
Total Distributable Earnings (Loss)	$	(241,337,942	)

At December 31, 2021, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

Cost of investments	$	429,023,721
Unrealized appreciation	$	74,575,380
Unrealized depreciation		(321,103,376	)
Net unrealized appreciation (depreciation)	$	(246,527,996	)

During the fiscal year ended December 31, 2021, there were differences between book and tax accounting, primarily due to wash sales, forward contracts mark-to-market, constructive sales gains recognized and equity straddle loss deferrals, foreign currency gains and losses, ordinary loss netting to reduce short-term capital gains and short sale dividend expense reclasses, as well as the treatment of certain taxes accrued or refunded, and the recognition of income related to transactions with the sole shareholder.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of year end, the following adjustments attributable to the reclassification of distributions was made to the following accounts:

Paid in Capital	$	9,891,103
Total Distributable Earnings (Loss)	$	(9,891,103	)

The adjustment was primarily attributable to consent dividend and recognition of income from transactions with the sole shareholder.

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11. Principal Risks

Concentration of Credit Risk

The Fund maintains its cash and cash equivalents in a financial institution, State Street Bank and Trust Company, which at times may exceed federally insured limits. The Fund is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf.

Counterparty Risk

Counterparty risk is the risk that the issuer or the guarantor of a fixed-income security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Additionally, when the Fund enters into cleared derivatives transactions, the Fund will be subject to the credit risk of the clearinghouse and clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transactions.

Investment and Market Risk

The risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of our investment in the Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

Foreign Exchange Risk

The Fund holds foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates.

LIBOR Risk

The expected discontinuation of LIBOR could have a significant impact on our business. We anticipate operational challenges for the transition away from LIBOR. Beyond these challenges, we anticipate there may be additional risks to our current processes and information systems that will need to be identified and evaluated by us. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked securities, derivatives loans, and other financial obligations could have a material adverse effect on our business, financial condition and results of operations.

Coronavirus Risk

Since the start of January 2020, the outbreak of coronavirus (“COVID-19”) has adversely impacted global commercial activities. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The impact is still uncertain and outstanding, though Management does not believe there is any significant impact to the financial statements as of December 31, 2021 as a result of this event.

12. Derivative Contracts

The over-the-counter (“OTC”) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of setoff in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it. The Fund presents OTC derivatives that are executed with the same counterparty under the same master netting agreement on a gross basis, even though the criteria for the right of setoff may be met.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or

41

otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.

The Fund considers the average month-end notional amounts during the period, categorized by primary underlying risk, to be representative of the volume of its derivative activities during the fiscal year ended December 31, 2021.

	Monthly Average Notional Amount
	Long	Short
Forward Currency Exchange Contracts	37,213,048	40,378,019

The fair value on the Statement of Assets and Liabilities and the effect on the Statement of Operations, of open derivative instruments, whose primary underlying risk exposure is foreign exchange risk at December 31, 2021 was as follows:

	Assets	Liabilities	Realized Gain (Loss)	Unrealized             Gain (Loss)
Forward Currency Exchange Contracts	$ 4,189	$ 43,773	$ (169,525)	$ (136,690)

The Fund is required to disclose the effect of offsetting assets and liabilities presented in the Statement of Assets and Liabilities to enable financial statement users to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the effects or potential effects of netting arrangements for derivative contracts in the Statement of Assets and Liabilities as of December 31, 2021:

Counterparty	Gross amounts of recognized assets			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank & Trust Company	$	4,189		$	(4,189	)	$	—	$	—	$	—
Counterparty	Gross amounts of recognized liabilities			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
State Street Bank & Trust Company	$	(43,773	)	$	4,189		$	—	$	—	$	(39,584)

^(a) In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b) Net amount represents the net amount due from the counterparty in the event of default.

^(c) Net amount represents the net amount payable to the counterparty in the event of default.

13. Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”) Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates at the end of 2021. ASU 2020-04 is effective for certain reference-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022.

Management has elected the practical expedients for contract modifications for debt agreements in modifying the Somerset Loan from LIBOR to SOFR. The impact of the adoption of ASU 2020-04 is reflected in the financial statements and related disclosures.

Management continues to evaluate the impact the guidance may have on its financial statements and may apply other elections in the future, as applicable.

14. Subsequent Events

The Fund has evaluated subsequent events through the date the financial statements were available to be issued. On January 19, 2022, the Fund collected $50,000,000 in principal loan payments from the sole shareholder.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholder of Weiss Strategic Interval Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Weiss Strategic Interval Fund (the “Fund”) as of December 31, 2021, the related statements of operations and cash flows for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations and its cash flows for the year ended December 31, 2021, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the two years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended December 31, 2019 and the financial highlights for each of the periods ended on or prior to December 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 20, 2020 expressed an unqualified opinion on those financial statements and financial highlights and included a paragraph regarding the correction of a misstatement in the 2018 financial statements.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

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/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2022

We have served as the auditor of one or more investment companies in the Weiss family of companies and funds since 2020.

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

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Other Information

December 31, 2021 (unaudited)

The table below presents non-GAAP book balances of the Fund that provides useful information to Somerset and the Board of Trustees. Further, the non-GAAP book balances are used for the purposes of determining management fee calculations of the Fund. The table presents adjusted for GAAP book balances after the reclassification of the loans to Somerset and interest earned from those loans for the fiscal year ended December 31, 2021.

Statement / Line Item	Non-GAAP Book Balance			Reclassification			Adjusted for GAAP Book Balance
Statement of Assets and Liabilities
Assets:
Loans receivable from sole shareholder	$	412,339,134		$	(412,339,134	)	$	—
Dividends and interest receivable		2,374,800			(176,375	)		2,198,425
Total Assets		1,689,058,416			(412,515,509	)		1,276,542,907
Liabilities:
Total Liabilities		1,046,754,447			—			1,046,754,447
Total Net Assets	$	642,303,969		$	(412,515,509	)	$	229,788,460
Net Assets Consists of:
Paid-in-Capital		883,641,911			—			883,641,911
Total Distributable Earnings (Loss)		(241,337,942	)		—			(241,337,942	)
Loans receivable from sole shareholder		—			(412,339,134	)		(412,339,134	)
Accrued interest on loans receivable from sole shareholder		—			(176,375	)		(176,375	)
Total Net Assets	$	642,303,969		$	(412,515,509	)	$	229,788,460
Shares issued and outstanding		82,393,676			—			82,393,676
Net asset value per share	$	7.80		$	(5.01	)	$	2.79
Statement of Operations
Investment Income:
Interest	$	2,228,428		$	(2,228,428	)	$	—
Total Investment Income		23,104,370			(2,228,428	)		20,875,942
Expenses:
Total Expenses		65,710,166			—			65,710,166
Total Investment Loss	$	(42,605,796	)	$	(2,228,428	)	$	(44,834,224	)
Statement of Changes in Net Assets
Net investment loss	$	(42,605,796	)	$	(2,228,428	)	$	(44,834,224	)
Net increase in net assets resulting from operations		63,872,669			(2,228,428	)		61,644,241
Capital Share Transactions
Net proceeds from sale of shares		80,000,000			—			80,000,000
Reinvestment of distributions		215,931,030			—			215,931,030
Issuance of loans to sole shareholder		—			(114,000,000	)		(114,000,000	)
Principal payment of loans by sole shareholder		—			50,000,000			50,000,000
Interest payments from loans to sole shareholder		—			2,228,428			2,228,428
Net increase in net assets resulting from capital share transactions and	$	245,931,030		$	(61,771,572	)	$	184,159,458
Net Assets End of Year	$	642,303,969		$	(412,515,509	)	$	229,788,460

