Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Long Investments 440.1% | ||||||||
Common Stocks 426.4% | ||||||||
Aerospace & Defense 12.1% | ||||||||
Embraer S.A., ADR(1),(2) | 15,424 | $ | 114,137 | |||||
Kratos Defense & Security Solutions, Inc.(1),(3) | 299,697 | 4,147,806 | ||||||
L3Harris Technologies, Inc.(3) | 3,889 | 700,409 | ||||||
Lockheed Martin Corp.(3) | 5,226 | 1,771,353 | ||||||
Northrop Grumman Corp.(3) | 3,054 | 923,988 | ||||||
Raytheon Technologies Corp. | 8,487 | 800,579 | ||||||
Virgin Galactic Holdings, Inc.(1),(3) | 377,910 | 5,585,510 | ||||||
|
| |||||||
14,043,782 | ||||||||
|
| |||||||
Air Freight & Logistics 3.3% | ||||||||
Atlas Air Worldwide Holdings, Inc.(1) | 13,527 | 347,238 | ||||||
C.H. Robinson Worldwide, Inc.(3) | 15,096 | 999,355 | ||||||
FedEx Corp. | 18,216 | 2,208,872 | ||||||
XPO Logistics, Inc.(1) | 6,614 | 322,433 | ||||||
|
| |||||||
3,877,898 | ||||||||
|
| |||||||
Airlines 3.3% | ||||||||
Alaska Air Group, Inc.(3) | 6,942 | 197,639 | ||||||
Delta Air Lines, Inc.(3) | 110,282 | 3,146,345 | ||||||
SkyWest, Inc.(3) | 12,725 | 333,268 | ||||||
Southwest Airlines Co. | 5,090 | 181,255 | ||||||
|
| |||||||
3,858,507 | ||||||||
|
| |||||||
Auto Components 0.7% | ||||||||
Aptiv PLC(2),(3) | 11,007 | 541,985 | ||||||
Dana, Inc.(3) | 33,116 | 258,636 | ||||||
|
| |||||||
800,621 | ||||||||
|
| |||||||
Automobiles 0.3% | ||||||||
Fiat Chrysler Automobiles N.V.(2),(3) | 42,108 | 302,756 | ||||||
|
| |||||||
Banks 0.0% | ||||||||
Citigroup, Inc.(3) | 1,250 | 52,650 | ||||||
|
| |||||||
Beverages 4.3% | ||||||||
Coca-Cola Co. (The) | 2,374 | 105,049 | ||||||
Constellation Brands, Inc., Class A(3) | 13,905 | 1,993,421 | ||||||
PepsiCo, Inc.(3) | 24,302 | 2,918,670 | ||||||
|
| |||||||
5,017,140 | ||||||||
|
| |||||||
Biotechnology 1.5% | ||||||||
Acceleron Pharma, Inc.(1),(3) | 945 | 84,927 | ||||||
Alder Biopharmaceuticals, Inc. | 6,157 | 6,157 | ||||||
Deciphera Pharmaceuticals, Inc.(1),(3) | 242 | 9,963 | ||||||
Epizyme, Inc.(1),(3) | 225 | 3,490 | ||||||
Exelixis, Inc.(1) | 382 | 6,578 | ||||||
Gilead Sciences, Inc.(3) | 241 | 18,017 | ||||||
Global Blood Therapeutics, Inc.(1) | 359 | 18,341 | ||||||
Insmed, Inc.(1),(3) | 2,661 | 42,656 | ||||||
Intercept Pharmaceuticals, Inc.(1),(3) | 52 | 3,274 | ||||||
Karyopharm Therapeutics, Inc.(1) | 363 | 6,973 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 14,299 | 1,039,823 | ||||||
Momenta Pharmaceuticals, Inc.(1),(3) | 242 | 6,583 | ||||||
Regeneron Pharmaceuticals, Inc.(1),(3) | 382 | 186,527 | ||||||
Twist Bioscience Corp.(1),(3) | 9,154 | 279,929 | ||||||
|
| |||||||
1,713,238 | ||||||||
|
| |||||||
Building Products 1.5% | ||||||||
Armstrong World Industries, Inc.(3) | 3,553 | 282,179 | ||||||
Johnson Controls International PLC(2),(3) | 33,345 | 898,981 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Building Products |
| |||||||
Masco Corp. | 16,536 | 571,650 | ||||||
|
| |||||||
1,752,810 | ||||||||
|
| |||||||
Capital Markets 6.8% | ||||||||
Charles Schwab Corp. (The) | 3,156 | 106,105 | ||||||
E*TRADE Financial Corp.(3) | 84,360 | 2,895,235 | ||||||
GAIN Capital Holdings, Inc. | 60,317 | 336,569 | ||||||
Legg Mason, Inc. | 65,196 | 3,184,824 | ||||||
TD Ameritrade Holding Corp.(3) | 40,400 | 1,400,264 | ||||||
|
| |||||||
7,922,997 | ||||||||
|
| |||||||
Chemicals 2.4% | ||||||||
Eastman Chemical Co.(3) | 2,545 | 118,546 | ||||||
Olin Corp.(3) | 34,344 | 400,794 | ||||||
Orion Engineered Carbons S.A.(2) | 12,700 | 94,742 | ||||||
PolyOne Corp.(3) | 17,363 | 329,376 | ||||||
Sherwin-Williams Co. (The)(3) | 4,078 | 1,873,923 | ||||||
|
| |||||||
2,817,381 | ||||||||
|
| |||||||
Commercial Services & Supplies 2.5% | ||||||||
IAA, Inc.(1),(3) | 11,189 | 335,223 | ||||||
Republic Services, Inc.(3) | 2,013 | 151,096 | ||||||
Waste Connections, Inc.(2),(3) | 25,450 | 1,972,375 | ||||||
Waste Management, Inc.(3) | 5,090 | 471,130 | ||||||
|
| |||||||
2,929,824 | ||||||||
|
| |||||||
Communications Equipment 9.0% | ||||||||
Ciena Corp.(1),(3) | 19,071 | 759,216 | ||||||
Cisco Systems, Inc.(3) | 138,747 | 5,454,145 | ||||||
F5 Networks, Inc.(1),(3) | 16,764 | 1,787,545 | ||||||
Gilat Satellite Networks Ltd.(1),(2) | 15,517 | 110,016 | ||||||
Juniper Networks, Inc.(3) | 91,620 | 1,753,607 | ||||||
Motorola Solutions, Inc.(3) | 4,333 | 575,942 | ||||||
|
| |||||||
10,440,471 | ||||||||
|
| |||||||
Construction & Engineering 3.3% | ||||||||
AECOM(1) | 72,621 | 2,167,737 | ||||||
Jacobs Engineering Group, Inc.(3) | 21,429 | 1,698,677 | ||||||
|
| |||||||
3,866,414 | ||||||||
|
| |||||||
Construction Materials 1.3% | ||||||||
Martin Marietta Materials, Inc.(3) | 7,836 | 1,482,806 | ||||||
|
| |||||||
Containers & Packaging 0.6% | ||||||||
Berry Global Group, Inc.(1),(3) | 15,138 | 510,302 | ||||||
Crown Holdings, Inc.(1),(3) | 3,680 | 213,587 | ||||||
|
| |||||||
723,889 | ||||||||
|
| |||||||
Diversified Financial Services 10.8% | ||||||||
8i Enterprises Acquisition Corp.(1),(2) | 32,535 | 325,350 | ||||||
Altegrity, Inc. | 148,076 | 3,035,558 | ||||||
Churchill Capital Corp. III, UNIT(1) | 206,937 | 2,069,370 | ||||||
CITIC Capital Acquisition Corp., UNIT(1),(2) | 21,388 | 210,886 | ||||||
Diamond Eagle Acquisition Corp., Class A(1),(3) | 279,030 | 3,443,230 | ||||||
dMY Technology Group, Inc., UNIT(1) | 18,972 | 186,495 | ||||||
Far Point Acquisition Corp., Class A(1),(3) | 30,092 | 304,531 | ||||||
Fellazo, Inc.(1),(2) | 72,850 | 724,858 | ||||||
FGL Holdings(2),(3) | 39,673 | 388,795 | ||||||
Legacy Acquisition Corp., Class A(1) | 84,939 | 880,817 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Diversified Financial Services |
| |||||||
Pure Acquisition Corp.(1) | 92,617 | 962,291 | ||||||
|
| |||||||
12,532,181 | ||||||||
|
| |||||||
Diversified Telecommunication Services 0.7% | ||||||||
NII Holdings, Inc. | 174,048 | 374,203 | ||||||
Verizon Communications, Inc.(3) | 7,925 | 425,810 | ||||||
|
| |||||||
800,013 | ||||||||
|
| |||||||
Electric Utilities 33.3% | ||||||||
Alliant Energy Corp.(3) | 55,990 | 2,703,757 | ||||||
American Electric Power Co., Inc.(3) | 44,538 | 3,562,149 | ||||||
El Paso Electric Co.(3) | 4,499 | 305,752 | ||||||
Entergy Corp.(3) | 39,432 | 3,705,425 | ||||||
Evergy, Inc.(3) | 172,504 | 9,496,345 | ||||||
Eversource Energy | 38,201 | 2,987,700 | ||||||
Exelon Corp.(3) | 55,020 | 2,025,286 | ||||||
FirstEnergy Corp. | 78,527 | 3,146,577 | ||||||
IDACORP, Inc. | 5,090 | 446,851 | ||||||
NextEra Energy, Inc. | 15,471 | 3,722,632 | ||||||
NRG Energy, Inc.(3) | 72,504 | 1,976,459 | ||||||
PNM Resources, Inc.(3) | 49,870 | 1,895,060 | ||||||
Southern Co. (The) | 28,368 | 1,535,844 | ||||||
Xcel Energy, Inc. | 21,449 | 1,293,375 | ||||||
|
| |||||||
38,803,212 | ||||||||
|
| |||||||
Electrical Equipment 13.2% | ||||||||
AMETEK, Inc.(3) | 33,146 | 2,387,175 | ||||||
Eaton Corp. PLC(2),(3) | 47,721 | 3,707,444 | ||||||
Emerson Electric Co. | 11,443 | 545,259 | ||||||
nVent Electric PLC(2),(3) | 54,434 | 918,302 | ||||||
Rockwell Automation, Inc. | 84 | 12,790 | ||||||
Vertiv Holdings Co.(1),(3) | 909,092 | 7,863,646 | ||||||
|
| |||||||
15,434,616 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components 2.4% | ||||||||
Anixter International, Inc.(1) | 9,233 | 811,304 | ||||||
SYNNEX Corp.(3) | 12,725 | 930,197 | ||||||
Vishay Intertechnology, Inc.(3) | 71,260 | 1,026,857 | ||||||
|
| |||||||
2,768,358 | ||||||||
|
| |||||||
Entertainment 6.5% | ||||||||
Activision Blizzard, Inc.(3) | 35,403 | 2,105,771 | ||||||
Liberty Media Corp-Liberty Formula One(1) | 2,400 | 65,352 | ||||||
Live Nation Entertainment, Inc.(1),(3) | 30,207 | 1,373,210 | ||||||
Madison Square Garden Co. (The), Class A(1),(3) | 3,057 | 646,280 | ||||||
Netflix, Inc.(1),(3) | 479 | 179,865 | ||||||
Take-Two Interactive Software, Inc.(1) | 3,414 | 404,935 | ||||||
Walt Disney Co. (The)(3) | 5,539 | 535,067 | ||||||
Zynga, Inc., Class A(1),(3) | 328,451 | 2,249,889 | ||||||
|
| |||||||
7,560,369 | ||||||||
|
| |||||||
Food & Staples Retailing 2.2% | ||||||||
Casey’s General Stores, Inc.(3) | 12,779 | 1,693,089 | ||||||
Costco Wholesale Corp.(3) | 2,545 | 725,656 | ||||||
Sysco Corp. | 2,544 | 116,083 | ||||||
|
| |||||||
2,534,828 | ||||||||
|
| |||||||
Food Products 6.6% | ||||||||
Bunge Ltd.(2),(3) | 27,807 | 1,140,921 | ||||||
Campbell Soup Co.(3) | 68,918 | 3,181,255 | ||||||
Conagra Brands, Inc.(3) | 40,513 | 1,188,651 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Food Products |
| |||||||
Mondelez International, Inc., Class A(3) | 42,858 | 2,146,329 | ||||||
|
| |||||||
7,657,156 | ||||||||
|
| |||||||
Health Care Equipment & Supplies 3.3% | ||||||||
Boston Scientific Corp.(1),(3) | 3,720 | 121,384 | ||||||
Edwards Lifesciences Corp.(1),(3) | 1,707 | 321,974 | ||||||
Silk Road Medical, Inc.(1),(3) | 242 | 7,618 | ||||||
Wright Medical Group N.V.(1),(2) | 108,498 | 3,108,468 | ||||||
Zimmer Biomet Holdings, Inc. | 2,373 | 239,863 | ||||||
|
| |||||||
3,799,307 | ||||||||
|
| |||||||
Health Care Providers & Services 6.5% | ||||||||
1Life Healthcare, Inc.(1),(3) | 1,197 | 21,726 | ||||||
Centene Corp.(1) | 127,351 | 7,565,923 | ||||||
Owens & Minor, Inc.(3) | 5,163 | 47,241 | ||||||
|
| |||||||
7,634,890 | ||||||||
|
| |||||||
Health Care Technology 0.2% | ||||||||
Icad, Inc.(1) | 971 | 7,127 | ||||||
Livongo Health, Inc.(1) | 6,571 | 187,471 | ||||||
|
| |||||||
194,598 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure 13.7% | ||||||||
Darden Restaurants, Inc.(3) | 6,363 | 346,529 | ||||||
Eldorado Resorts, Inc.(1),(3) | 85,991 | 1,238,270 | ||||||
Extended Stay America, Inc. | 302,098 | 2,208,336 | ||||||
Hilton Worldwide Holdings, Inc.(3) | 45,035 | 3,073,188 | ||||||
Las Vegas Sands Corp.(3) | 48,413 | 2,056,100 | ||||||
Marriott Vacations Worldwide Corp.(3) | 17,426 | 968,537 | ||||||
McDonald’s Corp. | 7,629 | 1,261,455 | ||||||
Planet Fitness, Inc., Class A(1) | 5,088 | 247,786 | ||||||
Royal Caribbean Cruises Ltd.(2),(3) | 2,804 | 90,205 | ||||||
Six Flags Entertainment Corp. | 46,691 | 585,505 | ||||||
Starbucks Corp. | 10,290 | 676,465 | ||||||
Wendy’s Co. (The)(3) | 58,535 | 871,001 | ||||||
Wynn Resorts Ltd.(3) | 22,098 | 1,330,079 | ||||||
Yum! Brands, Inc.(3) | 13,998 | 959,283 | ||||||
|
| |||||||
15,912,739 | ||||||||
|
| |||||||
Household Durables 1.6% | ||||||||
DR Horton, Inc.(3) | 21,770 | 740,180 | ||||||
PulteGroup, Inc. | 48,300 | 1,078,056 | ||||||
|
| |||||||
1,818,236 | ||||||||
|
| |||||||
Household Products 3.7% | ||||||||
Colgate-Palmolive Co.(3) | 20,252 | 1,343,923 | ||||||
Procter & Gamble Co. (The)(3) | 26,495 | 2,914,450 | ||||||
Spectrum Brands Holdings, Inc.(3) | 2,935 | 106,746 | ||||||
|
| |||||||
4,365,119 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers 1.0% | ||||||||
AES Corp.(3) | 74,496 | 1,013,146 | ||||||
NextEra Energy Partners L.P. | 3,078 | 132,354 | ||||||
|
| |||||||
1,145,500 | ||||||||
|
| |||||||
Industrial Conglomerates 1.2% | ||||||||
3M Co. | 3,436 | 469,048 | ||||||
Honeywell International, Inc.(3) | 4,965 | 664,267 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Industrial Conglomerates |
| |||||||
Roper Technologies, Inc.(3) | 745 | 232,299 | ||||||
|
| |||||||
1,365,614 | ||||||||
|
| |||||||
Insurance 2.3% | ||||||||
Argo Group International Holdings Ltd.(2),(3) | 18,594 | 689,094 | ||||||
Syncora Holdings Ltd.(2) | 56,504 | 20,906 | ||||||
Willis Towers Watson PLC(2),(3) | 11,454 | 1,945,462 | ||||||
|
| |||||||
2,655,462 | ||||||||
|
| |||||||
Interactive Media & Services 2.9% | ||||||||
Alphabet, Inc., Class C(1),(3) | 1,537 | 1,787,239 | ||||||
Alphabet, Inc., Class A(1) | 164 | 190,560 | ||||||
Pinterest, Inc., Class A(1),(3) | 5,531 | 85,398 | ||||||
QuinStreet, Inc.(1) | 10,819 | 87,093 | ||||||
Snap, Inc., Class A(1) | 80,620 | 958,572 | ||||||
Tencent Holdings Ltd., ADR(2) | 5,381 | 264,153 | ||||||
|
| |||||||
3,373,015 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail 10.1% | ||||||||
Alibaba Group Holding Ltd., ADR(1),(2) | 5,280 | 1,026,854 | ||||||
Amazon.com, Inc.(1),(3) | 4,382 | 8,543,673 | ||||||
Booking Holdings, Inc.(1),(3) | 659 | 886,566 | ||||||
Expedia Group, Inc. | 1,273 | 71,632 | ||||||
JD.com, Inc., ADR(1),(2) | 30,304 | 1,227,312 | ||||||
|
| |||||||
11,756,037 | ||||||||
|
| |||||||
IT Services 8.1% | ||||||||
Akamai Technologies, Inc.(1),(3) | 36,682 | 3,356,036 | ||||||
Booz Allen Hamilton Holding Corp.(3) | 36,941 | 2,535,630 | ||||||
International Business Machines Corp. | 1,898 | 210,488 | ||||||
Leidos Holdings, Inc.(3) | 1,202 | 110,163 | ||||||
LiveRamp Holdings, Inc.(1),(3) | 4,555 | 149,951 | ||||||
MongoDB, Inc.(1) | 458 | 62,535 | ||||||
Okta, Inc.(1),(3) | 17,469 | 2,135,760 | ||||||
Shopify, Inc., Class A(1),(2),(3) | 2,193 | 914,328 | ||||||
|
| |||||||
9,474,891 | ||||||||
|
| |||||||
Leisure Products 0.0% | ||||||||
Peloton Interactive, Inc., Class A(1),(3) | 2,067 | 54,879 | ||||||
|
| |||||||
Life Sciences Tools & Services 2.6% | ||||||||
Pacific Biosciences of California, Inc.(1) | 359,137 | 1,098,959 | ||||||
QIAGEN N.V.(1),(2),(3) | 45,390 | 1,888,224 | ||||||
|
| |||||||
2,987,183 | ||||||||
|
| |||||||
Machinery 15.0% | ||||||||
AGCO Corp.(3) | 926 | 43,753 | ||||||
Caterpillar, Inc. | 28,421 | 3,297,973 | ||||||
Colfax Corp.(1) | 19,087 | 377,923 | ||||||
Cummins, Inc.(3) | 14,160 | 1,916,131 | ||||||
Deere & Co.(3) | 12,746 | 1,760,987 | ||||||
Dover Corp.(3) | 44,354 | 3,723,075 | ||||||
Fortive Corp. | 24,045 | 1,327,044 | ||||||
Ingersoll Rand, Inc.(1) | 3,818 | 94,686 | ||||||
ITT, Inc.(3) | 25,850 | 1,172,556 | ||||||
PACCAR, Inc.(3) | 3,869 | 236,512 | ||||||