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Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended December 31, 2021.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended December 31, 2021 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Proxy Voting Policies and Procedures

The Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board’s general oversight. Information regarding how the Fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2021 and a description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available: (1) without charge, upon request, by calling toll free, 1-800-342-5734; and (2) on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an exhibit to its report on Form N-PORT. Copies of the Fund’s filings are available, without charge, on the SEC’s website at http://www.sec.gov.

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Investment Objective and Policies (unaudited)

The Fund’s investment objective is to provide returns with moderate volatility and reduced correlation to the overall performance of the equity market. No assurance can be given that the Fund’s investment objective will be achieved. Except as expressly noted otherwise herein, the Fund’s investment objective, policies and strategies may be changed without the approval of the holders of a majority of the outstanding Common Shares or Preferred Shares (as defined below), if any.

The Fund will pursue its investment objective by establishing long and short positions in a diversified portfolio of equity securities. The equity securities in which the Fund will take long and short positions include domestically traded large and mid-capitalization equity securities, including master limited partnerships or other entities that offer economic exposure to master limited partnerships (collectively, “MLPs”) and shares of real estate investment trusts (“REITs”). The Fund may also invest in securities of other investment companies, including exchange-traded funds (“ETFs”), and depositary receipts, including American Depositary Receipts (“ADRs”).

Under normal market conditions, the Fund intends to maintain both long and short positions based predominantly on the fundamental analysis and views of Weiss Multi-Strategy Advisers LLC (the “Adviser”) on a particular investment. The Fund will take long positions in investments that the Adviser believes will allow the Fund to realize a benefit from an increase in the underlying prices of such securities. The Fund will take short positions in investments that the Adviser believes will allow the Fund to realize a benefit from a decrease in the underlying price of such securities. A “short sale” is a transaction in which the Fund sells a security that it does not own (and borrows the security to deliver it to the buyer) in anticipation that the market price of the security will decline. The proceeds received from the Fund’s short sales of securities will generally be used to purchase all or a portion of the Fund’s additional long positions in securities. The long and short positions held by the Fund may vary over time as market opportunities develop.

In pursuing the Fund’s investment objective, and consistent with applicable provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), the Adviser will seek to enhance the Fund’s return through the use of leverage. The Fund will engage in short sales for investment purposes, principally when the Adviser believes the market price of securities will decline. In addition, although it has no current intention to do so, the Fund may use borrowings, including loans from certain financial institutions and the issuance of debt securities (collectively, “Borrowings”), in an aggregate amount of up to 33 1/3% of the Fund’s total assets immediately after such Borrowings. Furthermore, although it has no current intention to do so, the Fund may add leverage to its portfolio through the issuance of preferred shares (“Preferred Shares”) in an aggregate amount of up to 50% of the Fund’s total assets immediately after such issuance. The Fund also may acquire derivative instruments, primarily options or index options (e.g., calls and puts may be purchased or written). The Fund’s derivative instruments are used for several purposes, including to create investment leverage; as a substitute for securities, interest rates, currencies and commodities; and/or to hedge against market movements. The use of leverage involves increased risk, including increased variability of the Fund’s net income, distributions and net asset value in relation to market changes. The Fund’s leverage strategy may not work as planned or achieve its goal. In addition, the Fund may make loans to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

The Fund’s investments may be denominated in U.S. dollars or in foreign currencies. In order to minimize the impact of currency fluctuations, the Adviser may at times hedge certain or all of the Fund’s investments denominated in foreign currencies into U.S. dollars. Foreign currency transactions in which the Fund is likely to invest include foreign currency forward contracts, currency exchange transactions on a spot (i.e., cash) basis, and put and call options on foreign currencies. These transactions may be used to hedge against the risk of loss due to changing currency exchange rates.

In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, even longer. Regulatory limitations or bans on short selling activities may prevent the Fund from fully implementing its strategy. To secure the Fund’s obligation to cover its short positions, the Fund may pledge securities that it owns as collateral to the broker. This pledged collateral is segregated and maintained with the Fund’s custodian.

In all instances, the Fund intends to satisfy the quarterly diversification requirements set forth in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) in order for the Fund to be treated as a regulated investment company (“RIC”) under such provisions, including limitations on amounts invested into one or more MLPs.

Investment and Market Risk

An investment in the Fund’s Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s Common Shares represents an indirect investment in the securities owned by the Fund, and the value of these securities and instruments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund’s Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks.

Repurchase Offers Risk

The Fund is an “interval fund” and, in order to provide liquidity to shareholders, the Fund, subject to applicable law and Board approval, will conduct repurchase offers of the Fund’s outstanding Common Shares at NAV. The Fund believes that these repurchase offers are generally beneficial to the Fund’s shareholders, and repurchases generally will be funded from available cash, cash from the sale of Common Shares or sales of portfolio securities. However, repurchase offers and the need to fund such obligations may affect the ability of the Fund to be fully invested or force the Fund

47

to maintain a higher percentage of its assets in liquid investments, which may harm the Fund’s investment performance. Moreover, decreases in the size of the Fund through repurchases may force untimely sales of portfolio securities (with accompanying transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund’s investments and cash from the sale of Common Shares. The Fund believes that it can meet the maximum potential amount of the Fund’s repurchase obligations. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund’s repurchase obligations, the Fund intends, if necessary, to sell investments. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Common Shareholders who do not tender their Common Shares by increasing the Fund’s expenses and reducing any net investment income.

If a repurchase offer is oversubscribed, the Board of Trustees of the Fund may determine to increase the amount repurchased by up to 2% of the Fund’s outstanding Common Shares as of the date of the Repurchase Request Deadline. In the event that the Board of Trustees of the Fund determines not to repurchase more than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund’s outstanding Common Shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may tender more Common Shares than they wish to have repurchased in a particular month, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the NAV of Common Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Common Shares is determined. In addition, the repurchase of Common Shares by the Fund will generally be a taxable event to Common Shareholders.

Equity Risk

The value of the Fund’s equity investments and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; and other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines, the value of Fund shares will also likely decline. Although stock prices can rebound, there is no assurance that their values will return to previous levels. Preferred stocks and other hybrid securities may also be sensitive to changes in interest rates; when interest rates rise, their value will generally fall.

MLP Risk

A portion of the Fund’s assets will be invested in MLP equity securities, including MLP common units, MLP subordinated units, MLP preferred units, equity securities of MLP affiliates, including I-Shares, and common stocks of other issuers. The portion of the Fund’s investment in MLPs is limited by the diversification rules under Subchapter M of the Code. (See “Tax Considerations” and discussion regarding Qualified Publicly Traded Partnerships). MLP units held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, changes in interest rates, and the particular circumstances and performance of particular companies whose securities the Fund holds. The price of an MLP unit may be particularly sensitive to general movements in the stock market, and a drop in the stock market may depress the price of most or all of the MLP units held by the Fund. In addition, MLP units held by the Fund may decline in price if the issuer fails to make anticipated distributions or dividend payments because, among other reasons, the issuer experiences a decline in its financial conditions. An investment in MLP units involves certain risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. Although common unitholders are generally limited in their liability, similar to a corporation’s shareholders, creditors of MLPs typically have the right to seek the return of distributions made to such unitholders if the liability in question arose before the distribution was paid. This liability of the common unitholder may continue even after the units are sold. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

MLP subordinated units typically are convertible to MLP common units at a one-to-one ratio. The price of MLP subordinated units is typically tied to the price of the corresponding MLP common unit, less a discount. The size of the discount depends upon a variety of factors, including the likelihood of conversion, the length of time remaining until conversion and the size of the block of subordinated units being purchased or sold.

The Fund may invest in equity securities issued by affiliates of MLPs, including general partners of MLPs. Such issuers may be organized and/or taxed as corporations and, therefore these securities may not offer the advantageous tax characteristics of MLP units. Investments in such MLP affiliates would be expected by the MLP Team to provide economic exposure to the MLP asset class; however, such investments may not exhibit precise price correlation to any particular MLP or the MLP asset class generally.

I-Shares represent an indirect investment in MLP I-units. Prices and volatilities of I-Shares tend to correlate to the price of common units, although the price correlation may not be precise. I-Shares differ from MLP common units primarily in that instead of receiving cash distributions, holders of I-Shares will receive distributions of additional I-Shares, in an amount equal to the cash distributions received by common unit holders. I-Shares have limited voting rights. Holders of I-Shares are otherwise subject to the same risks as holders of MLP common units.

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REIT Risk

Investments in REITs will subject the Fund to various risks. The first, real estate industry risk, is the risk that REIT share prices will decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of certain of its regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties. The second risk is the risk that returns from REITs, which typically are small or medium capitalization stocks, will trail returns from the overall stock market. The third, interest rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other income producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

Qualification as a REIT under the Code in any particular year is dependent upon a complex analysis that turns on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund’s yield on that investment.

REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. They are paid interest by the owners of the financed properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects.

Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See “Tax Considerations.”

The Fund’s investment in REITs may include an additional risk to shareholders. Some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund’s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital. Shareholders that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent the distribution exceeds a shareholder’s basis in the Fund shares, such shareholder will generally recognize capital gain.

Leverage Risk

In pursuing the Fund’s investment objective, and consistent with applicable provisions of the 1940 Act, the Adviser will seek to enhance the Fund’s return through the use of leverage. With respect to its short positions in securities and certain of its derivative positions, the Fund intends to maintain an amount of cash or liquid securities in a segregated account equal to the face value of those positions. The Fund may also offset derivative positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio. To the extent any offsetting positions do not behave in relation to one another as expected, the Fund may perform as if it were leveraged. The Fund’s use of leverage could create the opportunity for a higher return for Common Shareholders but would also result in special risks for Common Shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost of the leverage, the Common Shares’ return will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return to the Common Shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for Common Shareholders including:

• the likelihood of greater volatility of NAV and market price of the Common Shares than a comparable portfolio without leverage;

• the risk that fluctuations in interest rates on Borrowings and short- term debt or in the dividend rates on any Preferred Shares that the Fund may pay will reduce the return to the Common Shareholders or will result in fluctuations in the dividends paid on the Common Shares;

• the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Common Shares; and

• when the Fund uses certain types of leverage, the investment advisory fee payable to the Adviser will be higher than if the Fund did not use leverage.

The Fund may continue to use leverage if the benefits to the Fund’s shareholders of maintaining the leveraged position are believed to outweigh any current reduced return.

Certain types of Borrowings may result in the Fund being subject to covenants in credit agreements relating to asset coverage or portfolio composition or otherwise. In addition, the terms of the credit agreements may also require that the Fund pledge some or all of its assets as collateral.

Short Selling Risk

Short sales are transactions in which the Fund sells a security or other instrument (such as an option, forward or futures contract) that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing long investments that the Adviser believes are attractive. If

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a security sold short increases in price, the Fund may have to cover or close out its short position at a higher price than the short sale price, resulting in a loss. The Fund will likely have substantial short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

Generally, the Fund will have to pay a fee or premium to borrow securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of such fee, premium, dividends, interest or expense the Fund pays in connection with the short sale.

Until the Fund replaces a borrowed security, it generally will be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund’s short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund’s ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund’s investment flexibility, as well as its ability to meet other current obligations.

Because losses on short sales result from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot decrease below zero. The Adviser’s use of short sales in combination with long positions in the Fund’s portfolio in an attempt to improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund’s long securities positions will decline in value at the same time that the cost to close out its short securities positions increase, thereby increasing potential losses to the Fund.

By engaging in short sales, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund’s exposure to long securities positions and make any change in the Fund’s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful.

In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, much longer.

The SEC recently adopted new Rule 18f-4 under the 1940 Act governing, among other things, the use of short sales by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. It is possible that new Rule 18f-4 could limit the implementation of the Fund’s use of short sales, which could have an adverse impact on the Fund. In addition, regulatory authorities in the United States or other countries may adopt bans on short sales of certain securities, either generally, or with respect to certain industries or countries, in response to market events. Restrictions and/or bans on short selling may make it impossible for the Fund to execute certain investment strategies.