Parker-Hannifin Corp. | 1,272 | 164,978 | ||||||
Rexnord Corp.(3) | 25,205 | 571,397 | ||||||
Wabash National Corp. | 30,535 | 220,463 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Machinery |
| |||||||
Westinghouse Air Brake Technologies Corp.(3) | 53,612 | 2,580,346 | ||||||
|
| |||||||
17,487,824 | ||||||||
|
| |||||||
Media 1.5% | ||||||||
Charter Communications, Inc., Class A(1) | 763 | 332,905 | ||||||
comScore, Inc.(1) | 29,449 | 83,046 | ||||||
Nexstar Media Group, Inc., Class A(3) | 18,492 | 1,067,543 | ||||||
TEGNA, Inc.(3) | 25,450 | 276,387 | ||||||
|
| |||||||
1,759,881 | ||||||||
|
| |||||||
Metals & Mining 1.0% | ||||||||
Constellium SE(1),(2),(3) | 112,776 | 587,563 | ||||||
Vale S.A., ADR(1),(2) | 74,696 | 619,230 | ||||||
|
| |||||||
1,206,793 | ||||||||
|
| |||||||
Multi-Utilities 8.5% | ||||||||
Black Hills Corp.(3) | 14,911 | 954,751 | ||||||
CenterPoint Energy, Inc. | 171,720 | 2,653,074 | ||||||
CMS Energy Corp. | 67,207 | 3,948,411 | ||||||
DTE Energy Co. | 3,181 | 302,100 | ||||||
NiSource, Inc.(3) | 38,175 | 953,230 | ||||||
Public Service Enterprise Group, Inc. | 15,499 | 696,060 | ||||||
Sempra Energy | 3,817 | 431,283 | ||||||
|
| |||||||
9,938,909 | ||||||||
|
| |||||||
Multiline Retail 1.6% | ||||||||
Dollar General Corp. | 1,908 | 288,108 | ||||||
Dollar Tree, Inc.(1),(3) | 21,092 | 1,549,629 | ||||||
|
| |||||||
1,837,737 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels 13.5% | ||||||||
Apache Corp. | 139,920 | 584,866 | ||||||
Ardmore Shipping Corp.(2) | 43,170 | 226,643 | ||||||
Chevron Corp.(3) | 19,280 | 1,397,029 | ||||||
Concho Resources, Inc.(3) | 34,483 | 1,477,597 | ||||||
ConocoPhillips | 51,104 | 1,574,003 | ||||||
Enterprise Products Partners L.P.(3) | 102,744 | 1,469,239 | ||||||
Golar LNG Ltd.(2) | 7,082 | 55,806 | ||||||
Hess Corp.(3) | 45,332 | 1,509,556 | ||||||
Noble Energy, Inc.(3) | 226,987 | 1,371,001 | ||||||
Northern Oil and Gas, Inc.(1) | 82,966 | 55,015 | ||||||
Ovintiv, Inc. | 119,564 | 322,823 | ||||||
Parsley Energy, Inc., Class A | 295,032 | 1,690,533 | ||||||
PDC Energy, Inc.(1),(3) | 142,915 | 887,502 | ||||||
Pioneer Natural Resources Co.(3) | 22,554 | 1,582,163 | ||||||
SM Energy Co. | 307,361 | 374,980 | ||||||
Tallgrass Energy L.P., Class A(3) | 28,082 | 462,230 | ||||||
WPX Energy, Inc.(1) | 238,784 | 728,291 | ||||||
|
| |||||||
15,769,277 | ||||||||
|
| |||||||
Paper & Forest Products 0.0% | ||||||||
Louisiana-Pacific Corp. | 2,513 | 43,173 | ||||||
|
| |||||||
Pharmaceuticals 18.5% | ||||||||
Allergan PLC(2),(3) | 91,699 | 16,239,893 | ||||||
AstraZeneca PLC, ADR(2),(3) | 30,432 | 1,359,093 | ||||||
Bristol-Myers Squibb Co.(3) | 43,928 | 2,448,547 | ||||||
GW Pharmaceuticals PLC, ADR(1),(2) | 219 | 19,178 | ||||||
Intersect ENT, Inc.(1) | 3,650 | 43,253 | ||||||
Merck & Co., Inc.(3) | 6,147 | 472,950 | ||||||
Novartis AG, ADR(2),(3) | 6,147 | 506,820 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Pharmaceuticals |
| |||||||
Pfizer, Inc. | 5,577 | 182,033 | ||||||
Reata Pharmaceuticals, Inc., Class A(1),(3) | 305 | 44,024 | ||||||
Zoetis, Inc. | 1,583 | 186,303 | ||||||
|
| |||||||
21,502,094 | ||||||||
|
| |||||||
Real Estate Investment Trusts 81.0% | ||||||||
American Assets Trust, Inc.(3) | 80,504 | 2,012,600 | ||||||
Americold Realty Trust(3) | 126,513 | 4,306,503 | ||||||
Apartment Investment & Management Co., Class A(3) | 94,341 | 3,316,086 | ||||||
Boston Properties, Inc.(3) | 79,620 | 7,343,353 | ||||||
Brixmor Property Group, Inc.(3) | 374,007 | 3,553,066 | ||||||
Columbia Property Trust, Inc.(3) | 158,410 | 1,980,125 | ||||||
Crown Castle International Corp.(3) | 2,432 | 351,181 | ||||||
EPR Properties(3) | 104,420 | 2,529,052 | ||||||
Healthcare Trust of America, Inc., Class A(3) | 45,652 | 1,108,431 | ||||||
Highwoods Properties, Inc.(3) | 125,231 | 4,435,682 | ||||||
Hudson Pacific Properties, Inc.(3) | 147,171 | 3,732,257 | ||||||
Innovative Industrial Properties, Inc.(3) | 114,393 | 8,685,860 | ||||||
Invitation Homes, Inc. | 252,329 | 5,392,271 | ||||||
Jernigan Capital, Inc. | 291,034 | 3,189,733 | ||||||
Mid-America Apartment Communities, Inc.(3) | 16,426 | 1,692,371 | ||||||
Omega Healthcare Investors, Inc.(3) | 90,520 | 2,402,401 | ||||||
Outfront Media, Inc.(3) | 25,443 | 342,972 | ||||||
Physicians Realty Trust(3) | 417,908 | 5,825,637 | ||||||
Piedmont Office Realty Trust, Inc., Class A(3) | 194,059 | 3,427,082 | ||||||
Realty Income Corp.(3) | 73,387 | 3,659,076 | ||||||
Retail Opportunity Investments Corp.(3) | 138,015 | 1,144,144 | ||||||
Rexford Industrial Realty, Inc.(3) | 27,461 | 1,126,176 | ||||||
RPT Realty | 530,216 | 3,197,202 | ||||||
STORE Capital Corp.(3) | 213,709 | 3,872,407 | ||||||
VICI Properties, Inc.(3) | 563,802 | 9,381,665 | ||||||
Welltower, Inc.(3) | 137,298 | 6,285,502 | ||||||
|
| |||||||
94,292,835 | ||||||||
|
| |||||||
Road & Rail 23.8% | ||||||||
Canadian National Railway Co.(2),(3) | 25,440 | 1,974,907 | ||||||
Covenant Transportation Group, Inc., Class A(1) | 24,643 | 213,655 | ||||||
CSX Corp.(3) | 16,959 | 971,751 | ||||||
Knight-Swift Transportation Holdings, Inc. | 95,208 | 3,122,822 | ||||||
Lyft, Inc., Class A(1),(3) | 44,491 | 1,194,583 | ||||||
Norfolk Southern Corp.(3) | 54,368 | 7,937,728 | ||||||
Ryder System, Inc.(3) | 26,301 | 695,399 | ||||||
Saia, Inc.(1),(3) | 15,270 | 1,122,956 | ||||||
Uber Technologies, Inc.(1) | 10,176 | 284,114 | ||||||
Union Pacific Corp.(3) | 72,151 | 10,176,177 | ||||||
|
| |||||||
27,694,092 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment 23.0% | ||||||||
Advanced Micro Devices, Inc.(1),(3) | 91,813 | 4,175,655 | ||||||
Applied Materials, Inc. | 1,289 | 59,062 | ||||||
ASML Holding N.V.(2),(3) | 13,489 | 3,529,262 | ||||||
Intel Corp.(3) | 75,479 | 4,084,923 | ||||||
Lam Research Corp. | 13,489 | 3,237,360 | ||||||
Marvell Technology Group Ltd.(2),(3) | 6,340 | 143,474 | ||||||
Microchip Technology, Inc.(3) | 23,972 | 1,625,302 | ||||||
Micron Technology, Inc.(1),(3) | 75,469 | 3,174,226 | ||||||
NVIDIA Corp. | 18,871 | 4,974,396 | ||||||
NXP Semiconductors N.V.(2),(3) | 12,725 | 1,055,284 | ||||||
QUALCOMM, Inc.(3) | 6,363 | 430,457 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Semiconductors & Semiconductor Equipment |
| |||||||
Xperi Corp.(3) | 24,149 | 335,913 | ||||||
|
|
| ||||||
26,825,314 | ||||||||
|
|
| ||||||
Software 32.7% | ||||||||
Adobe, Inc.(1),(3) | 16,369 | 5,209,271 | ||||||
Atlassian Corp. PLC, Class A(1),(2) | 631 | 86,611 | ||||||
Avaya Holdings Corp.(1),(3) | 735,557 | 5,950,656 | ||||||
Box, Inc., Class A(1),(3) | 26,615 | 373,675 | ||||||
Cadence Design Systems, Inc.(1),(3) | 1,441 | 95,164 | ||||||
Citrix Systems, Inc.(3) | 32,776 | 4,639,443 | ||||||
CommVault Systems, Inc.(1),(3) | 2,985 | 120,833 | ||||||
Crowdstrike Holdings, Inc., Class A(1),(3) | 13,832 | 770,166 | ||||||
Datadog, Inc., Class A(1),(3) | 12,724 | 457,810 | ||||||
DocuSign, Inc.(1),(3) | 23,313 | 2,154,121 | ||||||
Everbridge, Inc.(1) | 129 | 13,720 | ||||||
FireEye, Inc.(1),(3) | 84,493 | 893,936 | ||||||
Fortinet, Inc.(1),(3) | 6,444 | 651,939 | ||||||
Microsoft Corp.(3) | 46,373 | 7,313,486 | ||||||
NortonLifeLock, Inc.(3) | 149,812 | 2,802,983 | ||||||
Nutanix, Inc., Class A(1),(3) | 8,109 | 128,122 | ||||||
Oracle Corp.(3) | 38,102 | 1,841,470 | ||||||
Palo Alto Networks, Inc.(1),(3) | 199 | 32,628 | ||||||
RingCentral, Inc., Class A(1) | 953 | 201,950 | ||||||
salesforce.com, Inc.(1) | 9,047 | 1,302,587 | ||||||
ServiceNow, Inc.(1),(3) | 4,556 | 1,305,658 | ||||||
Smartsheet, Inc., Class A(1),(3) | 2,440 | 101,284 | ||||||
Splunk, Inc.(1),(3) | 911 | 114,996 | ||||||
SVMK, Inc.(1),(3) | 8,346 | 112,754 | ||||||
Verint Systems, Inc.(1) | 51 | 2,193 | ||||||
VMware, Inc., Class A(1) | 692 | 83,801 | ||||||
Zscaler, Inc.(1),(3) | 21,327 | 1,297,961 | ||||||
|
|
| ||||||
38,059,218 | ||||||||
|
|
| ||||||
Specialty Retail 0.9% | ||||||||
Home Depot, Inc. (The)(3) | 4,449 | 830,673 | ||||||
Lowe’s Cos., Inc.(3) | 2,125 | 182,856 | ||||||
|
|
| ||||||
1,013,529 | ||||||||
|
|
| ||||||
Technology Hardware, Storage & Peripherals 12.8% | ||||||||
Apple, Inc.(3) | 26,101 | 6,637,223 | ||||||
HP, Inc.(3) | 309,958 | 5,380,871 | ||||||
Western Digital Corp.(3) | 69,960 | 2,911,735 | ||||||
|
|
| ||||||
14,929,829 | ||||||||
|
|
| ||||||
Textiles, Apparel & Luxury Goods 0.7% | ||||||||
NIKE, Inc., Class B(3) | 10,338 | 855,366 | ||||||
|
|
| ||||||
Trading Companies & Distributors 4.5% | ||||||||
AerCap Holdings N.V.(1),(2) | 116,355 | 2,651,730 | ||||||
United Rentals, Inc.(1),(3) | 8,070 | 830,403 | ||||||
WESCO International, Inc.(1) | 12,297 | 280,986 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Trading Companies & Distributors |
| |||||||
WW Grainger, Inc.(3) | 6,165 | 1,532,003 | ||||||
|
|
| ||||||
5,295,122 | ||||||||
|
|
| ||||||
Water Utilities 0.5% |
| |||||||
American Water Works Co., Inc. | 5,088 | 608,525 | ||||||
|
|
| ||||||
Wireless Telecommunication Services 1.1% |
| |||||||
T-Mobile U.S., Inc.(1) | 14,791 | 1,240,965 | ||||||
|
|
| ||||||
Total Common Stocks (Cost $519,904,223) | 496,591,870 | |||||||
|
|
| ||||||
Exchange-Traded Funds 13.7% |
| |||||||
Financial Select Sector SPDR Fund(3) | 78,199 | 1,628,103 | ||||||
Health Care Select Sector SPDR Fund(3) | 5,830 | 516,421 | ||||||
Industrial Select Sector SPDR Fund | 10,176 | 600,486 | ||||||
Invesco QQQ Trust, Series 1 | 26,711 | 5,085,774 | ||||||
iShares MSCI China ETF | 4,550 | 260,488 | ||||||
iShares MSCI Emerging Markets ETF | 3,697 | 126,179 | ||||||
ProShares VIX Short-Term Futures ETF(1),(3) | 1,800 | 68,274 | ||||||
SPDR Gold Shares(1),(3) | 27,876 | 4,127,042 | ||||||
SPDR S&P 500 ETF Trust | 6,362 | 1,639,805 | ||||||
United States Oil Fund L.P.(1) | 288,100 | 1,212,901 | ||||||
VanEck Vectors Semiconductor ETF | 6,398 | 749,462 | ||||||
|
|
| ||||||
Total Exchange-Traded Funds (Cost $16,335,775) | 16,014,935 | |||||||
|
|
| ||||||
Rights 0.0% |
| |||||||
Pharmaceuticals 0.0% |
| |||||||
Bristol-Myers Squibb Co.(1) | 2,448 | 9,302 | ||||||
|
|
| ||||||
Total Rights (Cost $6,862) | 9,302 | |||||||
|
|
| ||||||
Total Long Investments (Cost $536,246,860) | 512,616,107 | |||||||
|
|
| ||||||
Securities Sold Short (4)(401.7)% |
| |||||||
Common Stocks (328.8)% |
| |||||||
Aerospace & Defense (3.5)% |
| |||||||
Boeing Co. (The) | 3,054 | (455,473 | ) | |||||
HEICO Corp. | 5,088 | (379,616 | ) | |||||
Hexcel Corp. | 7,632 | (283,834 | ) | |||||
L3Harris Technologies, Inc.(3) | 4,833 | (870,423 | ) | |||||
Northrop Grumman Corp.(3) | 5,345 | (1,617,130 | ) | |||||
Raytheon Co.(3) | 2,163 | (283,677 | ) | |||||
TransDigm Group, Inc. | 619 | (198,198 | ) | |||||
(4,088,351 | ) | |||||||
Air Freight & Logistics (8.3)% |
| |||||||
Expeditors International of Washington, Inc. | 83,323 | (5,559,310 | ) | |||||
Hub Group, Inc., Class A | 17,317 | (787,404 | ) | |||||
United Parcel Service, Inc., Class B | 35,904 | (3,354,152 | ) | |||||
|
|
| ||||||
(9,700,866 | ) | |||||||
|
|
| ||||||
Airlines (3.7)% |
| |||||||
American Airlines Group, Inc. | 251,447 | (3,065,139 | ) | |||||
Hawaiian Holdings, Inc. | 29,253 | (305,401 | ) | |||||
JetBlue Airways Corp. | 20,606 | (184,424 | ) | |||||
Ryanair Holdings PLC, ADR(2) | 3,815 | (202,538 | ) | |||||
Southwest Airlines Co. | 13,972 | (497,543 | ) | |||||
United Airlines Holdings, Inc. | 2,479 | (78,213 | ) | |||||
|
|
| ||||||
(4,333,258 | ) | |||||||
|
|
| ||||||
Auto Components (0.9)% |
| |||||||
Autoliv, Inc. | 2,545 | (117,096 | ) | |||||
Goodyear Tire & Rubber Co. (The) | 25,450 | (148,119 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Auto Components |
| |||||||
Lear Corp. | 10,377 | (843,131 | ) | |||||
|
|
| ||||||
(1,108,346 | ) | |||||||
|
|
| ||||||
Automobiles (1.0)% | ||||||||
Ferrari N.V.(2) | 1,882 | (287,137 | ) | |||||
Harley-Davidson, Inc. | 31,744 | (600,914 | ) | |||||
Tesla, Inc. | 509 | (266,716 | ) | |||||
|
|
| ||||||
(1,154,767 | ) | |||||||
|
|
| ||||||
Beverages (8.7)% | ||||||||
Anheuser-Busch InBev S.A., ADR(2) | 103,382 | (4,561,214 | ) | |||||
Brown-Forman Corp., Class B | 12,967 | (719,798 | ) | |||||
Coca-Cola Co. (The) | 28,578 | (1,264,577 | ) | |||||
Coca-Cola European Partners PLC(2) | 16,314 | (612,264 | ) | |||||
Molson Coors Beverage Co., Class B | 75,748 | (2,954,929 | ) | |||||
|
|
| ||||||
(10,112,782 | ) | |||||||
|
|
| ||||||
Biotechnology (4.8)% | ||||||||
AbbVie, Inc. | 54,055 | (4,118,451 | ) | |||||
Amgen, Inc. | 6,992 | (1,417,488 | ) | |||||
Krystal Biotech, Inc. | 254 | (10,983 | ) | |||||
Moderna, Inc. | 1,059 | (31,717 | ) | |||||
|
|
| ||||||
(5,578,639 | ) | |||||||
|
|
| ||||||
Building Products (2.0)% | ||||||||
Allegion PLC(2) | 3,829 | (352,345 | ) | |||||
Apogee Enterprises, Inc. | 584 | (12,159 | ) | |||||
Lennox International, Inc. | 3,767 | (684,803 | ) | |||||
Owens Corning(3) | 8,904 | (345,564 | ) | |||||
Trane Technologies PLC(2) | 11,967 | (988,354 | ) | |||||
|
|
| ||||||
(2,383,225 | ) | |||||||
|
|
| ||||||
Capital Markets (3.9)% | ||||||||
Charles Schwab Corp. (The) | 42,865 | (1,441,121 | ) | |||||
Morgan Stanley | 90,079 | (3,062,686 | ) | |||||
|
|
| ||||||
(4,503,807 | ) | |||||||
|
|
| ||||||
Chemicals (7.4)% | ||||||||
Air Products & Chemicals, Inc. | 4,072 | (812,812 | ) | |||||
Axalta Coating Systems Ltd.(2) | 20,233 | (349,424 | ) | |||||
Dow, Inc. | 103,809 | (3,035,375 | ) | |||||
International Flavors & Fragrances, Inc. | 35,533 | (3,627,209 | ) | |||||
LyondellBasell Industries N.V., Class A(2) | 814 | (40,399 | ) | |||||
RPM International, Inc. | 12,210 | (726,495 | ) | |||||