Derivatives Risk

The Fund’s derivative investments are subject to a variety of risks. These include: the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund’s portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security. Certain of the derivative instruments the Fund may acquire may, in certain circumstances, create financial leverage, which may magnify the risk of owning such instruments. Furthermore, the ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. Thus, the use of derivative investments to generate income, for hedging, for currency or interest rate management or other purposes may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. In addition, there may be situations in which the Adviser elects not to use derivative investments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. The Fund may segregate an amount of cash, cash equivalents or liquid securities on the Fund’s records in an amount equal to the face value of the Fund’s derivative positions. The Fund may also offset derivatives positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio. To the extent any offsetting positions do not perform in relation to one another as expected, the Fund may perform as if it were leveraged.

There are several risks associated with transactions in options on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A

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decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well- conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

Congress enacted the Dodd-Frank Act in 2010. The Dodd-Frank Act impacts the use of derivatives by entities such as the Fund and is intended to improve the existing regulatory framework by closing the regulatory gaps and eliminating the speculative trading practices that may have contributed to the 2008 financial market crisis. The legislation increases regulation in the over-the-counter derivatives market in an attempt to increase transparency and accountability by, among other things, requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. While many provisions of the Dodd-Frank Act have been implemented through rulemaking, additional regulatory or legislative activity may further impact the Fund. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments.

The SEC recently adopted new Rule 18f-4 under the 1940 Act governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. It is possible that new Rule 18f-4 could limit the implementation of the Fund’s use of derivatives, which could have an adverse impact on the Fund.

In addition, the Adviser may cause the Fund to invest in derivative instruments that are neither presently contemplated nor currently available, but which may be developed in the future, to the extent such opportunities are both consistent with the Fund’s investment objective and legally permissible. Any such investments may expose the Fund to unique and presently indeterminate risks, the impact of which may not be capable of determination until such instruments are developed and/or the Adviser determines to make such an investment on behalf of the Fund.

Counterparty Risk

The Fund is subject to credit risk with respect to the counterparties to its derivatives contracts (whether a clearing corporation in the case of exchange-traded instruments or its hedge counterparty in the case of OTC instruments) purchased by the Fund. Counterparty risk is the risk that the other party in a derivative transaction will not fulfill its contractual obligation. Changes in the credit quality of the companies that serve as the Fund���s counterparties with respect to their derivative transactions will affect the value of those instruments. By entering into derivatives, the Fund assumes the risks that the counterparties to these transactions could experience financial or other hardships that could call into question their continued ability to perform their obligations. In the case of a default by the counterparty, the Fund could become subject to adverse market movements while replacement transactions are executed. The ability of the Fund to transact business with any one or number of counterparties, the possible lack of a meaningful and independent evaluation of such counterparties’ financial capabilities, and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Furthermore, concentration of derivatives in any particular counterparty would subject the Fund to an additional degree of risk with respect to defaults by such counterparty.

The Adviser evaluates and monitors the creditworthiness of counterparties in order to ensure that such counterparties can perform their obligations under the relevant agreements. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial or other difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy or other analogous proceedings. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value upon the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying assets. The Fund may obtain only a limited recovery or may obtain no recovery at all in such circumstances.

Certain categories of interest rate and credit default swaps are subject to mandatory clearing, and more categories may be subject to mandatory clearing in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that a clearing house, or its members, will satisfy the clearing house’s obligations (including, but not limited to, financial obligations and legal obligations to segregate margins collected by the clearing house) to the Fund. Counterparty risk with respect to certain exchange-traded and over-the-counter derivatives may be further complicated by recently enacted U.S. financial reform legislation. See “Legislation and Regulatory Risk” below.

Non-U.S. Securities Risk

The Fund may invest in securities or other instruments of non-U.S. issuers (“Non-U.S. Securities”). Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and the prices of Non-U.S. Securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of Non-U.S. Securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, different legal systems and laws relating to creditors’ rights and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments in Non-U.S. Securities. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because Non-U.S. Securities may trade on days when the Fund’s Common Shares are not priced, NAV change at times when Common Shares cannot be sold.

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Foreign Currency Risk

The Fund’s investments in Non-U.S. Securities may be denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency.

Portfolio Turnover Risk

The Fund’s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate results in greater brokerage commissions and other transactional expenses that are borne by the Fund, which could reduce the Fund’s earnings. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. A high portfolio turnover may increase the Fund’s current and accumulated earnings and profits, resulting in a greater portion of the Fund’s distributions being treated as a dividend to the Fund’s common shareholders.

Global Economic Risk

National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and prices of investments around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies, possible terrorist attacks in the United States and around the world, continued tensions between North Korea and the United States and the international community generally, growing social and political discord in the United States, the European debt crisis, the response of the international community—through economic sanctions and otherwise—to Russia’s annexation of the Crimea region of Ukraine and posture vis-a-vis Ukraine, further downgrade of U.S. Government securities, the change in the U.S. president and the new administration and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including Weiss Multi-Strategy Advisers LLC, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

In December 2019, an initial outbreak of COVID-19 was reported and has resulted in numerous deaths and the imposition of both local and more widespread quarantine measures, border closures and other travel restrictions, causing social unrest and commercial disruption on a global scale. In response to the COVID-19 pandemic, central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, but volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike. Additionally, the recent outbreak of COVID-19 has adversely impacted global commercial activity and has contributed to significant volatility in certain financial markets. There are no comparable recent events in the U.S. that provide guidance as to the effect of the spread of COVID-19 and a pandemic on the economy as a whole and, consequently, the Fund. Accordingly, while there have been proposed, and in some cases enacted, economic stimulus measures aimed at curbing the negative economic impacts to the U.S. and other countries as a result of COVID-19, it cannot be determined at this time whether such stimulus measures will have a stabilizing economic effect.

To the extent the impacts of COVID-19 continue, the Fund may experience negative impacts to its business that could exacerbate other risks to which the Fund is subject, including: (1) issuers of fixed-income investments could be materially impacted by the COVID-19 pandemic, which may, in turn, negatively affect the value of such investments or such issuers’ ability to make interest payments or distributions to the Fund and result in a decrease in the NAV of the Fund; (2) operational impacts on and availability of key personnel of Weiss Multi-Strategy Advisers LLC and/or any of the Fund’s other service providers, vendors and counterparties as they face changed circumstances and/or illness related to the pandemic; and (3) limitations on the Fund’s ability to make distributions or dividends, as applicable, to Common Shareholders. The Fund does not know and cannot predict how long the securities markets may be affected by these events and the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out their duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.

Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments. See “Recent Market Conditions” below.