|
|
| ||||||
(8,591,714 | ) | |||||||
|
|
| ||||||
Commercial Services & Supplies (1.8)% | ||||||||
ADT, Inc. | 554 | (2,393 | ) | |||||
Casella Waste Systems, Inc., Class A | 37,562 | (1,467,172 | ) | |||||
Cintas Corp. | 490 | (84,878 | ) | |||||
Copart, Inc. | 5,090 | (348,767 | ) | |||||
Interface, Inc. | 1,623 | (12,270 | ) | |||||
Republic Services, Inc.(3) | 2,544 | (190,952 | ) | |||||
|
|
| ||||||
(2,106,432 | ) | |||||||
|
|
| ||||||
Communications Equipment (0.6)% | ||||||||
Acacia Communications, Inc. | 8,898 | (597,768 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Communications Equipment |
| |||||||
Arista Networks, Inc. | 477 | (96,616) | ||||||
|
| |||||||
(694,384) | ||||||||
|
| |||||||
Construction Materials (0.7)% | ||||||||
Cemex S.A.B. de C.V., ADR(2) | 22,748 | (48,226) | ||||||
Eagle Materials, Inc. | 1,589 | (92,829) | ||||||
Summit Materials, Inc., Class A | 2,711 | (40,665) | ||||||
Vulcan Materials Co. | 5,717 | (617,836) | ||||||
|
| |||||||
(799,556) | ||||||||
|
| |||||||
Consumer Finance (4.1)% | ||||||||
American Express Co. | 55,781 | (4,775,411) | ||||||
|
| |||||||
Containers & Packaging (0.5)% | ||||||||
Amcor PLC(2) | 46,565 | (378,108) | ||||||
Greif, Inc., Class A | 4,592 | (142,765) | ||||||
Sealed Air Corp. | 607 | (14,999) | ||||||
|
| |||||||
(535,872) | ||||||||
|
| |||||||
Electric Utilities (10.1)% | ||||||||
Avangrid, Inc. | 86,496 | (3,786,795) | ||||||
Duke Energy Corp. | 44,456 | (3,595,601) | ||||||
Hawaiian Electric Industries, Inc. | 33,740 | (1,452,507) | ||||||
OGE Energy Corp. | 31,610 | (971,375) | ||||||
Portland General Electric Co. | 32,475 | (1,556,852) | ||||||
PPL Corp. | 16,517 | (407,640) | ||||||
|
| |||||||
(11,770,770) | ||||||||
|
| |||||||
Electrical Equipment (4.1)% | ||||||||
Acuity Brands, Inc. | 984 | (84,289) | ||||||
Emerson Electric Co. | 84,105 | (4,007,603) | ||||||
Hubbell, Inc. | 463 | (53,125) | ||||||
Rockwell Automation, Inc. | 4,158 | (627,484) | ||||||
|
| |||||||
(4,772,501) | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (1.3)% | ||||||||
Fitbit, Inc., Class A | 220,624 | (1,469,356) | ||||||
|
| |||||||
Energy Equipment & Services (2.0)% | ||||||||
Baker Hughes Co. | 26,315 | (276,307) | ||||||
Halliburton Co. | 58,789 | (402,705) | ||||||
Helmerich & Payne, Inc. | 24,767 | (387,604) | ||||||
National Oilwell Varco, Inc. | 29,210 | (287,134) | ||||||
Patterson-UTI Energy, Inc. | 167,519 | (393,670) | ||||||
ProPetro Holding Corp. | 1,237 | (3,092) | ||||||
Schlumberger Ltd.(2) | 30,280 | (408,477) | ||||||
Tenaris S.A., ADR(2) | 12,233 | (147,408) | ||||||
US Silica Holdings, Inc. | 7,499 | (13,498) | ||||||
|
| |||||||
(2,319,895) | ||||||||
|
| |||||||
Entertainment (0.9)% | ||||||||
Electronic Arts, Inc. | 10,407 | (1,042,469) | ||||||
|
| |||||||
Food & Staples Retailing (3.0)% | ||||||||
Kroger Co. (The) | 87,750 | (2,643,030) | ||||||
Walmart, Inc. | 7,635 | (867,489) | ||||||
|
| |||||||
(3,510,519) | ||||||||
|
| |||||||
Food Products (7.3)% | ||||||||
Cal-Maine Foods, Inc. | 12,466 | (548,255) | ||||||
Flowers Foods, Inc. | 8,146 | (167,156) | ||||||
General Mills, Inc. | 16,542 | (872,921) | ||||||
Hershey Co. (The) | 23,818 | (3,155,885) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Food Products |
| |||||||
Hormel Foods Corp. | 25,151 | (1,173,043 | ) | |||||
Kraft Heinz Co. (The) | 19,453 | (481,267 | ) | |||||
Lamb Weston Holdings, Inc. | 5,833 | (333,064 | ) | |||||
McCormick & Co., Inc. | 6,641 | (937,776 | ) | |||||
Sanderson Farms, Inc. | 6,578 | (811,199 | ) | |||||
|
|
| ||||||
(8,480,566 | ) | |||||||
|
|
| ||||||
Gas Utilities (0.8)% | ||||||||
Southwest Gas Holdings, Inc. | 13,361 | (929,391 | ) | |||||
|
|
| ||||||
Health Care Equipment & Supplies (4.2)% | ||||||||
Align Technology, Inc. | 6,446 | (1,121,282 | ) | |||||
Baxter International, Inc. | 6,147 | (499,075 | ) | |||||
Becton Dickinson and Co. | 3,073 | (706,083 | ) | |||||
Medtronic PLC(2) | 6,404 | (577,513 | ) | |||||
Nevro Corp. | 81 | (8,098 | ) | |||||
Smith & Nephew PLC, ADR(2) | 9,604 | (344,495 | ) | |||||
STERIS PLC(2) | 2,318 | (324,450 | ) | |||||
Wright Medical Group N.V.(2) | 45,390 | (1,300,424 | ) | |||||
|
|
| ||||||
(4,881,420 | ) | |||||||
|
|
| ||||||
Health Care Providers & Services (9.2)% | ||||||||
HCA Healthcare, Inc. | 7,619 | (684,567 | ) | |||||
Henry Schein, Inc. | 28,100 | (1,419,612 | ) | |||||
Humana, Inc. | 19,775 | (6,209,746 | ) | |||||
Quest Diagnostics, Inc. | 6,378 | (512,153 | ) | |||||
UnitedHealth Group, Inc. | 7,627 | (1,902,021 | ) | |||||
|
|
| ||||||
(10,728,099 | ) | |||||||
|
|
| ||||||
Hotels, Restaurants & Leisure (16.2)% | ||||||||
Brinker International, Inc. | 8,904 | (106,937 | ) | |||||
Cheesecake Factory, Inc. (The) | 27,730 | (473,628 | ) | |||||
Chipotle Mexican Grill, Inc. | 10,554 | (6,906,538 | ) | |||||
Domino’s Pizza, Inc. | 1,653 | (535,688 | ) | |||||
Hyatt Hotels Corp., Class A | 878 | (42,056 | ) | |||||
Lindblad Expeditions Holdings, Inc. | 6,431 | (26,817 | ) | |||||
Marriott International, Inc., Class A | 6,780 | (507,212 | ) | |||||
Melco Resorts & Entertainment Ltd., ADR(2) | 40,704 | (504,730 | ) | |||||
MGM Resorts International | 109,369 | (1,290,554 | ) | |||||
Norwegian Cruise Line Holdings Ltd.(2) | 2,799 | (30,677 | ) | |||||
Penn National Gaming, Inc. | 55,968 | (707,995 | ) | |||||
Restaurant Brands International, Inc.(2) | 23,414 | (937,262 | ) | |||||
Royal Caribbean Cruises Ltd.(2),(3) | 3,818 | (122,825 | ) | |||||
Shake Shack, Inc., Class A | 2,678 | (101,068 | ) | |||||
Stars Group, Inc. (The)(2) | 162,494 | (3,318,128 | ) | |||||
Vail Resorts, Inc. | 19,945 | (2,946,076 | ) | |||||
Wingstop, Inc. | 102 | (8,129 | ) | |||||
Wyndham Destinations, Inc. | 16,426 | (356,444 | ) | |||||
|
|
| ||||||
(18,922,764 | ) | |||||||
|
|
| ||||||
Household Durables (2.4)% | ||||||||
KB Home | 17,426 | (315,411 | ) | |||||
Leggett & Platt, Inc. | 7,899 | (210,745 | ) | |||||
Lennar Corp., Class A | 13,294 | (507,831 | ) | |||||
Mohawk Industries, Inc. | 8,478 | (646,363 | ) | |||||
Toll Brothers, Inc. | 24,050 | (462,962 | ) | |||||
TopBuild Corp. | 2,015 | (144,355 | ) | |||||
TRI Pointe Group, Inc. | 57,555 | (504,757 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Household Durables |
| |||||||
Whirlpool Corp. | 20 | (1,716 | ) | |||||
|
|
| ||||||
(2,794,140 | ) | |||||||
|
|
| ||||||
Household Products (1.2)% | ||||||||
Church & Dwight Co., Inc. | 17,292 | (1,109,801 | ) | |||||
Kimberly-Clark Corp. | 2,019 | (258,169 | ) | |||||
|
|
| ||||||
(1,367,970 | ) | |||||||
|
|
| ||||||
Independent Power and Renewable Electricity Producers (0.1)% |
| |||||||
Clearway Energy, Inc. | 6,747 | (126,844 | ) | |||||
|
|
| ||||||
Industrial Conglomerates (2.4)% | ||||||||