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Recent Market Conditions

In response to the financial crisis and recent market events, the United States and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. Policy and legislative changes by the United States government and the Federal Reserve to assist in the ongoing support of financial markets, both domestically and in other countries, are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In some countries where economic conditions are recovering, such countries are nevertheless perceived as still fragile. Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of certain investments. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasigovernmental organizations, including changes in tax laws and the imposition of trade barriers. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Changes to the Federal Reserve policy, including with respect to certain interest rates, may affect the value, volatility and liquidity of dividend and interest paying securities. Regulatory changes are causing some financial services companies to exit long-standing lines of business, resulting in dislocations for other market participants. In addition, the contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The U.S. government has recently reduced the federal corporate income tax rate, and future legislative, regulatory and policy changes may result in more restrictions on international trade, less stringent prudential regulation of certain players in the financial markets, and significant new investments in infrastructure and national defense. Markets may react strongly to expectations about the changes in these policies, which could increase volatility, especially if the markets’ expectations for changes in government policies are not borne out.

Changes in market conditions will not have the same impact on all types of investments. Interest rates have been unusually low in recent years in the United States and abroad, but there is a consensus that interest rates will increase during the life of the Fund, which could negatively impact the price of debt securities. Because there is little precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets. For example, because investors may buy securities or other investments with borrowed money, a significant increase in interest rates may cause a decline in the markets for those investments. Because of the sharp decline in the worldwide price of oil, there is a concern that oil producing nations may withdraw significant assets now held in U.S. Treasuries, which could force a substantial increase in interest rates. Regulators have expressed concern that rate increases may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

On June 23, 2016, the United Kingdom (“UK”) held a referendum on whether to remain a member state of the European Union (“EU”), in which voters favored the UK’s withdrawal from the EU, an event widely referred to as “Brexit” and which triggered a two-year period of negotiations on the terms of withdrawal. The formal notification to the European Council required under Article 50 of the Treaty on EU was made on March 29, 2017, following which the terms of exit were negotiated. On January 31, 2020, the UK formally withdrew from the EU, subject to a transitional period that ended on December 31, 2020. The longer term economic, legal, political and social framework to be put in place between the UK and the EU are unclear at this stage and are likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the UK and European economies, as well as the broader global economy for some time. Additionally, a number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

Legislation and Regulatory Risk

At any time after the date of this prospectus, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, investments held by the Fund or the issuers of such investments. Changing approaches to regulation may have a negative impact on the entities and/or investments in which the Fund invests. Legislation or regulation may also change the way in which the Fund itself is regulated. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective.

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For example, the Dodd-Frank Act is designed to impose stringent regulation on the over-the-counter derivatives market in an attempt to increase transparency and accountability and provides for, among other things, new clearing, execution, margin, reporting, recordkeeping, business conduct, disclosure, position limit, minimum net capital and registration requirements. Although the CFTC has released final rules under the Dodd-Frank Act, many of the provisions are subject to further final rulemaking, and thus the Dodd-Frank Act’s ultimate impact remains unclear.

The SEC recently adopted new Rule 18f-4 under the 1940 Act governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. It is possible that new Rule 18f-4 could limit the implementation of the Fund’s use of derivatives, which could have an adverse impact on the Fund.

Additionally, the Fund is operated by persons who have claimed an exclusion, granted to operators of registered investment companies like the Fund, from registration as a “commodity pool operator” under Rule 4.5 promulgated by the CFTC pursuant to its authority under the Commodity Exchange Act (the “CEA”) and, therefore, is not subject to registration or regulation as a “commodity pool operator.” As a result, the Fund is limited in its ability to use commodity futures (which include futures on broad-based securities indexes and interest rate futures) or options on commodity futures, engage in swaps transactions or make certain other investments (whether directly or indirectly through investments in other investment vehicles) for purposes other than bona fide hedging. With respect to transactions other than for bona fide hedging purposes, either: (1) the aggregate initial margin and premiums required to establish the Fund’s positions in such investments may not exceed 5% of the liquidation value of the Fund’s portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of the Fund’s portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. If the Fund does not continue to claim the exclusion, it would likely become subject to registration and regulation as a commodity pool operator. The Fund may incur additional expenses as a result of the CFTC’s registration and regulatory requirements.

Incentive Fee Risk

In addition to receiving a management fee, the Adviser may also receive an Incentive Fee based on the appreciation in Fund assets. The Incentive Fee may create an incentive for the Adviser to manage the Fund’s portfolio in a manner that is riskier than would be the case in the absence of a fee based on the performance of the Fund.

Cybersecurity Risk

Technology, such as the internet, has become more prevalent in the course of business, and as such, the Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. Cyber incidents may cause the Fund or its service providers to lose proprietary information, suffer data corruption, lose operational capacity or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber incidents also may result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Fund and its service providers. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund’s service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

Potential Conflicts of Interest Risk

The Adviser provides a wide array of portfolio management and other asset management services to a mix of clients and may engage in ordinary course activities in which their respective interests or those of their clients may compete or conflict with those of the Fund. For example, the Adviser may provide investment management services to other funds and accounts that follow investment objectives similar to those of the Fund. In certain circumstances, and subject to its fiduciary obligations under the Investment Advisers Act of 1940, the Adviser may allocate a limited investment opportunity among various clients, which include closed-end funds, open-end funds and other commingled funds. The Adviser has adopted policies and procedures designed to address such situations and other potential conflicts of interests.

Dividend Reinvestment Plan

Pursuant to the Fund’s dividend reinvestment plan (the “Plan”), all common shareholders will have all dividends, including any capital gain dividends, reinvested automatically in additional Common Shares by State Street Bank and Trust Company, as agent for the Common Shareholders (the “Plan Agent”), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold common shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder’s name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details. Such shareholders may not be able to transfer their shares to another bank or broker and continue to participate in the Plan.

54

Common Shares received under the Plan will be issued to you at their NAV on the ex-dividend date; there is no sales or other charge for reinvestment. You are free to withdraw from the Plan and elect to receive cash at any time by giving written notice to the Plan Agent or by contacting your broker or dealer, who will inform the Fund. Your request must be received by the Fund at least ten days prior to the payment date of the distribution to be effective for that dividend or capital gain distribution.

The Plan Agent provides written confirmation of all transactions in the shareholder accounts in the Plan, including information you may need for tax records. Any proxy you receive will include all Common Shares you have received under the Plan.

Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions.

The Fund and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained from the Plan Agent.

Portfolio Managers

George Weiss, Jordi Visser, Michael Edwards, Ron Lior, and David Betten served as the Fund’s portfolio managers.