3M Co. | 6,359 | (868,067 | ) | |||||
General Electric Co. | 173,092 | (1,374,351 | ) | |||||
Roper Technologies, Inc.(3) | 1,653 | (524,761 | ) | |||||
|
|
| ||||||
(2,767,179 | ) | |||||||
|
|
| ||||||
Insurance (4.7)% | ||||||||
Allstate Corp. (The) | 14,101 | (1,293,485 | ) | |||||
Aon PLC(2) | 12,364 | (2,040,555 | ) | |||||
Chubb Ltd.(2) | 9,503 | (1,061,390 | ) | |||||
Fidelity National Financial, Inc. | 4,272 | (106,287 | ) | |||||
Progressive Corp. (The) | 6,020 | (444,517 | ) | |||||
Travelers Cos., Inc. (The) | 4,753 | (472,210 | ) | |||||
|
|
| ||||||
(5,418,444 | ) | |||||||
|
|
| ||||||
Interactive Media & Services (7.4)% | ||||||||
Alphabet, Inc., Class A | 298 | (346,261 | ) | |||||
Facebook, Inc., Class A | 34,089 | (5,686,045 | ) | |||||
Twitter, Inc. | 107,018 | (2,628,362 | ) | |||||
|
|
| ||||||
(8,660,668 | ) | |||||||
|
|
| ||||||
IT Services (12.2)% | ||||||||
Accenture PLC, Class A(2) | 11,665 | (1,904,428 | ) | |||||
Cognizant Technology Solutions Corp., Class A | 25,450 | (1,182,662 | ) | |||||
Fastly, Inc., Class A | 8,010 | (152,030 | ) | |||||
Global Payments, Inc. | 2,149 | (309,950 | ) | |||||
International Business Machines Corp. | 67,846 | (7,524,121 | ) | |||||
PayPal Holdings, Inc. | 12,883 | (1,233,418 | ) | |||||
Square, Inc., Class A | 27,003 | (1,414,417 | ) | |||||
Twilio, Inc., Class A | 5,193 | (464,722 | ) | |||||
|
|
| ||||||
(14,185,748 | ) | |||||||
|
|
| ||||||
Life Sciences Tools & Services (2.9)% | ||||||||
Agilent Technologies, Inc. | 4,689 | (335,826 | ) | |||||
Charles River Laboratories International, Inc. | 10,743 | (1,355,874 | ) | |||||
Thermo Fisher Scientific, Inc. | 5,844 | (1,657,359 | ) | |||||
|
|
| ||||||
(3,349,059 | ) | |||||||
|
|
| ||||||
Machinery (9.3)% | ||||||||
Altra Industrial Motion Corp. | 21,371 | (373,779 | ) | |||||
Caterpillar, Inc. | 34,760 | (4,033,550 | ) | |||||
Donaldson Co., Inc. | 407 | (15,723 | ) | |||||
IDEX Corp. | 6,391 | (882,661 | ) | |||||
Illinois Tool Works, Inc. | 16,002 | (2,274,204 | ) | |||||
Ingersoll Rand, Inc. | 7,079 | (175,559 | ) | |||||
Kennametal, Inc. | 4,127 | (76,845 | ) | |||||
Lincoln Electric Holdings, Inc. | 7,854 | (541,926 | ) | |||||
Parker-Hannifin Corp. | 11,999 | (1,556,270 | ) | |||||
Stanley Black & Decker, Inc. | 6,887 | (688,700 | ) | |||||
Terex Corp. | 1,951 | (28,016 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Machinery |
| |||||||
Woodward, Inc. | 2,545 | (151,275 | ) | |||||
|
|
| ||||||
(10,798,508 | ) | |||||||
|
|
| ||||||
Marine 0.0% | ||||||||
Star Bulk Carriers Corp.(2) | 10,180 | (57,415 | ) | |||||
|
|
| ||||||
Media (14.2)% | ||||||||
Altice USA, Inc., Class A | 2,192 | (48,860 | ) | |||||
AMC Networks, Inc., Class A | 19,371 | (470,909 | ) | |||||
Charter Communications, Inc., Class A | 9,853 | (4,298,962 | ) | |||||
Comcast Corp., Class A | 129,887 | (4,465,515 | ) | |||||
Fox Corp., Class A | 75,017 | (1,772,652 | ) | |||||
iHeartMedia, Inc., Class A | 13,071 | (95,549 | ) | |||||
Interpublic Group of Cos., Inc. (The) | 61,697 | (998,874 | ) | |||||
MSG Networks, Inc., Class A | 16,685 | (170,187 | ) | |||||
National CineMedia, Inc. | 29,256 | (95,375 | ) | |||||
Omnicom Group, Inc. | 65,273 | (3,583,488 | ) | |||||
Sinclair Broadcast Group, Inc., Class A | 31,812 | (511,537 | ) | |||||
|
|
| ||||||
(16,511,908 | ) | |||||||
|
|
| ||||||
Metals & Mining (0.1)% | ||||||||
United States Steel Corp. | 20,736 | (130,844 | ) | |||||
|
|
| ||||||
Multi-Utilities (9.0)% | ||||||||
Ameren Corp. | 19,110 | (1,391,781 | ) | |||||
Avista Corp. | 31,800 | (1,351,182 | ) | |||||
Consolidated Edison, Inc. | 30,644 | (2,390,232 | ) | |||||
Dominion Energy, Inc. | 8,271 | (597,083 | ) | |||||
National Grid PLC, ADR(2) | 21,559 | (1,256,243 | ) | |||||
NorthWestern Corp. | 16,206 | (969,605 | ) | |||||
WEC Energy Group, Inc. | 28,074 | (2,474,162 | ) | |||||
|
|
| ||||||
(10,430,288 | ) | |||||||
|
|
| ||||||
Multiline Retail (1.4)% | ||||||||
Dollar General Corp. | 6,363 | (960,813 | ) | |||||
Target Corp. | 7,635 | (709,826 | ) | |||||
|
|
| ||||||
(1,670,639 | ) | |||||||
|
|
| ||||||
Oil, Gas & Consumable Fuels (11.4)% | ||||||||
Antero Resources Corp. | 15,937 | (11,361 | ) | |||||
Cimarex Energy Co. | 55,208 | (929,151 | ) | |||||
Continental Resources, Inc. | 157,658 | (1,204,507 | ) | |||||
Devon Energy Corp. | 204,927 | (1,416,046 | ) | |||||
Diamondback Energy, Inc. | 38,287 | (1,003,119 | ) | |||||
EOG Resources, Inc. | 40,625 | (1,459,250 | ) | |||||
EQT Corp. | 40,593 | (286,993 | ) | |||||
Exxon Mobil Corp. | 61,698 | (2,342,673 | ) | |||||
Marathon Oil Corp. | 341,798 | (1,124,515 | ) | |||||
Matador Resources Co. | 86,430 | (214,346 | ) | |||||
Murphy Oil Corp. | 142,154 | (871,404 | ) | |||||
Occidental Petroleum Corp. | 128,189 | (1,484,429 | ) | |||||
Range Resources Corp. | 153,162 | (349,209 | ) | |||||
Valero Energy Corp. | 13,494 | (612,088 | ) | |||||
|
|
| ||||||
(13,309,091 | ) | |||||||
|
|
| ||||||
Pharmaceuticals (2.6)% | ||||||||
Eli Lilly & Co. | 6,357 | (881,843 | ) | |||||
Pfizer, Inc. | 11,978 | (390,962 | ) | |||||
Roche Holding AG, ADR(2) | 10,223 | (414,747 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Pharmaceuticals |
| |||||||
Zoetis, Inc. | 11,576 | (1,362,380 | ) | |||||
|
|
| ||||||
(3,049,932 | ) | |||||||
|
|
| ||||||
Real Estate Investment Trusts (68.4)% | ||||||||
Acadia Realty Trust | 99,672 | (1,234,936 | ) | |||||
Alexandria Real Estate Equities, Inc. | 51,238 | (7,022,680 | ) | |||||
American Finance Trust, Inc. | 256,642 | (1,604,012 | ) | |||||
American Homes 4 Rent, Class A | 89,359 | (2,073,129 | ) | |||||
Brandywine Realty Trust | 95,881 | (1,008,668 | ) | |||||
CareTrust REIT, Inc. | 196,620 | (2,908,010 | ) | |||||
Diversified Healthcare Trust | 312,139 | (1,133,065 | ) | |||||
Equity Residential | 56,524 | (3,488,096 | ) | |||||
Essential Properties Realty Trust, Inc. | 22,806 | (297,846 | ) | |||||
Essex Property Trust, Inc. | 9,644 | (2,123,995 | ) | |||||
Federal Realty Investment Trust(3) | 14,959 | (1,116,091 | ) | |||||
Franklin Street Properties Corp. | 883,745 | (5,063,859 | ) | |||||
Gaming and Leisure Properties, Inc. | 142,963 | (3,961,505 | ) | |||||
Healthcare Realty Trust, Inc. | 245,121 | (6,846,230 | ) | |||||
Healthpeak Properties, Inc. | 74,419 | (1,774,893 | ) | |||||
Host Hotels & Resorts, Inc. | 124,538 | (1,374,899 | ) | |||||
Kilroy Realty Corp. | 40,878 | (2,603,929 | ) | |||||
Kimco Realty Corp. | 541,270 | (5,234,081 | ) | |||||
Kite Realty Group Trust | 378,841 | (3,587,624 | ) | |||||
Lamar Advertising Co., Class A | 16,542 | (848,274 | ) | |||||
Lexington Realty Trust | 352,043 | (3,495,787 | ) | |||||
LTC Properties, Inc. | 105,296 | (3,253,646 | ) | |||||
Park Hotels & Resorts, Inc. | 13,472 | (106,563 | ) | |||||