George Weiss, Chief Executive Officer and Chairman: Founded George Weiss Associates, Inc. in 1978. Prior to establishing the company, George specialized in utility stocks and investing on behalf of institutional clients at Bache Halsey Stuart, Inc., in Hartford and briefly at Faulkner, Dawkins and Sullivan, Inc. He is a graduate of The Wharton School of Finance at the University of Pennsylvania where he is a Trustee Emeritus. He is also a Trustee Emeritus of the Woodrow Wilson Fellowship Foundation. Mr. Weiss is the founder of Say Yes to Education, Inc., (a charity dedicated to the educational advancement of inner-city students), a trustee of the Orphan Disease Pathway Project Foundation, and a Director of Somerset Re Ltd.

Jordi Visser, President and Chief Investment Officer: Joined the Adviser in 2005. Previously, Jordi was the founding Managing Partner of Anchor Point Asset Management, a global macro fund. A former Managing Director at Morgan Stanley, he traded various global equity derivative books for nine years. He opened the Morgan Stanley office in Sao Paulo, Brazil, and managed the derivative sales and trading effort there during the 1997–1998 emerging market crisis. Upon his return to New York in 1999, he managed index derivatives and ETF trading and was a member of the Equity Division Risk Committee. Jordi is a magna cum laude graduate of Manhattan College.

Michael Edwards, Deputy Chief Investment Officer and Chief Administrative Officer: Joined the Adviser in 2019. Previously, Mike was the Head of The US Business for Arrowgrass Capital Partners, as well as a member of the Executive Committee and Global Head of event-driven. Prior to that, Mike was in the special situations group at D.E. Shaw & Co. and an M&A banker in Credit Suisse’s technology group. He is a graduate of Princeton University’s Woodrow Wilson School, summa cum laude.

Ron Lior, Portfolio Manager: Joined the Adviser in 1993. He began his tenure with the firm in capital structure arbitrage in Europe, Asia and Latin America. He co-developed financial stock models and built models for Japanese warrants and convertibles. Ron holds a dual degree in finance and mechanical engineering from the University of Pennsylvania.

David Betten, Portfolio Manager: Joined the Adviser in 1998. He began his tenure as a Trader for the Quantitative strategy and then became Co-Manager of proprietary trading and the Global Event strategy. Previously, he worked as a broker in the private client group at Quick and Reilly. David graduated with a BA in economics from the University of Pennsylvania.

55

Trustee and Officer Table

TRUSTEES

NAME, ADDRESS AND YEAR OF BIRTH(a)	POSITION(S) WITH THE TRUST	TERM OF OFFICE AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE
INDEPENDENT TRUSTEES
Peter L. Tedone (1957)	Trustee and Chairman of the Board	Since Inception	Chairman, President and CEO of Vantis Life Insurance Company (1987-2018)	1	None
May Ngai Seeman (1965)	Trustee	Since Inception	President and Chief Executive Officer, MEAG New York Corporation (asset management firm) (2001-2017)	1	None
Douglas G. Siekierski (1968)	Trustee	Since 2020	Principal, Chief Financial Officer, Chief Compliance Officer, Chief Operating Officer, 74 Capital Management (2017-present); Principal, SCF Holdings LLC, (2015-present)	1	Board of Managers, 74 Capital Management (2017- present)
INTERESTED TRUSTEE
Jay Tucker (1957)	Trustee and President	Since Inception	Consultant, Weiss Multi-Strategy Advisers LLC (2020-present); Chief Financial Officer and Director, Subversive Capital Acquisition Corp. (2019-present); Chief Operating Officer and Portfolio Manager, Weiss Multi-Strategy Advisers LLC (2008-2019); President, Weiss Multi-Strategy Funds LLC (2017- 2019)	1	Director, Subversive Capital Acquisition Corp. (Public) (2019- present)

(a) The address of each Trustee is c/o Weiss Strategic Interval Fund, 320 Park Avenue, 20^th Floor, New York, NY, 10022.

56

OFFICERS

NAME, ADDRESS AND YEAR OF BIRTH	POSITION(S) WITH THE TRUST	TERM OF OFFICE AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Jay Tucker(b) (1957)	Trustee and President	Since Inception	Consultant, Weiss Multi-Strategy Advisers LLC (2020-present); Chief Financial Officer and Director, Subversive Capital Acquisition Corp. (2019-present); Chief Operating Officer and Portfolio Manager, Weiss Multi-Strategy Advisers LLC (2008-2019); President, Weiss Multi-Strategy Funds LLC (2017-2019)
Scott Crowell(b) (1967)	Treasurer	Since Inception	Interim Chief Financial Officer, Weiss Multi-Strategy Advisers LLC (2019-present); Vice President-Portfolio Accounting (2007-2019)
Patrick J. Keniston(c) (1964)	Chief Compliance Officer	Since Inception	Managing Director, Foreside Fund Officer Services, LLC (2008-Present)
Jeffrey Dillabough(b) (1967)	Secretary	Since Inception	Senior Vice President, General Counsel, Weiss Multi-Strategy Advisers LLC (2009-present)

(b) The address of the Officer is c/o Weiss Strategic Interval Fund, 320 Park Avenue, 20th Floor, New York, NY, 10022.

(c) The address of the Officer is c/o Foreside, 3 Canal Plaza, Suite 100, Portland, ME 04101.

57

INVESTMENT ADVISER

Weiss Multi-Strategy Advisers LLC

320 Park Avenue, 20th Floor

New York, NY 10022

ADMINISTRATOR, CUSTODIAN, FUND ACCOUNTANT

AND TRANSFER AGENT

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. The Registrant’s Code of Ethics is attached as an Exhibit hereto.

Item 3.    Audit Committee Financial Expert.

The Registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. The Registrant’s Board of Trustees has designated Mr. Douglas Siekierski as the Audit Committee Financial Expert. Mr. Siekierski is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

For the fiscal year ended December 31, 2021 and December 31, 2020, the Fund’s principal accountant was PwC LLP. The following explanation of fees details the aggregate fees billed for the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Audit Fees:

(a)    For the Registrant’s fiscal year ended December 31, 2021, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements was $150,000 For the fiscal year ended December 31, 2020, it was $140,000.

(b)          Audit-Related Fees: For the Registrant’s fiscal year ended December 31, 2021, the aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not otherwise reported under paragraph (a) of this Item 4, was $0. For the fiscal year ended December 31, 2020, it was $0.

(c)          Tax Fees: For the Registrant’s fiscal year ended December 31, 2021, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning, which were comprised of the preparation of Federal and state income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns, was $10,700 . For the fiscal year ended December 31, 2020, it was $10,750.

(d)          All Other Fees: For the Registrant’s fiscal year ended December 31, 2021 and the aggregate fees billed for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item 4, was $7,500. For the fiscal year ended December 31, 2020, it was $7,500.

(e)          (1)          The Registrant’s audit committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the Registrant. The Registrant’s audit committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the Registrant. Services are reviewed on an engagement by engagement basis by the audit committee.

(2)          No services described in paragraphs (b) through (d) of this Item 4 were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)          During the audit of Registrant’s financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant’s engagement were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)          For the Registrant’s fiscal years ended December 31, 2021 the aggregate non-audit fees for services billed by the Registrant’s accountant for services rendered to the Registrant and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant was $0. For the fiscal year ended December 31, 2020, it was $0.

(h)          The Registrant’s audit committee has considered whether the provision of non-audit services to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

     Not applicable

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the annual report filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Proxy voting authority has been delegated to the Registrant’s Adviser, Weiss Multi-Strategy Advisers LLC. The Proxy Voting Policy is set forth below.

Weiss Multi-Strategy Advisers LLC

PROXY VOTING POLICY AND PROCEDURES    

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When the Adviser has discretion to vote the proxies of its clients, it will vote those proxies in the best interest of its clients and in accordance with these policies and procedures.    

1.      Procedures regarding proxies received by the Adviser are as follows:    

a.      Keep a record of each proxy received;    

b.      Determine which accounts managed by the Adviser hold the security to which the proxy relates;    

c.      Except in the case of Germany the Adviser will vote in accordance with an independent third party recommendation unless an Investment Teams requests otherwise; and    

d.      The Adviser will retain a third party to assist it in coordinating and voting proxies with respect to client securities. The Adviser will vote proxies in accordance with the independent third party recommendations and the Head of Operations or Delegate will monitor the third party to assure that all proxies are being properly voted and appropriate records are being retained.    

e.      For Germany, Custodians will be placing a share-blocking flag on the ballot when applicable. Therefore, a ‘Do Not Vote’ will be placed on The Advisers ballots per The Advisers share-blocking voting strategy.    

f.      The Adviser has the ability to override the share-blocking and vote the ballot, however, the shares must be put on the Firm’s Restricted List for ‘NO TRADING’ between the vote cutoff date and the de-registration date set by the issuers. This will ensure the liquidity of the shares.    

2.      Voting Guidelines    

a.      Generally, the Adviser will vote in accordance with the recommendations provided by an independent third party proxy recommendation service, except in situations where the Adviser’s investment professionals determine that voting otherwise would be in the best interests of the Adviser’s clients. Any proxies that are voted against the recommendation of the proxy recommendation service will be reviewed by the Adviser’s Proxy Review Committee, which includes the General Counsel, Chief Compliance Officer, and Head of Operations and Delegates. In determining whether a proposal is in the best interests of clients, the Proxy Review Committee may take into account the factors which include the following, among others:

·        whether the proposal was recommended by management and the Adviser’s opinion of management    

·        whether the proposal acts to entrench existing management; and    

·        whether the proposal fairly compensates management for past and future performance.    

3.      Conflicts of Interest    

a.      The Adviser may occasionally be subject to conflicts of interest in the voting of proxies, and will follow the third party service recommendation in that circumstance. Except as otherwise agreed with a Managed Account, the Adviser will apply the foregoing proxy voting policies and procedures to votes relating to positions held by the Managed Accounts.

4. Disclosure    

Clients may contact the Chief Compliance Officer, via mail in order to obtain information on how the Adviser voted such client’s proxies, and to request a copy of these policies and procedures. If a client requests this information, the Chief Compliance Officer or Delegate will prepare a written response to the client that lists, with respect to each voted proxy about which the client has inquired, (a) the name of the issuer; (b) the proposal voted upon, and (c) how the Adviser voted the client’s proxy.

The Proxy Review Committee ensures that (a) relevant disclosure is provided to clients, and (b) necessary policies and procedures are maintained and implemented.    

5.      Recordkeeping    

a.    The Head of Operations or Delegate will maintain files relating to the Adviser’s proxy voting procedures in an easily accessible place. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the most recent two years kept in the offices of the Adviser. Records of the following will be included in the files:    

·        Copies of this proxy voting policy and procedures, and any amendments thereto. A copy of each proxy statement that the Adviser receives, provided however that the Adviser may rely on obtaining a copy of proxy statements from the SEC’s EDGAR system for those proxy statements that are so available.    

·        A record of each vote that the Adviser casts.    

·        A copy of any document the Adviser created that was material to making a decision how to vote proxies, or that memorializes that decision.

·        A copy of each written client request for information on how the Adviser voted such client’s proxies, and a copy of any written response to any (written or oral) client request for information on how the Adviser voted its proxies.    

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Portfolio Management

George Weiss, Chief Executive Officer and Chairman: Founded George Weiss Associates, Inc. in 1978. Prior to establishing the company, George specialized in utility stocks and investing on behalf of institutional clients at Bache Halsey Stuart, Inc., in Hartford and briefly at Faulkner, Dawkins and Sullivan, Inc. He is a graduate of The Wharton School of Finance at the University of Pennsylvania where he is a Trustee Emeritus. He is also a Trustee Emeritus of the Woodrow Wilson Fellowship Foundation. Mr. Weiss is the founder of Say Yes to Education, Inc., (a charity dedicated to the educational advancement of inner-city students), a trustee of the Orphan Disease Pathway Project Foundation, and a Director of Somerset Re Ltd.

Jordi Visser, President and Chief Investment Officer: Joined the Adviser in 2005. Previously, Jordi was the founding Managing Partner of Anchor Point Asset Management, a global macro fund. A former Managing Director at Morgan Stanley, he traded various global equity derivative books for nine years. He opened the Morgan Stanley office in Sao Paulo, Brazil, and managed the derivative sales and trading effort there during the 1997–1998 emerging market crisis. Upon his return to New York in 1999, he managed index derivatives and ETF trading and was a member of the Equity Division Risk Committee. Jordi is a magna cum laude graduate of Manhattan College.

Michael Edwards, Deputy Chief Investment Officer, Chief Administrative Officer-Joined the Adviser in 2019. Previously, Michael was the Head of US Business for Arrowgrass Capital Partners, as well as a member of the Executive Committee and Global Head of Event-driven Strategies. Prior to that, Michael was in the special situations group at D. E. Shaw & Co. and an M&A banker in Credit Suisse’s technology group. He is a graduate of Princeton University’s Woodrow Wilson School, summa cum laude.

Ron Lior, Portfolio Manager– Joined the Adviser in 1993. He began his tenure with the firm in capital structure arbitrage in Europe, Asia and Latin America. He co-developed financial stock models and built models for Japanese warrants and convertibles. Ron holds a dual degree in finance and mechanical engineering from the University of Pennsylvania.