Pebblebrook Hotel Trust | 38,548 | (419,788 | ) | |||||
Regency Centers Corp. | 92,798 | (3,566,227 | ) | |||||
Sabra Health Care REIT, Inc. | 21,690 | (236,855 | ) | |||||
SL Green Realty Corp. | 103,181 | (4,447,101 | ) | |||||
Spirit Realty Capital, Inc. | 184,237 | (4,817,798 | ) | |||||
Taubman Centers, Inc. | 6,281 | (263,048 | ) | |||||
Terreno Realty Corp. | 19,423 | (1,005,140 | ) | |||||
Ventas, Inc. | 19,699 | (527,933 | ) | |||||
Washington Real Estate Investment Trust | 87,816 | (2,096,168 | ) | |||||
Weyerhaeuser Co. | 7,545 | (127,888 | ) | |||||
|
|
| ||||||
(79,669,764 | ) | |||||||
|
|
| ||||||
Real Estate Management & Development 0.0% | ||||||||
Realogy Holdings Corp. | 8,864 | (26,681 | ) | |||||
|
|
| ||||||
Road & Rail (31.1)% | ||||||||
Avis Budget Group, Inc. | 21,523 | (299,170 | ) | |||||
Canadian Pacific Railway Ltd.(2) | 59,951 | (13,164,640 | ) | |||||
Hertz Global Holdings, Inc. | 15,240 | (94,183 | ) | |||||
JB Hunt Transport Services, Inc. | 29,866 | (2,754,541 | ) | |||||
Kansas City Southern | 16,161 | (2,055,356 | ) | |||||
Landstar System, Inc. | 5,088 | (487,736 | ) | |||||
Old Dominion Freight Line, Inc. | 50,451 | (6,622,198 | ) | |||||
Schneider National, Inc., Class B | 48,855 | (944,856 | ) | |||||
Uber Technologies, Inc. | 3,111 | (86,859 | ) | |||||
Werner Enterprises, Inc. | 266,956 | (9,679,825 | ) | |||||
|
|
| ||||||
(36,189,364 | ) | |||||||
|
|
| ||||||
Semiconductors & Semiconductor Equipment (11.5)% | ||||||||
Analog Devices, Inc. | 2,544 | (228,070 | ) | |||||
Applied Materials, Inc. | 12,710 | (582,372 | ) | |||||
Cypress Semiconductor Corp. | 156,172 | (3,641,931 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Semiconductors & Semiconductor Equipment |
| |||||||
Mellanox Technologies Ltd.(2) | 25,133 | (3,048,633 | ) | |||||
Skyworks Solutions, Inc. | 5,088 | (454,765 | ) | |||||
Teradyne, Inc. | 9,922 | (537,475 | ) | |||||
Texas Instruments, Inc. | 39,371 | (3,934,344 | ) | |||||
Xilinx, Inc. | 12,081 | (941,593 | ) | |||||
|
|
| ||||||
(13,369,183 | ) | |||||||
|
|
| ||||||
Software (13.2)% |
| |||||||
Appian Corp. | 151 | (6,075 | ) | |||||
Autodesk, Inc. | 4,190 | (654,059 | ) | |||||
Check Point Software Technologies Ltd.(2) | 2,221 | (223,299 | ) | |||||
Coupa Software, Inc. | 2,806 | (392,082 | ) | |||||
CyberArk Software Ltd.(2) | 1,231 | (105,324 | ) | |||||
HubSpot, Inc. | 4,404 | (586,569 | ) | |||||
Intuit, Inc. | 1,484 | (341,320 | ) | |||||
PagerDuty, Inc. | 20,648 | (356,798 | ) | |||||
Paycom Software, Inc. | 2,138 | (431,897 | ) | |||||
Paylocity Holding Corp. | 1,348 | (119,055 | ) | |||||
Ping Identity Holding Corp. | 2,651 | (53,073 | ) | |||||
SailPoint Technologies Holding, Inc. | 2,485 | (37,822 | ) | |||||
SAP SE, ADR(2) | 20,463 | (2,261,162 | ) | |||||
Slack Technologies, Inc., Class A | 36,035 | (967,179 | ) | |||||
SS&C Technologies Holdings, Inc. | 7,626 | (334,171 | ) | |||||
Trade Desk, Inc. (The), Class A | 12,751 | (2,460,943 | ) | |||||
VMware, Inc., Class A | 15,883 | (1,923,431 | ) | |||||
Workday, Inc., Class A | 23,753 | (3,093,116 | ) | |||||
Zendesk, Inc. | 8,944 | (572,506 | ) | |||||
Zoom Video Communications, Inc., Class A(3) | 3,153 | (460,716 | ) | |||||
|
|
| ||||||
(15,380,597 | ) | |||||||
|
|
| ||||||
Specialty Retail (3.1)% |
| |||||||
Carvana Co. | 1,272 | (70,075 | ) | |||||
Five Below, Inc. | 8,908 | (626,945 | ) | |||||
Foot Locker, Inc. | 17,905 | (394,805 | ) | |||||
L Brands, Inc. | 7,635 | (88,261 | ) | |||||
Lowe’s Cos., Inc.(3) | 5,851 | (519,042 | ) | |||||
RH | 16,292 | (1,636,857 | ) | |||||
Tiffany & Co. | 2,334 | (302,253 | ) | |||||
|
|
| ||||||
(3,638,238 | ) | |||||||
|
|
| ||||||
Technology Hardware, Storage & Peripherals (3.5)% |
| |||||||
Dell Technologies | 8,326 | (329,293 | ) | |||||
Hewlett Packard Enterprise Co. | 241,889 | (2,348,742 | ) | |||||
NetApp, Inc. | 34,318 | (1,430,718 | ) | |||||
|
|
| ||||||
(4,108,753 | ) | |||||||
|
|
| ||||||
Trading Companies & Distributors (5.7)% |
| |||||||
Air Lease Corp. | 119,585 | (2,647,612 | ) | |||||
Fastenal Co. | 25,832 | (807,250 | ) | |||||
GATX Corp. | 18,856 | (1,179,631 | ) | |||||
HD Supply Holdings, Inc. | 3,157 | (89,754 | ) | |||||
United Rentals, Inc.(3) | 16,917 | (1,740,759 | ) | |||||
Watsco, Inc. | 891 | (140,805 | ) | |||||
WESCO International, Inc. | 1,785 | (40,787 | ) | |||||
|
|
| ||||||
(6,646,598 | ) | |||||||
|
|
| ||||||
Total Common Stocks (Proceeds $406,926,170) |
| (382,953,015 | ) | |||||
|
|
| ||||||
Exchange-Traded Funds (72.9)% |
| |||||||
Communication Services Select Sector SPDR Fund | 30,964 | (1,369,847 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
Investments | Shares | Value | ||||||
Exchange-Traded Funds |
| |||||||
Consumer Staples Select Sector SPDR Fund | 42,697 | (2,325,706 | ) | |||||
Energy Select Sector SPDR Fund | 8,128 | (236,200 | ) | |||||
ETFMG Prime Cyber Security ETF | 46,682 | (1,665,147 | ) | |||||
Industrial Select Sector SPDR Fund | 81,999 | (4,838,761 | ) | |||||
Invesco QQQ Trust, Series 1 | 88,940 | (16,934,176 | ) | |||||
iShares 20+ Year Treasury Bond ETF | 6,287 | (1,037,166 | ) | |||||
iShares Expanded Tech-Software Sector ETF | 16,510 | (3,471,888 | ) | |||||
iShares MSCI Eurozone ETF | 3,512 | (107,151 | ) | |||||
iShares MSCI Germany ETF | 36,380 | (781,442 | ) | |||||
iShares Nasdaq Biotechnology ETF | 8,582 | (924,625 | ) | |||||
iShares Russell 2000 ETF | 67,641 | (7,742,189 | ) | |||||
iShares Transportation Average ETF | 788 | (108,925 | ) | |||||
iShares U.S. Home Construction ETF | 19,317 | (558,841 | ) | |||||
iShares U.S. Real Estate ETF | 34,994 | (2,434,533 | ) | |||||
iShares U.S. Technology ETF | 37,284 | (7,620,477 | ) | |||||
Materials Select Sector SPDR Fund | 2,283 | (102,826 | ) | |||||
SPDR S&P 500 ETF Trust | 22,562 | (5,815,356 | ) | |||||
SPDR S&P Biotech ETF | 15,551 | (1,204,269 | ) | |||||
SPDR S&P Homebuilders ETF | 7,603 | (226,493 | ) | |||||
SPDR S&P Retail ETF | 91,922 | (2,737,437 | ) | |||||
SPDR S&P Semiconductor ETF | 44,214 | (3,712,650 | ) | |||||
Technology Select Sector SPDR Fund | 9,221 | (741,092 | ) | |||||
Utilities Select Sector SPDR Fund | 187,772 | (10,404,447 | ) | |||||
VanEck Vectors Semiconductor ETF | 64,639 | (7,571,812 | ) | |||||
WisdomTree Europe Hedged Equity Fund | 4,689 | (240,264 | ) | |||||
|
|
| ||||||
Total Exchange-Traded Funds (Proceeds $85,752,480) |
| (84,913,720 | ) | |||||
|
|
| ||||||
Total Securities Sold Short (Proceeds $492,678,650) |
| (467,866,735 | ) | |||||
|
|
| ||||||
Total Investments, net of securities sold short (Cost $43,568,210) 38.4% |
| 44,749,372 | ||||||
Other assets, less liabilities 61.6% |
| 71,722,552 | ||||||
|
|
| ||||||
Net Assets 100.0% |
| $ | 116,471,924 | |||||
|
|
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s.
(1) | Non-income producing. |
(2) | Foreign security. |
(3) | 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 March 31, 2020, is $288,898,307. |
(4) | Securities sold short are not owned by the Fund and cannot produce income. |
ADR | American Depository Receipt | |
ETF | Exchange-Traded Fund | |
ETN | Exchange-Traded Note | |
MLP | Master Limited Partnership | |
NVDR | Non-Voting Depositary Receipt | |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
March 31, 2020
At March 31, 2020 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: CNY / Sell: USD | State Street Bank & Trust Co. | Buy | 14,600,000 | 2,063,458 | 4/30/20 | $ | — | $ | (4,147) | |||||||||||||||
Buy: GBP / Sell: USD | State Street Bank & Trust Co. | Buy | 1,024,000 | 1,269,159 | 4/30/20 | 6,836 | — | |||||||||||||||||
Buy: CNY / Sell: USD | State Street Bank & Trust Co. | Buy | 4,731,000 | 666,338 | 4/30/20 | 963 | — | |||||||||||||||||
Buy: HKD / Sell: USD | State Street Bank & Trust Co. | Buy | 3,358,000 | 433,000 | 4/29/20 | 160 | — | |||||||||||||||||
Buy: EUR / Sell: USD | State Street Bank & Trust Co. | Buy | 98,000 | 108,127 | 4/30/20 | — | (49) | |||||||||||||||||
Buy: USD / Sell: EUR | State Street Bank & Trust Co. | Sell | 464,000 | 514,334 | 4/30/20 | 2,618 | — | |||||||||||||||||
Buy: USD / Sell: CNY | State Street Bank & Trust Co. | Sell | 30,093,000 | 4,249,223 | 4/30/20 | 4,644 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Forward Currency Exchange Contracts |
| $ | 15,221 | $ | (4,196) | |||||||||||||||||||
|
| |||||||||||||||||||||||
Net unrealized appreciation (depreciation) |
| $ | 11,025 | |||||||||||||||||||||
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Notes to Schedule of Investments.
Notes to Schedule of Investments
March 31, 2020 (unaudited)
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 aclosed-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 andmid-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 Rule23c-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”), 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.
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.
Security Transactions, Income and Expenses
The Fund follows industry practice and 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 theex-dividend date 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.
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. The deposit at broker for shorts on the Statement of Assets and
Notes to Schedule of Investments
March 31, 2020 (unaudited)
Liabilities represents the collateral for securities sold short. The Fund may maintain cash deposits at brokers beyond the receivables for short sales.
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 (“NYSE”) is closed for trading.
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.
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 March 31, 2020, for valuing the Fund’s assets and liabilities.
Notes to Schedule of Investments
March 31, 2020 (unaudited)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
| |||||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: |
| |||||||||||||||
Common Stocks(1) | $ 493,550,155 | $ 3,041,715 | $ — | $ 496,591,870 | ||||||||||||
Exchange-Traded Funds | 16,014,935 | — | — | 16,014,935 | ||||||||||||
Right | 9,302 | — | — | 9,302 | ||||||||||||
|
| |||||||||||||||
Total Investments in Securities | 509,574,392 | 3,041,715 | — | 512,616,107 | ||||||||||||
Derivative Contracts: | ||||||||||||||||
Forward Exchange Contracts(2) | — | 15,221 | — | 15,221 | ||||||||||||
|
| |||||||||||||||
Total | $ 509,574,392 | $ 3,056,936 | $ — | $ 512,631,328 | ||||||||||||
|
| |||||||||||||||
Liabilities: | ||||||||||||||||
Securities Sold Short: |
| |||||||||||||||
Common Stocks(1) | $ (382,953,015) | $ — | $ — | $ (382,953,015) | ||||||||||||
Exchange-Traded Funds | (84,913,720) | — | — | (84,913,720) | ||||||||||||
|
| |||||||||||||||
Total Securities Sold Short | (467,866,735) | — | — | (467,866,735) | ||||||||||||
Derivative Contracts: | ||||||||||||||||
Forward Exchange Contracts(2) | — | (4,196) | — | (4,196) | ||||||||||||
|
| |||||||||||||||
Total | $ (467,866,735) | $ (4,196) | $ — | $ (467,870,931) | ||||||||||||
|
|
(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 by the counterparty.
The average notional value of forward currency exchange contracts purchased and sold for the period ended March 31, 2020 was 24,417,488 and 24,842,012, respectively.
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 at the mean between the latest available bid and asked prices 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 (including money market 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 economic hedging purposes or any other investment purpose. 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.
Notes to Schedule of Investments
March 31, 2020 (unaudited)
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.
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 fiscalyear-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.
Notes to Schedule of Investments
March 31, 2020 (unaudited)
4. Fund Fees and Expenses
Under the terms of the Investment Advisory Agreement between the Fund and the Adviser, the Fund pays the Adviser a monthly management fee at the annual rate of 1.50%. 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.
Under the terms of the Investment Advisory Agreement between the Fund and the Adviser, the Fund 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.
Effective September 1, 2019, the Adviser agrees that it will 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, wants to increase the Fund’s aggregate leverage by an additional 0.5x per side that of the Flagship Fund, it may do 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) shall be 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) shall be 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.
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 are perpetual, with the interest accrued at the Libor Rate 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, 2020 through March 31, 2020.
As of March 31, 2020, 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 (a Bermuda based, reinsurance company) in an aggregate amount at any one time outstanding not to exceed the Maximum Revolver Amount (Maturities ranging from June 23, 2020 to March 27, 2025). | $268,339,134 (principal) and $1,015,194 (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 period ended March 31, 2020, the Fund made additional loans with a principal balance of $67,000,000 to the sole shareholder.
6. Administration Agreement
The Fund has entered into an Administration and Operating Services Agreement with 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.
Notes to Schedule of Investments
March 31, 2020 (unaudited)
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.
8. Subsequent Events
The Fund has performed an evaluation of subsequent events through the date the formN-PORT was filed and has determined that no items received recognition or disclosure.
Since the start of January 2020, the outbreak of coronavirus, which is a rapidly evolving situation, 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. Management does not believe there is any financial impact to the financial statements as of March 31, 2020 as a result of this subsequent event.
The firm activated its Business Continuity Plan (“BCP”) in March 2020, ahead of both Connecticut and New York State Stay at Home orders. As of now, the firm is operating with little to no disruption in service or connectivity, and the Firm’s BCP incident response team meets regularly to discuss any new or ongoing issues with the continued Stay at Home order. Both the firm’s Management and incident response team have coordinated its operational response based on the firm’s existing business continuity plans and on guidance from global health organizations, relevant governments, and general pandemic response best practices. As such, the firm’s management and BCP incident response continues to actively manage the situation and work with all departments as necessary to attempt to ensure continuity of service as it relates to all aspects of our business.
At this time, it is unknown whether and how global supply chains may be affected if such an epidemic persists for an extended period of time. The firm may incur expenses, delays, or interruption of critical business functions relating to such events outside of our control, which could have a material adverse impact on our investment advisory business including, but not limited to, the financial conditions or prospects of our portfolio companies and the sourcing of new investment opportunities.
Additionally, as part of our normal course of business we assess the operational preparedness of service providers. In the current environment we are in ongoing communication with key service providers in an attempt to ensure that there will be limited disruptions from their perspective to the firms’ workflow due toCOVID-19 and to proactively implement contingency plans if needed.