David Betten, Portfolio Manager - Joined the Adviser in 1998. He began his tenure as a Trader for the Quantitative strategy and then became Co-Manager of proprietary trading and the Global Event strategy. Previously, he worked as a broker in the private client group at Quick and Reilly. David graduated with a BA in economics from the University of Pennsylvania.

Other Accounts.

As of December 31, 2021, in addition to the Fund, the portfolio managers were responsible for the day-to-day management of certain other accounts, as listed below.

Portfolio Manager	Type of Account Managed	Number of Accounts	Total Assets	Number of Accounts with Performance Based Fees	Assets of Accounts with Performance Based Fees
George Weiss	Registered Investment Companies	0	0	0	$0 million
	Other Pooled Investment Vehicles	4	$1,045.9 million	3	$951.2 million
	Other Accounts	5	$1,293.8 million	4	$1,293.8 million
Jordi Visser	Registered Investment Companies	1	$251.1 million	0	$0 million
	Other Pooled Investment Vehicles	4	$1,045.9 million	3	$951.2 million
	Other Accounts	8	$1,911.8 million	5	$1,445.1 million
David Betten	Registered Investment Companies	1	$251.1 million	0	$0 million
	Other Pooled Investment Vehicles	4	$1,045.9 million	3	$951.2 million
	Other Accounts	8	$1,911.8 million	5	$1,445.1 million
Ron Lior	Registered Investment Companies	1	$251.1 million	0	$0 million
	Other Pooled Investment Vehicles	4	$1,045.9 million	3	$951.2 million
	Other Accounts	8	$1,911.8 million	5	$1,445.1 million
Mike Edwards	Registered Investment Companies	1	$251.1 million	0	$0 million
	Other Pooled Investment Vehicles	4	$1,045.9 million	3	$951.2 million
	Other Accounts	8	$1,911.8 million	5	$1,445.1 million

Conflicts of Interests.

In addition to investing capital for the Fund, the Adviser also serves as investment adviser for other clients including privately offered funds and separately managed accounts.

The Adviser may give advice or take action with respect to its other clients that differs from the advice given or action taken with respect to the Fund, and the Adviser’s obligation to determine suitability for each of its clients may result in seemingly contradictory advice with respect to a single security. For example, the Adviser may purchase a particular security for the Fund at a time when the Adviser is selling or establishing a short position in that same security on behalf of another client. Alternatively, the Adviser may take a short position in a security on behalf of the Fund while maintaining a long position in that same security on behalf of another client. Similarly, the Fund may purchase a security in its long-only portfolio at the same time it is selling or establishing a short position in the same security in the alpha portfolio.

The Adviser may have an incentive to favor certain other client accounts over the Fund because of proprietary investments in such other client accounts. Because the Adviser may allocate investment opportunities between the Fund and other client accounts, there may be competition amongst the other client accounts and the Fund for limited capacity opportunities. In addition, the Fund has a different fee structure than many of the Adviser’s other clients, and as such the Adviser may have a conflict of interest in allocating investment opportunities among the Fund and such other clients. The Fund’s fee structure may also create an incentive for the Adviser to moderate Fund returns in higher return environments, as there is the potential for the Adviser’s operations to be less profitable in such environments.

Employees of the Adviser or its affiliates are permitted to engage in personal investment activities that may involve a conflict of interest with the investment activities of the Fund. The Adviser’s compliance procedures require all employees to request permission from the Adviser’s compliance officer for personal trades, subject to certain exceptions. The Adviser may change its policies or procedures with respect to such personal investment activities at any time.

The Adviser will use its best efforts in connection with the purposes and objectives of the Fund and will devote so much of its time and effort to the Fund as may, in its judgment, be necessary to accomplish the purposes of the Fund. The Adviser and its members, directors, officers and employees may conduct any other business, including any business with respect to investments, regardless of whether such business is in competition with the Fund. The Fund will not have any right to participate in any manner or have any interest in any such business engaged in by the Adviser or their members, directors, officers, employees or affiliates.

When it is determined that it would be appropriate for the Fund and one or more other investment accounts managed by the Adviser or its affiliates to participate in an investment opportunity, the Adviser will seek to execute orders for all of the participating investment accounts, including the Fund, on an equitable basis, taking into account such factors as the relative amounts of capital available for new investments and the investment programs and portfolio positions of the Fund and the affiliated entities for which participation is appropriate. Orders may be combined for all such accounts. If an order on behalf of more than one account cannot be fully executed under such accounts, or if an order is not filled at the same price, the order may be allocated on an average price basis. If an order on behalf of more than one account cannot be fully executed under prevailing market conditions, securities may be allocated among the different accounts on a basis that the Adviser or its affiliates consider equitable. Situations may occur where the Fund could be disadvantaged because of the investment activities conducted by the Adviser or its affiliates for other investment accounts.

In addition, if the Adviser determines that it is appropriate for the Fund to buy or sell a security, and for another fund or account to sell or buy that same security, the Adviser may, in accordance with Rule 17a-7 of the 1940 Act, and the Fund’s policies and procedures adopted thereunder, arrange a “cross” trade between the Fund and such other fund or account, if the trade price is no less advantageous for both parties than an open market transaction would be. Transactions among the Fund and other managed accounts may also take place from time to time as necessary to rebalance various portfolio positions. Notwithstanding the foregoing, the Fund will not engage in cross trades in violation of ERISA, to the extent applicable.

Compensation.

Each portfolio manager receives a fixed salary and discretionary bonus for his service as portfolio manager. The aforementioned discretionary bonuses are determined by the Adviser in its sole discretion which takes into account such things as Adviser profitability, product profitability and overall employee contributions to the Adviser in the relevant fiscal years. Although Fund performance is not a direct factor in the determination of discretionary bonuses, Fund performance affects the Adviser’s overall profitability, and therefore, indirectly, any such determination.

Ownership of Fund Shares.

As of December 31, 2021, the portfolio managers did not beneficially own any shares of the Fund.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

     Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

     Not applicable.

Item 11. Controls and Procedures.

(a)          The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are generally effective to provide reasonable assurance, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)          There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

     Not applicable.

Item 13. Exhibits.

(a)(1) Attached Herewith

(a)(2) Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

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

SIGNATURES

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

	Weiss Strategic Interval Fund
Date: March 3, 2022	By:	/s/ Jay Tucker
		Jay Tucker
		Trustee, President

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

Date: March 3, 2022	By:	/s/ Jay Tucker
		Jay Tucker
		Trustee, President
Date: March 3, 2022	By:	/s/ Scott Crowell
		Scott Crowell
		Treasurer
		(Principal Financial Officer and Principal Accounting Officer)